Coca-Cola HBC (CCH) Q3 2026 TU earnings summary

Executive summary

• Q3 organic revenue grew 9.0%, with volume up 5.4% and organic revenue per case up 3.4%; growth spanned Established, Developing and Emerging markets.

• YTD value share gained 70 bps in NARTD and 40 bps in Sparkling; market execution, portfolio investment, innovation and revenue growth management supported growth and customer value.

Financial highlights

• Q3 net sales revenue was €3,503.2m, up 9.6% reported and 9.0% organic; volume was 870.9m unit cases, up 5.4%.

• Reported revenue per case was €4.02, up 4.0%; organic revenue per case rose 3.4%, reflecting pricing (~75% of price/mix), positive mix and negative country mix.

• Nine-month revenue was €9,732.6m, up 10.4% reported and 9.3% organic; volume rose 6.8% to 2,444.4m unit cases, while organic revenue per case increased 2.4%.

• Q3 category volumes: Sparkling +4.5%, Energy +24.7%, Stills +3.2%, out-of-home Coffee +10.1% and total Coffee -2.3%; single-serve mix improved 180 bps.

Outlook and guidance

• FY 2026 organic revenue growth is expected slightly above the 6%-7% range; organic EBIT growth guidance remains 8%-10%.

• FY COGS per case is expected to rise low-to-mid-single digits, with key commodities 100% covered; 2027 COGS inflation is expected slightly higher, with current commodity coverage above 40%.

• 2027 revenue growth of 6%-7% was described as an appropriate guide, with volume, price and mix contributing more evenly; Established-market volume growth is expected at low single digits.

• Comparable effective tax rate is expected at 26%-28%; net finance costs are now €35m-€45m versus prior €40m-€50m, and FX is expected to provide a €0m-€10m comparable EBIT tailwind.

• Q1 had four extra selling days, a ~6 percentage-point Group volume tailwind; Q4 will have four fewer selling days year on year. Detailed 2027 EBIT and margin guidance is due in February.