Coca-Cola Içecek Anonim Sirketi (CCOLA) Q2 2026 earnings summary

Executive summary

• Consolidated sales volume grew 9.8% year-over-year in Q2 2026, driven by strong international performance, especially in Pakistan and Central Asia, offsetting subdued trends in Türkiye.

• Net profit for Q2 2026 was TL 8.3 billion, up 24.2% year-over-year, supported by operating profitability and lower net financial expenses.

• Adjusted EBITDA rose to TL 24.98 billion for H1 2026, reflecting strong operational performance.

• Central Asia contributed 41% of consolidated net revenue and 29% of total assets, highlighting the region's growing importance.

• FIFA World Cup™ activations enhanced consumer engagement and brand strength.

Financial highlights

• Net sales revenue for H1 2026 reached TL 123.3 billion, up 7.9% year-on-year; Q2 net sales revenue was TL 67.2 billion, up 5.7% year-on-year.

• EBIT margin expanded by 287 bps to 17.9% in Q2 2026; EBITDA margin up 331 bps to 22.3%.

• Gross profit margin expanded by 284 bps to 38.2%, driven by favorable input costs and disciplined cost management.

• Free cash flow for H1 2026 was TL 2.3 billion, a significant improvement from the prior year.

• Net debt to EBITDA improved to 0.66x as of June 30, 2026.

Outlook and guidance

• Full-year guidance maintained despite strong H1 performance, with expected higher raw material, energy, and distribution costs in H2.

• Management remains committed to balancing affordability, sustainable volume growth, profitability, and cash generation.

• CapEx guidance for high single digits over net sales revenue for the full year remains unchanged, with higher spending expected in H2.

• Net debt to EBITDA ratio expected to remain below 1x at year-end.

• Seasonality impacts are expected, with higher demand in summer months.