Coca-Cola Içecek Anonim Sirketi (CCOLA) Q4 2025 earnings summary

Executive summary

• Achieved 8% year-over-year consolidated sales volume growth to 1.6 billion unit cases in 2025, led by international operations, especially Central Asia and Iraq, despite geopolitical and macroeconomic challenges.

• Net sales revenue rose 3.9% year-over-year to TL 187.2 billion, with EBIT margin at 13.4% (TAS 29), supported by strategic pricing, discount management, and mix optimization.

• Free cash flow reached TL 2.8 billion (TL 7.1 billion pre-inflation accounting), a significant turnaround from prior years, driven by improved net working capital and disciplined capex.

• CEO transition announced: Ahmet Kürşad Ertin to become CEO as of July 1, 2026.

Financial highlights

• Consolidated sales volume rose 8% year-over-year to 1.6 billion unit cases; net sales revenue increased 3.9% to TL 187.2 billion.

• Net income was TL 14.1 billion (TAS 29), down 27.4% year-over-year, mainly due to inflation accounting reversal, lower monetary gains, and a one-off tax accrual in Uzbekistan (~TL 1 billion).

• EBIT increased 1.8% to TL 25.2 billion (TAS 29); EBIT margin slightly decreased by 28 bps to 13.4%.

• Free cash flow improved to TL 2.8 billion (TAS 29), or TL 7.1 billion excluding inflation accounting, driven by better working capital management.

• Capex totaled TL 13.9 billion, with Capex/Sales at 7.4%.

Outlook and guidance

• 2026 guidance targets mid-single-digit consolidated volume growth, low to mid-single-digit in Türkiye, and high-single-digit in international markets.

• FX-neutral net sales revenue per unit case projected to grow low to mid-teens; EBIT margin expected to remain flat; Capex/Sales to stay in high single digits.