Kofola CeskoSlovensko (KOFOL) Q2 2026 earnings summary

Executive summary

• Revenue for 6M 2026 increased by 10.2% year-over-year to CZK 5,581.6 million, driven by organic growth, innovation, favorable weather, and recent acquisitions.

• Adjusted EBITDA rose 16.0% to CZK 781.6 million, with margin improving to 14.0% from 13.3% in 6M 2025.

• Profit for the period was CZK 131.8 million, down 11.1% year-over-year, mainly due to higher finance and administrative costs from acquisition-related borrowings.

• Growth was broad-based, with Czechoslovakia and Fresh & Herbs segments leading, while Beers & Ciders declined.

• The group continued to expand its portfolio and geographic reach, with several acquisitions completed in 2026, including in Latin America and natural cosmetics.

Financial highlights

• Gross profit increased 15.5% year-over-year, with gross margin expanding to 47.5% from 45.3%.

• Selling, marketing, and distribution costs rose 7.5%, reflecting higher sales volumes and integration of new businesses.

• Net debt as of 30 June 2026 was CZK 6,442 million, with Net debt/LTM adjusted EBITDA at 3.5x.

• ROCE decreased slightly to 4.4% as capital employed grew faster than EBIT.

• Beer segment Q2 gross revenue was flat year-over-year, with domestic growth of nearly 3% but a 10% decline in exports.

Outlook and guidance

• FY 2026 organic revenue growth target is 4%, with total revenue growth (including acquisitions) targeted at 10%.

• EBITDA goal for 2026 is CZK 1.8–1.9 billion, with confidence in reaching the upper end if current trends persist.

• Net debt/EBITDA target is 3.5x, reflecting acquisition activity.

• Dividend per share paid out in 2026 is CZK 21, with a policy floor of CZK 300 million annually.

• Main season performance and early September sales suggest continued momentum into Q3 and Q4.