Coca-Cola HBC AG (LON:CCH), a growth-focused Consumer Packaged Goods business and strategic bottling partner of The Coca-Cola Company, has reported its financial results for the twelve months ended 31 December 2025.
Full-year highlights
· Focused execution of strategic priorities drives strong organic revenue growth of 8.1%1
o Organic volume grew 2.8%, predominantly driven by Sparkling +2.5% and Energy +28.3%
o Organic revenue per case growth of 5.1%, reflecting targeted revenue growth management (RGM) initiatives and lower levels of inflation
o Reported revenue grew 7.9% to €11,604.5 million, driven by strong organic growth
o Value share growth of 80 basis points in Non-Alcoholic Ready-To-Drink (NARTD)2, resulting in the sixth consecutive year of share gains
· Strong organic EBIT growth of 11.5%
o Comparable EBIT of €1,356.2 million, growing 13.8% on a reported basis and 11.5% on an organic basis
o Comparable EBIT margins improved 60 basis points on a reported basis to 11.7%, and increased 40 basis points on an organic basis
o Comparable gross profit margin grew 70 basis points to 36.8%, reflecting good top line leverage
o Operating expenses as a percentage of revenue increased 10 basis points, reflecting higher marketing investment to leverage growth opportunities
o ROIC up 100 basis points to 19.4%, driven by higher profit
· Segmental highlights: Organic revenue growth across all segments, despite a mixed market environment
o Established: Organic revenue increased 2.3%, led by revenue per case expansion, with volumes flat year-on-year; organic EBIT declined -2.8%, driven by a step up in investment
o Developing: Organic revenue grew 6.1%, with good revenue per case expansion and volume growth; organic EBIT grew 5.6%
o Emerging: Organic revenue increased 13.2%, with strong volume growth led by Africa; organic EBIT grew 23.2%
· Strong EPS and resilient FCF performance, and further shareholder returns
o Comparable EPS grew by 19.7% to €2.72, supported by strong EBIT delivery and lower than expected finance costs
o Free cash flow of €700.0 million, resilient performance despite a step up in capex
o Strong balance sheet, with net debt to comparable adjusted EBITDA at 0.7x
o Ordinary dividend of €1.20 per share proposed, an increase of 17% and a 44% payout
· Further investment and progress across our strategic priorities
o Agreed acquisition of Coca-Cola Beverages Africa on 21 October 2025, bringing together two leading bottlers in Africa to drive sustainable, profitable growth
o Continued close partnership with The Coca-Cola Company to drive growth in Sparkling, with a variety of tailored initiatives, including the “Share a Coke” campaign, all focused on driving transactions and further strengthening brand equity
o Ongoing standout performance of Energy, with the tenth consecutive year of strong double-digit growth, supported by innovations of Monster, and Predator and Fury in Africa
o Strong growth of Coffee in the out-of-home channel, driven by both Costa Coffee and Caffè Vergnano, as we executed on our strategic decision to focus on this channel
o Consistent investment in our bespoke capabilities, leveraging AI solutions to power revenue growth management and drive segmented execution, increasing value for us and our customers
o We continue to lead in Sustainability and have made strong progress against our Mission 2025 goals. Full results and next steps will be detailed in our 2025 Integrated Annual Report
1For details on APMs refer to ‘Alternative Performance Measures’ and ‘Definitions and reconciliations of APMs’ sections.
2Period refers to end-2024 to November 2025, according to Nielsen, IRI, GlobalData, and HIST methodology, excluding Russia.
Zoran Bogdanovic, Chief Executive Officer of Coca-Cola HBC AG, commented:
“I am proud that we have delivered strong growth for the fifth consecutive year, driven by focused execution of our strategic priorities. Through intentional choices to strengthen our 24/7 portfolio, we achieved share gains, and volume growth in our strategic priority categories of Sparkling and Energy. We have continued with targeted investments behind bespoke capabilities, focused on digital, data and AI solutions, to enable segmented execution and growth. Thank you to our teams for their hard work and dedication, and to our customers, The Coca‑Cola Company and all partners for their continued support.
“We strengthened customer partnerships that create environmental and community benefits while advancing on our Mission 2025 and NetZeroby40 goals. Through The Coca-Cola HBC Foundation, we opened up opportunities to provide meaningful support for communities affected by wildfires and floods across our markets.
“In 2025 we also announced the milestone acquisition of Coca-Cola Beverages Africa. Having established our business in Nigeria nearly 75 years ago and with our addition of Egypt four years ago, we have a deep understanding of Africa and are very excited about the long-term potential for growth and value creation.
“While we expect the macroeconomic and geopolitical environment to remain challenging in 2026, we are confident in our capable people, unique 24/7 portfolio and bespoke capabilities, and expect to make further progress against our medium-term targets.”
| Full Year | ||||
| 2025 | 2024 | %Change Reported | %Change Organic1 | |
| Volume (m unit cases) | 2,997.4 | 2,914.5 | 2.8% | 2.8% |
| Net sales revenue (€ m) | 11,604.5 | 10,754.4 | 7.9% | 8.1% |
| Net sales revenue per unit case (€) | 3.87 | 3.69 | 4.9% | 5.1% |
| Operating profit (EBIT)4 (€ m) | 1,305.6 | 1,185.4 | 10.1% | |
| Comparable EBIT3 (€ m) | 1,356.2 | 1,192.1 | 13.8% | 11.5% |
| EBIT margin (%) | 11.3 | 11.0 | 20bps | |
| Comparable EBIT margin3 (%) | 11.7 | 11.1 | 60bps | 40bps |
| Net profit5 (€ m) | 940.4 | 820.6 | 14.6% | |
| Comparable net profit3,5 (€ m) | 989.3 | 828.8 | 19.4% | |
| Basic earnings per share (EPS) (€) | 2.589 | 2.253 | 14.9% | |
| Comparable EPS3 (€) | 2.724 | 2.275 | 19.7% | |
| Free cash flow3 (€ m) | 700.0 | 716.6 | -2.3% | |
3For details on APMs refer to ‘Alternative Performance Measures’ and ‘Definitions and reconciliations of APMs’ sections
4Refer to the condensed consolidated income statement.
5Net Profit and comparable net profit refer to net profit and comparable net profit respectively after tax attributable to owners of the parent.
Business Outlook
We have delivered a strong performance in 2025, in mixed market conditions. We expect the macroeconomic and geopolitical backdrop to remain challenging, but we have high confidence in our 24/7 portfolio, our bespoke capabilities, our people, and the opportunities for growth in our diverse markets. In 2026 we expect to make continued progress against our medium-term growth targets.
Our guidance for 2026 is:
· Organic revenue growth in our 6% to 7% medium-term target range
· Organic EBIT growth in the range of 7% to 10%
Technical 2026 guidance
FX: We expect the impact of translational FX on our Group comparable EBIT to be between €0 to 30 million headwind.
Restructuring: We do not expect significant restructuring costs to occur.
Tax: We expect our comparable effective tax rate to be within a range of 26% to 28%.
Finance costs: We expect net finance costs to be between €25 to 45 million. Our guidance currently excludes the consolidation of CCBA and related cost of financing, except for the bridge financing which is underway.
Group Operational Review
Leveraging our unique 24/7 portfolio
Full year revenue grew by 8.1% and 7.9% on an organic and reported basis respectively, with growth in volume, price and mix.
Organic volume growth of 2.8% was driven by Sparkling and Energy, two of our strategic priority categories.
· Sparkling volumes grew by 2.5%. Trademark Coke grew by low-single digits, with Coke Zero up low-double digits. In close partnership with The Coca-Cola Company, we executed locally tailored activations to capitalise on key moments across the year, leveraging relevant passion points and consumption occasions. We rolled out the “Share a Coke” campaign across our markets, successfully activating customer and consumer experiences to drive transactions and further strengthen brand equity. We also delivered mid-single digit growth in Sprite, while Fanta declined low-single digits. Adult Sparkling grew mid-single digits, with growth led by Africa, supported by new flavour launches and dedicated campaigns. We also continued to roll out our premium mixer brand Three Cents into new markets.
· Energy volumes grew by 28.3%, making 2025 the tenth consecutive year of double-digit growth. In Established and Developing, growth was driven by Monster, supported by innovations launched throughout the year, including a new Monster drink with Lando Norris. In Emerging, growth continued to be driven by Predator and Fury in Africa, supported by football partnerships and local marketing activations.
· Coffee volumes grew by 26.5% in the out-of-home channel, driven by both Costa Coffee and Caffè Vergnano, as we grew in existing outlets and recruited 2,100 new outlets. We saw a decline of 19.8% in total Coffee volumes, in line with our expectations, as we executed on our joint strategic decision from the start of 2025 with Costa Coffee to focus primarily on the out-of-home channel, where we see greater long-term potential.
· Stills volumes declined by 1.0%. This was driven primarily by Juices, with volumes decreasing mid-single digits in a challenging industry backdrop. Water grew low-single digits, with growth in Emerging offsetting declines in Established and Developing. Sports Drinks continued its strong momentum, up low-double digits, as we launched new flavours of Powerade and leveraged local partnerships and global ambassadors to drive growth. Ready-To-Drink (RTD) Tea declined mid-single digits.
· Premium Spirits volumes grew by 12.2%, with double-digit growth across all segments. A key driver of growth was our own brand, Finlandia Vodka, for which we launched a new global campaign in April, contributing to increased brand awareness and market share gains in key markets. Distribution partnerships with Brown-Forman, Bacardi and Edrington also continued to deliver growth, and we executed a successful launch of Bacardi & Coca-Cola.
Winning in the marketplace
Full year organic net sales revenue per case grew by 5.1%. We continued to leverage our revenue growth management (RGM) capabilities to tailor our pricing approach in each market, navigating regulatory changes and varying levels of inflation and currency pressures. Across our markets, overall, the impact from pricing was lower than in 2024, as we experienced similar or lower levels of inflation, and more currency stability.
Our RGM framework and varied portfolio allow us to meet demand for both affordability and premiumisation, with categories and brands at different price points, as well as various package formats for different occasions and affordability needs.
In 2025, affordability remained important as we faced mixed trends across our markets. We continued to focus on entry and smaller-pack formats for both single-serves and multi-serves (up to 1 litre), ensuring we have the right offering for each market. For example, we expanded 200ml cans in Poland and tested them in Austria, and we grew 250ml cans in Serbia. We also introduced a new 1 litre multi-serve entry pack in Romania. Volume growth was also supported by targeted promotional activities. Through our advanced promo analytics tools, we can more accurately assess the effectiveness of each promotion, enabling agile in‑market decisions and driving more value for us and our customers.
When it comes to premiumisation, our targeted actions supported an improvement in package mix, with single-serve mix up 130 basis points in the year. We focused on expanding multi-packs of single-serves, as well as driving mini-cans in relevant markets, and delivered continued strong growth of our premium RGB portfolio in the at-home channel in Austria. We also saw further improvements in category mix, benefitting from the increased contribution of Energy, Premium Spirits and Sports Drinks.
In 2025, we leveraged new AI capabilities to further drive our customer centric approach, focusing on personalised execution in every outlet. In collaboration with The Coca-Cola Company, we evolved our segmented approach in Nigeria (Ignite Naija) where we link consumer and customer data, to understand who shops where, enabling personalised communication and stronger in-store execution. Early results indicate that this enhanced and more sophisticated segmentation approach is translating into higher volume and revenue per case. We also expanded our segmented approach to wholesalers, leveraging shared data and outlet intelligence to provide wholesalers in Italy with tailored recommendations, relevant to the outlets they serve. We plan to roll this out further to relevant markets in 2026.
Our focused execution in the marketplace and joint value creation with customers enabled us to gain further value share in NARTD in 20256, increasing by 80 basis points. In Sparkling, we gained or maintained share in the majority of markets we track. Our Net Promoter Score increased from 66 to 78 in 2025, as we continued to leverage our CustomerGauge ‘voice of customer’ software across all our markets, which enables instant feedback from customers.
Operating profit, margins and cost control
Comparable gross profit grew by 10.0%, with gross profit margins up 70 basis points to 36.8%, driven by top line leverage as well as further improvement in the Emerging segment. Comparable COGS per case increased 3.8%, reflecting input cost inflation and higher production overheads.
Comparable operating expenses as a percentage of revenue increased by 10 basis points to 25.2% in the full year. We increased marketing investments as a percent of revenue, for example in activations across our Sparkling portfolio, including in the ‘Share a Coke’ campaign, ahead of the Winter Olympics in Italy and in a new Finlandia marketing campaign. This was partly offset by cycling the prior-year headwind of foreign currency remeasurement of balance sheet items.
Comparable EBIT increased by 11.5%, and comparable EBIT margin was up 40 basis points, both on an organic basis. Comparable EBIT increased by 13.8% on a reported basis to €1,356.2 million, benefitting from organic growth across our markets and a benefit from foreign currency translation in the period. On a reported basis, Comparable EBIT margin was 11.7%, up 60 basis points, benefitting from operational leverage.
6Period refers to end-2024 to November 2025, according to Nielsen, IRI, GlobalData, and HIST methodology, excluding Russia.
Net profit and free cash flow
Comparable net profit of €989.3 million and comparable basic earnings per share of €2.724 were up 19.4% and 19.7% respectively versus last year. Reported net profit and reported basic earnings per share of €940.4 million and €2.589 were 14.6% and 14.9% higher respectively compared to 2024.
Comparable taxes amounted to €366.8 million, representing a comparable effective tax rate of 27.1%.
ROIC expanded by 100 basis points to 19.4%, driven by higher profit, partially offset by higher invested capital.
Net finance costs were €1.1 million in the year, lower than the prior year. Despite higher interest expenses, we benefitted from higher finance income, as well as significantly lower foreign currency exchange losses, following increased stability in the Nigerian Naira.
Capital expenditure increased by €148.3 million to €827.6 million as we continued to invest in growth initiatives such as production capacity, ongoing automation in supply chain, digital, data and AI solutions, and energy-efficient coolers. Capex as a percentage of revenue was 7.1%, up 80 basis points year-on-year, and within our target range of 6.5% to 7.5%.
Free cash flow was €700.0 million, slightly lower compared to the prior year, as higher operating profit was offset by higher capital expenditure.
Sustainability leadership
Sustainability remains at the core of our strategy, enabling us to deliver growth while creating value for the communities we serve, our partners, and the environment. This year brought continued recognition of our progress, placing us among the leaders of the global beverage industry across major benchmarks, including the Dow Jones Best-in-Class Indices7, CDP’s A list for Climate and Water, ISS ESG, MSCI ESG, Morningstar Sustainalytics’ ESG and FTSE ESG.
We advanced our circular packaging agenda with the launch of a new collection hub in Nigeria and the expansion of Deposit Return Systems (DRS) to Austria and Poland. This brings the number of DRS in our markets to ten. These systems are delivering encouraging results and supporting our packaging collection goals. Recently launched efforts in Romania, Hungary and Austria achieved average return rates of over 80% in 2025.
Partnerships continue to be a key driver of progress, delivering environmental and community benefits while helping customers grow profitably and sustainably. Together with Carrefour and The Coca-Cola Company, we initiated a pioneering Sustainable-Linked Business Plan, with Romania piloting a programme that unites suppliers around shared, measurable actions to cut emissions and improve packaging sustainability.
Supporting communities remains a central priority. In a year marked by severe wildfires and floods across Europe, The Coca-Cola HBC Foundation committed €2.3 million in disaster relief to Greece, Cyprus, Bulgaria and Romania. The Group also announced an additional €5 million to the Foundation that can be used to support communities starting in 2026.
Overall, we made strong progress toward our Mission 2025 goals, with many targets reached ahead of schedule, including advances in climate action, renewable energy, water stewardship, community programmes and circular packaging. Full results will be published in our 2025 Integrated Annual Report along with details on the next phase of our sustainability journey.
7Based on our 2024 performance.
Acquisition of Coca-Cola Beverages Africa (CCBA)
On 21 October 2025, we announced that we have entered into a definitive sale and purchase agreement to acquire a 75% shareholding in CCBA from The Coca-Cola Company and Gutsche Family Investments, for a combined purchase price of US$2.6 billion, with a path to full ownership. The acquisition brings together two leading bottlers in Africa, unlocking further opportunities for sustainable, profitable growth. See announcement press release for further detail. We are working through customary regulatory and antitrust approvals and remain on track to complete the acquisition by the end of 2026.
