Strong Q3 drives improved FY revenue guidance
Summary by AI BETAClose X
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Relentless focus on strategic priorities drives organic revenue growth1 of 9.0%
- Strong momentum in volumes, with organic growth of 5.4%, led by Sparkling +4.5% and Energy +24.7%
- Organic revenue per case up 3.4%, driven by targeted revenue growth management initiatives
- Reported revenue grew 9.6%, driven by strong organic growth and a small benefit from FX translation
- Value share growth of 70 basis points in Non-Alcoholic Ready-To-Drink (NARTD) year-to-date2
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Strong organic volume and revenue growth across all three segments
- Established: Organic revenue growth of 8.0%, with volumes up 5.6% reflecting strong in-market execution during the peak season
- Developing: Organic revenue up 8.7%, led by revenue per case expansion, with volumes up 3.7%
- Emerging: Organic revenue up 9.8%, with strong volume growth of 5.8%, led by Nigeria
-
Continued investment in our 24/7 portfolio and bespoke capabilities
- Strength in Trademark Coke, as we leveraged innovations, FIFA World CupTM activations and local partnerships across key music and meal occasions, in partnership with The Coca-Cola Company
- New visual identity of Coca-Cola Zero Sugar now rolled out to the majority of our markets, with dedicated activations and focused execution
- Accelerating momentum in Coca-Cola Zero Sugar Zero Caffeine, delivering triple-digit growth
- Ongoing strength in Powerade, benefitting from FIFA World CupTM activations in July and local sports partnerships
- Strong Energy growth was supported by Monster innovations and local marketing activations
- Strong growth of Coffee in the out-of-home channel, our strategic priority
-
Remain on track to complete the acquisition of Coca-Cola Beverages Africa by the end of 2026
- Clearance by antitrust authorities received in five out of six jurisdictions to date; Tanzania pending
Zoran Bogdanovic, Chief Executive Officer of Coca-Cola HBC AG, commented:
“We are pleased to have delivered another strong quarter, with organic revenues increasing 9.0%. This performance was underpinned by our relentless focus on delivering our strategy, resulting in broad-based volume growth across our 24/7 portfolio.
“Through exciting innovation, compelling brand activations, and strong execution during the important summer period, we have continued to capture growth opportunities across our markets. These actions, together with continued investment in our portfolio and bespoke capabilities, are driving the consistency of our performance and resulting in sustained market share gains.
“Despite an ongoing uncertain and dynamic macro environment, we enter the final quarter well positioned to deliver on our full-year targets. I would like to thank our teams, customers, The Coca-Cola Company and all our partners for their continued commitment and support.”
|
Q3 2026 vs Q3 2025 |
Net sales revenue |
Volume |
Net sales revenue per unit case | |||
|
growth (%) |
Organic1 |
Reported |
Organic1 |
Reported |
Organic1 |
Reported |
|
Group |
9.0 |
9.6 |
5.4 |
5.4 |
3.4 |
4.0 |
|
Established markets |
8.0 |
8.1 |
5.6 |
5.6 |
2.3 |
2.4 |
|
Developing markets |
8.7 |
9.7 |
3.7 |
3.7 |
4.8 |
5.7 |
|
Emerging markets |
9.8 |
10.5 |
5.8 |
5.8 |
3.8 |
4.5 |
1For details on APMs refer to ‘Alternative Performance Measures’ and ‘Definitions and reconciliations of APMs’ sections.
2Period refers to August year-to-date 2026, according to Nielsen and HIST methodology, excluding Russia.
Business outlook
We have delivered a strong performance in the first nine months of the year. We expect the macroeconomic and geopolitical backdrop to remain dynamic. That said, we are confident in our 24/7 portfolio, our bespoke capabilities, our people, and the opportunities for growth in our diverse markets. We are updating our 2026 guidance to:
- Organic revenue growth slightly above our 6% to 7% range (previously around the top end of 6% to 7%)
- Organic EBIT growth in the range of 8% to 10% (unchanged)
Technical guidance
FX: We expect the impact of translational FX on our Group comparable EBIT to be between a €0 to 10 million tailwind (unchanged).
Restructuring: We do not expect significant restructuring costs to occur (unchanged).
Tax: We expect our comparable effective tax rate to be within a range of 26% to 28% (unchanged).
Finance costs: We expect net finance costs to be between €35 to 45 million (previously €40 to 50 million).
Selling days: We had four extra selling days in Q1 (equivalent to about a six percentage point tailwind to Group volumes) and will have four fewer selling days in Q4, compared to the prior year.
Operational highlights
Leveraging our unique 24/7 portfolio
Third quarter revenue grew by 9.0% and 9.6% on an organic and reported basis respectively, with volume growth of 5.4%.
Organic net sales revenue per case grew by 3.4%, with all segments contributing, as we took selective pricing actions across our markets and continued to focus on driving positive mix.
We leveraged our revenue growth management (RGM) toolkit to address demand across a range of occasions and price points, balancing affordability with premiumisation. Affordability remained relevant as we continued to face dynamic trends across markets. We maintained our focus on entry packs to drive consumer recruitment, seeing good growth of our PET multi-serve entry packs in the quarter.
At the same time, we continued to drive single-serve mix, which grew by 180 basis points in the quarter. We have seen an encouraging start from new single-serve packs launched this year, including the 500ml Trademark Coke Supercan in Ireland, Poland and Greece and the 500ml Trademark Coke PET bottle launched in Egypt. Category mix also continued to improve, benefitting from the increased contribution of Energy.
Our strong execution in the marketplace over the summer period enabled us to continue to gain value share, increasing 70 basis points year-to-date in NARTD and 40 basis points in Sparkling.
Sustainability & community leadership
In Q3, Coca-Cola HBC became the first Coca-Cola bottler, and one of the first businesses globally, to have its nature assessment and prioritisation work independently validated under the Science Based Targets Network (SBTN) framework. The validation confirms that Coca-Cola HBC has completed Steps 1 and 2 of the SBTN process, using a science-based approach to assess the pressures our business places on nature and identify the areas where action can have the greatest positive impact. The analysis found water as the most material nature-related impact within our direct operations, reinforcing the importance of our water stewardship agenda and supporting delivery of our biodiversity and water commitments under our sustainability goals, known as Mission Refresh.
Established markets
Developing markets
In Hungary, volumes increased by low-single digits. Sparkling grew by low-single digits, driven by Trademark Coke and Sprite, while Energy grew low-double digits on tough comparatives. Stills grew by low-single digits, driven by RTD Tea and Sports Drinks.
In the Czech Republic, volumes continued to grow strongly, up low-teens. Sparkling grew mid-teens, driven by Trademark Coke, Fanta and Sprite. Energy was up strong double-digits, while Stills grew low-single digits, on soft comparatives.
Net sales revenue grew by 9.8% and 10.5% on an organic and reported basis respectively, with a positive impact from movements in the Nigerian Naira.
Net sales revenue per case grew 3.8% organically, benefitting from pricing and positive category mix.
Emerging markets volumes grew 5.8% in the quarter. Sparkling volumes grew mid-single digits, driven by Trademark Coke, Fanta and Sprite. We delivered strong double-digit growth in Energy, despite tough comparatives, and mid-single digits growth in Stills, driven primarily by Water and Juices. Coffee volumes grew low-single digits, driven by strong double-digit in the out-of-home channel.
Nigeria volumes grew by low-teens, supported by activations leveraging our 75th year anniversary. Sparkling grew mid-teens, with Trademark Coke up low-double digits and strong double-digit growth across Fanta, Sprite and Adult Sparkling. Stills increased mid-teens, driven by strong double-digit growth in Juices and high-single digit growth in Water.
In Egypt, volumes increased by high-single digits, despite tough comparatives. Sparkling grew mid-single digits, driven by growth across all brands, with Trademark Coke up mid-teens. Both Energy brands, Monster and Fury, continued to perform very strongly. Sport Drinks maintained strong momentum, growing by over 50% on a small base.
Volume in Romania declined by low-single digits, in what remains a challenging consumer backdrop. Sparkling declined low-single digits, and Stills grew low-single digits, on soft comparatives. Energy grew strong double-digits, mainly driven by Monster. Coffee volume increased strong double-digits, led by Costa Coffee in out-of-home.
Volumes in Ukraine decreased by over 20%, in a challenging environment, impacted by ongoing supply chain disruptions which started in early September. Sparkling and Stills declined by strong double-digits, while we delivered strong double-digit growth in Energy.
Volumes in Serbia, excluding Bambi, grew high-single digits. Sparkling volume increased by high-single digits on soft comparatives. Energy grew mid-teens, and Stills grew low-double digits, led by a good performance in Water. Volumes of our snacks business, Bambi, grew low-teens.
Russia volumes grew by high-single digits, against soft comparatives. We continue to operate a self-sufficient business focused on local brands.
Supplementary information
|
|
Third quarter |
Nine months | ||||||
|
|
2026 |
2025 |
% Reported |
% Organic |
2026 |
2025 |
% Reported |
% Organic |
|
Group |
|
|
|
|
|
|
|
|
|
Volume (m unit cases)3 |
870.9 |
826.4 |
5.4 |
5.4 |
2,444.4 |
2,289.8 |
6.8 |
6.7 |
|
Net sales revenue (€ m) |
3,503.2 |
3,197.2 |
9.6 |
9.0 |
9,732.6 |
8,817.5 |
10.4 |
9.3 |
|
Net sales revenue per unit case (€) |
4.02 |
3.87 |
4.0 |
3.4 |
3.98 |
3.85 |
3.4 |
2.4 |
|
Established markets |
|
|
|
|
|
|
|
|
|
Volume (m unit cases) |
193.4 |
183.2 |
5.6 |
5.6 |
514.8 |
489.8 |
5.1 |
5.1 |
|
Net sales revenue (€ m) |
1,096.9 |
1,014.8 |
8.1 |
8.0 |
2,980.6 |
2,784.5 |
7.0 |
6.8 |
|
Net sales revenue per unit case (€) |
5.67 |
5.54 |
2.4 |
2.3 |
5.79 |
5.68 |
1.8 |
1.7 |
|
Developing markets |
|
|
|
|
|
|
|
|
|
Volume (m unit cases) |
138.7 |
133.7 |
3.7 |
3.7 |
385.4 |
368.0 |
4.7 |
4.7 |
|
Net sales revenue (€ m) |
781.7 |
712.8 |
9.7 |
8.7 |
2,112.4 |
1,911.5 |
10.5 |
8.9 |
|
Net sales revenue per unit case (€) |
5.64 |
5.33 |
5.7 |
4.8 |
5.48 |
5.19 |
5.5 |
3.9 |
|
Emerging markets |
|
|
|
|
|
|
|
|
|
Volume (m unit cases) |
538.8 |
509.5 |
5.8 |
5.8 |
1,544.2 |
1,432.0 |
7.8 |
7.8 |
|
Net sales revenue (€ m) |
1,624.6 |
1,469.6 |
10.5 |
9.8 |
4,639.6 |
4,121.5 |
12.6 |
11.3 |
|
Net sales revenue per unit case (€) |
3.02 |
2.88 |
4.5 |
3.8 |
3.00 |
2.88 |
4.4 |
3.2 |
3One unit case corresponds to approximately 5.678 litres or 24 servings, being a typically used measure of volume. For Premium Sprits volume, one unit case also corresponds to 5.678 litres. For biscuits volume, one unit case corresponds to 1 kilogram. For coffee volume, one unit case corresponds to 0.5 kilograms or 5.678 litres.
Conference call
Coca-Cola HBC’s management will host a conference call for investors and analysts on Wednesday, 4 November 2026 at 9:00 am GMT. To join the call in listen-only mode, please join via the webcast. If you anticipate asking a question, please click here to register and to find dial-in details.
Next event
|
18 February 2027 |
2026 Full-year results |
Enquiries
Coca‑Cola HBC Group
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Investors and Analysts: |
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Jemima Benstead Head of Investor Relations |
Tel: +44 7740 535130 jemima.benstead@cchellenic.com |
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Elias Davvetas Investor Relations Manager |
Tel: +30 694 7568826 elias.davvetas@cchellenic.com |
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Matilde Durazzano Investor Relations Manager |
Tel: +44 7851 105884 matilde.durazzano@cchellenic.com |
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Steve Nightingale |
Tel: +44 7713 100168 |
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Investor Relations Manager |
stephen.nightingale@cchellenic.com |
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Media: |
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Claire Evans Acting Head of Communications |
Tel: +44 7896 054972 claire.evans@cchellenic.com |
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Pamela Runnacles Communications Manager |
Tel: +44 7549 935606 pamela.runnacles@cchellenic.com |
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Greek media contact: V+O Communications Sonia Manesi |
Tel: +30 694 454 8914 sm@vando.gr |
Coca-Cola HBC Group
Coca-Cola HBC is a growth-focused consumer packaged goods business and strategic bottling partner of The Coca-Cola Company. Our business was founded in Nigeria in 1951, and this year we celebrate our 75th anniversary. We open up moments that refresh us all, by creating value for our stakeholders and supporting the socio-economic development of the communities in which we operate. With a vision to be the leading 24/7 beverage partner, we offer drinks for all occasions around the clock and work together with our customers to serve 760 million consumers across a broad geographic footprint of 29 countries. Following the completion of our acquisition of a majority stake in Coca-Cola Beverages Africa, we will extend our footprint in Africa, growing to a total of 43 markets and serving more than 1.2 billion consumers.
Our portfolio is one of the strongest, broadest and most flexible in the beverage industry, with consumer-leading brands across the sparkling, adult sparkling, juice, water, sport, energy, ready-to-drink tea, coffee, and premium spirits categories, with snacks as an additional offering. Our products include Coca-Cola, Coca-Cola Zero Sugar, Fanta, Sprite, Schweppes, Kinley, Costa Coffee, Caffè Vergnano, Valser, Romerquelle, Dasani and other water brands, FuzeTea, Powerade, Cappy, Monster Energy, Finlandia Vodka, The Macallan, Jack Daniel's and Plazma. We foster an open and inclusive work environment for our more than 33,500 employees and believe that a positive environmental impact is integral to our future growth. We are among the leaders of the global beverage industry across major sustainability benchmarks, including the Dow Jones Best-in-Class Indices, CDP, MSCI ESG, FTSE ESG and ISS ESG.
Coca-Cola HBC is listed on the London Stock Exchange (LSE: CCH) and on Euronext Athens (Euronext Athens: EEE). For more information, please visit https://www.coca-colahellenic.com.
Special Note Regarding the Information set out herein
Unless otherwise indicated, this trading update and the financial and operating data or other information included herein relate to Coca-Cola HBC AG and its subsidiaries (‘Coca-Cola HBC’ or the ‘Company’ or ‘we’ or the ‘Group’).
Forward-Looking Statements
This document contains forward-looking statements that involve risks and uncertainties. These statements may generally, but not always, be identified by the use of words such as ‘believe’, ‘outlook’, ‘guidance’, ‘intend’, ‘expect’, ‘anticipate’, ‘plan’, ‘target’ and similar expressions to identify forward-looking statements. All statements other than statements of historical facts, including, among others, statements regarding our future financial position and results, our outlook for 2026 and future years, business strategy and the effects of the global economic slowdown, the impact of the sovereign debt crisis, currency volatility, our recent acquisitions, and restructuring initiatives on our business and financial condition, our future dealings with The Coca-Cola Company, budgets, projected levels of consumption and production, projected raw material and other costs, estimates of capital expenditure, free cash flow, effective tax rates and plans and objectives of management for future operations, are forward-looking statements. By their nature, forward-looking statements involve risk and uncertainty because they reflect our current expectations and assumptions as to future events and circumstances that may not prove accurate. Our actual results and events could differ materially from those anticipated in the forward-looking statements for many reasons, including the risks described in the 2025 Integrated Annual Report for Coca-Cola HBC AG and its subsidiaries.
Although we believe that, as of the date of this document, the expectations reflected in the forward-looking statements are reasonable, we cannot assure you that our future results, level of activity, performance or achievements will meet these expectations. Moreover, neither we, nor our directors, employees, advisors nor any other person assumes responsibility for the accuracy and completeness of the forward-looking statements. After the date of this trading update, unless we are required by law or the rules of the UK Financial Conduct Authority to update these forward-looking statements, we will not necessarily update any of these forward-looking statements to conform them either to actual results or to changes in our expectations.
Alternative Performance Measures
The Group uses certain Alternative Performance Measures (‘APMs’) in making financial, operating and planning decisions as well as in evaluating and reporting its performance. These APMs provide additional insights and understanding to the Group’s underlying operating and financial performance. The APMs should be read in conjunction with and do not replace by any means the directly reconcilable IFRS line items.
Definitions and reconciliations of APMs
Organic growth
Organic growth enables users to focus on the operating performance of the business on a basis which is not affected by changes in foreign currency exchange rates from period to period or changes in the Group’s scope of consolidation (‘consolidation perimeter’) i.e. acquisitions, divestments and reorganisations resulting in equity method accounting. Thus, organic growth is designed to assist users in better understanding the Group’s underlying performance.
More specifically, the following items are adjusted from the Group‘s volume and net sales revenue in order to derive organic growth metrics:
(a) Foreign currency impact
Foreign currency impact in the organic growth calculation reflects the adjustment of prior-period net sales revenue metric for the impact of changes in exchange rates applicable to the current period.
(b) Consolidation perimeter impact
Current-period volume and net sales revenue metrics, are each adjusted for the impact of changes in the consolidation perimeter. More specifically, adjustments are performed as follows:
i. Acquisitions:
For current-year acquisitions, the results generated in the current period by the acquired entities are not included in the organic growth calculation. For prior-year acquisitions, the results generated in the current year over the period during which the acquired entities were not consolidated in the prior year, are not included in the organic growth calculation.
For current-year step acquisitions where the Group obtains control of a) entities over which it previously held either joint control or significant influence and which were accounted for under the equity method, or b) entities which were carried at fair value either through profit or loss or other comprehensive income, the results generated in the current year by the relevant entities over the period during which these entities are consolidated, are not included in the organic growth calculation. For such step acquisitions of entities previously accounted for under the equity method the share of results for the respective period described above is included in the organic growth calculation. For such step acquisitions of entities previously accounted for at fair value through profit or loss, any fair value gains or losses for the respective period described above, are included in the organic growth calculation. For such step acquisitions in the prior year, the results generated in the current year by the relevant entities over the period during which these entities were not consolidated in the prior year, are not included in the organic growth calculation. However, the share of results or gains or losses from fair value changes of the respective entities, based on their accounting treatment prior to the step acquisition, for the current-year period during which these entities were not consolidated in the prior year are included in the organic growth calculation.
ii. Divestments:
For current-year divestments, the results generated in the prior year by the divested entities over the period during which the divested entities are no longer consolidated in the current year, are included in the current year’s results for the purpose of the organic growth calculation. For prior-year divestments, the results generated in the prior year by the divested entities over the period during which the divested entities were consolidated, are included in the current year’s results for the purpose of the organic growth calculation.
iii. Reorganisations resulting in equity method accounting:
For current-year reorganisations where the Group maintains either joint control or significant influence over the relevant entities so that they are reclassified from subsidiaries or joint operations to joint ventures or associates and accounted for under the equity method, the results generated in the current year by the relevant entities over the period during which these entities are no longer consolidated, are included in the current year’s results for the purpose of the organic growth calculation. For such reorganisations in the prior year, the results generated in the current year by the relevant entities over the period during which these entities were consolidated in the prior year, are included in the current year’s results for the purpose of the organic growth calculation. In addition, the share of results in the current year of the relevant entities, for the respective period as described above, is excluded from the organic growth calculation for such reorganisations.
The calculations of the organic growth and the reconciliation to the most directly related measures calculated in accordance with IFRS are presented in the below tables. Organic growth (%) is calculated by dividing the amount in the row titled ‘Organic movement’ by the amount in the associated row titled ‘2025 reported’ or, where presented, ‘2025 adjusted’.
Reconciliation of organic measures
|
|
Third quarter 2026 |
Nine months 2026 | ||||||||
|
Volume (m unit cases) |
Group |
Established |
Developing |
Emerging |
Group |
Established |
Developing |
Emerging | ||
|
2025 reported |
826.4 |
183.2 |
133.7 |
509.5 |
2,289.8 |
489.8 |
368.0 |
1,432.0 | ||
|
Consolidation perimeter impact |
— |
— |
— |
— |
0.1 |
0.1 |
— |
— | ||
|
Organic movement |
44.5 |
10.2 |
5.0 |
29.3 |
154.5 |
24.9 |
17.4 |
112.2 | ||
|
2026 reported |
870.9 |
193.4 |
138.7 |
538.8 |
2,444.4 |
514.8 |
385.4 |
1,544.2 | ||
|
|
|
|
|
|
|
|
|
| ||
|
Organic growth (%) |
5.4% |
5.6% |
3.7% |
5.8% |
6.7% |
5.1% |
4.7% |
7.8% | ||
|
|
|
|
|
|
|
|
|
| ||
|
|
Third quarter 2026 |
Nine months 2026 | ||||||||
|
Net sales revenue (€ m) |
Group |
Established |
Developing |
Emerging |
Group |
Established |
Developing |
Emerging | ||
|
2025 reported |
3,197.2 |
1,014.8 |
712.8 |
1,469.6 |
8,817.5 |
2,784.5 |
1,911.5 |
4,121.5 | ||
|
Foreign currency impact |
17.0 |
0.7 |
6.5 |
9.8 |
80.8 |
3.2 |
28.9 |
48.7 | ||
|
2025 adjusted |
3,214.2 |
1,015.5 |
719.3 |
1,479.4 |
8,898.3 |
2,787.7 |
1,940.4 |
4,170.2 | ||
|
Consolidation perimeter impact |
— |
— |
— |
— |
2.4 |
2.4 |
— |
— | ||
|
Organic movement |
289.0 |
81.4 |
62.4 |
145.2 |
831.9 |
190.5 |
172.0 |
469.4 | ||
|
2026 reported |
3,503.2 |
1,096.9 |
781.7 |
1,624.6 |
9,732.6 |
2,980.6 |
2,112.4 |
4,639.6 | ||
|
|
|
|
|
|
|
|
|
| ||
|
Organic growth (%) |
9.0% |
8.0% |
8.7% |
9.8% |
9.3% |
6.8% |
8.9% |
11.3% | ||
|
|
|
|
|
|
|
|
|
| ||
|
Net sales revenue per unit |
Third quarter 2026 |
Nine months 2026 | ||||||||
|
case (€)4 |
Group |
Established |
Developing |
Emerging |
Group |
Established |
Developing |
Emerging | ||
|
2025 reported |
3.87 |
5.54 |
5.33 |
2.88 |
3.85 |
5.68 |
5.19 |
2.88 | ||
|
Foreign currency impact |
0.02 |
— |
0.05 |
0.02 |
0.04 |
0.01 |
0.08 |
0.03 | ||
|
2025 adjusted |
3.89 |
5.54 |
5.38 |
2.90 |
3.89 |
5.69 |
5.27 |
2.91 | ||
|
Consolidation perimeter impact |
— |
— |
— |
— |
— |
— |
— |
— | ||
|
Organic movement |
0.13 |
0.13 |
0.26 |
0.11 |
0.09 |
0.09 |
0.21 |
0.09 | ||
|
2026 reported |
4.02 |
5.67 |
5.64 |
3.02 |
3.98 |
5.79 |
5.48 |
3.00 | ||
|
|
|
|
|
|
|
|
|
| ||
|
Organic growth (%) |
3.4% |
2.3% |
4.8% |
3.8% |
2.4% |
1.7% |
3.9% |
3.2% | ||
4Certain differences in calculations are due to rounding.
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