Coca-Cola HBC (CCH) Q1 2026 TU earnings summary

Executive summary

• Organic revenue grew 11.6% year-over-year in Q1 2026, with reported revenue up 12% driven by strong volume and a small FX benefit.

• Achieved 12th consecutive quarter of volume growth, with gains across all three segments.

• Value share in Non-Alcoholic Ready-To-Drink (NARTD) increased by 110 basis points year-to-date.

• Strategic investments included new product launches, marketing campaigns, and sustainability initiatives.

• Remain on track to complete the acquisition of Coca-Cola Beverages Africa in H2 2026, with bond issuance to fund the deal and antitrust clearance in most jurisdictions.

Financial highlights

• Group net sales revenue reached €2,709.7m, up from €2,418.3m year-over-year.

• Net sales revenue per unit case increased 1.8% organically to €3.84.

• Net sales revenue grew by 7.3% in Established, 10.3% in Developing, and 15% in Emerging markets.

• Excluding four extra selling days, volume growth was 3.5%.

• Transactions grew ahead of volumes, reflecting effective Revenue Growth Management (RGM) strategies.

Outlook and guidance

• Reiterated 2026 guidance: organic revenue growth of 6%-7% and organic EBIT growth of 7%-10%.

• FX expected to be a €0–30m EBIT headwind; effective tax rate guidance unchanged at 26–28%.

• Net finance costs guidance raised to €45–65m due to bond issuance for acquisition funding.

• Confident in growth pipeline, innovation, and partnerships for the remainder of 2026.

• Monitoring geopolitical and macroeconomic risks closely.