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Coca-Cola Içecek Anonim Sirketi
Coca-Cola Içecek Anonim Sirketi (CCOLA) investor relations material
Coca-Cola Içecek Anonim Sirketi Q3 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 2025 earnings summary5 Nov, 2025
Executive summary
Achieved 8.9% year-on-year consolidated sales volume growth in Q3 2025, reaching 477 million unit cases, with strong international contributions, especially from Central Asia, Uzbekistan, and Kazakhstan, while Türkiye saw a 1.7% decline.
Still category grew 26% and sparkling category 8.9%, with Fuze Tea and energy segments up 47.9% and 42.6% respectively.
Net income reached TL 7.2 billion, up 4.2% year-on-year, supported by improved operating profit and tight financial expense management.
Gross profit margin expanded by 166 bps and EBIT margin by 125 bps year-on-year, driven by both Türkiye and international operations.
S&P affirmed long-term issuer credit rating at BB+ and upgraded outlook to 'Stable'; Fitch affirmed BBB rating with stable outlook, reflecting strong operating profitability and capital structure.
Financial highlights
Consolidated revenue rose 6.7% year-on-year to TL 52.2 billion in Q3 2025; EBIT was TL 9.8 billion, up 14.3% year-on-year.
Free cash flow for 9M25 was TL 4.8 billion, a significant improvement from negative in 9M24; net debt-to-EBITDA improved to 0.8x.
Gross profit margin in Q3 2025 expanded to 38.1% (+166 bps); EBIT margin reached 18.8% (+125 bps); EBITDA margin at 22.3% (+96 bps).
Net sales revenue per unit case declined 2.1% year-on-year, mainly due to international markets and currency translation effects.
Without inflation accounting, 3Q25 net income rose 55.7% year-on-year to TL 6.9 billion.
Outlook and guidance
Confident in delivering full-year EBIT guidance, expecting only slight EBIT margin contraction versus prior year; volume delivery ahead of plan.
2025 guidance: mid-single-digit consolidated volume growth, low to mid-single-digit growth in Türkiye, mid to high-single-digit growth in international operations.
NSR per unit case may be slightly below initial expectations, but volume performance is ahead of plan.
Committed to maintaining net debt-to-EBITDA below 2x, with positive free cash flow targeted for the full year.
S&P rating insulation from AEFES: What's the benefit?
Deprioritizing water: Türkiye margin impact?
Debt diversification: How does CCI mitigate FX risk?
Pakistan's path to sustainable value growth?
Working capital improvement sustainability post-Q3?
Turkey NSR/uc growth vs. inflation for 2026
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Next Coca-Cola Içecek Anonim Sirketi earnings date
Q4 20254 Mar, 2026
Coca-Cola Içecek Anonim Sirketi
Next Coca-Cola Içecek Anonim Sirketi earnings date
Q4 20254 Mar, 2026
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Frequently asked questions
Coca-Cola İçecek Anonim Şirketi (CCI) is a beverage company engaged in the production, distribution, and sales of The Coca-Cola Company's products. The company operates in multiple countries across Turkey, Central Asia, the Middle East, and Pakistan. The company is headquartered in Istanbul, Turkey, and its shares are listed on the BIST.
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