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Coca-Cola Içecek Anonim Sirketi (CCOLA) investor relations material
Coca-Cola Içecek Anonim Sirketi Q1 2026 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Executive summary
Achieved 6.9% year-over-year consolidated sales volume growth in Q1 2026, with strong gains across Türkiye and international markets, especially Central Asia.
Net income surged 213.8% year-over-year to TL 5.2 billion, driven by operational profitability and lower net financial expenses.
Stills category outperformed with 30.3% growth, while sparkling grew 4.5% year-over-year.
CEO transition announced: Ahmet Kürşad Ertin to succeed Karim Yahi as CEO effective July 1, 2026.
Positive free cash flow of TL 462 million generated in the quarter.
Financial highlights
Net sales revenue rose 10.7% year-over-year to TL 52.4 billion; NSR per unit case increased 3.6%.
EBIT increased 84.3% year-over-year to TL 6.9 billion, with margin up 529 bps to 13.2%.
Gross margin expanded by 592 bps year-over-year, mainly due to timely price adjustments and disciplined cost management.
Free cash flow improved to TL 462 million from TL (10.5) billion in Q1 2025.
Net debt/EBITDA improved to 0.66x from 1.31x a year ago.
Outlook and guidance
Targeting mid-single-digit consolidated volume growth and flat EBIT margin (~16%) for full year 2026.
CapEx expected to remain in high single-digit percentage of net sales; free cash flow to stay strong but may moderate due to higher CapEx and inventory needs.
Inflation accounting (TAS 29) applied due to high inflation in Türkiye, with comparative figures restated for purchasing power.
Some financials also presented without inflation adjustment for performance comparison against 2026 forecasts.
Margin stabilization prioritized for upcoming quarters amid ongoing volatility.
- Strong volume growth in Q1 2025 offset by inflation-driven profit decline; 2025 outlook reaffirmed.CCOLA
Q1 20254 May 2026 - Net sales revenue reached TL 187.2 billion, net income fell, and a TL 4.0 billion dividend was proposed.CCOLA
Q4 20254 May 2026 - Record Q2 profitability and margin gains, but 2024 outlook trimmed amid macro headwinds.CCOLA
Q2 202423 Jan 2026 - Margins and NSR per case hit records despite a 9.2% volume drop and revised guidance.CCOLA
Q3 202416 Jan 2026 - Margins improved and Q4 recovery sets up mid-single-digit growth for 2025.CCOLA
Q4 202416 Dec 2025 - Q2 2025 saw strong international volume growth but lower profitability amid inflationary pressures.CCOLA
Q2 202523 Nov 2025 - Q3 2025 sales volume up 8.9%, margins and leverage improved despite macro risks.CCOLA
Q3 20258 Nov 2025 - Strong market presence, disciplined growth, and ambitious sustainability targets drive future outlook.CCOLA
Investor Presentation26 Jun 2025 - Strong growth, digital focus, and market expansion drive ambitious 2035 vision.CCOLA
CMD 2025 Presentation26 Jun 2025
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