Coca-Cola HBC (CCH) Q2 2026 earnings summary

Executive summary

• Delivered strong, volume-led growth in H1 2026, with organic revenue up 9.6% and organic volume up 7.5%, led by Sparkling and Energy categories.

• Comparable EBIT rose 15.2% organically to €760.1 million, with margin up 60bps to 12.2%; comparable EPS increased 15.2% to €1.51.

• Upgraded full-year 2026 guidance, now expecting organic revenue growth at the top end of 6–7% and EBIT growth of 8–10%.

• Major activations, including FIFA World Cup programs, and continued investment in portfolio, digital, and sustainability initiatives drove brand engagement and share gains.

• Progressed with the acquisition of Coca-Cola Beverages Africa, with regulatory approvals advancing and completion expected in H2 2026.

Financial highlights

• Net sales revenue reached €6,229.4 million, up 10.8% reported and 9.6% organic year-over-year; volume up 7.5%.

• Comparable EBIT: €760.1 million (+17.0% reported, +15.2% organic); EBIT margin: 12.2% (+60bps).

• Comparable EPS: €1.51 (+15.2%); free cash flow at €215.7 million, down 11.8% due to higher capex.

• Gross profit margin improved by 110bps to 37.8%.

• Capital expenditure increased to €378.9 million (6.1% of revenue), mainly for production and marketing equipment.

Outlook and guidance

• Full-year 2026 organic revenue growth expected at the top end of 6–7% range; organic EBIT growth of 8–10%.

• Net finance costs projected at €40–50 million; FX impact on EBIT now a €0–10 million tailwind.

• H2 growth expected to moderate due to fewer selling days and higher energy costs.

• COGS per case for H2 expected to be low to mid-single digits; strong hedging position at 85% for 2026.

• Effective tax rate guidance unchanged at 26–28%.