Kofola CeskoSlovensko (KOFOL) Q4 2025 earnings summary

Executive summary

• Acquired 100% of Nobilis Tilia, expanding into natural cosmetics via the LEROS subsidiary.

• Entered Latin America with a 49% stake in Alta Fermentación, gaining exposure to microbreweries, coffee, and rum distilleries.

• Launched NULKA, a new sugar-free carbonated beverage, targeting health-conscious consumers.

• Missed 2025 EBITDA target due to the new sugar tax in Slovakia and unfavorable weather, leading to a 10% revenue decline year-over-year.

• Despite challenges, smaller divisions UGO and LEROS grew, while soft drinks and beer segments declined.

Financial highlights

• Preliminary 2025 EBITDA reached CZK 1.85 billion, up from CZK 1.79 billion in 2024 (adjusted for one-offs).

• Group revenues for 2025 were EUR 435.5 million, a 3% decrease from 2024.

• Dividend per share paid in FY 2025 was CZK 21, including advance and final payments.

• Net debt/EBITDA increased from 2.1 at end-2024 to 3.1 at end-2025.

• EBITDA for 2025 was EUR 72.7 million, down 3.1% year-over-year.

Outlook and guidance

• 2026 EBITDA target set at CZK 1.8–1.9 billion.

• Revenue growth goal for 2026 is 10% including acquisitions; organic growth target is 4%.

• Investments in warehousing and production lines, plus acquisitions, are expected to drive future growth.