Coca-Cola HBC (LON:CCH) reported a 9% increase in organic revenue for the third quarter of 2026, supported by 5.4% volume growth and a 3.4% increase in revenue per unit case. The company said growth was broad-based across its established, developing and emerging market segments, prompting it to raise its full-year organic revenue outlook to slightly above its previous 6% to 7% range.
Chief Executive Officer Zoran Bogdanović said the performance reflected focused execution during the summer season, including continued activation around the FIFA World Cup partnership with The Coca-Cola Company. Reported revenue rose 9.6%, aided by organic growth and a small foreign-exchange translation benefit.
The company maintained its guidance for 8% to 10% organic EBIT growth for the full year. Chief Financial Officer Anastasis Stamoulis said the decision to retain the profit outlook reflected the timing effect of four fewer selling days in December compared with four additional selling days in January, higher second-half cost pressures related to the Middle East conflict and fuel prices, and supply-chain disruption in Ukraine.
Portfolio growth and market-share gains
Coca-Cola HBC said it gained 70 basis points of non-alcoholic ready-to-drink beverage value share year to date and 40 basis points in sparkling beverages. Bogdanović said the company was again the largest contributor to customers’ absolute FMCG value growth in its European markets.
Sparkling beverage volumes rose 4.5% in the quarter. Trademark Coca-Cola posted mid-single-digit growth, led by Coke Zero and Coke Zero Zero, with the latter recording triple-digit volume growth. The company rolled out Coke Zero’s updated visual identity in most markets during the period.
Sprite volumes increased at a high-single-digit rate, supported by summer-focused music-festival activations and the Lemon Mint Chill flavor. Fanta grew low single digits, primarily driven by Africa. Adult sparkling beverages rose low single digits, supported by Schweppes and Three Cents.
Energy drink volume increased 24.7%, with double-digit growth in each of Coca-Cola HBC’s three operating segments. The company attributed the performance to Monster innovations and sports and music partnerships. Coffee volumes in the out-of-home channel rose 10.1%, though total coffee volumes declined 2.3% as the company and Costa Coffee continued to prioritize out-of-home opportunities.
Stills volumes grew 3.2%. Water recorded low-single-digit growth, juices increased mid-single digits with a particularly strong contribution from Nigeria, and sports drinks rose more than 20%, aided by World Cup activity and local partnerships.
Segment performance
In established markets, organic revenue rose 8%, as volumes increased 5.6% and revenue per case grew 2.3%. The company cited strong execution and favorable weather in Western Europe. Italy and Greece each posted mid-single-digit volume growth, Ireland continued to build momentum, and Switzerland’s volume rose low double digits.
In developing markets, organic revenue increased 8.7%, driven by 3.7% volume growth and 4.8% revenue-per-case growth. Poland returned to low-single-digit volume growth after an improvement from the second quarter, while Hungary also grew low single digits. Czech Republic volume rose low teens.
Emerging markets generated 9.8% organic revenue growth, with volumes up 5.8% and revenue per case up 3.8%. Nigeria delivered low-teens volume growth, supported in part by activations marking 75 years of the Nigerian Bottling Company. Egypt grew high single digits despite difficult comparisons, helped by sparkling and energy drinks.
Romania’s volume declined low single digits amid a challenging consumer environment. Ukraine volume fell more than 20% because of supply-chain disruption beginning in early September. Bogdanović said the company had activated contingency plans to import products from other countries while working to restore operations, though he said the timing remained uncertain due to intensified air raids. The impact has been included in the company’s guidance.
Costs, pricing and 2027 outlook
Stamoulis said cost of goods sold per case is expected to rise by low- to mid-single digits in 2026, with the company fully covered on key commodities for the year. Looking toward 2027, he said COGS inflation is expected to be slightly higher than in 2026, citing pressures in commodities including sugar and PET.
The company is more than 40% covered on key commodities for next year, a level Stamoulis described as normal at this point in the year. Management said it expects a more balanced contribution from volume and price/mix to revenue growth in 2027, compared with 2026, when volume was the dominant driver.
Bogdanović said consumer demand remained resilient overall, although affordability continued to be important across markets. The company has emphasized accessible entry packs, while also pursuing premiumization and improving single-serve mix. Single-serve mix improved by 180 basis points in the third quarter, supported by packaging innovations including a half-liter Coca-Cola Supercan in Ireland, Poland and Greece.
CCBA transaction and cash flow
Coca-Cola HBC said it has received antitrust clearances in five of the six jurisdictions required for its proposed acquisition of Coca-Cola Beverages Africa, with Tanzania remaining. The company continues to expect the transaction to close by the end of 2026.
Stamoulis reiterated that the acquisition is expected to be low-single-digit earnings-per-share accretive from the first year after completion. He declined to comment on CCBA’s financial performance before the deal closes.
The company expects capital expenditures to remain within its 6.5% to 7.5% of sales range this year and said it anticipates full-year free cash flow at a similar level to 2025, taking into account a step-up in capital spending.
About Coca-Cola HBC (LON:CCH)
Coca-Cola HBC is a growth-focused consumer packaged goods business and strategic bottling partner of The Coca-Cola Company. We open up moments that refresh us all, by creating value for our stakeholders and supporting the socio-economic development of the communities in which we operate. With a vision to be the leading 24/7 beverage partner, we offer drinks for all occasions around the clock and work together with our customers to serve 760 million consumers across a broad geographic footprint of 29 countries.
