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Coca-Cola HBC Lifts Revenue Guidance

Coca-Cola HBC has raised its 2026 organic revenue growth guidance after third-quarter sales grew 9.0%, but left its profit growth target unchanged. The shares have yet to trade on the news.

Coca-Cola HBC (LON: CCH), the Coca-Cola bottler, raised its 2026 organic revenue growth guidance this morning after third-quarter organic revenue rose 9.0%, but left profit guidance unchanged. Reported revenue grew 9.6%, to €3,503.2m from €3,197.2m a year earlier.

The shares closed yesterday at 4,766p, down 0.87% from 4,808p on Monday, leaving them 6.3% below the 5,085p close on 28 July and 13.3% above the 4,206p close on 1 October.

CCH.LSE

Full-year organic revenue growth is now expected to come in slightly above a range of 6% to 7%. Previously the company guided to around the top end of that range. Organic EBIT growth is still guided at 8% to 10%.

Chief executive Zoran Bogdanovic said the group enters the final quarter well placed despite an uncertain economic backdrop.

We are pleased to have delivered another strong quarter, with organic revenues increasing 9.0%.

Zoran Bogdanovic, CEO, Coca-Cola HBC

Volume rose 5.4% to 870.9m unit cases from 826.4m, with Sparkling up 4.5% and Energy up 24.7%. Revenue per case rose 3.4% on pricing and mix. The company cited FIFA World Cup activations, Coke Zero, Monster and Western Europe weather. All three segments grew, led by Emerging markets and Nigeria. The split by segment is below.

Line chart of Coca-Cola HBC daily share price in pence, 27 July to 3 November 2026
Coca-Cola HBC daily close, pence, to yesterday (Tuesday 3 November): the shares have recovered from the October low
Q3 organicRevenueVolumeRevenue per case
Group+9.0%+5.4%+3.4%
Established+8.0%+5.6%+2.3%
Developing+8.7%+3.7%+4.8%
Emerging+9.8%+5.8%+3.8%

Emerging markets grew fastest on volume, while Developing relied more on price and mix.

There were soft spots. Ukraine volume fell by more than 20% on supply-chain disruption from early September, Poland Stills declined by double digits and Romania fell by a low single-digit rate. The fourth quarter also has four fewer selling days.

Rival bottler Coca-Cola Europacific Partners reported yesterday and kept its guidance unchanged, at revenue growth of 3% to 4% and operating profit growth of about 7%, after FX-neutral revenue rose 5.8%. Its figures are not like-for-like with Coca-Cola HBC’s.

This is a top-line upgrade only. Full-year results follow on the 18th of February.

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