Coca-Cola HBC Ltd (GB:CCH)
LSE:CCH
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Coca Cola HBC
(LSE:CCH)
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Rating:75Outperform
Price Target:
4,772.00 p
▲(12.49% Upside)
Action:ReiteratedDate:02/18/26
The score is driven primarily by strong underlying profitability and a positive, guidance-backed earnings outlook, supported by a clear bullish price trend. Offsetting factors are leverage and weakening cash conversion in the financial statements, a relatively full valuation (P/E ~21), and technically overextended momentum that raises near-term pullback risk.
Positive Factors
Multi-year revenue & margin improvement
Coca‑Cola HBC has delivered durable top‑line expansion and rising margins over several years, reflecting pricing power, mix improvement and operating leverage. This sustained profitability supports reinvestment, dividend policy and resilience through cycles, underpinning long‑term cash generation and shareholder returns.
Negative Factors
Rising net leverage post‑deal
Leverage rising toward 1.5–2x post‑CCBA reduces financial flexibility and increases interest‑rate and refinancing sensitivity. Higher net debt compresses capacity for opportunistic investment or buybacks, heightening risk if macro or operating performance softens during integration or commodity shocks.
Read all positive and negative factors
Positive Factors
Negative Factors
Multi-year revenue & margin improvement
Coca‑Cola HBC has delivered durable top‑line expansion and rising margins over several years, reflecting pricing power, mix improvement and operating leverage. This sustained profitability supports reinvestment, dividend policy and resilience through cycles, underpinning long‑term cash generation and shareholder returns.
Read all positive factors
Coca Cola HBC (CCH) vs. iShares MSCI United Kingdom ETF (EWC)
Market Cap
£15.42B
Dividend Yield1.96%
Average Volume (3M)588.27K
Price to Earnings (P/E)17.3
Beta (1Y)0.64
Revenue Growth6.00%
EPS Growth42.42%
CountryUK
Employees33,000
SectorConsumer Defensive
Sector Strength42
IndustryBeverages - Non-Alcoholic
Share Statistics
EPS (TTM)0.57
Shares Outstanding363,526,820
10 Day Avg. Volume658,667
30 Day Avg. Volume588,271
Financial Highlights & Ratios
PEG Ratio1.30
Price to Book (P/B)4.16
Price to Sales (P/S)1.40
P/FCF Ratio21.84
Enterprise Value/Market CapN/A
Enterprise Value/RevenueN/A
Enterprise Value/Gross ProfitN/A
Enterprise Value/EbitdaN/A
Forecast
1Y Price Target
£4,546.00Price Target Upside7.17% Upside
Rating ConsensusModerate Buy
Number of Analyst Covering9
EPS Forecast (FY)2.92
Revenue Forecast (FY)£12.41B
Coca Cola HBC Business Overview & Revenue Model
Company Description
Coca-Cola HBC AG engages in the production, distribution, and sale of non-alcoholic ready-to-drink beverages worldwide. The company offers sparkling soft drinks, hydration drinks, juices, ready-to-drink tea, energy drinks, coffee, water, plant-bas...
How the Company Makes Money
Coca-Cola HBC primarily makes money by selling beverages it bottles (or, in some cases, distributes) to customers such as supermarkets, convenience stores, wholesalers, restaurants, cafés, and other out-of-home outlets across its territories. Its ...
Coca Cola HBC Earnings Call Summary
Earnings Call Date:Feb 10, 2026
(Q4-2025)
| % Change Since: |
Next Earnings Date:Aug 12, 2026
Earnings Call Sentiment Positive
The call presents a strongly positive operational and financial performance for 2025: double-digit EBIT and EPS growth, robust free cash flow, significant category momentum (notably Energy), meaningful progress in Emerging markets, and strategic expansion via the CCBA acquisition. Management is investing behind growth (higher CapEx and marketing), upgrading digital and AI capabilities, and increasing shareholder returns. Key near-term risks include profit drag in Established markets from stepped-up investments, COGS/commodity exposure, FX and macro uncertainty—particularly tied to African markets and the pending CCBA transaction—and an expected normalization of finance costs in 2026. On balance, the highlights (strong organic growth, margin expansion, cash generation, category and market outperformance and clear strategic rationale for CCBA) materially outweigh the lowlights.Positive Updates
Strong Top-Line Growth
Organic revenue grew 8.1% in 2025 with volume growth of 2.8%, reflecting broad-based momentum across Sparkling and Energy categories.
Negative Updates
Established Segment Profit Pressure
Established segment comparable EBIT declined 2.8% as the company stepped up investments (direct marketing increased ~40 basis points of revenue), causing margin pressure despite revenue per case up 2.3% and volumes broadly flat.
Read all updates
Q4-2025 Updates
Positive
Negative
Strong Top-Line Growth
Organic revenue grew 8.1% in 2025 with volume growth of 2.8%, reflecting broad-based momentum across Sparkling and Energy categories.
Read all positive updates
Company Guidance
The company guided to organic revenue growth in its medium‑term range of 6–7% for 2026 with organic comparable EBIT growth of 7–10%; it flagged translational FX headwinds of €0–30m and finance costs of €25–45m (including bridge financing costs of low single‑digit €m in Q2), noted the 2025 comparable tax rate was 27.1%, and reiterated medium‑term margin expansion ambitions of roughly 20–40 basis points. Management also confirmed its capital allocation framework — 2025 CapEx was €828m (7.1% of revenue) within a target range of 6.5–7.5%, free cash flow was €700m, ROIC rose to 19.4%, net debt/EBITDA stood at 0.7x (expected to be 1.5–2x post‑CCBA), the CCBA deal is expected to be low single‑digit EPS accretive in the first full year, and the progressive dividend policy targets a 40–50% payout (2025 dividend €1.20, +17%).Coca Cola HBC Financial Statement Overview
Summary
Income Statement
84
Very Positive
Balance Sheet
67
Positive
Cash Flow
63
Positive
| Breakdown | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|
Income Statement | |||||
| Total Revenue | 11.39B | 10.75B | 10.18B | 9.20B | 7.17B |
| Gross Profit | 4.19B | 3.88B | 3.56B | 3.15B | 2.60B |
| EBITDA | 1.70B | 1.62B | 1.38B | 1.22B | 1.13B |
| Net Income | 923.42M | 820.60M | 636.50M | 415.40M | 547.20M |
Balance Sheet | |||||
| Total Assets | 11.61B | 10.65B | 9.88B | 9.86B | 8.51B |
| Cash, Cash Equivalents and Short-Term Investments | 2.73B | 2.45B | 1.93B | 1.75B | 1.62B |
| Total Debt | 4.13B | 3.98B | 3.42B | 3.42B | 2.94B |
| Total Liabilities | 7.67B | 7.35B | 6.69B | 6.47B | 5.40B |
| Stockholders Equity | 3.85B | 3.21B | 3.09B | 3.28B | 3.11B |
Cash Flow | |||||
| Free Cash Flow | 732.53M | 776.50M | 776.00M | 711.20M | 635.70M |
| Operating Cash Flow | 1.47B | 1.39B | 1.39B | 1.23B | 1.14B |
| Investing Cash Flow | -4.42M | -820.90M | -268.80M | -1.08B | -1.26B |
| Financing Cash Flow | -555.09M | -205.50M | -412.40M | -198.70M | -322.40M |
Coca Cola HBC Technical Analysis
Negative
4242.00
Price Trends
4387.36
Negative
4062.22
Positive
3893.76
Positive
Market Momentum
-66.37
Positive
38.36
Neutral
33.95
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For GB:CCH, the sentiment is Negative. The current price of 4242 is below the 20-day moving average (MA) of 4442.10, below the 50-day MA of 4387.36, and above the 200-day MA of 3893.76, indicating a neutral trend. The MACD of -66.37 indicates Positive momentum. The RSI at 38.36 is Neutral, neither overbought nor oversold. The STOCH value of 33.95 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for GB:CCH.
Coca Cola HBC Peers Comparison
UnderperformOutperform
Sector (62)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
75 Outperform | £15.42B | 17.33 | 28.56% | 1.96% | 6.00% | 42.42% | |
72 Outperform | £332.71M | 16.26 | 23.59% | 3.39% | 3.04% | -6.67% | |
70 Outperform | £688.62M | 7.17 | 15.23% | 2.74% | 3.97% | 34.09% | |
66 Neutral | £31.18B | 5.98 | 19.40% | 5.00% | -2.83% | -40.42% | |
65 Neutral | £405.90M | 9.36 | 3.72% | 4.05% | -2.22% | ― | |
62 Neutral | $20.33B | 14.63 | -3.31% | 3.23% | 1.93% | -12.26% | |
57 Neutral | £896.49M | 16.71 | 9.32% | 2.11% | -6.03% | 13.11% |
* Consumer Defensive Sector Average
GB:CCH
Coca Cola HBC
4,242.00
803.45
23.37%
GB:DGE
Diageo
1,402.50
-589.96
-29.61%
GB:FEVR
Fevertree Drinks
777.00
-47.47
-5.76%
GB:BAG
AG Barr
619.00
8.39
1.37%
GB:NICL
Nichols
910.00
-334.06
-26.85%
GB:CCR
C&C Group Plc
110.20
-13.90
-11.20%
Coca Cola HBC Corporate Events
Business Operations and StrategyExecutive/Board Changes
Coca-Cola HBC Vests 2023 Performance Share Awards to Senior Executives
Neutral
Mar 27, 2026
Coca-Cola HBC has vested performance share awards granted in March 2023 under its Performance Share Award Plan, following the satisfaction of performance conditions, and transferred the resulting shares from treasury to a group of senior executive...
Executive/Board ChangesRegulatory Filings and Compliance
Coca-Cola HBC Discloses Vesting of Executive Performance Share Award
Neutral
Mar 27, 2026
Coca-Cola HBC disclosed that a performance share award granted in February 2026 under its Performance Share Award Plan has vested for Chief People and Culture Officer Toon Iman Paul van der Veer. Following the satisfaction of performance condition...
Business Operations and StrategyM&A TransactionsPrivate Placements and Financing
Coca-Cola HBC Prices €2.1 Billion Multi-Tranche Bond to Support Expansion
Positive
Mar 26, 2026
Coca-Cola HBC Finance B.V., guaranteed by Coca-Cola HBC AG, has priced a multi-tranche euro bond issuance comprising €700 million of 3.375% notes due 2028, €600 million of 3.625% notes due 2030, and €800 million of 4.000% notes d...
Business Operations and StrategyM&A TransactionsPrivate Placements and Financing
Coca-Cola HBC Launches Triple-Tranche Euro Bond to Help Fund Africa Deal
Positive
Mar 26, 2026
Coca-Cola HBC Finance B.V., guaranteed by Coca-Cola HBC AG, has launched a triple-tranche euro-denominated fixed-rate notes issuance with maturities of 2.5, 4.5 and 7.5 years under its €10 billion Euro Medium Term Note Programme, subject to ...
Business Operations and StrategyPrivate Placements and FinancingRegulatory Filings and Compliance
Coca-Cola HBC Secures FCA Approval for Updated €10 Billion Note Programme
Positive
Mar 25, 2026
Coca-Cola HBC AG has had the base prospectus for its updated €10 billion Euro Medium-Term Note Programme, issued through Coca-Cola HBC Finance B.V. and guaranteed by Coca-Cola HBC, approved by the UK Financial Conduct Authority. The document...
Business Operations and StrategyFinancial DisclosuresM&A TransactionsRegulatory Filings and Compliance
Coca-Cola HBC Releases 2025 Integrated Report as It Enters Next Growth Phase
Positive
Mar 20, 2026
Coca-Cola HBC has published its 2025 Integrated Annual Report, themed “Building for the next chapter of growth,” detailing a year of strong financial performance, strategic execution and progress toward its Mission 2025 sustainability ...
Business Operations and StrategyExecutive/Board Changes
Coca-Cola HBC grants performance share awards to senior executives
Neutral
Mar 19, 2026
Coca-Cola HBC has granted nil-cost performance share awards to its chief executive, chief financial officer, chief operating officer and a range of senior regional and functional executives under its Stock Option and Performance Share Award Plan. ...
Business Operations and StrategyRegulatory Filings and Compliance
Coca-Cola HBC Executive Buys Shares Through Employee Purchase Plan
Positive
Mar 19, 2026
Coca-Cola HBC AG reported that Chief Corporate Affairs Sustainability Officer Karyn Harrington acquired ordinary shares in the company through participation in its Employee Share Purchase Plan. The transaction, executed on 17 March 2026 on the Lo...
Business Operations and Strategy
Coca-Cola HBC Executives Boost Holdings Through Share Purchase Plan
Positive
Mar 18, 2026
Coca-Cola HBC has disclosed that several persons discharging managerial responsibilities, including CEO Zoran Bogdanovic and other senior executives, acquired ordinary shares on 17 March 2026 through the company’s Employee Share Purchase Pla...
Regulatory Filings and Compliance
Coca-Cola HBC Discloses Leventis Family Trust Share Reallocation
Neutral
Mar 18, 2026
Coca-Cola HBC AG has disclosed a restructuring of holdings involving a person closely associated with board director and PDMR Christodoulos Robert Leventis. A private discretionary trust connected to the Leventis family distributed 97,235 Coca-Col...
Regulatory Filings and Compliance
Coca-Cola HBC Discloses Share Sale by General Counsel
Neutral
Feb 26, 2026
Coca-Cola HBC AG disclosed that its General Counsel and Company Secretary, Jan Gustavsson, has sold 7,313 ordinary shares in the company. The transaction involved shares with a nominal value of CHF 6.70 each, sold on 25 February 2026 at a price of...
Regulatory Filings and Compliance
Coca-Cola HBC Reports Share Sale by Regional Director Frank O’Donnell
Neutral
Feb 25, 2026
Coca-Cola HBC AG disclosed that regional director Frank O’Donnell sold 16,434 ordinary shares in the company on 24 February 2026, arising from a previously vested performance share award plan. The shares were sold on the London Stock Exchang...
Regulatory Filings and Compliance
Coca-Cola HBC Discloses Share Sales by Chief Supply Chain Officer
Neutral
Feb 24, 2026
Coca-Cola HBC AG disclosed that its chief supply chain officer, Ivo Bjelis, executed several share sales in the company on 23 February 2026, as required to be reported under UK and EU Market Abuse Regulations. The transactions involved the disposa...
Regulatory Filings and Compliance
Coca-Cola HBC Regional Director Sells £240,000 in Vested Shares
Neutral
Feb 24, 2026
Coca-Cola HBC AG disclosed that regional director Minas Agelidis sold 5,000 previously vested performance plan shares on 23 February 2026 at £47.96 per share on the London Stock Exchange. The transaction, worth roughly £240,000, was repo...
Regulatory Filings and Compliance
Coca-Cola HBC CFO Sells Shares from Vested Award Plan
Neutral
Feb 23, 2026
Coca-Cola HBC AG disclosed that its chief financial officer, Anastasios Stamoulis, sold 6,000 ordinary shares in the company on 20 February 2026. The transaction, conducted on the London Stock Exchange, involved shares from a previously vested per...
Regulatory Filings and Compliance
Coca-Cola HBC Discloses Share Sale by General Counsel
Neutral
Feb 23, 2026
Coca-Cola HBC AG disclosed that its General Counsel and Company Secretary, Jan Gustavsson, sold 25,000 ordinary shares on 20 February 2026, stemming from a previously vested performance share award plan. The shares were sold on the London Stock Ex...
Regulatory Filings and Compliance
Coca-Cola HBC Discloses £9.35m Share Sale by Leventis Family Trust
Neutral
Feb 18, 2026
Coca-Cola HBC AG reported a transaction involving a person closely associated with non-executive director and PDMR George Pavlos Leventis. The transaction concerns ordinary shares of CHF 6.70 each in Coca-Cola HBC sold on behalf of a private discr...
Regulatory Filings and Compliance
Coca‑Cola HBC Discloses Leventis Family‑Linked Trust Share Sale
Neutral
Feb 18, 2026
Coca‑Cola HBC AG reported a restructuring of holdings involving a person closely associated with non‑executive director and PDMR Anastasios Ioannis Leventis. A private discretionary trust, established for members of the Leventis family...
Business Operations and StrategyRegulatory Filings and Compliance
Coca-Cola HBC Executives Boost Holdings Through Employee Share Plan
Positive
Feb 18, 2026
Coca-Cola HBC has disclosed a series of share transactions by senior executives under its Employee Share Purchase Plan, with the chief executive officer and other persons discharging managerial responsibilities acquiring ordinary shares on 17 Febr...
Business Operations and StrategyExecutive/Board Changes
Coca-Cola HBC Grants Performance Shares to Incoming People and Culture Chief
Positive
Feb 17, 2026
Coca-Cola HBC AG has granted 48,777 nil-cost performance shares to incoming chief people and culture officer Toon Iman Paul van der Veer under its Stock Option and Performance Share Award Plan. The award, priced notionally at GBP 47.04 per share, ...
Regulatory Filings and Compliance
Coca-Cola HBC COO Sells 25,000 Shares in Market-Notified Transaction
Neutral
Feb 17, 2026
Coca-Cola HBC AG disclosed that its chief operating officer, Panagiota Kalogeraki, has sold 25,000 ordinary shares in the company. The shares, with a nominal value of CHF 6.70 each, were sold on 16 February 2026 at a price of GBP 46.60 per share o...
Regulatory Filings and Compliance
Coca-Cola HBC Discloses Share Sale by Regional Director Vladimir Kosijer
Neutral
Feb 16, 2026
Coca-Cola HBC AG disclosed that Regional Director Vladimir Kosijer sold 5,022 previously vested performance plan shares in the company on 13 February 2026. The transaction, executed on the London Stock Exchange at £47.00 per share, is reporte...
Regulatory Filings and Compliance
Coca-Cola HBC CEO Zoran Bogdanovic Sells £1.4 Million in Shares
Neutral
Feb 16, 2026
Coca-Cola HBC AG disclosed that its chief executive officer, Zoran Bogdanovic, sold 30,000 previously vested ordinary shares on 13 February 2026 on the London Stock Exchange. The shares, part of a Management Incentive Plan deferred share award, we...
Regulatory Filings and Compliance
Coca-Cola HBC discloses insider-related sale of 32,268 shares by PCA to chairman
Neutral
Feb 13, 2026
Coca-Cola HBC AG disclosed that Ari Holdings Limited, a person closely associated with chairman and PDMR Anastassis G. David, executed two share sale transactions in the company on 12 February 2026. The disposals, conducted on the London Stock Exc...
Regulatory Filings and Compliance
Coca-Cola HBC Discloses Share Sale by New Business Director
Neutral
Feb 12, 2026
Coca-Cola HBC AG disclosed that Jaak Mikkel, its New Business Director and a person discharging managerial responsibilities, sold 30,000 previously vested ordinary shares in the company on 11 February 2026. The sale, executed on the London Stock E...
Regulatory Filings and Compliance
Coca-Cola HBC Discloses Share Sale by Regional Director
Neutral
Feb 12, 2026
Coca-Cola HBC AG has disclosed that regional director and person discharging managerial responsibilities Minas Agelidis sold 10,000 previously vested ordinary shares in the company on 11 February 2026. The shares, part of a performance share award...
Business Operations and StrategyFinancial DisclosuresM&A Transactions
Coca-Cola HBC Delivers Fifth Year of Growth and Expands African Footprint
Positive
Feb 10, 2026
Coca-Cola HBC AG reported strong 2025 results, with organic revenue up 8.1% to €11.6 billion, driven by 2.8% volume growth and higher revenue per case, particularly in sparkling and energy drinks. Comparable EBIT rose 11.5% on an organic bas...
Regulatory Filings and Compliance
Coca-Cola HBC Updates Treasury Share Position and Voting Rights After Incentive Plan Vesting
Neutral
Feb 2, 2026
Coca-Cola HBC has transferred 18,941 ordinary shares from treasury to fulfil awards under its management incentive deferred share plan for the month ended 31 January 2026. Following this transfer, the company’s issued share capital stands at...
Business Operations and StrategyRegulatory Filings and Compliance
Coca-Cola HBC Executives Boost Holdings Through Employee Share Purchase Plan
Positive
Jan 19, 2026
Coca-Cola HBC has disclosed a series of share purchases by senior executives and other persons discharging managerial responsibilities under its Employee Share Purchase Plan (ESPP). On 16 January 2026, multiple PDMRs, including CEO Zoran Bogdanovi...
Business Operations and StrategyM&A TransactionsShareholder Meetings
Coca-Cola HBC Secures Shareholder Backing for Capital and Governance Changes Linked to Planned Deal
Positive
Jan 19, 2026
Coca-Cola HBC shareholders have approved all three Board proposals at an extraordinary general meeting in Zug, clearing key legal and governance hurdles tied to a previously announced Sale and Purchase Agreement and associated Option Agreement. Th...
Business Operations and StrategyFinancial Disclosures
Coca-Cola HBC Sets 10 February Date for Full-Year 2025 Results and Investor Call
Neutral
Jan 13, 2026
Coca-Cola HBC AG will publish its full-year 2025 financial results on 10 February 2026 at 7:00 a.m. GMT, followed by a conference call for investors and analysts at 9:00 a.m. GMT, with both the release and subsequent webcast, recording and transcr...
Executive/Board ChangesRegulatory Filings and Compliance
Coca-Cola HBC CEO Retains Majority of Vested Deferred Share Award
Neutral
Jan 5, 2026
Coca-Cola HBC AG has reported a routine management share transaction involving Chief Executive Officer Zoran Bogdanovic under the company’s Management Incentive Plan. A deferred bonus award of 18,941 ordinary shares, linked to his 2022 perfo...
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.