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:
4,628.00 p
▲(4.73% Upside)
Action:Reiterated
Date: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 and margin improvement
Sustained multi-year revenue growth and rising net and operating margins reflect durable demand, pricing power and improving cost structure across markets. This supports recurring earnings momentum and provides a stronger base for reinvestment and dividend policy over the next 2–6 months.
Negative Factors
Elevated leverage
A debt-heavy capital structure reduces financial flexibility and raises sensitivity to rising interest rates or funding stress. Higher leverage constrains optionality for M&A, buybacks or cushioning during macro shocks and increases refinancing risk over the coming months.
Read all positive and negative factors
Positive Factors
Negative Factors
Multi-year revenue and margin improvement
Sustained multi-year revenue growth and rising net and operating margins reflect durable demand, pricing power and improving cost structure across markets. This supports recurring earnings momentum and provides a stronger base for reinvestment and dividend policy over the next 2–6 months.
Read all positive factors
Coca Cola HBC (CCH) vs. iShares MSCI United Kingdom ETF (EWC)
Market Cap
£15.60B
Dividend Yield1.96%
Average Volume (3M)588.27K
Price to Earnings (P/E)19.0
Beta (1Y)0.65
Revenue Growth9.27%
EPS Growth16.35%
CountryUK
Employees33,000
SectorConsumer Defensive
Sector Strength42
IndustryBeverages - Non-Alcoholic
Share Statistics
EPS (TTM)2.60
Shares Outstanding364,464,540
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
£4,406.67Price Target Upside-0.28% Downside
Rating ConsensusModerate Buy
Number of Analyst Covering6
EPS Forecast (FY)2.88
Revenue Forecast (FY)£12.39B
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
CCH makes money mainly by producing and selling beverages to retailers and the out-of-home channel (e.g., supermarkets, convenience stores, restaurants, cafés, bars, and other on-premise customers) in its territories. Its core revenue model is who...
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
Positive
4419.00
Price Trends
4207.27
Positive
4197.29
Positive
3878.19
Positive
Market Momentum
24.63
Negative
54.45
Neutral
82.05
Negative
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For GB:CCH, the sentiment is Positive. The current price of 4419 is above the 20-day moving average (MA) of 4210.78, above the 50-day MA of 4207.27, and above the 200-day MA of 3878.19, indicating a bullish trend. The MACD of 24.63 indicates Negative momentum. The RSI at 54.45 is Neutral, neither overbought nor oversold. The STOCH value of 82.05 is Negative, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive 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 |
|---|---|---|---|---|---|---|---|
77 Outperform | £670.82M | 14.51 | 14.27% | 2.74% | 4.02% | 18.51% | |
75 Outperform | £15.60B | 19.02 | 26.03% | 1.96% | 9.27% | 16.35% | |
72 Outperform | £342.95M | 15.96 | 23.59% | 3.39% | 1.30% | 20.13% | |
66 Neutral | £35.18B | 18.91 | 21.39% | 5.00% | -4.98% | -35.54% | |
62 Neutral | $20.33B | 14.63 | -3.31% | 3.23% | 1.93% | -12.26% | |
57 Neutral | £896.46M | 40.03 | 9.32% | 2.11% | -11.80% | -8.61% | |
54 Neutral | £349.55M | 128.85 | 0.62% | 4.05% | -3.68% | -77.33% |
* Consumer Defensive Sector Average
GB:CCH
Coca Cola HBC
4,264.00
496.14
13.17%
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Coca Cola HBC Corporate Events
Business Operations and StrategyExecutive/Board Changes
Coca-Cola HBC Director Joins Board of TITAN S.A.
Positive
May 11, 2026
Coca-Cola HBC has announced that independent non-executive director Stavros Pantzaris has been appointed as a director of TITAN S.A., which is listed on Euronext Brussels, Paris and Athens, effective 8 May 2026. The disclosure, made under UK Listi...
Business Operations and StrategyExecutive/Board ChangesShareholder Meetings
Coca-Cola HBC Reshapes Board Committees and Names Senior Independent Director
Positive
May 8, 2026
Coca-Cola HBC has reshaped the composition of its board committees following its annual general meeting, appointing new chairs and members across its Audit and Risk, Nomination, Remuneration and Social Responsibility committees. The reorganisation...
Business Operations and StrategyExecutive/Board ChangesStock BuybackDividendsShareholder Meetings
Coca-Cola HBC Wins Shareholder Backing for Dividend, Buy-back and Board Changes
Positive
May 8, 2026
Coca-Cola HBC reported that all board proposals at its annual general meeting were approved by shareholders, including the receipt of its 2025 reports, re-election of most directors, and endorsement of its remuneration policies and auditors. Share...
Business Operations and StrategyFinancial DisclosuresM&A TransactionsPrivate Placements and Financing
Coca-Cola HBC lifts Q1 sales, holds 2026 targets as Africa and energy drinks drive growth
Positive
May 7, 2026
Coca-Cola HBC reported a strong start to 2026, with first-quarter organic revenue up 11.6% and volumes up 9.6%, helped by four extra selling days and broad-based growth across all segments, especially in emerging markets. Sparkling and energy drin...
Business Operations and Strategy
Coca-Cola HBC Executives Lift Holdings Through Employee Share Plan
Positive
Apr 20, 2026
Coca-Cola HBC has reported a series of share purchases by senior executives under its Employee Share Purchase Plan, with the company making matching contributions in line with plan rules. The transactions, involving CEO Zoran Bogdanovic and other ...
Business Operations and StrategyFinancial Disclosures
Coca-Cola HBC Sets 7 May Date for Q1 2026 Trading Update and Investor Call
Neutral
Apr 14, 2026
Coca-Cola HBC will publish its first-quarter 2026 trading update on 7 May at 7:00 a.m. BST, with the release made available on its investor relations website for shareholders and market participants. Management will host a conference call for inve...
Executive/Board ChangesStock BuybackDividendsShareholder Meetings
Coca-Cola HBC Sets May AGM, Proposes Dividend and Board Refresh
Positive
Apr 2, 2026
Coca-Cola HBC has called its Annual General Meeting for 8 May 2026 in Steinhausen, Switzerland, where shareholders will vote on standard governance items including approval of 2025 financial and non-financial reports, remuneration policies, audito...
Business Operations and StrategyRegulatory Filings and Compliance
Coca-Cola HBC Updates Treasury Share Position and Voting Rights After Incentive Plan Vesting
Neutral
Apr 1, 2026
Coca-Cola HBC AG has transferred 937,715 ordinary shares out of treasury to satisfy awards under its management incentive deferred share plan for the month ended 31 March 2026. Following this move, the company’s issued share capital stands a...
Business Operations and StrategyPrivate Placements and Financing
Coca-Cola HBC Sets Final Terms for €2.1 Billion Multi-Tranche Bond Issuance
Positive
Mar 31, 2026
Coca-Cola HBC Finance B.V., guaranteed by Coca-Cola HBC AG, has set final terms for three new euro-denominated bond issues under its €10 billion Euro Medium Term Note programme. The tranches comprise €700 million notes due October 2028...
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...
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.