Overview
Coca-Cola Hellenic posted solid top-line and volume performance in the first quarter, announcing a 9.6% increase in volumes and an 11.6% rise in sales. The company noted that the quarter included four extra selling days versus the prior-year period; when adjusted for that timing difference, the comparable growth rates were approximately 3.5% for volumes and 5.5% for sales.
Timing effects and streak of growth
The bottler recorded 69 selling days in Q1 2026 compared with 65 selling days in the same period a year earlier. Management highlighted that the quarter represents the 15th consecutive quarter of volume growth for the business.
Revenue per case and regional contributors
Revenue per case trends were influenced by the mix of countries and by phasing effects. The company cited particularly strong contributions to revenue per case from Nigeria and Egypt. It also said there were some phasing impacts in established markets related to the timing of Easter for multi-serve products, which affected comparability.
Division-level performance
- Established markets: volumes +6.7%, revenue +7.3%.
- Developing markets: volumes +7.4%, revenue +10.3%.
- Emerging markets: volumes +11.2%, revenue +15.0%.
Guidance and cost outlook
The company maintained its full-year guidance, reiterating expectations for organic sales growth of 6% to 7% and organic EBIT growth of 7% to 10%. Tax rate guidance remains at 26% to 28%.
On input costs, Coca-Cola Hellenic said cost of goods per unit case guidance remains in the low single digits. The company also reported hedging coverage above 70%.
Finance costs and balance sheet action
Finance costs guidance was revised upward. Previously signaled at around 25 million to 25 million (initial figure noted in company commentary), the company said it had increased its finance costs guidance from 25 million to 40 million and now expects finance costs in a new range of 45 million to 65 million. The increase reflects bonds issued on March 26 to fund the acquisition of CCBA.
Implications
The results show continuing volume momentum across the group, with particularly strong revenue gains in emerging markets. Management has kept full-year targets unchanged while flagging higher finance costs tied to recent financing for an acquisition. The company also highlighted operational factors that affected revenue per case, including country mix and Easter timing considerations in established markets.