Coca-Cola HBC closed the third quarter of 2026 with net revenues of €3,5 billion, up 9,6% compared to the same period of the previous year, driven by increased sales volumes and the performance of carbonated and energy drinks. Organic revenue growth stood at 9%, while volumes increased 5,4%, allowing the group to raise its full-year forecast.
In the first nine months of the year, revenue reached €9,73 billion, up 10,4% on a reported basis and 9,3% organically. Total volumes grew 6,8%, reaching 2,44 billion unit cases.
Energy drinks were the main drivers of the quarter's results, with volumes up 24,7%, thanks to Monster brand innovations and marketing initiatives tied to sporting and music events. Carbonated beverages increased 4,5%, with particularly strong growth for Coca-Cola Zero Sugar and Coca-Cola Zero Sugar Zero Caffeine, the latter posting triple-digit increases.
Sports drinks also performed well, growing by over 20%, while coffee sales in the out-of-home channel increased by 10,1%, compared to an overall contraction in volumes of 2,3%. This decline is linked to Costa Coffee's strategic decision to focus its development on out-of-home consumption.
Growth occurred across all the group's geographic areas. In established markets, which also include Italy, organic revenue increased by 8%, with volumes up 5,6%. Organic revenue growth in developing markets was 8,7%, while in emerging markets it reached 9,8%, driven primarily by Nigeria.
In Italy, volumes grew at a mid-single-digit rate, with positive results across the main categories. Carbonated beverages were driven by Coca-Cola Zero, Coca-Cola Zero Zero, and Sprite, while energy drinks recorded double-digit growth at the premium end, accompanied by favorable performance in still beverages, especially water.
"We are pleased to have delivered another strong quarter, with organic revenue growing 9%. This performance was supported by our continued focus on strategy execution, which resulted in broad-based volume growth across our portfolio," said Zoran Bogdanovic, CEO of Coca-Cola HBC.
In light of these results, the group now expects organic revenue growth for 2026 to be slightly above the previous range of 6-7%, while confirming its organic EBIT growth target of between 8% and 10%.
Meanwhile, the acquisition of Coca-Cola Beverages Africa is progressing, with the group expecting to complete it by the end of the year. Antitrust clearances have already been received in five of the six jurisdictions involved, while Tanzania's clearance is pending. Once the transaction is completed, Coca-Cola HBC will expand its presence from 29 to 43 markets, reaching a potential audience of over 1,2 billion consumers.
