Coca-Cola HBC Q1 2026 results: strong sales growth, but the calendar helped
Coca-Cola HBC has opened 2026 with a very solid first quarter. Organic revenue – which strips out currency movements and changes to the group structure – rose by 11.6%, while reported revenue increased by 12.0% to €2,709.7 million.
The headline driver was volume. Organic volume grew 9.6%, although management was careful to point out that four extra selling days boosted that number. Excluding that benefit, volume growth was about 3.5%, which still looks respectable, but it is a more realistic measure of the underlying pace.
That distinction matters. This is a good update, not a blow-the-doors-off one. The business is clearly executing well, but investors should not assume the near-10% volume growth rate is the new normal.
Coca-Cola HBC Q1 2026 key figures retail investors should watch
| Metric | Q1 2026 | Q1 2025 | Change |
|---|---|---|---|
| Group revenue | €2,709.7 million | €2,418.3 million | 12.0% reported |
| Organic revenue growth | – | – | 11.6% |
| Volume | 706.0 million unit cases | 643.8 million unit cases | 9.7% reported |
| Organic volume growth | – | – | 9.6% |
| Revenue per unit case | €3.84 | €3.76 | 2.2% reported |
| Organic revenue per case growth | – | – | 1.8% |
One more useful data point: Coca-Cola HBC said it gained 110 basis points of value share in non-alcoholic ready-to-drink drinks year-to-date. A basis point is one hundredth of a percentage point, so that means a 1.1 percentage point share gain. That is a meaningful move in a consumer staples market.
Why Coca-Cola HBC volume growth matters more than pricing right now
There are two ways a drinks company can grow revenue: sell more units or charge more per unit. In Q1, Coca-Cola HBC did both, but volume did most of the heavy lifting.
Organic revenue per case rose just 1.8%. That tells you pricing and mix were helpful, but not aggressive. Management also said inflation and currency conditions were more stable than in 2025, meaning price rises had a smaller impact this time around.
In my view, that is actually reassuring. Consumers are still showing they will buy the products, rather than just absorbing price increases. For a branded drinks business, healthy volume growth is usually a better sign than revenue growth driven only by pricing.
Energy drinks, Sparkling and out-of-home Coffee led the Coca-Cola HBC Q1 performance
The strongest category by far was Energy, with volumes up 27.0%. That is a standout number and shows Monster, Predator and Fury continue to give the group a high-growth engine.
Sparkling volumes rose 9.4%, with high-single digit growth in Trademark Coke. Coke Zero grew high-teens, while Coke Zero Sugar Zero Caffeine delivered strong double-digit growth after the visual identity launch in 16 markets.
Coffee was a bit more mixed. Out-of-home Coffee volumes jumped 39.0%, helped by Costa Coffee and Caffè Vergnano, but total Coffee volumes fell 16.3% because the group is deliberately focusing on the out-of-home channel. That is not necessarily bad news, but it does show growth is being reshaped rather than simply expanded across the board.
Stills – which includes categories like water, juice and sports drinks – grew 4.1% in volume. Sports Drinks were especially strong, while Juices remained weak in what the company called a challenging industry backdrop.
Emerging markets were the star performer in Coca-Cola HBC Q1 2026
All three reporting segments grew, which is what you want to see in a quality trading update. Still, the emerging markets did the heavy lifting again.
| Segment | Organic revenue growth | Organic volume growth | Organic revenue per case growth |
|---|---|---|---|
| Established markets | 7.3% | 6.7% | 0.6% |
| Developing markets | 10.3% | 7.4% | 2.7% |
| Emerging markets | 15.0% | 11.2% | 3.5% |
Emerging markets revenue reached €1,326.1 million, up 15.2% on a reported basis. Nigeria and Egypt both looked particularly strong, with volumes up low-teens and high-teens respectively.
That is clearly positive, but it comes with a health warning. Faster-growing markets can also be more volatile, especially when the company itself flags geopolitical and macroeconomic uncertainty. Ukraine remains difficult, with volumes down low-single digits and supply chain disruption still ongoing. Russia grew low-single digits, but the company said it is operating a self-sufficient business focused on local brands.
Coca-Cola HBC guidance unchanged, but finance costs are going up
The company reiterated its full-year 2026 guidance. It still expects organic revenue growth within its 6% to 7% medium-term target range, and organic EBIT growth of 7% to 10%. EBIT means earnings before interest and tax – a common measure of operating profit.
That is important because it suggests management sees Q1 as in line with plan, not a one-off spike that forces a guidance change. In other words, the business is tracking as expected.
There was one notable technical change though. Expected net finance costs have risen to €45 million to €65 million, up from €25 million to €45 million. That increase reflects the bonds issued on 26 March to fund the acquisition of Coca-Cola Beverages Africa.
So, the good news is growth remains on track. The less-good news is that debt funding will cost more, which will put some pressure below the operating profit line.
Coca-Cola Beverages Africa acquisition: still on track, but not done yet
Coca-Cola HBC said it remains on track to complete the acquisition of Coca-Cola Beverages Africa in the second half of 2026. The €1.4 billion cash consideration has effectively been funded through the bond issue.
That said, completion is not over the line yet. Antitrust clearance has been received in four out of six jurisdictions so far. For investors, that means the deal is progressing, but there is still regulatory work to finish.
This matters because the acquisition could materially expand Coca-Cola HBC’s African exposure. Given how well the emerging markets are already performing, you can see the strategic logic clearly enough.
My view on the Coca-Cola HBC trading update: more good than bad
Overall, this is a strong and credible Q1 update. Volume growth was broad-based, market share improved, Energy is flying, and all three segments delivered organic revenue growth.
The main caution is that the quarter was flattered by four extra selling days. Strip that out, and the underlying volume growth looks closer to 3.5%. That is still good, but it is a lot less dramatic than the headline suggests.
I also think investors should keep an eye on mix. Coffee is growing strongly in out-of-home, but total Coffee volumes fell. Juice remains soft. And finance costs are stepping up because of acquisition funding.
Still, there is plenty to like here. Coca-Cola HBC is showing the kind of qualities long-term investors tend to value – strong brand execution, geographic diversification, market share gains and confidence to stick with guidance despite a messy macro backdrop. Profit for the quarter was not disclosed, and neither was earnings per share, so this update is more about trading momentum than bottom-line delivery.
If you own the shares, this should be taken as a positive. If you are watching from the sidelines, the key takeaway is simple: the business looks healthy, but do not mistake a calendar-assisted quarter for a permanent acceleration.
