Coca-Cola HBC
Coca-Cola HBC (EEE) closed at €54.50 on 26/10/2026, -0.55% on the day. Market cap €19.8bn, P/E 20.0, dividend yield 2.20%.
Key statistics
12 months to Jun 2026 unless a figure says otherwise
Profile
At the 26 Oct close- Market value
- €19.8bn
- Enterprise valueJun 2026est.
- €21.3bn
- Shares outstandingDec 2025
- 363.5m
- Revenue12 months to Jun 2026
- €12.2bn
- Employees
- 33,500
- Free float
- 53.5%
- Traded a day, 3-month average
- €2.1m
Valuation
12 months to Jun 2026- P/E
- 20.0×
- P/B
- 4.8×
- EV/Salesest.
- 1.7×
- EV/EBITDAest.
- 11.3×
- P/FCF
- 26.6×
- Dividend yield
- 2.2%
5 years, on reported full years: 7.6–13.4×, median 9.4×. Today 12.0×, higher than 85% of months.
Margins
12 months to Jun 2026- GrossFY2025
- 36.8%
- EBITDA
- 15.5%
- Operating (EBIT)
- 11.5%
- Pre-taxFY2025
- 11.2%
- Net
- 8.1%
- Free cash flow
- 6.1%
Net margin = the shareholders' profit ÷ group revenue.
Returns
12 months to Jun 2026- ROE
- 24.3%
- ROCE
- 25.1%
- ROICest.
- 18.1%
- ROAFY2025
- 8.1%
- ROE, 5-year averageFY2021–25
- 20.9%
- Tax rateFY2025
- 28.0%
Financial health
Jun 2026- CashDec 2025
- €2.5bn
- Net debt
- €1.4bn
- Net debt ÷ EBITDA
- 0.75×
- Debt ÷ equityDec 2025
- 99.3%
- Interest cover12 months to Jun 2026
- 180.5×
Growth
- Revenue, last yearFY2025
- +7.9%
- Revenue, last halfH1 2026
- +10.8%
- EPS, last yearFY2025
- +15.1%
- EPS, last halfH1 2026
- +10.8%
- Revenue, 3 yearsFY2022–25, a year
- +8.1%
- Revenue, 5 yearsFY2020–25, a year
- +13.6%
- EPS, 3 yearsFY2022–25, a year
- +31.8%
- Shares, 3 yearsFY2022–25
- −0.9%
Dividends
FY2025- Yield, last 12 months
- 2.2%
- Per share
- €1.200
- Payout
- 46.3%
- Covered by free cash flow
- 1.7×
- Years paid, last fiveFY2021–25
- 5
Trading and risk
From our closes, dividends reinvested- Total return, 1 year
- +39.9%
- 3 years, a year
- +33.6%
- 5 years, a year
- +16.3%
- 10 years, a year
- +13.2%
- Volatility, 1 year
- 24.1%
- Beta to the General Index
- 0.21×
- Deepest fall, 1 year / 5 years
- −17.0% / −43.7%
- 52-week range
- €39.02–€59.90
Where the figures come from: the company's reports, reviewed by us · annual accounts filed in ESEF format · results announcements on the exchange · our own closing prices. No forecasts or target prices are stored.
Financial charts
From the stored figures: the reviewed dossier first, then the annual reports (ESEF) and results announcements
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Valuation
no like-for-like peer| Metric | EEE |
|---|---|
| P/E | 20.0 |
| P/B | 4.8 |
| P/S | 1.6 |
| EV/EBITDA | 11.3 |
| Dividend yield | 2.2% |
| Payout ratio | 46.3% |
| Gross margin | 36.8% |
| Operating margin | 11.5% |
| Net margin | 8.1% |
| ROE | 24.3% |
| Revenue growth (last full year) | 7.9% |
| Net debt | €1.4bn |
Peers: Beverages
No other company listed in Athens runs this business.
The company
AI-draftedThe largest Coca-Cola bottler in Europe and Africa. It produces and distributes soft drinks, energy drinks, water, juice, coffee and premium spirits in 29 countries, from Ireland to Nigeria and Egypt. A Swiss company with a primary listing in London and a secondary listing in Athens.
- Sep 2026Management expects CCBA to close in Q4 2026; South African and Tanzanian approvals remain pending.7
- Aug 2026H1 2026 results: organic revenue up 9.6%, comparable EBIT of €760.1m and an upgrade to 2026 guidance.2
- Jul 2026The South African Competition Commission recommended approval of the CCBA acquisition subject to conditions, including a secondary listing in Johannesburg.5,6
- Jun 2026The €1.20 per share dividend, €441.5m in total, was paid.2
- Apr 2026€2.1bn of bonds in three tranches maturing to 2033 were issued to fund CCBA; the €2.5bn bridge facility was cancelled.2
- Oct 2025Agreement to acquire 75% of Coca-Cola Beverages Africa for $2.6bn, with an option over the remaining 25%.3,5
- At 3 July 2026 issuer-defined net debt was €1,413.6m; it excludes €288.7m of lease liabilities and the unpaid CCBA consideration.2
- Principal shareholders are Kar-Tess Holding with 22.9% and The Coca-Cola Company with 21.0%; no other holder is above 5%.3
- The bottlers' agreements with The Coca-Cola Company were renewed from 1 January 2024 for ten years, with an option for a further ten.3
- Russia produced €1,613.3m of FY2025 revenue, and €1,040.5m of group cash sat with the Russian operations at 3 July 2026, where profit repatriation is restricted.2,3
- The FY2025 dividend was €1.20 per share, up 17%, a 44% payout.1
- 1.Results for the year ended 31 December 2025Coca-Cola HBC AG · 10/02/2026official
- 2.Half-yearly financial report for the six months ended 3 July 2026Coca-Cola HBC AG · 05/08/2026official
- 3.Integrated Annual Report 2025Coca-Cola HBC AG · 20/03/2026official
- 4.Full-year 2025 results factsheetCoca-Cola HBC AG · 10/02/2026official
- 5.Acquisition of Coca-Cola Beverages Africa factsheetCoca-Cola HBC AG · 05/08/2026official
- 6.South Africa watchdog backs Coca-Cola HBC bottling buyJust Drinks · 14/07/2026
- 7.CEO fireside chat at Barclays Global Consumer Conference, transcriptCoca-Cola HBC AG · 09/09/2026official