Turkey · Delayed Price · Currency is TRY Coca-Cola Içecek Anonim Sirketi Earnings Call Transcripts
Fiscal Year 2026
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Q2 2026 saw strong volume and profit growth, led by international markets, especially Pakistan and Central Asia, with robust margin expansion and improved cash flow. Full-year guidance is maintained amid expected H2 cost pressures, with continued focus on disciplined capital allocation and supply chain resilience.
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Q1 2026 saw strong volume and revenue growth, margin expansion, and robust free cash flow, led by Central Asia and resilient Türkiye and Pakistan operations. Margin stabilization and disciplined capital allocation remain priorities amid ongoing geopolitical and input cost volatility.
Fiscal Year 2025
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Strong volume growth and free cash flow marked 2025, led by international markets, while net income declined due to inflation accounting and one-off tax items. 2026 guidance targets stable EBIT margin, continued disciplined execution, and balanced growth amid ongoing volatility.
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Q3 2025 saw 8.9% sales volume growth and 6.7% revenue growth, with strong international performance offsetting softness in Türkiye. Margins expanded, net profit rose 4.2%, and free cash flow and leverage improved, despite ongoing macroeconomic and geopolitical challenges.
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Q2 2025 saw 4.7% volume growth and strong results in Central Asia and Iraq, offsetting declines in Turkey and Pakistan. Margins contracted due to inflation and currency effects, but management remains confident in full-year guidance, expecting margin recovery in H2.
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Q1 2025 saw strong volume growth across all markets, but revenue and margins declined due to inflation accounting, higher costs, and strategic focus on affordability. Management expects normalization of margins and revenue growth through the year, supported by hedging and targeted price increases.
Fiscal Year 2024
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2024 saw resilient margin management amid macroeconomic and inflationary headwinds, with Q4 volume recovery and strong international growth in Iraq and Azerbaijan. 2025 guidance targets mid-single digit volume growth, continued investment, and digital execution, with Bangladesh as a key growth market.
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Q3 2024 saw a 9.2% volume decline but record NSR per unit case and margin resilience, driven by portfolio diversification, strong cost control, and market share gains in key regions. Full-year guidance was revised downward due to persistent inflation and weak demand.
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Q2 2024 saw modest volume growth and record profitability metrics, with strong performance in Iraq, Azerbaijan, and Türkiye, but ongoing macroeconomic challenges and consumer sensitivities led to a downward revision in full-year volume and revenue guidance. Strategic investments and prudent cost management continue, while margin guidance is now flat to slightly down.