Turkey · Delayed Price · Currency is TRY Coca-Cola Içecek Anonim Sirketi Earnings Call Transcripts
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, but full-year guidance was revised downward due to persistent macroeconomic challenges, inflation, and consumer sensitivity. Strategic investments and mix management supported margins, while new plant openings and acquisitions expanded capacity.