Coca-Cola HBC AG: 1H26 Results: Beat and Raise

研报英文原文证据摘录

M

Update

August 5, 2026 07:26 AM GMT

Morgan Stanley & Co. International plc+

Coca-Cola HBC AG | Europe

David J Roux

Equity Analyst

1H26 Results: Beat and Raise

Sarah Simon

Equity Analyst

Chris Linford, CFA

AlphaSignals Earnings Reaction

Research Associate

Unchanged

Meaningful upside

Modest revision higher

Impact to our thesis

Financial results versus consensus

Direction of next 12-month

consensus EPS

Tilly Eno

Source: Company data, Morgan Stanley Research

Equity Analyst

Richard Li

Expect positive share price reaction. Coca-Cola HBC (CCH) delivered a 5% beat to

1H26 consensus EPS and has raised guidance for the year, driven by a broad

Research Associate

performance across regions. While buy-side expectations for weather beneficiaries

Coca-Cola HBC AG (CCH.L, CCH LN)

such as CCH have been elevated this reporting season, we think results should be

Beverages | Switzerland

taken well and expect a positive share reaction. The stock trades at 18.3x CY27e P/E

+3.5%, 1Q26 +9.6%) and +2.0% organic revenue per case growth (co cons +2.7%,

Stock Rating

Industry View

Price target

Shr price, close (Aug 4, 2026)

52-Week Range

Mkt cap, curr (mn)

Net debt (12/26e) (mn)*

EV, curr (mn)*

1Q26 +1.8%). 1H26 comparable EBIT margin delivery was better than expectations

* = GAAP or approximated based on GAAP

(EU Staples 16.3x). Conference call at 10am BST; webcast here.

2Q/1H26 results vs expectations. CCH reported 2Q26 organic revenue growth of

+8.1% (co cons +6.2%, 1Q26 +11.6%), with +5.8% organic volume growth (co cons

Overweight

In-Line

4,600p

4,826p

5,195-3,270p

€20,498

€1,136

€21,966

(+31bps to 12.2% vs. co cons. 11.9%), seeing organic EBIT growth coming in ahead

(+15.2% vs cons. +12.0%), and driving a +4.0%/5.1% beat on comparable EBIT/

comparable EPS. CCH reported 1H26 free cash flow of €216m, +11.6% above

company consensus at €193m.

FY26 guidance upgrade. Headline guidance: Full-year guidance was upgraded for

organic revenue growth to around top-end of +6-7% (from +6-7%, co cons +6.2%)

and organic comparable EBIT growth of +8-10% (from +7-10%, co cons +9.1%).

Following today's print, CCH's implied guidance for organic revenue growth in 2H is

…