Coca-Cola HBC AG (CCH.L): Q2/H1 likely to beat and FY EBIT guidance raised; Solid story, but we see better value in Beer

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Coca-Cola HBC AG (CCH.L): Q2/H1 likely to beat and FY EBIT guidance raised; Solid story, but we see better value in Beer

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03 Jul 2026 00:00:00 ET │ 18 pages

Coca-Cola HBC AG (CCH.L)

Q2/H1 likely to beat and FY EBIT guidance raised; Solid story, but we

see better value in Beer

CITI'S TAKE

Favorable Q2 weather and a delay in implementation of Greece’s DRS Neutral

system means we expect Q2/H1 results to beat consensus expectations and

CCH to raise FY26E organic EBIT growth guidance with its August 6th Price (02 Jul 26 16:30) £51.40

results. We forecast Q2 organic volumes +3.9% and OSG +6.5%, c.+80bps Target price £50.25↑

ahead of consensus. This means we now anticipate H1 organic EBIT +13.4%

from £45.00(cons. +11.3%). With H1 profit delivery H1 skewed and if July European

weather remains favorable, we expect management to raise FY26E organic Expected share price return -2.2%

EBIT growth guidance to +9% to +11% with the H1 print. Despite on-going Expected dividend yield 2.6%

positive earnings momentum, and further earnings accretion from the

Expected total return 0.3%completion of the CCBA transaction in H2 26E, the group’s full valuation (PE

c.20x) and still significant exposure to Russia, means we prefer Beer stocks Market Cap £18,733M

Carlsberg, ABInBev, and Heineken. We increase our target price to £50.25. US$24,791M

Q2 delivery on track; June/early July trading likely to be supportive — CCH will

report Q2/H1 26E results on 6 Aug. We expect the favorable Q2 weather, and a

particularly good June, coupled with the postponement of Greece’s DRS rollout to Price Performance

Q4 to drive higher than expected volume in the period. We upgrade our Q2 26E

(RIC: CCH.L, BB: CCH LN)organic volume growth estimate by +30bps to 3.9% in this report (consensus 3.1%).