Earnings Release Istanbul, May 4, 2026
Delivering Strong Balanced Growth and Value Amid Elevated Geopolitical TensionsSales Volume: +6.9%
Net Sales Revenue (NSR): +10.7%
EBIT: +84.3%
EBIT Margin: 13.2%, +529 bps
Net Income: TL 5.2 bn
Without TAS 29:NSR: +44.9%
FX-Neutral NSR: +28.1%
EBIT: +108.8%
EBIT Margin: 15.2%, +466 bps
Net Income: TL 3.7 bn
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1Q26 Results Webcast:
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Karim Yahi, CEO of Coca-Cola İçecek (CCI), commented:
We started 2026 with solid momentum, delivering balanced results across our diversified geography despite continued macroeconomic and geopolitical volatility. In a continuously challenging context, we remained focused on what we can control, and that is our disciplined execution, which enabled us to deliver resilient and quality volume and value performance across both our Türkiye and international operations.
Following the escalation of geopolitical tensions at the end of February, we have been closely monitoring the potential implications and proactively taking the necessary precautions to ensure the safety of our people, assets and the continuity of operations.
In an environment where resilience matters as much as growth, we remain focused on sustainable quality growth, margin management, stronger free cash flow generation, and longterm value creation for all stakeholders.
We achieved solid consolidated volume growth in 1Q26, with sales volumes increasing by 6.9% y/y to 414 million unit cases ("uc"). Growth was broad-based, supported by resilient performance in Türkiye and strong performance across most of our key international operations, while Central Asia remained the primary growth engine, building on last year's strong momentum.
In Türkiye, sales volumes increased by 1.4% y/y to 130 million unit cases in 1Q26, despite a high base, reflecting our deliberate focus on higher value categories, the resilience of our core portfolio and our disciplined approach to balancing affordability with value creation.
Net Sales Revenue ("NSR") per unit case, excluding inflation accounting, reached $2.9, marking the highest first-quarter level in the past decade. Our EBIT margin expanded significantly by 466 basis points y/y to 15.2%, mainly driven by stronger gross profit margin and some phasings in Operating Expenses ("OpEx"). The main driver of the performance came from our Türkiye operations, which delivered significant year-on-year expansion against a softer base in the prior year, assisted also with positive mix and the favorable timing impact of December pricing. With inflation accounting, net income reached TL 5.2 bn, supported by strong operational leverage.
May 2026 marks a significant milestone in CCI's journey: the 20th anniversary of our initial public offering. Over the past two decades, we have achieved remarkable growth and success, made possible by the dedication and collective effort of our "One Team". Going public has played an important role in this journey, strengthening CCI's governance, and enabling sustainable value creation for all our stakeholders. Since becoming public, we proudly delivered CAGR of 7% in volume, 7% in NSR and 8% in EBITDA in USD terms.
We operate across inherently challenging geographies, and the experience we have built over the years continues to support our ability to navigate evolving dynamics successfully. We continue to drive quality growth over the long term through disciplined execution, right pricing to preserve affordability, optimized discount management and continuous mix improvement. Supported by our strong operating model and the resilience of our people, we are well positioned to navigate challenges with confidence and deliver sustainable value creation. We will continue to execute along these priorities throughout the remainder of 2026.
As communicated before, by the end of second quarter I will step down from my role as CCI's CEO and hand over the responsibility to Ahmet Kürşad Ertin, our current COO. Ahmet and I have worked closely together for many years, and I have complete confidence in his ability to lead the company forward. He brings deep knowledge of our business, our markets and our people, together with a strong strategic vision and execution discipline. This leadership transition reflects continuity and ensures we remain fully focused on delivering our long-term priorities with strong execution across the system.
I am grateful to our teams across all our markets for their commitment and engagement, as well as to our customers, suppliers, and all our stakeholders for their partnership.
I would also like to thank our Board, shareholders and investors for their trust, guidance and support.
1Q26 HighlightsKey P&L Figures and Margins
TAS 29 (Financial Reporting in Hyperinflationary Economies) implemented
Consolidated (TL Million) | 1Q26 | 1Q25 | Change (%) |
Volume (Million UC) | 414 | 387 | 6.9% |
Net Sales | 52,369 | 47,318 | 10.7% |
Gross Profit | 19,028 | 14,392 | 32.2% |
EBIT | 6,931 | 3,760 | 84.3% |
EBIT (Exc. other) | 6,693 | 3,423 | 95.5% |
EBITDA | 9,342 | 6,119 | 52.7% |
EBITDA (Exc. other) | 8,992 | 5,825 | 54.4% |
Profit Before Tax | 8,327 | 3,430 | 142.8% |
Net Income / (Loss) | 5,237 | 1,669 | 213.8% |
Gross Profit Margin | 36.3% | 30.4% | |
EBIT Margin | 13.2% | 7.9% | |
EBIT Margin (Exc. other) | 12.8% | 7.2% | |
EBITDA Margin | 17.8% | 12.9% | |
EBITDA Margin (Exc. other) | 17.2% | 12.3% | |
Net Income Margin | 10.0% | 3.5% | |
Türkiye (TL Million) | 1Q26 | 1Q25 | Change (%) |
Volume (Million UC) | 130 | 128 | 1.4% |
Net Sales | 20,433 | 18,804 | 8.7% |
Gross Profit | 8,279 | 4,988 | 66.0% |
EBIT | 5,003 | 2,032 | 146.2% |
EBIT (Exc. other) | 878 | -1,582 | n.m. |
EBITDA | 6,162 | 3,105 | 98.4% |
EBITDA (Exc. other) | 1,923 | -451 | n.m. |
Net Income / (Loss) | 4,999 | 773 | 546.5% |
Gross Profit Margin | 40.5% | 26.5% | |
EBIT Margin | 24.5% | 10.8% | |
EBIT Margin (Exc. other) | 4.3% | n.m. | |
EBITDA Margin | 30.2% | 16.5% | |
EBITDA Margin (Exc. other) | 9.4% | n.m. | |
Net Income Margin | 24.5% | 4.1% | |
International (TL Million) | 1Q26 | 1Q25 | Change (%) |
Volume (Million UC) | 284 | 259 | 9.6% |
Net Sales | 31,935 | 28,514 | 12.0% |
Gross Profit | 10,749 | 9,431 | 14.0% |
EBIT | 5,831 | 4,755 | 22.6% |
EBIT (Exc. other) | 5,355 | 4,515 | 18.6% |
EBITDA | 7,145 | 6,101 | 17.1% |
EBITDA (Exc. other) | 6,669 | 5,787 | 15.2% |
Net Income / (Loss) | 3,995 | 2,814 | 42.0% |
Gross Profit Margin | 33.7% | 33.1% | |
EBIT Margin | 18.3% | 16.7% | |
EBIT Margin (Exc. other) | 16.8% | 15.8% | |
EBITDA Margin | 22.4% | 21.4% | |
EBITDA Margin (Exc. other) | 20.9% | 20.3% | |
Net Income Margin | 12.5% | 9.9% |
CCI's consolidated sales volume increased by 6.9% y/y to 414 million unit cases ("uc") in the first quarter of the year, cycling a strong base of 13.4% growth in 1Q25. Growth was underpinned by strong performance in Central Asia and resilient performance in Türkiye and Pakistan. Türkiye grew by 1.4%, while Kazakhstan, Uzbekistan and Pakistan delivered volume growth of 11.0%, 40.7% and 0.2%, respectively. In contrast, Iraq, which had been expanding for 11 consecutive quarters, recorded a limited volume decline of 1.8% in the quarter, impacted mostly in March amid severe political, security, and economic stress driven by the spillover of the U.S.-Israel conflict with Iran. Central Asia remained the primary growth engine, building on last year's momentum. Driven by stronger growth in international markets, the share of international sales in total sales increased by 169 basis points to 68.7%.
The sparkling category, which delivered strong growth of 16.9% in the first quarter of last year, sustained its growth momentum with a 4.5% increase in 1Q26. Additionally, the stills category, including iced teas, energy drinks and juices, delivered strong growth of 30.3%, primarily driven by Fusetea, whose sales surged by 47.4% y/y, boosting overall category performance.
In line with our mix improvement strategy, the consolidated Immediate Consumption ("IC") ratio increased by 105 basis points to 25.5% in 1Q26. From a channel perspective, the on-premise share of our volume increased by 123 bps to 31.1%. In addition, reflecting our strategic focus, the quarter saw continued progress in expanding the share "no sugar" products within the sparkling category, with its share rising by 75 bps to 3.5%, in line with our commitment to sustainable long-term value creation.
Türkiye sales volume increased by 1.4% y/y to 130 million unit cases in 1Q26, cycling a strong base of 8.4% growth in the same period last year. This performance was achieved despite our deliberate choice to optimize sales in the water category, in line with our strategy to shift focus toward higher value categories. Excluding water, volume growth stood at 3.8% in 1Q26. Right pricing, effective mix management, cost savings from timely raw material procurement despite rising input costs, and strong daily in-store execution, remained key to increasing margins while supporting volume growth.In Türkiye, the share of IC packages increased by 87 bps y/y to 29.6% in 1Q26. The on-premise channel also expanded, with its share rising by 75 bps to 28.8%, while the traditional channel declined by 89 bps to 35.3%. The continued focus on "no sugar" products remained a key margin-accretive driver, with its share within total sparkling sales increasing by 88 bps y/y to 7.8% as of 1Q26. In addition, the stills category delivered a strong performance, growing by 10.1% y/y in Türkiye. Within this segment, Fusetea recorded a robust growth of 21.5%, while the higher value-added Monster Energy brand achieved a very strong yearly increase of 82.2%, further supporting the overall category performance.
International operations recorded a 9.6% y/y volume increase in 1Q26, on top of a strong base of 16.1% growth in the same period last year. Growth was broad-based across markets, with the Central Asia region continuing to be a key driver of strong volume expansion. Similar to Türkiye, the stills category delivered a very strong performance, growing by 56.4% y/y. This growth was primarily driven by Fusetea, which increased by 67.6% y/y.In terms of channel and package mix, the on-premise channel share expanded by 139 bps to 32.3%, while the share of IC packages increased by 129 bps to 23.6% of total sales. This was supported by our continued focus on higher-margin channels, packages and product mix, resulting in a more favorable overall sales mix and ultimately contributing to margin expansion.
Change (YoY) | Breakdown | |||
1Q26 | 1Q25 | 1Q26 | 1Q25 | |
Sparkling | 4.5% | 16.9% | 81.1% | 83.0% |
Stills | 30.3% | 8.7% | 10.8% | 8.8% |
Water | 5.3% | -9.2% | 8.1% | 8.2% |
Total | 6.9% | 13.4% | 100% | 100% |
Totals may not add up due to rounding differences. | ||||
Based on the CMB's decision dated December 28, 2023 and numbered 81/1820 and the "Implementation Guide on Financial Reporting in High Inflation Economies" published by the POA with the announcement made on November 23, 2023, issuers and capital market institutions subject to financial reporting regulations applying Turkish Accounting/Financial Reporting Standards are required to apply inflation accounting by implementing the provisions of TAS 29, starting from their annual financial reports for the accounting periods ending as of December 31, 2023.
As of March 31, 2026, an adjustment has been made in accordance with the requirements of TAS 29 ("Financial Reporting in High Inflation Economies") regarding the changes in the general purchasing power of the Turkish Lira. TAS 29 requires that financial statements prepared in the currency of an economy experiencing high inflation be presented at the purchasing power of this currency at the balance sheet date and that amounts from previous periods be restated accordingly. The indexing process was carried out using the coefficient obtained from the Consumer Price Index in Türkiye published by the Turkish Statistical Institute ("TUIK").
The relevant figures for the previous reporting period have been restated by applying the general price index so that comparative financial statements are presented in the unit of measurement valid at the end of the reporting period. Information disclosed for previous periods is also presented in the measurement unit valid at the end of the reporting period.
However, certain items from our financials are also presented without inflation adjustment for information purposes in order to provide an indication of our performance relative to our 2026 forecasts, which we announced at the beginning of the year and stated were based on the financials without inflation adjustment. These unaudited figures are clearly labelled where relevant. All financial figures without such disclosure are reported in accordance with TAS 29.
1Q26- Net sales revenue ("NSR") increased by 10.7% y/y to TL 52.4 billion, while NSR/uc rose by 3.6% y/y in 1Q26. Excluding the impact of inflation accounting, NSR grew by a strong 44.9% y/y to TL 52.0 billion, with NSR/uc up 35.6%, supported by improved mix management, disciplined cost control and right pricing with timely execution. Excluding TAS 29, NSR/uc reached $2.9 in 1Q26, the highest first-quarter level recorded in the past decade.
- Türkiye delivered solid top-line growth in 1Q26, with reported NSR increasing by 8.7% y/y to TL 20.4 billion and NSR/uc rising by 7.2% to TL 157.6. Excluding TAS 29, NSR grew by 42.3% y/y, while NSR/uc reached TL 154.4, up a strong 40.3% increase. This robust performance was primarily driven by timely price adjustments, an improving channel mix, a higher share of Immediate Consumption (IC) as well as the low base of last year.
-
In international operations, NSR increased by 12.0% y/y to TL 31.9 billion, while NSR/uc also grew by 2.2% in 1Q26. The average devaluation in USD/TRY was less than the inflation coefficient, which resulted in a lower transition of local performance. Excluding the impact of TAS 29, NSR increased by 46.6% y/y and NSR/uc improved by 33.8%. This was driven by solid volume momentum, selectively and cautiously implemented price adjustments across our markets, and an improving channel and pack mix. Despite the challenging environment driven by ongoing geopolitical developments, including the escalation of the Iran-Israel conflict towards the end of the quarter, our international operations delivered a resilient performance, in line with our commitment to maintaining affordability and supporting volume growth.
Net Sales Revenue (TL Million)
NSR per UC (TL)
1Q26
Change (YoY)
1Q26
Change (YoY)
Türkiye
20,433
8.7%
157.6
7.2%
International
31,935
12.0%
112.4
2.2%
Consolidated
52,369
10.7%
126.5
3.6%
-
Gross margin expanded by 592 bps y/y to 36.3% on a consolidated basis in 1Q26. While gross profit margin in international operations improved by 59 bps versus the prior year, Türkiye operations delivered a remarkable expansion, with margins reaching 40.5% in 1Q26, cycling a low base of 26.5% in 1Q25. This was primarily driven by the full-quarter impact of price increases implemented towards the end of 2025 in Türkiye, strong NSR generation, as well as disciplined cost measures supported by proactive procurement practices, including timely hedging and pre-buys to mitigate raw material inflation. In international operations, gross
margin increased by 59 bps y/y to 33.7%, supported by solid volume growth across most major markets and continued cost discipline, despite a more subdued pricing environment.
Our consolidated opex as a percentage of NSR was 23.1% in 1Q26 vs. 22.5% in 1Q25. This was driven by a 10.9% increase in distribution, selling and marketing expenses which was broadly in line with revenue growth of 10.7%, while general administrative expenses increased by 17.5% y/y. Despite ongoing inflationary pressures, opex was tightly managed and supported a stable opex-to-NSR ratio.
- Consolidated EBIT margin increased by 529 bps y/y to 13.2% in 1Q26. Excluding TAS 29, EBIT margin stood at 15.2%, compared to 10.6% in the same period of last year, corresponding to a 466 bps y/y expansion. This strong performance was primarily driven by the significant improvement in gross profit margin, supported by tight opex management. As a result, both domestic and international operations delivered margin expansion versus the prior year, with the uplift in Türkiye standing out as particularly strong.
- EBITDA margin expanded by 491 bps y/y to 17.8% in 1Q26. On a pre-inflation accounting basis, EBITDA margin reached 18.6%, marking a 440 bps improvement versus 1Q25.
-
Net financial expense, including lease liabilities related to TFRS 16, declined to TL (1,748) million in 1Q26 from TL (3,236) million in 1Q25. This improvement was primarily driven by strong FCF generation and our strategic shift toward a higher share of borrowings in lower-interest-rate markets, which contributed to a reduction in total interest expenses.
Financial Income / (Expense) (TL Million)
1Q26
2025
Interest income
635
405
Interest expense (-)
-2,249
-3,576
FX gain / (loss) - Borrowings
-94
-492
Other
-40
428
Financial Income / (Expense) Net
-1,748
-3,236
Totals may not add up due to rounding differences.
- Non-controlling interest (minority interest) was TL (63) million in 1Q26, compared to TL (29) million in 1Q25.
- Net profit was recorded at TL 5.2 billion in 1Q26, compared to TL 1.7 billion in 1Q25. While monetary gains remained broadly stable y/y, improved operational profitability across both Türkiye and international operations, together with lower net financial expenses, supported bottom line growth. Excluding TAS 29 accounting, net profit amounted to TL 3.7 billion in 1Q26 versus TL 85 million in 1Q25.
- Free cash flow ("FCF") generation was TL 462 million in 1Q26, compared very favorably to TL (10.5) billion in 1Q25, marking a significant improvement despite the typically negative seasonality of the first quarter. The improvement was mainly driven by improved operating profitability and a stronger net working capital to sales ratio compared to the same quarter of prior year. Some capex spending shifts positively impacted FCF in the quarter, which will normalize over the full year. Excluding TAS 29 inflation accounting, FCF amounted to TL 427 million.
- Capex amounted to TL 2.5 billion in 1Q26, with 44% allocated to Türkiye operations and 56% to international operations. The Capex/sales ratio stood at 4.9% for the period, compared to 8.4% in 1Q25.
-
Consolidated debt was TL 51.7 billion (USD 1.2 billion) by March 31, 2026 and consolidated cash was TL
25.4 billion (USD 573 million), bringing consolidated net debt to TL 26.2 billion (USD 589 million). Net debt to consolidated EBITDA stood at 0.66x as of March 31, 2026, improving from 0.81x as of December 31, 2025 and 1.31x as of March 31, 2025, reflecting continued deleveraging and an even stronger balance sheet position.
Financial Leverage Ratios
1Q26
2025
Net Debt / EBITDA
0.66
0.81
Debt Ratio (Total Fin. Debt / Total Assets)
24%
27%
Fin. Debt-to-Equity Ratio
54%
60%
As of March 31, 2026, 59% of our consolidated financial debt is in USD, 5% in EUR, 19% in TL, and the remaining 17% in other currencies. The USD and EUR loan portion of total portfolio declined from 87% in 2022 to 64% as of March 31, 2026.
The average maturity of the consolidated debt portfolio is 2.2 years, and the maturity profile is as follows:
Unaudited Highlighted Items Without the Impact of TAS 29Maturity Date
2026
2027
2028
2029
2030
% of Total Debt
32%
9%
6%
50%
3%
The following section is presented without the impact of TAS 29 to allow an assessment of the material expectations/assumptions/guidance shared previously and is unaudited.
Consolidated NSR recorded as TL 52.0 billion in 1Q26, growing by 44.9% y/y and NSR/uc increased by 35.6% y/y.
In 1Q26, consolidated gross profit margin expanded by 531 bps y/y to 37.5%, while EBIT margin improved by 466 bps to 15.2%.
Net income rose sharply to TL 3.7 billion in 1Q26, up from TL 85 million recorded in the same period of prior year.
Consolidated (TL Million) | 1Q26 | 1Q25 | Change (%) |
Volume (Million UC) | 414 | 387 | 6.9% |
Net Sales | 51,957 | 35,859 | 44.9% |
Gross Profit | 19,495 | 11,549 | 68.8% |
EBIT | 7,900 | 3,783 | 108.8% |
EBITDA | 9,647 | 5,080 | 89.9% |
Net Income / (Loss) | 3,694 | 85 | n.m. |
Gross Profit Margin | 37.5% | 32.2% | |
EBIT Margin | 15.2% | 10.6% | |
EBITDA Margin | 18.6% | 14.2% | |
Net Income Margin | 7.1% | 0.2% | |
Türkiye (TL Million) | 1Q26 | 1Q25 | Change (%) |
Volume (Million UC) | 130 | 128 | 1.4% |
Net Sales | 20,018 | 14,070 | 42.3% |
Gross Profit | 8,742 | 4,363 | 100.4% |
EBIT (Exc. other) | 1,846 | -276 | n.m. |
EBITDA (Exc. other) | 2,229 | 81 | n.m. |
Net Income / (Loss) | 3,445 | -583 | n.m. |
Gross Profit Margin | 43.7% | 31.0% | |
EBIT Margin (Exc. other) | 9.2% | n.m. | |
EBITDA Margin (Exc. other) | 11.1% | 0.6% | |
Net Income Margin | 17.2% | n.m. | |
International (TL Million) | 1Q26 | 1Q25 | Change (%) |
Volume (Million UC) | 284 | 259 | 9.6% |
Net Sales | 31,939 | 21,789 | 46.6% |
Gross Profit | 10,753 | 7,206 | 49.2% |
EBIT (Exc. other) | 5,368 | 3,450 | 55.6% |
EBITDA (Exc. Other) | 6,544 | 4,422 | 48.0% |
Net Income / (Loss) | 4,003 | 2,150 | 86.2% |
Gross Profit Margin | 33.7% | 33.1% | |
EBIT Margin (Exc. other) | 16.8% | 15.8% | |
EBITDA Margin (Exc. other) | 20.5% | 20.3% | |
Net Income Margin | 12.5% | 9.9% |
The consolidated financial statements and disclosures have been prepared in accordance with the communiqué numbered II-14,1 "Communiqué on the Principles of Financial Reporting in Capital Markets. In accordance with article 5 of the CMB Accounting Standards, companies should apply Turkish Accounting Standards / Turkish Financial Reporting Standards ("TAS" / "TFRS") and interpretations regarding these standards as adopted by the Public Oversight Accounting and Auditing Standards Authority ("POA").
As of March 31, 2026, the list of CCI's subsidiaries and joint ventures is as follows:
Subsidiaries and Joint Ventures | Country | Consolidation Method |
Coca-Cola Satış ve Dağıtım A.Ş. | Türkiye | Full Consolidation |
JV Coca-Cola Almaty Bottlers LLP | Kazakhstan | Full Consolidation |
Azerbaijan Coca-Cola Bottlers LLC | Azerbaijan | Full Consolidation |
Coca-Cola Bishkek Bottlers Closed J.S. Co. | Kyrgyzstan | Full Consolidation |
CCI International Holland B.V. | Holland | Full Consolidation |
The Coca-Cola Bottling Company of Jordan Ltd. | Jordan | Full Consolidation |
Turkmenistan Coca-Cola Bottlers | Turkmenistan | Full Consolidation |
Sardkar for Beverage Industry Ltd. | Iraq | Full Consolidation |
Waha Beverages B.V. | Holland | Full Consolidation |
Coca-Cola Beverages Tajikistan LLC | Tajikistan | Full Consolidation |
Al Waha LLC | Iraq | Full Consolidation |
Coca-Cola Beverages Pakistan Ltd. | Pakistan | Full Consolidation |
Coca-Cola Bottlers Uzbekistan Ltd. | Uzbekistan | Full Consolidation |
CCI Samarkand Ltd. LLC | Uzbekistan | Full Consolidation |
CCI Namangan Ltd. LLC | Uzbekistan | Full Consolidation |
Anadolu Etap Penkon Gıda ve İçecek Ürünleri A.Ş. | Türkiye | Full Consolidation |
Syrian Soft Drink Sales and Distribution LLC | Syria | Equity Method |
Coca-Cola Bangladesh Beverages Ltd. | Bangladesh | Full Consolidation |
The Company's "Earnings Before Interest, Taxes, Depreciation and Amortization (EBITDA)" definition and calculation is defined as; "Profit/(loss) from operations" plus relevant non-cash expenses including depreciation and amortization, provision for employee benefits like retirement and vacation pay (provision for management bonus not included) and other non-cash expenses like negative goodwill and value increase due to change in scope of consolidation. As of March 31, 2026, and March 31, 2025, the reconciliation of EBITDA to profit / (loss) from operations is explained in the following table:
EBITDA (TL Million) | 1Q26 | 1Q25 |
Profit / (loss) from operations | 6,931 | 3,760 |
Depreciation and amortization | 2,159 | 2,094 |
Provision for employee benefits | 207 | 220 |
Foreign exchange (gain) / loss under other operating income / expense | -94 | -42 |
Right of use asset amortization | 139 | 88 |
EBITDA | 9,342 | 6,119 |
Totals may not add up due to rounding differences. |
Transactions in foreign currencies are recorded at the rate ruling at the date of the transaction. All differences are recorded in the consolidated income statement of the relevant period, as foreign currency loss or gain. Foreign currency translation rates announced by the Central Bank of the Republic of Türkiye used by the Group's subsidiaries in Türkiye. USD amounts presented in the asset accounts are translated into TL with the official TL exchange rate of USD buying on March 31, 2026, USD 1,00 (full) = TL 44,3961 (December 31, 2025; USD 1,00 (full) = TL 42,8457) whereas USD amounts in the liability accounts are translated into TL with the official TL exchange rate of USD selling on March 31, 2026, USD 1,00 (full) = TL 44,4761 (December 31, 2025; USD 1,00 (full) = TL 42,9229). Furthermore, USD amounts in the income statement are translated into TL, at the average TL exchange rate for USD buying for the period is USD 1,00 (full) = TL 43,5980 (January 1
- March 31, 2025; USD 1,00 (full) = TL 36,1994).
Exchange Rates | 1Q26 | 1Q25 |
Average USD/TL | 43,5980 | 36,1994 |
End of Period USD/TL (purchases) | 44,3961 | 37,7656 |
End of Period USD/TL (sales) | 44,4761 | 37,8337 |
The assets and liabilities of subsidiaries and joint ventures operating in foreign countries are translated at the rate of exchange ruling at the balance sheet date and the income statements of foreign subsidiaries and joint ventures are translated at average exchange rates. Differences that occur in the usage of closing and average exchange rates are followed under currency translation differences classified under equity.
CCI Consolidated Income StatementTAS 29 (Financial Reporting in Hyperinflationary Economies) implemented
Unaudited January 1 - March 31
(TL Million) | 1Q26 | 1Q25 | Change (%) |
Sales Volume (Million UC) | 414 | 387 | 6.9% |
Revenue | 52,369 | 47,318 | 10.7% |
Cost of Sales | -33,341 | -32,926 | 1.3% |
Gross Profit from Operations | 19,028 | 14,392 | 32.2% |
Distribution, Selling and Marketing Expenses | -9,253 | -8,347 | 10.9% |
General and Administrative Expenses | -3,082 | -2,622 | 17.5% |
Other Operating Income | 1,242 | 1,457 | -14.8% |
Other Operating Expense | -1,005 | -1,121 | -10.4% |
Profit/(Loss) from Operations | 6,931 | 3,760 | 84.3% |
Gain/(Loss) From Investing Activities | 13 | -42 | n.m. |
Gain/(Loss) from Associates | 0 | 4 | n.m. |
Profit/(Loss) Before Financial Income/(Expense) | 6,944 | 3,722 | 86.6% |
Financial Income | 881 | 973 | -9.5% |
Financial Expenses | -2,628 | -4,209 | -37.6% |
Monetary Gain /(Loss) | 3,130 | 2,945 | 6.3% |
Profit/(Loss) Before Tax | 8,327 | 3,430 | 142.8% |
Deferred Tax Income/(Expense) | 192 | -308 | n.m. |
Current Period Tax Expense | -3,219 | -1,425 | 125.9% |
Net Income/(Loss) Before Minority | 5,301 | 1,698 | 212.2% |
Minority Interest | -63 | -29 | 118.9% |
Net Income | 5,237 | 1,669 | 213.8% |
EBITDA | 9,342 | 6,119 | 52.7% |
Totals may not add up due to rounding differences.
Türkiye Income StatementTAS 29 (Financial Reporting in Hyperinflationary Economies) implemented
Unaudited January 1 - March 31
(TL Million) | 1Q26 | 1Q25 | Change (%) |
Sales Volume (Million UC) | 130 | 128 | 1.4% |
Revenue | 20,433 | 18,804 | 8.7% |
Cost of Sales | -12,155 | -13,816 | -12.0% |
Gross Profit from Operations | 8,279 | 4,988 | 66.0% |
Distribution, Selling and Marketing Expenses | -5,278 | -4,787 | 10.3% |
General and Administrative Expenses | -2,123 | -1,784 | 19.0% |
Other Operating Income | 4,511 | 4,050 | 11.4% |
Other Operating Expense | -386 | -436 | -11.5% |
Profit/(Loss) from Operations | 5,003 | 2,032 | 146.2% |
Gain/(Loss) From Investing Activities | -5 | -27 | -81.7% |
Profit/(Loss) Before Financial Income/(Expense) | 4,998 | 2,005 | 149.3% |
Financial Income | 534 | 529 | 1.1% |
Financial Expenses | -2,976 | -5,061 | -41.2% |
Monetary Gain /(Loss) | 3,130 | 2,945 | 6.3% |
Profit/(Loss) Before Tax | 5,688 | 418 | 1,261.2% |
Deferred Tax Income/(Expense) | 607 | 348 | 74.3% |
Current Period Tax Expense | -1,295 | 7 | n.m. |
Net Income/(Loss) Before Minority | 4,999 | 773 | 546.5% |
Minority Interest | 0 | 0 | n.m. |
Net Income | 4,999 | 773 | 546.5% |
EBITDA | 6,162 | 3,105 | 98.4% |
Totals may not add up due to rounding differences.
Unaudited January 1 - March 31
(TL Million) | 1Q26 | 1Q25 | Change (%) |
Sales Volume (Million UC) | 284 | 259 | 9.6% |
Revenue | 31,935 | 28,514 | 12.0% |
Cost of Sales | -21,186 | -19,083 | 11.0% |
Gross Profit from Operations | 10,749 | 9,431 | 14.0% |
Distribution, Selling and Marketing Expenses | -3,975 | -3,560 | 11.7% |
General and Administrative Expenses | -1,419 | -1,356 | 4.7% |
Other Operating Income | 1,096 | 926 | 18.3% |
Other Operating Expense | -619 | -685 | -9.7% |
Profit/(Loss) from Operations | 5,831 | 4,755 | 22.6% |
Gain/(Loss) From Investing Activities | 16 | -15 | n.m. |
Gain/(Loss) From Associates | 3 | 4 | -34.3% |
Profit/(Loss) Before Financial Income/(Expense) | 5,850 | 4,745 | 23.3% |
Financial Income | 346 | 460 | -24.7% |
Financial Expenses | -550 | -1,083 | -49.2% |
Monetary Gain /(Loss) | 0 | 0 | n.m. |
Profit/(Loss) Before Tax | 5,646 | 4,121 | 37.0% |
Deferred Tax Income/(Expense) | -191 | -122 | 57.0% |
Current Period Tax Expense | -1,397 | -1,157 | 20.7% |
Net Income/(Loss) Before Minority | 4,058 | 2,843 | 42.8% |
Minority Interest | -63 | -29 | 118.9% |
Net Income | 3,995 | 2,814 | 42.0% |
EBITDA | 7,145 | 6,101 | 17.1% |
Totals may not add up due to rounding differences.
Unaudited | Audited | |
(TL Million) | 31 March 2026 | 31 December 2025 |
Current Assets | 88,023 | 81,008 |
Cash and Cash Equivalents | 25,256 | 28,945 |
Investments in Securities | 162 | 244 |
Trade Receivables | 31,716 | 20,946 |
Other Receivables | 158 | 224 |
Derivative Financial Instruments | 314 | 231 |
Inventories | 22,313 | 21,008 |
Prepaid Expenses | 4,563 | 4,948 |
Tax Related Current Assets | 1,273 | 1,311 |
Other Current Assets | 2,268 | 3,151 |
Non-Current Assets | 125,366 | 128,921 |
Financial Investments | 0 | 0 |
Other Receivables | 242 | 252 |
Property, Plant and Equipment | 78,354 | 81,361 |
Goodwill | 7,341 | 7,699 |
Intangible Assets | 33,941 | 35,094 |
Right of Use Asset | 1,510 | 1,535 |
Prepaid Expenses | 2,588 | 1,519 |
Deferred Tax Asset | 1,292 | 1,421 |
Derivative Financial Instruments | 94 | 0 |
Other Non-Current Assets | 5 | 41 |
Total Assets | 213,389 | 209,929 |
Current Liabilities | 77,083 | 70,247 |
Short-term Borrowings | 12,723 | 15,007 |
Current Portion of Long-term Borrowings | 5,888 | 6,536 |
Bank borrowings | 5,340 | 6,054 |
Finance lease payables | 548 | 483 |
Trade Payables | 43,814 | 37,981 |
Due to related parties | 15,358 | 11,660 |
Other trade payables to third parties | 28,456 | 26,321 |
Payables Related to Employee Benefits | 1,094 | 776 |
Other Payables | 8,574 | 6,094 |
Due to related parties | 344 | 365 |
Other payables to third parties | 8,230 | 5,729 |
Derivative Financial Instruments | 136 | 216 |
Deferred Income | 573 | 790 |
Provision for Corporate Tax | 2,463 | 953 |
Current Provisions | 1,373 | 1,614 |
Other Current Liabilities | 446 | 280 |
Non-Current Liabilities | 40,872 | 44,358 |
Long-term Borrowings | 32,052 | 34,732 |
Financial lease payables | 997 | 1,077 |
Trade Payables | 3 | 3 |
Provision for Employee Benefits | 1,216 | 1,242 |
Deferred Tax Liability | 6,418 | 7,305 |
Derivative Financial Instruments | 0 | 0 |
Deferred Income | 187 | 0 |
Equity of the Parent | 83,439 | 83,454 |
Minority Interest | 11,995 | 11,870 |
Total Liabilities | 213,389 | 209,929 |
Totals may not add up due to rounding differences. |
Unaudited Period End | ||
(TL Million) | 31 March 2026 | 31 March 2025 |
Cash Flow from Operating Activities | ||
IBT Adjusted for Non-cash items | 9,321 | 4,751 |
Change in Tax Assets and Liabilities | -1,682 | -1,118 |
Employee Term. Benefits, Vacation Pay, Management Bonus Payment | -57 | -61 |
Change in Operating Assets & Liabilities | -3,998 | -6,661 |
Change in other current and non-current assets and liabilities | 885 | -603 |
Net Cash Provided by Operating Activities | 4,470 | -3,693 |
Purchase of Property, Plant & Equipment | -2,422 | -3,692 |
Other Net Cash Provided by/ (Used in) Investing Activities | 83 | -195 |
Net Cash Used in Investing Activities | -2,339 | -3,886 |
Change in ST & LT Loans | -2,007 | 6,152 |
Interest paid | -1,961 | -3,374 |
Interest received | 620 | 447 |
Dividends paid (including non-controlling interest) | -5 | -2 |
Cash flow hedge reserve | -431 | -43 |
Change in finance lease payables | -246 | -180 |
Net Cash Provided by / (Used in) Financing Activities | -4,030 | 3,000 |
Currency Translation Differences | -1,234 | 92 |
Monetary gain / loss on cash and cash equivalents | -556 | -410 |
Net Change in Cash & Cash Equivalents | -3,689 | -4,897 |
Cash & Cash equivalents at the beginning of the period | 28,945 | 33,493 |
Cash & Cash Equivalents at the end of the period | 25,256 | 28,596 |
Free Cash Flow | 462 | -10,491 |
Totals may not add up due to rounding differences. | ||
Contacts
Investor Relations: Burak Berki
Investor Relations Manager
Tel: +90 216 528 33 04
E-mail: burak.berki@cci.com.tr
Tuğçe Tarhan
Investor Relations Executive
Tel: +90 216 528 41 19
E-mail: tugce.tarhan@cci.com.tr
Melih Turlin
Investor Relations Analyst
Tel: +90 216 528 44 65
E-mail: melih.turlin@cci.com.tr
Company Profile
Coca-Cola İçecek (CCI), is a Turkish multinational beverage company, part of Türkiye's Anadolu Group, which operates in Türkiye, Pakistan, Kazakhstan, Iraq, Uzbekistan, Bangladesh, Azerbaijan, Kyrgyzstan, Jordan, Tajikistan, Turkmenistan, and Syria. CCI produces, distributes and sells sparkling and still beverages of The Coca-Cola Company and Monster Energy Beverage Corporation along with the production of fruit juice concentrate via its affiliate Anadolu Etap İçecek (Anadolu Etap Penkon Gıda ve İçecek Ürünleri Sanayi ve Ticaret Anonim Şirket).
CCI employs more than 10,000 people, has a total of 36 bottling plants, and 3 fruit processing plants in 12 countries, offering a wide range of beverages to a population base of 600 million people. In addition to sparkling beverages, the product portfolio includes juices, waters, sports and energy drinks, iced teas and coffee.
CCI's shares are traded on the Borsa Istanbul Stock Exchange (BIST) under the symbol "CCOLA.IS".
Reuters: CCOLA.IS Bloomberg: CCOLA.TI
Special Note Regarding Forward-Looking Statements
This document contains forward-looking statements, including but not limited to, statements regarding Coca-Cola İçecek's (CCI) plans, objectives, expectations and intentions and other statements that are not historical facts. Forward-looking statements can generally be identified by the use of words such as "may," "will," "expect," "intend," "estimate," "anticipate," "plan," "target," "believe" or other words of similar meaning. These forward-looking statements reflect the current views and assumptions of management and are inherently subject to significant business, economic and other risks and uncertainties. Although management believes the expectations reflected in the forward-looking statements are reasonable, at this time, you should not place undue reliance on such forward-looking statements. Important factors that could cause actual results to differ materially from CCI's expectations include, without limitation: changes in CCI's relationship with The Coca-Cola Company and its exercise of its rights under our bottler's agreements; CCI's ability to maintain and improve its competitive position in its markets; CCI's ability to obtain raw materials and packaging materials at reasonable prices; changes in CCI's relationship with its significant shareholders; the level of demand for its products in its markets; fluctuations in the value of the Turkish Lira and currencies in CCI's other markets; the level of inflation in Türkiye and CCI's other markets; other changes in the political or economic environment in Türkiye or CCI's other markets; adverse weather conditions during the summer months; changes in the level of tourism in Türkiye; CCI's ability to successfully implement its strategy; and other factors. Should any of these risks and uncertainties materialize or should any of management's underlying assumptions prove to be incorrect, CCI's actual results from operations or financial conditions could differ materially from those described herein as anticipated, believed, estimated, or expected. Forward-looking statements speak only as of the date of this press release and CCI has no obligation to update those statements to reflect changes that may occur after that date.