Earnings Release Istanbul, March 3, 2026
Delivering Sustained Growth Coupled with High Margins and Strong Free Cash Flow; And Announcing CEO TransitionSales Volume: +8.0%
Net Sales Revenue (NSR): +3.9%
EBIT: +1.8%
EBIT Margin: 13.4%, -28 bps
Net Income: TL 14.1 bn
Without TAS 29:NSR: +38.2%
FX-Neutral NSR: +26.4%
EBIT: +33.6%
EBIT Margin: 15.7%, -54 bps
Net Income: TL 12.4 bn
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Karim Yahi, CEO of Coca-Cola Içecek (CCI), commented:
In a year marked by geopolitical tensions, natural disasters and a complex macroeconomic backdrop, our disciplined execution, anchored in long-term value creation, enabled us to exceed volume growth expectations, deliver our EBIT guidance, and significantly expand free cash flow year-on-year.
Against this backdrop, we adopted a deliberately phased approach to balance growth and value creation over the course of the year. In the first half, we prioritized volume and affordability to sustain consumer demand and protect momentum. In the second half, we progressively rebalanced toward value creation, supported by right pricing and disciplined discount management. Ultimately, this balanced execution delivered a healthy combination of volume growth and value creation, fully aligned with the strategic priorities we set out at the beginning of the year.
We delivered strong consolidated volume growth, with sales volumes increasing by 8.0% y/y to 1.6 billion unit cases ("uc") in 2025. Growth was broad-based across our international operations, with Central Asia standing out as a key growth engine, supported by strong performance across all of our markets. International operations recorded a double-digit increase during the year, reflecting resilient consumer demand and effective execution. Sales volume in Türkiye declined slightly y/y. However, excluding water which we deliberately deprioritized due to its relatively lower value contribution volumes increased by 3.8% y/y, underscoring the resilience of our core categories and our disciplined approach to balancing affordability with value creation.
As in the previous quarter, we continued to deliver quality growth in the fourth quarter as well, demonstrating a consistent and disciplined performance. On a full-year basis, NSR/uc, excluding inflation accounting, reached $2.8, marking the highest level recorded in the last 10 years. This strong momentum translated into a meaningful improvement in EBIT margin over the course of the year, resulting in an EBIT margin of 13.4% for 2025 as per TAS 29. Without inflation accounting, our EBIT margin was 15.7%, supported by a strong fourth quarter margin of 12.5% in 4Q25, marking the highest quarterly level in the past decade.
Beyond the P&L, we sharpened our balance sheet management, delivering meaningful improvement in working capital, while interest expense was tightly managed via leveraging the diversity of our country portfolio. Capex was invested with precision behind long-term growth priorities. This disciplined approach translated into a remarkable year-on-year increase in free cash flow generation, reinforcing our belief that growth and cash generation are not mutually exclusive, but outcomes of the right strategy and operating model.
Our commitment to strong and sustainable performance extends beyond the short term. We remain focused on long-term value creation through disciplined execution and a clear quality growth agenda. Over the past five years, volume has grown at a 7% CAGR, while Revenue and EBIT increased by 17% and 19% in USD terms, respectively, underscoring the strength and consistency of our value-accretive growth model.
Looking ahead to 2026, we expect the operating context to remain broadly similar to 2025. Our focus will continue to be on disciplined daily execution, right pricing to keep our products affordable across our markets, and quality mix management to support margins. In 2026, we plan for low to mid-single-digit volume growth in Türkiye, high single-digit growth across our international operations and mid-single-digit growth on a consolidated basis. We also plan to maintain our EBIT margin flat through disciplined execution and continued focus on right pricing, affordability and quality mix management. In addition, we will continue to invest and our Capex/Sales ratio will remain at high single-digit levels, supporting our long-term growth ambitions while preserving our capital allocation discipline.
The strength of our business supported by the resilience of our people make us confident in our ability to deliver another year of profitable and sustainable growth.
After three incredible years at CCI, I have decided to step down from my role as CEO to relocate back to the United States. As indicated in today's release, our business is strong and I am proud of what we have achieved together with our teams.
As of Jul 1, 2026, Ahmet Kürşad Ertin, currently Chief Operating Officer of CCI, will take over as CEO. Ahmet's appointment is yet another testimony to the quality of our leaders. With his more than 25 years of experience at CCI, Ahmet will undoubtedly take CCI in the next chapter of growth and value creation.
2025 HighlightsKey P&L Figures and Margins
TAS 29 (Financial Reporting in Hyperinflationary Economies) implemented
Consolidated (TL Million) | 4Q25 | 4Q24 | Change (%) | 2025 | 2024 | Change (%) |
Volume (million UC) | 285 | 271 | 5.4% | 1,622 | 1,501 | 8.0% |
Net Sales | 35,701 | 28,977 | 23.2% | 187,185 | 180,216 | 3.9% |
Gross Profit | 13,602 | 8,968 | 51.7% | 66,568 | 63,600 | 4.7% |
EBIT | 3,363 | 32 | n.m. | 25,156 | 24,719 | 1.8% |
EBIT (Exc. other) | 3,653 | 70 | n.m. | 25,271 | 24,040 | 5.1% |
EBITDA | 5,225 | 2,330 | 124.2% | 33,197 | 33,177 | 0.1% |
EBITDA (Exc. other) | 5,159 | 2,003 | 157.6% | 32,910 | 32,027 | 2.8% |
Profit Before Tax | 2,184 | -418 | n.m. | 21,334 | 26,103 | -18.3% |
Net Income / (Loss) | -605 | -460 | 31.6% | 14,072 | 19,390 | -27.4% |
Gross Profit Margin | 38.1% | 30.9% | 35.6% | 35.3% | ||
EBIT Margin | 9.4% | 0.1% | 13.4% | 13.7% | ||
EBIT Margin (Exc. other) | 10.2% | 0.2% | 13.5% | 13.3% | ||
EBITDA Margin | 14.6% | 8.0% | 17.7% | 18.4% | ||
EBITDA Margin (Exc. other) | 14.5% | 6.9% | 17.6% | 17.8% | ||
Net Income Margin | n.m. | n.m. | 7.5% | 10.8% | ||
Türkiye (TL Million) | 4Q25 | 4Q24 | Change (%) | 2025 | 2024 | Change (%) |
Volume (million UC) | 100 | 104 | -3.6% | 562 | 568 | -1.0% |
Net Sales | 16,215 | 14,638 | 10.8% | 81,582 | 81,665 | -0.1% |
Gross Profit | 6,931 | 3,923 | 76.6% | 30,092 | 30,338 | -0.8% |
EBIT | 1,125 | -999 | n.m. | 25,445 | 18,845 | 35.0% |
EBIT (Exc. other) | 1,142 | -1,248 | n.m. | 4,993 | 6,166 | -19.0% |
EBITDA | 1,933 | 15 | n.m. | 29,121 | 22,716 | 28.2% |
EBITDA (Exc. other) | 1,992 | -310 | n.m. | 8,472 | 9,889 | -14.3% |
Net Income / (Loss) | -2,006 | -1,502 | n.m. | 17,128 | 15,284 | 12.1% |
Gross Profit Margin | 42.7% | 26.8% | 36.9% | 37.1% | ||
EBIT Margin | 6.9%. | n.m. | 31.2% | 23.1% | ||
EBIT Margin (Exc. other) | 7.0% | n.m. | 6.1% | 7.6% | ||
EBITDA Margin | 11.9% | 0.1% | 35.7% | 27.8% | ||
EBITDA Margin (Exc. other) | 12.3% | n.m. | 10.4% | 12.1% | ||
Net Income Margin | n.m. | n.m. | 21.0% | 18.7% | ||
International (TL Million) | 4Q25 | 4Q24 | Change (%) | 2025 | 2024 | Change (%) |
Volume (million UC) | 185 | 166 | 11.0% | 1,060 | 934 | 13.5% |
Net Sales | 20,147 | 14,352 | 40.4% | 106,263 | 98,821 | 7.5% |
Gross Profit | 6,702 | 4,833 | 38.7% | 36,515 | 33,268 | 9.8% |
EBIT | 3,093 | 1,149 | 169.1% | 18,638 | 16,619 | 12.1% |
EBIT (Exc. other) | 2,205 | 1,016 | 117.1% | 18,663 | 16,338 | 14.2% |
EBITDA | 3,380 | 2,318 | 45.8% | 23,268 | 21,545 | 8.0% |
EBITDA (Exc. other) | 3,152 | 1,942 | 62.3% | 22,822 | 20,603 | 10.8% |
Net Income / (Loss) | 1,546 | 358 | 332.2% | 12,377 | 10,755 | 15.1% |
Gross Profit Margin | 33.3% | 33.7% | 34.4% | 33.7% | ||
EBIT Margin | 15.4% | 8.0% | 17.5% | 16.8% | ||
EBIT Margin (Exc. other) | 10.9% | 7.1% | 17.6% | 16.5% | ||
EBITDA Margin | 16.8% | 16.2% | 21.9% | 21.8% | ||
EBITDA Margin (Exc. other) | 15.6% | 13.5% | 21.5% | 20.8% | ||
Net Income Margin | 7.7% | 2.5% | 11.6% | 10.9% |
Acquisition of 100% in Coca-Cola Bangladesh Beverages Limited ("CCBB") was completed on February 20th, 2024, and accordingly CCBB financial results are consolidated in our financials as of March 1, 2024. Therefore, all operational performance metrics presented in this release are on a reported basis (including CCBB), except indicated otherwise. Unit case data is not within the scope of independent audit.
Sales VolumeCCI's consolidated sales volume increased by 8.0% y/y to 1.6 billion unit cases ("uc") in 2025. Growth was broad-based across our international footprint, with Kazakhstan, Uzbekistan, Pakistan, Iraq, and Azerbaijan all contributing positively, posting y/y increases of 15.5%, 33.7%, 1.3%, 12.0%, and 8.1%, respectively. Central Asia stood out as a key growth engine, with Uzbekistan and Kazakhstan emerging as the strongest contributors during the year. In Türkiye, total volume declined slightly by 1.0% y/y. Excluding water, which we deprioritized due to relatively lower value, total volume grew, underlying the resilience of our core categories and our balanced approach between affordability and value creation. Overall, international operations' volume share stood at 65.3% with 315 bps increase y/y.
In FY25, the sparkling category delivered a strong 9.2% y/y growth, with Coca-Cola™ closely tracking overall category performance. The stills category delivered a strong 19.2% growth, building on the 9.4% increase achieved in 2024, driven primarily by the robust 30.9% growth of Fusetea. In contrast, the water category declined by 10.7% y/y, reflecting a deliberate strategic decision to reduce exposure to lower value categories.
While increasing the share of immediate consumption ("IC") remains a key strategic priority, IC mix declined by 92 bps to 28.3% in FY25, as affordability pressures led consumers to favor future consumption ("FC"). On the other hand, the on-premise channel continued to grow, with its share increasing by 140 bps to 31.2%. That said, our strategic focus on IC packaging, the on-premise channel, and "no sugar" products remains firmly intact and continues to be a key pillar of sustainable long-term value creation. "No sugar" share among total sparkling increased by 12 bps y/y to 3.3% as of FY25.
In FY25, Türkiye sales volumes saw a modest 1.0% y/y decline to 562 million unit cases, primarily driven by a deliberate choice to optimize our portfolio in the water category. Excluding water, Türkiye delivered solid 3.8% y/y volume growth, reflecting growth in higher value categories. Right pricing and effective discount management, supported by strong daily in-store execution, remain critical to both protecting margins and supporting volume growth.
In Türkiye, IC package share stood at 32.3% in 2025. Share of on-premise channel remained almost flat compared to last year at 31.7% whereas share of traditional channel decreased by 112 bps to 36.1%. Continued focus on "no sugar" products also contributed positively, as its share among total sparkling sales increased by 49 bps y/y to 7.6% as of FY25.
International operations recorded a 13.5% y/y increase in FY25. Growth was broad-based, while Central Asia region delivered strong double-digit growth.Change (YoY) | Breakdown | Change (YoY) | Breakdown | |||
4Q25 | 4Q24 | 4Q25 | 2025 | 2024 | 2025 | |
Sparkling | 7.0% | 6.8% | 78.5% | 9.2% | -4.4% | 80.9% |
Stills | 19.2% | 8.8% | 12.7% | 19.2% | 9.4% | 10.4% |
Water | -19.1% | 9.6% | 8.8% | -10.7% | 5.8% | 8.6% |
Total | 5.4% | 7.3% | 100% | 8.0% | -2.2% | 100% |
Totals may not add up due to rounding differences. | ||||||
Our continued focus on quality mix delivered positive results in our international operations, supported by a higher share of the on-premise channel, which improved by 233 bps to 30.9% in 2025, alongside a slight 27 bps decline in IC package share to 26.1%.
At a country level, Pakistan's economic environment showed further signs of stabilization. Inflation moderated to more normalized levels, supported by tighter monetary policy and an improving macroeconomic environment. Yet, elevated energy prices, tax burdens and ongoing affordability pressures continued to weigh on consumer sentiment. At the same time, the increasing competitiveness of local brands across key affordability segments continued to pressure category value growth. Despite these challenges, Pakistan returned to volume growth in FY25, posting a 1.3% increase vs. last year, cycling a 14.2% decline, with volumes reaching 314 million unit cases.
Uzbekistan delivered an impressive 33.7% y/y volume growth in FY25, with total volumes reaching 220 million unit cases, driven by consistent strong performance across all quarters. This performance was underpinned by two key drivers; an improving macroeconomic backdrop, marked by broad-based y/y improvements across major indicators, and strong competitive execution along with innovations that enabled us to outperform the industry. Kazakhstan's sales volumes increased by 15.5% y/y in FY25 and reached to 215 million uc, driven by strong innovations. All categories delivered solid growth, with the stills category standing out on the back of strong performance by Fusetea. While the sparkling category grew by 11.7%, stills volumes increased by 32.1%, driven primarily by Fusetea, whose sales volumes surged by 41.3% y/y. Iraq continued to deliver solid 12.0% year-on-year volume growth in FY25, with total volumes reaching 140 million unit cases, building on the strong base of 12.1% growth recorded in the previous year and marking the third consecutive year of volume growth in the market. Financial OverviewBased on the CMB's decision dated 28 December 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 23 November 2023, issuers and capital market institutions subject to financial reporting regulations applying Turkish Accounting/Financial Reporting Standards will apply inflation accounting by applying the provisions of TAS 29, starting from their annual financial reports for the accounting periods ending as of December 31, 2023.
As of December 31, 2025, 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 requirements require that financial statements prepared in the currency in circulation in the economy with high inflation be presented at the purchasing power of this currency at the balance sheet date and that the amounts in previous periods are rearranged in the same way. 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 are rearranged 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 give an idea of our performance relative to our 2025 forecasts, which we announced at the beginning of the year and which we 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.
2025- The net sales revenue ("NSR") increased by 3.9% y/y and was recorded as TL 187.2 billion. NSR/uc declined by 3.9% y/y in 2025. Excluding the impact of inflation accounting, NSR grew by 38.2% y/y reaching TL 179.5 billion and NSR/uc increased by 28.0% driven by continued focus on revenue growth management initiatives. Additionally, NSR/uc excluding TAS 29 reached $2.8 in 2025, the highest in the last 10 years.
- Türkiye operations' NSR declined slightly by 0.1%, while NSR/uc increased by 0.9%, marking a steady improvement trend since the beginning of the year. Excluding TAS 29 adjustments, NSR in Türkiye grew by 35.5% in 2025, with NSR/uc reaching TL 131.3, representing a strong 36.9% y/y increase. In USD terms, NSR/uc increased by 13.8% to $3.33, reaching a 10-year high. This performance was supported by disciplined mix management, close monitoring of consumer purchasing power to maintain affordability, improved discount discipline, and timely right price adjustments to stay competitive.
-
In international operations, NSR increased by 7.5% y/y to TL 106.3 billion, while NSR/uc declined by 5.3%. The average USD-TL devaluation in the quarter remained below the inflation indexation coefficient, resulting in a translation-driven contraction in consolidated NSR/uc. Excluding the impact of TAS 29, NSR increased by 40.7% y/y and NSR/uc improved by 24.0% y/y. Despite the challenging environment caused by ongoing geopolitical developments, performance across our international markets remained resilient. While some markets were adversely affected by these factors, strong results in others highlight the benefits of our diversified international footprint. Price adjustments across our international markets were implemented selectively and cautiously, in line with our commitment to maintaining affordability and supporting volume growth.
Net Sales Revenue (TL Million)
NSR per UC (TL)
2025
Change (YoY)
2025
Change (YoY)
Türkiye
81,582
-0.1%
145.1
0.9%
International
106,263
7.5%
100.3
-5.3%
Consolidated
187,185
3.9%
115.4
-3.9%
-
Gross margin expanded by 27 bps year-on-year to 35.6% on a consolidated basis in 2025. While gross profit margin in international operations expanded by 70 bps vs. prior year, Türkiye operations recorded a 26 bps decline. Excluding the impact of inflation accounting, Türkiye's gross margin decreased by 71 bps to 40.4% in 2025. The pressure was largely front-loaded, driven by raw material phasing and softer NSR growth early in the year, however, as guided, gross margin improved sequentially on a quarter-on-quarter basis throughout
the remainder of the year, supported by strengthening NSR momentum in the second half. In international operations, gross profit margin expanded to 34.4% on a pre-inflation accounting basis, supported by solid volume growth across almost all major markets and disciplined cost control measures, despite a subdued pricing environment.
Our consolidated EBIT margin slightly decreased by 28 bps y/y to 13.4% in 2025. Excluding the one-off Competition Board fine of TL 211 million recorded in November, EBIT margin would have declined by 16 bps y/y to 13.6%. On a pre-inflation accounting basis, EBIT margin stood at 15.7% in 2025 compared to 16.3% in the previous year, corresponding to a 54 bps y/y contraction, in line with our guidance of a "slight pressure on EBIT margin" provided at the beginning of the year, despite the one-off Competition Board fine. Without the one-off Competition Board fine, EBIT margin contraction would have been 43 bps.
- The EBITDA margin declined by 67 bps to 17.7% in 2025. Without TAS 29 accounting, EBITDA margin was realized as 18.9% in 2025, down by 95 bps compared to last year.
-
Net financial expense, including lease payables related to TFRS 16, was TL (10,541) million in 2025 compared to TL (11,450) million in 2024.
Financial Income / (Expense) (TL Million)
4Q25
4Q24
2025
2024
Interest income
638
612
2,222
2,409
Interest expense (-)
-2,404
-3,218
-12,448
-12,556
FX gain / (loss) - Borrowings
-4
45
-990
-1,873
Other
-119
-91
675
571
Financial Income / (Expense) Net
-1,889
-2,653
-10,541
-11,450
Totals may not add up due to rounding differences.
- Non-controlling interest (minority interest) was TL (191) million in 2025, compared to TL (102) million in 2024.
- Net profit was recorded at TL 14.1 billion in 2025, compared to TL 19.4 billion in 2024. As inflation levels were lower than in the prior year, monetary gains declined by 47.6% year-on-year. Following the tax authority's decision not to book inflation adjustments in the local statutory books in Türkiye, while the first three quarters of the year reflected the impact of inflation accounting, the full effect was reversed in the fourth quarter through the deferred tax line in the P&L, amounting to approximately TL 870 million negative effect. In addition, operations in Uzbekistan were subject to a tax audit by the Uzbek Tax Administration. Following the rejection of the appeal at the administrative level, the matter was taken to the Administrative Court, where the litigation process is ongoing. The related accrual impact on net income amounted to approximately TL 1 billion. Excluding TAS 29 accounting, net profit amounted to TL 12.4 billion, representing a 33.2% y/y increase.
- Free cash flow ("FCF") generation was strong in 2025, amounting to TL 2.8 billion, compared to TL (2.9) billion in 2024. The improvement was mainly driven by a better net working capital to sales ratio compared to the previous year, as well as prudent capex spending. Excluding TAS 29 inflation accounting, FCF amounted to TL 7.1 billion with tripled yield vs previous year, driven mainly by a significant improvement in NWC/NSR ratio to 1.1% from 4.0% a year ago.
- Capex was TL 13.9 billion as of December 2025. 37% of the total capital expenditure was related to the Türkiye operation, while 63% was related to international operations. Capex/Sales stood at 7.4% for the period vs. 9.1% in December 2024.
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Consolidated debt was TL 52.1 billion (USD 1.21 billion) by December 31, 2025 and consolidated cash was TL 26.5 billion (USD 619 million), bringing consolidated net debt to TL 25.6 billion (USD 595 million). Net Debt to consolidated EBITDA stood at 0.77x as of December 31, 2025, improving from 1.02x on December 31, 2024.
Financial Leverage Ratios
2025
2024
Net Debt / EBITDA
0.77
1.02
Debt Ratio (Total Fin. Debt / Total Assets)
27%
33%
Fin. Debt-to-Equity Ratio
60%
80%
As of December 31, 2025, 57% of our consolidated financial debt is in USD, 5% in EUR, 19% in TL, and the remaining 19% in other currencies. USD&EUR loan portion of total portfolio declined from 87% in 2022 to 62% as of December 31, 2025.
The average maturity of the consolidated debt portfolio is 2.4 years, and the maturity profile was as follows:
Unaudited Highlighted Items Without the Impact of TAS 29Maturity Date
2026
2027
2028
2029
2030
% of Total Debt
36%
7%
6%
48%
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 179.5 billion in 2025, growing by 38.2% y/y and NSR/uc increased by 28.0% y/y.
In 2025, consolidated gross profit margin expanded by 10 bps y/y and reached 36.9%, while EBIT margin declined by 54 bps, reaching 15.7%.
Net income increased by 33.2% y/y to TL 12.4 billion in 2025.
Consolidated (TL Million) | 4Q25 | 4Q24 | Change (%) | 2025 | 2024 | Change (%) |
Volume (million UC) | 285 | 271 | 5.4% | 1,622 | 1,501 | 8.0% |
Net Sales | 39,154 | 25,693 | 52.4% | 179,455 | 129,809 | 38.2% |
Gross Profit | 15,300 | 8,466 | 80.7% | 66,289 | 47,826 | 38.6% |
EBIT | 4,886 | 1,429 | 241.9% | 28,233 | 21,127 | 33.6% |
EBITDA | 6,337 | 2,893 | 119.0% | 33,905 | 25,754 | 31.6% |
Net Income / (Loss) | 1,113 | -559 | n.m. | 12,443 | 9,345 | 33.2% |
Gross Profit Margin | 39.1% | 33.0% | 36.9% | 36.8% | ||
EBIT Margin | 12.5% | 5.6% | 15.7% | 16.3% | ||
EBITDA Margin | 16.2% | 11.3% | 18.9% | 19.8% | ||
Net Income Margin | 2.8% | n.m. | 6.9% | 7.2% | ||
Türkiye (TL Million) | 4Q25 | 4Q24 | Change (%) | 2025 | 2024 | Change (%) |
Volume (million UC) | 100 | 104 | -3.6% | 562 | 568 | -1.0% |
Net Sales | 16,074 | 10,929 | 47.1% | 73,853 | 54,485 | 35.5% |
Gross Profit | 7,385 | 3,328 | 121.9% | 29,813 | 22,383 | 33.2% |
EBIT (Exc. other) | 1,931 | -314 | n.m. | 8,176 | 7,016 | 16.5% |
EBITDA (Exc. other) | 2,212 | -47 | n.m. | 9,482 | 8,000 | 18.5% |
Net Income / (Loss) | -947 | -1,806 | -47.6% | 13,949 | 5,788 | 141.0% |
Gross Profit Margin | 45.9% | 30.5% | 40.4% | 41.1% | ||
EBIT Margin (Exc. other) | 12.0% | n.m. | 11.1% | 12.9% | ||
EBITDA Margin (Exc. other) | 13.8% | n.m. | 12.8% | 14.7% | ||
Net Income Margin | n.m. | n.m. | 18.9% | 10.6% | ||
International (TL Million) | 4Q25 | 4Q24 | Change (%) | 2025 | 2024 | Change (%) |
Volume (million UC) | 185 | 166 | 11.0% | 1,060 | 934 | 13.5% |
Net Sales | 23,741 | 14,772 | 60.7% | 106,263 | 75,498 | 40.7% |
Gross Profit | 7,947 | 4,974 | 59.8% | 36,515 | 25,417 | 43.7% |
EBIT (Exc. other) | 2,892 | 1,467 | 97.2% | 18,663 | 12,482 | 49.5% |
EBITDA (Exc. Other) | 3,923 | 2,374 | 65.3% | 22,822 | 15,741 | 45.0% |
Net Income / (Loss) | 1,998 | 742 | 169.3% | 12,377 | 8,217 | 50.6% |
Gross Profit Margin | 33.5% | 33.7% | 34.4% | 33.7% | ||
EBIT Margin (Exc. other) | 12.2% | 9.9% | 17.6% | 16.5% | ||
EBITDA Margin (Exc. other) | 16.5% | 16.1% | 21.5% | 20.8% | ||
Net Income Margin | 8.4% | 5.0% | 11.6% | 10.9% |
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 December 31, 2025, 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 BV. | 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 BV. | 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 December 31, 2025, and December 31, 2024, the reconciliation of EBITDA to profit / (loss) from operations is explained in the following table:
EBITDA (TL Million) | 4Q25 | 4Q24 | 2025 | 2024 |
Profit / (loss) from operations | 3,363 | 32 | 25,156 | 24,719 |
Depreciation and amortization | 1,790 | 1,837 | 7,309 | 7,259 |
Provision for employee benefits | 47 | 22 | 423 | 426 |
Foreign exchange (gain) / loss under other operating income / expense | -67 | 366 | -19 | 469 |
Right of use asset amortization | 92 | 73 | 329 | 303 |
EBITDA | 5,225 | 2,330 | 33,198 | 33,177 |
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 December 31, 2025, USD 1,00 (full) = TL 42,8457 (December 31, 2024; USD 1,00 (full) = TL 35,2803) whereas USD amounts in the liability accounts are translated into TL with the official TL exchange rate of USD selling on December 31, 2025, USD 1,00 (full) = TL 42,9229 (December 31, 2024; USD 1,00 (full) = TL35,3438). 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 39,4592 (January 1 - December 31, 2024; USD 1,00 (full) = TL 32,7984).
Exchange Rates | 2025 | 2024 |
Average USD/TL | 39,4592 | 32,7984 |
End of Period USD/TL (purchases) | 42,8457 | 35,2803 |
End of Period USD/TL (sales) | 42,9229 | 35,3438 |
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.
2026 GuidanceIn 2025, we operated in a challenging environment, marked by pressure on consumer purchasing power across several of our markets, alongside spill-over effects from the Middle East. Against this backdrop, we sharpened our focus on balanced volume and value-led growth, with a continued emphasis on affordability. Our diversified product and country portfolio once again demonstrated its strength in navigating the complexities of emerging markets.
Looking ahead to 2026, we expect the operating environment to remain volatile, as macroeconomic pressures and regional tensions continue to shape our markets. Our strategic priorities therefore remain largely unchanged. We will continue to leverage the strengths of our diversified geographic footprint and product portfolio to drive volume growth, while maintaining affordability through disciplined execution, right pricing, optimized mix and effective discount management to create sustainable value.
Following the announcement of our 2026 volume guidance, we now provide more detailed guidance on NSR/uc, EBIT margin and Capex/Sales, both on a reported basis and excluding TAS 29 adjustments. This additional disclosure enhances clarity around our financial outlook and reaffirms our commitment to transparent and open communication with our stakeholders.
Our company's plans for 2026 are as follows on a reported basis:
Sales Volume:Mid-single-digit volume growth on a consolidated basis:
Low to mid-single-digit growth in Türkiye
High-single-digit growth in international operations
TAS 29 (Financial Reporting in Hyperinflationary Economies) implemented
Audited
January 1 - December 31 October 1 - December 31 | ||||||
(TL Million) | 2025 | 2024 | Change (%) | 2025 | 2024 | Change (%) |
Sales Volume (million UC) | 1,622 | 1,501 | 8.0% | 285 | 271 | 5.4% |
Revenue | 187,185 | 180,216 | 3.9% | 35,701 | 28,977 | 23.2% |
Cost of Sales | -120,616 | -116,616 | 3.4% | -22,099 | -20,010 | 10.4% |
Gross Profit from Operations | 66,568 | 63,600 | 4.7% | 13,602 | 8,968 | 51.7% |
Distribution, Selling and Marketing Expenses | -31,184 | -29,790 | 4.7% | -7,260 | -6,354 | 14.3% |
General and Administrative Expenses | -10,112 | -9,770 | 3.5% | -2,689 | -2,543 | 5.7% |
Other Operating Income | 3,812 | 4.012 | -5.0% | 1,166 | 936 | 24.5% |
Other Operating Expense | -3,928 | -3,332 | 17.9% | -1,455 | -975 | 49.4% |
Profit/(Loss) from Operations | 25,156 | 24,719 | 1.8% | 3,363 | 32 | n.m. |
Gain/(Loss) From Investing Activities | -62 | -98 | -36.8% | 26 | 198 | -86.7% |
Gain/(Loss) from Associates | 3 | -6 | n.m. | -3 | -1 | n.m. |
Profit/(Loss) Before Financial Income/(Expense) | 25,097 | 24,616 | 2.0% | 3,387 | 229 | n.m. |
Financial Income | 4,395 | 5.310 | -17.2% | 905 | 920 | -1.6% |
Financial Expenses | -14,936 | -16,760 | -10.9% | -2,794 | -3,572 | -21.8% |
Monetary Gain /(Loss) | 6,779 | 12,937 | -47.6% | 686 | 2,006 | -65.8% |
Profit/(Loss) Before Tax | 21,334 | 26,103 | -18.3% | 2,184 | -418 | n.m. |
Deferred Tax Income/(Expense) | -1,572 | -1,731 | -9.2% | -1,309 | -939 | 39.5% |
Current Period Tax Expense | -5,499 | -4,880 | 12.7% | -1,424 | 902 | n.m. |
Net Income/(Loss) Before Minority | 14,263 | 19,492 | -26.8% | -549 | -455 | 20.7% |
Minority Interest | -191 | -102 | 86.8% | -56 | -5 | n.m. |
Net Income | 14,072 | 19,390 | -27.4% | -605 | -460 | 31.6% |
EBITDA | 33,197 | 33,177 | 0.1% | 5,225 | 2,330 | 124.2% |
Totals may not add up due to rounding differences.
Türkiye Income StatementTAS 29 (Financial Reporting in Hyperinflationary Economies) implemented
Audited
January 1 - December 31 October 1 - December 31
(TL Million) | 2025 | 2024 | Change (%) | 2025 | 2024 | Change (%) |
Sales Volume (million UC) | 562 | 568 | -1.0% | 100 | 104 | -3.6% |
Revenue | 81,582 | 81,665 | -0.1% | 16,215 | 14,638 | 10.8% |
Cost of Sales | -51,490 | -51,327 | 0.3% | -9,284 | -10,714 | -13.3% |
Gross Profit from Operations | 30,092 | 30,338 | -0.8% | 6,931 | 3,923 | 76.6% |
Distribution, Selling and Marketing Expenses | -18,063 | -17,467 | 3.4% | -3,929 | -3,476 | 13.0% |
General and Administrative Expenses | -7,036 | -6,704 | 5.0% | -1,859 | -1,695 | 9.7% |
Other Operating Income | 21,923 | 14,316 | 53.1% | 472 | 720 | -34.5% |
Other Operating Expense | -1,470 | -1,637 | -10.2% | -489 | -472 | 3.7% |
Profit/(Loss) from Operations | 25,445 | 18,845 | 35.0% | 1,125 | -999 | n.m. |
Gain/(Loss) From Investing Activities | -23 | 43 | n.m. | -6 | 161 | n.m. |
Profit/(Loss) Before Financial Income/(Expense) | 25,422 | 18,888 | 34.6% | 1,119 | -838 | n.m. |
Financial Income | 2,612 | 4,233 | -38.3% | 577 | 713 | -19.1% |
Financial Expenses | -16,523 | -19,024 | -13.1% | -3,047 | -3,657 | -16.7% |
Monetary Gain /(Loss) | 6,779 | 12,937 | -47.6% | 686 | 2,006 | -65.8% |
Profit/(Loss) Before Tax | 18,291 | 17,034 | 7.4% | -665 | -1,776 | -62.5% |
Deferred Tax Income/(Expense) | -440 | -590 | -25.4% | -1,238 | -785 | 57.7% |
Current Period Tax Expense | -723 | -1,160 | -37.7% | -103 | 1,059 | n.m. |
Net Income/(Loss) Before Minority | 17,128 | 15,284 | 12.1% | -2,006 | -1,502 | 33.6% |
Minority Interest | 0 | 0 | n.m. | 0 | 0 | n.m. |
Net Income | 17,128 | 15,284 | 12.1% | -2,006 | -1,502 | 33.6% |
EBITDA | 29,121 | 22,716 | 28.2% | 1,933 | 15 | n.m. |
Totals may not add up due to rounding differences.
(TL Million) | 2025 | 2024 | Change (%) | 2025 | 2024 | Change (%) |
Sales Volume (million UC) | 1,060 | 934 | 13.5% | 185 | 166 | 11.0% |
Revenue | 106,263 | 98,821 | 7.5% | 20,147 | 14,352 | 40.4% |
Cost of Sales | -69,748 | -65,553 | 6.4% | -13,444 | -9,519 | 41.2% |
Gross Profit from Operations | 36,515 | 33,268 | 9.8% | 6,702 | 4,833 | 38.7% |
Distribution, Selling and Marketing Expenses | -13,121 | -12,323 | 6.5% | -3,331 | -2,878 | 15.7% |
General and Administrative Expenses | -4,731 | -4,607 | 2.7% | -1,166 | -939 | 24.1% |
Other Operating Income | 2,432 | 1,976 | 23.1% | 1,854 | 636 | 191.4% |
Other Operating Expense | -2,458 | -1,695 | 45.0% | -966 | -503 | 92.3% |
Profit/(Loss) from Operations | 18,638 | 16,619 | 12.1% | 3,093 | 1,149 | 169.1% |
Gain/(Loss) From Investing Activities | -39 | -263 | -85.3% | 33 | -86 | n.m. |
Gain/(Loss) from Associates | 3 | -6 | n.m. | -3 | -1 | -284.2% |
Profit/(Loss) Before Financial Income/(Expense) | 18,602 | 16,350 | 13.8% | 3,123 | 1,063 | 193.9% |
Financial Income | 2,099 | 1,163 | 80.4% | 648 | 206 | 215.2% |
Financial Expenses | -3,648 | -3,575 | 2.1% | -837 | -801 | 4.5% |
Profit/(Loss) Before Tax | 17,052 | 13,938 | 22.3% | 2,934 | 467 | 528.0% |
Deferred Tax Income / (Expense) | 97 | 54 | 80.0% | 162 | -2 | n.m. |
Current Period Tax Expense | -4,582 | -3,135 | 46.2% | -1,494 | -103 | n.m. |
Net Income/(Loss) Before Minority | 12,568 | 10,857 | 15.8% | 1,601 | 362 | 342.1% |
Minority Interest | -191 | -102 | 86.8% | -56 | -5 | n.m. |
Net Income | 12,377 | 10,755 | 15.1% | 1,546 | 358 | 332.2% |
EBITDA | 23,268 | 21,545 | 8.0% | 3,380 | 2,318 | 45.8% |
Totals may not add up due to rounding differences. |
Audited | Audited | |
(TL Million) | 31 December 2025 | 31 December 2024 |
Current Assets | 73,617 | 79,526 |
Cash and Cash Equivalents | 26,304 | 30,437 |
Investments in Securities | 222 | 125 |
Trade Receivables | 19,035 | 16,923 |
Other Receivables | 203 | 772 |
Derivative Financial Instruments | 210 | 49 |
Inventories | 19,091 | 20,133 |
Prepaid Expenses | 4,496 | 4,807 |
Tax Related Current Assets | 1,191 | 2,588 |
Other Current Assets | 2,863 | 3,692 |
Non-Current Assets | 117,158 | 114,622 |
Financial Investments | 0 | 0 |
Other Receivables | 229 | 241 |
Property, Plant and Equipment | 73,938 | 71,016 |
Goodwill | 6,996 | 7,221 |
Intangible Assets | 31,892 | 31,662 |
Right of Use Asset | 1,395 | 941 |
Prepaid Expenses | 1,380 | 2,152 |
Deferred Tax Asset | 1,291 | 1,389 |
Derivative Financial Instruments | 0 | 0 |
Other Non-Current Assets | 37 | 0 |
Total Assets | 190,775 | 194,148 |
Current Liabilities | 63,837 | 69,357 |
Short-term Borrowings | 13,638 | 19,832 |
Current Portion of Long-term Borrowings | 5,940 | 8,186 |
Bank borrowings | 5,501 | 7,869 |
Finance lease payables | 439 | 317 |
Trade Payables | 34,515 | 33,532 |
Due to related parties | 10,596 | 9,524 |
Other trade payables to third parties | 23,919 | 24,008 |
Payables Related to Employee Benefits | 705 | 668 |
Other Payables | 5,538 | 4,506 |
Due to related parties | 332 | 315 |
Other payables to third parties | 5,206 | 4,191 |
Derivative Financial Instruments | 197 | 4 |
Deferred Income | 718 | 551 |
Provision for Corporate Tax | 866 | 717 |
Current Provisions | 1,467 | 1,075 |
Other Current Liabilities | 253 | 286 |
Non-Current Liabilities | 40,312 | 44,092 |
Long-term Borrowings | 31,563 | 35,490 |
Financial lease payables | 979 | 818 |
Trade Payables | 3 | 5 |
Provision for Employee Benefits | 1,129 | 1,159 |
Deferred Tax Liability | 6,639 | 6,620 |
Derivative Financial Instruments | 0 | 0 |
Deferred Income | 0 | 0 |
Equity of the Parent | 75,840 | 70,294 |
Minority Interest | 10,787 | 10,405 |
Total Liabilities | 190,775 | 194,148 |
Totals may not add up due to rounding differences. |
Audited Period End | ||
(TL Million) | 31 December 2025 | 31 December 2024 |
Cash Flow from Operating Activities | ||
IBT Adjusted for Non-cash items | 28,956 | 25,946 |
Change in Tax Assets and Liabilities | -3,431 | -6,240 |
Employee Term. Benefits, Vacation Pay, Management Bonus Payment | -198 | -332 |
Change in Operating Assets & Liabilities | -622 | 4,809 |
Change in other current and non-current assets and liabilities | 2,669 | -2,263 |
Net Cash Provided by Operating Activities | 27,374 | 21,920 |
Purchase of Property, Plant & Equipment | -13,533 | -16,041 |
Other Net Cash Provided by/ (Used in) Investing Activities | -97 | 133 |
Cash inflow/outflow from acquisition of subsidiary | 0 | -1,069 |
Net Cash Used in Investing Activities | -13,631 | -16,977 |
Change in ST & LT Loans | -4,914 | 4,871 |
Interest paid | -12,701 | -10,729 |
Interest received | 2,185 | 2,371 |
Dividends paid (including non-controlling interest) | -3,530 | -3,240 |
Cash flow hedge reserve | -148 | -964 |
Change in finance lease payables | -493 | -429 |
Other | 0 | -5,599 |
Net Cash Provided by / (Used in) Financing Activities | -19,601 | -13,720 |
Currency Translation Differences | 2,404 | 95 |
Monetary gain / loss on cash and cash equivalents | -680 | -1,993 |
Net Change in Cash & Cash Equivalents | -4,133 | -10,675 |
Cash & Cash equivalents at the beginning of the period | 30,437 | 41,112 |
Cash & Cash Equivalents at the end of the period | 26,304 | 30,437 |
Free Cash Flow | 2,832 | -2,908 |
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.