KOFOLA ČESKOSLOVENSKO A.S. CONSOLIDATED ANNUAL FINANCIAL REPORT OF THE
ISSUER 2025
A. BBOOAARRDSDOOF FDIRDEICRTEORCSTROEPROSRTREPORT
This version of consolidated annual report has not been prepared in a single electronic reporting format ("the ESEF") and represents unofficial version of the official consolidated annual report published in accordance with ESEF in XHTML format. The Company made all the steps to ensure this version fully correspons with the original version, except for usage of machine readable XBRL tagging, which are included only in the official XHTML version. In case of any difference in the presented information, opinions or interpretations the official version in XHTML format is legally binding.
The official consolidated annual report prepared in ESEF format is accessible on the following link:
https://investor.kofola.cz.
CONSOLIDATED FINANCIAL STATEMENTSA-0
TABLE OF CONTENTS
BOARDS OF DIRECTORS REPORT A-0
KOFOLA AT A GLANCE...................................................................................................... A-5
CHAIRMAN´S STATEMENT ............................................................................................... A-8
KOFOLA GROUP................................................................................................................ A-10BUSINESS OVERVIEW AND OTHER MATTERS................................................................. A-15Kofola ČeskoSlovensko .............................................................................................. A-10
Kofola Group .............................................................................................................. A-10
Group structure.......................................................................................................... A-12
Successes and Awards .............................................................................................. A-14
RISK MANAGEMENT........................................................................................................ A-28Business overview ..................................................................................................... A-15
Auditors remuneration .............................................................................................. A-24
Intellectual property and licences .............................................................................. A-24
Research and development and other information ..................................................... A-25
Technology and production and other non-current assets.......................................... A-25
Additions to property, plant and equipment and intangibles and their condition ......... A-26
Capital sources ......................................................................................................... A-26
Regulatory environment............................................................................................ A-26
Subsequent events ....................................................................................................A-27
CORPORATE GOVERNANCE REPORT .............................................................................. A-38Principal risks faced by the Group ............................................................................. A-28
Approach to market trends and development ............................................................ A-36
REPORT ON RELATIONS...................................................................................................A-57Shares and shareholders ........................................................................................... A-38
Information pursuant to Capital Markets Act section 118.5a-k .................................... A-39
Corporate governance code....................................................................................... A-43
Bodies of the Company.............................................................................................. A-43
Description of diversity policy applied to governance bodies ..................................... A-55
Financial reporting process ....................................................................................... A-55
STATUTORY DECLARATION ........................................................................................... A-70Structure of relations between related parties and the description of the entities ........A-57
Structure of relations and ownership interests between related entities as at 31 December 2025 A-61
Role of the controlled entity in the organisational structure........................................ A-62
Method and means of control..................................................................................... A-62
List of acts with value exceeding 10% of equity of controlled entity............................ A-62
List of mutual contracts between controlled entity and controlling entity or between controlled entities ................................................................................................................. A-62
Assessment of advantages and disadvantages arising from relations between related entities A-69
INDEPENDENT AUDITOR´S REPORT ................................................................................. A-71CONSOLIDATED FINANCIAL STATEMENTS............................................................................B-0
CONSOLIDATED FINANCIAL STATEMENTS ....................................................................... B-1GENERAL INFORMATION B-7Consolidated statement of profit or loss........................................................................ B-1
Consolidated statement of other comprehensive income...............................................B-2
Consolidated statement of financial position.................................................................B-3
Consolidated statement of cash flows ..........................................................................B-4
Consolidated statement of changes in equity................................................................B-5
MATERIAL ACCOUNTING POLICIES................................................................................... B-11Corporate information .................................................................................................. B-7
Group structure............................................................................................................B-9
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS ............................................B-29Statement of compliance and basis of preparation ....................................................... B-11
Functional and presentation currency ......................................................................... B-11
Foreign currency translation ....................................................................................... B-11
Consolidation methods ............................................................................................... B-12
Accounting methods ...................................................................................................B-14
New and amended standards adopted by the Group....................................................B-26
Significant estimates and key management judgements............................................. B-27
Standards issued but not yet effective ....................................................................... B-27
Approval of consolidated financial statements............................................................B-28
Segment information .................................................................................................B-29
Revenue ....................................................................................................................B-33
Expenses by nature ...................................................................................................B-33
Other operating income .............................................................................................. B-34
Other operating expenses .......................................................................................... B-34
Finance income..........................................................................................................B-35
Finance costs.............................................................................................................B-35
Income tax.................................................................................................................B-35
Earnings per share ..................................................................................................... B-37
Property, plant and equipment ...................................................................................B-38
Investment property ...................................................................................................B-41
Intangible assets........................................................................................................B-42
Investments in equity accounted investees ................................................................ B-47
Inventories ................................................................................................................B-49
Trade and other receivables .......................................................................................B-49
Cash and cash equivalents .........................................................................................B-50
Equity........................................................................................................................ B-51
Provisions..................................................................................................................B-53
Bank credits and loans ...............................................................................................B-53
Trade and other payables ........................................................................................... B-57
Future commitments, contingent assets and liabilities................................................B-58
Share based payment.................................................................................................B-59
Leases .......................................................................................................................B-59
Legal and arbitration proceedings ..............................................................................B-60
Related party transactions ......................................................................................... B-61
Financial risk management ........................................................................................B-62
Capital management ..................................................................................................B-68
Financial instruments ................................................................................................ B-70
Headcount ..................................................................................................................B-71
Acquisition of subsidiaries ......................................................................................... B-72
Non-controlling interests ........................................................................................... B-75
Other information....................................................................................................... B-77
Going concern............................................................................................................ B-77
Subsequent events .................................................................................................... B-77
SEPARATE FINANCIAL STATEMENTS .................................................................................. C-0
SEPARATE FINANCIAL STATEMENTS ............................................................................... C-1GENERAL INFORMATION....................................................................................................C-5Separate statement of profit or loss.............................................................................. C-1
Separate statement of other comprehensive income..................................................... C-1
Separate statement of financial position .......................................................................C-2
Separate statement of cash flows C-3
Separate statement of changes in equity ......................................................................C-4
MATERIAL ACCOUNTING POLICIES....................................................................................C-8Corporate information ..................................................................................................C-5
Group structure............................................................................................................C-7
NOTES TO THE SEPARATE FINANCIAL STATEMENTS ....................................................C-22Statement of compliance and basis of preparation ........................................................C-8
Functional and presentation currency ..........................................................................C-8
Foreign currency translation ........................................................................................C-8
Accounting methods ....................................................................................................C-9
New and amended standards adopted by the Company ............................................. C-20
Significant estimates and key management judgements............................................ C-20
Standards issued but not yet effective ....................................................................... C-21
Approval of separate financial statements.................................................................. C-21
Segment information .................................................................................................C-22
Revenue ....................................................................................................................C-22
Expenses by nature ...................................................................................................C-22
Other operating income ..............................................................................................C-23
Other operating expenses ..........................................................................................C-23
Finance income..........................................................................................................C-23
Finance costs.............................................................................................................C-24
Income tax.................................................................................................................C-24
Earnings per share .....................................................................................................C-25
Property, plant and equipment ...................................................................................C-27
Intangible assets........................................................................................................C-28
Investments in subsidiaries....................................................................................... C-30
Investments in equity accounted investees ................................................................ C-31
Trade and other receivables .......................................................................................C-32
Cash and cash equivalents .........................................................................................C-33
Equity........................................................................................................................C-33
Provisions..................................................................................................................C-35
Bank credits and loans ...............................................................................................C-35
Trade and other payables ...........................................................................................C-38
Future commitments, contingent assets and liabilities................................................C-40
Share based payment.................................................................................................C-40
Leases ....................................................................................................................... C-41
Financial risk management ........................................................................................C-43
Financial instruments ................................................................................................ C-47
Related party transactions .........................................................................................C-48
Cash and non-cash financing activities ......................................................................C-52
Headcount .................................................................................................................C-52
Other information.......................................................................................................C-53
Subsequent events ....................................................................................................C-53
CONSOLIDATED SUSTAINABILITY STATEMENT ................................................................... D-0
GENERAL DISCLOSURES (ESRS 2) .....................................................................................D-2
Glossary of terms.........................................................................................................D-2
General disclosures ......................................................................................................D-4
Corporate governance..................................................................................................D-6
Strategy .................................................................................................................... D-10
Impacts, risks and opportunities management........................................................... D-20
Strategy D-34
Impacts, risks and opportunities management............................................................D-36
Metrics and targets ....................................................................................................D-38
WATER AND MARINE RESOURCES (ESRS E3) .................................................................D-52
Impacts, risks and opportunities management............................................................D-52
Metrics and targets ....................................................................................................D-53
Strategy ....................................................................................................................D-56
Impacts, risks and opportunities management............................................................ D-57
Metrics and targets ....................................................................................................D-58
Impacts, risks and opportunities management............................................................ D-61
Impacts, risks and opportunities management............................................................ D-67
Metrics and targets ....................................................................................................D-69
Impacts, risks and opportunities management............................................................ D-75
Metrics and targets .................................................................................................... D-76
Strategy .................................................................................................................... D-78
IMPACTS, RISK AND OPPORTUNITIES MANAGEMENT ............................................. D-79
Metrics and targets ....................................................................................................D-83
Impacts, risks and opportunities management............................................................D-85
KOFOLA GROUP
one of top producers of branded non-alcoholic beverages in Central and Eastern Europe
CZK 10.8 BN 2025 REVENUES
14
PRODUCTION PLANTS
3,826
EMPLOYEES
Listed on Prague stock exchange
CZECHIA SLOVAKIA SLOVENIA CROATIANO. fl
PLAYER IN THE SOFT DRINKS MARKET
NO. fl
WATER BRAND
NO. 1
PLAYER IN THE SOFT DRINKS MARKET
NO. 1
WATER BRAND
NO. 1
PLAYER IN THE SOFT DRINKS MARKET
NO. 1
WATER BRAND
NO. 4
PLAYER IN THE SOFT DRINKS MARKET
NO. fl
WATER BRAND
FOR THE 12M PERIOD
Revenue (CZKm)
10 754 11 082
Revenue per main business segments (CZKm)
12M25 12M246 334 6 848
1 651 1 681
1 440 1 396
1 329 1 157
12M25 12M24 CzechoSlovakia Adriatic Beers & Ciders Fresh & Herbs
EBITDA (CZKm)
1 816 1 851
1 240
EBITDA per main business segments (CZKm)
12M25 12M24255 268
175
274
146 144
1 165
12M25 12M24 CzechoSlovakia Adriatic Beers & Ciders Fresh & Herbs
Net debt/LTM EBITDA
Profit/(loss) for the period (CZKm)
3,02
2,14
596 601
31-12-25 31-12-24 12M25 12M24
The results and ratios above are based on adjusted results. For details on financial performance and reconciliation of reported and adjusted results refer to section 4.1.
Kofola at a glance MAIN INFORMATION IN 2025*:
Group´s revenue decreased by CZK 327.6mil. (3.0%).
Group´s EBITDA decreased by CZK 34.6 mil. (1.9%).
Very challenging year, primarily due to regulatory changes and unstable weather.
Net profit decreased by CZK 5.3 mil. (0.9%).
Several new acquisitions took place (apple orchards, coffee plantations, vending machines).
*Based on adjusted results.
Dear Shareholders,
In last year's chairman's statement, I wrote about the deteriorating consumer sentiment and concerns regarding the sugar tax in Slovakia. Unfortunately, throughout 2025, all these fears were realized.
Customers bought less. A major factor in the decline in demand was, of course, the weather - the worst we have seen in a decade. Winter was damp and just above freezing, spring was cold, summer was rainy, and the Indian summer did not arrive. While such weather cycles happen from time to time, the decline in consumer sentiment is more troubling. Consumers in the countries where we operate faced a truly difficult environment:
consolidation packages in Slovakia, negative pre-election campaigns in the Czech Republic, the lingering effects of inflation, and Friday store boycotts in Croatia. All of this contributed to lower sales volumes.
The sugar tax in Slovakia took exactly what we expected -approximately 10% of our volumes. Combined with the weather and sentiment, our volumes in Slovakia plummeted by 16%. Other government decisions are not providing much relief either, we are facing politically motivated, sudden changes in labor legislation and an unprecedented increase in the minimum wage in Slovenia.
Although we achieved the second-highest EBITDA in our history in 2025, the factors mentioned above prevent us from evaluating the past year as successful. This optically good result was driven by our flexibility and ability to reduce short-term costs. In 2026, many costs will return to higher levels. Therefore, despite planned commercial improvements, we expect EBITDA to range between CZK 1.8-1.9 billion. On a positive note, we are succeeding in our acquisition strategy and have announced two new members of our group.
At the very beginning of this year, we completed the acquisition of Nobilis Tilia, a leading Czech manufacturer of natural cosmetics. We believe in the synergy with LEROS and the expansion of our herbal story. We share the same values, work with the same raw materials, and hold the same respect for nature. High-quality natural cosmetics based on herbs possess significant potential not only in the Czech Republic but also in international markets.
Another major step for us is the expansion of our Latin American branch. By signing the purchase agreement for Alta Fermentation, which operates three microbreweries, a cafe chain, and a rum distillery, we are entering the FMCG category following our foray into coffee cultivation. Strategic autonomy in the coffee segment has proven to be an excellent move, and we believe that with Alta Fermentation, a beautiful and long-term profitable story awaits us. The Latin American market is young, dynamic, and rapidly growing. For now, we are focusing on smaller regions: Panama with 4.5 million inhabitants, Ecuador with 18 million, and Bogota with 8 million. These are regions we aim to develop alongside our local partners to establish significant market power in the future.
In 2026, we will also undergo a strategic review of all our activities. We must become better at identifying synergies and increasing efficiency. Across European economies, we generally see heavy pressure on the traditional beverage industry - sugar taxes, excise duties, decreasing alcohol consumption, and many more. We must therefore diversify both our product portfolio and our geographic footprint. If we work on our efficiency, the traditional beverage business will certainly sustain us for another two decades, though its relative weight within our portfolio will undoubtedly decrease.
At the end of the first quarter, we are once again forced to address the geopolitical situation and its impact on the prices of input materials and energy. Currently, these effects are not yet visible on our P&L statement. We have partially pre-purchased raw materials and energy, but even if the war ends
very quickly, the aftershocks will certainly hit us. This may lead to price increases for our products, and we will certainly not avoid scaling back some of our planned activities.
Finally, I will repeat myself from last year: I want to thank everyone who pulled together with us in 2025: our employees, suppliers, customers, shareholders, and consumers. We couldn't have done it without you. Thank you.
Jannis Samaras Chairman of the Board of Directors
Kofola ČeskoSlovensko a.s.
-
KOFOLA ČESKOSLOVENSKO
Kofola ČeskoSlovensko a.s. ("the Company") is a joint-stock company and was registered on 12 September 2012 in the Czech Republic. Its registered office is Nad Porubkou 2278/31a, Poruba, 708 00 Ostrava, Czech Republic and the identification number is 24261980. Ostrava is also a Company's principal place of business. The Company is recorded in the Commercial Register kept by the Regional Court in Ostrava (Czech Republic), section B, Insert No. 10735. The Company´s websites are http://www.firma.kofola.cz and the phone number is +420 595 601 030. LEI: 3157005DO9L5OWHBQ359.
-
KOFOLA GROUP
Basic information
Nature of Group's operations and principal activities is production and sale of non-alcoholic and alcoholic beverages.
Kofola ČeskoSlovensko a.s. is part of the Kofola Group, one of the leading producers and distributors of non-alcoholic beverages in Central and Eastern Europe that belongs to the top players in CzechoSlovakia.
The Group produces its products with care and love in fourteen production plants located in the Czech Republic (nine plants), Slovakia (two plants), Slovenia (one plant), Croatia (one plant) and Poland (one plant).
The Group distributes its products using a wide variety of packaging, including kegs that are used in the HoReCa channel to serve our widely popular drink "Kofola Draught" distributed in KEG which is considered as one of our most environmentally friendly packaging. The Group distributes its products through Retail, HoReCa and Impulse channels.
Besides traditional non-alcoholic drink segment, Group has also entered new smaller segments through the acquisition of coffee plantations and apple orchards. And with its acquisition of Pivovary Zubr a.s. realized in March 2024, it has also entered the beer segment.
Key brands
Key own brands include carbonated beverages Kofola and Vinea, waters Radenska, Studenac, Rajec, Ondrášovka, Korunní and Kláštorná Kalcia, syrup Jupí, beverages for children Jupík, Semtex energy drink, UGO fresh juices and salads, Leros teas and coffee brands Café Reserva and Trepallini. From 2024 the key brands include also beers Zubr, Holba and Litovel. In selected markets, the Group distributes among others Evian, Vincentka or Dilmah products and under the licence produces Royal Crown Cola, Orangina or Pepsi. The Group also produces and distributes water, carbonated and non-carbonated beverages and syrups under private labels for third parties, mostly big retail chains.
Despite the fact that the Group's portfolio includes more than 30, mostly well-established and recognisable brands with a wide market, the Group's key brand is Kofola.
Main brands by categories are shown in the visualisation below:
-
GROUP STRUCTURE
Group structure as at 31 December 2025
Name of entity
Place of busIness
Segment Section B.4.1
Principal activities
Ownership interest and voting rights
31.12.2025 31.12.2024
Holding companies
Kofola ČeskoSlovensko a.s.
Czech Republic
CzechoSlovakia
top holding company
Cafe Dorado s.r.o.
Czech Republic
n/a
holding company
50.00%
50.00%
PIVOVARY TRIANGL s.r.o.2
Czech Republic
Beers & Ciders
holding company
51.00%
51.00%
Bilgola fresh s.r.o.
Czech Republic
n/a
holding company
100.00%
100.00%
VENDING, s.r.o.6
Slovakia
CzechoSlovakia
holding company
100.00%
n/a
Alliance for sDRS a.s. 9
Czech Republic
n/a
holding company
50.00%
n/a
Production and trading
Kofola a.s.
Czech Republic
CzechoSlovakia
production and distribution of
non-alcoholic beverages
100.00%
100.00%
production and distribution
Kofola a.s.
Slovakia
CzechoSlovakia
of
100.00%
100.00%
non-alcoholic beverages
UGO trade s.r.o.6
Czech Republic
Fresh & Herbs
operation of Fresh bars chain,
90.00%
90.00%
production of salads
production and distribution
RADENSKA d.o.o.
Slovenia
Adriatic
of
100.00%
100.00%
non-alcoholic beverages
production and distribution
Studenac d.o.o.
Croatia
Adriatic
of
100.00%
100.00%
non-alcoholic beverages
production and distribution
Premium Rosa Sp. z o.o.
Poland
Fresh & Herbs
of
100.00%
100.00%
syrups and jams
production and distribution
of
LEROS, s.r.o.
Czech Republic
Fresh & Herbs
products from medicinal
100.00%
100.00%
plants and quality natural
teas
distribution of products from
Leros Slovakia, s.r.o.
Slovakia
Fresh & Herbs
medicinal plants and
100.00%
100.00%
F.H.Prager s.r.o.
Czech Republic
Beers & Ciders
quality natural teas
production and distribution
100.00%
100.00%
of ciders and kombucha
Semtex Republic s.r.o.
Czech Republic
CzechoSlovakia
marketing activities
100.00%
100.00%
Tuselie s.r.o.1
Czech Republic
n/a
production and distribution of
34.00%
34.00%
self-watering clay pots
FILIP REAL a.s.3
Bylinkárna s.r.o.
Czech Republic
Czech Republic
CzechoSlovakia
Fresh & Herbs
hotel operation products completion and
100.00%
100.00%
100.00%
100.00%
packaging
production of hot-washed
General Plastic, a. s.
Slovakia
n/a
PET flakes and PET
33.33%
33.33%
preforms
AGRITROPICAL S.A.S.
Colombia
n/a
coffee plantations
25.00%
25.00%
Pivovary Zubr a.s.2
Czech Republic
Beers & Ciders
production and distribution of traditional beer brands
51.00%
51.00%
Zubr, Holba and Litovel
FONTÁNA PCZG s.r.o.2
Czech Republic
Beers & Ciders
wholesale of beer and soft drinks
51.00%
51.00%
Supplo s.r.o.3
Czech Republic
CzechoSlovakia
B2B sales of products and services through the
100.00%
100.00%
Marketplace model
PRAGEROVY SADY LIBINA Czech Republic Fresh & Herbs apple orchards 100.00% 100.00%
s.r.o.3
MIXA VENDING s.r.o.3 Czech Republic n/a vending machines operator 49.00% 49.00%
100.00%
100.00%
100.00%
n/a
100.00%
n/a
PRAGER's s.r.o.2 Czech Republic Beers & Ciders production of fermented
beverages
Krondorf a.s.4 Czech Republic CzechoSlovakia production of mineral water
TAYLOR PAPA LALO COFFEE
S.A. 5
Panama Fresh & Herbs production and sale of
Coffee
PRAGEROVA SKLIZEŇ s.r.o. 5
Czech Republic
Fresh & Herbs
owner of orchards in the
Úsovsko region
80.00%
n/a
ASO VENDING s.r.o. 6
Slovakia
CzechoSlovakia
vending machines operator
100.00%
n/a
Root&Snoot industry s.r.o. 7
Czech Republic
Fresh & Herbs
animal feed manufacturing
100.00%
n/a
Smart DRS Limited 8
Ireland
n/a
solutions for the collection of returnable packaging
30.00%
n/a
Transportation
SANTA-TRANS s.r.o.
Czech Republic
CzechoSlovakia
road cargo transport
100.00%
100.00%
1 Previously Zahradní Olla s.r.o. 2 Established/acquired in March 2024 (formerly Pivovary CZ Group a.s.). 3 Established/acquired in January 2024. 4
Established/acquired in January 2025. 5 Established/acquired in April 2025. 6 Established/acquired in August 2025. 7 Established/acquired in October
2025 8 Established/acquired in December 2025. 9 Acquired 49% of voting rights.
- SUCCESSES AND AWARDS
Zubr Gradus 12 is the best pale lager in the Czech Republic
The mighty roar of Zubr is echoing across the country once again. The Přerov brewery has built on its bold redesign and new positioning with another major triumph. In the main category of pale lagers at the Czech Beer 2025 tasting competition, Zubr Gradus took first place.
Randstad Award
Kofola ČeskoSlovensko ranked 1st in the FMCG industry category in the Randstad Award for the best employers and overall took 5th place.
HERMES Communication Awards
Based on a representative survey by MEDIAN SK, the Kofola brand won the award for the best communicating brand (1st place), while Rajec brand ranked 3rd. Kofola also took 2nd place in the Public's Choice category.
LEMUR PR Awards
Kofola received the highest award, GRAND PRIX Golden Lemur, for its flood communication campaign "Let's Bring the Barrels Home" and the #zlasky project for localities, as well as 1st place in the Crisis Communication category.
RADENSKA ADRIATIC
At the 29th International Juice, Beverage, and Bottled Water competition held at the Pomurje Fair in Gornja Radgona, Radenska company won 14 medals for its brands.
Kofola is the most trusted brand among carbonated soft drinks Kofola once again earned the title of Most Trusted Brand in its category in both the Czech Republic and Slovakia. Consumers rated nearly 900 brands in an independent survey. In this year's edition, customers primarily highlighted reliability and quality as the key factors driving trust.
-
BUSINESS OVERVIEW
Revenue development in 2025
The year 2025 was highly challenging for the whole Kofola Group, resulting in year over year revenue decrease of CZK 327.6 million (3.0%).
Revenue in the CzechoSlovakia business segment decreased by CZK 513.1 million (7.5%), primarily due to the introduction of a sugar tax in Slovakia. Results at the beginning of the year were impacted by customers stocking up in late 2024 ahead of the tax's effective date on 1 January 2025. Furthermore, the tax led to higher retail prices, which negatively influenced consumer behavior and purchasing patterns in Slovakia. Lower revenues were also driven by unfavorable weather conditions during the summer season.
The Adriatic region faced similar challenges. A dynamic market environment, regulatory changes, and unstable weather defined last year's results in the Adriatic region with revenue declining year over year by CZK 30.5 million (1.8%).
The total sales of CzechoSlovakia and Adriatic segments represented 74.2% of total Group sales (77.0% in 2024).
2025 was also a difficult year for the brewery business, with revenue decrease attributable primarily to export. In the Czech Republic, the Beers & Ciders segment maintained revenue at the 2024 level. However, due to the acquisition of the breweries in March 2024, the comparable 2024 figures include only 9 months of operations, which resulted in a reported year over year increase of CZK 44.3 million (3.2%).
In contrast, the Fresh & Herbs segment experienced positive growth. This segment grew by 14.8% (CZK 171.6 million), driven mainly by the strong performance of the UGO and LEROS.
The overall year-on-year decline in EBITDA was mitigated primarily by cost-saving measures implemented in 2025. The most significant contributors included a reduction in personnel expenses due to the non-payment of bonuses for 2025, as well as lower share-based payment expenses, reflecting an updated outlook for 2026.
Adjustments of reported performance and position
Presented below is a description of the financial performance and financial position of Kofola Group in 2025. It should be read along with the financial statements and with other financial information contained in the attached consolidated financial statements. The Board of Directors is presenting and commenting on the consolidated financial results adjusted for one-off events in the following sections of part A.
-
ADJUSTED CONSOLIDATED FINANCIAL RESULTS
Adjusted consolidated financial results
2025
CZK´000 000
One-off adjustments
CZK´000 000
2025
adjusted
CZK´000 000
Revenue
10,754.3
-
10,754.3
Cost of sales
(5,675.0)
-
(5,675.0)
Gross profit
5,079.3
-
5,079.3
Selling, marketing and distribution costs
(3,356.4)
-
(3,356.4)
Administrative costs
(606.8)
(81.9)
(688.7)
Other operating income/(costs), net
48.5
(26.9)
21.6
Operating profit/(loss)
1,164.6
(108.8)
1,055.8
Depreciation and amortisation
760.6
-
760.6
EBITDA
1,925.2
(108.8)
**1,816.4
Finance income/(costs), net
(231.7)
-
(231.7)
Income tax
(251.3)
22.8
(228.5)
Profit/(loss) for the period
681.6
(86.0)
595.6
- attributable to owners of Kofola ČeskoSlovensko a.s.
673.9
(87.5)
586.4
* EBITDA refers to operating profit/(loss) plus depreciation and amortisation.
** Adjusted EBITDA refers to EBITDA adjusted for the effects of events and transactions that are non-recurring, extraordinary or unusual in nature, including in particular results from the sale of non-current assets and financial assets, costs not arising from ordinary operations, such as those associated with the impairment of property, plant and equipment, financial assets, goodwill and intangible assets, relocation costs and the costs of Group layoffs.
The result of the Kofola Group for the 12-month period ended 31 December 2025 was affected by the following one-off items:
In Other operating income/(costs), net:
Insurance compensation connected to floods of CZK 39.8 million (CzechoSlovakia segment and Fresh & Herbs segment).
Net gain on sold items of Property, plant and equipment of CZK 14.5 million recognized in all business segments.
Costs connected to floods of CZK 26.0 million (CzechoSlovakia segment and Beers & Ciders segments).
Advisory costs of CZK 12.1 million (CzechoSlovakia segment).
Restructurring costs of CZK 12.2 million (CzechoSlovakia segment, Fresh & Herbs segement and Beers & Ciders segement).
Impairment of fixed assets of CZK 0.5 million (CzechoSlovakia segment and Beers & Ciders segment).
Gain on bargain purchase related to new acquisition of TAYLOR PAPA LALO COFFEE S.A. of CZK
23.3 million.
In Administrative costs:
Release of provision related to share based payments of CZK 81.9 million (CzechoSlovakia segment).
Adjusted consolidated financial results
2024
CZK´000 000
One-off adjustments
CZK´000 000
2024
adjusted
CZK´000 000
Revenue
11,082.0
-
11,082.0
Cost of sales
(6,037.1)
-
(6,037.1)
Gross profit
5,044.9
-
5,044.9
Selling, marketing and distribution costs
(3,201.0)
-
(3,201.0)
Administrative costs
(705.9)
-
(705.9)
Other operating income/(costs), net
105.1
(66.2)
38.9
Operating profit/(loss)
1,243.1
(66.2)
1,176.9
Depreciation and amortisation
674.1
-
674.1
EBITDA
*1,917.2
(66.2)
**1,851.0
Finance income/(costs), net
(315.8)
-
(315.8)
Income tax
(274.1)
14.0
(260.1)
Profit/(loss) for the period
653.2
(52.2)
601.0
- attributable to owners of Kofola ČeskoSlovensko a.s.
597.9
(58.0)
539.9
* EBITDA refers to operating profit/(loss) plus depreciation and amortisation.
** Adjusted EBITDA refers to EBITDA adjusted for the effects of events and transactions that are non-recurring, extraordinary or unusual in nature, including in particular results from the sale of non-current assets and financial assets, costs not arising from ordinary operations, such as those associated with the impairment of property, plant and equipment, financial assets, goodwill and intangible assets, relocation costs and the costs of Group layoffs.
The result of the Kofola Group for the 12-month period ended 31 December 2024 was affected by the following one-off items:
In Other operating income/(costs), net:
Insurance compensation connected to floods of CZK 174.9 million (CzechoSlovakia segment and Fresh & Herbs segment). This amount also includes CZK 50 million insurance compensation related to business interruption and also insurance compensations related to investments replacing damaged assets.
Net gain on sold items of Property, plant and equipment of CZK 30.5 million recognized in all business segments.
Gain on bargain purchase of PRAGEROVY SADY LIBINA s.r.o. of CZK 4.2 million (CzechoSlovakia segment).
Gain on leasing of CZK 1 million (Adriatic segment).
Costs connected to floods of CZK 108.2 million (CzechoSlovakia segment, Fresh & Herbs and Beers & Ciders segments). The amount does not include financial impacts of business interruption, replacement of damaged assets or necessary investments as a result of the floods.
Advisory costs of CZK 11.4 million (CzechoSlovakia segment).
Litigation costs of CZK 6.8 million (Adriatic segment).
Insurance and transaction costs of CZK 6.1 million (Beers & Ciders segment).
Restructuring costs of CZK 6 million (Fresh & Herbs and Beers & Ciders segments).
Fixed assets provision costs of CZK 5.6 million (CzechoSlovakia segment).
Insurance gain of CZK 2.3 million (Adriatic segment).
Software licence fee costs of CZK 2.2 million (Beers & Ciders segment).
Cost of fixed assets write off of CZK 0.4 million (Beers & Ciders segment).
-
FINANCIAL PERFORMANCE
Adjusted consolidated financial results
2025
2024
Change
Change
CZK´000 000
CZK´000 000
CZK´000 000
%
Revenue
10,754.3
11,082.0
(327.6)
(3.0%)
Cost of sales
(5,675.0)
(6,037.1)
362.1
(6.0%)
Gross profit
5,079.3
5,044.9
34.5
0.7%
Selling, marketing and distribution costs
(3,356.4)
(3,201.0)
(155.4)
4.9%
Administrative costs
(688.7)
(705.9)
17.2
(2.4%)
Other operating income/(costs), net
21.6
38.9
(17.3)
(44.5%)
Operating profit/(loss)
1,055.8
1,176.9
(121.1)
(10.3%)
EBITDA
1,816.4
1,851.0
(34.6)
(1.9%)
Finance income/(costs), net
(231.7)
(315.8)
84.2
(26.7%)
Income tax
(228.5)
(260.1)
31.6
(12.1%)
Profit/(loss) for the period
595.6
601.0
(5.3)
(0.9%)
- attributable to owners of Kofola ČeskoSlovensko a.s.
586.4
539.9
46.5
8.6%
Revenue
The decrease in Group revenue was primarily driven by regulatory changes, specifically the introduction of the sugar tax in Slovakia and the VAT increase in Slovenia, alongside unfavorable weather conditions throughout 2025.
Business segments
Revenue
2025
Share
Revenue
2024
Share
Change
CZK´000 000
%
CZK´000 000
CZK´000 000
%
CzechoSlovakia
6,334.5
58.9%
6,847.6
61.8%
(513.1)
(7.5%)
Adriatic
1,650.8
15.3%
1,681.3
15.2%
(30.5)
(1.8%)
Beers & Ciders
1,440.2
13.4%
1,395.9*
12.6%
44.3
3.2%
Fresh & Herbs
1,328.8
12.4%
1,157.2
10.4%
171.6
14.8%
Total
10,754.3
100.0%
11,082.0
100.0%
(327.7)
(3.0%)
* Revenues since acquisition in March 2024.
The CzechoSlovakia segment saw a significant decline, primarily due to the introduction of the sugar tax in Slovakia.
Similarly, revenue in the Adriatic segment was impacted by the VAT increase in Slovenia, along with unstable weather conditions. Nevertheless, the Adriatic segment achieved key strategic milestones, including the successful launch of Prager's Kombucha and FunctionALL Collagen.
Due to the acquisition of the breweries in March 2024, the comparable 2024 figures in the Beers & Ciders segment include only 9 months of operations. The decrease in sales within the Beers & Ciders segment (if compared to revenues for 12M 2024) is attributable primarily to export. Demand softened across all beer formats. Only the Zubr brand outperformed the market, and together with Holba it underwent through a successful rebranding.
The Fresh & Herbs segment's revenue was driven by UGO and LEROS. UGO remains on an impressive business trajectory. LEROS has experienced excellent performance as well.
Product lines
Revenue
2025
Share
Revenue
2024
Share
Change
CZK´000 000
%
CZK´000 000
%
CZK´000 000
%
Carbonated beverages
3,610.2
33.6%
3,874.8
35.1%
(264.6)
(6.8%)
Waters
2,946.7
27.4%
3,107.4
28.0%
(160.7)
(5.2%)
Non-Carbonated beverages
507.9
4.7%
712.8
6.4%
(204.9)
(28.7%)
Syrups
461.8
4.3%
588.5
5.3%
(126.7)
(21.5%)
Beers & Ciders
1,430.7
13.3%
1,187.5
10.7%
243.2
20.5%
Fresh & Salad bars
669.6
6.2%
567.4
5.1%
102.2
18.0%
Other
1,127.4
10.5%
1,043.6
9.4%
83.8
8.0%
Total
10,754.3
100.0%
11,082.0
100.0%
(327.7)
(3.0%)
The activities of the Group concentrate on the production of beverages in four market categories: carbonated beverages (including cola beverages), non-carbonated beverages, types of bottled water and syrups. Together these categories accounted for 70.0% of the Group's revenue in 2025
2025
2024
Change
Sales by countries Revenue
Share
Revenue
Share
CZK´000 000
%
CZK´000 000
%
CZK´000 000
%
Czech Republic
6,175.6
57.4%
6,177.8
55.8%
(2.2)
(0.0%)
Slovakia
2,324.7
21.6%
2,530.8
22.8%
(206.1)
(8.1%)
Slovenia
1,026.8
9.5%
1,040.7
9.4%
(13.9)
(1.3%)
Croatia
489.4
4.6%
499.9
4.5%
(10.5)
(2.1%)
Poland
366.5
3.4%
357.7
3.2%
8.8
2.5%
Other
371.3
3.5%
475.1
4.3%
(103.8)
(21.8%)
Total
10,754.3
100.0%
11,082.0
100.0%
(327.7)
(3.0%)
(in 2024: 74.8%). Beverages from the category Beers & Ciders accounted for 13.3% share of whole revenue (in 2024: 10.7%).
(per end customer)
The allocation of revenue to a particular country segment is based on the geographical location of customers. Sales has declined in, except for Poland, all countries in comparison with 2024.
Other represents the Group's export.
Cost of sales
Decline of Group's Cost of sales is in line with decline of revenue. Material and energy prices are developing according to expected trends.
Selling, marketing and distribution costs
Selling, marketing and distribution costs are higher especially due to new companies within the Group. Also, there was an increase of transportation costs and marketing costs.
EBITDA
Adjusted EBITDA
2025
2024
CZK´000 000/%
CZK´000 000/%
EBITDA*
1,816.4
1,851.0
EBITDA margin**
16.9%
16.7%
* EBITDA refers to operating profit/(loss) plus depreciation and amortisation.
** Calculated as (EBITDA/Revenue)*100%.
2025
2024
Change
Adjusted EBITDA by business EBITDA EBITDA EBITDA EBITDA
segments margin margin
CZK´000 000
%
CZK´000 000
%
CZK´000 000
%
CzechoSlovakia
1,240.8
19.6%
1,165.3
17.0%
75.5
6.5%
Adriatic
255.0
15.4%
267.9
15.9%
(12.9)
(4.8%)
Beers & Ciders
175.1
12.2%
274.3
19.7%
(99.2)
(36.2%)
Fresh & Herbs
145.5
10.9%
143.5
12.4%
2.0
1.4%
Total
1,816.4
16.9%
1,851.0
16.7%
(34.6)
(1.9%)
The decline in revenue led to an overall decrease in EBITDA. While smaller divisions, such as UGO and LEROS, experienced growth, the soft drinks and beer segments saw a downturn. In response, the Kofola Group implemented cost-saving measures, which helped to achieve a total EBITDA of CZK 1,816.4 million for the year.
The increase in both EBITDA and EBITDA margin within the CzechoSlovakia segment was primarily driven by significant cost-saving measures, such as the non-payment of performance-related bonuses and other personnel cost reductions.
The significant decrease in EBITDA within Beers & Ciders segment was primarily driven by a substantial decline in export, alongside declining volumes across On-trade and Off-trade markets.
Finance income/(costs), net
Financial result was influenced mainly by positive FX effect of CZK 102.6 million. There was also lower interest expense from bank credits and loans (by CZK 49.7 million).
Income tax
Lower income tax is a result of lower taxable profits in Group companies.
-
FINANCIAL POSITION
Consolidated statement of financial
position
31.12.2025
31.12.2024
Change
Change
CZK´000 000
CZK´000 000
CZK´000 000
%
Total assets
11,538.3
10,873.0
665.3
6.1%
Non-current assets
8,476.4
7,246.1
1,230.3
17.0%
Property, plant and equipment
5,267.0
4,410.3
856.7
19.4%
Intangible assets
1,710.3
1,668.8
41.5
2.5%
Goodwill
1,053.9
780.9
273.0
35.0%
Investments in equity accounted
188.7
190.6
(1.9)
(1.0%)
investees
Deferred tax assets
30.5
54.2
(23.7)
(43.7%)
Other
226.0
141.3
84.7
59.9%
Current assets
3,061.9
3,626.9
(565.0)
(15.6%)
Inventories
1,008.0
941.9
66.1
7.0%
Trade and other receivables
1,338.4
1,451.4
(113.0)
(7.8%)
Cash and cash equivalents
634.7
1,230.0
(595.3)
(48.4%)
Other
80.8
3.6
77.2
2,144.4%
Total equity and liabilities
11,538.3
10,873.0
665.3
6.1%
Equity
2,282.9
2,024.0
258.9
12.8%
Non-current liabilities
5,114.5
4,740.0
374.5
7.9%
Bank credits and loans
4,064.6
3,692.1
372.5
10.1%
Lease liabilities
386.7
299.4
87.3
29.2%
Deferred tax liabilities
523.1
444.7
78.4
17.6%
Other
140.1
303.8
(163.7)
(53.9%)
Current liabilities
4,140.9
4,109.0
31.9
0.8%
Bank credits and loans
1,512.9
1,077.0
435.9
40.5%
Lease liabilities
155.9
115.2
40.7
35.3%
Trade and other payables
2,399.4
2,581.9
(182.5)
(7.1%)
Other
72.7
334.9
(262.2)
(78.3%)
ASSETS
Property, plant and equipment increased as a result of acquisition of subsidiaries (CZK 273.4 million) and additions of CZK 1,397.7 million. The most significant additions realized by the Group in 2025 were represented by investments into the construction of new warehousing facilities in Rajecká Lesná in Slovakia and in Mnichovo Hradiště in the Czech Republic.
Increase of goodwill by CZK 273.0 million is caused by acquisitions of Krondorf a.s., PRAGEROVA SKLIZEŇ s.r.o. and VENDING, s.r.o., incl. ASO VENDING s.r.o.
Investments in equity accounted investees represent mainly 1/3 share in General Plastic, a. s., a Slovak producer of hot-washed PET flakes and PET preforms used for production of PET bottles and also 50%
share in Cafe Dorado s.r.o. Since 2024 it includes also MIXA VENDING, s.r.o. (49%), a vending machines operator.
Deferred tax asset represents mainly the asset from share based payment.
Other non-current assets increased as a result of loan provided in 2025 to MIXA VENDING, s.r.o. in the total amount of CZK 58 million.
Inventories increased due to increased stock level and also due to newly acquired companies within the Group.
Trade and other receivables decreased mainly due to lower trade receivables (CZK 117.3 million) which was driven by decreased sales.
Other current assets represent income tax receivable.
LIABILITIES
Increase of the Bank credits and loans (both current and non-current) is a result of the regular loan repayment (CZK 508.7 million), overdraft and CAPEX/acquisition tranche drawing (CZK 1,305.6 million) and FX revaluation.
Lease liabilities increased mainly as a result of significant lease additions and also due to newly acquired companies within the Group.
Deferred tax liability represents mainly deferred tax liability attributable to property, plant and equipment.
Other non-current liabilities decreased mainly due to other financial liability of PIVOVARY TRIANGL s.r.o., which is related to a loan provided by the minority shareholders of PIVOVARY TRIANGL s.r.o. (RSJ PE SICAV a.s. and ÚSOVSKO a.s.), which was partially repaid during 2025.
Trade and other payables decreased mainly due to lower trade payables (CZK 108.6 million) and other current financial liabilities (CZK 80.0 million), which are represented by deferred payable of PIVOVARY TRIANGL s.r.o. in relation to acquisition of Pivovary Zubr a.s. and FONTÁNA PCZG s.r.o.
Other current liabilities decreased mainly as a result of lower provision for personal expenses.
The Group's consolidated net debt (calculated as total non-current and current liabilities relating to credits, loans, leases and other debt instruments less cash and cash equivalents) amounted to CZK 5,485.4 million as at 31 December 2025, which represents an increase of CZK 1,531.7 million.
The Group´s consolidated net debt / Adjusted LTM EBITDA as at 31 December 2025 was of 3.02 (as of 31 December 2024: 2.14).
-
CASHFLOWS
Cash flows from operating activities were lower by CZK 459.2 million.
Cash flows from investing activities were lower by CZK 463.7 million mainly due to lower cash outflows connected with the acquisition of subsidiaries compared to prior year.
Cash flows from financing activities were lower by CZK 730.5 million mainly due to lower cash inflows from drawings of bank loans. In 2024, there was also a capital contribution to PIVOVARY TRIANGL s.r.o. in the amount of CZK 392 million.
-
TRANSACTIONS WITH RELATED PARTIES THAT SUBSTANTIALLY INFLUENCED FINANCIAL PERFORMANCE
There were no transactions with related parties that substantially influenced financial performance for the reported period ended 31 December 2025.
-
MAIN RISKS AND UNCERTAINTIES IN SUBSEQUENT PERIOD
The Kofola Group continues to operate in a dynamic environment where several key risks could impact its future financial performance. While the extreme volatility seen in previous years has partially stabilized, the Group remains exposed to fluctuations in raw material prices (particularly sugar, PET, and fruit concentrates). Geopolitical instability continues to pose a risk of sudden supply chain disruptions. The Kofola Group remains vigilant against potential price spikes driven by global political developments. Its ability to maintain margins depends on capacity to reflect these input costs in final product pricing.
Inflationary pressures on consumer purchasing power remain a primary concern. While headline inflation has moderated in some markets, the cumulative effect of past price increases may still lead to a shift in consumer preferences toward lower-priced alternatives or a reduction in the consumption of non-essential beverages.
The financial year 2025 was significantly characterized by the implementation of the sugar tax in Slovakia. This regulatory measure has already led to a visible shift in consumer purchasing behavior and required extensive adjustments to product portfolio and pricing strategies. Due to the long-term elasticity of demand and potential introduction of similar taxes in other jurisdictions, it remains a key risk for the sales volumes and margins in 2026.
The Group continues to manage its exposure to interest rate fluctuations. Following the strategic shift of a significant portion of its debt (60%) into EUR in 2022, stability in interest expenses was achieved. However, the remaining portion of debt portfolio held in Czech Crowns (CZK) remains sensitive to the monetary policy decisions of the Czech National Bank. The Kofola Group continues to monitor the spread between CZK and EUR rates to optimize its financing costs.
Currently, the Kofola Group has sufficient cash balances and flexibility in its expenses. The Kofola Group also closely monitors the situation and creates scenarios during its regular top management meetings.
-
EXPECTED DEVELOPMENT IN SUBSEQUENT PERIOD
In 2026, the CzechoSlovakia segment will continue to build and further enhance its competence of being comprehensive producer and supplier with the complete offer of beverages both in Retail and HoReCa channel. Special support will be given to the functional water segment as well as to healthy, no sugar or bio drinks. Kofola portfolio will be complemented by zero sugar product called "Nulka". We will continue to support innovations campaigns for other soft drink brands (Targa, Vinea, Royal Crown Cola) and water portfolio (Rajec, Kláštorná, Korunní and Ondrášovka). In the HoReCa channel the priority will be given to draught Kofola which will be also presented in summer music festivals in the Czech Republic and Slovakia. In the first half of 2026, construction of two warehouses located in the area of production plants in Mnichovo Hradiště and Rajecká Lesná will be finished. The new warehouses should lead to the optimization of logistic processes and cost reduction. Internally, the CzechoSlovakia segment will focus on digitisation projects and continuing improving of business excellence.
lIn 2026, Radenska ADRIATIC is focused on protecting its profitability (EBITDA) against rising costs. The company faces a sharp increase in the minimum wage in Slovenia alongside potential growth in energy and raw material prices driven by global geopolitical tensions between the USA and Iran. To manage these pressures, the company is strictly reviewing all operating costs and focusing on internal efficiency. Despite these challenges, Radenska ADRIATIC remains optimistic and is strengthening its portfolio with key milestones. Its brand Oaza celebrates 20 years with a new vitamin-enriched formula, while the legendary Ora marks its 60th anniversary with a complete redesign. Additionally, the company is expanding its sales range with Boccetta syrups and LEROS teas. By combining cost discipline with these product innovations, Radenska ADRIATIC aims to maintain its market leadership and ensure a stable year.
After a good January, LEROS experienced a decrease in sales in the pharma and retail markets in February, which resulted in a lower contribution to the company. LEROS is taking immediate action to get the company back on track. In 2026, LEROS has several new challenges: Develop the sales of roasted coffee in its own coffee roastery called LEROSTERY; Start building a new production/warehousing hall; and Integrate a new acquisition of Nobilis Tilia into its herbal group.
Premium Rosa meets expectations in the first two months of the year 2026. The company will focus on returning to the profitable trajectory set in 2024.
UGO plans to build upon the success of previous years within the Quick Service Restaurant (QSR) segment in 2026. Double-digit year-on-year growth will be supported by further innovations and the opening of new establishments, including through franchised partnerships. Concurrently, UGO will continue the development and expansion of its packaged portfolio for the retail channel. Its focus also remains firmly on digitalization, increasing productivity, and enhancing responsiveness to the end consumer's need for a balanced and healthy lifestyle, positioning UGO as their loyal partner in this journey.
Organizational integration and optimization of the breweries acquired in March 2024 was successfully completed in early 2025. This milestone positions the beer segment to significantly expand its distribution across both retail and HoReCa channels in the Czech Republic, while also strengthening and growing its presence in export markets. To support this growth, the route-to-market strategy is being optimized, operational efficiencies are being implemented, and robust processes are being introduced to handle increased volumes. The Beers & Ciders segment is also increasing marketing investments, highlighted by the rebranding all three brands Zubr, Holba and Litovel, aimed at revitalizing their portfolios and increasing brand appeal. In the following 6 months, it will focus on preparing for the summer season. It is planned to acquire new on-trade outlets, equip existing ones with new marketing materials, and redesign the most important locations. Better performance due to improved weather compared to last year and a recovery in demand from export customers is expected.
We plan to further support a development of our own brands and also a distribution of our partners' brands with focus on CEE region.
We will also focus on the successful takeover and further development of newly acquired companies, see note 4.9.
-
ALTERNATIVE PERFORMANCE INDICATORS
Even though ESMA (European Securities and Markets Authority) does not require a reconciliation of Alternative Performance Indicators (APM) to financial statements if the APM can be defined from the financial statements, we add such a reconciliation for better understanding of our calculation of EBITDA and Net debt.
Definition and reconciliation of APM to the financial FS Line in FS statements (FS)
Revenue
A
Statement of Profit or Loss
Revenue
Cost of sales
(B)
Statement of Profit or Loss
Cost of sales
Gross profit
A+B=C
Statement of Profit or Loss
Gross profit
Selling, marketing and distribution costs
(D) Statement of Profit or Loss Selling, marketing and distribution
costs
Administrative costs (E) Statement of Profit or Loss Administrative costs
Other operating income/(costs), net
F
Statement of Profit or Loss
Other operating income +
Other operating expenses
Operating profit/(loss)
C+D+E+F=G
Statement of Profit or Loss
Operating profit/(loss)
Depreciation and amortisation
H
Statement of Cash Flows
Depreciation and amortisation
EBITDA
G+H=I
-
-
Bank credits and loans
J
Statement of Financial Position
Bank credits and loans*
Lease liabilities
K
Statement of Financial Position
Lease liabilities*
Cash and cash equivalents
L
Statement of Financial Position
Cash and cash equivalents
Net debt
J+K-L =M
-
-
Net debt/EBITDA
M/I
-
-
* In both current and non-current liabilities.
Purpose of APM:
EBITDA
The Company uses EBITDA because it is an important economic indicator showing a business's operating efficiency comparable to other companies, as it is unrelated to the Company's depreciation and amortisation policy, capital structure and tax treatment. EBITDA indicator is also treated as a good
approximation for operating cash flow. Additionally, it is one of the fundamental indicators used by companies worldwide to set their key financial and strategic objectives.
The Company uses EBITDA indicator also in budgeting process, benchmarking with its peers and as a basis for remuneration for key management staff. Such indicator is also used by stock exchange and bank analysts.
Net debt
The Company uses Net debt indicator because it shows the real level of a Company's financial debt, i.e. the nominal amount of debt net of cash, cash equivalents, and highly liquid financial assets held by the Company. The indicator allows assessing the overall indebtedness of the Company.
Net debt/EBITDA
The Company uses Net debt/EBITDA indicator because it indicates a Company's capability to pay back its debt as well as its ability to take on additional debt to grow its business. Additionally, the Company uses this indicator to assess the adequacy of its capital structure and stability of its expected cash flows. Such indicator is also used by stock exchange and bank analysts.
-
DIVIDEND POLICY
In June 2024, the Board of Directors of the Company approved the Company's dividend policy for the periods of 2024 and 2025. The intention of the Board of Directors is to maintain the current trend and distribute approximately CZK 300 million to shareholders in each financial year. This currently represents approximately CZK 13.46 per share before tax. The realisation of this intention is conditional on sufficient funds being available for distribution (distributable resources) without jeopardising the Company's financial stability. This dividend policy was announced at the General Meeting on 28 June 2024.
The actual amounts of dividends for 2025 and 2024 are described in section B.1.5.
-
ADJUSTED CONSOLIDATED FINANCIAL RESULTS
-
AUDITORS REMUNERATION
The amounts charged by professional advisors and auditors are presented within sections B.4.32 and C.4.28.
-
INTELLECTUAL PROPERTY AND LICENCES
Intellectual property and licenses
The Group relies on the strength of its brands which are registered trademarks protected by local legislation in its countries of operation. The Group has also registered a number of industrial designs (drink bottles and other beverage packaging).
Kofola ČeskoSlovensko a.s. owns the most licenses, trademarks for branded beverages and similar copyrights, for the use of which the other Group companies pay royalties. The Vinea and Kláštorná Kalcia trademarks are the exception and are owned by Kofola a.s. (SK). Slovenian brands Radenska and Ora are owned by RADENSKA d.o.o. and are mainly sold in the Adriatic region. Café Reserva is owned by LEROS, s.r.o.
Some of the key trademarks and industrial designs are also protected at international level as (i) Community Trade Marks (CTMs) (e.g. the Kofola, Rajec and Vinea trademarks) or Registered Community Designs (RCDs), which are registered through EUIPO and protected in the EU as a whole, or (ii) international trademarks (IRTs) (e.g. the Jupík, Vinea trademarks), which are registered through WIPO and protected in a number of other specific export countries (e.g. Italy and Switzerland).
The Group uses a number of registered Internet domains, including "kofola.cz" & "kofola.sk", "jupik.com", "rajec.com", "ugo.cz" & "ugo.sk", "radenska.si", "ondrasovka.cz", "korunni.cz", "semtex-energy.cz" or "targalimonata.cz" and "targalimonata.sk".
The Group entered into the following main licensor and distribution agreements:
distribution agreement under which the Group has the exclusive right to distribute Evian products (water) in the territory of the Czech Republic and Slovakia,
distribution agreement under which the Group has the exclusive right to distribute Vincentka (natural mineral water) in the territory of the Czech Republic,
licensor agreement under which the Group has the exclusive right to purchase beverage concentrates to manufacture, bottle and sell carbonated beverage RC Cola,
licensor agreement under which the Group has the exclusive right to purchase beverage concentrates to manufacture, bottle and sell carbonated beverage Orangina,
licensor agreement under which the Group has the exclusive right to purchase beverage concentrates to manufacture, bottle and sell Dilmah iced tea,
licensor and distribution agreement under which the Group has the exclusive right to produce and distribute the PepsiCo portfolio products in the Slovenian market and since January 2016 also in the Croatian market.
In the Company´s opinion, there are no other patents or licences, industrial, commercial or financial contracts or new manufacturing processes which would be material to the Company´s or the Group's business or profitability and which are not included in the Annual report.
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RESEARCH AND DEVELOPMENT AND OTHER INFORMATION
In 2025, the Group carried out research and development activities and incurred costs of CZK 4.2 million (2024: CZK 6.2 million).
The Company does not operate an organisational unit abroad.
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TECHNOLOGY AND PRODUCTION AND OTHER NON-CURRENT ASSETS
The Group manufactures its products in fourteen main production plants located in the Czech Republic (nine plants - Krnov, Mnichovo Hradiště, Strážnice, Jažlovice, Ondrášov, Stráž nad Ohří, Hanušovice, Litovel and Přerov), Slovakia (two plants - Rajecká Lesná, Kláštor pod Znievom), Poland (one plant -Zlotoklos), Slovenia (one plant - Radenci) and Croatia (one plant - Lipik).
The Group uses state-of-the-art, modern production equipment. Total CAPEX (excluding acquisitions, including lease addition) in the last 3 years amounted to CZK 2,998.3 million. The Group has also invested substantial amounts in equipment used in the HoReCa distribution channel, supporting further growth in this channel (kegs, fridges etc.). As a consequence, the Group's manufacturing facilities do not need major investments in the next few years. In addition, the Group has spare production capacities that allow, if necessary, quickly increase its production. Production lines are constructed by renowned producers such as Sidel, KHS and Kronnes. The Group has implemented modern management methodologies: WCM (World Class Management), SPC (Statistics Process Control) and TPM (Total Productive Maintenance).
In addition, the Group's production plants are used as main logistic centres for distribution. Distribution is realised partly by external logistic providers, but also by our own logistic company SANTA-TRANS s.r.o.
The Group's material assets are primarily production, distribution and storage facilities. Accordingly, the Group's material assets consist primarily of buildings, warehouses and other constructions, as well as real estate properties (plots of land) on which these constructions are located and machinery and equipment in these constructions (e.g. production lines).
Severe floods took place in September 2024. Most affected was production plant in Krnov, together with brewery locations Hanušovice and Litovel. All operations were fully running within a month after the flooding. The majority of the damages is covered by the insurance.
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ADDITIONS TO PROPERTY, PLANT AND EQUIPMENT AND INTANGIBLES AND THEIR CONDITION
The Group finances its operations by cash flows from its operating activities, long- and short-term loans and leases.
Additions of Property, plant, equipment (PPE) and Intangible assets (IA)*
2023
CZK´000 000
2024
CZK´000 000
2025
CZK´000 000
Land
3.3
7.9
6.2
Buildings and constructions
73.0
121.0
218.5
Plant and equipment
206.7
319.9
478.9
Vehicles
47.2
173.7
158.4
Leasehold improvement
1.9
10.1
21.4
Returnable packages
34.4
74.8
91.5
Other non-current assets
0.6
26.0
47.4
Non-current assets under construction, Prepayments for PPE
103.4
259.8
375.4
Software
27.5
15.6
14.5
Trademarks and other rights
1.6
2.1
3.5
Intangible assets under development, Prepayments for IA
18.9
21.3
31.9
Total
518.5
1,032.2
1,447.6
* excluding acquisitions, including lease additions
Allocation of Property, plant, equipment and Intangible assets additions*
2023
2024
2025
CZK´000 000
CZK´000 000
CZK´000 000
Czech Republic
337.0
761.1
1,062.4
Slovakia
83.8
109.1
154.4
Slovenia
54.6
100.2
113.4
Croatia
40.3
48.3
109.4
Poland
2.8
13.5
8.0
Total
518.5
1,032.2
1,447.6
* excluding acquisitions, including lease additions
Condition of Group's assets is in line with their useful life, they are subject to regular maintenance and replacement at the end of their useful life.
Future investments are expected to be on the similar level as in prior periods and will comprise mainly investments into the production, warehousing, vehicles and returnable packaging.
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CAPITAL SOURCES
Group's activities are financed through various sources of capital as presented within the statement of financial position. Particular material balances are further described in part B and part C of this report. Bank credits and loans represent the significant source of finance to both Company and Group and payment schedules of already provided bank loans are dependent on Group's fulfilment of specified financial indicators (covenants).
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REGULATORY ENVIRONMENT
The Group produces and distributes non-alcoholic and alcoholic beverages in many countries. As a consequence, the Group's operations are subject to the regulation of various legal systems. In particular, this refers to taxation (including VAT rates), labour law, social insurance regulations, matters relating to the granting of licences and permits, advertisement regulation, beverage industry regulations, etc.
Since the Company´s shares have been admitted to trading on the Prague Stock Exchange, the shareholders have certain disclosure requirements arising from the provisions of the Czech Capital Markets Act. The financial statements have to be prepared in line with International Financial Reporting Standards ("IFRS Accounting Standards") and the interpretations issued by the International Financial Reporting Interpretations Committee ("IFRIC") as adopted by the EU.
The Company is also subject to supervision of relevant regulatory authorities (such as Czech National Bank). Moreover, the Company is subject to certain aspects of the European Union regulations.
The ESEF (European Single Electronic Format) Regulation requires that all issuers with securities listed on an EU regulated market prepare their annual financial reports in xHTML and mark-up the consolidated financial statements contained therein using XBRL tags and the iXBRL technology. However, the users will be still able to find also standard pdf format version of this Annual report on the Company's website https://investor.kofola.cz/en.
The Company is obliged to prepare also a non-financial report and remuneration report which is issued as a separate document and will be available for download on the above provided website link.
- SUBSEQUENT EVENTS
In January 2026, the Company has acquired a 100% stake in Nobilis Tília s.r.o., a company specializing in the production of natural cosmetics.
In January 2026, the Company has entered into the Share purchase agreement (49%) with Alta Fermentacion S. de R.L. The company operates five companies across three countries in Latin America, engaged in the craft beers, speciality coffees, alcoholic and non-alcoholic fermented drinks segment. The completion of the transaction is expected to be by the end of the first half of 2026.
In February 2026, the Company has acquired a 100% stake in SANTA-TRANS.SK, s.r.o., a company providing road transport services.
In March 2026, Kofola ČeskoSlovensko a.s. has purchased 40,178 shares of its own shares (which represents 0.18% of the Company´s share capital) in the total value of CZK 19,285 thousand (CZK 480 per share) from RADENSKA d.o.o. The individual share price was determined based on the price quoted at Prague Stock Exchange. As such, the contract was concluded at market terms. The shares have nominal value of CZK 50 per individual share. The sole purpose of the acquisition of own shares by the Company was to meet obligations arising from share option programmes, or other allocations of shares, to employees or to members of the administrative, management or supervisory bodies of the Company or of an associate company. Substantial majority of shares has been transferred to option scheme participants in March 2026.
In March 2026, Pivovary CZ Group a.s. has changed its name to Pivovary Zubr a.s.
In March 2026, the Group has drawn a new CAPEX loan tranche of CZK 465 million and an acquisition loan tranche of CZK 200 million.
In April 2026, the Group disposed of its 50% stake in Cafe Dorado s.r.o.
In April 2026, the Group has established a company KOFOLA, S.A. in Panama in order to manage its own assets and equity interests in Panama.
No other events have occurred after the end of the reporting period that would require disclosure in the Notes to the separate financial statements.
- PRINCIPAL RISKS FACED BY THE GROUP
Activities of the Group companies, their financial position and financial performance are subject to and may in the future be subject to negative changes as a result of the occurrence of any of the risk factors described below. Occurrence of even some of these risk factors may have a materially adverse effect on the business, financial position and financial performance of the Company or the Group as a whole, and in consequence the trading price and liquidity of the shares may decline. The factors presented below represent the key risks. Most of those risk factors are of contingent nature and may or may not occur and the Company is not able to express its view on their probability of occurrence. The order in which they are presented is not an indication as to their significance, or probability of occurrence or of the potential impact on the Group. Other risks, factors and uncertainties than those described below, including also those which the Group is not currently aware of or which are considered to be minor, may also have an important negative impact on the Group's operations, financial position and financial performance in future.
Key risks are monitored. The Board is ultimately responsible for the effective risk management and internal control system. For these risks, preventive actions are taken to reduce their vulnerability and reduce their potential impact on the Group.
The Group operates on mature markets in a highly competitive industry
The Group operates mainly in the non-alcoholic beverages industry where the major part of its revenues come from, mainly in the Czech Republic, Slovakia, Slovenia and Croatia, which, apart from certain exceptions, are markets where the non-alcoholic beverages industry has been stagnant and where both multinational and local producers compete against each other by offering a wide range of products. This creates a risk of decreasing selling prices and/or a possibility of losing market share in the individual product categories or in the overall soft drinks market and may lead to a decrease in the Group's sales and could have an adverse effect on the Group's financial condition and the result of operations.
Key mitigations:
The Group protects itself against this type of risk primarily by building a strong brand loyalty of its end consumers and by introducing new products in the market. Additionally, the Group mitigates this risk by increasing the percentage share of sales in the HoReCa sector (that is less prone to promotions), as well as by promoting impulse products (with higher margins) or introducing new products, for which no aggressive pricing promotions have to be used (thanks to absence of competitors' products). The Group also eliminates this risk by investing into new businesses not dependent on the soft drinks' categories.
Changes in the shopping habits of end customers may have a negative impact on the Group's sales
In recent years, there have been changes in the shopping habits of end consumers. Retail discounter changed their behaviour and changed consumers' habits and very effectively made themselves a more attractive place to shop. This has redirected trading volumes to the fast-developing discount chains, which diminishes the significance of independent convenience stores. In addition, large retail chains tend to put pressure on prices and resist price increases. There is a risk of an inability to transfer increases in raw materials´ costs to end consumers. Due to Covid-19 pandemics there were changes in consumer behaviour, retail customers make less visits to shops but buy bigger volumes when there is a higher risk of getting the disease, also, digitalization trend is faster.
Key mitigations:
The companies from the Kofola Group try to minimise this risk by negotiations with major customers about price increases, adjusting its cost structure, implementing innovations leading to higher margins and by proper packing and sale channel tactics. The Group also invested into its own retail chain through UGO Freshbars & Saladbars. The Group entered a whole new distribution channel of Pharmacies via the company LEROS. The risk of changed consumer behaviour is mitigated by customized presentation on shelves, increased share of multipacks and volume discounts. The Group now operates its own e-shops and commenced its digital transformation.
Unfavourable changes in the prices of raw materials may have an adverse effect on the Group's financial result
Changes in the prices of raw materials may have an effect on the costs of raw materials purchased by the Group and, as a consequence, on the margins earned on the sale of products. In addition, the costs of production and the delivery of the Group's products depend to a certain extent on the prices of commodities such as fuel and electricity. This may have (and during the adverse development of macroeconomic situation already had) a material adverse effect on the Group's business, financial condition and the results of operations.
Key mitigations:
When it is effective, the Group's central purchasing department aims to sign mid-term contracts with the key suppliers, which helps to guarantee purchase prices. However, in the case of some commodities, agreeing a purchase price is only possible for relatively short terms. Therefore, the Group maintains multiple sources of supply with robust suppliers' strategy, selection, monitoring and management processes. The Group closely monitors and analyses the trends and prices of the key raw materials to understand the cost drivers. During the adverse macroeconomic development, the Group implements wide range of saving precautions (such as focusing on key activities, savings in marketing, energy consumption and many other areas, including personnel costs when it is unavoidable) as a response.
The Group may be exposed to product liability claims or product recalls
Intentional or unintentional product contamination or defectiveness may result in a loss of reputation of a brand or manufacturer which, in consequence, may adversely impact the sales of such a brand or, in extreme case, all products manufactured by that manufacturer in the particular market leading to a necessity to recall the products from the market. Moreover, product contamination or defectiveness may lead to personal injuries of end consumers and, as a consequence, liability claims against the Group. In addition, product liability claims could result in negative publicity that could materially affect the Group's sales.
Key mitigations:
The Group protects itself against this risk by performing detailed controls of raw materials, suppliers´ assurance and by regular controls of the production processes by Group´s laboratories. Product recall procedures are tested regularly.
The Group's operations are subject to various EU directives & Country regulations and unfavourable changes may have a negative impact on the Group's business
Unfavourable changes to the applicable laws and regulations may affect various aspects of the Group's operations and results and/or cause an increase in the costs of the Group. Future changes, or lack thereof - such as a potential decision by national government in the Czech Republic not to implement a deposit system for returnable PET bottles and cans may cause the Group to incur compliance costs, result in additional environmental challenges or otherwise negatively affect its operations.
Key mitigations:
These affect all companies in the sector and do not severely affect competition. The Group monitors the changes in legal regulations and adapts to them in advance. Group works closely with external advisors and trade and industry associations regarding current and future legislation changes with impact upon the business and is an active member of various legislation processes as commenting authority.
Failure of IT systems could materially affect the Group's business
The Group relies on IT systems for a variety of functions. Despite the implementation of security and back-up measures, the IT systems used by the Group may be vulnerable to physical or electronic intrusions, computer viruses, hacker attacks and/or other disruptions.
Key mitigations:
The Group protects against this type of risk by establishing back data centre, daily backups, disks in mirroring and continued articulation and implementation of information security policies. Disaster