Coca-Cola Hellenic Q3 F26: Strong print, topline guidance upgrade and CCBA on-track

Coca-Cola Hellenic reported a strong Q3 F26 trading statement. Organic volume rose 5.4%, 60bps ahead of consensus, organic price-mix grew 3.4% (+40bps) and organic revenue increased 9.0% (+100bps), driven by beats in Established and Developing markets with Emerging broadly in line. Reported net sales grew 9.6% with a 0.3ppt FX tailwind. By region, organic net sales grew 8.0% in Established, 8.7% in Developing and 9.8% in Emerging markets. By category, sparkling volumes grew 4.5% with Trademark Coke up mid-single-digit and Coke Zero up mid-teens, energy volumes jumped 24.7%, stills grew 3.2% with sports drinks above 20%, water up low-single-digit and juices up mid-single-digit, while coffee fell 2.3% although out-of-home grew 10.1%. Management upgraded full-year organic revenue growth guidance to slightly above the 6%-7% range, previously 6%-7%, kept organic EBIT growth guidance at 8%-10% and lowered net finance cost guidance at the mid-point. On CCBA, only one antitrust approval remain