Coca-Cola İçecek announced a net profit of 7.8 billion TL in the third quarter

Coca-Cola İçecek reported third-quarter 2026 net profit of 7.8 billion TL, down 16.4% year on year from 9.3 billion TL and in line with market expectations, as revenue rose just 1% to 68.4 billion TL and missed the 69.3 billion TL consensus. Gross margin contracted 186 basis points to 36.3% and EBITDA fell 12.8% to 13.2 billion TL, below the 13.5 billion TL forecast, with the EBITDA margin down 305 basis points to 19.3%. Consolidated sales volume grew 8.3% to 516 million unit cases, driven by Pakistan (up 24.5% to 94.5 million cases) and Uzbekistan (up 20.3% to 88 million), while Turkey volume slipped 0.9% to 172 million cases and international operations rose to 66.9% of consolidated volume from 63.7%. Turkey EBITDA fell 43.1% to 12.1 billion TL, or 58.1% to 2.6 billion TL excluding other income/expense items, while international EBITDA rose 16.9% to 9.8 billion TL. Net financing expenses improved to 1.9 billion TL from 3 billion TL on stronger free cash flow and more borrowing in lower-interest markets, helping pretax profit to 10 billion TL, down 14.5%. Investors will watch whether margin pressure in Turkey and the revenue miss weigh on full-year guidance, and whether international volume growth can offset the domestic slowdown.