Coca-Cola (CCOLA) 1Q26 Financial Results

CCOLA made a strong start to 2026, announcing 1Q26 financial results above our expectations. The company reported sales revenue of TRY 52,369 million, broadly in line with our estimate, EBITDA of TRY 8,992 million, slightly above our forecast, and net income of TRY 5,237 million, 24% above our estimate and above the market median expectation of TRY 4,159 million. Effective pricing and cost management accompanying volume growth led to a visible improvement in margins, strengthening the operational outlook in 1Q26. Accordingly, we raise our 12-month target price from TRY 92 to TRY 103, maintain our “BUY” recommendation, and continue to keep the stock in our model portfolio.