Coca Cola (CCOLA) 4Q25 Financial Results

Coca-Cola announced its 4Q25 financial results, coming in 5% and 22% above market expectations on sales and EBITDA, respectively, but significantly below expectations on net profit. In the last quarter, sales of TL 35.7 bn (consensus: TL 33.9 bn) and EBITDA of TL 5.2 bn (consensus: TL 4.5 bn) pointed to a strong recovery in revenues and margins, while the company reported a TL 605 mn net loss (consensus: TL 1.6 bn profit). We view the results positively, as the pressure on net profit stems from non-operational items such as the decline in monetary position gains and deferred tax expenses. Accordingly, we raise our 12-month target price for CCOLA to TL 92 from TL 86, maintain our “BUY” recommendation, and continue to hold the stock in our model portfolio. Our revised target price implies a 40% upside potential based on the last closing price.