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Coca-Cola İcecek (CCOLA) 3Q26 Financial Results

Tacirler Investment

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We maintain our Neutral view on Coca-Cola İçecek's (CCOLA) 3Q26 financial results, as operating profitability fell short of expectations despite solid volume performance. In the third quarter, the company reported net sales revenue of TL 68.4bn, up 1% YoY, EBITDA of TL 12.6bn, down 17.1% YoY, and net income of TL 7.8bn, declining 16.4% YoY. Net sales and EBITDA came in 3.3% and 10.7% below our estimates, respectively, while net income exceeded our forecast by 2.4%. Compared to market expectations, net sales and EBITDA were 1.3% and 6.2% below consensus, respectively, while net income was broadly in line with expectations. Based on our updated estimates, we maintain our 12-month target price of TL 112 and reiterate our "BUY" recommendation, implying a 59% upside potential relative to the latest closing price.

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