Full Year 2025 Coca-Cola Icecek AS Earnings Call Transcript
Key Points
- Coca Cola Icecek AS (COLZF) achieved strong consolidated volume growth in 2025, with sales volumes increasing by 8% year-on-year to 1.6 billion unit cases.
- The sparkling segment grew by 9.2%, and the steels category significantly outperformed with 19.2% growth.
- Net sales revenue increased by 3.9% year-on-year, reaching TRY187 billion, with net sales revenue per unit case reaching $2.80, the highest level in the last decade.
- International operations recorded a strong 13.5% year-on-year growth, with Central Asia and Iraq posting robust double-digit growth.
- Free cash flow generation remained strong, reaching TRY2.8 billion, supported by improved net working capital efficiency and disciplined CapEx investment.
- Net income decreased by 27.4% year-on-year to TRY14.1 billion, mainly due to the reversal of inflation accounting and a one-off tax accrual in Uzbekistan.
- EBIT margin declined by 28 basis points year-on-year to 13.4%, with a significant impact from a TRY211 million Competition Board fine in Turkey.
- Turkey's sales volume saw a modest 1% year-on-year decline, primarily driven by a strategic decision to optimize the portfolio in the water category.
- The water category declined by 10.7%, reflecting a deliberate strategic decision to reduce exposure to lower-value categories.
- The geopolitical tensions and macroeconomic challenges in regions like Pakistan and the Middle East present ongoing risks to operations and market stability.
Ladies and gentlemen, thank you for standing by, and I would like to welcome you to Coca-Cola Icecek conference call and live webcast to present and discuss the fourth quarter 2025 financial and operational results. We are here with the management team, and today's speakers are the CFO, Mr. Karim Yahi; and CFO, Mrs. Ãiçek Ãzgünes.
Before I start, I would like to kindly remind you to review the disclaimer of the webcast presentation. As poll, there will be an opportunity to ask questions. I would now like to turn the call over to Mr. Burak Berki, the Head of Investor Relations. Sir, the floor is yours.
Good morning and good afternoon, ladies and gentlemen. Welcome to our full year 2025 results webcast. As the moderator said, I'm here with our CEO, Karim Yahi; and CFO, Ãiçek Ãzgünes. Today's remarks will be accompanied by a slide deck. We will then turn the call over to your questions.
Before we begin, please kindly be advised of our cautionary statement. The conference call may
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