Announcement date: Thursday, April 17, 2026, at 5pm

Kofola announced selected preliminary results for last year Feb. 17, including an outlook for 2026.

Along with the annual report, which will be published next week, the key focus will be on the color of first-quarter revenue. From a seasonal perspective, the summer (3Q) is the most important period for Kofola. Nevertheless, even the 1Q results, which are typically weaker, can provide insight into market conditions. In our estimates, we expect Kofola’s 1Q26 revenue to grow by +7.6% yoy to CZK2.25bn.

Full-year guidance should be confirmed: EBITDA of CZK1.8–1.9bn with revenue growth of +10% yoy (including acquisitions; +4% yoy on an organic basis), with agearing of 3.0x and CAPEX of 45–50% of EBITDA. The dividend should be in the range of CZK13.5–21.0 per share.

Dividend: We expect a dividend proposal to be made. For last year, we anticipate a payout at the upper end of the range offered by Kofola, i.e., CZK21.0. This would imply a gross yield of +4.4%. The dividend amount will remain unchanged yoy (from 2024 earnings of 7.50+13.50).