Kofola reported an EBITDA of CZK727m (-1.1% yoy) for 3Q25, with revenues of CZK3.1bn (-7.5% yoy). While EBITDA is in line with expectations, revenues fell slightly short of the consensus by 3.2%. Kofola lowered its full-year EBITDA and revenue targets. This is due to unfavourable weather and the introduction of a sugar tax in Slovakia. Kofola's quarterly results came as no surprise. Unfavourable weather was anticipated, as was a decline in the full-year outlook.