<![CDATA[Growth, Brands and More: Soft Drinks]]>https://www.filibertoamati.com/s/soft-drinkshttps://substackcdn.com/image/fetch/$s_!Qynt!,w_256,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F2751adcb-ebf9-4424-83d4-2d3eb37d8a2e_1280x1280.pngGrowth, Brands and More: Soft Drinkshttps://www.filibertoamati.com/s/soft-drinksSubstackThu, 06 Aug 2026 06:20:54 GMT<![CDATA[Coca-Cola HBC: the Quadrant Almost Nobody Reaches]]>https://www.filibertoamati.com/p/coca-cola-hbc-the-quadrant-almosthttps://www.filibertoamati.com/p/coca-cola-hbc-the-quadrant-almostThu, 06 Aug 2026 04:53:22 GMT
coca cola can on black surface
Photo by Ayesha Ch on Unsplash

H1 2026: organic volume up 7.5% to 1,573.5 million unit cases. Organic revenue up 9.6%. Comparable EBIT margin up 60 basis points to 12.2%. All three numbers moving in the same direction is the story, not any single figure on its own.

The Volume-Value Matrix treats growing volume alongside growing value extraction as the rare, ideal quadrant. Almost no FMCG company lands there for a full half. Most either grow volume and dilute margin, or protect margin while volume stalls. Coca-Cola HBC’s H1 2026 numbers sit in the rare quadrant, and the reason why is a deliberate strategic reversal, not luck.

The numbers, and the reversal behind them

Group net sales revenue reached €6,229.4 million for the six months to 3 July 2026, up 10.8% reported and 9.6% organically. Organic volume expanded 7.5% to 1,573.5 million unit cases. Underlying second-quarter volume, adjusted for trading days, accelerated 5.8%, with strength across every operating segment.

The pricing side of the ledger tells the real story. Organic net sales revenue per unit case grew just 1.9%, up 3.1% on a reported basis to €3.96. For a company that spent the prior several years leaning on list-price increases to drive the top line, that is a deliberate deceleration. Management chose to let volume carry more of the growth algorithm this year. The company gained 80 basis points of value share in non-alcoholic ready-to-drink beverages and 40 basis points in Sparkling as a direct result.

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