Coca-Cola HBC AG (LON: CCH), one of The Coca-Cola Company’s largest bottling partners and a key player across Europe, Nigeria and an expanding African footprint, is firmly on investors’ radar on 3 December 2025. The stock is reacting to new technical signals, fresh sustainability news and the still‑digesting impact of its multibillion‑dollar African expansion. [1]
Coca-Cola HBC share price today: trading near the upper end of its range
As of late morning in London on 3 December 2025, Coca-Cola HBC shares trade around 3,730–3,732p, down modestly on the day and slightly below Tuesday’s close of 3,764p. The intraday range runs roughly between 3,722p and 3,772p, putting the stock in the upper half of its 52‑week range of 2,654p to 4,094p. [2]
At this level, the group carries a market capitalisation of about £13.5–13.8 billion, with trailing twelve‑month earnings per share around £2.1–2.5 and a dividend yield in the 2.3–3% range, depending on the source and definition used. [3] Most data providers put the trailing P/E multiple near 17–18x, with a forward P/E around 14–15x, modestly above the non‑alcoholic beverages peer median. [4]
From a performance standpoint, Coca-Cola HBC has been a strong compounder since the 2022 sell‑off. Between year‑end 2022 and late 2025, the stock has delivered cumulative gains of more than 90%, including about 37% in 2025 year‑to‑date after rises of roughly 16% in 2024 and 26% in 2023, offsetting a one‑third decline in 2022. [5]
The next key catalyst is the 2025 full‑year results, scheduled for 10 February 2026, when management will update its guidance and provide more detail on the African expansion. [6]
Fresh headlines on 3 December 2025
ADR technical signal: CCHGY pops above its 50‑day moving average
On 3 December 2025, MarketBeat highlighted that Coca-Cola HBC’s U.S. over‑the‑counter ADR (ticker CCHGY) has moved back above its 50‑day moving average. According to their report, the ADR traded as high as $49.92 on Tuesday, versus a 50‑day moving average of $46.91 and a 200‑day moving average of about $50.32, before last changing hands around $49.71. [7]
From a technical perspective, reclaiming the 50‑day moving average can be read as a short‑term momentum positive, particularly when the price is approaching the longer‑term 200‑day line from below. However, MarketBeat also notes that the ADR’s average analyst rating sits at “Moderate Buy”, with a mix of Strong Buy, Buy and Hold recommendations, suggesting optimism but not euphoria. [8]
For UK‑based investors in LON: CCH, the ADR move is essentially another lens on the same underlying equity, reinforcing the picture of a stock that has shaken off its early‑autumn wobble and is attempting to build support in the high‑£30s.
Sustainability news: cardboard multipacks move beyond the pilot phase
A second story on 3 December 2025 is less about charts and more about cartons. Trade outlet Packaging Post reports that Coca-Cola HBC, DS Smith and Krones are pushing a fibre‑based secondary packaging solution called “Lift Up” beyond the pilot phase. [9]
Key details from the article:
- Lift Up is a corrugated cardboard handle plus paper wrap that replaces traditional plastic shrink wrap on 1.5‑litre PET bottle multipacks (six‑packs).
- The solution, first tested in Austrian supermarkets in 2023, is now being scaled as a template for other Coca-Cola HBC markets. [10]
- The partners estimate that in Austria alone the switch could eliminate around 200 tonnes of plastic per year, thanks to its 100% recyclable, mono‑material design. [11]
- The design aligns with the EU’s upcoming Packaging and Packaging Waste Regulation (PPWR) by simplifying materials and making recycling easier. [12]
For investors, this isn’t just a feel‑good ESG headline. Packaging is one of Coca-Cola HBC’s biggest cost and regulatory exposure lines. Demonstrating scalable, fibre‑based alternatives to shrink film in heavy‑load multipacks supports the group’s “Mission 2025” and net‑zero 2040 goals while potentially de‑risking future regulatory changes in Europe. [13]
Strategy in motion: Africa expansion and capacity upgrades
$2.6 billion acquisition of Coca-Cola Beverages Africa
The biggest strategic story hanging over the stock remains the acquisition of Coca-Cola Beverages Africa (CCBA). On 21 October 2025, Coca-Cola HBC announced that it will acquire a 75% stake in CCBA for $2.6 billion, valuing the African bottler at about $3.4 billion. [14]
Key elements of the transaction:
- The deal covers Coca-Cola’s 41–42% stake plus the entire holding of Gutsche Family Investments, giving Coca-Cola HBC majority control. [15]
- CCBA operates in 14 African markets and accounts for roughly 40% of Coca-Cola’s volumes on the continent. [16]
- Coca-Cola HBC will have an option to acquire the remaining 25% stake within six years, paving a path to full ownership. [17]
- On completion, expected by late 2026, Coca-Cola HBC is set to become the second‑largest Coca-Cola bottler globally by volume and pursue a secondary listing on the Johannesburg Stock Exchange. [18]
Africa is strategically attractive: CCBA reaches roughly half the continent’s population, with demographic tailwinds as more than 60% of Africans are under 30, according to coverage of the deal. [19] The acquisition gives Coca-Cola HBC access to higher‑growth markets but also increases its exposure to currency volatility, political risk and infrastructure challenges. Rating agency S&P Global affirmed the group’s BBB+/A‑2 credit rating with a stable outlook when the deal was announced, indicating that, in its view, the enlarged group should remain compatible with an investment‑grade profile. [20]
€31 million recycled plastic line in Northern Ireland
At the other end of the scale from billion‑dollar M&A, Coca-Cola HBC is also investing in its existing footprint. In November, the company announced a €31 million (about £26m) expansion of its Knockmore Hill production facility in Lisburn, Northern Ireland, adding a new high‑speed recycled plastic bottling line. [21]
Highlights of the project:
- The line is expected to be operational by May 2026. [22]
- It will produce around 65,000 500ml bottles per hour and over 36,000 two‑litre bottles per hour. [23]
- All bottles produced on the line (excluding cap and label) will be made from 100% recycled plastic (rPET), building on Coca-Cola HBC’s shift to full recycled content in 2024. [24]
- Management describes it as the largest single investment in the facility since 2008, reinforcing the company’s circular‑economy credentials and capacity for future volume growth. [25]
Taken together with today’s cardboard multipack news, the Lisburn expansion underlines that packaging and sustainability are now central to the Coca-Cola HBC equity story, not side projects.
Regulatory overhang: EU antitrust raids
One risk that investors cannot ignore is regulatory. In March 2025, the European Commission conducted unannounced inspections of non‑alcoholic drinks companies in several EU countries on concerns about possible restrictions of cross‑border trade and market partitioning. Later reporting by Reuters confirmed that Coca-Cola bottlers, including Coca-Cola HBC, were among the targets. [26]
No formal charges or fines have been announced, and both Coca-Cola and Coca-Cola HBC declined to comment at the time. However, the investigation introduces a layer of regulatory uncertainty that could affect distribution practices, pricing structures or eventually result in financial penalties, depending on the outcome.
Fundamentals: growth still solid after a strong 2024
2024 full‑year results: double‑digit organic revenue growth
Coca-Cola HBC’s 2024 full‑year results, released in February 2025, set the backdrop for this year’s trading:
- Organic revenue growth of 13.8%, driven by both volume and price/mix.
- Organic volume up 2.8%, with all strategic categories contributing: Sparkling +1.5%, Energy +30.2% and Coffee +23.9%.
- Organic revenue per case up 10.7%, reflecting revenue growth management and price/mix optimisation.
- Reported revenue growth of 5.6%, as currency headwinds in emerging markets partially offset the strong organic performance.
- Continued value share gains, with Non‑Alcoholic Ready‑To‑Drink (NARTD) share up 150 basis points and Sparkling share up 20 basis points in 2024. [27]
These numbers helped the company rebuild investor confidence after the 2022 drawdown, and laid the foundation for 2025’s advance.
Q3 2025 trading update: steady, not spectacular
In its Q3 2025 trading update covering the quarter to 26 September, Coca-Cola HBC reported: [28]
- Group organic revenue growth of 5.0% in Q3, bringing year‑to‑date organic revenue growth to 8.1%.
- Organic volume growth of 1.1%, led by Sparkling and Energy categories.
- Organic revenue per case up 3.8%, as pricing remained positive but inflationary pressure moderated.
- Value share in NARTD up 80 basis points year‑to‑date, confirming that volume and mix are still moving in the right direction.
By segment:
- Established markets (e.g. Italy, Greece, Switzerland): organic revenue +1.2%, with revenue per case up but volumes down about 1.0%.
- Developing markets (Central & Eastern Europe): organic revenue +4.8% with modest volume growth.
- Emerging markets (including Nigeria and Egypt): organic revenue +7.9% with 2.0% volume growth, reflecting robust demand despite macro and FX noise. [29]
The update also highlighted:
- Ongoing marketing initiatives such as the “Share a Coke” summer campaign, the launch of a new Monster energy drink with F1 driver Lando Norris in 16 markets, and stronger coffee growth in out‑of‑home channels through Costa Coffee and Caffè Vergnano. [30]
- The launch of Bambi snacks in Nigeria, signalling further portfolio expansion into snacks in key emerging markets. [31]
Crucially, management reaffirmed its financial outlook, including expectations for 6–8% organic revenue growth for 2025 and a comparable effective tax rate of 26–28%, while trimming expected net finance costs to €10–20m. [32]
This leaves Coca-Cola HBC positioned as a mid‑single‑digit organic grower in the short term, with the CCBA deal potentially lifting that profile once integrated.
What analysts and models say about Coca-Cola HBC stock
Sell-side consensus: broadly positive, with mid‑teens upside
On the traditional analyst side, the consensus is constructive:
- Investing.com aggregates 10 analysts on LON: CCH and reports an average 12‑month price target of about 4,128p, with a high estimate near 4,563p and a low around 3,018p. That implies roughly 10–11% upside from today’s 3,732p level. The overall rating is “Buy”, with nine Buy recommendations and one Sell. [33]
- MarketBeat’s UK coverage, based on four analysts, shows a consensus “Buy” rating and an average price target of 4,147p (range: 3,650–4,470p), implying about 11.2% upside from a reference price of 3,728p. [34]
- For the U.S. ADR CCHGY, MarketBeat notes a “Moderate Buy” average rating across five analysts (mix of Strong Buy, Buy and Hold). [35]
In short: sell‑side analysts generally like Coca-Cola HBC relative to its consumer‑staples peers, seeing more upside than downside at current levels, albeit not explosive.
Quant and AI views: neutral-to-positive but not screaming “cheap”
Quantitative and AI‑driven tools provide a more muted picture:
- Danelfin, which assigns AI‑driven scores based on fundamentals, technicals and sentiment, currently gives Coca-Cola HBC an AI Score of 5/10 – effectively a “Hold”. Its model estimates that the stock has a 49.66% probability of beating the STOXX 600 over the next three months, only 0.03 percentage points below the average European stock, i.e. essentially neutral from a short‑term alpha perspective. [36]
- Danelfin also highlights a dividend yield around 2.9% and one‑year performance near +37%, consistent with the strong multi‑year run the shares have enjoyed. [37]
On the more traditional technical side:
- Investing.com’s technical summary tags CCH as a “Strong Buy” on a daily basis, driven largely by moving‑average configurations. [38]
- StockInvest.us, in contrast, downgraded the stock from “Buy” to “Hold/Accumulate” after the 2 December 2025 session, when the share price fell 1.21% to 3,764p. Their model sees CCH trading in a wide horizontal trend, with a 90% probability of remaining between roughly 3,370p and 3,853p over the next three months. [39]
- The same analysis emphasises support around 3,690p, near‑term resistance between 3,784–3,810p, and notes that the stock has generated rare “Golden Star” signals in both short and medium term moving‑average configurations – historically associated (in their backtests) with strong uptrends. [40]
These models broadly agree that Coca-Cola HBC is not obviously mispriced: it is a quality consumer‑staples name trading on a mid‑teens earnings multiple, with decent growth and a moderate dividend, and most of the dramatic rerating has already happened since the 2022 trough.
Key risks and what to watch next
Even for a resilient consumer‑staples stock, there are several important watch points:
- Execution and integration risk in Africa
The CCBA acquisition is large relative to Coca-Cola HBC’s size and will demand careful integration of operations across 14 diverse markets, many with volatile currencies and political risk. The deal is only expected to close by late 2026, leaving ample time for macro or regulatory conditions to shift. [41] - EU antitrust investigation
The outcome of the European Commission’s antitrust raids on Coca-Cola bottlers is unknown. Any adverse findings related to market partitioning or restrictions on parallel trade could affect Coca-Cola HBC’s pricing power or distribution economics in Europe, or lead to fines. [42] - Regulation and cost inflation in packaging
With both EU packaging rules tightening and Coca-Cola HBC making prominent pledges on plastic reduction and net‑zero, execution on packaging innovation is critical. Today’s Lift Up partnership and the Lisburn rPET line are encouraging, but they also signal ongoing capital and operating expenditure in packaging, which must eventually pay off through lower material costs, regulatory compliance and brand value. [43] - FX and emerging‑market volatility
A growing proportion of Coca-Cola HBC’s profit comes from emerging markets, particularly Nigeria and Egypt, which can swing dramatically with currencies, inflation and policy changes. The Q3 2025 update showed strong revenue growth from these regions, but volatility cuts both ways. [44] - Valuation risk after a strong run
With the shares up more than a third this year and trading on about 17–18x trailing earnings and 14–15x forward earnings, the margin of safety is thinner than it was in 2022–23. Future performance may hinge on delivering the promised Africa growth and maintaining mid‑single‑digit organic growth, rather than multiple expansion. [45]
Bottom line: a quality bottler entering a new phase
On 3 December 2025, Coca-Cola HBC AG is not a forgotten backwater stock. It is:
- Trading near the upper half of its 52‑week range with a solid, if not cheap, valuation.
- Backed by mid‑single‑digit organic growth and a history of double‑digit organic revenue expansion in 2024. [46]
- About to absorb a transformational African acquisition that could reshape its growth profile for a decade. [47]
- Signalling a credible sustainability narrative via fibre‑based multipacks and large‑scale rPET investments. [48]
- Rated “Buy” by most traditional analysts, with AI and quant models more cautious but not bearish. [49]
For investors and market watchers, the coming quarters will likely revolve around three questions: how smoothly the CCBA deal progresses, how robust emerging‑market demand and FX prove to be, and how effectively Coca-Cola HBC turns its packaging and sustainability agenda into durable competitive advantage.
References
1. www.coca-colahellenic.com, 2. www.investing.com, 3. www.investing.com, 4. finance.yahoo.com, 5. companiesmarketcap.com, 6. www.coca-colahellenic.com, 7. www.marketbeat.com, 8. www.marketbeat.com, 9. packagingpost.com, 10. packagingpost.com, 11. packagingpost.com, 12. packagingpost.com, 13. packagingpost.com, 14. www.reuters.com, 15. www.reuters.com, 16. www.reuters.com, 17. www.reuters.com, 18. www.reuters.com, 19. www.thetimes.com, 20. www.spglobal.com, 21. ie.coca-colahellenic.com, 22. www.manufacturingni.org, 23. www.manufacturingni.org, 24. www.manufacturingni.org, 25. www.linkedin.com, 26. www.reuters.com, 27. www.coca-colahellenic.com, 28. www.coca-colahellenic.com, 29. www.coca-colahellenic.com, 30. www.coca-colahellenic.com, 31. www.coca-colahellenic.com, 32. www.coca-colahellenic.com, 33. www.investing.com, 34. www.marketbeat.com, 35. www.marketbeat.com, 36. danelfin.com, 37. danelfin.com, 38. www.investing.com, 39. stockinvest.us, 40. stockinvest.us, 41. www.reuters.com, 42. www.reuters.com, 43. packagingpost.com, 44. www.coca-colahellenic.com, 45. finance.yahoo.com, 46. www.coca-colahellenic.com, 47. www.reuters.com, 48. packagingpost.com, 49. www.investing.com
