The Coca-Cola Company has raised its full-year earnings and cash-flow forecasts after reporting $13.4bn in third-quarter revenue, with Nigeria contributing to its market-share gains.
The beverage maker said its campaign marking 75 years of operations in Nigeria reached more than 100 million consumers during the quarter, helping to drive sales volume and market-share growth.
The campaign featured special packaging, Nigerian music, digital content and physical events designed to strengthen the brand’s connection with consumers.
The performance in Nigeria and Morocco helped offset market-share losses in France and the United Kingdom, reflecting mixed results across Coca-Cola’s Europe, Middle East and Africa division.
The division recorded a 5 per cent increase in unit sales volume and 7 per cent growth in organic revenue. Operating income also rose by 7 per cent, supported by higher revenue and lower input costs, although increased marketing and operating expenses limited the gains.
Globally, Coca-Cola’s third-quarter revenue increased by 7 per cent to $13.4bn. Net income rose to $4.06bn from $3.68bn in the corresponding period a year earlier, while earnings per share climbed by 8 per cent to 93 cents.
Global unit sales volume grew by 5 per cent, with India, China, Mexico and Brazil among the markets leading the increase. North American volumes remained unchanged.
“Our results this quarter demonstrate our system’s sustained momentum,” Chief Executive Officer Henrique Braun said.
Following the results, the company raised its forecast for comparable earnings-per-share growth to at least 11 per cent, up from its previous projection of between 9 and 10 per cent.
It also increased its 2026 free cash-flow forecast to at least $13bn from approximately $12.4bn.
The improved outlook comes as Coca-Cola restructures its African bottling operations, shifting greater control of production and distribution to independent partners.
In 2025, Coca-Cola and Gutsche Family Investments agreed to sell a 75 per cent controlling stake in Coca-Cola Beverages Africa to Coca-Cola HBC for $2.6bn. The transaction values the bottler at about $3.4bn, with completion expected in the fourth quarter of 2026.
Coca-Cola will retain a 25 per cent interest, which Coca-Cola HBC could acquire within six years. The African bottler operates in 14 countries and accounts for about 40 per cent of Coca-Cola products sold across the continent.
Coca-Cola expects the disposal to reduce its comparable revenue by about 8 per cent in 2027 because the bottling business will no longer be fully consolidated into its accounts.
Despite the restructuring, the company and its bottling partners continue to invest in African markets. Coca-Cola and its authorised bottlers plan to invest R17.6bn ($1.05bn) in South Africa through 2030, while its Nigerian system has previously announced plans for an additional $1bn investment in production, distribution and cold-drink equipment.
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