Kofola ČeskoSlovensko achieves excellent results for 2Q 2024, EBITDA outlook closer to the upper limit

Kofola $KOFOL.PR recorded very successful results in the second quarter of this year. Revenues grew by 33.7% compared to the same period last year and reached CZK 3.129bn, which was in line with expectations. However, profitability exceeded not only analysts' expectations but also the market consensus. Operating EBITDA increased by a significant 66.1% year-on-year to CZK 603 million, well ahead of expectations of CZK 523 million and the average market estimate of CZK 539 million. This growth was also positively impacted by net profit, which, including the full benefit of new acquisitions, reached CZK 303 million, compared to last year's CZK 122 million. Including non-controlling interests, net profit for the second quarter was CZK 272 million, well ahead of estimates of CZK 207 million.

An interesting feature of these results is the contribution of the newly acquired breweries, which Kofola incorporated into the newly created Beers & Ciders segment. This segment reported sales of CZK 476 million and EBITDA of CZK 110 million, beating expectations of CZK 351 million in sales and CZK 56 million in EBITDA. Another positive factor was the growth of the Fresh segment, which maintained an EBITDA margin of around 15%.

Kofola also confirmed that despite the recent flooding in the Czech Republic, its full-year EBITDA guidance remains at CZK 1,550-1,800 billion. The company also said that profitability is likely to approach the upper end of this range.

What do you make of these results for the first half of the year?