After a challenging year, Kofola delivered solid performance in the first quarter
Revenue of the family-owned beverage group increased by 13%, non-alcoholic product innovations performed well across markets, and the healthy food chain UGO reported a significant increase in EBITDA. Kofola managed to offset rising energy and raw material costs, driven by the complex geopolitical situation and the conflict in Iran, through cost-saving measures.
The Kofola Group recorded a strong start to 2026 in the first quarter. EBITDA increased by 15%, supported by stable performance across key markets. In its core non-alcoholic beverages segment in the Czech Republic and Slovakia, the Group achieved the expected year-on-year organic revenue growth of nearly 10%, supported in part by the early recovery of the Slovak market following last year’s introduction of the sugar tax. Further growth was driven by the acquisitions of ASO Vending and Nobilis Tilia.
Positive developments were recorded in both the lemonade and water portfolio categories. Revenue growth was supported by new product launches focused on sugar-free variants - Kofola Nulka, Rajec BIO sugar-free - and a successful entry into the functional water segment with Rajec 321 spring water. During this period, the Group also invested heavily in logistics capacity.
“In this quarter, we continued to build and strengthen our brands and our complete portfolio of non-alcoholic beverages. In terms of investment, in March we completed the construction of a new warehouse hall at our Czech plant in Mnichovo Hradiště, while simultaneously continuing with the construction of a warehouse hall in Rajecká Lesná, Slovakia," states Daniel Buryš, CEO of Kofola in the Czech Republic and Slovakia.
Challenges in Brewery Exports
Pivovary Zubr faced a decline in export markets in the first quarter, down by 21%, which resulted in an overall quarterly revenue decrease of 5%. However, in the domestic Czech market, the Zubr brand strengthened by 3% and became the champion of the Pivex 2026 competition. The Holba and Litovel brands matched last year’s revenues, although they recorded a slight decline in volume. In terms of formats, the canned beer segment continued to grow by 20%.
Stable Performance of the Adriatic Division
Radenska Adriatic confirmed its strong regional position, successfully responding to a dynamic market environment. Revenues increased by more than 5% in Slovenia and by 14% in Croatia. This growth was supported by the recovery of the HoReCa segment, the successful launch of the FunctionALL range, and a favorable uplift in demand during the Easter period. The division maintained a strong focus on cost optimization, successfully absorbing pressures from rising minimum wages in both markets.
Continued Growth of the Fresh Business
In the first quarter of 2026, UGO successfully built on the momentum of the previous year and confirmed growth in both revenues and contribution to profitability. Organic growth in the customer base of UGO Salateries and Freshbars, combined with ongoing process digitalization, translated into a substantial increase in profitability. The packaged assortment segment grew thanks to the expansion of meals and wraps. “Revenues recorded double-digit growth. First-quarter EBITDA is now more than 1.5 times higher than in the same period last year,” confirms Marek Farník, CEO of UGO Trade.
The herbal division LEROS met its overall revenue plan, although the revenue structure differed from expectations. Due to the absence of the usual flu epidemic in the Czech Republic, the company experienced a decline in the high-margin pharmacy channel. While other sales channels compensated for the shortfall, this resulted in lower overall profitability.
A New Overseas Pillar and Financial Outlook
In recent weeks, the Kofola Group completed its investment in Latin American company Alta Fermentación, acquiring a 49% stake in a business producing beer, coffee, and rum and operating a network of pubs, restaurants, and cafés. This transaction has established a significant new business pillar for the Group in Latin America.
“Coffee was our ticket to Latin America. In 2023, we acquired a minority stake in a family-owned coffee farm in Colombia, and later an opportunity emerged to develop our own business in Panama. For more than a year, we have been operating our Taylor Papa Lalo coffee farm in Boquete, Panama, where some of the world’s rarest coffee varieties originate. We see great potential in this farm, which is why we decided to focus our efforts there and divest our stake in the Colombian plantations,” explains Jannis Samaras, founder and majority owner of the Kofola Group, adding: “The partnership with Alta Fermentación can create many additional synergies, not only in coffee, but also in the non-alcoholic beverages and beer sectors across Latin America.”
Kofola’s overall performance confirms the resilience of the Group’s business model and its ability to respond effectively to local market disruptions and geopolitical volatility. The results for the first quarter of 2026 demonstrate that Kofola remains in strong financial health. “We believe that raw material and energy costs will stabilize, which, together with cost savings and product innovations, will provide a solid foundation for achieving our full-year financial targets and confirming our outlook. At the same time, we remain cautiously optimistic,” concludes Martin Pisklák, CFO of the Kofola Group.
Kofola Group Results for Q1 2026:
