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What has to happen in Corporate

Model as of

This page changes Corporate inside the complete KO model. Every other vertical, corporate programme and valuation assumption stays in the selected portfolio case.

KO forward model
Horizon
Consolidated fair value $98.53 all other verticals held in this portfolio case
Final-quarter revenue $44M 0% of company revenue
Explicit segment contribution $7M EBITDA less segment capex, before corporate items

Guidance has been raised twice in 2026 and the raises landed on the earnings line rather than on volume. Comparable EPS growth went from 7% to 8% on 10 February, to 8% to 9% on 28 April, to 9% to 10% on 28 July, while organic revenue only moved to the top of an unchanged 4% to 5% range. That is margin and mix. Comparable operating margin reached 35.6% against 34.7%, free cash flow guidance rose to approximately $12.4bn, and the underlying tax rate improved from 20.9% at the February guide to 19.9%. This case takes the bottom of the derived African bottling range and holds the exit multiple at roughly where the shares trade today.

Corporate

Basis quarter$37M
Final quarter$44M
Implied CAGR+4%
Final revenue mix0%

The third-party revenue booked in the Corporate reconciling line, $37M in the basis quarter and 0.28% of the group. It is carried as a vertical only so that the six lines sum exactly to reported consolidated revenue with no elimination plug. The Corporate cost centre itself, a $256M quarterly operating loss, sits in corporate overhead, and the $101M of Corporate capital expenditure sits in the corporate programme.

Last four quarters
2025 Q3 $34M Reported
2025 Q4 $45M Estimated
2026 Q1 $32M Reported
2026 Q2 $37M Reported
Corporate third-party revenue
Sequential growth +0.7%/qtr decaying toward +0.5% 0.70% is the 2024 Q2 to 2026 Q2 compound quarterly rate on a line that is a rounding item.
Corporate

Latest: $44M (2031Q2E)

Period Value
2024Q1 $31M
2024Q2 $35M
2024Q3 $21M
2024Q4 $23M
2025Q1 $26M
2025Q2 $39M
2025Q3 $34M
2025Q4 $45M
2026Q1 $32M
2026Q2 $37M
2026Q3E $37M
2026Q4E $38M
2027Q1E $38M
2027Q2E $38M
2027Q3E $39M
2027Q4E $39M
2028Q1E $39M
2028Q2E $40M
2028Q3E $40M
2028Q4E $40M
2029Q1E $41M
2029Q2E $41M
2029Q3E $42M
2029Q4E $42M
2030Q1E $42M
2030Q2E $43M
2030Q3E $43M
2030Q4E $43M
2031Q1E $44M
2031Q2E $44M

Assumptions & reasoning

  • Carried at a zero EBITDA margin on purpose. The Corporate operating loss of $256M less $16M of Corporate depreciation is a $240M EBITDA drag, and it is modelled once, as the 1.79% group overhead rate. Giving this line a margin as well would double-count it.
  • Capital intensity is zero here for the same reason. The $101M of Corporate capital expenditure disclosed in the basis quarter would be 273% of a $37M revenue line, which is a ratio artefact rather than economics, so it is carried as a flat corporate programme instead.
  • Left aseasonal: on a line that ranges between $21M and $45M the fitted amplitude of 0.325 sits against a window spread of 0.394, so the noise exceeds the signal outright.
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