KO · Forward model · Europe, Middle East & Africa
What has to happen in Europe, Middle East & Africa
Model as of
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Europe, Middle East & Africa
Basis quarter$3.09B
Final quarter$3.55B
Implied CAGR+3%
Final revenue mix24%
Concentrate and finished-product sales across Europe, Eurasia and the Middle East and Africa, plus Costa (excluding ready-to-drink), innocent and dogadan, which moved here when Global Ventures was sunset on 1 January 2025. $3,087M of third-party revenue in the basis quarter, 23.1% of the group. In 2026 Q2 reported revenue grew 2% on concentrate sales +1, price/mix +1, currency +2 and acquisitions and divestitures -3.
Last four quarters
2025 Q3
$2.82B
Reported
2025 Q4
$2.53B
Estimated
2026 Q1
$2.81B
Reported
2026 Q2
$3.09B
Reported
Concentrate sales to bottling partners in Europe, Eurasia and the Middle East and AfricaCosta, excluding the ready-to-drink businessinnocentdogadanFinished product operations in certain territories
Sequential growth
+0.9%/qtr
decaying toward +0.6%
0.90% is the 2024 Q2 to 2026 Q2 compound quarterly rate, like calendar quarter to like calendar quarter.
Europe, Middle East & Africa
Latest: $3.55B (2031Q2E)
| Period | Value |
|---|---|
| 2024Q1 | $2.44B |
| 2024Q2 | $2.87B |
| 2024Q3 | $2.56B |
| 2024Q4 | $2.42B |
| 2025Q1 | $2.48B |
| 2025Q2 | $3.01B |
| 2025Q3 | $2.82B |
| 2025Q4 | $2.53B |
| 2026Q1 | $2.81B |
| 2026Q2 | $3.09B |
| 2026Q3E | $2.84B |
| 2026Q4E | $2.52B |
| 2027Q1E | $2.74B |
| 2027Q2E | $3.19B |
| 2027Q3E | $2.94B |
| 2027Q4E | $2.59B |
| 2028Q1E | $2.82B |
| 2028Q2E | $3.29B |
| 2028Q3E | $3.02B |
| 2028Q4E | $2.67B |
| 2029Q1E | $2.90B |
| 2029Q2E | $3.37B |
| 2029Q3E | $3.10B |
| 2029Q4E | $2.74B |
| 2030Q1E | $2.97B |
| 2030Q2E | $3.46B |
| 2030Q3E | $3.18B |
| 2030Q4E | $2.81B |
| 2031Q1E | $3.05B |
| 2031Q2E | $3.55B |
Assumptions & reasoning
- The 2024 Q4 and 2025 Q4 points are derived, not reported: full-year recast third-party revenue from the FY2025 10-K segment note less the nine-month figure in the matching Q3 10-Q ($10,278M less $7,863M, and $10,833M less $8,307M). They are flagged estimated for that reason.
- Seasonality is day-normalised before it is fitted, because Coca-Cola's quarters are not equal in length. The amplitude is 0.223 against a worst-case window-to-window spread of 0.043, and both 2024 and 2025 agree on a Q2 peak and a Q4 trough.
- Reported revenue here is materially more volatile than organic revenue: Turkish lira and Egyptian pound exposure, and a continuing structural headwind from the 2025 sale of the Nigeria finished-product operations.