Growth Against the Odds: 5 Striking Insights from Coca-Cola İçecek’s Report
Introduction: Building Growth Amid Uncertainty
At a time when many companies are struggling with challenging macroeconomic and geopolitical conditions, Coca-Cola İçecek (CCI) is not just staying afloat — it’s actively engineering its future growth by strategically rebalancing its geographic and product portfolios. The company’s 2025 interim report offers powerful insights into how this deliberate strategy is paying off, making it a document well worth a closer look.
1. Growth That Defies Global Headwinds
Despite significant macroeconomic and geopolitical pressures, CCI delivered robust growth in the third quarter of 2025 (Q3 2025), increasing consolidated sales volume by 8.9% to reach 477 million unit cases. This remarkable resilience demonstrates that the company is not merely surviving in difficult markets — it’s proactively expanding, thanks to its diversified country and product portfolio.
As CEO Karim Yahi put it:
“Despite persistent macroeconomic and geopolitical challenges, and sustained inflation in some of our markets, our diversified product and country portfolio once again proved its resilience, agility, and ability to successfully navigate the complex realities of emerging markets.”
2. The Turkey Paradox: Deliberate Contraction for Profitability
In contrast to its overall growth story, CCI’s Turkey operations recorded a 1.7% decline in sales volume in Q3 2025. But this is far from a setback — it’s the result of a deliberate strategic shift toward profitability.
The contraction stems largely from a 19.2% decline in the low-margin water category, part of the company’s conscious decision to focus on more profitable segments. The success of this disciplined focus is clear: during the same period, the flagship Coca-Cola™ brand achieved 1% growth in Turkey — proof that CCI’s “quality over quantity” approach is paying off.
3. Central Asia: The Star of International Markets
The real engine behind CCI’s consolidated growth was its explosive performance in international markets. In Q3 2025, international operations’ sales volume grew by an impressive 16.1%, driven primarily by Central Asia, where growth reached an extraordinary 27.0%.
Within the region, Uzbekistan surged by 36.5%, while Kazakhstan grew by 24.2%, cementing Central Asia’s role as CCI’s key growth engine. These results stem from concrete operational successes — a supportive macroeconomic environment in Uzbekistan and continuous expansion of the on-premise customer base in Kazakhstan.
4. A Financial Fortress: Credit Rating Outperforms the Sovereign
In October 2025, S&P Global Ratings reaffirmed CCI’s long-term credit rating at ‘BB+’ and revised its outlook from Negative to Stable — a powerful endorsement of the company’s financial and strategic strength.
What makes this particularly remarkable is that CCI’s rating stands two notches above Turkey’s sovereign rating, remaining one of the highest ratings S&P assigns in the country. This financial resilience is no accident; it’s a direct outcome of CCI’s successful international diversification strategy.
S&P’s report emphasized that CCI’s geographically diversified operational footprint allows it to effectively manage Turkey’s macroeconomic risks while maintaining solid financial discipline and cash flow generation.
5. Beyond Carbonated Drinks: The Rise of Still Beverages
CCI’s strategy to shape the future isn’t limited to geographic rebalancing — it extends deep into its product portfolio transformation. The company’s still beverages category achieved a spectacular 26.0% growth in Q3 2025.
Within this segment, Fusetea grew by 47.9%, and energy drinks by 42.6% — both becoming standout performers. The success of Fusetea is particularly striking across key markets: up 29.3% in Turkey, 54.0% in Kazakhstan, and nearly tripled sales in Uzbekistan.
These numbers show that CCI is not only diversifying its portfolio but also future-proofing its business model to align with evolving global consumer preferences for healthier and functional beverages.
Conclusion: The Architecture of Resilient Growth
Coca-Cola İçecek’s latest report offers a masterclass in how to build growth through proactive and disciplined strategies — even in a turbulent economic climate.
By shifting its geographic focus toward high-potential markets such as Central Asia and strengthening its product mix with profitable, future-oriented categories, CCI is not only shielding itself from today’s uncertainties but also positioning for tomorrow’s opportunities.
This dual rebalancing — across both geography and product — is creating a company that’s not just weathering the storm but redefining what sustainable growth looks like in emerging markets.
The question that remains: how much more resilient can CCI become as it continues to evolve through disciplined transformation?