UPDATE: Coca-Cola HBC has not received any news on Russian operations

Coca-Cola HBC AG on Thursday said it has not received a notification from the Russian government of any changes to its operations in Russia.

The Steinhausen, Switzerland-based bottling partner of Coca-Cola Co was responding to a report in Russian business daily Kommersant which stated reported that an Altai-based company Bochkari has appealed to the Russian president, asking that Multon Partners LLC be placed under external management. Multon is owned by Coca-Cola HBC.

In response, shares closed down 18% at 4,052.00 pence each in London on Thursday.

"Coca-Cola HBC has received no notification from the Russian government of any changes to its operations in Russia, which have been operated locally on a self-standing basis since 2022. Coca-Cola HBC does not rely on income or capital from its Russian business to fund the Group’s operations outside Russia or to service the Group’s indebtedness," the firm said in a statement.

JPMorgan analyst Edward Hockin noted the share price fall came after the report that its Russia operations could potentially be at risk.

He said the news "echoes what we have seen for other consumer goods companies in Russia, most recently Nestle in European staples, for whom there were August headlines that a local company had asked the government to impose temporary management over their Russia operations, which was followed in September by these being placed under temporary administration."

For Coca-Cola HBC, Hockin estimates Russia accounts for around 14% of volumes and low-to-mid 20s percent of group earnings before interest and tax. He expects it represents "closer to the 30s percent of EPS given the trapped cash in the country", which as of the first half of 2026 stood at EUR1.04 billion.

Hockin notes Coca-Cola Co announced the suspension of its business in Russia in 2022.

Since then, Coca-Cola HBC has stopped selling the Coca Cola brands in the country, renamed its operations Multon Partners, and migrated the business to domestic brands like Dobry Cola. The Coca-Cola HBC Russia business is locally managed, operated and financed.

Jefferies analyst Edward Mundy said if the business is "seized, we do not rule out potential for proceeds of EUR1 billion, based on historical precedents, which effectively would allow CCH to repatriate the cash trapped in Russia."

Mundy notes Bochkari, a small Russian brewer, argues that Multon's owners have frozen investment in Russia, hurting tax revenues, amongst other factors. The request has been passed to the government and, according to one source, has partial support from the relevant deputy PMs, the analyst added.

On Wednesday, Coca-Cola HBC raised its outlook for annual organic revenue growth outlook after an encouraging third quarter. It said net sales revenue rose 9.6% to EUR3.50 billion in the three months that ended September 30 from EUR3.20 billion a year earlier. Organic revenue grew 9.0%.

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