European Growth Leaders 2026

Annual ranking data providerLSEG WorkspaceUsed with permission · acknowledgements

An independent research observatory tracking Europe’s listed growth companies.

Francesco Castellaneta, Full Professor of Strategy and Entrepreneurship, SKEMA Business School – Université Côte d’Azur (GREDEG) · Scientific Committee Diego Zunino and Jackie Krafft

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Annual rank73

Czech Republic · Consumer Non-Cyc.

Kofola CeskoSlovensko as

Kofola Group lists mineral waters, syrups, fruit beverages, juices and energy drinks, plus healthy-food and herbal-product businesses.

+37%revenue growth
FY2022–FY2025
+150%net-income growth
FY2022–FY2025
+128%stock return
FY2022–FY2025
+11%2026 stock return
current context only

Company profile

Regional drinks, local ingredients and new routes to consumers

Kofola ČeskoSlovensko is a family-controlled Central European drinks group whose centre of gravity is regional taste. Kofola Original sits beside waters such as Rajec, Radenska, Studenac, Korunní and Ondrášovka; Vinea, Jupí, Jupík, Semtex and Targa broaden the soft-drink range. UGO fresh food, LEROS herbs, beer, coffee and vending take the business beyond bottling, while orchards and PET recycling bring selected inputs and packaging closer to the group.

Origin and flagship

Fourteen ingredients created a distinctly local cola

KOFO syrup was developed in 1959 after a state assignment to create a Czechoslovak alternative to Western colas. Kofola launched in 1960 with fourteen herbal and fruit ingredients, caffeine and liquorice; the Samaras family bought the trademark in 2002 after rebuilding the drink from a small Krnov soda factory.

Brands and footprint

Fifteen plants anchor a five-market portfolio

The group reports production in the Czech Republic, Slovakia, Slovenia, Croatia and Poland. Krnov makes Kofola and high-pressure-processed UGO juices; Mnichovo Hradiště is the syrup base, Rajecká Lesná bottles Vinea, Kofola and Rajec, while Radenci, Lipik and Złotokłos carry local mineral-water and natural-product traditions.

Ingredients and making

The value chain reaches herbs, apples and coffee

LEROS mixes teas and medicinal-plant products, while UGO makes fresh juices and salads; the Krnov plant treats the juices under high pressure. Kofola links Czech orchards supplying apples for juice and cider and, separately, coffee interests in Colombia to its ingredient strategy. The group now presents a Panama-farm, Strážnice-roastery and 52% CØKAFE café path; founder Richard Mauler remains co-owner. Kofola also states a preference for local suppliers and protection of water sources.

New categories and channels

Beer, vending and bottle-to-bottle recycling widen the system

Kofola entered Czech brewing through Holba, Zubr and Litovel, regional names made in Hanušovice, Přerov and Litovel. It completed the purchase of Slovak vending operator ASO VENDING in August 2025 and invested in General Plastic, whose Kolárovo and Senica facilities convert used PET into flakes, granulate and new bottle preforms.

Current 2026 update

What is changing at Kofola CeskoSlovensko as in 2026?

Kofola's August transactions move two portfolio plans into ownership: the BHMW operating business completed its insolvency transfer, and Kofola says a 52% CØKAFE stake adds cafés to a path from its Panama farm through a Czech roastery. Beer weakness and Radenska's post-2026 Pepsi transition remain the operating counterweight.

Latest official evidence CØKAFE majority stake Published 27 August 2026

The change in one sentence

August converted two portfolio ideas into completed transactions: the BHMW operating business and a 52% café stake.

BHMW arrives through a Kofola-majority vehicle shared with Invest Gate; CØKAFE is majority-owned while its founder remains a co-owner, and neither structure should be confused with the separate 49% Alta holding.

Four lenses on 2026

The same four-quadrant format used in the Company profile.

01 · Spa-water rescue

BHMW's mineral-water business moves from court approval to settlement

On 26 August Kofola announced that the Plzeň Regional Court had given final approval for sale of the BHMW operating business and that settlement occurred at the end of August. The buyer is European Healing Waters, a vehicle majority-held by the Kofola group and shared with Invest Gate; this is not a solely owned Kofola acquisition. The July filing says the price is undisclosed. BHMW pumps, bottles and distributes medicinal and mineral waters at Bílina and Mariánské Lázně. Its brands include Bílinská kyselka, Zaječická hořká, Rudolfův pramen and Excelsior, with documented histories Kofola says reach the sixteenth century. The earlier creditor-committee and court approval conditions described in July have therefore been satisfied. The new evidence confirms transaction completion, not future commercial performance, production continuity or relaunch of each brand.

  • Current signalFinal court approval · settlement at end-August · Kofola-majority vehicle shared with Invest Gate
  • Why it mattersA proposed heritage-brand rescue has become an operating integration task, while ownership remains shared through the buyer vehicle.
  • BHMW completed settlement Kofola · 26 August 2026 · Czech
  • BHMW buyer and price boundary Kofola CeskoSlovensko · 8 July 2026 · Czech

02 · Coffee chain

A 52% café stake adds the consumer end to the coffee story

On 27 August Kofola acquired 52% of Ostrava specialty-café brand CØKAFE. Founder Richard Mauler remains a co-owner and, according to Kofola, a key driver of the business. The group presents the deal as completing a chain from Latin American coffee growing through its Strážnice roastery to the customer's cup. CØKAFE adds specialty-coffee selection, in-house bakery and pastry production, store design and a local café community; Kofola says it will provide management and expansion support, including experience from UGO. The partners plan gradual expansion into new cities, but that remains a stated next step rather than completed openings. Separately, Kofola holds 49% of Alta Fermentación, a minority platform spanning coffee, craft beer, rum and hospitality in Panama, Colombia and Ecuador. The sources do not establish a trading or supply relationship between Alta and CØKAFE.

  • Current signalCØKAFE 52% majority · founder remains co-owner · Alta remains a separate 49% minority stake
  • Why it mattersKofola now controls a customer-facing coffee format while retaining different ownership and partner structures upstream and abroad.
  • CØKAFE 52% stake Kofola · 27 August 2026 · Czech
  • Alta 49% minority stake Kofola CeskoSlovensko · 20 May 2026 · Czech

03 · Own-brand shift

Radenska's Pepsi contract ends after 31 December 2026 as beer remains weak

Radenska Adriatic's bottling and distribution agreement for PepsiCo brands in Slovenia and Croatia continues without interruption through 31 December 2026 and then ends. Kofola calls it a low-margin business contributing only a few percent of group revenue. It says the production and distribution capacity released after 2026 will support its own products and other licensed brands, citing PRAGER'S already in market and Curiosa juices and Boccetta syrups as planned additions. Those are capacity and portfolio intentions, not 2027 replacement results. The current challenge is visible in Q1: Beers & Ciders revenue fell 5.1%, adjusted EBITDA 48.1%, total volume 6.5% and export volume 21.6%. Elsewhere Kofola launched Nulka, Rajec 321 and Adriatic FunctionALL. The company therefore enters the Pepsi transition with new own-brand activity but an unresolved brewery and export weakness.

04 · What to watch

Three questions for the next disclosures

The next evidence should show operating continuity, channel integration and replacement volumes after the transaction headlines.

  • BHMW continuityDoes production continue under the heritage brands, and how does the buyer vehicle reposition them?
  • CØKAFE expansionWhich new cities and formats open, and how does founder-led CØKAFE use Kofola and UGO support?
  • Beer and PepsiDo beer exports recover and do own brands replace Pepsi volume and revenue after 2026?

Annual record

Ranking history

Future editions add rows; they do not rewrite the 2026 record.

EditionMeasurement periodRankRevenue growthNet-income growthStock return
2026FY2022–FY202573+37%+150%+128%