Kofola ČeskoSlovensko has further broadened its beverage portfolio with the acquisition of the business operations of Bohemia Healing Marienbad Waters. The transaction became effective on September 1 through European Healing Waters, in which the Kofola Group holds a majority interest through its subsidiary Kofola a.s. Importantly, the deal involves the operating business of the insolvent mineral water company rather than an acquisition of its shares. Completion followed approval by the regional insolvency court for an out-of-auction sale, payment of the purchase price, and registration of the transfer.
The Marienbad business was valued at CZK 440 million (USD 21.1 million), equivalent to roughly eleven times EBITDA. It gives Kofola a stronger position in the niche for mineral waters marketed for their naturally occurring properties and forms part of a much broader acquisition drive in 2026. In January, the group acquired Nobilis Tilia, followed by logistics company Santa-Trans.sk in February. In May, it completed the purchase of a 49% stake in Alta Fermentación, a Latin American business spanning three microbreweries, a coffee roastery, a rum distillery, and hospitality outlets in Panama, Colombia, and Ecuador. August brought another diversification step when Kofola acquired 52% of R.Charde, operator of the CØKAFE coffee business.
The move into craft beer in Latin America adds another brewing component to a group that already has a significant Czech beer business. Kofola entered the domestic brewing sector through the acquisition of a controlling interest in Pivovary CZ Group, owner of the Holba, Zubr, and Litovel breweries (inside.beer, 22.11.2023).
However, Kofola’s latest results show that its brewing operations are currently developing less favorably than the group as a whole. First-half revenue in the Beers & Ciders segment fell 7.0%, while EBITDA declined 21.6%. Export volumes were down 15.5%, reflecting substantially reduced access to Eastern European markets. Domestic Czech demand performed better, with second-quarter sales rising by around 3%. Zubr increased by 13.9% and Litovel by 5.9%, while canned beer volumes advanced 27.4%.
At group level, the picture was considerably stronger. Revenue increased 10.2% during the first six months of 2026 and adjusted EBITDA rose 16.0%, although net profit declined 11.1% as higher acquisition-related financing expenses and administrative costs weighed on earnings. Net debt reached 3.35 times EBITDA at the end of June, up from 2.82 times a year earlier and above Kofola’s long-term target of 2.0 times, illustrating the financial impact of its rapid expansion.
Trading strengthened further during the peak beverage season, with July and August sales running 12% above the previous year. Kofola therefore maintained its full-year EBITDA target of CZK 1.8-1.9 billion (USD 86.4-91.2 million) and continues to target total revenue growth of around 10%, including acquisitions, alongside organic growth of approximately 4%. Management indicated that continued favorable trading in September could put EBITDA toward the upper end of the forecast range.
