Apr 20, 2026 at 5:09 p.m
Consolidation also harmed us, says Jannis Samaras.
Jannis Samaras. (source: Kofola/Michael Tomeš)
Kofola is expanding in South America, where it recently bought a minority stake in Alta Fermentación, which produces beer, coffee and rum and also has a chain of restaurants in Panama, Colombia and Ecuador.
“We want to teach South Americans how to make Czech lager beer, which is not so common there,” explains Kofola boss Jannis Samaras.
According to him, Latin America is a region that is in a different consumer phase than the European one.
“It is young and dynamically developing demographically. And the consumers there like beer,” he tells INDEX Jannis SAMARAS.
The current issue of INDEX is full of useful and interesting topics from the world of business, finance and economics. (source: Hey You!)
In the interview you will read:
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Why did Kofola decide to expand to the South American market,
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whether he plans to export coffee or beer there,
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what the falling consumption in vending machines signals about the approaching development of the economy,
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what plans does the traditional beverage manufacturer have in the segment of premium natural cosmetics,
Last year, during the economic results for the third quarter, you announced that sales were slightly decreasing and the outlook for the whole year was also more pessimistic. What were the final results for 2025?
It was a difficult year due to external influences. For example, we were hit by a higher VAT in Slovenia or a tax on sweetened beverages in Slovakia.
Did the consolidation packages in Slovakia also have an impact on consumption?
Definitely. We see this in multiple segments across the market. The consumption of soft drinks and beer decreased. We tried to offset lower sales volumes with savings. Thanks to this, we came close to the previous year’s record level of EBITDA profit (before taking into account interest, taxes, depreciation and amortization, editor’s note)but in the end we did not fulfill the plan. Sales fell by three percent to 435 million euros. Profit decreased by less than four percent to 73 million euros.
How did the tax on sweetened beverages in Slovakia contribute to the decline in sales?
The decline was in double digits, just over ten percent. At the same time, I do not consider this tax as a fight for the health of consumers, but as an effort to fill the state budget. If it were to be a fight for health, all foods containing sugar would have to be taxed.
You recently mentioned that consumer sentiment is changing in the Czech Republic. Does this mean that young people no longer drink kofola out of nostalgia like older consumers?
Certainly not. Only consumers shifted their resources elsewhere, such as housing and cars, and consumed less fast-moving goods. And we also notice a decrease in consumption, especially in industrial enterprises where we have vending machines. This is related to the decline in employment in industry. We see it before it is reflected in macroeconomic indicators.
Revenues from the sale of beer also fell last year.
Yes, beer is being drunk less, this is a pan-European trend. The Czech market worked very well, with sales we stayed at the level of the previous year, which is a success when looking at an otherwise declining market. However, our exports fell. The market as a whole is falling. In the recently published results of Heineken, there is talk of a three percent decline in the European market.
We didn’t want to start from scratch
In South America you only had coffee plantations until now. Now you buy Alta Fermentación there, which produces beer, coffee and rum and also has a chain of restaurants. What do you expect from this acquisition?
We decided to regionally diversify our business so that we are not dependent only on Central Europe.
Latin America is a region that is in a different phase than the European one. It is young and dynamically developing demographically as well. And the local consumers like beer.
We have production know-how for both soft drinks and beer, so this company was a good fit for our portfolio. Also because we did not want to start from scratch and grow organically in this region.
Alta Fermentación also has its own beer brands. Does it make sense to export Czech beer to South America or do you rather develop local brands there?
We want to develop their local craft beer, but we will also import Czech beer there. In addition, we want to teach South Americans how to make Czech lager beer, which is not so common there.
Could kofola also be sold in South America?
