Results for the six months ended 3 July 2026
COCA-COLA EUROPACIFIC PARTNERS
Results for the six months ended 3 July 2026
Strong first half performance; full-year guidance reaffirmed
| H1 2026 Total CCEP Key Financial Metrics[1] | As Reported | Comparable [1] | Change vs H1 2025 | |||
| As Reported | Comparable [1] | Comparable FXN [1] | ||||
| Volume (M UC)[2] | 2,041 | 2,041 | 5.6%* | |||
| Revenue per UC[2],[3] (€) | 5.34 | 0.4 % | ||||
| Revenue (€M) | 10,724 | 10,724 | 4.4 % | 4.4 % | 6.1 % | |
| Operating profit (€M) | 1,458 | 1,481 | 6.9 % | 6.5 % | 8.1 % | |
| Diluted EPS (€) | 2.17 | 2.20 | 9.1 % | 9.2 % | 10.6 % | |
| Comparable free cash flow (€M) | 435 | |||||
| Interim dividend per share (€) | 0.82 | |||||
* Volume disclosed on a reported basis which includes six additional consumption days versus the comparative period. On a days adjusted basis Group volumes grew by 2.2% (Europe: +1.6%; APS: +3.5%)[4]. Volume % throughout the release refers to days adjusted movements unless otherwise stated.
DAMIAN GAMMELL, CHIEF EXECUTIVE OFFICER, SAID:
"We delivered a strong first half, with balanced revenue growth, continued share gains and disciplined cost and cash management. Our performance reflects the strength of our broad beverage portfolio, the consumer demand for value and the relevance of our innovation across faster-growing categories such as zero sugar, energy and hydration, supported by quality in-market execution and exciting activations including the FIFA World Cup.
“While the consumer environment remains challenging, and the full impact of the ongoing situation in the Middle East remains uncertain, our first half performance demonstrates the resilience of our business and the strength of our growth model.
“We are reaffirming our full-year guidance and remain focused on our strategic priorities which include; expanding cooler coverage, winning more customers and accelerating growth in the Philippines and Indonesia.
“We are actively managing pricing, promotions, discretionary spend and efficiencies, alongside record investment, with a focus on AI, technology and our supply chain, to drive future growth. We are confident we have the right strategy, the execution discipline and the brand partnerships to deliver on our mid-term objectives and create continued value for shareholders.”
___________________________
Note: All footnotes included alongside the ‘About CCEP' section
| H1 Financial Summary | ||||||
| H1 2026 Metric[1] | As Reported | Comparable [1] | Change vs H1 2025 | |||
| As Reported | Comparable [1] | Comparable FXN [1] | ||||
| Total CCEP | ||||||
| Volume (M UC)[2] | 2,041 | 2,041 | 5.6 % | |||
| Revenue (€M) | 10,724 | 10,724 | 4.4 % | 4.4 % | 6.1 % | |
| Cost of sales (€M) | 6,936 | 6,934 | 4.5 % | 4.4 % | 6.3 % | |
| Operating profit (€M) | 1,458 | 1,481 | 6.9 % | 6.5 % | 8.1 % | |
| Profit after taxes (€M) | 991 | 1,007 | 5.8 % | 5.9 % | 7.5 % | |
| Diluted EPS (€) | 2.17 | 2.20 | 9.1 % | 9.2 % | 10.6 % | |
| Revenue per UC[2],[3] (€) | 5.34 | 0.4 % | ||||
| Cost of sales per UC[2],[3] (€) | 3.46 | 0.6 % | ||||
| Comparable free cash flow (€M) | 435 | |||||
| Interim dividend per share* (€) | 0.82 | |||||
| Europe | ||||||
| Volume (M UC)[2] | 1,308 | 1,308 | 5.0 % | |||
| Revenue (€M) | 7,911 | 7,911 | 5.9 % | 5.9 % | 6.4 % | |
| Operating profit (€M) | 1,110 | 1,133 | 3.7 % | 7.6 % | 8.1 % | |
| Revenue per UC[2],[3] (€) | 6.08 | 1.3 % | ||||
| APS (Australia, Pacific & Southeast Asia) | ||||||
| Volume (M UC)[2] | 733 | 733 | 6.9 % | |||
| Revenue (€M) | 2,813 | 2,813 | 0.4 % | 0.4 % | 5.4 % | |
| Operating profit (€M) | 348 | 348 | 18.4 % | 3.3 % | 8.3 % | |
| Revenue per UC[2],[3] (€) | 4.03 | (1.5) % | ||||
*First half interim dividend per share of €0.82 (declared at Q1 & paid in May), calculated as 40% of the FY25 dividend Volume disclosed on a reported basis which includes six additional consumption days versus the comparative period. On a days adjusted basis Group volumes grew by 2.2% (Europe: +1.6%; APS: +3.5%)[4].
| Winning today, creating tomorrow: delivering against our strategic priorities |
Broaden total beverage portfolio
- Continued focus on innovation in zeros; H1 volumes up ~10%
- Strong Coke Zero Sugar Zero Caffeine performance post relaunch
- Sports +12% driven by Powerade innovation & activation (inc. launch in Indonesia)
- Strong growth in Energy supported by wider distribution & successful innovation e.g.Viking Berry; share +230bps
Win through execution
- Biggest ever FIFA World Cup activation; over 500k displays
- >80k new coolers added (~5% total increase) driving distribution & mix
- New customer wins including; Parkdean Resorts & Papa John's (GB), Dominos (Aus) & Marriott
- Deposit Return Scheme launched in Portugal; cross border recycling programme launched across Pacific Islands
Sharpen competitiveness
- Innovative cross-channel promotions driving engagement
- Efficiencies drove margin expansion with further reduction in opex % of revenue
- Scaling up new shared service capability in Manila; now over 250 colleagues
Scale Southeast Asia growth engine
- Indonesia sparkling volumes in growth - supported by new RTM model & innovation e.g. Sprite Nipis Mint & Coke Zero Vanilla
- Continued profitable topline momentum in the Philippines; EBIT margin close to 10% target
- New Philippines facility on track to start production in 2027
Unlock growth with AI & tech
- S/4HANA deployment on track & progressing well
- AI & data training workshops for 8,000 colleagues
- KIRA, our agentic AI application generating deeper brand insights & enabling faster market decisions
- Enhanced promo evaluation & pricing tools supporting more sophisticated Revenue & Margin Growth Management
Great brands, great people, great execution, done sustainably
| H1 & Q2 Revenue Highlights[1] |
H1 Revenue: Reported +4.4%; FXN +6.1%
- Remain the #1 value creator[5] in retail, delivering more revenue growth for customers than any FMCG peers
- NARTD category[5] remains resilient: value +4%, volume +3%
- CCEP total value share[5] +20bps led by +30bps improvement in Europe, partly offset by 30bps decline in APS
- Transactions slightly behind volume growth; ahead in APS & behind in Europe, primarily reflecting growth of large format packs
- Volume +2.2%[4],[6]
- By geography:
- Europe +1.6% reflecting great in-market execution, innovation & growth of large format packs in the Home channel
- APS +3.5% reflecting:
- Australia/Pacific (AP): low single-digit increase driven by continued momentum with high-digit growth across PNG, Pacific Islands & NZ; mid single-digit increase excluding impact of Suntory alcohol exit in Australia & NZ
- Southeast Asia (SEA): volumes growing mid single-digit with encouraging sparkling growth in Indonesia (cycling H1'25 -14.8%) & solid performance in the Philippines
- By channel:
Away from Home (AFH) +1.6%, Home +3.5%
- Europe: AFH -0.6% (Q1: -1.2%), Home +3.1% (Q1: +3.1%)
- APS: AFH +4.0% (Q1: +2.5%), Home +5.0% (Q1: +2.4%)
- Revenue per unit case +0.4%[2],[3] reflects positive headline pricing, promotional optimisation & positive pack mix, partly offset by Suntory alcohol exit
- Europe: +1.3% reflecting positive brand mix, headline price increases & promotional optimisation, partly offset by negative pack mix impact from growth of large pack formats
- APS: -1.5% reflecting positive brand & pack mix, headline price increases & promotional optimisation, offset by ~3% impact of Suntory exit
Q2 Revenue: Reported +2.5%; FXN +3.3%
- Volume +3.2%[4],[6]
- By geography:
- Europe +2.3% supported by great activation especially around FIFA World Cup & favourable weather in June – reflected in continued share improvement
- APS +5.0% reflecting:
- AP: broadly flat (low single-digit increase excluding Suntory exit) reflecting double-digit growth in PNG offsetting low single-digit decline in Australia (cycling tough comparables)
- SEA: high single-digit increase reflecting solid performance in the Philippines & encouraging growth in Indonesia
- By channel: AFH +2.8%, Home +4.3%
- Europe: AFH +0.5%, Home +3.6%
- APS: AFH +5.5%, Home +7.5%
- Revenue per unit case +0.1%[2],[3]
- Europe: +1.3% reflecting positive brand mix, headline pricing & promotional optimisation, partly offset by negative pack mix from growth of large pack formats
- APS: -2.9% driven by impact of Suntory exit
Volume %s refer to days adjusted movements.
| H1 Highlights & FY26 Guidance[1] |
H1 Highlights
- Operating profit: Reported +6.9%; Comparable FXN +8.1%
- Cost of sales per unit case +0.6%[2],[3] (H1 25: +3.6%) reflecting increased revenue per unit case driving higher concentrate costs, manufacturing inflation & tax impacts
- Comparable operating profit of €1,481m, +8.1%[3] reflecting topline growth, productivity & efficiency programmes & management of discretionary spend. Reported operating profit of €1,458m, +6.9%
- Comparable diluted EPS of €2.20, +10.6%[3] (reported €2.17, +9.1%)
- Comparable free cash flow: €435m reflecting solid performance (net cash flows from operating activities of €1,035m)
- Dividend per share €0.82 (declared Q1, paid in Q2) calculated as ~40% of FY25 dividend
FY26 guidance reaffirmed[1]
Outlook for FY26 remains unchanged & reflects our current assessment of market conditions. Unless stated otherwise, guidance is on a comparable & FX-neutral basis.
(Based on current spot rates, FX represents a full year headwind of ~40 basis points to revenue & ~10 basis points to operating profit)
- Revenue: growth of 3% to 4%
- Six extra days in Q1 26, six fewer in Q4 26
- Impact from exit of Suntory alcohol distribution in Australia (ended June '25) & NZ (ended Dec '25): FY impact on group revenue ~0.5%
- Cost of sales per UC: comparable growth of ~1.5%
- Commodities hedged at ~90% for FY26
- Concentrate directly linked to revenue per UC through incidence pricing
- Operating profit: growth of ~7%
- Comparable effective tax rate: ~26%
- CAPEX: ~5% of revenue (including leases)
- Comparable free cash flow: at least €1.7bn
- Dividend payout ratio: ~50%[7] based on comparable EPS
- Share buyback: €1bn over the course of the year; €593m complete as at 31 July
| SECOND QUARTER & FIRST HALF REVENUE PERFORMANCE BY GEOGRAPHY[1] |
All values are unaudited and all volume %s refer to days adjusted movements.
| Second Quarter | First Half | ||||||
| Fx-Neutral | Fx-Neutral | ||||||
| € million | % change | % change | € million | % change | % change | ||
| FBN[8] | 1,575 | 4.6 % | 4.0 % | 2,861 | 7.1 % | 6.4 % | |
| Germany | 862 | 0.1 % | 0.1 % | 1,619 | 4.7 % | 4.7 % | |
| Great Britain | 970 | 3.4 % | 5.5 % | 1,792 | 5.6 % | 8.7 % | |
| Iberia[9] | 955 | 4.6 % | 4.6 % | 1,639 | 5.4 % | 5.4 % | |
| Total Europe | 4,362 | 3.4 % | 3.7 % | 7,911 | 5.9 % | 6.4 % | |
| Australia / Pacific[11] | 785 | 1.7 % | (2.5) % | 1,662 | 3.0 % | 2.7 % | |
| Southeast Asia[12] | 576 | (3.2) % | 7.9 % | 1,151 | (3.3) % | 9.0 % | |
| Total APS[4] | 1,361 | (0.4) % | 2.0 % | 2,813 | 0.4 % | 5.4 % | |
| Total CCEP[4] | 5,723 | 2.5 % | 3.3 % | 10,724 | 4.4 % | 6.1 % | |
FBN[8]
- H1 low single-digit volume increase; all markets growing in Q2, including France now cycling sugar tax, reflecting great execution & favourable weather.
- Double-digit growth in Monster driven by innovation, distribution gains & new listings in France, Sweden & the Netherlands.
- France sugar tax contributed to decline in Coca-Cola Original Taste, offset by double-digit growth of Coca-Cola Zero Sugar. Strong growth in Powerade, Sprite & Chaudfontaine.
- H1 revenue/UC[10] growth driven by headline price increase, French sugar tax (March 2025) & positive mix driven by Monster & growth in small packs.
Germany
- H1 volume in slight decline reflecting continued consumer focus on affordability & value for money.
- Double-digit growth in Coca-Cola Zero Sugar & Zero sugar flavours partly offset declines in Coca-Cola Original Taste.
- Strong Monster growth supported by Zero variants & innovation e.g.Viking Berry.
- Good growth in Powerade driven by new pack formats, flavour extensions & FIFA World Cup activation.
- H1 revenue/UC[10] growth driven by positive brand & pack mix as well as annualisation of headline price increase implemented in Q3 last year.
Great Britain
- H1 mid single-digit volume growth reflecting great FIFA World Cup activation & favourable weather in Q2.
- Strong volume growth in Coca-Cola Zero Sugar driven by launch of Cherry Float. Continued Diet Coke momentum, supported by new Cherry variant & Devil Wears Prada collaboration.
- Double-digit Monster growth supported by innovation e.g.Viking Berry & Ultra Vice Guava. Volumes also benefited from new Smartwater listings & growth in Powerade driven by new pack formats, flavour extensions & FIFA World Cup activation.
- H1 revenue/UC[10] growth driven by headline price increase in Q2 & positive mix from Monster partly offset by water.
Iberia[9]
- H1 low single-digit volume growth driven by strong Q2 across Home & AFH.
- Sports volume growth driven by growing distribution & new listings, as well as launch of Aquarius Extra. Double-digit RTD Tea growth reflected sustained Fuze Tea momentum strengthened by new QSR listing.
- Volume benefitted from good growth in Flavours, supported by launch of Fanta Exotic & Sprite Chill, as well as double-digit growth in Monster.
- H1 revenue/UC[10] growth driven by headline price increase partly offset by negative channel & pack mix from growth in QSR.
Australia / Pacific[11]
- Mid single-digit volume increase (excluding alcohol) with growth in all markets (PNG & Pacific Islands growing double-digit). Revenue excluding alcohol +10%.
- Coke Trademark volume growth in H1 driven by strong growth in Coca-Cola Zero Sugar & improved performance in Coca-Cola Original Taste. Grinders coffee continued to deliver double-digit volume growth & is now #1 coffee bean brand in Grocery in Australia. Sprite performed well with mid single-digit growth supported by Zero.
- Double-digit Energy growth driven by continued strength of Ultra White & launch of both Lando Norris & Ultra Blue Hawaiian in Australia.
- Revenue/UC[10] reflects impact of Suntory exit in Australia & New Zealand. Excluding alcohol, revenue/UC grew low single-digit, supported by headline price increases & positive mix from growth of small pack formats partly offset by growth in Coffee.
Southeast Asia[12]
- Solid mid single-digit volume growth in both the Philippines & Indonesia.
- Coke Trademark volume growth in the Philippines driven by continued strength of Coca-Cola Original Taste & double-digit increase in Coca-Cola Zero Sugar. Good growth in Sprite Zero and Royal following new campaign & launch of Grape & Lychee variants. High single-digit growth in Wilkins Pure water supported by new QSR listings.
- Sparkling volume growth in Indonesia driven by Coca-Cola Zero Sugar, Fanta & Sprite, supported by innovation (Coca-Cola Zero Vanilla, Fanta Fruit Punch & Sprite Nipis Mint) & supported by the new RTM model. Encouraging early performance from recent launch of Powerade in the growing Sports category.
- Revenue/UC[10] growth driven by headline price increases in the Philippines implemented H2'25 offset by adverse mix from growth in Water.
| Q2 & H1 VOLUME PERFORMANCE BY CATEGORY[1],[4],[6] |
All values are unaudited and all volume %s refer to days adjusted movements.
| Second Quarter | First Half | ||||
| % of Total | % Change | % of Total | % Change | ||
| Coca-Cola® | 58.9 % | 2.1 % | 58.5 % | 1.3 % | |
| Flavours & Mixers | 20.7 % | 1.2 % | 21.5 % | 1.1 % | |
| Water, Sports, RTD Tea & Coffee[13] | 12.4 % | 9.5 % | 12.0 % | 5.6 % | |
| Other inc. Energy | 8.0 % | 7.4 % | 8.0 % | 8.0 % | |
| Total | 100.0 % | 3.2 % | 100.0 % | 2.2 % | |
Coca-Cola®
Q2: +2.1%; H1: +1.3%
- Solid growth driven by the launch of new variants (e.g. Cherry Float in Original Taste & Zero Sugar), 500ml cans & Zero Caffeine in new black & gold packaging underpinned by fantastic activation & execution (FIFA World Cup & Premier League campaigns).
- Growth in Coca-Cola Trademark led by Coke Zero Sugar +10.7%, with good growth across both Europe & APS. Coke Original Taste declined 2.6% with growth in APS offset by Europe. Improved Diet Coke performance supported by new Cherry flavour & Devil Wears Prada movie campaign.
Flavours & Mixers
Q2: +1.2%; H1: +1.1%
- Sprite H1 +5.9% with solid growth in Europe supported by the launch of Sprite Chill & limited-edition flavour variants in GB. Growth in APS reflects strong growth of Sprite Zero in the Philippines & the launch of Sprite Nipis Mint in Indonesia.
- Fanta H1 -0.6% with performance supported by growth in zero variants including new visual identity, upweighted meals activation, new flavours (e.g. Mango), pack introductions (e.g.1L Fruit Punch in Indonesia) & impactful Xbox campaigns.
Water, Sports, RTD Tea & Coffee[13]
Q2: +9.5%; H1: +5.6%
- Water +6.5% reflecting new Smartwater listings in GB, growth of Chaudfontaine in FBN & Wilkins Pure in the Philippines.
- H1 Sports +12.1% (Q2: +18%) driven by continued growth of Aquarius in Spain. Powerade grew double-digit driven by great FIFA World Cup activation, new packs, limited edition flavours & distribution gains.
- RTD -3.1% H1 (Q2: +1.9%) with Fuze Tea delivering strong growth in Spain offset by decline in Germany & Indonesia (where category is in decline).
Other inc. Energy
Q2: +7.4%; H1: +8.0%
- Energy grew +18.6% driven by innovation (e.g. Viking Berry & Ultra Blue Hawaiian), distribution gains, growth in multipacks & continued strength of original variants e.g. Ultra White. Energy share +230bps.
- ARTD momentum continued with launch of new Spiced rum Bacardi & Coke (Aus & GB), Absolut Sprite Pineapple & new sleek cans. Exit of Suntory alcohol distribution in Australia & NZ impacted volumes as previously announced.
| Conference Call |
- 4 August 2026 at 12:00 BST, 13:00 CEST & 7:00 a.m. EDT; accessible via www.cocacolaep.com
- Replay & transcript will be available at www.cocacolaep.com as soon as possible
| Financial Calendar |
- Third quarter trading update: 3 November 2026
- Financial calendar available here: https://ir.cocacolaep.com/financial-calendar/
| Contacts |
Investor Relations
| Sarah Willett | Matt Sharff | Samina Khan | Dimitar Todorchev |
| sarah.willett@ccep.com | msharff@ccep.com | skhan@ccep.com | dtodorchev@ccep.com |
Media Relations Contacts
| About CCEP |
Coca-Cola Europacific Partners is one of the world's leading consumer goods companies. We make, move and sell some of the world's most loved brands – serving nearly 600 million consumers and helping over 4 million customers across 31 countries grow.
We combine the strength and scale of a large, multi-national business with an expert, local knowledge of the customers we serve and communities we support.
The Company is currently listed on Euronext Amsterdam, NASDAQ, London Stock Exchange and on the Spanish Stock Exchanges, and a constituent of both the Nasdaq 100 and FTSE 100 indices, trading under the symbol CCEP (ISIN No. GB00BDCPN049)
For more information about CCEP, please visit www.cocacolaep.com & follow CCEP on LinkedIn
___________________________
- Refer to ‘Note regarding the presentation of alternative performance measures' for further details & to ‘Supplementary Financial Information' for a reconciliation of reported to comparable results; Change percentages against prior year equivalent period unless stated otherwise
- A unit case equals approximately 5.678 litres or 24 8-ounce servings
- Comparable & FX-neutral
- Comparable volume growth rates are calculated on an Average Daily Sales (ADS) basis
- External data sources: Nielsen & IRI Period 6 YTD
- Adjusted for consumption days shift with six additional consumption days H1'26 versus H1'25
- Dividends subject to Board approval
- Includes France, Monaco, Belgium, Luxembourg, the Netherlands, Norway, Sweden & Iceland
- Includes Spain, Portugal & Andorra
- Revenue per unit case
- Includes Australia, New Zealand, the Pacific Islands & Papua New Guinea
- Includes Philippines & Indonesia
- RTD refers to ready to drink
Full and original press release in PDF
This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact rns@lseg.com or visit www.rns.com.