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REG - Coca-Cola EP PLC - Q1 Trading Update & Interim Dividend Declaration

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RNS Number : 5163G  Coca-Cola Europacific Partners plc  29 April 2025

29 April 2025

 

COCA-COLA EUROPACIFIC PARTNERS

 

Trading Update for the First Quarter ended 28 March 2025 & Interim
Dividend Declaration

 

Q1 performance as expected, reaffirming FY25 guidance

 

 Q1 2025                                                          Change vs 2024

         Revenue    Volume      Revenue per UC( 1 , 2 , 3 )       Volume   Revenue per UC( 1 , 2 , 3 )   FXN( 1 , 3 ) Revenue   Revenue

(UC)( 2 )
 Europe  €3,253m    550m        €5.89                             (5.5)%   4.1%                          (1.6)%                 (1.1)%
 APS     €1,436m    344m        €4.24                             39.3%    (10.9)%                       24.0%                  22.2%
 CCEP    €4,689m    894m        €5.25                             7.8%     (2.5)%                        5.1%                   5.0%

 

 Q1 2025 (Adjusted comparable)( 4 )                   Change vs 2024 (Adjusted comparable)( 4 )
                                  Revenue per UC      Comparable volume*  Revenue per UC  FXN revenue  Revenue

            Revenue    Volume

                       (UC)
 Europe     €3,253m    550m       €5.89               (2.1)%              4.1%            (1.6)%       (1.1)%
 APS        €1,436m    344m       €4.24               2.1%                2.1%            1.0%         (0.5)%
 CCEP       €4,689m    894m       €5.25               (0.6)%              3.1%            (0.8)%       (0.9)%

 

 

Damian Gammell, Chief Executive Officer, said:

"Performance during the first quarter has been broadly as expected, with
volumes reflecting calendar related phasing, including the timing of Easter,
resulting in a stronger April. We've continued to grow share ahead of the
market, create value for our customers and deliver solid gains in revenue per
unit case through revenue and margin growth management.

 

"We operate in resilient and growing categories, supported by the strength of
our relationships with our brand partners and customers across our diverse
geographies. We're excited about the rest of the year, and I'm pleased to be
reaffirming our full year guidance, with an exciting pipeline of portfolio
innovation and planned activation still to come.

 

"While the global macroeconomic environment is volatile, we remain resilient,
with leading market positions and locally driven operations across our 31
markets. Today's interim dividend declaration and the ongoing delivery of
share buybacks, demonstrate the strength of our business and our ability to
deliver continued shareholder value, with strong cash generation also
supporting investment in future growth. We are confident we have the right
strategy, done sustainably to deliver on our mid-term growth objectives. And
we look forward to sharing more on our exciting future at our capital markets
event in Manila next month."

 

* Comparable volume movements adjust for the impact of selling day movements,
with two fewer selling days in Q1'25 versus Q1'24

 

 

 Q1 HIGHLIGHTS( 1,4 )

Volume & revenue

Q1 Reported Rev +5.0%; Q1 Adjusted Comparable( 4 ) -0.8%( 3 )

•       Continue to create value, delivering more revenue growth for
retail customers in our key markets than our FMCG peers

•       Transactions ahead of volume growth in both Europe & APS

•       NARTD YTD value share gains( 5 ) +50bps in-store, +10bps in
the Away from Home channel (AFH), -20bps online

•       Adjusted comparable volume -0.6%( 4 , 6 )  : underlying*
-0.2%

•       By geography:

-      Europe -2.1%( 6 ) (underlying* -1.4%) reflecting great in-market
execution offset by strategic de-listing of Capri Sun (fully annualised from
Q2) & timing of Easter (Q2'25 v Q1'24).

-      APS +2.1%( 6 ) reflecting:

▪      Australia/Pacific (AP): broadly flat with continued momentum in
the Pacific Islands offsetting decline in Australia, reflecting March cyclone

▪      Southeast Asia (SEA): growth driven by demand in the Philippines,
partly offset by Indonesia reflecting a weaker consumer backdrop

•      By channel:

AFH +0.7%( 6 ), Home -1.9%( 6 )

•       Europe: AFH +0.6%, Home -3.6% reflecting Easter timing

•       APS: AFH +0.9%, Home +4.5%

•      Adjusted comparable revenue per unit case +3.1%%( 2 , 3 , 4 )
reflecting positive headline pricing & promotional optimisation, partly
offset by geographic mix

•      Europe: +4.1% reflecting headline price increases in France &
Iberia, & annualisation of H2'24 headline pricing in GB & Germany

•      APS: +2.1% reflecting headline price increases & promotional
optimisation in Australia, offset by geographic mix driven by strong growth in
the Philippines (which is at a lower revenue per unit case)

•      Stronger April comparable volume, as anticipated given Easter
timing, supporting YTD performance largely in line with Company expectations

 

Dividend

•      First half interim dividend per share of €0.79 (declared in Q1
& paid in May), calculated as ~40% of the FY24 dividend. Reaffirming FY25
guidance for an annualised total dividend payout ratio of approximately
50%( 7 )

 

Other

FTSE 100 inclusion

Following the transfer of CCEP's UK listing to the Equity Shares (Commercial
Companies) category in November 2024, CCEP entered the FTSE UK Index Series in
March 2025

 

Sustainability highlights

•      Retained inclusion on Carbon Disclosure Project's A List for
Climate for 9th consecutive year

•      Announced our investment in Avalo, a start-up using pioneering AI
technology to reduce the carbon footprint of ingredients used in our products

•      Opened new returnable glass bottle line in France to support
circular economy packaging

 

 REAFFIRMING FY25 GUIDANCE( 1,4 )

 

Outlook for FY25 reflects our current assessment of market conditions. Unless
stated otherwise, guidance is on an adjusted comparable( 4 ) & FX-neutral
basis.

 

Revenue: growth of approx.~4%

•       Balanced between volume & revenue per unit case

•       Two fewer selling days in Q1, one extra in Q4

Cost of sales per UC: comparable growth of ~2%

•       Expect broadly flat commodity inflation (hedged at ~90% for
FY25)

•       Concentrate directly linked to revenue per UC through
incidence pricing

Operating profit: growth of ~7%

Comparable effective tax rate: ~26%

CAPEX: ~5% of revenue (incl. leases)

Comparable free cash flow: at least €1.7bn

Dividend payout ratio: ~50%( 7 ) based on comparable EPS

Share buyback: €1bn over 12 months from February 2025

 

VOLUMES NOTE - Year on year volume movements are disclosed on a comparable and
adjusted comparable basis which (i) assumes the acquisition of Coca-Cola
Beverages Philippines, Inc. occurred at the beginning of the period & (ii)
adjusts for the impact of two fewer selling days versus Q1'24. Excluding the
selling days adjusted volumes were: CCEP -3.9%, Europe -5.5%, APS -1.1%.

*Underlying volume performance excludes the impact of strategic de-listings.

 

 First Quarter Revenue Performance by Geography( 1 )

         All values are unaudited and all references to volumes are on a
comparable basis for Europe and Australia / Pacific, and on an adjusted
comparable basis for SEA. All changes are versus prior year equivalent period
unless stated otherwise.

                            Q1
                            € million    % change  Fx-neutral

                                                   % change
 FBN( 8 )                   1,166        (2.2)%    (2.1)%
 Germany                    686          (2.8)%    (2.8)%
 Great Britain              759          4.8%      2.3%
 Iberia( 9 )                642          (3.9)%    (3.9)%
 Total Europe               3,253        (1.1)%    (1.6)%
 Australia / Pacific( 11 )  841          (1.5)%    0.6%
 Southeast Asia( 4 , 12 )   595          1.0%      1.5%
 Total APS( 4 )             1,436        (0.5)%    1.0%

 Total CCEP( 4 )            4,689        (0.9)%    (0.8)%

 

FBN

•      Mid-single digit volume decline reflecting Easter phasing,
de-listing of Capri Sun & impact of increased sugar tax in France.

•      Strong Monster performance driven by growth in the Netherlands
& Norway, which also saw good volume growth in Coca-Cola Zero Sugar.

•      Sprite & Powerade outperformed with double-digit volume
growth.

•      Revenue/UC( 10 ) growth driven by headline price increases across
the markets.

 

Germany

•      Mid-single digit volume decline reflecting Easter phasing &
more promotional environment.

•      Revenue/UC( 10 ) growth driven by annualisation of the headline
price increase implemented in Q3 last year.

•      Positive pack & brand mix also contributed driven by growth in
small packs, Monster & Fuze Tea.

 

Great Britain

•      Mid-single digit volume increase supported by innovation (e.g.
Monster Rio Punch & Dr. Pepper Cherry Crush limited edition) partly offset
by Easter phasing & the impact of Capri Sun de-listing.

•      Revenue/UC( 10 ) growth driven by annualisation of the headline
price increase implemented at the end of Q2 last year.

•      Growth of Monster, Jack Daniel's & Coke & Powerade
supported positive brand mix.

 

Iberia

•      Slight volume decline driven by Spain, reflecting adverse weather
in March offset by good growth in Energy & Sports.

•      The portfolio transition from Nestea to Fuze Tea is progressing
well.

•      Revenue/UC( 10 ) growth driven by headline price increase.

 

      Australia / Pacific

•      Volumes broadly flat with growth in the Pacific Islands offsetting
slight decline in Australia & New Zealand, reflecting Easter timing &
the impact of the cyclone in March.

•      Double-digit growth in Monster & Fanta supported by great
activation, execution & innovation including Monster Ultra Ruby Red &
Strawberry Dreams in a multipack format, as well as Fanta following the recent
launch of Fanta Lemon in Australia.

•      Revenue/UC( 10 ) growth driven largely by headline price
increases, promotional optimisation & the pack mix benefit from the growth
of mini cans in Australia.

 

Southeast Asia

•      Further share gains & volume growth in the Philippines,
despite cycling double-digit growth last year, driven by continued strong
performance of Coca-Cola Original Taste and water.

•      Volume decline in Indonesia driven by the weaker macroeconomic
backdrop, reflected in softer trading over the Ramadan festive period. The
ongoing geopolitical situation in the Middle East also remained a factor.

•      Revenue/UC( 10 ) growth predominantly driven by headline price
increases in the Philippines implemented during Q4 last year.

 

 First Quarter Volume Performance by Category( 1 , 4 , 6 )

All values are unaudited & all references to volumes are on an adjusted
comparable basis. All changes are versus prior year equivalent period unless
stated otherwise.

                                            Q1
                                            % of Total  % Change
 Coca-Cola®                                 58.6%       (0.6)%
 Flavours & Mixers                          22.6%       (1.3)%
 Water, Sports, RTD Tea & Coffee( 13 )      11.4%       (0.2)%
 Other inc. Energy                          7.4%        0.5%
 Total                                      100.0%      (0.6)%

 

Coca-Cola®

Q1 -0.6%

•      Coca-Cola Classic -2.0%, cycling strong comparable (Q1'24 +4.4%),
with growth in the Philippines, offset by decline in Europe.

•      Coca-Cola Zero Sugar +4.0% reflects strong growth in both Europe
& APS driven by solid execution & innovation.

 

 

Flavours & Mixers

Q1 -1.3%

•      Sprite -0.7% with growth in Europe driven by new listings in FBN,
offset by decline in Indonesia.

•      Fanta -1.4% with overall performance supported by recent launch of
new flavours, such as Tutti Frutti, & the 'Wanta Fanta' campaign.

•      Fantastic activation in GB for limited edition Dr. Pepper Cherry
Crush supported double-digit volume increase.

 

 

Water, Sports, RTD Tea & Coffee

Q1 -0.2%

•      Water +3.5% driven by growth of Wilkins Pure in the Philippines.

•      Sports +0.7% supported by good growth of Aquarius in Spain.

•      RTD Tea & Coffee -9.9% with strong performance of Fuze Tea
offset by Frestea decline in Indonesia.

 

 

Other inc. Energy

Q1 +0.5% (+9.5% exc. Juices)

•      Energy +11.9% with Monster growth across all markets supported by
continuing pipeline of innovation e.g. Rio Punch

supported by great activation & execution.

•      Juices decline resulting from the strategic de-listing of Capri
Sun in Europe.

•      Continuing to develop ARTD offering with recent launch of Bacardi
& Coke, Absolut & Sprite Watermelon & Jack Daniel's &
Coca-Cola Cherry.

 

 

 Conference Call

•   29 April 2025 at 12:00 BST, 13:00 CEST & 7:00 a.m. EDT; accessible
via www.cocacolaep.com (https://edge.media-server.com/mmc/p/8xhgvkrv/)

•   Replay & transcript will be available at www.cocacolaep.com as
soon as possible

 Dividend

•   The CCEP Board of Directors declared a first-half interim dividend of
€0.79 per share

•   The interim dividend is payable 27 May 2025 to those shareholders of
record on 16 May 2025

•   CCEP will pay the interim dividend in euros to holders of shares on
Euronext Amsterdam, the Spanish Stock Exchanges & London Stock Exchange

•   Other publicly held shares will be converted into an equivalent US
dollar amount using exchange rates issued by WM/Reuters taken at 16:00 BST on
29 April 2025. This translated amount will be posted on our website here:

https://ir.cocacolaep.com/shareholder-information-and-tools/dividends
(https://ir.cocacolaep.com/shareholder-information-and-tools/dividends)

 Financial Calendar

•   Capital markets event: 13-15 May 2025

•   AGM: 22 May 2025

•   H1 2025 Results: 6 August 2025

•   Financial calendar available here:
https://ir.cocacolaep.com/financial-calendar/
(https://ir.cocacolaep.com/financial-calendar/)

 Contacts

 

 Investor Relations
 Sarah Willett           Charles Richardson           Matt Sharff
 sarah.willett@ccep.com  charles.richardson@ccep.com  msharff@ccep.com

 Media Relations
 mediaenquiries@ccep.com

 

 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 @ Coca-Cola Europacific Partners | LinkedIn

___________________

 

1.       Refer to 'Note Regarding the Presentation of Adjusted financial
information and Alternative Performance Measures' for further details & to
'Supplementary Financial Information' for a reconciliation of reported to
adjusted comparable results; Change percentages against prior year equivalent
period unless stated otherwise

2.       A unit case equals approximately 5.678 litres or 24 8-ounce
servings

3.       Comparable & FX-neutral

4.       Non-IFRS adjusted comparable financial information as if the
acquisition of Coca-Cola Beverages Philippines, Inc (CCBPI) occurred at the
beginning of the period presented for illustrative purposes only. It does not
intend to represent the results had the acquisition occurred at the dates
indicated or project the results for any future dates or periods. Acquisition
completed on 23 February 2024. Prepared on a basis consistent with CCEP IFRS
accounting policies and includes acquisition accounting adjustments for the
period 1 January to 23 February. Refer to 'Note Regarding the Presentation of
Adjusted financial information and Alternative Performance Measures' for
further details.

5.       External data sources: Nielsen & IRI Period 2 YTD

6.       Reflects selling day shift with 2 fewer selling days in Q1'25
versus Q1'24. Excluding the selling days adjusted volumes were: CCEP -3.9%,
Europe -5.5%, APS -1.1%

7.       Dividends subject to Board approval

8.       Includes France, Monaco, Belgium, Luxembourg, the Netherlands,
Norway, Sweden & Iceland

9.       Includes Spain, Portugal & Andorra

10.     Revenue per unit case

11.     Includes Australia, New Zealand, the Pacific Islands & Papua
New Guinea

12.     Includes Philippines & Indonesia.

13.     RTD refers to ready to drink

 

 Forward-Looking Statements

This document contains statements, estimates or projections that constitute
"forward-looking statements" concerning the financial condition, performance,
results, guidance and outlook, dividends, consequences of mergers,
acquisitions, joint ventures, divestitures, , strategy and objectives of
Coca-Cola Europacific Partners plc and its subsidiaries (together CCEP or the
Group). Generally, the words "ambition", "target", "aim", "believe", "expect",
"intend", "estimate", "anticipate", "project", "plan", "seek", "may", "could",
"would", "should", "might", "will", "forecast", "outlook", "guidance",
"possible", "potential", "predict", "objective" and similar expressions
identify forward-looking statements, which generally are not historical in
nature.

 

Forward-looking statements are subject to certain risks that could cause
actual results to differ materially. Forward-looking statements are based upon
various assumptions as well as CCEP's historical experience and present
expectations or projections. As a result, undue reliance should not be placed
on forward-looking statements, which speak only as of the date on which they
are made. Factors that, in CCEP's view, could cause such actual results to
differ materially from forward looking statements include, but are not limited
to, those set forth in the "Risk Factors" section of CCEP's 2024 Annual Report
on Form 20-F filed with the SEC on 21 March 2025 and subsequent filings,
including, but not limited to: changes in the marketplace; changes in
relationships with large customers; adverse weather conditions; importation of
other bottlers' products into our territories; deterioration of global and
local economic and political conditions; uncertainty and volatility from the
impact and extent of actual and promised tariff adjustments; increases in
costs of raw materials; changes in interest rates or debt rating;
deterioration in political unity within the European Union; defaults of or
failures by counterparty financial institutions; changes in tax law in
countries in which we operate; additional levies of taxes, including tariff
adjustments; legal changes in our status; waste and pollution, health concerns
perceptions, and recycling matters related to packaging; global or regional
catastrophic events; cyberattacks against us or our customers or suppliers;
technology failures; initiatives to realise cost savings; calculating
infrastructure investment; executing on our acquisition strategy; costs,
limitations of supplies, and quality of raw materials; maintenance of brand
image and product quality; managing workplace health, safety and security;
water scarcity and regulations; climate change and legal and regulatory
responses thereto; other legal, regulatory and compliance considerations;
anti-corruption laws, regulations, and sanction programmes; legal claims
against suppliers; litigation and legal proceedings against us; attracting,
retaining and motivating employees; our relationship with TCCC and other
franchisors; and differing views among our shareholders.

 

Due to these risks, CCEP's actual future financial condition, results of
operations, and business activities, including its results, dividend payments,
capital and leverage ratios, growth, including growth in revenue, cost of
sales per unit case and operating profit, free cash flow, market share, tax
rate, efficiency savings, achievement of sustainability goals, including net
zero emissions and recycling initiatives, capital expenditures, may differ
materially from the plans, goals, expectations and guidance set out in
forward-looking statements. These risks may also adversely affect CCEP's share
price. CCEP does not undertake any obligation to publicly update or revise any
forward-looking statements, whether as a result of new information, future
events, or otherwise, except as required under applicable rules, laws and
regulations.

 

 

 Note Regarding the Presentation of Adjusted financial information and
 Alternative Performance Measures

Adjusted financial information

Non-IFRS adjusted financial information for selected metrics has been provided
in order to illustrate the effects of the acquisition of CCBPI on the results
of operations of CCEP and to allow for greater comparability of the results of
the combined group between periods. The adjusted financial information has
been prepared for illustrative purposes only, and because of its nature
addresses a hypothetical situation. It does not intend to represent the
results had the acquisition occurred at the dates indicated, or project the
results for any future dates or periods. It is based on information and
assumptions that CCEP believe are reasonable, including assumptions as at 1
January of the period presented relating to transaction accounting
adjustments. No cost savings or synergies were contemplated in these
adjustments.

 

The non-IFRS adjusted financial information has not been prepared in
accordance with the requirements of Regulation S-X Article 11 of the US
Securities Act of 1933 or any generally accepted accounting standards, may not
necessarily be comparable to similarly titled measures employed by other
companies and should be considered supplemental to, and not a substitute for,
financial information prepared in accordance with generally accepted
accounting standards.

 

The acquisition completed on 23 February 2024 and the non-IFRS adjusted
financial information provided reflects the inclusion of CCBPI as if the
acquisition had occurred at the beginning of the period presented. It has been
prepared on a basis consistent with CCEP IFRS accounting policies and includes
transaction accounting adjustments for the periods presented.

Alternative Performance Measures

We use certain alternative performance measures (non-IFRS performance
measures) to make financial, operating and planning decisions and to evaluate
and report performance. We believe these measures provide useful information
to investors and as such, where clearly identified, we have included certain
alternative performance measures in this document to allow investors to better
analyse our business performance and allow for greater comparability. To do
so, we have excluded items affecting the comparability of period-over-period
financial performance as described below. The alternative performance measures
included herein should be read in conjunction with and do not replace the
directly reconcilable IFRS measures.

 

For purposes of this document, the following terms are defined:

 

''As reported'' are results extracted from our unaudited consolidated
financial statements.

"Adjusted" includes the results of CCEP as if the CCBPI acquisition had
occurred at the beginning of the period presented, including acquisition
accounting adjustments, accounting policy reclassifications and the impact of
debt financing costs in connection with the acquisition.

 

"Comparable'' is defined as results excluding items impacting comparability,
such as restructuring charges. Comparable volume is also adjusted for selling
days.

 

''Adjusted comparable" is defined as adjusted results excluding items
impacting comparability, as described above.

 

''Fx-neutral'' or "FXN" is defined as period results excluding the impact of
foreign exchange rate changes. Foreign exchange impact is calculated by
recasting current year results at prior year exchange rates.

 

''Capex'' or "Capital expenditures'' is defined as purchases of property,
plant and equipment and capitalised software, plus payments of principal on
lease obligations, less proceeds from disposals of property, plant and
equipment. Capex is used as a measure to ensure that cash spending on capital
investment is in line with the Group's overall strategy for the use of cash.

 

''Comparable free cash flow'' is defined as net cash flows from operating
activities less capital expenditures (as defined above) and net interest
payments, adjusted for items that are not reasonably likely to recur within
two years, nor have occurred within the prior two years. Comparable free cash
flow is used as a measure of the Group's cash generation from operating
activities, taking into account investments in property, plant and equipment,
non-discretionary lease and net interest payments while excluding the effects
of items that are unusual in nature to allow for better period over period
comparability. Comparable free cash flow reflects an additional way of viewing
our liquidity, which we believe is useful to our investors, and is not
intended to represent residual cash flow available for discretionary
expenditures.

 

''Dividend payout ratio'' is defined as dividends as a proportion of
comparable profit after tax.

 

Additionally, within this document, we provide certain forward-looking
non-IFRS financial information, which management uses for planning and
measuring performance. We are not able to reconcile forward-looking non-IFRS
measures to reported measures without unreasonable efforts because it is not
possible to predict with a reasonable degree of certainty the actual impact or
exact timing of items that may impact comparability throughout year.

 

 Supplemental Financial Information - Revenue - Reported to Adjusted Comparable

Revenue

 Adjusted Revenue CCEP                                                            First-Quarter Ended

 In millions of €, except per case data which is calculated prior to
 rounding. FX impact calculated by recasting current year results at prior year
 rates.
                                                                                  28 March 2025  29 March 2024  % Change
 As reported and comparable                                                       4,689          4,465          5.0%
 Add: Adjusted revenue impact( 1 )                                                -              268            n/a
 Adjusted Comparable                                                              4,689          4,733          (0.9)%
 Adjust: Impact of fx changes                                                     4              n/a            n/a
 Adjusted Comparable and fx-neutral                                               4,693          4,733          (0.8)%

 Adjusted Revenue per unit case                                                   5.25           5.09           3.1%

 

 Adjusted Revenue APS
 As reported and comparable          1,436  1,175  22.2%
 Add: Adjusted revenue impact( 1 )   -      268    n/a
 Adjusted Comparable                 1,436  1,443  (0.5)%
 Adjust: Impact of fx changes        21     n/a    n/a
 Adjusted Comparable and fx-neutral  1,457  1,443  1.0%

 Adjusted Revenue per unit case      4.24   4.15   2.1%

( )

( 1 ) The adjusted financial information for 2024 reflects the inclusion of
Philippines revenue as if the acquisition had occurred at the beginning of the
period presented and prepared on a basis consistent with CCEP accounting
policies.

 

Volume

 Adjusted comparable Volume - Selling Day Shift CCEP                        First-Quarter Ended

 In millions of unit cases, prior period volume recast using current year
 selling days
                                                                            28 March 2025  29 March 2024  % Change
 Volume                                                                     894            829            7.8%
 Impact of selling day shift                                                -              (25)           n/a
 Comparable volume - Selling Day Shift adjusted                             894            804            11.2%
 Add: Adjusted volume impact( 1 )                                           -              95             n/a
 Adjusted comparable volume                                                 894            899            (0.6)%

 

 Adjusted comparable Volume - Selling Day Shift APS
 Volume                                              344  247  39.3%
 Impact of selling day shift                         -    (5)  n/a
 Comparable volume - Selling Day Shift adjusted      344  242  42.1%
 Add: Adjusted volume impact( 1 )                    -    95   n/a
 Adjusted comparable volume                          344  337  2.1%

( )

( 1 ) The adjusted volume impact reflects the inclusion of Philippines volume
as if the acquisition had occurred at the beginning of the period presented.
Adjusted volume impact for Philippines for the year ended 31 December 2024 is
101 million unit cases. Including the impact of the Q1 selling day shift (6
million unit cases), adjusted comparable Philippines volume is 95 million unit
cases.

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