REG - Coca-Cola EP PLC - Q1 Trading Update & Interim Dividend Declaration
28/04/2026 07:00
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RNS Number : 1088C Coca-Cola Europacific Partners plc 28 April 2026
28 April 2026
COCA-COLA EUROPACIFIC PARTNERS
Trading Update for the First Quarter ended 03 April 2026 & Interim
Dividend Declaration
Good start to the year; reaffirming full-year guidance
Q1 2026 Change vs 2025
Revenue Volume Revenue per UC( 1 , 2 , 3 ) Volume* Revenue per UC( 1 , 2 , 3 ) FXN( 1 , 3 ) Revenue Revenue
(UC)( 2 )
Europe €3,549m 596m €6.00 8.4% 1.3% 9.8% 9.1%
APS €1,452m 374m €4.17 8.7% (0.3)% 8.6% 1.1%
CCEP €5,001m 970m €5.29 8.5% 0.8% 9.4% 6.7%
Damian Gammell, Chief Executive Officer, said:
"We've had a good start to the year with more balanced topline delivery.
Although stronger volumes benefitted from calendar phasing and an earlier
Easter, we delivered solid comparable volume growth and share gains driven by
great execution. Our consumers continued to enjoy a wonderful portfolio of
beverages; our revenue growth reflecting the ongoing demand for value from
consumers but also for exciting innovation and premiumisation across a broad
pack offering. Our categories continue to grow strongly, especially in zeros,
and we remain the leading value creator for our customers supported by our
brand partners.
"Whilst the consumer environment remains challenging and the full impact of
the situation in the Middle East is uncertain, we are resilient. We continue
to actively manage pricing, promotions, discretionary spend and efficiencies
alongside bringing excitement to customers and consumers, like the FIFA World
Cup. We are also investing more than ever in growth, from technology and AI,
to more coolers and our new plant in the Philippines.
"Today's dividend declaration, reaffirmation of our full year guidance for
2026 and ongoing share buybacks demonstrate the strength of our business and
our ability to deliver continued shareholder value. We are confident we have
the right strategy, executed sustainably, to deliver on our mid-term
objectives."
* Volume is disclosed on a reported basis which includes six additional
consumption days versus the comparative period. On a comparable basis Group
volumes grew by 1.6% (Europe: +1.4%; APS: +1.9%)( 4 ). Volume % throughout the
release refers to comparable movements unless otherwise stated.
All footnotes included in Further Information section of this release
Q1 HIGHLIGHTS( 1 )
Volume & revenue
Q1 Reported Revenue +6.7%; FXN +9.4%
• #1 value creator, delivering more revenue growth for retail
customers than all FMCG peers( 5 )
• NARTD category grew( 5 ): +4% value, +3% volume
• NARTD YTD value share( 5 ) +30bps (Europe +30bps, APS flat)
• Transactions slightly behind volume growth: ahead in APS &
behind in Europe, principally reflecting growth of large format
packs & earlier Easter
Q1 Reported volume +8.5%; comparable +1.6%( 4 , 6 )
• Volume by geography:
• Europe +1.4%( 4 , 6 ) reflecting great in-market execution,
earlier Easter, share gains & growth of large format packs in
the Home channel
• APS +1.9%( 4 , 6 ) reflecting:
- Australia/Pacific (AP): low single-digit volume increase driven by
Pacific Islands & PNG; mid single-digit increase excluding impact of
Suntory alcohol exit
- Southeast Asia (SEA): low single-digit volume growth reflecting
the return to more normalised growth in the Philippines & encouraging
sparkling volumes in Indonesia
• Volume by channel:
• AFH +0.7%( 4 , 6 ), Home +2.9%( 4 , 6 )
- Europe: AFH -1.2%, Home +3.1% supported by earlier Easter
- APS: AFH +2.5%, Home +2.4%
• Revenue per unit case +0.8%( 2 , 3 ) reflecting positive mix,
headline pricing, Suntory alcohol exit & French sugar tax
• Europe: +1.3% reflecting solid brand mix, headline price
increases in France, Iberia (Q1) & Germany (Q3'25), French
sugar tax, offset by negative pack mix impact from growth of large
format packs
• APS: -0.3% reflecting positive brand & pack mix, headline
price increases & promotional optimisation, offset by
Suntory alcohol exit (~3% impact)
Dividend & Other
• First half interim dividend per share of €0.82 (declared in
Q1 & payable on 27 May 2026), calculated as ~40% of the FY25
dividend. Reaffirming FY26 guidance for an annualised total
dividend payout ratio of approximately 50%( 7 )
• Sustainability highlights:
Published updated sustainability action plan, "This is Forward", to include
the Philippines (webinar scheduled for 30 April
(contact IR team for registration details))
• For details & FY25 sustainability progress data, see our
latest Annual Report:
https://www.cocacolaep.com/investors/financial-reports-and-results/latest-annual-report/
• Updated short & long-term GHG emissions targets validated
by SBTi. These now include emissions from the
Philippines & Forest, Land & Agriculture (FLAG) targets
Volume % refers to comparable movements unless otherwise stated
REAFFIRMING FY26 GUIDANCE( 1 )
Outlook for FY26 reflects current assessment of market conditions. Unless
stated otherwise, guidance is on a comparable & FX-neutral basis.
Revenue: growth of 3% to 4%
• Six extra days in Q1, six fewer in Q4
• 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 ~85% 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 with €500m completed to
date( 14 )
Buyback of up to €1bn subject to further shareholder approval at the 2026
AGM.
Q1 Revenue Performance by Geography( 1 )
All values are unaudited & are on a comparable basis. All
changes are versus prior year equivalent period unless stated otherwise.
Q1
Fx-neutral
€ million % change % change
FBN( 8 ) 1,286 10.3% 9.6%
Germany 757 10.3% 10.3%
Great Britain 822 8.3% 12.5%
Iberia( 9 ) 684 6.5% 6.5%
Total Europe 3,549 9.1% 9.8%
Australia / Pacific( 11 ) 877 4.3% 7.5%
Southeast Asia( 12 ) 575 (3.4)% 10.1%
Total APS 1,452 1.1% 8.6%
Total CCEP 5,001 6.7% 9.4%
FBN( 8 )
• Low single-digit volume decline with growth in the Netherlands
& Sweden offset by France.
• Continued double-digit growth in Monster across the region
supported by innovation & distribution gains.
• Low single-digit decline in Coca-Cola TM with strong growth of
Zero Sugar more than offset by decline of Original Taste in
France, following increased sugar tax in March '25.
• Growth in revenue/UC( 10 ) reflects price increases, French
sugar tax & positive mix effect from growth of Monster & small
format packs.
Germany
• Low single-digit volume growth supported by double-digit
growth of Coca-Cola Zero Sugar & strong double-digit growth in
Monster.
• Low single-digit growth in revenue/UC( 10 ) supported by
headline price increase in Q3'25.
• Also reflects positive mix effect from growth of Monster
offset by growth of large format packs in the Home channel.
Great Britain
• Mid single-digit volume growth driven by Coca-Cola Zero Sugar,
Diet Coke & Monster, supported by launch of Coca-Cola
Cherry & Cherry Float & Monster Viking Berry. Volumes also
benefitted from new Smartwater listings & growth in
Powerade.
• Revenue/UC( 10 ) flat with positive brand mix offset by growth
of large format packs in the Home channel.
Iberia( 9 )
• Slight volume decline with Portugal growth offset by Spain
(slow start to the quarter which subsequently improved).
• Strong Fuze Tea performance post completion of Nestea
transition. Good growth in Flavours, driven by great Sprite &
Fanta execution & continued strength in Aquarius &
Monster.
• Growth offset by decline in Coca-Cola Original Taste.
• Revenue/UC( 10 ) marginally ahead, reflecting headline price
increases offset by negative channel & pack mix resulting 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 +13.2%.
• Strong Coca-Cola Zero Sugar performance driving overall growth
in Coca-Cola TM volumes, with Grinder coffee seeing
continued double-digit volume increase.
• Energy volumes grew double-digit supported by the launch of
Lando Norris during Q1 & new watermelon Mother variant.
• Revenue/UC( 10 ) reflects impact of Suntory exit in Australia
& New Zealand. Excluding alcohol, revenue/UC grew mid
single-digit, supported by headline price increases & mix
benefit from growth of small pack formats & Monster.
Southeast Asia( 12 )
• Low single-digit volume increase driven by the Philippines,
with continued growth in Coca-Cola Original Taste with strong
double-digit increase in Coke Zero Sugar & Wilkins Pure water.
• Sparkling volumes in Indonesia continued to perform better
supported by growth in Coke Zero Sugar & Fanta, particularly
over the festive Ramadan period. Volumes in Indonesia overall were
slightly down driven by juices & black tea (flavoured
tea grew double-digit reflecting new blackcurrant variant).
• Revenue/UC( 10 ) growth driven by headline price increases in
the Philippines implemented during H2'25, partially offset by
adverse product mix from the growth of water.
Q1 Volume Performance by Category( 1 , 4 , 6 )
All values are unaudited & are on a comparable basis. All changes are
versus prior year equivalent period unless stated otherwise.
Q1
% of Total % Change
Coca-Cola® 58.2% 0.7%
Flavours & Mixers 22.5% 1.2%
Water, Sports, RTD Tea & Coffee( 13 ) 11.4% 1.7%
Other inc. Energy 7.9% 9.2%
Total 100.0% 1.6%
Coca-Cola®
Q1 +0.7%
• Solid growth driven by Cherry float launch (Original Taste
& Zero Sugar) & Premier League campaigns underpinned by
elevated activation & execution.
• Original Taste -3.2% with continued growth in APS offset by
Europe.
• Zero Sugar +10%, led by strong growth in Europe & APS,
supported by new variants & Zero Caffeine launch in new black
& gold packaging. Improved Diet Coke performance supported by
the new Cherry flavour & Devil Wears Prada movie
sequal campaign.
Flavours & Mixers
Q1 +1.2%
• Sprite +3.2% driven by high single-digit growth in Europe,
reflecting launch of Sprite Chill, new listings in GB & growth in
Spain.
• Fanta broadly flat with overall performance supported by new
flavours (e.g. festive fruit punch in Indonesia), Zero Sugar
variants & impactful X-box campaigns.
• Continued momentum on Dr Pepper with high single-digit growth
in GB supported by launch of new Cream swirl variant.
Water, Sports, RTD Tea & Coffee( 13 )
Q1 +1.7%
• Water +3.9% reflecting new Smartwater listings in GB, growth
of Chaudfontaine in FBN & Wilkins Pure in the Philippines.
• Sports +5.9% driven by continued growth of Aquarius in Spain
& high single-digit growth in Powerade (supported by new
packs, flavours & distribution gains).
• RTD Tea & Coffee -8.2% reflecting high single digit growth
in Spain with Fuze Tea offset by decline in Indonesia.
Other inc. Energy
Q1 +9.2%
• Energy +21.3% driven by innovation (e.g. Viking Berry &
Ultra Ruby Red), distribution gains & growth in multipacks &
original variants e.g. Ultra White. Energy share +250bps.
• ARTD momentum continued with launch of new Spiced rum Bacardi
& Coke (Aus & GB), Absolut Sprite Pineapple & new
sleek cans for JD & Coke in GB. Exit of Suntory alcohol
distribution in Australia & NZ impacted Q1 as previously announced.
Conference Call
• 28 April 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
Dividend
• The CCEP Board of Directors declared a first half interim dividend of
€0.82 per share. The interim dividend is payable on 27 May 2026 to those
shareholders of record on 15 May 2026.
• 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 GMT on 28
April 2026. This translated amount will be posted on our website here:
https://ir.cocacolaep.com/shareholder-information-and-tools/dividends
Financial Calendar
• CCEP Sustainability Webinar - This is Forward: 30 April 2026
• H1 2026 Results: 4 August 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
mediaenquiries@ccep.com
About CCEP
Coca-Cola Europacific Partners is one of the world's leading consumer goods
companies. We make, move & 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 & scale of a large, multi-national business with
an expert, local knowledge of the customers we serve & communities we
support.
The Company is currently listed on Euronext Amsterdam, NASDAQ, London Stock
Exchange and on the Spanish Stock
Exchanges, & 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 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
2. A unit case equals approximately 5.678 litres or 24 8-ounce
servings
3. FX-neutral
4. Comparable volume growth rates are calculated on an Average Daily
Sales (ADS) basis
5. External data sources: Nielsen & IRI Period 3 YTD
6. Adjusted for consumption days shift with six additional consumption
days Q1'26 versus Q1'25
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
14. As of 24 April 2026
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 2025 Annual Report
on Form 20-F filed with the SEC on 13 March 2026 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; 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; 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; legal changes in our status;
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 and 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 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.
"Comparable'' is defined as results excluding items impacting comparability,
such as restructuring charges. Comparable volume is also adjusted for
consumption days.
''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 Comparable
Revenue
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.
03 April 2026 28 March 2025 % Change
As reported and comparable 5,001 4,689 6.7%
Adjust: Impact of fx changes 131 n/a n/a
Comparable and fx-neutral 5,132 4,689 9.4%
Revenue per unit case 5.29 5.25 0.8%
Revenue Europe
As reported and comparable 3,549 3,253 9.1%
Adjust: Impact of fx changes 24 n/a n/a
Comparable and fx-neutral 3,573 3,253 9.8%
Revenue per unit case 6.00 5.92 1.3%
Revenue APS
As reported and comparable 1,452 1,436 1.1%
Adjust: Impact of fx changes 107 n/a n/a
Comparable and fx-neutral 1,559 1,436 8.6%
Revenue per unit case 4.17 4.18 (0.3) %
Volume
Comparable Volume - Consumption Day Shift CCEP First-Quarter Ended
In millions of unit cases. Average daily sales data calculated prior to
rounding.
03 April 2026 28 March 2025 % Change
Volume 970 894 8.5%
Consumption days 93 87 n/a
Average Daily Sales 10.43 10.27 1.6%
Comparable Volume - Consumption Day Shift Europe
Volume 596 550 8.4%
Consumption days 93 87 n/a
Average Daily Sales 6.41 6.32 1.4%
Comparable Volume - Consumption Day Shift APS
Volume 374 344 8.7%
Consumption days 93 87 n/a
Average Daily Sales 4.02 3.95 1.9%
The calculation of comparable volume growth has been updated and is now based
on consumption days (previously selling days), consistent with how management
reviews volume performance. Comparable volume growth is calculated based on
Average Daily Sales (ADS), dividing reported volumes by consumption days for
each respective period.
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