REG - Coca-Cola EP PLC - Q3 Trading Update & Interim Dividend Declaration
05/11/2025 07:00
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RNS Number : 1946G Coca-Cola Europacific Partners plc 05 November 2025
5 November 2025
COCA-COLA EUROPACIFIC PARTNERS
Trading Update for the Third Quarter ended 26 September 2025 & Interim
Dividend Declaration
Solid third quarter; reaffirming full-year guidance
Change vs 2024
Revenue Volume Revenue per UC( 1 , 2 , 3 ) Comparable Volume( 1 ) Revenue per UC( 1 , 2 , 3 ) FXN( 1 , 3 ) revenue Revenue
(UC)( 2 )
Q3 2025 Europe €4,194m 701m €6.01 0.9% 3.4% 4.2% 3.8%
APS €1,216m 311m €4.23 (0.6)% 0.3% (0.2)% (7.7)%
CCEP €5,410m 1,012m €5.46 0.4% 2.7% 3.2% 1.0%
YTD 2025 Europe €11,665m 1,947m €5.99 0.1% 3.9% 3.0% 3.1%
APS €4,019m 997m €4.23 11.5% (1.6)% 9.1% 3.9%
CCEP €15,684m 2,944m €5.39 3.7% 1.7% 4.5% 3.3%
Change vs 2024
Adjusted comparable revenue( 4 ) Adjusted comparable volume Adjusted comparable revenue per UC( 4 ) Adjusted Adjusted comparable revenue per UC( 4 ) Adjusted comparable FXN Adjusted comparable revenue( 4 )
(UC)( 4 ) comparable revenue( 4 )
volume( 4 )
Q3 2025 Europe €4,194m 701m €6.01 0.9% 3.4% 4.2% 3.8%
APS €1,216m 311m €4.23 (0.6)% 0.3% (0.2)% (7.7)%
CCEP €5,410m 1,012m €5.46 0.4% 2.7% 3.2% 1.0%
YTD 2025 Europe €11,665m 1,947m €5.99 0.1% 3.9% 3.0% 3.1%
APS €4,019m 997m €4.23 0.8% 2.3% 2.1% (2.8)%
CCEP €15,684m 2,944m €5.39 0.3% 3.4% 2.7% 1.5%
Damian Gammell, Chief Executive Officer, said:
"2025 continues to be a solid year for CCEP, reflecting our great brands,
great people, great execution and strong relationships with our brand partners
and customers. We've delivered another quarter of volume growth in Europe,
despite softer consumer demand. We continue to drive underlying growth in APS,
excluding portfolio changes in Australia, and despite macro driven challenges
in Indonesia.
"We're leading the way in creating value for our customers and growing share
ahead of the market, delivering solid gains in revenue per unit case through
effective revenue and margin growth management, balancing premiumisation with
affordability.
"Although the global macroeconomic environment remains volatile, we remain
resilient, operating in attractive and growing categories. We have strong
plans for the rest of the year and beyond, including exciting collaborations
with the English Premier League and Star Wars.
"Our performance, coupled with our continued focus on productivity, is driving
strong and profitable cash generation, supporting record investment in future
growth, a growing dividend and ongoing share buybacks. We're pleased to
reaffirm our full-year guidance and remain confident we have the right
strategy, done sustainably, to deliver on our mid-term growth objectives."
Comparable volume movements adjust for the impact of selling day movements,
with two fewer selling days in Q1'25 versus Q1'24
All footnotes included after the 'About CCEP' section
Q3 & YTD HIGHLIGHTS( 1 , 4 )
Volume & revenue
Q3 Reported Revenue +1.0%; Adjusted Comparable FXN +3.2%( 4 )
YTD Reported Revenue +3.3%; Adjusted Comparable FXN +2.7%( 4 )
• Delivered more revenue growth for our retail customers YTD than
any of our FMCG peers( 5 ) in the growing NARTD category (YTD +6%)
• NARTD YTD value share( 5 ) gains +20 bps across measured channels
• Transactions in Q3 slightly lower than volume reflecting weather
affected Philippines performance & weaker consumer sentiment in Europe
• Q3 Adjusted Comparable Volume +0.4%( 4 );YTD +0.3%( 4 )
◦ By geography:
▪ Europe +0.9% reflecting solid in-market execution &
favourable summer weather with particular outperformance in GB, Coca-Cola Zero
Sugar & Energy with continued growth in AFH
▪ APS -0.6% reflecting:
• Australia/Pacific: low single-digit volume growth in New
Zealand & Pacific Islands; mid single-digit volume & high single-digit
revenue growth in AP excluding impact of the exit from Suntory alcohol
distribution
• Southeast Asia: low single-digit decline with Philippines
broadly flat reflecting impact of flooding & high single-digit decline in
Indonesia (Q2'25: double-digit decline) largely reflecting a weaker consumer
& macroeconomic backdrop
◦ By channel: AFH -0.4%, Home +1.7%
▪ Europe: AFH +0.7% (YTD: +0.9%), Home +1.0% (YTD: -0.4%)
▪ APS: AFH -1.8% (YTD: -0.7%), Home +5.3% (YTD: +5.1%)
• Q3 adjusted comparable revenue per unit case +2.7%( 2 , 3 , 4 )
reflecting positive headline pricing, promotional optimisation & positive
pack mix
• Europe: +3.4% reflecting headline price increases &
favourable brand mix
• APS: +0.3% reflecting headline price increases offset by the
exit of Suntory alcohol distribution in Australia (which generated a
significantly higher revenue per unit case than NARTD)
Dividend
• Second half interim dividend per share of €1.25 (payable on 3
December 2025 to those shareholders of record on 14 November 2025)
• Resulting in full-year dividend per share of €2.04 maintaining
annualised total dividend payout ratio of approximately 50%( 7 )
Other
• Jefferies International Limited appointed joint Corporate Brokers
to act alongside existing brokers BNP Paribas & Deutsche Bank
• Sustainability highlights:
◦ Seventh consecutive year 'A' CDP supplier engagement rating
for global supply
◦ Continued progress on collection in APS, with new schemes
& partnerships in Australia, Papua New Guinea & Tonga
Year on year volume movements are disclosed on a comparable & adjusted
comparable basis which (i) assumes the acquisition of Coca-Cola Beverages
Philippines, Inc occurred at the beginning of the comparative period &
(ii) YTD volumes adjust for the impact of two fewer selling days in Q1'25
versus Q1'24. Excluding selling days adjustment, YTD volumes were CCEP -0.7%
(Europe -0.9%, APS -0.3%)
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.
(Based on current spot rates, FX represents a full year headwind of ~180 basis
points to revenue & ~200 basis points to operating profit)
Revenue: growth of 3% to 4%
• Two fewer selling days in Q1'25 vs Q1'24
• One additional selling day in Q4'25 vs Q4'24
Cost of sales per UC: comparable growth of ~2.5% (previously ~2%)
• Expect broadly flat commodity inflation (hedge coverage >95%)
• 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 to complete during calendar year '25 (previously over 12
months from February 2025 with ~€809m
completed to date)( 14 )
Q3 & YTD 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.
Q3 YTD
Fx-neutral Fx-neutral
€ million % change % change € million % change % change
FBN( 8 ) 1,379 6.2 % 5.9 % 4,051 4.6 % 4.4 %
Germany 832 1.0 % 1.0 % 2,379 0.6 % 0.6 %
Great Britain 918 5.9 % 8.4 % 2,615 6.3 % 6.2 %
Iberia( 9 ) 1,065 1.3 % 1.3 % 2,620 0.0 % 0.0 %
Total Europe 4,194 3.8 % 4.2 % 11,665 3.1 % 3.0 %
Australia / Pacific( 11 ) 739 (8.3) % 0.1 % 2,352 (2.7) % 3.5 %
Southeast Asia( 4 , 12 ) 477 (6.8) % (0.6) % 1,667 (2.9) % 0.1 %
Total APS( 4 ) 1,216 (7.7) % (0.2) % 4,019 (2.8) % 2.1 %
Total CCEP 5,410 1.0 % 3.2 % 15,684 1.5 % 2.7 %
FBN( 8 )
• Low single-digit volume increase in Q3 driven by the Nordics;
France, Benelux & Netherlands broadly flat.
• Volumes driven by growth in Coca-Cola Zero Sugar, Sprite (new
listings in France) & Monster, which continues to outperform across all
markets supported by innovation & new listings in the Netherlands;
offsetting impact of French sugar tax increase in March.
• YTD revenue/UC( 10 ) growth reflects headline price increases,
positive pack mix & brand mix from growth of Energy.
Germany
• Low single-digit volume decline in Q3 with strong growth of
Coca-Cola Zero & Monster more than offset by decline in Coca-Cola Original
Taste & Fanta.
• Volume decline driven by softer consumer demand with deeper
focus on affordability & value for money. Q3 AFH volumes down mid
single-digit.
• YTD revenue/UC( 10 ) growth driven by headline price increase,
supported by positive pack mix from growth of cans & decline in
large PET.
Great Britain
• Mid single-digit volume increase in Q3 driven by growth in
Home & AFH, supported by better weather during key summer months.
• Double-digit volume increase in Monster, Sprite & Dr.
Pepper, with overall growth in Coca-Cola TM driven by growth in Zero Sugar
& Diet Coke supported by great activation & promo activity.
• Strong performance in ARTD driven by growth of multipacks in
Home channel.
• YTD revenue/UC( 10 ) growth reflects headline price increase
& positive brand mix supported by the growth of Monster.
Iberia( 9 )
• Volume in Q3 broadly flat with growth in Portugal offsetting
small decline in Spain.
• Fuze Tea strengthening leadership position in RTD tea category
as transition from Nestea progresses ahead of plan. Excluding RTD tea, total
volumes up low single-digit.
• Continued strong growth in Monster & in Sports driven by
Aquarius. Body Armor introduced towards end of Q3 in Spain.
• YTD revenue/UC( 10 ) growth driven by headline price increase.
Australia / Pacific( 11 )
• Low single-digit volume increase in Q3 driven by growth in PNG
& New Zealand, more than offsetting the impact of exit of Suntory alcohol
distribution in Australia. Excluding alcohol, volumes & revenue up mid
& high single-digits respectively.
• New multi-year agreement for distribution of Bacardi premium
spirits & ARTD brands in Australia to start in Q4'25.
• Strong growth in Coca-Cola Zero Sugar & continued
improvement in performance of Diet Coke driving volume growth in overall
Coca-Cola TM.
• Fanta continued to perform well supported by great execution
& the Q1 launch of Fanta Lemon in Australia.
• Energy volumes grew double-digit supported by the launch of
Ultra Vice Guava, alongside continued growth in original Ultra White.
• Lower Q3 revenue/UC( 10 ) driven by Suntory exit, with YTD
growth driven largely by headline price increases & pack mix benefit from
continued growth of mini cans up around 10%.
Southeast Asia( 4 , 12 )
• Q3 volumes in the Philippines were broadly flat, reflecting
the impact of typhoon related flooding which significantly disrupted
distribution during July & August. Excluding this impact, volumes were
broadly in-line with our expectations, with growth in September supported by a
good start for Lift & Royal Tru Strawberry, both launched during Q3.
• The Q3 rate of decline in Indonesia eased versus Q2
(reflecting an improved performance in sparkling), though volumes continued to
reflect a weaker consumer & macroeconomic backdrop.
• Revenue/UC( 10 ) growth reflects headline price increases in
the Philippines implemented during Q4 last year.
Q3 & YTD 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.
Q3 YTD
% of Total % Change % of Total % Change
Coca-Cola® 58.4 % 0.1 % 58.8 % 0.3 %
Flavours & Mixers 21.3 % (0.7) % 21.6 % (1.1) %
Water, Sports, RTD Tea & Coffee( 13 ) 12.5 % (1.7) % 11.9 % (0.9) %
Other inc. Energy 7.8 % 10.5 % 7.7 % 7.6 %
Total 100.0 % 0.4 % 100.0 % 0.3 %
Coca-Cola®
Q3: +0.1%; YTD: +0.3%
• Great activation & execution of new English Premier League
campaign & Star Wars collaboration across our markets.
• Coca-Cola Original Taste Q3 -2.6% (YTD: -1.6%), supported by
new campaigns, with benefit offset by decline in France, Germany & slower
growth in the Philippines.
• Coca-Cola Zero Sugar Q3 +6.3% (YTD: +5.3%) with growth in both
Europe & APS.
• Continued improvement in Diet Coke; broadly flat in Q3.
Flavours & Mixers
Q3: -0.7%; YTD: -1.1%
• Sprite Q3 +4.2% (YTD: +0.7%) supported by new listings in GB
& FBN.
• Fanta Q3 -3.4% (YTD: -2.8%) driven by decline in Germany &
the Philippines. New Halloween horror collection campaign activated towards
end of period.
• Continuing double-digit volume increase for Dr. Pepper in GB
driven by new Cherry Crush variant.
Water, Sports, RTD Tea & Coffee( 13 )
Q3: -1.7%; YTD: -0.9%
• Water Q3 +2.4% (YTD: +3.2%) driven by Wilkins Pure in the
Philippines, Aquabona in Iberia & Chaudfontaine in FBN.
• Q3 Sports +3.8% (YTD: +3.2%) driven by continued growth of
Aquarius in Spain, following the launch of new Red Peach variant earlier in
the year.
• Q3 RTD Tea & Coffee -15.5% (YTD: -13.6%) driven by Frestea
decline in Indonesia & transition from Nestea to Fuze Tea in Spain (though
ahead of plan).
Other inc. Energy
Q3: +10.5%; YTD: +7.6% (+13.8% exc. Juices)
• Impressive growth in Energy with Q3 +24.0% (YTD: +17.8%)
supported by success of new launches e.g. Lando Norris, Ultra Vice &
continued strength of original variants e.g. Green & Zero Ultra. Energy
share +180bps YTD.
• Ongoing rollout of ARTD portfolio continues to perform
strongly in Europe. New Bacardi spirits distribution in Australia from Q4,
with Bacardi & Coke ARTD launched in Q3.
Conference Call
• 5 November 2025 at 12:00 GMT, 13:00 CET & 7:00 a.m. EST;
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 second half interim
dividend of €1.25 per share. The interim dividend is payable on 3 December
2025 to those shareholders of record on 14 November 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 GMT on
5 November 2025. This translated amount will be posted on our website here:
https://ir.cocacolaep.com/shareholder-information-and-tools/dividends
Financial Calendar
• Q4 & FY 2025 Results: 17 February 2026
• Financial calendar available here:
https://ir.cocacolaep.com/financial-calendar/
Contacts
Investor Relations
Sarah Willett Matt Sharff Dimitar Todorchev
sarah.willett@ccep.com msharff@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 & 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 & on the Spanish Stock Exchanges, & a constituent of both the
Nasdaq 100 & 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
___________________
1. Refer to 'Note Regarding the Presentation of Adjusted financial
information & Alternative Performance Measures' for further details &
to 'Supplementary Financial Information' for a reconciliation of reported to
comparable & 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 2024 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 & includes acquisition accounting adjustments for the period 1
January to 23 February. Refer to 'Note Regarding the Presentation of Adjusted
financial information & Alternative Performance Measures' for further
details.
5. External data sources: Nielsen & IRI Period 9 YTD
6. Reflects selling day shift with 2 fewer selling days YTD'25 versus
YTD'24. Excluding the selling days adjusted volumes were CCEP -0.7% (Europe
-0.9%, APS -0.3%)
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 28 October 2025
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 in 2024 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 2024 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 2024, 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 Third-Quarter Ended Nine Months 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.
26 Sept 2025 27 Sept 2024 % Change 26 Sept 2025 27 Sept 2024 % Change
As reported and comparable 5,410 5,358 1.0 % 15,684 15,186 3.3 %
Add: Adjusted revenue impact ( 1 ) - - n/a - 268 n/a
Adjusted comparable 5,410 5,358 1.0 % 15,684 15,454 1.5 %
Adjust: Impact of fx changes 117 n/a n/a 191 n/a n/a
Adjusted Comparable and fx-neutral 5,527 5,358 3.2 % 15,875 15,454 2.7 %
Adjusted Revenue per unit case 5.46 5.32 2.7 % 5.39 5.21 3.4 %
Adjusted Revenue APS
As reported and comparable 1,216 1,318 (7.7) % 4,019 3,867 3.9 %
Add: Adjusted revenue impact ( 1 ) - - n/a - 268 n/a
Adjusted comparable 1,216 1,318 (7.7) % 4,019 4,135 (2.8) %
Adjust: Impact of fx changes 100 n/a n/a 201 n/a n/a
Adjusted Comparable and fx-neutral 1,316 1,318 (0.2) % 4,220 4,135 2.1 %
Adjusted Revenue per unit case 4.23 4.22 0.3 % 4.23 4.14 2.3 %
( 1 ) The adjusted revenue impact reflects the inclusion of Philippines
revenue as if the acquisition had occurred at the beginning of 2024 and
prepared on a basis consistent with CCEP accounting policies.
( )
Volume
Adjusted Comparable Volume - Selling Day Shift CCEP Third-Quarter Ended Nine Months Ended
In millions of unit cases, prior period volume recast using current year
selling days.
26 Sept 2025 27 Sept 2024 % Change 26 Sept 2025 27 Sept 2024 % Change
Volume 1,012 1,008 0.4 % 2,944 2,864 2.8 %
Impact of selling day shift n/a - n/a n/a (25) n/a
Comparable volume - Selling Day Shift adjusted 1,012 1,008 0.4 % 2,944 2,839 3.7 %
Add: Adjusted volume impact( 1 ) - - n/a - 95 n/a
Adjusted comparable volume 1,012 1,008 0.4 % 2,944 2,934 0.3 %
Adjusted Comparable Volume - Selling Day Shift APS
Volume 311 313 (0.6) % 997 899 10.9 %
Impact of selling day shift n/a - n/a n/a (5) n/a
Comparable volume - Selling Day Shift adjusted 311 313 (0.6) % 997 894 11.5 %
Add: Adjusted volume impact( 1 ) - - n/a - 95 n/a
Adjusted comparable volume 311 313 (0.6) % 997 989 0.8 %
( 1 ) The adjusted volume impact reflects the inclusion of Philippines volume
as if the acquisition had occurred at the beginning of 2024. 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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