Business Context and Reporting Period
Company: Coca-Cola Europacific Partners Plc
Filing Type: Form 6-K (Report of Foreign Private Issuer)
Reporting Period: March 1, 2026 to March 31, 2026
Filing Date: April 1, 2026
Context: This filing discloses transactions by Persons Discharging Managerial Responsibilities (PDMRs) and Persons Closely Associated (PCAs) under the FCA's Disclosure Guidance and Transparency Rules. It includes share sales, acquisitions via vesting of Performance Share Units (PSUs), and new PSU grants.
Key Financial Metrics and Capital Structure
Capital Structure (as of March 31, 2026):
- Ordinary Shares in Issue: 446,057,946 (€0.01 nominal value each)
- Total Voting Rights: 446,057,946
- Treasury Shares: None
Share Transaction Activity (PDMR/PCA):
- Share Price Range (USD): Transactions occurred between approximately $96.30 and $109.58.
- Share Price Range (EUR): One transaction noted at €81.60.
- Notable Sales:
- Stephen Moorhouse (GM, Great Britain): Sold ~9,987 shares (Mar 2) and ~10,883 shares (Mar 13).
- Damian Gammell (CEO): Sold 40,863 shares (Mar 13) to fund tax liabilities on vesting.
- Edward Walker (CFO): Sold 5,556 shares (Mar 13) on a discretionary basis.
- Notable Acquisitions (Vesting):
- Damian Gammell (CEO): Acquired 86,680 shares via PSU vesting (Mar 13).
- Multiple executives acquired shares ranging from 1,685 to 13,642 via PSU vesting on March 13, 2026.
Financial Performance: The filing text does not provide revenue, profit, cash flow, margins, debt, or liquidity figures.
Material Changes and Unusual Items
Executive Compensation Events:
- PSU Vesting (March 13, 2026): A significant number of executives vested Performance Share Units from the 2023 Long-Term Incentive Plan (LTIP). This resulted in the issuance of shares and subsequent sales by several executives to cover tax liabilities.
- New PSU Grants (March 26, 2026): New awards were granted to multiple executives under the LTIP, with a vesting date of March 26, 2029. Total shares subject to these new grants include:
- Edward Walker (CFO): 27,642 shares
- Gareth McGeown (GM, Australia/Pacific): 23,390 shares
- Leendert den Hollander (GM, France/N. Europe): 21,612 shares
- Stephen Moorhouse (GM, Great Britain): 19,512 shares
Discretionary vs. Non-Discretionary Sales:
- Most sales reported on March 13 were "non-discretionary," executed specifically to fund tax liabilities arising from share vesting.
- Stephen Moorhouse and Edward Walker executed "discretionary" sales on March 13.
Guidance, Outlook, and Risks
Guidance and Outlook: The filing text does not contain management commentary, financial guidance, or outlook statements.
Risks and Contingencies: The filing text does not disclose specific risks or contingencies beyond the standard disclosure of share transactions.
Important Facts for Investor Verification
- Share Count Verification: Confirm the total share count of 446,057,946 as of March 31, 2026, against the company's latest 20-F or annual report.
- Executive Retention: Review the net change in shareholdings for key executives (e.g., CEO Damian Gammell, CFO Edward Walker) to assess retention levels after tax-funded sales.
- LTIP Performance: The vesting of the 2023 LTIP on March 13, 2026, implies that performance conditions for that cycle were met; verify the specific performance metrics in the company's proxy statement or annual report.
- Market Price Context: Compare the transaction prices (approx. $100-$109 USD) with the prevailing market price on the transaction dates to ensure no unusual pricing occurred.
- Future Dilution: Note the new PSU grants totaling over 200,000 shares across the executive team, which may impact future dilution if fully vested.