Business Context and Reporting Period
Company: Coca-Cola Europacific Partners Plc (CCEP)
Filing Type: Form 6-K (Trading Update)
Reporting Period: First Quarter ended April 3, 2026
Geographic Scope: Europe (France, Germany, UK, Iberia, Benelux, Nordics) and Asia-Pacific (Australia, Pacific Islands, Southeast Asia).
Key Financial Metrics
| Metric | Q1 2026 (Reported) | Q1 2025 (Reported) | Change (Reported) | Change (FX-Neutral) |
|---|---|---|---|---|
| Total Revenue | €5,001 million | €4,689 million | +6.7% | +9.4% |
| Europe Revenue | €3,549 million | €3,253 million | +9.1% | +9.8% |
| APS Revenue | €1,452 million | €1,436 million | +1.1% | +8.6% |
| Volume (Unit Cases) | 970 million | 894 million | +8.5% | N/A |
| Comparable Volume (ADS) | 10.43m/day | 10.27m/day | +1.6% | N/A |
| Revenue per Unit Case | €5.29 | €5.25 | +0.8% | N/A |
Dividend: First half interim dividend declared at €0.82 per share (payable May 27, 2026). Management reaffirmed FY26 guidance for an annualized total dividend payout ratio of approximately 50%.
Note: The filing text does not provide specific values for net profit, operating profit, cash flow, debt levels, or liquidity ratios for the quarter.
Material Changes vs. Prior Period
- Volume Growth: Reported volume increased 8.5% due to six additional consumption days in Q1 2026. On a comparable basis (Average Daily Sales), volume grew 1.6% (Europe +1.4%, APS +1.9%).
- Revenue Drivers: Revenue growth was driven by positive mix, headline pricing, and the exit of the Suntory alcohol distribution business in Australia/New Zealand (which impacted APS revenue per unit case by ~3%).
- Category Performance:
- Energy Drinks: Strongest performer with +21.3% volume growth, driven by Monster innovation and distribution gains.
- Coca-Cola Brand: +0.7% volume growth; Zero Sugar grew +10% while Original Taste declined -3.2% (impacted by French sugar tax).
- Water & Sports: +1.7% volume growth, led by Smartwater, Chaudfontaine, and Powerade.
- Geographic Highlights:
- Europe: Revenue per unit case up 1.3% due to price increases in France, Iberia, and Germany, offset by negative pack mix from large format growth.
- APS: Revenue per unit case down 0.3% primarily due to the Suntory alcohol exit, despite positive brand and pack mix.
Guidance, Outlook, and Risks
- Guidance: Reaffirmed FY26 annualized total dividend payout ratio of approximately 50%. Full year guidance details were referenced as being included in a previous filing but not explicitly restated in this text.
- Sustainability: Published updated "This is Forward" action plan including the Philippines. Updated short and long-term GHG emissions targets validated by SBTi, now including emissions from the Philippines and Forest, Land & Agriculture (FLAG) targets.
- Risks: Forward-looking statements are subject to risks including changes in marketplace conditions, raw material costs, interest rates, political instability in the EU, tax law changes, climate change regulations, and supply chain disruptions.
Investor Verification Checklist
- Profitability Metrics: Verify net profit, operating margin, and free cash flow figures in the full unaudited financial statements, as they are not detailed in this trading update.
- Debt and Liquidity: Confirm current debt levels, leverage ratios, and liquidity position in the accompanying financial statements.
- Suntory Exit Impact: Quantify the specific financial impact of the Suntory alcohol distribution exit on APS revenue and margins beyond the stated ~3% revenue per unit case impact.
- French Sugar Tax: Assess the long-term volume impact of the increased sugar tax in France on Coca-Cola Original Taste sales.
- Dividend Approval: Confirm final Board approval of the €0.82 interim dividend and the exact payout ratio calculation for the full year.