Business Context and Reporting Period
Company: Coca-Cola Europacific Partners Plc (CCEP)
Filing Type: Form 6-K (Report of Foreign Private Issuer)
Reporting Period: April 30, 2025 – May 6, 2025
Business Overview: CCEP is a leading consumer goods company operating in 31 countries, serving nearly 600 million consumers and over 4 million customers. The company is listed on Euronext Amsterdam, NASDAQ, the London Stock Exchange, and Spanish Stock Exchanges.
Key Financial Metrics and Capital Allocation
This filing details specific share repurchase transactions rather than operational financial results (revenue, profit, or cash flow). Key capital allocation metrics include:
- Share Buyback Programme: Announced on February 14, 2025, with an aggregate authorization of up to EUR 1 billion.
- Initial Tranche Target: EUR 275 million, expected to be completed by May 23, 2025.
- London Venue Allocation Update: Increased from EUR 67 million to EUR 76 million within the initial tranche.
- Transaction Counterparty: Goldman Sachs & Co. LLC, Goldman Sachs International, or affiliates.
- Share Treatment: All repurchased ordinary shares are cancelled.
Material Changes and Transaction Details
The filing reports a series of share purchases across US and London trading venues. A material change occurred on May 2, 2025, regarding the allocation of the buyback programme.
| Date of Purchase | Venue | Shares Purchased | Avg. Price (USD/GBP) |
|---|---|---|---|
| April 29, 2025 | US Trading Venues | 38,714 | USD 88.2966 |
| April 29, 2025 | London Trading Venues | 19,440 | GBP 65.9899 - 66.0046 |
| April 30, 2025 | US Trading Venues | 36,191 | USD 89.7906 |
| April 30, 2025 | London Trading Venues | 19,450 | GBP 67.1540 - 67.2169 |
| May 1, 2025 | US Trading Venues | 36,235 | USD 89.6804 |
| May 1, 2025 | London Trading Venues | 18,727 | GBP 67.4880 - 67.6117 |
| May 2, 2025 | US Trading Venues | 29,925 | USD 90.1029 |
| May 2, 2025 | London Trading Venues | 30,256 | GBP 67.8740 - 67.8958 |
| May 5, 2025 | US Trading Venues | 30,130 | USD 89.4889 |
| May 5, 2025 | London Trading Venues | 0 | N/A (Market Closed) |
Note: No shares were purchased on London venues on May 5, 2025, due to the UK Early May Bank Holiday.
Guidance, Outlook, and Management Commentary
- Programme Status: The company continues to execute its EUR 1 billion buyback programme. The initial tranche of EUR 275 million remains on track for completion by May 23, 2025.
- Allocation Adjustment: Management increased the specific allocation for London Trading Venues purchases from EUR 67 million to EUR 76 million, with these specific purchases expected to conclude by May 16, 2025.
- Risks and Contingencies: The filing contains no new risk factors or contingencies beyond standard market trading conditions and regulatory compliance (Market Abuse Regulation).
Investor Verification Checklist
- Verify the total cumulative spend against the EUR 275 million initial tranche target as the May 23, 2025 deadline approaches.
- Confirm the impact of the increased London venue allocation (EUR 76 million) on the remaining US venue allocation within the tranche.
- Monitor the cancellation of repurchased shares to assess the reduction in total share count.
- Review the volume-weighted average prices to gauge the company's execution relative to market levels during the reporting period.