Business Context and Reporting Period
Company: Coca-Cola Europacific Partners Plc (CCEP)
Filing Type: Form 6-K (Preliminary Unaudited Results)
Reporting Period: Full Year Ended 31 December 2025
Business Overview: CCEP is a leading consumer goods group in Western Europe and the Asia Pacific region, distributing non-alcoholic ready-to-drink beverages. The 2025 results include the full-year impact of the acquisition of Coca-Cola Beverages Philippines, Inc. (CCBPI), completed in February 2024.
Key Financial Metrics
| Metric | As Reported (€M) | Comparable (€M) | YoY Change (Comparable) |
|---|---|---|---|
| Revenue | 20,901 | 20,901 | +2.3% |
| Operating Profit | 2,793 | 2,808 | +5.4% |
| Profit After Tax | 1,979 | 1,916 | +3.6% |
| Diluted EPS | €4.26 | €4.11 | +4.1% |
| Net Debt | €9,823 | N/A | N/A |
| Operating Cash Flow | €2,953 | N/A | N/A |
Volume Performance: Total volume was 3,958 million unit cases. On an adjusted comparable basis (including CCBPI from Jan 1, 2024), volume grew +0.2%.
Dividends: Total dividend per share of €2.04, maintaining a payout ratio of approximately 50% of comparable profit after tax.
Material Changes vs. Prior Period
- Profit Surge: Reported operating profit increased 31.0% to €2,793M. This significant jump is primarily driven by the full-year inclusion of Philippines profits, the annualization of a prior-year impairment charge in Indonesia, and lower business transformation costs compared to 2024.
- Revenue Growth: Reported revenue grew 2.3% to €20,901M. On an FX-neutral adjusted comparable basis, revenue grew 2.8%, driven by strong mix, positive headline pricing, and promotional optimization.
- Geographic Divergence:
- Europe: Revenue +2.9%; Volume -0.2% (adjusted comparable). Growth was driven by Away From Home (AFH) channels and strong performance in Great Britain and France (despite sugar tax impacts), offset by softer volumes in Germany due to consumer focus on value.
- APS (Australia, Pacific, SE Asia): Revenue +0.5%; Volume +1.0% (adjusted comparable). Growth was driven by Australia and the Philippines, offset by a double-digit volume decline in Indonesia due to a weaker macroeconomic backdrop.
- Cost Structure: Comparable cost of sales per unit case increased 1.7% due to higher concentrate costs (linked to revenue per unit case), manufacturing inflation, and tax increases in France and Great Britain.
Guidance, Outlook, and Risks
Capital Allocation:
- Share Buyback: Announced a new share buyback programme of up to €1 billion to be completed over the course of 2026 (subject to shareholder approval at the 2026 AGM).
- Dividends: Maintained a payout ratio of ~50%.
Management Commentary:
- CCEP positioned itself as the #1 value creator among FMCG peers, delivering more revenue growth for retail customers than competitors.
- Non-Alcoholic Ready-to-Drink (NARTD) category grew +6% in FY25.
- Energy drinks (Monster, Ultra) showed double-digit growth, contributing significantly to volume and mix.
Risks and Contingencies:
- Macroeconomic Conditions: Weaker consumer backdrops in Indonesia and value-focused behavior in Germany and France.
- Regulatory/Tax: Impact of increased sugar taxes in France and Great Britain; ongoing tax assessments regarding concentrate purchases.
- Operational: Exposure to adverse weather (e.g., flooding in Philippines in Q3 2024, though recovering in Q4 2025) and supply chain inflation.
- Forward-Looking Statements: Results may differ materially due to changes in marketplace, raw material costs, interest rates, and political conditions.
Investor Verification Checklist
- Adjusted vs. Reported Metrics: Verify the reconciliation between "As Reported" and "Adjusted Comparable" figures, specifically the pro-forma inclusion of CCBPI for the full year 2024 to ensure accurate year-over-year trend analysis.
- Indonesia Performance: Review the specific drivers of the double-digit volume decline in Indonesia and the status of the route-to-market transformation executed in late 2025.
- FX Impact: Assess the sensitivity of future results to foreign exchange rates, particularly the Australian Dollar and Indonesian Rupiah, given the significant FX-neutral adjustments noted in the report.
- Restructuring Costs: Confirm the €105M in restructuring charges recognized in 2025 and the expected timeline for the efficiency programme delivery through 2028.
- Share Buyback Execution: Monitor the execution of the new €1 billion buyback programme announced in February 2026 and its impact on share count and EPS.