CCEP

Business Context and Reporting Period

Company: Coca-Cola Europacific Partners Plc (CCEP)
Filing Type: Form 6-K (Trading Update)
Reporting Period: Third Quarter ended 26 September 2025 and Year-to-Date (YTD) nine months ended 26 September 2025.
Context: This report provides unaudited financial highlights and operational updates. It includes "Adjusted Comparable" metrics which assume the acquisition of Coca-Cola Beverages Philippines, Inc. (CCBPI) occurred at the beginning of 2024 to ensure period-over-period comparability. The filing also declares an interim dividend.

Key Financial Metrics

Revenue and Volume Performance

Geographic Breakdown (Q3 2025 Reported Revenue)

• Europe: €4,194m (+3.8% reported; +4.2% FX-neutral). Driven by strong performance in Great Britain and France/Benelux/Nordics.
• Asia Pacific (APS): €1,216m (-7.7% reported; -0.2% FX-neutral). Decline primarily due to the exit of Suntory alcohol distribution in Australia and macroeconomic headwinds in Southeast Asia.

Dividend

• Interim Dividend: €1.25 per share (payable 3 December 2025).
• Full-Year Dividend: €2.04 per share.
• Payout Ratio: Approximately 50% of comparable profit after tax.

Profit, Cash Flow, Debt, and Liquidity

The filing text does not provide specific values for net profit, operating profit, free cash flow, total debt, or liquidity ratios. The document focuses on revenue, volume, and revenue per unit case metrics.

Material Changes vs. Prior Period

• Revenue Growth: Reported revenue increased 1.0% in Q3 and 3.3% YTD. On an adjusted comparable FX-neutral basis, growth was 3.2% in Q3 and 2.7% YTD.
• Volume Trends: Adjusted comparable volume grew 0.4% in Q3 and 0.3% YTD. Europe volume grew 0.9% in Q3, while APS volume declined 0.6%.
• Pricing and Mix: Revenue per unit case increased 2.7% in Q3, driven by headline price increases, promotional optimization, and favorable pack/brand mix (specifically Energy drinks and Coca-Cola Zero Sugar).
• Category Performance:
  • Energy: Strong growth (+24.0% in Q3), contributing to a 180bps increase in market share YTD.
  • Coca-Cola Original Taste: Declined 2.6% in Q3 due to softer demand in France and Germany.
  • Flavours & Mixers: Declined 0.7% in Q3, with Fanta down 3.4%.

Guidance, Outlook, and Risks

Management Commentary and Outlook

• Market Share: CCEP reported delivering more revenue growth for retail customers YTD than FMCG peers in the NARTD category (+6% YTD) and gained 20bps in value share.
• Strategic Moves: A new multi-year agreement for Bacardi premium spirits distribution in Australia is set to begin in Q4 2025. Jefferies International Limited was appointed as a joint corporate broker.
• Sustainability: Achieved an 'A' rating from CDP for the seventh consecutive year; progress on collection schemes in APS.

Risks and Contingencies

• Weather and Natural Disasters: Typhoon-related flooding in the Philippines significantly disrupted distribution in July and August 2025.
• Macroeconomic Conditions: Weaker consumer sentiment in Europe and a challenging macroeconomic backdrop in Indonesia and Southeast Asia.
• Regulatory and Tax: Impact of French sugar tax increases and potential tariff adjustments.
• Operational: Risks related to raw material costs, interest rates, and supply chain disruptions.

Investor Verification Checklist

• Adjusted Metrics: Verify the reconciliation between "As Reported" and "Adjusted Comparable" figures, noting that the latter assumes the CCBPI acquisition occurred at the start of 2024.
• APS Performance: Assess the long-term impact of the Suntory alcohol distribution exit on APS revenue and volume trends.
• Weather Impact: Confirm the extent of revenue recovery in the Philippines following the Q3 typhoon disruptions.
• Profitability: Review the full audited financial statements for specific profit margins, cash flow, and debt levels, as these are not detailed in this trading update.
• Dividend Sustainability: Evaluate the 50% payout ratio against future cash flow projections given the current macroeconomic environment.