Coca-Cola Europacific Partners (CCEP) Q1 2026 earnings summary

Executive summary

• Delivered a strong Q1 2026, broadly in line with expectations, with balanced topline delivery and reaffirmed full-year guidance, supported by solid volume growth and share gains across key markets.

• Achieved positive volume growth and market share gains, especially in Europe and APS regions, benefiting from calendar phasing and an earlier Easter.

• Innovation in flavors, packaging, and promotional activities, including AI-driven initiatives, supported growth and premiumisation.

• Continued resilience amid macroeconomic uncertainty, with robust supply chain and hedging strategies.

• Interim dividend declared and ongoing share buybacks highlight continued shareholder value creation.

Financial highlights

• Q1 reported revenue increased by 6.7% year-over-year to €5,001m; FX-neutral revenue up 9.4%.

• Comparable volume grew 1.6% year-over-year, with reported volume up 8.5% due to six extra consumption days.

• Revenue per unit case rose 0.8% year-over-year, reflecting positive mix and pricing.

• Europe volumes grew 1.4% and APS volumes 1.9% on a comparable basis.

• Group revenue per case impacted by Suntory alcohol exit (1% group, 3% APS headwind).

Outlook and guidance

• Reaffirmed full-year 2026 guidance: 3%-4% revenue growth, ~7% operating profit growth, and at least €1.7B comparable free cash flow (H2-weighted).

• Expect continued innovation, commercial programs, and FIFA World Cup activations to drive performance.

• Monitoring macroeconomic and geopolitical risks, with flexibility to adapt plans.

• CAPEX to be ~5% of revenue; dividend payout ratio targeted at ~50% of comparable EPS; €1bn share buyback planned for 2026.