Coca-Cola Europacific Partners (CCEP) Q4 2025 earnings summary

Executive summary

• Achieved record results in FY25 with robust top- and bottom-line growth, strong market share gains, and resilient demand across key markets and categories.

• Generated record investment, increased shareholder returns, and maintained leadership in NARTD value share, with a focus on innovation and zero-sugar offerings.

• Returned €1.9 billion to shareholders via dividends and buybacks, and invested nearly €1 billion in CapEx.

• Integrated the Philippines acquisition, contributing to profit growth and improved capital efficiency.

• Innovation, digital transformation, and AI adoption are key strategic focuses for future growth.

Financial highlights

• FY25 revenue: €20.9 billion (+2.8% adjusted comparable FXN), operating profit: €2.8 billion (+7.1% adjusted comparable FXN), and EPS: €4.11 (+6.2% comparable).

• Free cash flow exceeded €1.8 billion after nearly €1 billion in CapEx.

• Dividend per share grew 3.6% to €2.04, maintaining ~50% payout ratio.

• Net debt to EBITDA at 2.7x, within target leverage range.

• ROIC improved by 70bps to 11.5%.

Outlook and guidance

• FY26 guidance: revenue growth of 3%-4%, operating profit up ~7%, cost of sales per unit case up ~1.5%, capex ~5% of revenue, and at least €1.7 billion in free cash flow.

• Dividend payout ratio ~50%; new €1 billion share buyback planned for FY26.

• Revenue growth for 2026 expected to be balanced: ~1/3 from volume, ~1/3 from mix, ~1/3 from price.

• Improving outlook in the Philippines and Indonesia, with more normalized performance expected.

• Continued focus on innovation, premiumization, and affordability, with major activations around global sporting events.