COCA-COLA EUROPACIFIC PARTNERS plc
CCEPBusiness Summary
Coca-Cola Europacific Partners plc operates in the non-alcoholic and alcoholic ready-to-drink beverage industry, making, moving, and selling drinks across 31 markets. The company refreshes 600 million consumers locally and creates value for 4 million customers. The industry is shaped by consumer trends toward healthier, flavourful, and convenient beverage experiences, with the alcohol ready-to-drink segment being the fastest growing alcohol segment. Macroeconomic factors such as geopolitical volatility, legislative changes, and inflationary pressures also influence the competitive landscape, alongside the impact of digital transformation reshaping how the company operates and engages.
The company's primary competitors are not named in the filing, but competitive advantages include a diverse portfolio of global icons like Coca-Cola, Fanta, Sprite, and Monster, plus local favourites, and a strong alignment and trusted partnerships with brand owners such as The Coca-Cola Company and Monster Energy Corporation. The company was the number one value creator, delivering more revenue growth for retail customers than FMCG peers in Europe, and eight markets were ranked #1 or #2 among FMCG suppliers in the Advantage Group Survey. The company has 85 production facilities across its 31 markets and a 11,900 strong commercial team.
Revenue is generated by purchasing concentrates and syrups from franchisors like TCCC and other brand owners to make, distribute, and sell beverages to customers and vending partners under bottler agreements. The business model is built on six steps: partner, source, make, distribute, sell, and recycle. The company sources ingredients locally where possible, with 86% of supplier spend supporting local economies in 2025. Revenue is transactional, driven by volume and revenue per unit case, with a focus on the 4 MORES framework: more people buying, more often, more volume, and more value.
The company's portfolio is organized by category. In 2025, Coca-Cola Zero Sugar volumes grew +5.3% on an adjusted comparable basis, driven by Europe and double-digit growth in Australia and the Philippines. Sports volumes grew +4.5%, driven by growth of Aquarius in Spain. Energy volumes grew +18.8%, supported by innovation and distribution gains. By category, Coca-Cola volumes were -0.1%, Flavours and mixers were -1.3%, Water, sports, RTD tea and coffee were +0.2%, and Other inc. energy was +7.5%, all on an adjusted comparable basis. The company also expanded its alcohol ready-to-drink portfolio with products like Absolut Vodka & Sprite Watermelon and BACARDI & Coca-Cola.
In 2025, the company joined the FTSE 100 Index. It returned just under €2 billion to shareholders, including €1 billion from its 2025 share buyback programme, and announced a further €1 billion share buyback to be executed over the coming year. The company invested around €1 billion across the business, expanding manufacturing capacity, evolving its packaging portfolio, and advancing digital transformation through SAP S/4HANA and a new Integrated Shared Services centre in Manila. Over 75,000 cooler placements were made in Europe in 2025, and the company is investing to expand its fleet over the next five years. The company also broke ground on a new production facility in the Philippines and opened a new can line in Australia.
Reported revenue increased by 2.3%, or 2.8% on an adjusted comparable and FX neutral basis. Volumes were broadly flat on an adjusted comparable basis, and revenue per unit case increased by 2.9% on an adjusted comparable and FX neutral basis. Reported operating profit increased by 31.0%, reflecting a full year of Philippines profit in 2025 and lower business transformation and impairment costs. On an adjusted comparable and FX neutral basis, operating profit increased by 7.1%. Reported diluted EPS was €4.26. Comparable diluted EPS was €4.11. Net cash flows from operating activities were €3.0 billion. Comparable free cash flow was €1.8 billion. Reported ROIC was 10.9%, and comparable ROIC was 11.5%.
Business Outlook
The company's growth strategy centres on expanding into high-growth categories like coffee, sports, and alcohol ready-to-drink, with a focus on innovation in flavours, formats, and pack sizes. In 2026, the company plans to focus on accelerating sparkling, elevate execution during key selling moments like Halloween, Christmas, and the FIFA World Cup, and continue to drive distribution of Coke flavours and support Diet Coke. Monster's momentum is to be maintained with a raft of exciting innovations, and the company will continue its execution of the rainbow of Fanta flavours. The company also plans to invest in next generation energy efficient coolers and expand Coke and Go vending innovation for growth.
The company's growth also includes geographic expansion, particularly in the Australia, Pacific and South East Asia region, following the acquisition of Coca-Cola Beverages Philippines Inc. in February 2024. The company is investing in supply chain with new production lines and infrastructure to support demand and growing categories like sports and tea. Aseptic lines in Europe are underway to help accelerate sports and tea categories. The company also plans to bring Coca-Cola and Powerade to the world stage during the FIFA World Cup, leveraging new brand ambassadors and enhanced by localised activations.
The company's margin and cost outlook is supported by ongoing productivity and efficiency programmes. On an adjusted comparable and FX neutral basis, operating profit increased by 7.1%, driven by top-line growth and these programmes. The company's Revenue Margin Growth Management capabilities helped deliver strong revenue per unit case growth through pricing, promotional optimisation, and pack mix strategies, balancing affordability with premiumisation to protect margins.
The company continues to invest in its supply chain, with investments in new production lines, automated storage and retrieval system warehousing, and connected systems to unlock capacity, improve efficiency, and strengthen service levels. The company is also investing in digital transformation through SAP S/4HANA and a new Integrated Shared Services centre in Manila. The company's 11,900 strong commercial team is empowered with AI-driven tools such as KAM360, and the company enhanced functionality on MyCCEP.com, now serving around 280,000 registered customers, which generated around €2.38 billion in revenue in 2025.
The company invested around €1 billion across the business in 2025, expanding manufacturing capacity, evolving its packaging portfolio, and advancing digital transformation. The company returned just under €2 billion to shareholders, including €1 billion from its 2025 share buyback programme, and announced a further €1 billion share buyback to be executed over the coming year. The company continues to offer employees the opportunity to own a part of the company's success through its Employee Share Purchase Plan, with over 50% of colleagues now participating.
The company continues to navigate a complex macroeconomic landscape marked by geopolitical volatility, legislative changes, and inflationary pressures. The economic environment continues to affect consumer sentiment, so the company focuses on price relevance, particularly in retail, offering diverse pack sizes and price points that balance affordability with premium options. The company also faces challenges related to the availability, access, and high cost of rPET, which has impacted its recycled PET target. The company's collection target reflects the progress anticipated with collection partners and the complexities and challenges faced on collection and recycling.
The company faces structural headwinds including the recent increase in sugar taxes and a weaker consumer backdrop in Indonesia. Legislative changes, such as the implementation of deposit return schemes in Portugal set to launch in 2026 and Great Britain set to launch in 2027, represent both a challenge and an opportunity for increasing packaging collection rates. The company also faces risks related to climate change and water scarcity, with a focus on 18 production facilities classified as high risk locations for water.
Risk Factors
The company faces material risks from macroeconomic volatility, including geopolitical instability, inflationary pressures, and legislative changes such as sugar taxes, which have recently increased and affected consumer sentiment, particularly in Indonesia. The company's operations are exposed to currency fluctuations across its 31 markets, with significant exposures to the British pound, US dollar, Norwegian krone, Swedish krona, Australian dollar, Indonesian rupiah, and Philippine peso. Climate change and water scarcity pose specific risks, as water is the main ingredient in products and essential for manufacturing; the company has identified 18 production facilities classified as high risk locations for water. The availability, access, and high cost of recycled PET (rPET) present a quantified challenge to the company's packaging targets, with the rPET target reflecting significant anticipated challenges over the next five years. The company also faces risks related to the execution of its business transformation programme and the integration of the Philippines acquisition, including the successful implementation of SAP S/4HANA and the new Integrated Shared Services centre in Manila.
Management Priorities
Management's message emphasizes a strong year marked by continued progress and momentum, with a focus on driving profitable growth through a customer and consumer led approach, powered by technology, innovation, and investment. The CEO stated that 2025 was a record year for CCEP across all key financial metrics, with robust top and bottom line growth, strong free cash flow, and again grew shareholders' returns. The strategic priorities emphasized for the period ahead are great brands, great people, and great execution, done sustainably, with a clear ambition to lead with purpose, powered by exceptional people, iconic brands, and a strategy built for long-term success. The company aims to reach Net Zero emissions (Scope 1, 2 and 3) by 2040.
View Source Annual Report on SEC.gov ↗
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- [885] Item 4, Information on the Company — Business Overview
- [886] Item 4, Information on the Company — Business Overview
- [887] Item 4, Information on the Company — Business Overview
- [888] Item 4, Information on the Company — Business Overview
- [889] Item 4, Information on the Company — Business Overview
- [890] Item 4, Information on the Company — Business Overview
- [891] Item 4, Information on the Company — Business Overview
- [892] Item 4, Information on the Company — Business Overview
- [893] Item 4, Information on the Company — Business Overview
- [894] Item 4, Information on the Company — Business Overview
- [895] Item 4, Information on the Company — Business Overview
- [896] Item 4, Information on the Company — Business Overview
- [897] Item 4, Information on the Company — Business Overview
- [898] Item 4, Information on the Company — Business Overview
- [899] Item 4, Information on the Company — Business Overview
- [900] Item 4, Information on the Company — Business Overview
- [901] Item 4, Information on the Company — Business Overview
- [902] Item 4, Information on the Company — Business Overview
- [903] Item 4, Information on the Company — Business Overview
- [904] Item 4, Information on the Company — Business Overview
- [905] Item 4, Information on the Company — Business Overview
- [906] Item 4, Information on the Company — Business Overview
- [907] Item 4, Information on the Company — Business Overview
- [908] Item 4, Information on the Company — Business Overview
- [909] Item 4, Information on the Company — Business Overview
- [910] Item 4, Information on the Company — Business Overview
- [911] Item 4, Information on the Company — Business Overview
- [912] Item 4, Information on the Company — Business Overview
- [913] Item 4, Information on the Company — Business Overview
- [914] Item 4, Information on the Company — Business Overview
- [915] Item 4, Information on the Company — Business Overview
- [916] Item 4, Information on the Company — Business Overview
- [917] Item 4, Information on the Company — Business Overview
- [918] Item 4, Information on the Company — Business Overview
- [919] Item 4, Information on the Company — Business Overview
- [920] Item 4, Information on the Company — Business Overview
- [921] Item 4, Information on the Company — Business Overview
- [922] Item 4, Information on the Company — Business Overview
- [923] Item 4, Information on the Company — Business Overview
- [924] Item 4, Information on the Company — Business Overview
- [925] Item 4, Information on the Company — Business Overview
- [926] Item 4, Information on the Company — Business Overview
- [927] Item 4, Information on the Company — Business Overview
- [928] Item 4, Information on the Company — Business Overview
- [929] Item 4, Information on the Company — Business Overview
- [930] Item 4, Information on the Company — Business Overview
- [931] Item 4, Information on the Company — Business Overview
- [932] Item 4, Information on the Company — Business Overview
- [933] Item 4, Information on the Company — Business Overview
- [934] Item 4, Information on the Company — Business Overview
- [935] Item 4, Information on the Company — Business Overview
- [936] Item 4, Information on the Company — Business Overview
- [937] Item 4, Information on the Company — Business Overview
- [938] Item 4, Information on the Company — Business Overview
- [939] Item 4, Information on the Company — Business Overview
- [940] Item 4, Information on the Company — Business Overview
- [941] Item 4, Information on the Company — Business Overview
- [942] Item 4, Information on the Company — Business Overview
- [943] Item 4, Information on the Company — Business Overview
- [944] Item 4, Information on the Company — Business Overview
- [945] Item 4, Information on the Company — Business Overview
- [946] Item 4, Information on the Company — Business Overview
- [947] Item 4, Information on the Company — Business Overview
- [948] Item 4, Information on the Company — Business Overview
- [949] Item 4, Information on the Company — Business Overview
- [950] Item 4, Information on the Company — Business Overview
- [951] Item 4, Information on the Company — Business Overview
- [952] Item 4, Information on the Company — Business Overview
- [953] Item 4, Information on the Company — Business Overview
- [954] Item 4, Information on the Company — Business Overview
- [955] Item 4, Information on the Company — Business Overview
- [956] Item 4, Information on the Company — Business Overview
- [957] Item 4, Information on the Company — Business Overview
- [958] Item 4, Information on the Company — Business Overview
- [959] Item 4, Information on the Company — Business Overview
- [960] Item 4, Information on the Company — Business Overview
- [961] Item 4, Information on the Company — Business Overview
- [962] Item 4, Information on the Company — Business Overview
- [963] Item 4, Information on the Company — Business Overview
- [964] Item 4, Information on the Company — Business Overview
- [965] Item 4, Information on the Company — Business Overview
- [966] Item 4, Information on the Company — Business Overview
- [967] Item 4, Information on the Company — Business Overview
- [968] Item 4, Information on the Company — Business Overview
- [969] Item 4, Information on the Company — Business Overview
- [970] Item 4, Information on the Company — Business Overview
- [971] Item 4, Information on the Company — Business Overview
- [972] Item 4, Information on the Company — Business Overview
- [973] Item 4, Information on the Company — Business Overview
- [974] Item 4, Information on the Company — Business Overview
- [975] Item 4, Information on the Company — Business Overview
- [976] Item 4, Information on the Company — Business Overview
- [977] Item 4, Information on the Company — Business Overview
- [978] Item 4, Information on the Company — Business Overview
- [979] Item 4, Information on the Company — Business Overview
- [980] Item 4, Information on the Company — Business Overview
- [981] Item 4, Information on the Company — Business Overview
- [982] Item 4, Information on the Company — Business Overview
- [983] Item 4, Information on the Company — Business Overview
- [984] Item 4, Information on the Company — Business Overview
- [985] Item 4, Information on the Company — Business Overview
- [986] Item 4, Information on the Company — Business Overview
- [987] Item 4, Information on the Company — Business Overview
- [988] Item 4, Information on the Company — Business Overview
- [989] Item 4, Information on the Company — Business Overview
- [990] Item 4, Information on the Company — Business Overview
- [991] Item 4, Information on the Company — Business Overview
- [992] Item 4, Information on the Company — Business Overview
- [993] Item 4, Information on the Company — Business Overview
- [994] Item 4, Information on the Company — Business Overview
- [995] Item 4, Information on the Company — Business Overview
- [996] Item 4, Information on the Company — Business Overview
- [997] Item 4, Information on the Company — Business Overview
- [998] Item 4, Information on the Company — Business Overview
- [999] Item 4, Information on the Company — Business Overview
- [1000] Item 4, Information on the Company — Business Overview
Analysis on 9/29/2026