Coca-Cola Europacific Partners (CCEP) Morgan Stanley Global Consumer & Retail Conference summary

Strategic updates and index inclusion

• Actively pursuing FTSE index inclusion, with strong investor interest in the UK and Europe; could enter by March 2025 if liquidity thresholds are met, or reassess in June.

• FTSE inclusion expected to boost liquidity and access to tracker funds, potentially ranking around 25 in the index.

• One month into the liquidity test, with positive trading volumes in November and December.

Revenue growth drivers and market performance

• Achieved 3.1% FX-neutral revenue growth through nine months, driven by effective pricing (2%-3%) and strong volume growth in Asia-Pacific.

• European volume growth was patchy, impacted by soft away-from-home trends and poor summer weather, but retail channels remained resilient.

• Brand initiatives and analytics-driven pricing supported household penetration and growth across most brands, except for Coca-Cola Classic.

• Energy category growth slowed to mid-single digits but remains a focus for innovation.

Year-end outlook and consumer trends

• Strong year-end trading expected, with retail volumes picking up in Europe and early summer boosting Australia.

• Holiday season supported by extra selling days and active merchandising efforts.

• Noted a shift back to brands from private label in retail, as economic pressures and brand value strategies take effect.

• Out-of-home traffic remains below 2019 levels due to menu price inflation, but retail channels are robust.