Coca-Cola Europacific Partners (CCEP) Q2 2026 earnings summary

Executive summary

• Delivered strong first-half 2026 results with balanced revenue growth, continued share gains, and disciplined cost and cash management, supported by innovation in zero sugar, energy, and hydration categories.

• Maintained leadership as the top FMCG retail value creator, with significant cash returns and sustained value share gains.

• Strategic focus on expanding cooler coverage, customer acquisition, and accelerating growth in Southeast Asia.

• Reaffirmed full-year guidance despite challenging consumer environment and uncertainties in the Middle East.

• Execution, innovation, and disciplined cost management underpin performance and outlook.

Financial highlights

• H1 2026 revenue €10,724m, up 4.4% as reported and 6.1% FX-neutral year-over-year; volumes grew 5.6% (2.2% day-adjusted).

• Comparable operating profit €1,481m, up 8.1% FX-neutral (reported €1,458m, +6.9%); operating margin 13.8%.

• Comparable diluted EPS €2.20, up 10.6% (reported €2.17, +9.1%), supported by share buybacks.

• Comparable free cash flow €435m; interim dividend per share €0.82.

• Revenue per case increased 0.4%; cost of sales per unit case up 0.6% to €3.46.

Outlook and guidance

• FY26 guidance reaffirmed: revenue growth 3–4%, operating profit growth ~7%, cost of sales per unit case up ~1.5%.

• Comparable free cash flow at least €1.7bn; dividend payout ratio ~50% of comparable EPS.

• Capex expected at ~5% of revenue; commodities hedged at ~90% for FY26.

• €1bn share buyback planned for the year, with €593m completed by July.

• Confident in delivering on midterm objectives, with strong momentum into the second half despite six fewer trading days.