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

Executive summary

• Achieved record results in FY25, with robust top- and bottom-line growth, strong free cash flow, and increased shareholder returns, driven by brand strength, execution, and innovation.

• Maintained leadership in NARTD value share, advanced portfolio innovation, and expanded market share, especially in away-from-home channels.

• Delivered record investment and growing shareholder returns, laying foundations for future growth.

• Strategic investments in digital, AI, and sustainability initiatives underpin long-term growth and productivity.

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

Financial highlights

• Revenue reached €20.9bn, up 2.8% year-over-year; operating profit rose 7.1% to €2.8bn, with margin up to 13.4%.

• Diluted EPS increased 6.2% to €4.11; comparable free cash flow exceeded €1.8bn after nearly €1bn in CapEx.

• Dividend per share grew 3.6% to €2.04, maintaining ~50% payout ratio; €1bn share buyback completed.

• Net debt to EBITDA reduced to 2.7x, within the 2.5x-3x target 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 case up ~1.5%, and capex ~5% of revenue.

• Comparable free cash flow guidance for FY26 set at least €1.7bn, reflecting higher CapEx investment.

• New €1bn share buyback to be executed in FY26; dividend payout ratio remains around 50%.

• More normalized outlook for the Philippines and improving trajectory in Indonesia.

• Midterm organic revenue growth target of 4% reaffirmed, with balanced contributions from volume, price, and mix.