Coca-Cola Europacific Partners (CCEP.L) - Company Research
Last Updated: 29 April 2026
Coca-Cola Europacific Partners plc (LSE: CCEP / NASDAQ: CCEP) is the UK-incorporated, London- and Nasdaq-listed Coca-Cola anchor bottler that combines the legacy Coca-Cola Enterprises franchises in Western Europe with Coca-Cola Amatil's Asia-Pacific footprint and (since 2024) Coca-Cola Beverages Philippines. It is the world's largest Coca-Cola bottler by revenue, operating in ~31 markets across Europe, Australia, NZ, Pacific island states, Indonesia and the Philippines. The Q1 2026 trading update released on 28 April 2026 showed revenue +6.7% reported (+9.4% fx-neutral) to €5,001 m with Europe +9.1% to €3,549 m and Asia-Pacific (APS) +1.1% reported / +8.6% fx-neutral to €1,452 m; FY26 guidance was reaffirmed (revenue +3–4%, operating profit ~+7%, comparable FCF ≥€1.7 bn). FY25 (results mid-February 2026) revenue was €20.9 bn (+2.3% comparable), reported operating profit €2.79 bn (+31%), adjusted comparable operating profit €2.8 bn (+7.1%, 13.4% margin), diluted EPS €4.26 and comparable free cash flow €1.84 bn; a new €1 bn share buyback was announced. The H1 interim dividend declared 28 April 2026 is €0.82 per share, payable 27 May. The London-listed CCEP.L line traded around 7,640p in late April 2026; ownership remains concentrated at Olive Partners (Daurella family) ~36.2% and The Coca-Cola Company ~19.2%, with ~44.6% public/institutional. CEO Damian Gammell is in his ninth year (appointed December 2016); Sol Daurella Comadrán is Chair.
1. Company Snapshot
| Company | Coca-Cola Europacific Partners plc |
| Tickers | LSE: CCEP.L (FTSE 100); also NASDAQ: CCEP (dual listing) |
| Indices | FTSE 100, Nasdaq 100 |
| Sector / Industry | Consumer Staples — Non-Alcoholic Beverages (Coca-Cola anchor bottler) |
| HQ / Registered Office | Pemberton House, Bakers Road, Uxbridge UB8 1EZ, England |
| CEO | Damian Gammell (since December 2016) |
| Chair | Sol Daurella Comadrán |
| CFO | Manik (Nik) Jhangiani |
| Founded | 2016 (as Coca-Cola European Partners; rebranded after 2021 Amatil acquisition) |
| Employees | ~42,000 |
| Footprint | ~31 markets across Western Europe, Australia, NZ, Pacific, Indonesia, Philippines |
| Reporting currency | Euro (€) |
| Fiscal year end | 31 December |
| Share price (LSE, late Apr 2026) | ~7,640p |
| 52-week range (LSE) | ~6,400p – ~8,400p (approx GBP equivalent of NASDAQ range) |
| Market cap | ~£35 bn / ~$45–46 bn (~458 m shares) |
| FY2025 revenue | €20.9 bn (+2.3% comparable) |
| FY2025 reported op profit | €2.79 bn (+31%) |
| FY2025 adj op margin | 13.4% (+50bp) |
| Diluted EPS FY25 | €4.26 |
| FY25 comparable FCF | €1.84 bn |
| H1 interim dividend | €0.82/share (record date 15 May 2026; payable 27 May) |
| Buyback | €1 bn programme (announced with FY25 results) |
| Next results | H1 2026 interim — expected late July / early August 2026 |
2. Bull Case vs Bear Case
| Bull Case | Bear Case |
|---|---|
| Q1 2026 revenue +6.7% reported / +9.4% fx-neutral to €5,001 m; FY26 guidance reaffirmed (revenue +3–4%, op profit ~+7%, FCF ≥€1.7 bn). | Underlying volume only +1.6% group on ADS basis (after adjusting for six extra consumption days); Coca-Cola brand +0.7% in Q1. |
| Energy strategy delivering: Other (incl. Energy) +9.2% volume Q1, with Energy alone +21.3% — mix shift to higher revenue per case. | FY25 reported revenue +2.3% comparable below long-term beverage-bottler aspiration; consumer trade-down in Europe and AU/NZ macro softness visible. |
| Comparable FCF FY25 €1.84 bn; new €1 bn buyback; first-half interim dividend €0.82 (~40% of FY25 DPS); ~50% payout ratio reaffirmed. | Concentrated ownership: Olive Partners ~36.2% + The Coca-Cola Company ~19.2% control ~55% of equity — minority free float subject to large-shareholder priorities; takeover-premium optionality limited. |
| Philippines integration (Coca-Cola Beverages Philippines, 2024 acquisition) was the principal FY25 op-profit driver and continues to deliver synergies; APS revenue +8.6% fx-neutral Q1 2026. | Coca-Cola brand volume only +0.7% in Q1 — growth is increasingly Energy- and pricing-led, raising sensitivity to category-mix and energy-drink regulation. |
| 2026 catalysts include FIFA World Cup activation; Damian Gammell (CEO since Dec 2016, ~9.4-yr tenure) provides strategic continuity through three large M&A integrations. | Capri-Sun strategic delisting in Europe is fully annualised but the juice category drag continues; FX translation remains a meaningful headwind on reported APS revenue. |
3. What Does This Company Actually Do?
CCEP is a franchised Coca-Cola anchor bottler — it manufactures, sells and distributes The Coca-Cola Company's branded beverages plus a number of partner brands across two reporting segments:
| Segment | Key markets | FY2025 / Q1 2026 commentary |
|---|---|---|
| Europe | Great Britain, France, Germany, Spain, Belgium, Netherlands, Luxembourg, Norway, Sweden, Iceland, Portugal, Andorra, Monaco | Q1 2026 revenue €3,549 m, +9.1% reported. Largest segment; mature mix; pricing-led revenue growth, Coke Zero / Energy mix shift. |
| Asia, Pacific & Southeast Asia (APS) | Australia, New Zealand, Fiji, Papua New Guinea, Samoa, Indonesia, Philippines | Q1 2026 revenue €1,452 m, +1.1% reported / +8.6% fx-neutral. Volume engine led by Philippines integration; Premium Spirits in AU/NZ. |
By category (Q1 2026 volumes): Coca-Cola brand +0.7%; Flavours & Mixers +1.2%; Water/Sports/RTD Tea & Coffee +1.7%; Other (incl. Energy) +9.2%, with Energy alone +21.3%. Capri-Sun was strategically delisted in Europe in 2024; the juice category drag is now fully annualised.
Brand portfolio: Coca-Cola, Coca-Cola Zero Sugar, Diet Coke, Sprite, Fanta, Schweppes, Powerade, Glaceau Vitaminwater, Smartwater, Costa Coffee RTD, Monster, Relentless, Burn (energy), Capri-Sun (where retained), Jack Daniel's & Coca-Cola RTD (premium spirits), plus regional franchise brands.
4. The Business Model
- Franchise structure: CCEP buys concentrate from The Coca-Cola Company (TCCC), bottles, distributes and merchandises across ~31 markets. TCCC owns brand equity; CCEP owns plant, fleet, route-to-market and customer relationships.
- Revenue per unit case: Q1 2026 €5.29, +0.8% — supported by pricing, mix and packaging tax effects; total volume 970 m unit cases (+8.5% reported, but +1.6% on Average Daily Sales basis after the six extra consumption days).
- Margins: FY25 reported op margin 13.3% (vs 13.4% adj comparable); FY26 guidance implies ~+50bp adjusted comparable margin expansion (revenue +3–4%, op profit ~+7%).
- Capital allocation: Annualised total dividend payout ratio of ~50% of comparable EPS reaffirmed. New €1 bn share buyback programme announced with FY25 results.
- Subsidy/regulatory credit dependency: Negligible — CCEP earns no material government subsidy or regulatory credit revenue. Sugar / packaging taxes (UK SDIL, Spain plastics tax, EPR regimes) are pass-through pricing items rather than a profit driver.
- Synergies / M&A integration: Coca-Cola Beverages Philippines (completed 2024) was the largest single integration project and the principal 2025 profit driver; FY25 reported op profit +31% reflects the full-year contribution.
- FX: APS exposed to AUD/IDR/PHP; Q1 2026 APS reported revenue +1.1% on currency translation vs +8.6% fx-neutral — FX is a meaningful translation drag on reported numbers.
5. Financial Health
Five-year financials (calendar year-end):
| Metric | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|
| Revenue (€bn) | 13.76 | 17.32 | 18.30 | 20.40 | 20.90 |
| YoY % | +30% | +26% | +5.7% | +11.5% | +2.3% (comp) |
| Reported op profit (€bn) | 1.71 | 2.04 | 2.34 | 2.13 | 2.79 |
| Adj op margin | ~12.4% | ~12.6% | ~13.0% | ~12.9% | 13.4% |
| Diluted EPS (€) | 2.36 | 2.83 | 3.49 | 3.79 | 4.26 |
| Comparable FCF (€bn) | 1.10 | 1.31 | 1.66 | 1.81 | 1.84 |
| Net debt / EBITDA | ~3.0× | ~3.0× | ~2.7× | ~2.5× | ~2.3× |
| DPS (€) | 1.30 | 1.68 | 1.84 | 1.97 | ~2.05 |
Quarterly trajectory (revenue):
| Period | Revenue (€m) | YoY (reported) | YoY (fx-neutral) |
|---|---|---|---|
| Q1 2025 | 4,690 | +1.7% | +3.0% |
| H1 2025 | 10,196 | +3.7% | +5.6% |
| Q3 2025 | ~5,560 | ~+0.5% | +2.9% |
| Q4 2025 | ~5,150 | +1.5% | +3.5% |
| FY 2025 | 20,900 | +2.3% comparable | +4.5% fx-neutral |
| Q1 2026 | 5,001 | +6.7% | +9.4% |
(Quarterly H2 numbers are derived from interim disclosures and may not exactly match later restatements after audit adjustments.)
6. Valuation & Market Data
| Share price (LSE, late Apr 2026) | ~7,640p |
| Share price (NASDAQ equivalent) | ~$98 |
| Shares outstanding (basic) | ~458 m |
| Market cap | ~£35 bn / ~$45–46 bn |
| 52-week range (NASDAQ) | $84.66 – $110.90 |
| FY25 EPS (diluted, €) | 4.26 |
| Trailing P/E (LSE; ~£76.40 / ~€88 share ÷ €4.26 EPS) | ~21× |
| Comparable FCF FY25 (€) | 1.84 bn |
| FCF yield | ~4.4% |
| Net debt / comparable EBITDA | ~2.3× |
| FY25 DPS | ~€2.05 (annualised); H1 interim €0.82 |
| Dividend yield | ~2.2–2.4% |
| Buyback | €1 bn programme announced with FY25 results |
| Major shareholders | Olive Partners (Daurella) ~36.2%; The Coca-Cola Company ~19.2%; public/institutional ~44.6% |
7. What Are They Building / What's Coming?
- FY26 guidance reaffirmed at Q1 2026 update (28 April 2026): Revenue +3–4%, comparable operating profit ~+7%, comparable free cash flow ≥€1.7 bn.
- Energy: Volumes +21.3% Q1 2026; Monster, Relentless and Burn continuing to take share via innovation and listings.
- Premium Spirits: Jack Daniel's & Coca-Cola RTD scaling across Australia/NZ and selected European markets.
- Coke Zero Sugar: Continued accelerator volume growth in Europe; sugar-free mix shift sustained.
- 2026 FIFA World Cup: Sponsorship activation across Europe and Asia-Pacific markets — on-trade and at-home pull.
- Buyback: €1 bn programme announced with FY25 results — complementary to the ~50% dividend payout ratio.
- Capital markets event: Held 14 May 2025; next investor day cadence to be confirmed by management.
- Philippines integration: Continuing to deliver synergies and unit-case growth as the principal volume contributor in APS.
8. Competitive Landscape
| Peer | Geography | Latest revenue | Notes |
|---|---|---|---|
| Coca-Cola Europacific Partners | Europe + APS | €20.9 bn FY25 | Subject company — world's largest Coca-Cola bottler by revenue |
| Coca-Cola HBC AG (LSE: CCH) | Europe (Established/Developing/Emerging) + Russia + about to add Africa via CCBA | €11.6 bn FY25 | 3rd-largest Coca-Cola bottler by volume; CCBA acquisition (US$2.6 bn) to close by end-2026 |
| The Coca-Cola Company (NYSE: KO) | Global concentrate franchisor | n/d | Brand owner; 19.2% shareholder in CCEP. Reported Q1 2026 28 April 2026 |
| Coca-Cola FEMSA (NYSE: KOF) | Latin America | n/d | 2nd-largest Coca-Cola bottler globally; LatAm coverage |
| PepsiCo (NASDAQ: PEP) | Global brand owner + bottler | n/d | Direct brand competitor; integrated rather than franchised model |
| Britvic (taken private by Carlsberg 2025) | UK / Ireland soft drinks | n/d | UK competitor (J2O, Robinsons, Tango); now part of Carlsberg group |
| Asahi (Tokyo: 2502) | Japan, Australia (incl. Schweppes Australia) | n/d | APS regional competitor; owns CCEP rival brands in AU |
Within the franchised Coca-Cola system, CCEP and Coca-Cola HBC are the two large publicly-listed European-headquartered bottlers, with non-overlapping geographic footprints (CCEP: Western Europe + APS; CCH: South-Eastern Europe + Russia + Africa post-CCBA).
9. Leadership and Ownership
CEO: Damian Gammell (since December 2016). Tenure ~9.4 years; led integrations of legacy CCE/Coca-Cola Iberian Partners, Coca-Cola Amatil (2021) and Coca-Cola Beverages Philippines (2024).
Chair: Sol Daurella Comadrán (representing Olive Partners SA — the Daurella family vehicle, 36.2% holder).
CFO: Manik (Nik) Jhangiani.
Major shareholders (per CCEP disclosures, late 2025):
| Shareholder | Stake | Notes |
|---|---|---|
| Olive Partners SA (Daurella family) | ~36.2% | Single largest holder; Sol Daurella Chair |
| The Coca-Cola Company | ~19.2% | Brand-owner stake; strategic alignment |
| Public / institutional | ~44.6% | Capital Research, BlackRock, Vanguard among top holders |
| Insider holdings (other) | ~5.8% | Including directors/exec teams (April 2025 snapshot) |
Insider transactions are reported under UK PDMR rules and Section 16 (NASDAQ). At time of writing the most recent material disclosures relate to RSU vestings and standard senior-management share-plan settlements rather than discretionary purchases or sales of size.
10. Risks and Challenges
- Concentrated ownership: Olive Partners (~36.2%) and The Coca-Cola Company (~19.2%) together control ~55% of equity; minority free float subject to large-shareholder priorities and any takeover-premium optionality is limited.
- Franchise dependence: CCEP is a bottler, not a brand owner. Concentrate pricing, marketing budgets and innovation pipeline are TCCC decisions; renegotiations or shifts in TCCC strategy are out of CCEP's control.
- Sugar / packaging taxes: Continued legislative pressure across Europe (UK SDIL, Spain plastics tax, EPR regimes); pass-through pricing tends to compress volumes.
- Health / wellness pressure: Long-running consumer shift away from full-sugar carbonates; CCEP's reliance on energy & pricing rather than core volume growth signals this dynamic in the data.
- FX translation: APS exposed to AUD, IDR, PHP, NZD; Q1 2026 reported APS revenue +1.1% vs +8.6% fx-neutral illustrates the drag.
- Regulatory action on energy drinks: Energy is now the fastest-growing category but is subject to incremental regulation (age limits, marketing restrictions, taxes) in several markets.
- Macroeconomic / consumer trade-down: European consumer softness and Australia/NZ slowdown could compress volume growth and pricing power.
- Russia / sanctions exposure: CCEP has no Russia exposure (this is a CCH issue, not a CCEP issue) — one of the structural advantages over the European peer.
- Capital structure: Net debt / EBITDA ~2.3×. Manageable but constrains M&A flexibility absent equity issuance.
- Litigation / regulatory: Routine product-liability and competition matters; large bottler scale invites regulatory scrutiny on pricing and trade terms.
11. Recent Developments
- 28 April 2026 — Q1 2026 trading update: Revenue €5,001 m (+6.7% reported / +9.4% fx-neutral). Europe +9.1% to €3,549 m; APS +1.1% reported / +8.6% fx-neutral to €1,452 m. Volume 970 m unit cases (+8.5% reported, +1.6% ADS basis). Coca-Cola brand +0.7%; Energy +21.3%. Revenue per unit case €5.29 (+0.8%). H1 interim dividend €0.82 (record date 15 May 2026, payable 27 May). FY26 guidance reaffirmed.
- Mid-February 2026 — FY 2025 results: Revenue €20.9 bn (+2.3% comparable, +4.5% fx-neutral). Reported op profit €2.79 bn (+31%); adj comparable op profit €2.8 bn (+7.1%) at 13.4% margin (+50bp). Diluted EPS €4.26. Comparable FCF €1.84 bn. New €1 bn share buyback announced.
- Late 2025: Coca-Cola Beverages Philippines integration completed first full year inside CCEP — principal driver of FY25 reported op profit growth.
- 14 May 2025: Capital Markets Event held by management for analysts and investors.
- Throughout 2025: Energy category roll-out (Monster + Relentless + Burn) accelerated across Europe; Premium Spirits (J&C RTD) continued in AU/NZ; Capri-Sun Europe delisting fully annualised by H2 2025.
12. Key Dates Coming Up
| Date | Event |
|---|---|
| 15 May 2026 | Record date for H1 interim dividend (€0.82) |
| 27 May 2026 | H1 interim dividend payment date |
| Late July / early August 2026 | H1 2026 interim results (date to be confirmed) |
| October 2026 | Q3 2026 trading update (typical cadence) |
| Mid-February 2027 | FY 2026 full-year results |
| Throughout 2026 | FIFA World Cup activation; ongoing €1 bn buyback execution |
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13. Thesis Verdict
The central thesis. Coca-Cola Europacific Partners is a franchised anchor bottler that manufactures, distributes and merchandises The Coca-Cola Company's beverages plus partner brands across roughly 31 markets, split between Europe (~71% of Q1 2026 revenue) and Asia, Pacific & Southeast Asia (~29%). The model converts unit-case volume into revenue at €5.29 per case, with profit growth driven by pricing, mix shift toward Coke Zero Sugar and Energy (+21.3% volume in Q1 2026), and synergies from the 2024 Coca-Cola Beverages Philippines integration. FY26 guidance reaffirmed at the 28 April 2026 update points to revenue +3–4%, comparable operating profit ~+7%, and FCF ≥€1.7bn, with the 2026 FIFA World Cup activation and a new €1bn buyback as near-term catalysts.
What would confirm or break it. Continued delivery on FY26 guidance, sustained Energy and APS fx-neutral momentum, ongoing margin expansion from the 13.4% FY25 base, and progression of the €1bn buyback alongside the ~50% payout ratio would reinforce the thesis. Conversely, materialisation of regulatory tightening on energy drinks, further European consumer trade-down, adverse FX translation in AUD/IDR/PHP, shifts in TCCC franchise terms, or weakening Coca-Cola brand volumes beyond the +0.7% Q1 print would undermine it.
Watchpoints
- ConfirmsSubsequent earnings and filings reinforcing the figures presented in this report.
- ConfirmsSubsequent earnings and filings reinforcing the figures presented in this report.
- InvalidatesAny disclosure that directly contradicts a material claim in the bull case.
Diagnostic grid
Generated by ChartsView research tooling. Thesis strength measures how well the evidence in this report supports the company's stated thesis — it is NOT a buy/sell rating or price target. ChartsView is not authorised by the FCA to provide regulated investment advice. Generated 29 Apr 2026.