Coca-Cola Europacific Partners (CCEP.L) - Company Research

Last Updated: 20 September 2026

Coca-Cola Europacific Partners plc is the largest Coca-Cola bottler in the world by revenue, selling into 31 markets that run from Iceland to Indonesia. It is a UK-incorporated company headquartered in Uxbridge, it reports in euro, and since March 2025 it has been a FTSE 100 constituent alongside its existing Nasdaq-100 membership. FY2025 was a record year on the headline measures — revenue of €20,901m, reported operating profit of €2,793m and reported diluted EPS of €4.26 — but the reported figures flatter the underlying trend, because they lap a prior-year Indonesia impairment and capture the first full year of the Philippines business. This report separates the two, using the audited Form 20-F XBRL data rather than summary commentary.

1. Company Snapshot

Field	Value
Legal name	Coca-Cola Europacific Partners plc, incorporated in England and Wales
Listing	London Stock Exchange (LSE:CCEP, ISIN GB00BDCPN049); also Nasdaq Global Select Market, Euronext Amsterdam and the Spanish exchanges
Index membership	FTSE 100 (joined 24 Mar 2025, replacing British Land) and Nasdaq-100
HQ	Uxbridge, England
Sector	Consumer staples — non-alcoholic beverage bottling
CEO / Leadership	Damian Gammell (Chief Executive Officer); Edward Walker (Chief Financial Officer, effective 1 Jul 2026, succeeding Nik Jhangiani); Sol Daurella Comadrán (Chairman)
Employees	Approximately 39,000 (company figure, FY2025 annual report)
Footprint	31 markets; more than 600 million consumers and more than 4 million customer outlets
Reporting currency	Euro (€), IFRS; financial year ends 31 December. SEC CIK 0001650107, files Form 20-F as a foreign private issuer
Revenue (FY2025)	€20,901m (reported +2.3% on FY2024's €20,438m; adjusted comparable FX-neutral +2.8%)
Profit after tax (FY2025)	€1,979m reported (+37.0%); €1,916m comparable
Volume (FY2025)	3,958m unit cases (comparable +2.4%; adjusted comparable +0.2%)
Market capitalisation	Approximately £34.2bn (440.5m shares at 7,755p, LSE 17 Sep 2026); approximately US$44.3bn on the Nasdaq line
Major shareholders	Olive Partners (Daurella family / Cobega vehicle) 37%; The Coca-Cola Company 18%; free float 45%

2. Bull Case and Bear Case

Bull Case

• Genuine scale advantage: At €20,901m of FY2025 revenue and 3,958m unit cases, CCEP is the largest Coca-Cola bottler in the world by revenue, roughly 1.8 times the size of its nearest listed peer, giving it procurement, manufacturing and route-to-market leverage that smaller bottlers cannot match.
• Cash conversion supports a real capital-return programme: FY2025 operating cash flow of €2,953m funded €950m of capital investment, a dividend of €2.04 per share at an approximately 50% payout, and a completed €1bn buyback, with a further €1bn programme running through 2026 of which €593m was complete by 31 July 2026.
• Southeast Asia is the structural growth engine: The Philippines business, acquired in February 2024 and fully integrated by FY2025, was cited as reaching close to its 10% EBIT margin target by H1 2026, and a greenfield plant in North Luzon — one of the group's largest global infrastructure investments — is due to start production in 2027.
• Leverage is falling while the business grows: Net debt to reported EBITDA improved from 3.2x at FY2024 year-end to 2.6x at FY2025 year-end, with ratings of Baa1 (Moody's, positive outlook) and BBB+ (Fitch, stable) as at 16 Feb 2026.
• Portfolio is shifting toward the growth categories: Energy volume grew 18.8% in FY2025 and 18.6% in H1 2026, gaining 200 and 230 basis points of share respectively, while the alcohol ready-to-drink and coffee legs are being built out through Bacardi, Jack Daniel's, Absolut and Grinders.

Bear Case

• Underlying growth is low single digit: Strip out the Philippines and the impairment lap and FY2025 revenue grew 2.3% reported, with adjusted comparable volume up just 0.2%. FY2026 guidance of 3% to 4% comparable revenue growth confirms this is a low-growth business being managed for cash, not a compounder.
• Reported earnings quality is noisy: FY2025 reported diluted EPS of €4.26 exceeded comparable EPS of €4.11, helped by a German property-sale gain, while FY2024 reported EPS of €3.08 sat far below comparable EPS of €3.95 because of the Indonesia impairment. Two consecutive years where the GAAP and adjusted numbers diverge in opposite directions make the trend hard to read.
• Balance sheet carries real debt: Total borrowings of €10,694m and net debt of €9,823m at FY2025 year-end sit at 2.7x comparable EBITDA. That is manageable, but it constrains how much of the Philippines capex and the buyback can run simultaneously.
• The European core is under consumer pressure: Europe is 73.7% of revenue and management has repeatedly described the consumer environment as challenging, with Germany and France both showing volume softness tied to affordability. France's increased sugar tax, effective March 2025, directly reduced Coca-Cola Original Taste volumes.
• Franchise dependence with no price ceiling: CCEP must buy 100% of its concentrate and syrup requirement from The Coca-Cola Company, with no contractual cap on what it may be charged, under agreements that run in renewable ten-year terms.

3. Revenue Segments

CCEP reports two geographic segments, Europe and Asia Pacific & Southeast Asia, and discloses revenue for six sub-territories within them. The sub-territory figures below reconcile exactly to FY2025 revenue of €20,901m.

Segment	% of revenue	What it is
Europe (total)	73.7% (€15,404m)	Reported operating profit €2,189m, comparable €2,139m; volume 2,587m unit cases. The mature, cash-generative core of the group.
Europe — France, Belgium, Netherlands and Nordics	25.4% (€5,302m)	France, Monaco, Belgium, Luxembourg, Netherlands, Norway, Sweden and Iceland. The largest single sub-territory, and the one most exposed to the March 2025 French sugar-tax increase.
Europe — Great Britain	16.6% (€3,470m)	The UK market, where the Soft Drinks Industry Levy and the forthcoming deposit return scheme are the dominant regulatory variables.
Europe — Iberia	16.4% (€3,429m)	Spain, Portugal and Andorra. A deposit return scheme launched in Portugal during H1 2026.
Europe — Germany	15.3% (€3,203m)	Germany, where consumer value-seeking behaviour drove volume softness through FY2025, and where a property sale generated a €104m gain in the FY2025 accounts.
Asia Pacific and Southeast Asia — Australia and Pacific	15.7% (€3,279m)	Australia, New Zealand, the Pacific Islands and Papua New Guinea. Suntory alcohol distribution ended in Australia in June 2025 and New Zealand in December 2025, replaced by a multi-year Bacardi agreement.
Asia Pacific and Southeast Asia — Southeast Asia	10.6% (€2,218m)	The Philippines and Indonesia. The designated growth engine: Philippines integration completed, Indonesia route-to-market transformation finished at end-FY2025 with sparkling volume returning to growth in H1 2026.

By category, CCEP discloses mix on a volume rather than a revenue basis. In FY2025, Coca-Cola trademark was 59.2% of volume (down 0.1%), flavours and mixers 21.5% (down 1.3%), water, sports, ready-to-drink tea and coffee 11.7% (up 0.2%), and other including energy and alcohol ready-to-drink 7.6% (up 7.5%, with energy alone up 18.8%).

4. Business Model and Moat

How it makes money. CCEP purchases concentrates, beverage bases and syrups from The Coca-Cola Company, then manufactures, packages, markets, sells and distributes finished beverages within exclusive territorial bottling agreements across its 31 markets. Revenue is volume multiplied by revenue per unit case, which was €5.38 in FY2025, up 2.9% on an adjusted comparable basis. With adjusted comparable volume essentially flat at plus 0.2%, effectively all of FY2025's underlying revenue growth came from price and pack mix rather than from selling more liquid.

The incidence pricing mechanism. Across most territories, concentrate pricing and marketing funding operate under an incidence model in which what CCEP pays is tied to its own realised revenue per unit case in that market. This aligns the franchisor's economics with the bottler's at market level, which is a genuine structural improvement over flat concentrate pricing — but it also means CCEP shares upside on successful premiumisation, and there is no contractual ceiling on concentrate cost.

Where the moat sits. Exclusive, long-dated territory rights are the foundation: agreements run in ten-year terms with a right to request a further ten years. On top of that sits physical distribution density — a commercial team of roughly 11,900 in Europe alone — and a cold-drink equipment estate that CCEP expanded by more than 75,000 coolers in Europe during 2025 and more than 80,000 in H1 2026 alone, a roughly 5% increase in the fleet in six months. Coolers are both a barrier to entry and a switching cost, because they occupy contested floor space in the outlet.

Governance and ownership. Olive Partners, the Daurella family's Cobega-linked vehicle, holds 37% and chairs the board through Sol Daurella Comadrán; The Coca-Cola Company holds 18%; free float is 45%. That concentrated register means minority shareholders have limited practical influence, but it also aligns the two largest holders behind long-horizon capital allocation.

5. Financial Health

The annual figures below are taken from CCEP's own preliminary results announcements and cross-checked line by line against the company's SEC Form 20-F XBRL filings under CIK 0001650107. GAAP EPS is basic earnings per share as filed; adjusted EPS is the company's comparable diluted EPS.

Fiscal Year	Revenue (€m)	YoY %	GAAP EPS	Adjusted EPS	Dividend/share	Long-term debt (YE)
FY2021	13,763	+29.8%	€2.15	€2.83	€1.40	€11,790m
FY2022	17,320	+25.8%	€3.30	€3.39	€1.68	€10,571m
FY2023	18,302	+5.7%	€3.64	€3.71	€1.84	€10,096m
FY2024	20,438	+11.7%	€3.08	€3.95	€1.97	€9,940m
FY2025	20,901	+2.3%	€4.26	€4.11	€2.04	€10,224m

† The FY2021 and FY2022 growth rates reflect the acquisition of Coca-Cola Amatil, and FY2024's 11.7% reflects the acquisition of Coca-Cola Beverages Philippines in February 2024; on a like-for-like basis the company reported considerably lower growth in each of those years. The divergence between GAAP and adjusted EPS in FY2024 is driven by an Indonesia impairment charge, and in FY2025 by a €104m gain on a German property sale and a €19m litigation-provision release.

Quarter / Half	Revenue	Adjusted EPS	GAAP EPS
H1 2026 (26 weeks to 3 Jul 2026)	€10,724m	€2.20	€2.17
H2 2025 (derived)‡	€10,629m	€2.10	€2.27
H1 2025 (26 weeks to 27 Jun 2025)‡	€10,272m	€2.01	€1.99
FY2025 total	€20,901m	€4.11	€4.26

‡ CCEP reports full results half-yearly and issues Q1 and Q3 trading updates that carry revenue and volume but no earnings figure, so half-years are the shortest period for which EPS exists. The Q1 2026 trading update on 28 Apr 2026 showed revenue of €5,001m, up 6.7% reported and 9.4% FX-neutral, flattered by six extra selling days and an earlier Easter. The H1 2025 and H2 2025 rows above are derived from the percentage changes disclosed in the H1 2026 release applied to the FY2025 audited totals; the company separately described H1 2025 revenue as €10.3bn, consistent with the derived figure.

Balance sheet at 31 December 2025. Non-current borrowings of €10,224m and a current portion of €470m gave total borrowings of €10,694m, down from €11,331m a year earlier. Cash and cash equivalents were €918m, of which €37m is held in Papua New Guinea kina and subject to currency controls, plus short-term investments of €39m. Company-reported net debt was €9,823m, at 2.6x reported EBITDA and 2.7x comparable EBITDA, against 3.2x and 2.7x respectively a year earlier. Total assets were €29,872m. The sharp fall in the current portion of borrowings, from €1,391m to €470m, is the single most notable balance-sheet movement in the year.

Cash generation in FY2025. Net cash flows from operating activities were €2,953m, against €3,061m in FY2024. Capital investment comprised €750m of purchases of property, plant and equipment and €200m of capitalised software, partly offset by €168m of proceeds from PP&E disposals. Company-reported comparable free cash flow, which additionally deducts lease principal payments of €162m and net interest of €175m, was €1,836m. Depreciation of €771m and amortisation of intangibles of €152m give a total D&A add-back of €923m, which reconciles exactly to reported EBITDA of €3,716m against reported operating profit of €2,793m.

6. Valuation Metrics

Raw metrics, September 2026. Not opinions on whether the stock is cheap or expensive.

Metric	Value
Market cap	Approximately £34.2bn / €39.8bn (440.5m shares at 7,755p, LSE 17 Sep 2026; converted at GBP/EUR 1.1656). The Nasdaq line was quoted at approximately US$44.3bn on 18 Sep 2026.
Enterprise value	Approximately €49.6bn (market cap €39.8bn + total borrowings €10.69bn − cash €0.92bn and short-term investments €0.04bn, per the 31 Dec 2025 balance sheet)
Trailing P/E (GAAP)	Approximately 21x (share price 7,755p = €90.39 divided by FY2025 basic EPS of €4.26). On the company's comparable diluted EPS of €4.11 the same price is approximately 22x. LSE-published data quoted 20.87x on 17 Sep 2026 and the Nasdaq line approximately 19.4x, the gap reflecting FX and EPS basis.
P/E (forward)	Approximately 20x, derived: FY2025 comparable diluted EPS of €4.11 grown in line with FY2026 guidance of approximately 7% comparable operating profit growth, plus accretion from the €1bn buyback, gives roughly €4.45 for FY2026. A third-party screen quotes 18.5x on a US dollar EPS basis. No analyst estimate is relied upon.
P/S (TTM)	Approximately 1.9x (market cap €39.8bn / FY2025 revenue €20,901m)
EV/EBITDA (TTM)	Approximately 13.3x. EBITDA = FY2025 reported operating profit €2,793m + total D&A €923m (depreciation €771m plus intangible amortisation €152m, the wider cash-flow total) = €3,716m, which matches the company's own reported EBITDA exactly. Note that reported EBITDA is inflated by a €104m German property-sale gain and reduced by €101m of restructuring; on comparable EBITDA of €3,700m the multiple is also approximately 13.4x.
P/FCF	Approximately 19.9x (market cap €39.8bn / FCF €2,003m; FCF = FY2025 operating cash flow €2,953m − capital expenditure €950m, being €750m of property, plant and equipment plus €200m of capitalised software). On the company's narrower comparable free cash flow of €1,836m, which also deducts lease principal and net interest, the multiple is approximately 21.7x.
Dividend yield (trailing)	Approximately 2.27% (FY2025 dividend of €2.04 per share at an approximately 50% payout ratio)
Net debt / EBITDA	2.6x reported, 2.7x comparable, at 31 Dec 2025; ratings Baa1 positive (Moody's) and BBB+ stable (Fitch) as at 16 Feb 2026
52-week high	7,755p intraday context: 8,545p (28 Jul 2026) on the LSE line; US$113.67 on the Nasdaq line
52-week low	6,280p (7 Jan 2026) on the LSE line; US$84.66 on the Nasdaq line
Short interest (% of float)	Approximately 2.3% of shares outstanding. FINRA reported 10,134,238 CCEP shares sold short at the 31 Aug 2026 settlement date against approximately 440.5m shares in issue. No disclosable UK net short position was identified; the UK threshold is 0.5% of issued share capital.
Days to cover	n/a — not published alongside the 31 Aug 2026 FINRA settlement figure, and the LSE-listed line has no equivalent disclosure. Verify against Nasdaq.com or MarketBeat short-interest pages for the US line.

You can follow the price against these levels on the ChartsView Live Charts page.

7. What Are They Building

Management set out five strategic priorities alongside the H1 2026 results: broaden the total beverage portfolio, win through execution, sharpen competitiveness, scale the Southeast Asia growth engine, and unlock growth with AI and technology. The capital behind them ran at roughly €1bn in FY2025, with FY2026 guided to approximately 5% of revenue including leases.

The technology programme is the most substantial in the group's history. A group-wide SAP S/4HANA deployment is described as on track, an Integrated Shared Services centre in Manila had passed 250 colleagues by H1 2026 and is still scaling, and an agentic AI application named KIRA is being used to generate brand insight and speed up market decisions. Roughly 8,000 colleagues received AI and data training in the first half of 2026 alone. Alongside that sit rebuilt promotional-evaluation and revenue and margin growth management pricing tools, which matter because price and mix are now doing almost all the work in the revenue line.

Physically, the priority is Southeast Asia. The greenfield facility in North Luzon, Tarlac City, is under construction and on track to begin production in 2027; the company describes it as its largest plant in the Philippines and one of its biggest infrastructure investments globally. Indonesia completed a full route-to-market transformation at the end of FY2025 after a double-digit volume decline, and sparkling volumes returned to growth in H1 2026.

In categories, energy remains the fastest-growing leg through the Monster relationship. Alcohol ready-to-drink is being built out with Bacardi and Coca-Cola, Jack Daniel's and Coca-Cola and Absolut and Sprite, supported by a new multi-year Bacardi distribution agreement in Australia that replaced the Suntory arrangement. In coffee, the Grinders brand became the number one coffee-bean brand in Australian grocery by H1 2026. Hydration and sports added BodyArmor in Iberia and New Zealand in Q4 2025.

On sustainability, CCEP retained a CDP climate A List rating for a tenth consecutive year in FY2025, launched a deposit return scheme in Portugal in H1 2026 and a cross-border recycling programme across the Pacific Islands, and is investing through CCEP Ventures in heat-pump business HotGreen and in Nova Biochem.

8. Competitive Landscape

Coca-Cola bottlers hold exclusive territories and therefore do not compete with one another for shelf, so the table below is a scale-and-growth comparison rather than a head-to-head. PepsiCo is the genuine direct competitor at the point of sale.

Peer	Market cap (September 2026)	Key 2025 metric
Coca-Cola HBC (LSE:CCH)	Approximately £15.5bn, on 364.46m shares at 4,248p (LSE, 18 Sep 2026)	FY2025 net sales revenue €11,604.5m on organic growth of 8.1%; organic EBIT growth 11.5% to €1,356.2m; comparable EPS €2.724, up 19.7% (per its FY2025 results announcement)
The Coca-Cola Company (NYSE:KO)	Approximately US$383bn (September 2026)	The franchisor rather than a competitor; supplies all of CCEP's concentrate and owns 18% of its equity. Trailing twelve-month revenue of approximately US$49.3bn as at September 2026.
PepsiCo (NASDAQ:PEP)	Approximately US$186.7bn (September 2026)	FY2025 net revenue US$93.9bn, up 2.3% reported and 1.7% organic; operating profit US$11.5bn, down from US$12.9bn, after a US$1.993bn Rockstar-related impairment (per its Q4 2025 earnings release)
Coca-Cola Consolidated (NASDAQ:COKE)	Approximately US$12.5bn (8 Sep 2026)	FY2025 net sales US$7,228.1m, the highest revenue, gross profit and operating income in the company's history (per its FY2025 Form 10-K)
Coca-Cola İçecek (BIST:CCOLA)	Approximately US$4.0bn (September 2026)	FY2025 net sales revenue TRY 187bn, up 3.9%, on volume growth of 8% to 1.6bn unit cases

The relevant contrast is with Coca-Cola HBC in the first row. CCEP carries roughly 1.8 times the revenue and 2.2 times the market capitalisation, but grew FY2025 revenue 2.3% against CCH's 7.9%. CCEP is the larger, more developed, more cash-generative business; CCH is the faster-growing one. The market is pricing CCEP at approximately 21x trailing GAAP earnings against approximately 19x for CCH.

9. Insider Activity

Chief Executive Damian Gammell is the only insider to have transacted at scale, and the pattern is a recurring March sale following the full-year results rather than opportunistic dealing. The remaining activity is routine vesting under the UK Share Plan and the Employee Benefit Trust, in amounts of a few shares. Note that the transactions are disclosed in mixed currencies because CCEP's shares trade on four exchanges; prices below are as disclosed.

Name	Date	Type	Shares	Price	Value	Plan Type
Damian Gammell (Chief Executive Officer)	16 Mar 2026	Sell	40,863	US$100.87	US$4,121,851	Open market, post-results window
Damian Gammell (Chief Executive Officer)	16 Mar 2026	Transfer from	86,680	Nil	Nil	Share plan transfer
Mary Harris (Independent Non-Executive Director)	24 Mar 2026	Buy	1,250	€81.60	€102,000	Open market
Edward Walker (Chief Financial Officer)	22 Apr 2026	Vesting	3.725670	US$53.65	US$199.89	UK Share Plan / Employee Benefit Trust
Damian Gammell (Chief Executive Officer)	20 Mar 2025	Sell	100,000	US$85.40	US$8,540,000	Open market, post-results window
Damian Gammell (Chief Executive Officer)	12 Mar 2025	Sell	72,325	US$81.31	US$5,880,846	Open market, post-results window

The one directional buy in the period is Mary Harris doubling her holding to 2,500 shares in March 2026. CCEP files these disclosures through UK RNS rather than SEC Form 4, because it reports as a foreign private issuer; this review covered the RNS-sourced record and should be treated as representative rather than exhaustive.

10. Key Risks

• Franchise dependence on a single supplier: CCEP must purchase 100% of its concentrate and syrup requirement from The Coca-Cola Company, with no contractual ceiling on price, under agreements running in ten-year renewable terms. A strategic, financial or credit change at the franchisor transmits directly into CCEP's economics.
• Commodity and input cost inflation: PET, aluminium, sugar and energy costs all feed cost of sales, which is guided to rise approximately 1.5% per unit case on a comparable basis in FY2026. Commodities are approximately 90% hedged for the year, which defers rather than eliminates the exposure.
• Foreign exchange across an unusually wide basket: The group transacts in euro, sterling, US dollar, Australian and New Zealand dollars, Indonesian rupiah and Philippine peso. FY2026 guidance already assumes FX as a roughly 40 basis point headwind to revenue at spot, and rupiah and peso weakness has previously driven Asia Pacific margin volatility.
• Regulatory sugar and packaging taxation: France's increased sugar tax, effective March 2025, directly reduced Coca-Cola Original Taste volumes. Deposit return schemes continue to roll out, with Portugal launched in H1 2026, and evolving EU and UK packaging regulation creates recurring compliance cost and pass-through risk.
• European consumer weakness: Europe is 73.7% of revenue, and management has described the consumer environment as challenging across both FY2025 and H1 2026, with Germany and France showing affordability-driven volume softness. There is no offsetting geography large enough to cover a sustained European downturn.
• Leverage and competing calls on cash: Net debt of €9,823m at 2.7x comparable EBITDA must coexist with a €1bn annual buyback, an approximately 50% dividend payout, the North Luzon plant build and scheduled debt maturities. The ratings are investment grade but sensitive to that trajectory.
• Southeast Asia execution: The Philippines greenfield facility is a major capital project not due on stream until 2027, and Indonesia's route-to-market rebuild only completed at the end of FY2025 with results emerging in H1 2026. Both are live execution risks in the segment designated as the growth engine.
• Structural shift away from full-sugar sparkling: Coca-Cola Original Taste volumes declined in both FY2025 and H1 2026 while Zero Sugar and energy outgrew. Management's pivot toward zero-sugar, energy, hydration and functional formats is itself evidence of a consumer preference shift that compresses the historic core of the portfolio.

11. Recent Developments

• 16 Sep 2026 — Non-executive director resigns. Nathalie Gaveau stepped down as an independent non-executive director with effect from 16 September 2026, after service since January 2019. The Nomination Committee has begun a search for a successor.
• 04 Sep 2026 — Buyback continues through the summer. CCEP repurchased 258,500 ordinary shares in the week to 4 September, including 60,000 shares on 4 September at a volume-weighted average price of US$106.12, under the €1bn programme running through 2026.
• 04 Aug 2026 — H1 2026 results and reaffirmed guidance. Revenue of €10,724m, up 4.4% reported and 6.1% FX-neutral; comparable operating profit €1,481m, up 8.1% FX-neutral; comparable diluted EPS €2.20, up 10.6% FX-neutral; interim dividend €0.82. Full-year guidance was reaffirmed in full, with €593m of the buyback complete at 31 July 2026.
• 01 Jul 2026 — New Chief Financial Officer takes office. Edward Walker, a CCEP veteran since 2011 and former CFO of Coca-Cola Canada Bottling, formally succeeded Nik Jhangiani, who left to become CFO of Diageo. Jhangiani provided transitional support through to the August half-year results.
• 28 May 2026 — 2026 Annual General Meeting and board succession. Held in London. Senior Independent Director Thomas Johnson retired at the conclusion of the meeting after around ten years, and Uvashni Raman joined as an independent non-executive director with effect from the same point.
• 28 Apr 2026 — Q1 2026 trading update. Revenue of €5,001m, up 6.7% reported and 9.4% FX-neutral, boosted by six extra selling days and an earlier Easter. Europe revenue €3,549m and Asia Pacific and Southeast Asia €1,452m. Full-year guidance reaffirmed.
• 13 Mar 2026 — 2025 Annual Report and Form 20-F published. The audited FY2025 financial statements, principal risks and full governance disclosure were filed with the SEC under CIK 0001650107.
• 17 Feb 2026 — FY2025 preliminary results. Revenue €20,901m; reported operating profit €2,793m, up 31.0%; comparable diluted EPS €4.11; full-year dividend €2.04, up 3.6%. A further €1bn buyback was announced subject to AGM approval, and FY2026 guidance issued of 3% to 4% revenue growth, approximately 7% operating profit growth and comparable free cash flow of at least €1.7bn.
• 05 Nov 2025 — Q3 2025 trading update and second interim dividend. Full-year guidance reaffirmed and a second interim dividend of €1.25 per share declared, taking the FY2025 total to €2.04, paid 3 December 2025 to holders of record on 14 November 2025.

12. Key Dates

• 03 Nov 2026 — Q3 2026 trading update, confirmed in the financial calendar published with the H1 2026 results
• Expected Nov 2026 — Declaration of the second interim dividend for FY2026, which in each of the prior two years accompanied the Q3 trading update
• Expected Dec 2026 — Payment of the second interim dividend; the equivalent FY2025 payment was made on 3 Dec 2025
• Expected Feb 2027 — FY2026 preliminary results; not yet confirmed, but FY2024 and FY2025 results were released on 13 Feb 2025 and 17 Feb 2026 respectively
• Expected May 2027 — 2027 Annual General Meeting; the 2026 meeting was held on 28 May 2026
• Expected 2027 — Production start at the new North Luzon greenfield facility in the Philippines
• TBC — Next Capital Markets event; none is currently scheduled, the most recent having been held in Manila in May 2025

The €1bn buyback runs across the 2026 calendar year and is disclosed through near-daily transaction-in-own-shares notifications, so there is no single scheduled completion date to mark. Scheduled macro releases that move consumer staples are tracked on the ChartsView Economic Calendar, and you can discuss this report with other members in the ChartsView Forum.

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