Coca-Cola Europacific Partners plc (LON:CCEP) has announced its Trading Update for the Third Quarter ended 2 October 2026 & Interim Dividend Declaration
Strong Q3; full-year guidance reaffirmed
| Change vs 2025 | |||||||||
| Revenue | Volume (UC)[2] | Revenue per UC[1],[2],[3] | Volume* | Revenue per UC[1],[2],[3] | FXN[1] revenue | Revenue | |||
| Q3 2026 | Europe | €4,436m | 717m | €6.16 | 2.3% | 2.9% | 5.2% | 5.8% | |
| APS | €1,328m | 331m | €3.96 | 6.4% | 1.4% | 7.8% | 9.2% | ||
| CCEP | €5,764m | 1,048m | €5.46 | 3.6% | 2.2% | 5.8% | 6.5% | ||
| YTD 2026 | Europe | €12,347m | 2,025m | €6.10 | 4.0% | 1.9% | 6.0% | 5.8% | |
| APS | €4,141m | 1,064m | €4.01 | 6.7% | (0.6)% | 6.1% | 3.0% | ||
| CCEP | €16,488m | 3,089m | €5.38 | 4.9% | 1.0% | 6.0% | 5.1% | ||
Damian Gammell, Chief Executive Officer, said:
“We delivered a strong third quarter, building on our first-half performance and remaining focused on our strategic priorities. Revenue growth was well balanced, with higher volumes and solid revenue per case across our markets in the home and away-from-home channels.
“We continue to bring excitement to customers and consumers in growing categories. Our performance reflects the strength of our broad beverage portfolio, driven by rising demand for zero sugar, energy and hydration, together with strong innovation, quality in-market execution and favourable weather in Europe. We gained share in Europe, maintained momentum in Australia and the Philippines, and made further progress in Indonesia, led by sparkling drinks.
“The consumer environment remains challenging, and the geopolitical situation has impacted operating costs; however, our business remains resilient. The strength of our brands, disciplined approach to pricing and promotions across our broad pack offering, tight control of discretionary spending and continued productivity gains keep us on track to deliver our unchanged full-year guidance.
“Our performance is driving strong and profitable cash generation, supporting record investment in future growth, with a focus on AI, technology, coolers and supply chain, a growing dividend and ongoing share buybacks. We are well prepared for 2027 with great opportunities to excite consumers, grow value for customers and create value for shareholders. With the right strategy, people, execution and brand partnerships, we remain confident in our ability to create long-term shareholder value.”
* Volume disclosed on a reported basis which for the YTD included six additional consumption days during Q1 versus the comparative period. On a days adjusted basis Group volumes for the YTD grew by 2.7% (Europe: +1.7%; APS: +4.4%). Volume % throughout the release refers to days adjusted movements unless otherwise stated.
All footnotes included alongside the ‘About CCEP’ section
| Q3 & YTD REVENUE HIGHLIGHTS[1] |
Q3 Reported Revenue +6.5%; FXN +5.8%
YTD Reported Revenue +5.1%; FXN +6.0%
• #1 value creator[5] in retail, delivering more revenue growth for our customers than any of our FMCG peers[5]
• NARTD category[5] remains resilient: YTD value +6% & volume +5%
• CCEP YTD value share flat led by 10bps improvement in Europe, offset by 50bps decline in APS
• Q3 transactions slightly ahead of volume growth
• Q3 Volume +3.5%[4]; YTD +2.7%[4],[6]
◦ Q3 Volume by geography:
▪ Europe +2.3% reflecting great in-market execution, innovation & favourable summer weather, with outperformance in GB & IB driven by Coca-Cola Zero Sugar (Coke Zero), Sports & Energy
▪ APS +6.3% reflecting:
• Australia/Pacific: mid single-digit growth reflects double-digit growth in PNG & low single-digit increase in Australia, New Zealand (NZ) & Pacific Islands
• Southeast Asia (SEA): high single-digit growth, reflecting normalised growth (mid single-digit) in the Philippines & continuing encouraging strong double-digit growth in Indonesia
◦ Q3 Volume by channel: Away-from-Home (AFH) +3.8%, Home +3.4%
▪ Europe: AFH +2.2% (YTD: +0.3%), Home +2.3% (YTD: +2.7%)
▪ APS: AFH +6.0% (YTD: +4.7%), Home +8.2% (YTD: +6.1%)
• Q3 revenue per unit case +2.2%[2],[3] reflecting promotional optimisation, positive pack mix & headline pricing
• Europe: +2.9% reflecting positive brand & pack mix, headline price increases & promotional optimisation
• APS: +1.4% reflecting positive brand & pack mix, headline price increases & promotional optimisation offset by adverse geographic mix. Impact of Australia Suntory exit annualised in H1
All values are unaudited; YTD volume % refers to days adjusted movements, adjusting for six additional consumptions days in Q1’26 versus Q1’25
| Q3 & YTD OTHER HIGHLIGHTS[1] & FY26 GUIDANCE[1] |
Dividend
• Second half interim dividend per share of €1.42 (payable on 3 December 2026 to those shareholders of record on 20 November 2026)
• Resulting in full-year dividend per share of €2.24 maintaining annualised total dividend payout ratio of approximately 50%
FY26 guidance reaffirmed[1]
Outlook for FY26 unchanged & reflects our current assessment of market conditions. Unless stated otherwise, guidance is on a comparable & FX-neutral basis. Based on current spot rates, FX represents a full-year headwind of ~10 basis points to revenue & tailwind of ~30 basis points to operating profit.
Revenue: growth of 3% to 4%
• Six extra days in Q1’26, six fewer in Q4’26
• Impact from exit of Suntory alcohol distribution in Australia (ended June ’25) & NZ (ended Dec ’25): FY impact on group revenue ~0.5%
Cost of sales per UC: comparable growth of ~1.5%
• Commodities hedged at >95% for FY26
• Concentrate directly linked to revenue per UC through incidence pricing
Operating profit: growth of ~7%
Comparable effective tax rate: ~26%
CAPEX: ~5% of revenue (including leases)
Comparable free cash flow: at least €1.7bn
Dividend payout ratio: ~50%[7] based on comparable EPS
Share buyback: €1bn over the course of the year; ~€880m complete as at 30 October
| Q3 & YTD Revenue Performance by Geography[1] |
All values are unaudited; YTD volume % refer to days adjusted movements, adjusting for six additional consumptions days in Q1’26 versus Q1’25. All volume commentary refers to Q3.
| Q3 | YTD | ||||||
| Fx-neutral | Fx-neutral | ||||||
| € million | % change | % change | € million | % change | % change | ||
| FBN[8] | 1,458 | 5.7% | 5.0% | 4,319 | 6.6% | 5.9% | |
| Germany | 848 | 1.9% | 1.9% | 2,467 | 3.7% | 3.7% | |
| Great Britain | 1,003 | 9.3% | 8.0% | 2,795 | 6.9% | 8.4% | |
| Iberia[9] | 1,127 | 5.8% | 5.8% | 2,766 | 5.6% | 5.6% | |
| Total Europe | 4,436 | 5.8% | 5.2% | 12,347 | 5.8% | 6.0% | |
| Australia / Pacific[11] | 842 | 13.9% | 7.2% | 2,504 | 6.5% | 4.1% | |
| Southeast Asia[12] | 486 | 1.9% | 8.8% | 1,637 | (1.8)% | 8.9% | |
| Total APS | 1,328 | 9.2% | 7.8% | 4,141 | 3.0% | 6.1% | |
| Total CCEP | 5,764 | 6.5% | 5.8% | 16,488 | 5.1% | 6.0% | |
FBN[8]
• Low single-digit volume increase in Q3 driven by good growth in France, Netherlands & Belux.
• Coca-Cola TM strong volume growth led by Coke Zero & supported by solid performance of Zero Caffeine.
• Double-digit volume growth in Monster driven by innovation, distribution gains & new listings.
• Strong volume growth in Chaudfontaine & Powerade supported by great FIFA World Cup activation & favourable weather.
• YTD revenue/UC[10] growth reflects headline price increases, positive pack mix (e.g. growth in small packs) & brand mix from growth of Energy.
Germany
• Low single-digit volume decline in Q3 reflects mid single-digit growth in July & August, offset by temporary customer disruption in September.
• Coca-Cola TM & Flavour volumes grew mid single-digit in July & August, driven by Coke Zero, Zero Caffeine & Sprite supported by the new Sprite Chill variant.
• Q3 Monster delivered double-digit volume growth, driven by Ultra & Juiced ranges.
• YTD revenue/UC[10] growth driven by positive brand & pack mix (e.g. Monster, small PET) & Q3 headline price increase.
Great Britain
• Q3 mid single-digit volume increase with good growth in Home & AFH reflecting great FIFA World Cup activation & favourable summer weather.
• Coca-Cola TM solid volume growth across Coke Original Taste, Zero & Diet, supported by 500ml cans, Zero Caffeine & flavour innovation.
• High single-digit volume increase in Monster supported by distribution gains & innovation e.g. Viking Berry & Ultra Vice Guava.
• Strong volume growth in Powerade driven by new packs, flavour extensions & activation. Smartwater volume growth driven by new listings & favourable weather.
• YTD revenue/UC[10] growth reflects headline price increase, promotional optimisation & positive brand mix from Energy offset partly by Water.
Iberia[9]
• Q3 mid single-digit volume growth, driven by both channels.
• Good volume growth in Coca-Cola TM driven by strong performance in Coke Zero. Good Flavours volume growth driven by Sprite.
• Greater distribution & activation drove high single-digit growth in Powerade & Aquarius, supported by Peach variant.
• Double-digit Fuze Tea volume growth supported by launch of mint variant.
• Monster delivered strong double-digit volume growth, driven by the Ultra & Juiced ranges.
• YTD revenue/UC[10] growth driven by headline price increase & positive brand mix from Energy partly offset by negative channel & pack mix from growth in QSR.
Australia / Pacific[11]
• Q3 mid single-digit volume increase driven by growth in all markets (PNG growing double-digit) & across Home & AFH supported by strong execution (e.g. FIFA World Cup in July & Australian National Rugby League (NRL) finals in September).
• Volume growth in Coca-Cola TM driven by double-digit increase in Coke Zero. Flavours performed strongly, driven by volume growth in Sprite Zero & Kirks in Australia.
• Energy volumes grew double-digit reflecting growth in multipacks, new variants (e.g. Juiced Bad Apple) & continued strength in original Ultra White.
• YTD revenue/UC[10] growth reflects impact of Suntory exit in Australia (annualised in H1) & NZ. Excluding alcohol, revenue/UC grew low single-digit, supported by headline price increase in Australia & favourable brand & pack mix from continued growth of small packs & Energy partly offset by growth in Coffee.
Southeast Asia[12]
• High single-digit volume growth reflecting strong double-digit growth in Indonesia & solid mid single-digit growth in the Philippines.
• Coca-Cola TM volume growth in the Philippines driven by continued strength of Coke Original Taste & double-digit increase in Coke Zero. Growth also reflects double-digit increase in Wilkins Pure water supported by QSR listings & growth in Sprite Zero.
• In Indonesia, sparkling volume growth driven by Coke Zero & Sprite supported by innovation (Coke Zero Vanilla & Sprite Nipis Mint), more affordable smaller packs & the new route-to-market model. Encouraging early performance, including share gains, from the H1 launch of Powerade in the growing Sports category.
• YTD revenue/UC[10] growth driven by headline price increases in the Philippines offset partly by affordability investments in Indonesia & adverse mix from growth in Water in both markets.
| Q3 & YTD Volume Performance by Category[1],[4],[6] |
All values are unaudited; YTD volume % refer to days adjusted movements, adjusting for six additional consumptions days in Q1’26 versus Q1’25
| Q3 | YTD | ||||
| % of Total | % Change | % of Total | % Change | ||
| Coca-Cola® | 57.6% | 2.0% | 58.2% | 1.5% | |
| Flavours & Mixers | 20.9% | 1.1% | 21.3% | 1.1% | |
| Water, Sports, RTD Tea & Coffee[13] | 13.3% | 10.3% | 12.4% | 7.2% | |
| Other inc. Energy | 8.2% | 10.5% | 8.1% | 8.8% | |
| Total | 100.0% | 3.5% | 100.0% | 2.7% | |
Coca-Cola®
Q3: +2.0%; YTD: +1.5%
• Solid growth driven by Zero Sugar (Q3: +9.7%; YTD: +10.2%) supported by the launch of 500ml cans & Zero Caffeine in new black & gold packaging. All underpinned by great local activation & execution (e.g. FIFA World Cup & NRL in Australia).
• Improved Diet Coke performance driven by mid single-digit growth in GB supported by new Cherry flavour, 500ml cans & relaunch of ‘This is My Taste’ campaign.
Flavours & Mixers
Q3: 1.1%; YTD: 1.1%
• Sprite Q3 +5.9% & YTD +5.8%. Strong performance in Europe & APS supported by launch of Sprite Chill in Europe, Nipis Mint in Indonesia & limited-edition flavours in GB. Also reflects further distribution gains, the launch of 500ml cans & the new partnership with National Basketball Association.
• Fanta Q3 -1.5% (YTD: -0.9%) performance supported by new flavours (e.g. Mango, Grape & Lychee). New Halloween horror collection campaign activated towards end of quarter.
Water, Sports, RTD Tea & Coffee[13]
Q3: 10.3%; YTD: 7.2%
• Water Q3 +10.8% (YTD: +7.9%) driven by new listings & favourable summer weather in Europe (e.g. Smartwater in GB, Chaudfontaine in FBN, Vio in Germany) & continued growth of Wilkins Pure in the Philippines.
• Q3 Sports +10.8% (YTD: +11.4%) driven by Aquarius in Spain & strong growth in Powerade driven by FIFA World Cup activation, new flavours (e.g. Sour Grape & Peach in Australia) & new pack formats.
• Q3 RTD Tea & Coffee +8.5% (YTD +0.9%) driven by Fuze Tea in Spain & new larger pack formats in France.
Other inc. Energy
Q3: +10.5%; YTD: +8.8%
• Energy +17.3% in Q3 (YTD: +18.1%) driven by innovation (e.g. Viking Berry, Bad Apple in Australia, Nitro Blue in GB), distribution gains (including more coolers), growth in multipacks & continued strength of original variants e.g. Juices & Ultra White. Energy share +200bps YTD.
• ARTD momentum continued e.g. Absolut Sprite grew double-digit in GB. New launch of ‘Double Vodka Aussie Style Passionfruit’ in Australia.
| Conference Call |
• 3 November 2026 at 12:00 GMT, 13:00 CET & 7:00 a.m. EST; accessible via www.cocacolaep.com
• Replay & transcript will be available at www.cocacolaep.com as soon as possible
| Dividend |
• The CCEP Board of Directors declared a second half interim dividend of €1.42 per share. The interim dividend is payable on 3 December 2026 to those shareholders of record on 20 November 2026.
• CCEP will pay the interim dividend in euros to holders of shares on Euronext Amsterdam, the Spanish Stock Exchanges & London Stock Exchange. Other publicly held shares will be converted into an equivalent US dollar amount using exchange rates issued by WM/Reuters taken at 16:00 GMT on 3 November 2026. This translated amount will be posted on our website here: https://https://www.cocacolaep.com/investors/shareholdercenter/dividends/
| Financial Calendar |
• Q4 & FY 2026 Results: 18 February 2027
• Financial calendar available here: https://www.cocacolaep.com/investors/financialcalendar/
