First Six Months 2026
Filed Aug 4, 2026Strong first half performance; full-year guidance reaffirmed
Comparable and FX-neutral revenue grew 6.1%, comparable and FX-neutral operating profit grew 8.1%, comparable diluted EPS grew 10.6%, and FY26 guidance was reaffirmed.
Key metrics
as reported| Metric | Value | q/q | y/y |
|---|---|---|---|
| Total CCEP volumeother | 2,041 M UC | – | 5.6% |
| Total CCEP average daily sales volumenon-GAAP | 11.10 | – | 2.2% |
| Revenueother | €10,724 million | – | 4.4% |
| Revenue, FX-neutralnon-GAAP | €10,900 million | – | 6.1% |
| Revenue per unit casenon-GAAP | €5.34 | – | 0.4% |
| Cost of salesother | €6,936 million | – | 4.5% |
| Comparable cost of salesnon-GAAP | €6,934 million | – | 4.4% |
| Comparable and FX-neutral cost of salesnon-GAAP | €7,062 million | – | 6.3% |
| Cost of sales per unit casenon-GAAP | €3.46 | – | 0.6% |
| Gross profitother | €3,788 million | – | – |
| Selling and distribution expensesother | €1,679 million | – | – |
| Administrative expensesother | €674 million | – | – |
| Other incomeother | €23 million | – | – |
| Operating expensesother | €2,353 million | – | 2.2% |
| Comparable operating expensesnon-GAAP | €2,309 million | – | 3.0% |
| Comparable and FX-neutral operating expensesnon-GAAP | €2,335 million | – | 4.2% |
| Operating profitother | €1,458 million | – | 6.9% |
| Comparable operating profitnon-GAAP | €1,481 million | – | 6.5% |
| Comparable and FX-neutral operating profitnon-GAAP | €1,503 million | – | 8.1% |
| Finance incomeother | €31 million | – | – |
| Finance costsother | €148 million | – | – |
| Total finance costs, netother | €117 million | – | – |
| Non-operating itemsother | €2 million | – | – |
| Profit before taxesother | €1,339 million | – | – |
| Taxesother | €348 million | – | – |
| Effective tax rateother | 26% | – | – |
| Profit after taxesother | €991 million | – | 5.8% |
| Comparable profit after taxesnon-GAAP | €1,007 million | – | 5.9% |
| Profit attributable to owners of the parentother | €967 million | – | – |
| Profit attributable to non-controlling interestsother | €24 million | – | – |
| Basic earnings per shareother | €2.17 | – | – |
| Diluted earnings per shareother | €2.17 | – | 9.1% |
| Comparable diluted earnings per sharenon-GAAP | €2.20 | – | 9.2% |
| Comparable and FX-neutral diluted earnings per sharenon-GAAP | €2.20 | – | 10.6% |
| Reported EBITDAother | €1,897 million | – | – |
| Comparable EBITDAnon-GAAP | €1,918 million | – | – |
| Net cash flows from operating activitiesother | €1,035 million | – | – |
| Comparable free cash flownon-GAAP | €435 million | – | – |
Segments
| Segment | Revenue | q/q | y/y |
|---|---|---|---|
| EuropeVolume grew 1.6% on an average daily sales basis, with positive brand mix, headline price increases and promotional optimisation partly offset by negative pack mix from growth of large pack formats. | €7,911 million | – | 5.9% |
| APS (Australia, Pacific & Southeast Asia)Volume grew 3.5% on an average daily sales basis. Reported revenue was affected by the exit of Suntory alcohol distribution in Australia and New Zealand, while FX-neutral revenue grew 5.4%. | €2,813 million | – | 0.4% |
FY26 outlook
- Revenuegrowth of 3% to 4%
- Tax rate~26%
- NoteCost of sales per UC: comparable growth of ~1.5%
- NoteOperating profit: growth of ~7%
- NoteCAPEX: ~5% of revenue (including leases)
- NoteComparable free cash flow: at least €1.7bn
- NoteDividend payout ratio: ~50% based on comparable EPS
- NoteShare buyback: €1bn over the course of the year; €593m complete as at 31 July
- NoteBased on current spot rates, FX represents a full year headwind of ~40 basis points to revenue & ~10 basis points to operating profit
Capital returns
- Interim dividend per share: €0.82
- Dividend per share €0.82 (declared Q1, paid in Q2) calculated as ~40% of FY25 dividend
- Dividends paid: €365 million
- Share buyback: €1bn over the course of the year; €593m complete as at 31 July
- Purchase of own shares under share buyback programme: €503 million
- Treasury shares acquired: €17 million
What drove it
- Group volume increased 2.2% on a days-adjusted basis, while reported volume increased 5.6% with six additional consumption days versus the comparative period.
- Revenue per unit case increased 0.4%, reflecting positive headline pricing, promotional optimisation and positive pack mix, partly offset by the Suntory alcohol exit.
- Coca-Cola Zero Sugar volume grew 10.7%, while Energy grew 18.6% and Energy share increased +230bps.
- Water, Sports, RTD Tea & Coffee volume grew 5.6%, including Sports growth of 12.1%.
- More than 80k new coolers were added, described as a ~5% total increase, and FIFA World Cup activation included over 500k displays.
- Comparable operating profit growth reflected topline growth, productivity and efficiency programmes, and management of discretionary spend.
- Cost of sales per unit case increased 0.6%, reflecting increased revenue per unit case driving higher concentrate costs, manufacturing inflation and tax impacts.
Concerns
- The consumer environment remains challenging.
- The full impact of the ongoing situation in the Middle East remains uncertain.
- Heightened geopolitical tensions have increased uncertainty across energy markets, supply chains and financial conditions and contributed to renewed inflationary pressures.
- Germany H1 volume was in slight decline, reflecting continued consumer focus on affordability and value for money.
- APS revenue per unit case declined 1.5%, reflecting an approximately 3% impact from the Suntory alcohol exit.
- The Group disclosed that there will be six fewer consumption days in the second six months of 2026 versus the second six months of 2025.
What to watch
- Delivery against FY26 revenue growth guidance of 3% to 4% and operating profit growth guidance of ~7%.
- The effect of six fewer consumption days in Q4 26 and the FY impact on group revenue of ~0.5% from the Suntory alcohol distribution exit.
- Cost of sales per UC guidance of comparable growth of ~1.5% amid energy, commodity and logistics volatility.
- The planned Philippines facility, which is on track to start production in 2027.
- Progress toward at least €1.7bn of comparable free cash flow and completion of the €1bn share buyback.
- Third quarter trading update: 3 November 2026.
Balance sheet and cash flow
- Cash and cash equivalents: €1,753 million as at 3 July 2026; €918 million as at 31 December 2025
- Short term investments: €241 million as at 3 July 2026; €39 million as at 31 December 2025
- Total borrowings: €12,189 million as at 3 July 2026; €10,694 million as at 31 December 2025
- Net debt: €10,284 million as at 3 July 2026; €9,823 million as at 31 December 2025
- Net cash flows from operating activities: €1,035 million; €986 million
- Purchases of property, plant and equipment: €310 million; €343 million
- Purchases of capitalised software: €121 million; €87 million
- Payments of principal on lease obligations: €86 million; €76 million
- Net cash flows used in investing activities: €574 million; €633 million
- Net cash flows used in financing activities: €355 million; €204 million
- Net cash and cash equivalents at end of period: €1,753 million; €1,659 million
Analysis
CCEP reported a strong first half for the six months ended 3 July 2026. Revenue was €10,724 million, up 4.4%, and FX-neutral revenue was €10,900 million, up 6.1%. Reported volume rose 5.6% to 2,041 M UC, but the period included six additional consumption days. On an average daily sales basis, volume grew 2.2%. Revenue per unit case increased 0.4% to €5.34, supported by pricing, promotional optimisation and mix.
Europe remained the principal revenue contributor, delivering €7,911 million of revenue, up 5.9%, and 1.6% average daily sales volume growth. APS generated €2,813 million, up 0.4% reported and up 5.4% FX-neutral, with 3.5% average daily sales volume growth. The Suntory alcohol distribution exit weighed on APS revenue per unit case, which declined 1.5%. Germany volume was in slight decline, while Great Britain benefited from FIFA World Cup activation and favourable weather in Q2.
Profit growth exceeded reported revenue growth. Operating profit was €1,458 million, up 6.9%, while comparable and FX-neutral operating profit was €1,503 million, up 8.1%. Comparable operating expenses increased 3.0% to €2,309 million, with inflation partly offset by efficiency programmes and discretionary-spend optimisation. Cost of sales per unit case increased 0.6%, driven by concentrate costs associated with revenue per unit case, manufacturing inflation and tax impacts. Comparable diluted EPS was €2.20, up 10.6% on a comparable and FX-neutral basis.
Cash generation remained positive, with €1,035 million of net cash flows from operating activities and €435 million of comparable free cash flow. The company paid €365 million of dividends and spent €503 million on shares under its buyback programme during the period. Net debt was €10,284 million as at 3 July 2026, compared with €9,823 million as at 31 December 2025. CCEP reaffirmed FY26 guidance, including revenue growth of 3% to 4%, operating profit growth of ~7%, comparable free cash flow of at least €1.7bn and a €1bn share buyback.
The principal second-half considerations disclosed are the six fewer consumption days in H2, the ongoing revenue impact from the Suntory exit, and heightened uncertainty tied to the Middle East conflict, energy markets, supply chains and inflation. Management stated that commodities are hedged at ~90% for FY26 and cited pricing, promotions, discretionary spend and efficiencies as mitigation actions. Growth in Coke Zero Sugar, Energy and Sports, together with cooler expansion and execution initiatives, were the central commercial supports identified in the release.
Management, verbatim
We delivered a strong first half, with balanced revenue growth, continued share gains and disciplined cost and cash management. Our performance reflects the strength of our broad beverage portfolio, the consumer demand for value and the relevance of our innovation across faster-growing categories such as zero sugar, energy and hydration, supported by quality in-market execution and exciting activations including the FIFA World Cup.
Damian Gammell, Chief Executive Officer
While the consumer environment remains challenging, and the full impact of the ongoing situation in the Middle East remains uncertain, our first half performance demonstrates the resilience of our business and the strength of our growth model.
Damian Gammell, Chief Executive Officer
We are reaffirming our full-year guidance and remain focused on our strategic priorities which include; expanding cooler coverage, winning more customers and accelerating growth in the Philippines and Indonesia.
Damian Gammell, Chief Executive Officer
Not in the filing
stated, not guessed- Gross margin was not reported.
- Quarterly profit after taxes, operating profit, EPS, operating cash flow and free cash flow were not reported.
- FY26 gross margin guidance was not reported.
- FY26 operating-expenses guidance was not reported.
- Prior guidance comparison was not provided because no previous release outlook section was supplied.
AlphAI analysis generated from the company’s SEC earnings filing (Form 8-K Item 2.02, or Form 6-K for a foreign private issuer). Every figure was cross-checked against the filing text; consensus estimates, price targets and share-price reactions are not shown because they are not in the filing. AI-generated research, not investment advice.