Coca‑Cola Europacific Partners PLC (CCEP) reported first‑quarter 2026 revenue of €5.001 billion, up 6.7 % year‑on‑year and 9.4 % on a foreign‑exchange‑neutral basis, and a volume of 970 million unit cases, an 8.5 % increase from the prior year. Revenue per unit case rose to €5.29, reflecting a 0.8 % comparable‑basis increase, a modest lift driven by a stronger mix of zero‑sugar and energy‑drink products.
The growth was concentrated in Europe and the Asia‑Pacific (APS) region, where volume gains were supported by a 21.3 % rise in the energy‑drink category and continued demand for zero‑sugar variants. The company’s mix optimisation strategy has translated into higher average selling prices, while the expansion of its distribution network in key markets has helped offset the impact of the recent exit of Suntory’s alcohol distribution in Australia and New Zealand.
CCEP reaffirmed its full‑year 2026 guidance, maintaining expectations of 3 % to 4 % revenue growth and approximately 7 % operating‑profit growth. The interim dividend was raised to €0.82 per share, and the €1 billion share‑buyback program remains in place, with €500 million already completed by late April.
Management highlighted the resilience of the business: "Good start to the year with more balanced topline delivery," said CEO Damian Gammell. He added that stronger volumes benefited from calendar phasing and an earlier Easter, but that the company delivered solid comparable volume growth and share gains driven by great execution. CFO Ed Walker noted that the company’s comparable free‑cash‑flow guidance of at least €1.7 billion is “half two‑weighted as usual.”
Analysts had expected Q1 revenue growth of 8.9 % and organic volume growth of 7.5 %. CCEP’s 9.4 % revenue increase and 8.5 % volume growth beat those expectations, reinforcing confidence in the company’s execution and pricing power.
Headwinds include uncertainty surrounding the Middle East and the loss of the Suntory distribution partnership, which have pressured revenue per unit case in APS. Tailwinds such as an earlier Easter, increased consumption days, and sustained demand for zero‑sugar and energy drinks have helped offset these challenges. Commodity costs are largely hedged—about 85 % of FY26 exposure—providing a buffer against inflationary pressures.
Overall, the results demonstrate that CCEP’s focus on volume growth, mix optimisation, and cost efficiency is delivering tangible outcomes. The company’s ability to maintain guidance amid macro‑economic headwinds signals strong management confidence and positions it well for continued performance throughout 2026.
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