CCEP H1 2026 results: Volume growth supports higher revenue

Coca-Cola Europacific Partners (NASDAQ: CCEP) reported Q2 2026 revenue growth of 2.5% as reported and 3.3% on an FX-neutral basis, while days-adjusted volume increased 3.2%. For the six months ended July 3, 2026, reported revenue rose 4.4%, FX-neutral revenue increased 6.1%, and days-adjusted volume grew 2.2%, led by faster growth in APS and in hydration- and energy-related categories. The results were released on August 4, 2026.

Core performance data

Q2 growth reflected both higher volume and positive revenue development, although currency reduced the reported growth rate relative to the FX-neutral measure. The gap between reported and FX-neutral revenue growth was about 0.8 percentage points in Q2 and 1.7 points for the first half.

The company’s reported volume included six additional consumption days compared with the prior-year period. CCEP therefore used days-adjusted volume growth for its underlying comparisons.

Business and category performance

APS was the faster-growing region in the first half, with days-adjusted volume up 3.5% compared with 1.6% in Europe. In Q2, Home-channel volume increased 4.3%, ahead of the 2.8% growth recorded in Away from Home.

The category data showed a clear difference between CCEP’s core sparkling brands and faster-growing hydration and energy categories. Water, sports, ready-to-drink tea and coffee delivered the highest Q2 increase, while the category including energy products led first-half growth.

In Southeast Asia, CCEP said Indonesia’s sparkling volumes returned to growth, supported by a new route-to-market model and product innovation. The Philippines maintained profitable revenue momentum, with its EBIT margin described as close to the company’s 10% target. A new Philippines production facility remains scheduled to begin operating in 2027.

Profitability and capital allocation

CCEP attributed first-half margin expansion to operating efficiencies and said operating expenses declined further as a percentage of revenue. The company also emphasized disciplined cost and cash management, although the supplied release excerpt did not quantify operating profit, net income, EPS, or cash flow.

The first-half interim dividend was €0.82 per share. It was declared with the first-quarter update and paid in May, based on 40% of the fiscal 2025 dividend.

Management perspective

CEO Damian Gammell said first-half performance benefited from consumer demand for value, market-share gains, and innovation in zero-sugar, energy, and hydration products. Management is adjusting pricing, promotions, discretionary spending, and efficiency programs while investing in AI, technology, and supply-chain capabilities.

The company reaffirmed its full-year guidance and retained priorities including expanding cooler coverage, adding customers, and accelerating growth in the Philippines and Indonesia. Management nevertheless described the consumer environment as challenging and said the full impact of the Middle East situation remained uncertain.

Risks investors need to watch

• Consumer pressure: A challenging consumer environment could affect volume, pricing, and the promotional spending required to sustain demand.
• Middle East uncertainty: Management said the full effect of the ongoing situation remained unclear, creating uncertainty around regional operating performance.
• Currency headwinds: Based on spot exchange rates at the time of the release, CCEP estimated a full-year headwind of approximately 40 basis points to revenue and 10 basis points to operating profit.

Summary

CCEP’s Q2 and first-half results showed positive revenue and days-adjusted volume growth, with APS, hydration, and energy-related categories growing faster than the broader portfolio. Efficiencies supported margin expansion, while currency reduced reported growth relative to the FX-neutral measure. The main issues to monitor are consumer demand, foreign-exchange pressure, Middle East uncertainty, and execution of the company’s Southeast Asia expansion plans.