Coca-cola Europacific Partners Plc · NASDAQ:CCEP
Coca-cola Europacific Partners — H1 2025 Earnings Presentation
48 slides from Coca-cola Europacific Partners's earnings presentation, Aug 6, 2025
Slide 1: Half Year Results
Half Year Results for the six months ended 27 June 2025 Results Solid first half; reaffirming full-year profit & cash guidance 6 August 2025 H1 2025 TOTAL CCEP KEY CHANGE VS H1 2024 CHANGE VS H1 2024 FINANCIAL METRICS[1] ADJUSTED AS AS COMPARABLE COMPARABLE ADJUSTED ADJUSTED COMPARABLE[1] [1] COMPAR
Slide 2: H1 Financial Summary
H1 Financial Summary CHANGE VS H1 2024 CHANGE VS H1 2024 H1 2025 METRIC[1] AS REPORTED COMPARABLE[1] ADJUSTED ADJUSTED COMPARABLE ADJUSTED AS REPORTED COMPARABLE[1] COMPARABLE[4] COMPARABLE FXN[1] COMPARABLE[4] FXN[4] TOTAL CCEP VOLUME (M UC)[2] 1,932 1,932 4.1 % 5.5 % 1,932 0.3 % REVENUE (€M) 10,27
Slide 3: H1 & Q2 Revenue Highlights
H1 & Q2 Revenue Highlights[1],[4] H1 Revenue: Reported +4.5%; Adjusted Comparable FXN +2.5%[4] ● A leading value creator, delivering solid revenue growth for retail customers in our o Southeast Asia (SEA): volumes broadly flat with continued growth in the key markets compared to FMCG peers Philippin
Slide 4: H1 Operating Profit, Other Highlights & FY25 Guidance
H1 Operating Profit, Other Highlights & FY25 Guidance[1] H1 Operating profit: Reported +19.4%; Adjusted Comparable FXN +7.2%[4] ● Adjusted comparable cost of sales per unit case +3.6%[2],[3],[4] as ● Adjusted comparable operating profit of €1,390m, +7.2%[3],[4] reflecting top-line expected, reflecti
Slide 5: Second quarter and first half revenue performance by geography
Second quarter and first half revenue performance by geography[1] EUROPE: Q2 €4,218m (+5.7%,+5.5% FXN); H1 €7,471m (+2.6%,+2.3% FXN) FBN[8] GERMANY GREAT BRITAIN IBERIA[9] Q2 €1,506m Q2 €861m Q2 €938m Q2 €913m +8.9%, +8.5% FXN +3.2% +7.8%, +7.2% FXN +1.2% H1 €2,672m H1 €1,547m H1 €1,697m H1 €1,555m
Slide 6: Second quarter and first half revenue performance by geography
Second quarter and first half revenue performance by geography[1] APS: Q2 €1,367m (-0.5%, +5.3% FXN); H1 €2,803m (-0.5%, +3.1% FXN)[4] AUSTRALIA / PACIFIC[11] SOUTHEAST ASIA[4],[12] Q2 €772m Q2 €595m +1.8%, +10.3% FXN -3.4%, -0.8% FXN H1 €1,613m H1 €1,190m +0.1%, +5.1% FXN -1.2%, +0.3% FXN Mid-singl
Slide 7: Second quarter and first half volume performance by category
Second quarter and first half volume performance by category[1],[4],[6] COCA-COLA® FLAVOURS & MIXERS WATER, SPORTS, RTD OTHER inc. ENERGY TEA & COFFEE[13] Q2: +11.5% (+17.0% exc. Juices) Q2: +1.2%; H1: +0.4% Q2: -1.4%; H1: -1.3% Q2: -0.8%; H1: -0.5% H1: +6.2% (+13.6% exc. Juices) Return of ‘Share A
Slide 8: Further information
Further information IR Contacts Conference call Financial Calendar 6 August 2025 at 12:00 BST, Third quarter trading update: 5 November 2025 Sarah Willett 13:00 CEST & 7:00 a.m. EDT; accessible via sarah.willett@ccep.com www.cocacolaep.com Financial calendar available here: Replay & transcript will
Slide 9: Forward-Looking Statements
Page|9 Forward-Looking Statements This document contains statements, estimates or projections that constitute "forward-looking statements" concerning the financial condition, performance, results, guidance and outlook, dividends, consequences of mergers, acquisitions, joint ventures, divestitures, s
Slide 10: Note Regarding the Presentation of Adjusted financial information and Alternative Performance Measures
P a g e | 10 Note Regarding the Presentation of Adjusted financial information and Alternative Performance Measures Adjusted financial information Non-IFRS adjusted financial information for selected metrics has been provided in order to illustrate the effects of the acquisition of CCBPI on the resu
Slide 11: Non-IFRS measure definitions
P a g e | 11 useful as it reflects a metric used by the Group to assess cash management and leverage. In addition, the ratio of net debt to comparable EBITDA is used by investors, analysts and credit rating agencies to analyse our operating performance in the context of targeted financial leverage.
Slide 12: Supplementary Financial Information - Items impacting comparability - Reported to Comparable
P a g e | 12 Supplementary Financial Information - Items impacting comparability - Reported to Comparable The following provides a summary reconciliation of the items impacting comparability for the six months ended 27 June 2025 and 28 June 2024: First Six Months 2025 Diluted earnings Operating prof
Slide 13: Supplementary Financial Information - Items impacting comparability - Reported to Adjusted Comparable
P a g e | 13 Supplementary Financial Information - Items impacting comparability - Reported to Adjusted Comparable The following provides a summary reconciliation for CCEP’s reported results and adjusted comparable financial information for the six months ended 28 June 2024: First Six Months 2024 (u
Slide 14: Supplemental Financial Information - Operating Profit - Reported to Comparable Revenue
P a g e | 14 Supplemental Financial Information - Operating Profit - Reported to Comparable Revenue Revenue CCEP Second Quarter Ended Six Months Ended In millions of €, except per case data, which is calculated prior to rounding. FX impact calculated 27 June 2025 28 June 2024 % Change 27 June 2025 2
Slide 15: Volume Cost of Sales
P a g e | 15 Volume Comparable Volume - Selling Day Shift CCEP Second Quarter Ended Six Months Ended In millions of unit cases, prior period volume recast using 27 June 2025 28 June 2024 % Change 27 June 2025 28 June 2024 % Change current year selling days. Volume 1,038 1,027 1.1 % 1,932 1,856 4.1 %
Slide 16: Operating expenses
P a g e | 16 Operating expenses Operating Expenses Six Months Ended In millions of €. FX impact calculated by recasting current year results at prior year rates. 27 June 2025 28 June 2024 % Change As reported 2,303 2,354 (2.2)% Adjust: Total items impacting comparability (62) (142) Adjust: Restructu
Slide 17: Supplemental Financial Information - Operating Profit - Reported to Adjusted Comparable Revenue
P a g e | 17 Supplemental Financial Information - Operating Profit - Reported to Adjusted Comparable Revenue Adjusted Revenue CCEP In millions of €, except per case data, which is calculated prior to rounding. FX Second Quarter Ended Six Months Ended impact calculated by recasting current year resul
Slide 18: Cost of Sales
P a g e | 18 Cost of Sales Adjusted Cost of Sales Six Months Ended In millions of €, except per case data, which is calculated prior to rounding. FX impact 27 June 2025 28 June 2024 % Change calculated by recasting current year results at prior year rates. As reported 6,637 6,332 4.8 % Add: Adjusted
Slide 19: Adjusted comparable operating expenses
P a g e | 19 Adjusted comparable operating expenses for the six months ending 27 June 2025 were €2,241 million, down 0.7% versus 2024, reflecting inflation, offset by the benefit of on-going efficiency programmes and our continuous efforts on discretionary spend optimisation in areas such as trade m
Slide 20: Supplemental Financial Information - Effective Tax Rate
P a g e | 20 Supplemental Financial Information - Effective Tax Rate The effective tax rate was 26% and 22% for the six months ended 27 June 2025 and 28 June 2024, respectively, and 25% for the year ended 31 December 2024. For the six months ending 27 June 2025, the effective tax rate reflects the i
Slide 21: Supplemental Financial Information - Borrowings
P a g e | 21 Supplemental Financial Information - Borrowings Net Debt As at Credit Ratings In millions of € 27 June 2025 31 December 2024 As of 5 August 2025 Moody’s Fitch Ratings Total borrowings 12,012 11,331 Long-term rating Baa1 BBB+ Fair value of hedges related to borrowings[1] 66 36 Outlook Po
Slide 22: Supplemental Financial Information - Comparable EBITDA
P a g e | 22 Supplemental Financial Information - Comparable EBITDA Comparable EBITDA Six Months Ended In millions of € 27 June 2025 28 June 2024 Reported profit after tax 937 811 Taxes 323 234 Finance costs, net 98 87 Non-operating items 6 10 Reported operating profit 1,364 1,142 Depreciation and a
Slide 23: Principal Risks and Risk Factors
P a g e | 23 Principal Risks and Risk Factors The Group faces a number of risks and uncertainties that may have an adverse effect on its operations, performance and future prospects and has a robust risk management programme to assess these and evaluate strategies to manage them. The principal risks
Slide 24: Summary of Our Principal Risks
P a g e | 24 SUMMARY OF OUR PRINCIPAL RISKS The table below shows our Principal Risks: Key mitigations to Principal Risk Risk description Focus areas for 2025 Opportunities arising from risk manage risk Market The risk that CCEP fails • International • Development of eB2B • Improving operational to
Slide 25: Category perception
P a g e | 25 Key mitigations to Principal Risk Risk description Focus areas for 2025 Opportunities arising from risk manage risk Category The risk that CCEP is • Support TCCC, EU • Customer category • Improving financial perception unable to effectively or national management performance and market
Slide 26: Business Transformation and digital
P a g e | 26 Key mitigations to Principal Risk Risk description Focus areas for 2025 Opportunities arising from risk manage risk Business The risk that a failure to • Competitiveness • Continue developing • Improved business growth Transformation successfully execute steering committee the existing
Slide 27: Health, safety and security
P a g e | 27 Key mitigations to Principal Risk Risk description Focus areas for 2025 Opportunities arising from risk manage risk Health, safety The risk of harm to the • Safety strategy • Implementation of the • Improved business and security mental and physical • Security and travel security perfor
Slide 28: Talent and corporate social responsibility
P a g e | 28 Key mitigations to Principal Risk Risk description Focus areas for 2025 Opportunities arising from risk manage risk Talent and The risk that CCEP is • CoC, CCEP Human • Implementation of the • Driving sustainable growth corporate unable to attract, Rights policy and Corporate Sustainabi
Slide 29: Related Parties
P a g e | 29 Related Parties Related party disclosures are presented in Note 10 of the Notes to the condensed consolidated interim financial statements contained in this interim management report. Going Concern As part of the Directors’ consideration of the appropriateness of adopting the going conc
Slide 30: Responsibility Statement
P a g e | 30 Responsibility Statement The Directors of the Company confirm that to the best of their knowledge: • The condensed consolidated interim financial statements for the six months ended 27 June 2025 have been prepared in accordance with International Accounting Standard 34, "Interim Financi
Slide 31: Independent Review Report to Coca-Cola Europacific Partners plc
P a g e | 31 INDEPENDENT REVIEW REPORT TO COCA-COLA EUROPACIFIC PARTNERS PLC Conclusion We have been engaged by the Company to review the condensed consolidated set of financial statements in the half-yearly financial report for the six months ended 27 June 2025 which comprises the condensed consoli
Slide 32: Use of our report
Use of our report This report is made solely to the company in accordance with guidance contained in International Standard on Review Engagements 2410 (UK) "Review of Interim Financial Information Performed by the Independent Auditor of the Entity" issued by the Financial Reporting Council. To the f
Slide 33: Condensed Consolidated Interim Income Statement
P a g e | 33 Coca-Cola Europacific Partners plc Condensed Consolidated Interim Income Statement (Unaudited) Six Months Ended 27 June 2025 28 June 2024 Note € million € million Revenue 2 10,274 9,828 Cost of sales (6,637) (6,332) Gross profit 3,637 3,496 Selling and distribution expenses (1,629) (1,6
Slide 34: Condensed Consolidated Interim Statement of Comprehensive Income
P a g e | 34 Coca-Cola Europacific Partners plc Condensed Consolidated Interim Statement of Comprehensive Income (Unaudited) Six Months Ended 27 June 2025 28 June 2024 Note € million € million Profit after taxes 937 811 Components of other comprehensive income/(loss): Items that may be subsequently
Slide 35: Condensed Consolidated Interim Statement of Financial Position
P a g e | 35 Coca-Cola Europacific Partners plc Condensed Consolidated Interim Statement of Financial Position (Unaudited) 31 December 27 June 2025 2024 Note € million € million ASSETS Non-current: Intangible assets 4 12,434 12,749 Goodwill 4 4,544 4,687 Property, plant and equipment 5 6,199 6,434 I
Slide 36: Condensed Consolidated Interim Statement of Cash Flows
P a g e | 36 Coca-Cola Europacific Partners plc Condensed Consolidated Interim Statement of Cash Flows (Unaudited) Six Months Ended 27 June 2025 28 June 2024 Note € million € million Cash flows from operating activities: Profit before taxes 1,260 1,045 Adjustments to reconcile profit before tax to n
Slide 37: Condensed Consolidated Interim Statement of Changes in Equity
P a g e | 37 Coca-Cola Europacific Partners plc Condensed Consolidated Interim Statement of Changes in Equity (Unaudited) Non- Share Share Merger Other Retained controlling Total capital premium reserves reserves earnings Total interest equity Note € million € million € million € million € million €
Slide 38: Notes to the Condensed Consolidated Interim Financial Statements
P a g e | 38 Notes to the Condensed Consolidated Interim Financial Statements Note 1 GENERAL INFORMATION AND BASIS OF PREPARATION Coca-Cola Europacific Partners plc (the Company) and its subsidiaries (together CCEP, or the Group) are a leading consumer goods group in Western Europe and the Asia Paci
Slide 39: Comparability
P a g e | 39 Comparability Operating results for the first half of 2025 may not be indicative of the results expected for the year ended 31 December 2025 as sales of the Group’s products are seasonal. In Europe, the second and third quarters typically account for higher unit sales of the Group’s pro
Slide 40: Revenue by geography
P a g e | 40 additional consideration received from the sale of a property in Germany of €30 million and a litigation provision reversal of €19 million. Items impacting the comparability for 2024 primarily include restructuring charges of €95 million, €11 million of deal and integration costs relate
Slide 41: Intangible assets and goodwill; property, plant and equipment
P a g e | 41 Note 4 INTANGIBLE ASSETS AND GOODWILL The following table summarises the movement in net book value for intangible assets and goodwill during the six months ended 27 June 2025: Intangible assets Goodwill € million € million Net book value as at 31 December 2024 12,749 4,687 Additions 80
Slide 42: Derivative assets and liabilities carried at fair value
P a g e | 42 The Group’s derivative assets and liabilities are carried at fair value, which is determined using a variety of valuation techniques, depending on the specific characteristics of the hedging instrument taking into account credit risk. The fair value of our derivative contracts (includin
Slide 43: Equity: Share Capital and buyback programme
P a g e | 43 Note 9 EQUITY Share Capital As at 27 June 2025, the Company had issued and fully paid 457,224,052 Shares (31 December 2024: 460,947,057 Shares) with a nominal value of €0.01 per share. Shares in issue have one voting right each and no restrictions related to dividends or return of capit
Slide 44: Transactions with TCCC and Cobega
P a g e | 44 The following table summarises the transactions with TCCC that impacted the consolidated statement of financial position as at the dates presented: 27 June 2025 31 December 2024 € million € million Amount due from TCCC 96 76 Amount payable to TCCC 442 320 Transactions with Cobega compan
Slide 45: Income tax expense components
P a g e | 45 The ETR of 26% which is higher than statutory UK rate of 25% reflects the impact of having operations outside the UK which are taxed at rates other than the statutory UK rate and adjustments made in respect of prior periods. The following table summarises the major components of income
Slide 46: Provisions, commitments and contingencies
P a g e | 46 Note 12 PROVISIONS, COMMITMENTS AND CONTINGENCIES The following table summarises the movement of provisions for the periods presented: Restructuring Other Provision Provisions[1] Total € million € million € million Balance as at 31 December 2024 250 100 350 Charged/(credited) to profit
Slide 47: VAT ruling and post-balance sheet event
P a g e | 47 As a result of the ruling, the STA is required to refund approximately €250 million in VAT, including interest, to the Group. Conversely, the Group must repay approximately €280 million, including interest, to the BTA for VAT received in December 2022. The €30 million difference between
Slide 48: Signature
SIGNATURE Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorised. COCA-COLA EUROPACIFIC PARTNERS PLC (Registrant) Date: 6 August 2025 By: /s/ Ed Walker Name: Ed Walker Titl
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