Coca Cola Europacific Partners : 2025 CCEP Annual Report

About this update from Coca-cola Europacific Partners Plc

ANNUAL REPORT AND FORM 20-F 2025 A global business with a local footprint Whether it's a global icon like Coca-Cola or Monster, or a regional favourite, our great drinks are made by people locally for local consumers. This unique footprint gives us a deep understanding of our markets, customers and communities and is the foundation of our success. Find out how we make, move and sell our drinks and support our communities locally. Scan the QR code to read the report in full. https://www.cocacolaep.com/investors/financial-reports-and-results/latest-annual-report/ Strategic Report Governance and Directors' Report In this year's report 1 Financial Statements Sustainability Statement 59 Other Information Coca-Cola Europacific Partners plc 2025 Annual Report and Form 20-F 1 125 Strategic Report Who we are Our performance indicators Chairman's letter 6 CEO's letter Our operations Our business model Our market drivers Our strategy - Great brands 16 - Great people 20 - Great execution 24 - Done sustainably 28 Stakeholder engagement 30 Section 172(1) statement from the Directors 32 Principal risks Viability statement Non-financial and sustainability information statement UK Listing Rule 6.6.6R(8) - TCFD compliance statement Business and financial review Throughout the report look out for these: Reference to ESRS-linked disclosure standard number throughout the report. Reference to ESRS-linked disclosure located outside the sustainability statement and incorporated by reference consistent with ESRS standards throughout the report. Governance and Directors' Report Chairman's introduction Board of Directors Directors' biographies 68 Senior management team 69 Corporate governance report 80 Nomination Committee report 85 Audit Committee report 91 ESG Committee report 93 Statement from the Remuneration Committee Chairman 96 Overview of remuneration policy 97 Remuneration policy 106 Remuneration at a glance 107 Annual report on remuneration 120 Directors' report 124 Directors' responsibility statement Reference to other pages within the report. Reference to sustainability information within the report. Reference to web link. Financial Statements 126 Independent auditor's report 141 Consolidated financial statements 146 Notes to the consolidated financial statements 209 Company financial statements 213 Notes to the Company financial statements 221 Sustainability Statement 222 General disclosures 228 Environment 246 Social 251 Policies and procedures 253 Key performance data related to ESRS material topics 257 Other entity specific metrics 258 Sustainability metrics methodology 277 Incorporation by reference 278 ESRS 2 - Appendix A 282 ESRS 2 - Appendix B 285 Independent assurance report on the sustainability statement 288 Other Information 289 Risk factors 298 Other Group information 317 Form 20-F table of cross references Exhibits Signatures Glossary Useful addresses Forward-looking statements Strategic Report Who we are Governance and Directors' Report Financial Statements Sustainability Statement Other Information Coca-Cola Europacific Partners plc 2025 Annual Report and Form 20-F 2 ‌Making, moving and selling the world's most loved drinks Coca-Cola Europacific Partners is one of the world's leading consumer goods companies. We refresh our consumers and customers, and make a difference. We're a leader in a robust and resilient category. With a drink and pack for every taste and occasion, we refresh 600 million consumers locally across 31 markets. We create value for 4 million customers while delivering sustainable growth for our shareholders. Our success is built on great brands, great people and great execution -all done sustainably. Our 39,000 colleagues are united by a winning culture that is based on being customer and consumer focused, curious and caring, empowering and passionate for growth. What we do Make, move and sell the world's most loved drinks Our strategy GREAT PEOPLE Read more on pages 16-19 GREAT BRANDS Read more on pages 12-15 Everything we do is built on: GREAT EXECUTION Read more on pages 20-23 DONE SUSTAINABLY Read more on pages 24-27 Read more about who we are online at: https://www.cocacolaep.com/who-we-are/ We are CCEP Customer and consumer focused Curious and caring Empowering Passionate for growth Strategic Report Governance and Directors' Report Our performance indicators Financial Statements Sustainability Statement Other Information Coca-Cola Europacific Partners plc ESRS ESRS 2 40b 2025 Annual Report and Form 20-F 3 ‌Reported revenue ♦ Reported operating profit Reported diluted earnings per share (EPS) Net cash flows from operating activities Return on invested capital (ROIC) Reported revenue increased by 2.3%, or 2.8% on an adjusted comparable and FX neutral basis. Volumes were broadly flat (A) and revenue per unit case increased by 2.9% (B) . Volume remained resilient despite greater consumer focus on value, the recent increase in sugar taxes and a weaker consumer backdrop in Indonesia. Revenue per case growth reflected strong mix, positive headline pricing and promotional optimisation. €20.9bn €2.8bn €4.26 €3.0bn 10.9% Reported operating profit increased by 31.0%, reflecting a full year of Philippines profit in 2025, and lower business transformation and impairment costs. On an adjusted comparable and FX neutral basis, operating profit increased by 7.1%, driven by top-line growth and ongoing productivity and efficiency programmes. Comparable volume, comparable and FX neutral revenue and revenue per unit case, comparable and FX neutral operating profit, comparable diluted EPS, comparable free cash flow, ROIC and comparable ROIC are non-IFRS performance measures. Non-IFRS adjusted comparable Comparable and FX neutral revenue Comparable and FX neutral operating profit Comparable diluted earnings per share Comparable free cash flow Comparable ROIC financial information as if the acquisition of Coca-Cola Beverages Philippines, Inc (CCBPI) occurred at the beginning of 2024 for illustrative purposes only. Acquisition completed on 23 February 2024. Prepared on a basis consistent with CCEP IFRS accounting policies and includes acquisition €21.3bn €2.9bn €4.11 €1.8bn 11.5% accounting adjustments for the period 1 January to 23 February 2024. Refer to "Note regarding the presentation of adjusted financial information and alternative performance measures" on pages 46-47 for the definition of our non-IFRS performance measures and pages 57-58 for a reconciliation of reported to comparable and reported to adjusted comparable results. Absolute reduction in greenhouse gas (GHG) emissions versus 2019 (C) Percentage of primary packaging collected for recycling Water replenished as a percentage of sales volume (D) People supported through our Skills for Impact programme (E) Total incident rate per 100 FTE (F) On an adjusted comparable basis. On an adjusted comparable and FX neutral basis. Reduction in total value chain emissions versus 2019. Based on the volume of water replenished through replenishment projects versus the sales 18.9% 75.7% 105.2% 146,100 0.77 See page 26 for more details on our sustainability strategy and pages 253-257 for comparative year information volume of our ready to drink (RTD) litres of finished product. Cumulative number since base year 2023. Includes individuals looking to improve their employability, small and medium sized entrepreneurs, and people in communities and in our value chain. Total incident rate is number per 100 full time equivalent (FTE) employees. Strategic Report Governance and Directors' Report Chairman's letter Financial Statements Sustainability Statement Other Information Coca-Cola Europacific Partners plc 2025 Annual Report and Form 20-F 4 ‌Growing together Sol Daurella Chairman Engaging with our people I want to begin by expressing my sincere thanks to each of our 39,000 colleagues for the vital role they play in our success. Their commitment and energy make Coca - Cola Europacific Partners (CCEP) what it is. Alongside our Board of Directors, I had the privilege of visiting a number of markets through tours and customer engagements in 2025, particularly in our Australia, Pacific and South East Asia (APS) region. These visits offer the chance to see first hand how we are growing in this dynamic part of the world. I was fortunate to visit Manila for our Capital Markets Event in May, where we shared our growth story with analysts and investors from around the world. It was inspiring to see the energy and potential of this vibrant market and celebrate one year since the Philippines joined the CCEP family. In GB, the Board came together for an employee townhall, a great opportunity to connect with colleagues and answer their questions. Townhalls like these tie directly to our broader focus on building an inclusive, supportive culture. As we often say, at CCEP people join for the brands and stay for the people. Our diversity is one of our greatest strengths, enabling us to better reflect, understand, and serve our customers and communities. I was pleased to see record participation in our Inclusion Pulse Survey in 2025, including from our frontline teams. The feedback confirmed that our people feel respected, valued, and that they belong - and it will help us create an even stronger workplace environment. We were also proud to achieve Top Employers Institute accreditation in more markets than ever before. Further examples of Board engagement with local stakeholders across our markets can be found on pages 28-29 and 83 We continue to invest in our people, whether through the rollout of our enhanced Employee Assistance Programme or by accelerating AI-powered learning and development. These initiatives are helping us create opportunities for growth and build skills for the future. A local business At CCEP, we combine the strength and scale of a multinational company with the expertise and passion of a local business. And this, our local heritage, is something that is very close to my heart. The "Bosses" campaign in GB - which showcased convenience store owners - was a great example of how we celebrate our local roots, and our close partnership with The Coca-Cola Company (TCCC). This is why we also seek to make a lasting, positive contribution to communities across CCEP's markets, through local programmes such as GIRA Mujeres and GIRA Jóvenes. Growing sustainably We remain committed to building a sustainable future. Through CCEP Ventures, we continue to invest in innovative solutions that support our sustainability ambitions. For a 10 th consecutive year, CCEP was included in CDP's A-list for climate, recognising our actions and performance to reduce GHG emissions. And we are empowering our people to become sustainability ambassadors through the rollout of our Sustainability Academy. Strategic Report Governance and Directors' Report Chairman's letter continued Financial Statements Sustainability Statement Other Information Coca-Cola Europacific Partners plc 2025 Annual Report and Form 20-F 5 "As we often say, at CCEP people join for the brands and stay for the people. Our diversity is one of our greatest strengths, enabling us to better reflect, understand, and serve our customers and communities." As always, I want to recognise Damian Gammell and our Executive Leadership Team (ELT) for steering the business through another solid year. This year, we announced several changes to our Executive Empowering people in Spain I am deeply proud of the impact of our GIRA programmes, which reflect our commitment to creating opportunities and supporting local communities. GIRA Jóvenes helps young people build skills for the future. In 2025, our 13 th edition reached approximately 700 participants from 23 localities, including more than 300 from rural areas. The creativity and dedication shown at the final event in Madrid was truly inspiring. Just as GIRA Jóvenes equips young people with skills for the future, GIRA Mujeres is helping women shape their own. It empowers women to start or transform their businesses. In 2025, over 800 female entrepreneurs took part and in November, I joined the gala for the 9 th edition, where 10 entrepreneurs presented their projects with passion and purpose. Congratulations to the four winners who received seed funding to bring their ideas to life. These programmes show how, together, we can create real opportunities and make a lasting difference. 9 th Leadership Team. I would like to thank Peter Brickley, Peter West and Clare Wardle for their outstanding contributions and wish them well in their retirement. At the same time, I am delighted to welcome Francesca Faure, Gareth McGeown and Svetlana Walker to the ELT, and I look forward to working closely with them as we continue to build on our success. 2026 will mark 10 years since the creation of Coca-Cola European Partners. I am incredibly proud of how far we have come - with more employees, operating in more markets, and delivering more value than ever before. This gives me great confidence in our future, and I look forward to what we will achieve together in the year ahead. Sol Daurella Chairman 23 localities reached via GIRA Jóvenes >800 female entrepreneurs participated in GIRA Mujeres edition of the GIRA Mujeres programme Strategic Report CEO's letter Governance and Directors' Report Financial Statements Sustainability Statement Other Information Coca-Cola Europacific Partners plc 2025 Annual Report and Form 20-F 6 ‌A global business with a local footprint Damian Gammell CEO 2025 overview 2025 was a strong year for CCEP, marked by continued progress and momentum across the business. I am proud of the passion and commitment our teams have shown -delivering results today while building for tomorrow. Our focus remains clear: driving profitable growth through a customer and consumer led approach, powered by technology, innovation and investment. This is underpinned by our long-term strategy: great brands, great people and great execution, done sustainably. In March, we joined the FTSE 100 Index, an important milestone that reflects the size, scale and strength of our business, and makes us accessible to more investors. With a balanced footprint across 31 markets, spanning developed and emerging economies, we are well positioned for future growth. Partnerships and people Our strong partnerships with TCCC, Monster Energy Corporation (MEC or Monster) and other brand owners remain central to our success. Together, we are building a portfolio that meets evolving consumer needs. Our success is driven by our people - bringing energy, commitment, and passion to CCEP every day. To support them, we continue to invest in capability building across commercial, customer service, supply chain, leadership and AI. Great brands We are privileged to make, move and sell some of the world's most loved brands, and we continue to grow by giving consumers more of what they want. Our core range maintained good momentum, delivering exciting new flavours and high - impact campaigns. Fuze Tea continues to demonstrate the power of localised flavour innovation. In energy, Monster remains a key growth driver, supported by new launches, the Lando Norris partnership, and enduring success of core variants. Our alcohol ready to drink (ARTD) portfolio is also scaling fast, with great partnerships and new flavour launches, supported by activations that spark consumer curiosity. Strategic Report Governance and Directors' Report CEO's letter continued Financial Statements Sustainability Statement Other Information Coca-Cola Europacific Partners plc 2025 Annual Report and Form 20-F 7 Great execution We are passionate about best in class execution. We grow with customers across all channels locally through our 11,900 strong commercial team, high performing customer service and supply chain, and smart use of data, analytics and technology. Seasonal activations further strengthen our position as a leading beverage partner. In 2025, we were the number one value creator, delivering more revenue growth for retail customers than fast moving consumer goods (FMCG) peers in Europe (A) - reflecting our commitment to shared success. We were also recognised as a top supplier in the Advantage Group Survey - with eight markets ranked #1 or #2 in FMCG. Coolers remain a significant growth engine. We placed over 75,000 in Europe in 2025, and are investing to expand our fleet over the next five years. We continue to innovate in pack formats, expanding in the affordability pack segment to increase accessibility, and drive more value through premiumisation, including mini-cans, mini-PET and more returnable glass. Source: Nielsen FY 2025. Sustainable growth and looking ahead 2025 was a record year for CCEP across all key financial metrics. We delivered robust top and bottom line growth, generated strong free cash flow and again grew shareholders' returns. We returned just under €2 billion to shareholders, including €1 billion from our 2025 share buyback programme. We have recently announced a further €1 billion share buyback to be executed over the coming year. We invested around €1 billion across our business -expanding manufacturing capacity, evolving our packaging portfolio and advancing our digital transformation through SAP S/4HANA and our new Integrated Shared Services (ISS) centre in Manila. "As we look ahead to 2026 and beyond, our ambition is clear: to lead with purpose, powered by exceptional people, iconic brands and a strategy built for long-term success." With bold innovation, great execution and continued investment in sustainability and technology, we are building a business fit for the future. Damian Gammell CEO Strategic Report Governance and Directors' Report Our operations ♦ Financial Statements Sustainability Statement Other Information Coca-Cola Europacific Partners plc ESRS ESRS 2 SBM-1 2025 Annual Report and Form 20-F 8 ‌A global business with a local heritage and future We combine the strength of a multinational business with expert local knowledge of the customers we serve, the consumers we refresh, and the communities we support. We have 85 production facilities across our 31 markets, each employing people from the local area. Every year, we invest significantly in these sites to deliver the drinks our consumers want in the most efficient and sustainable way. These investments not only make us a major local employer, but also a significant contributor to local economies. Since the Coca-Cola Amatil acquisition in 2021 and the addition of Coca-Cola Beverages Philippines Inc. in 2024, we've become a larger, more diverse business with greater reach and scale. We now operate across more markets and serve a wider variety of customers. This creates more opportunities to share best practices in customer service and execution. Our consumer reach has doubled, and we now serve 4 million customers. The diversity of our markets is a key driver of CCEP's continued growth. We operate one Integrated Shared Services (ISS) organisation with our team located in Bulgaria (Sofia and Varna), in Indonesia (Jakarta) and the Philippines (Manila). We do not manufacture or distribute products in Bulgaria. Modernising Grigny Bottles collected Smart coolers €146m 39m 201 Read more about our local business model online at: https://www.cocacolaep.com/news-and-stories/a-global-business-with-local-heritage/ invested in storage capacity, optimising manufacturing processes, modernising infrastructure and carbon reduction bottles collected by CCEP Papua New Guinea through its PET plastic bottle collection programme new AI-powered smart coolers installed in 2025 in Australia following a successful trial at Sydney Airport Strategic Report Governance and Directors' Report Our business model ♦ Financial Statements Sustainability Statement Other Information Coca-Cola Europacific Partners plc 2025 Annual Report and Form 20-F 9 ESRS ESRS 2 SBM-1 ‌Driving growth and shared value Read more in Our strategy on page 11 PARTNER We operate under bottler agreements with TCCC and other franchisors. We purchase concentrates and syrups to make, distribute and sell beverages to customers and vending partners. Our partnerships combine global brand strength with local execution. We use data and insights to identify customer and consumer trends that shape our portfolio strategy. Governance frameworks help us manage strategic alignment, risk and evolving consumer expectations. SOURCE We source ingredients like water, sugar, coffee and juices - locally where possible - to make our drinks. We also use glass, aluminium, PET, pulp and paper for packaging. In 2025, 86% of our supplier spend supported local economies. We work with responsible suppliers to reduce emissions and improve sustainability. Sourcing decisions reflect consumer insight, ethical standards and long-term risk management. We prioritise resilience and transparency across our supply chain. MAKE Our facilities produce the drinks consumers love. In Europe, over 90% are made in the country where they are consumed, supporting local jobs and communities. We invest in automation, digitalisation and low-carbon technologies and innovate to improve efficiency and sustainability. We adapt to changing consumer needs and regulatory expectations. We use consumer insight to tailor our portfolio. We offer low and no calorie options, sustainable packaging and convenient formats. Strong governance ensures accountability and supports continuous improvement. 6. RECYCLE 99.8% of our bottles and cans are recyclable but don't always end up being recycled. We work with partners to increase collection and lead progress towards a circular economy. Our sustainability targets are embedded in our strategy and regularly reviewed by our Board of Directors. 5. SELL Our 11,900 strong commercial team serves diverse customers - from local shops to global retailers, restaurants and stadiums - so consumers can enjoy our drinks. Our drinks are available in a wide range of packs and pack sizes to suit every occasion and budget. We build long-term customer partnerships. Our teams are empowered to act locally and respond quickly to market changes. 4. DISTRIBUTE We deliver products directly and through logistics partners so consumers can buy the drinks they want, when and where they want them. We optimise our network for speed, flexibility and sustainability and invest to continue to meet the needs of customers and consumers. Strategic Report Governance and Directors' Report Our market drivers Financial Statements Sustainability Statement Other Information Coca-Cola Europacific Partners plc 2025 Annual Report and Form 20-F 10 ‌Winning, adapting, thriving Our growth is powered by a deep understanding of the forces shaping our markets. Our response to these drivers forms a key part of our strategy and our operating model is built to adapt to macroeconomic shifts and evolving market dynamics. All underpinned by a clear, focused strategy. Consumer trends Consumers are increasingly seeking healthier, flavourful and convenient beverage experiences. Our portfolio continues to meet these evolving needs with greater choice across categories. ARTD is the fastest growing alcohol segment (A) , offering variety, great taste and convenience. With strong brands and partnerships, we are well positioned to lead. As immediate consumption occasions continue to grow, we are responding with the right pack formats, availability and visibility, ensuring we meet consumers wherever they are. Health and wellness remain top priorities, driving rising demand for low or no calorie drink options and functional beverages. This is reflected in the momentum behind brands like Powerade, and in our Monster portfolio, which continues to evolve with new zero sugar variants and flavour innovations. Read more in Our strategy on page 11 Consumers opting for low or no calorie options in 2025 (B) 47.6% (A) Global Data Top Trends in Alcoholic Beverages 2025 | March 2025. (B) Data includes the Philippines. (C) Source: Nielsen FY 2025. Sustainability focus Impact of technology Digital transformation continues to reshape how we operate, engage and grow. Online channels are scaling fast and we are accelerating our digital capabilities to meet demand, making it easier and more personalised for customers to do business with us. These channels are also driving revenue growth: in 2025, MyCCEP.com generated around €2.38 billion for CCEP. Data, analytics and AI are powering productivity and growth. We are using real time insights and AI-driven analytics to make faster, smarter decisions; deliver more targeted and segmented execution; and optimise promotions and investments. This also enables us to provide customers with a more consistent service. Across our supply chain, investment in new production lines, automated storage and retrieval system (ASRS) warehousing, and connected systems is unlocking capacity, improving efficiency and strengthening service levels. These capabilities are supporting sustainable growth. Revenue generated from online €2.38bn B2B platform MyCCEP.com in 2025 Sustainability is core to how we make, move, and sell our drinks and how we care for our people and communities. It has been built into how we do business for more than a decade, and that approach helps us navigate a changing world. We are taking action to reduce emissions, improve water stewardship, use recycled content in packaging and support local communities. Read more about This is Forward on page 26 Macroeconomic factors We continue to navigate a complex macroeconomic landscape marked by geopolitical volatility, legislative changes, and inflationary pressures. We execute pricing strategies that balance competitiveness with creating value, while also delivering value for money. The economic environment continues to affect consumer sentiment, so we focus on price relevance - particularly in retail. We offer diverse pack sizes and price points that balance affordability with premium options and smarter promotions through our extensive price pack architecture. We are investing with strategic enhancements to supply chain and route to market capabilities, ensuring responsiveness to shifting demand and positioning for long-term success. Despite mixed conditions, we remain strong in resilient categories, leading the way in delivering more revenue growth for retail customers than FMCG peers in Europe (C) . Strategic Report Our strategy ♦ Governance and Directors' Report Financial Statements Sustainability Statement Other Information Coca-Cola Europacific Partners plc ESRS ESRS 2 SBM-1 2025 Annual Report and Form 20-F 11 ‌A clear focus At CCEP, we win with great brands, great people and great execution. And we aim to do it sustainably, every step of the way. By executing our proven strategy, we can meet our objectives to consistently create value for customers and shareholders, drive consumer demand and grow brand equity - while delivering measurable impact across our communities and environmental footprint. GREAT BRANDS GREAT PEOPLE GREAT EXECUTION DONE SUSTAINABLY Our strategy centres on a diverse portfolio of global icons like Coca-Cola, Fanta, Sprite, and Monster, plus local favourites. We are expanding into high growth categories -like coffee, sports and ARTD - offering more choice, including low and no calorie options. Guided by insights, we innovate with new flavours, formats and pack sizes to balance premiumisation with affordability. Our people are at the heart of our success - making, moving, and selling our products while creating lasting value for customers and communities. We invest in a workplace where everyone's welcome, can grow and is rewarded. Through wellbeing, inclusion and development, we build the culture and capabilities to deliver sustainable growth. Great execution underpins our strategy, driving value for CCEP and customers. Our world class commercial teams - powered by data, technology, local expertise and pervasive distribution - make our brands visible and available anywhere, anytime, boosting frequency, volume and value. We strengthen customer partnerships through tailored solutions, impactful activations and enhanced digital platforms, making doing business with us easy, efficient, and effective. We have updated our sustainability action plan This is Forward to reflect the evolving landscape and the expansion of our business, including the addition of the Philippines. Our long-term strategy remains unchanged and we aim to go beyond our 2030 targets by moving faster through innovation and collaboration. Our strategy prioritises the areas where we can make the biggest difference: climate, water, packaging, and communities. Read more about our great brands on pages 12-15 Read more about our great people on pages 16-19 Read more about our great execution on pages 20-23 Read more about done sustainably on pages 24-27 Strategic Report Governance and Directors' Report Our strategy continued Financial Statements Sustainability Statement Other Information ‌+18.8% Coca-Cola Europacific Partners plc 2025 Annual Report and Form 20-F 12 GREAT BRANDS We make, move and sell the world's most loved drinks. From global icons to local favourites, we have a drink for every taste and occasion. (A) Volume growth on an adjusted comparable basis. Energy FY 2025 volume performance (A) +5.3% Coca-Cola Zero Sugar FY 2025 volume performance (A) +4.5% Sports FY 2025 volume performance (A) Strategic Report Governance and Directors' Report Our strategy continued Financial Statements Sustainability Statement Other Information Coca-Cola Europacific Partners plc ESRS ESRS 2 SBM-1 2025 Annual Report and Form 20-F 13 GREAT BRANDS Strategy summary We have great brands across multiple categories, with global icons like Coca-Cola, Sprite, Fanta and Monster. We're also innovating and growing in newer categories like coffee, hydration and alcohol ready to drink. We are bringing new products in a range of pack sizes and formats to suit consumer needs, based on clear insights. Across our portfolio, we offer choice, including low or no calorie. We want to grow our brands, and the soft drinks category as a whole, with more people buying more of our drinks, more often. We are doing this through: Working closely with our brand partners Delivering high quality, great tasting products Exploring new categories Using clear customer and consumer insights to inform decisions Offering different pack sizes and price points to meet diverse needs and occasions Driving more value through premiumisation (smaller, premium packs, etc.) Giving consumers informed, genuine choice Our success extends beyond the brands to the strong alignment and trusted partnerships we have with our brand owners. We continue to actively manage our pricing and promotional spend to remain affordable and relevant to our consumers. Read more about our Great execution strategy on page 21 Coca-Cola Zero Sugar volume performance (A) +5.3% 2025 highlights ♦ 2025 was another solid year for our brands: Coca-Cola Zero Sugar volumes grew +5.3% (A) driven by Europe, and double-digit growth in Australia and the Philippines. Sports volumes grew +4.5% (A) driven by growth of Aquarius in Spain. Energy volumes grew +18.8% (A) supported by innovation and distribution gains. In Europe, we met our 2025 targets to reduce the average amount of sugar per litre by 10% (versus 2019) and selling over 50% of volume in low or no calorie. See more on our sugar and low or no calorie 2025 progress on page 257 (A) Volume growth on an adjusted comparable basis. Read more about our strategy in action online at: 2026 focus areas Focus on accelerating sparkling in 2026. Elevate our execution across key selling moments like Halloween and Christmas, and create eye-catching retail moments during the FIFA World Cup. Continue to focus on our core brands, drive the distribution of Coke flavours, and support the growth of Diet Coke. Maintain Monster's momentum with a raft of exciting innovations. Continue our execution of the rainbow of Fanta flavours, reinvigorating Fanta growth via campaigns like Wanta Fanta. https://www.cocacolaep.com/our-brands/ Strategic Report Governance and Directors' Report Our strategy continued Financial Statements Sustainability Statement Other Information Coca-Cola Europacific Partners plc ESRS ESRS 2 SBM-1 2025 Annual Report and Form 20-F 14 Portfolio highlights ♦ Flavours, particularly in the Lights category, continued to refresh consumers - and innovation was the name of the game. As part of the Wanta campaign, we added bold new flavours to our Fanta Zero Sugar line-up, including Apple, Raspberry, and limited-edition Tutti Frutti. We also added a new limited-edition Forest Berries flavour, for Fanta's fearsome Halloween takeover. As part of TCCC's new partnership with the English Premier League, we rolled out limited edition cans and on-pack promotions. We launched even more Energy innovations. Monster led the way with a range of new flavours, including carnival-themed Rio Punch. We've expanded our ARTD portfolio, like Absolut Vodka & Sprite Watermelon, BACARDI & Coca-Cola. RUM Co. of Fiji launched in New Zealand. Spain and Portugal transitioned from Nestea to Fuze Tea, which they supported with a range of activations, and we accelerated in the sports category. GB went big on cherry, launching Dr Pepper Zero Sugar Cherry Crush, a limited-edition twist on its popular zero sugar variant. It also brought back the limited-edition Diet Cherry Coke - the first new flavour launch from Diet Coke in seven years. Read more about our brands in action online at: https://www.cocacolaep.com/news-and-stories/ Strategic Report Governance and Directors' Report Our strategy continued Financial Statements Sustainability Statement Other Information Coca-Cola Europacific Partners plc 2025 Annual Report and Form 20-F 15 ‌2025 volume performance by category Coca-Cola Flavours andmixers Water, sports, RTDtea and coffee Other inc. energy -0.1% (A) -1.3% (A) +0.2% (A) +7.5% (A) (A) Volume growth on an adjusted comparable basis. Strategic Report Governance and Directors' Report Our strategy continued Financial Statements Sustainability Statement Other Information ‌41.2% Coca-Cola Europacific Partners plc 2025 Annual Report and Form 20-F 16 GREAT PEOPLE At CCEP, our diverse team of 39,000 people across 31 countries brings local expertise and global passion for making, moving and selling our drinks, growing together, and making a positive difference. 137 management positions held by women 141 languages nationalities Strategic Report Governance and Directors' Report Our strategy continued Financial Statements Sustainability Statement Other Information Coca-Cola Europacific Partners plc 2025 Annual Report and Form 20-F 17 GREAT PEOPLE We have a workplace that empowers our people to be the best for our customers, today and tomorrow. Strategy summary We continue to invest to make CCEP a great place to work where everyone's welcome, can grow and is rewarded. Our dedication to wellbeing, inclusion and continuous development drives innovation, performance and growth. When our people grow, our business grows, creating lasting value for all stakeholders. We all share a passion for making, moving and selling the world's most loved brands. We are committed to supporting our customers, combining local expertise with global scale to deliver quality, execution, and strong partnerships. Our people strategy focuses on creating an environment where everyone can thrive. Through initiatives that prioritise safety, foster inclusion, and build capability, we empower colleagues to deliver for today while preparing for tomorrow. We invest in learning and development to unlock potential, drive performance, and enable sustainable growth for our business, customers, and communities. In 2025 2,800 leaders participated in our "Accelerate Performance 2030" learning programme 2025 highlights 2025 saw significant investment to allow all of our people to thrive and deliver long-term, sustainable growth: Through extensive global leadership programmes such as Accelerate Performance 2030, our Great People Manager Programme, and our commercial, customer service and supply chain academies, we expanded leadership and capability development across CCEP, ensuring teams are equipped for future needs. New data and AI capabilities were introduced, along with comprehensive training through our Data and AI Learning programme, enabling people to adopt and apply emerging technologies effectively. We continued to make progress on inclusion, improving workplace accessibility and strengthening gender balance across the organisation. Safety and wellbeing remained a priority, with ongoing investment to support our people, including an enhanced Employee Assistance Programme expanded across all 31 countries. Read more about our strategy in action online at: 2026 focus areas Continue to prioritise our people's physical and mental wellbeing by providing a safe and inclusive work environment. Deepen our current and future leadership excellence, and continue to scale adoption of our critical commercial, customer service, supply chain and technology capabilities. Embed our digital platforms to strengthen our people's experience and Ways of Working, and develop further data and AI capabilities for today and tomorrow. Further enhance our ISS capabilities in Bulgaria and the Philippines. Strengthen our talent pipeline by attracting new talent, particularly through our investment in early careers. https://www.cocacolaep.com/who-we-are/our-people Strategic Report Governance and Directors' Report Our strategy continued Financial Statements Sustainability Statement Other Information Coca-Cola Europacific Partners plc 2025 Annual Report and Form 20-F 18 Leadership, culture and winning capabilities We extended our Accelerate Performance 2030 learning programme to a further 2,800 leaders. We also continued to roll out our award-winning Great People Manager Programme, and almost half of our managers have now participated globally. We strengthened our people's critical commercial, customer service and supply chain capabilities with the continued rollout of "The Way We Sell Academy" and "The Way We Serve Academy". We simplified and strengthened the four "Ways of Working" upon which our culture is built: customer and consumer focused, curious and caring, empowering, and passionate for growth. Images: Accelerate Performance 2030, Germany, New Zealand, Indonesia and Iberia, France, the Netherlands and Sweden. Digital innovation We improved the consistency and quality of our people's experience across our digital platforms. This included investing in innovative functionality for our Career Hub, such as AI-powered hiring and learning. We also enhanced our teams' data and AI capabilities with a global learning programme for all colleagues. Read more on the latest innovation at CCEP here: https://www.linkedin.com/newsletters/the-ideas-department-7338847340906143744/ Safety and wellbeing We went further to prioritise our people's safety and wellbeing, meeting our goal to reduce our total incident rate to below 1 by 2025, helped by innovative training. We invested in an enhanced Employee Assistance Programme to provide even better 24/7 support for our people's wellbeing and that of their families in all countries. For more on safety see our sustainability statement on page 246 Image: CCEP Indonesia.

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