COCA-COLA EUROPACIFIC PARTNERS plc (CCEP)

Price£75.95Cached quoteAs of 2026-09-14 03:24 UTC

AI: Fair-priced

Price checkThe shares price in solid growth, leaving limited room for disappointment.

The market values CCEP at roughly 21 times recent earnings and about €40 billion of equity value. Against 2025 cash generation, operating cash flow less capital spending was about €2.2 billion, implying a cash yield near 5.5% before interest and other adjustments. Management's stricter 2026 free-cash-flow measure, meaning cash left after operating needs, investment, leases and net interest, is guided to at least €1.7 billion. That valuation looks reasonable for a durable bottler, but not clearly cheap given substantial debt and modest underlying sales growth.

Big pictureCash generation is durable, although recent profit growth has outpaced underlying sales growth.

Revenue rose from €17.3 billion in 2022 to €20.9 billion in 2025, while net income reached €1.94 billion, up 37% from 2024. Operating cash flow was steadier: €2.95 billion in 2025 versus €3.06 billion in 2024, and cash after capital spending was about €2.20 billion versus €2.27 billion. That gap matters because some of the earnings surge reflects lower operating expenses rather than equally rapid cash growth. H1 2026 remained healthy, with comparable operating profit up 8.1% and adjusted daily volumes up 2.2%.

Business strengthStrong brands and disciplined spending support profits, but the balance sheet remains leveraged.

CCEP benefits from repeat purchases of globally recognised beverages across 31 markets, and H1 2026 revenue grew 6.1% excluding currency movements while operating profit grew 8.1%. The balance sheet is less conservative: 2025 debt was €10.69 billion against €918 million of cash, leaving roughly €9.8 billion of net debt. Current liabilities also exceeded current assets. Shareholder returns are meaningful: 2025 dividends consumed €923 million, while the 2026 €1 billion buyback had reached €593 million by July 31. Share-based compensation remains small relative to profits, limiting dilution.

What could change the storyFaster Asian growth could justify the valuation, while weaker volumes would expose its demands.

The strongest bull case is sustained profit growth above sales growth, helped by productivity, buybacks and Southeast Asia. H1 2026 Southeast Asian revenue grew 9.0% excluding currency movements, while Indonesia returned to sparkling-volume growth. The bear case is that today's valuation assumes this momentum persists even as pricing becomes less powerful: group revenue per case rose only 0.4% in H1, and favourable June weather helped European volumes. Management still targets only 3%–4% 2026 revenue growth and about 7% operating-profit growth. A sustained volume slowdown would therefore make the current multiple harder to defend.

AI: News

Strong first-half resultsProfit grew faster than sales, while management kept its full-year expectations unchanged.

On August 4, CCEP reported H1 revenue of €10.72 billion, up 6.1% excluding currency movements, and comparable operating profit of €1.48 billion, up 8.1%. Comparable earnings per share increased 10.6%. Management reaffirmed guidance for 3%–4% revenue growth, roughly 7% operating-profit growth and at least €1.7 billion of comparable free cash flow. The shares fell on the announcement day before recovering afterward, but price timing alone does not establish that the results caused the move.

Buyback continuedCCEP kept shrinking its share count, increasing each remaining investor's ownership of the business.

The company is executing a buyback of up to €1 billion announced in February. By July 31, about €593 million had been completed. During the first half, CCEP repurchased and cancelled 5.87 million shares for approximately €503 million, reducing issued shares from about 449.1 million at year-end to 443.2 million in early July. Further purchases continued during August. Buybacks raise earnings per remaining share when purchased at sensible prices, although their value is lower when the stock already trades at a demanding valuation.

First-quarter guidance heldAn early Easter boosted volumes, but management still resisted raising its annual targets.

On April 28, CCEP reported first-quarter comparable revenue growth of 9.4%, helped by pricing, product mix and calendar effects including an earlier Easter. Management retained its annual outlook rather than treating that fast start as fully repeatable. Reuters noted continuing pressure from high costs and cautious consumer spending. The restrained guidance matters because later quarters have tougher calendar comparisons, including six fewer selling days in the fourth quarter, making the headline first-quarter pace a poor basis for valuing the full year.

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Financial statements

	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
Revenue	€20.90B	€20.44B	€18.30B	€17.32B	€13.76B	€10.61B	€12.02B	€11.52B	€11.06B	€9.13B	€6.33B
Gross profit	€7.44B	€7.21B	€6.72B	€6.22B	€5.09B	€3.73B	€4.59B	€4.46B	€4.29B	€3.55B	€2.31B
Gross margin	35.60%	35.28%	36.72%	35.94%	36.95%	35.22%	38.22%	38.70%	38.78%	38.86%	36.53%
Operating expenses	€4.75B	€5.08B	€4.49B	€4.23B	€3.57B	€2.92B	€3.04B	€3.16B	€3.03B	€2.70B	€1.55B
Operating income	€2.79B	€2.13B	€2.34B	€2.09B	€1.52B	€813.0M	€1.55B	€1.30B	€1.26B	€851.0M	€759.0M
Operating margin	13.36%	10.43%	12.78%	12.04%	11.02%	7.67%	12.88%	11.29%	11.39%	9.32%	11.99%
EBITDA	€3.77B	€3.11B	€3.16B	€2.94B	—	—	—	—	—	—	—
EBITDA margin	18.02%	15.22%	17.25%	16.95%	—	—	—	—	—	—	—
Net income	€1.98B	€1.44B	€1.67B	€1.52B	€988.0M	€498.0M	€1.09B	€909.0M	€688.0M	€549.0M	€513.0M
Net profit margin	9.47%	7.07%	9.12%	8.78%	7.18%	4.70%	9.07%	7.89%	6.22%	6.01%	8.11%
Basic EPSper basic share	€4.26	€3.08	€3.64	€3.30	€2.15	€1.09	€2.34	€1.88	€1.42	€1.45	€2.23
Diluted EPSper diluted share	€4.26	€3.08	€3.63	€3.29	€2.15	€1.09	€2.32	€1.86	€1.41	€1.42	€2.19

Review official source filings ↗

Owners

Reported major voting-rights holders

FCA threshold notices

37.07%of voting rights

COBEGA S.A.Notified Mar 2, 2026

View holders

Reported major voting-rights holders of CCEP
Holder	Voting rights
COBEGA S.A.	37.07%Mar 2, 2026 · 166.13M votes

These are threshold-crossing notices, not a complete ownership register. Percentages show issuer voting rights held through the listed share class, exclude financial instruments, and come from different dates. Positions may overlap.

Gray completes the 100% scale; it is not an estimate of other owners.

Source: FCA National Storage Mechanism ↗Updated Sep 27, 2026