Coca-Cola Europacific Partners (LSE:CCEP) reaffirmed its full-year guidance on Thursday after reporting first-half revenue growth of 6.1% on a comparable, currency-neutral basis.
The bottler, which distributes Coca-Cola products across Europe, Australia, the Pacific and Southeast Asia, said days-adjusted group volumes grew 2.2%, with Europe up 1.6% and its APS region up 3.5%. Comparable operating profit rose 8.1% on a currency-neutral basis to €1,481m, helped by topline growth, efficiency programmes and disciplined discretionary spend.
Comparable diluted earnings per share climbed 10.6% to €2.20, while comparable free cash flow reached €435m.
"We delivered a strong first half, with balanced revenue growth, continued share gains and disciplined cost and cash management," said chief executive Damian Gammell. He added that "the full impact of the ongoing situation in the Middle East remains uncertain," even as the company's performance showed resilience.
Southeast Asia remained a focus area, with Indonesia's sparkling volumes returning to growth after a 14.8% decline in the same period last year, supported by a new route-to-market model.
The Philippines pushed its EBIT margin close to a 10% target, and a new production facility there remains on track to start output in 2027.
The company added over 80,000 coolers in the period, a roughly 5% increase, and ran its biggest-ever FIFA World Cup activation with more than 500,000 displays.
News Intelligence what this means for the company
CCEP delivered 8.1% comparable operating profit growth in H1 on balanced volume gains across its two main regions (Europe +1.6%, APS +3.5%), and reaffirmed full-year guidance—a signal management sees no material deterioration ahead despite flagging Middle East uncertainty. The 10.6% EPS growth outpaced the operating profit rise, reflecting disciplined cost and cash management, while Indonesia's sparkling volumes returned to growth after a sharp 14.8% decline a year prior, suggesting a turnaround in a key Southeast Asian market.
Guidance reaffirmation after a beat on profit growth and EPS expansion reinforces execution credibility, though the CEO's caveat on Middle East impact remaining 'uncertain' leaves a material tail risk unquantified. The Philippines facility on track for 2027 and Indonesia's volume recovery add medium-term growth drivers, but near-term visibility depends on how Middle East headwinds evolve.
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