CCEP first-half results show Q2 growth slowdown as full-year guidance is reaffirmed

Half-year revenue and profit growth

Coca-Cola Europacific Partners reported revenue of €10.72bn for the six months to 3 July 2026, up 4.4% on a reported basis, with comparable FX-neutral revenue growth of 6.1%. Operating profit rose 6.9% year-on-year to €1.46bn on a reported basis (€1.48bn comparable, 8.1% comparable FX-neutral), and diluted EPS climbed 9.1% to €2.17 (€2.20 comparable, 10.6% comparable FX-neutral). Volumes reached 2,041 million unit cases, up 5.6% on a reported basis — which included six additional consumption days — equating to 2.2% on a days-adjusted basis.

Q2 slowdown vs Q1

Second-quarter momentum eased compared with the opening quarter. Revenue growth slowed from 6.7% in Q1 to a first-half run-rate that left Q2 flat at 4.4% on a reported basis, while volumes decelerated from 8.5% in Q1 to a 5.6% reported first-half figure (2.2% days-adjusted). Europe volumes grew 1.6% on a days-adjusted basis and APS volumes 3.5%, against the backdrop of a consumer environment that management described as "challenging."

Guidance held, shares slide

CCEP reiterated its FY26 outlook, still expecting 3-4% FX-neutral revenue growth and around 7% operating profit growth on a comparable, FX-neutral basis. Management pointed to expansion of cooler coverage, customer wins and accelerated growth in the Philippines and Indonesia as strategic priorities, alongside record investment in AI, technology and supply chain. Shares fell 3.4% to 7,790p by 0820 BST in London following the release.

CEO commentary on portfolio and external risks

Chief executive Damian Gammell said the first half reflected "balanced revenue growth, continued share gains and disciplined cost and cash management," with innovation in zero sugar, energy and hydration categories and FIFA World Cup activations supporting results. He flagged that "the full impact of the ongoing situation in the Middle East remains uncertain" but said the business had demonstrated resilience and reaffirmed the company's mid-term objectives.

Interim dividend and capital return

The board declared an interim dividend of €0.82 per share. Comparable free cash flow for the period was €435m, supporting the company's stated focus on disciplined cash management alongside its planned capital expenditure and share-buyback programme.

Other developments

Separately, Coca-Cola confirmed on 4 August the launch of "The World Will Wait," a global campaign positioned around collective action to reclaim shared meal moments. Elsewhere, Coca-Cola (NYSE:KO) appointed Luca Santandrea as General Director for Poland and the Baltic markets (Poland, Lithuania, Latvia and Estonia), succeeding Thomas Oth in a move aimed at supporting business integration in the region. The H1 results remain the primary corporate event of the day.