**Summary of Coca-Cola Europacific Partners Half-Year Report (H1 2025):**
Coca-Cola Europacific Partners (CCEP) reported solid performance for the first half of 2025, reaffirming its full-year profit and cash guidance. Key highlights include
1. **Financial Performance**
**Revenue:** €10.274 billionup 4.5% (comparable FXN +2.5%).
**Operating Profit** €1.364 billion (reported), €1.390 billion (comparable), up 19.4% (reported) and 7.3% (comparable).
**Diluted EPS** €1.99 (reported), €2.02 (comparable), up 15.0% (reported) and 2.4% (comparable).
**Comparable Free Cash Flow** €425 million.
2. **Volume and Revenue Growth**
**Volume:** 1932 million unit casesup 4.1% (comparable +5.5%).
**Revenue per Unit Case:** €5.36up 1.1% (comparable +3.8%).
**Europe** Volumes slightly down (-0.3%) due to factors like the French sugar tax and Capri Sun de-listing, but revenue per unit case grew by 4.2%.
**APS (Australia, Pacific & Southeast Asia):** Volumes up 1.5%, with strong growth in Australia/Pacific offset by declines in Indonesia due to a weaker consumer backdrop.
3. **Strategic Initiatives**
Continued focus on productivity and efficiency programs.
Strong commercial plans for the remainder of the year.
Investment in technology and AI to unlock value, as showcased at the recent investor event.
4. **Dividends and Shareholder Returns**
Interim dividend of €0.79 per share declared.
Ongoing share buybacks, with €460 million completed as part of a €1 billion program.
5. **Sustainability**
Maintained Carbon Disclosure Projects A list for Climate for the 9th consecutive year.
Included in Sustainalytics ESG top-rated companies list for 2025.
6. **Outlook**
Revenue growth guidance3% to 4% (previously ~4%).
Operating profit growth guidance~7%.
Comparable free cash flowat least €1.7 billion.
Dividend payout ratio~50% based on comparable EPS.
7. **Post-Reporting Period Events**
Germany enacted legislation to reduce corporate income tax rates, expected to reduce deferred tax liabilities by up to €70 million.
Supreme Court of Spain ruled on a VAT jurisdiction dispute, resulting in a net payable of €30 million, which has been recognized in the financial statements.
Overall, CCEP demonstrated resilience in a volatile macroeconomic environment, with strong performance across its markets and a commitment to sustainable growth and shareholder value creation.
| Metric | H1 2025 | H1 2024 | Change |
|---|---|---|---|
| Revenue (€M) | 10,274 | 9,828 | 4.5% |
| Operating Profit (€M) | 1,364 | 1,142 | 19.4% |
| Profit After Taxes (€M) | 937 | 811 | 15.5% |
| Diluted EPS (€) | 1.99 | 1.73 | 15.0% |
| Comparable Free Cash Flow (€M) | 425 | 539 | (21.1%) |
| Total Borrowings (€M) | 12,012 | 11,331 | 6.0% |
| Net Debt (€M) | 10,032 | 9,672 | 3.7% |