Coca-Cola Europacific Partners: revenue up 6.5% in the third quarter
Coca-Cola Europacific Partners (CCEP) published on 3 November 2026 revenue of €5,764 million for its third quarter, up 6.5% as reported and 5.8% at constant exchange rates.
Growth is driven by both comparable volumes, up 3.5%, and revenue per unit case, up 2.2%.
This second lever strengthens compared with the year-to-date figure, where its increase stands at 1.0%. The currency effect has also reversed: favourable over the quarter, it remains unfavourable over nine months. The group confirmed its annual targets and declared an interim dividend of €1.42 per share.
Volumes and unit prices both contribute to growth
In the third quarter, volumes reached 1,048 million unit cases and revenue per unit case stood at €5.46. The group attributes this unit increase to optimised promotions, a favourable pack mix and price increases.
Comparison with the year-to-date figures shows growth in both components: over nine months, volumes rise 2.7% once adjusted for the six additional consumption days in the first quarter, and revenue per unit case by 1.0%.
Growth at constant exchange rates remains close from one period to the next, at 5.8% for the quarter versus 6.0% over nine months.
The gap between reported and constant-currency figures, however, changes direction. Currencies added €39 million to quarterly revenue but subtracted €137 million over nine months, resulting in a reported increase of 5.1% for the period, to €16,488 million.
The APS area (Australia, Pacific and South-East Asia) accounts for most of this effect on the year-to-date figures, with €124 million.
APS and energy drive volumes, Germany slows
Europe, which generated €4,436 million of revenue in the quarter, grows 5.2% at constant exchange rates, with volumes up 2.3% and revenue per unit case up 2.9%. Great Britain (+8.0%) and the Iberian Peninsula (+5.8%) are above this average.
The group specifically cites Coca-Cola Zero Sugar, sports and energy drinks, as well as favourable summer weather. Germany grows 1.9%: its volumes decline slightly over the quarter, as July and August growth was offset by a temporary disruption on the customer side in September.
The APS area (€1,328 million) grows 7.8% at constant exchange rates, with volumes up 6.3%. South-East Asia shows an increase of 8.8% at constant exchange rates but 1.9% as reported, Indonesia recording double-digit volume growth.
By category, energy drinks grow 17.3% in volume and Coca-Cola Zero Sugar 9.7%, while Fanta declines 1.5%.
The group's value market share has been stable since the beginning of the year, with a gain of 10 basis points in Europe and a loss of 50 basis points in the APS area.
2026 targets confirmed, annual dividend raised to €2.24
CCEP maintains for 2026 comparable revenue growth at constant exchange rates of 3% to 4%, while the year-to-date figure reaches 6.0% at the end of September. The group recalls that the fourth quarter will have six fewer consumption days, mirroring the six additional days in the first.
The end of the distribution of Suntory alcoholic beverages in Australia and New Zealand further weighs by about 0.5% on annual revenue.
The other targets are unchanged: an increase of about 7% in comparable operating profit, comparable free cash flow of at least €1.7 billion and €1 billion of share buybacks, of which about €880 million had been completed as of 30 October.
Chief Executive Officer Damian Gammell said the consumer environment remained difficult and the geopolitical situation had weighed on operating costs. The interim dividend of €1.42, payable on 3 December 2026, brings the annual dividend to €2.24 per share, compared with €2.04 for 2025, for a payout ratio of about 50%.
Revenue for fiscal year 2025 stood at €20,901 million, according to the annual accounts published on 18 March 2026. The quarter thus combines an increase in volumes and revenue per unit case in both regions, without any change to the annual targets, ahead of the publication of 2026 results scheduled for 18 February 2027.
