Coca-Cola Europacific Partners (CCEP) has reaffirmed growth guidance after a bumper Q1, as revenue grew 6.7% to €5bn.
An early Easter and six extra days in the quarter propelled revenues up 9.4% when adjusted for currency exchange, with volumes beating expectations to rise 8.5% in the quarter to 3 April 2026.
Even once adjusted for the quarter’s six extra trading days, the bottler enjoyed 1.6% volume growth, leading it to reaffirm full-year guidance of 3%-4% despite the “uncertain” Middle East situation.
“We’ve had a good start to the year with more balanced topline delivery. Although stronger volumes benefitted from calendar phasing and an earlier Easter, we delivered solid comparable volume growth and share gains driven by great execution,” said CEO Damian Gammell.
Growth was led by a 21.3% jump in energy drinks revenues, followed by Coca-Cola Zero sugar, which grew 10%. Original Coca-Cola’s continued growth in Asia Pacific was offset by a decline in sales in Europe.
Overall, an 0.8% increase in revenue per case reflected better product mix, higher pricing, and the company’s benefit from no longer distributing Suntory beverages in Oceania, as well as the French sugar tax.
“Whilst the consumer environment remains challenging and the full impact of the situation in the Middle East is uncertain, we are resilient,” said Gammell.
“We continue to actively manage pricing, promotions, discretionary spend and efficiencies alongside bringing excitement to customers and consumers, like the FIFA World Cup. We are also investing more than ever in growth, from technology and AI, to more coolers and our new plant in the Philippines.”
CCEP reaffirmed its full year guidance of 3%-4% revenue growth in 2026, leading analysts to praise the company’s stock as a reliable performer.
”Amidst a volatile earnings season for European consumer staples, CCEP Q1 print solidifies its position as a port in the storm,” Bernstein’s Nadine Sarwat said.
”Group volume growth of 8.5% (1.6% excluding extra selling days) came in around 100bps ahead of us and consensus. While this was partially offset by slightly weaker price-mix, group revenue still modestly beat expectations.”
While Q1 had six extra days, Q4 has six fewer, and the end of the Suntory partnership in late 2025 will have a 0.5 percentage point impact on group revenues.
The bottler expected operating profit growth of around 7% in the year, and free cash flow of at least €1.7bn.
Jefferies analyst Edward Mundy added: ”CCEP is the real thing in staples; a consistent hard currency compounder with attractive cash returns.
“The company is well versed dealing with heightened external volatility and the company has a favourable lineup of activations and innovation over the summer.”
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