olivLaw · European equity research
Coca-Cola Europacific Partners plc CCEP.L
United Kingdom · London Stock Exchange · ISIN GB00BDCPN049 · Vertical: Listed companies from United Kingdom
Coca-Cola Europacific Partners is one of the largest bottlers and distributors of non-alcoholic beverages in Western Europe and the Asia Pacific region, serving over 600 million consumers. In fiscal 2025 revenue reached 20.9 billion EUR, and the company guided to 7% comparable FX neutral operating profit growth for 2026, amid pressure from consumer affordability and sugar taxes.
At the close of 05 Nov 2026, Coca-Cola Europacific Partners plc (CCEP.L) stock was 87.25 GBP (+1.51% on the day), with beta 0.26, 52-week range 63.40–87.25 GBP.
Data as of · AI analysis dated · Source: ESEF annual reports and closing prices, computed by olivLaw.
Price history
Loading chart…
Technical reading
- RSI (14)
- 67.5
- strong (55–70)
- Bollinger (20, 2)
- 79.05 – 87.63
- in the upper half of the band · %B 0.96 · band width 10.3%
- SMA 50 / 200
- 79.73 / 75.47
- uptrend (price > SMA50 > SMA200)
- MACD (12, 26, 9)
- 1.84 / 1.64
- MACD above signal
Indicators describe past prices; on their own they do not predict direction. On our history the RSI ≤ 40 filter added no return (see the signals methodology).
Performance
| Company | EURO STOXX 50 | vs EURO STOXX 50 | Vertical median | |
|---|---|---|---|---|
| 1 month | +12.9% | +0.4% | +12.5 pp | — |
| 3 months | +8.2% | −3.3% | +11.4 pp | — |
| 6 months | +25.9% | +4.0% | +21.9 pp | — |
| Year to date | +27.4% | +8.1% | +19.3 pp | — |
| 1 year | +27.7% | +10.7% | +17.0 pp | +5.8% |
| 3 years | +55.1% | +50.1% | +5.0 pp | +26.3% |
| 5 years | +85.4% | +43.6% | +41.8 pp | — |
Price returns, dividends excluded.
Quarterly results
ESEF annual reports carry no quarters: the results are annual (below).
E/P over time
the price (USD) and the reports are in different currencies
E/P = trailing-12-month diluted EPS / price at quarter end. E/P is the inverse of P/E and stays defined when earnings are negative.
Fiscal years
| Fiscal year | 2023 | 2024 | 2025 |
|---|---|---|---|
| Revenue | 18.3 bn | 20.4 bn | 20.9 bn |
| Revenue YoY | unavailable | +11.7% | +2.3% |
| Net income | 1.7 bn | 1.4 bn | 1.9 bn |
| Net income YoY | unavailable | −15.0% | +37.0% |
| Diluted EPS | 3.63 | 3.08 | 4.26 |
| Diluted EPS YoY | unavailable | −15.2% | +38.3% |
| net % | 9.1% | 6.9% | 9.3% |
| Free cash flow | 2.1 bn | 2.3 bn | 2.2 bn |
Balance sheet & financial health
Fiscal year 2025 · 31 Dec 2025
- Cash
- 918.0 m EUR
- Financial debt
- 10.2 bn EUR
- Net debt
- 9.3 bn EUR
- Equity
- 8.3 bn EUR
- Total assets
- 29.9 bn EUR
- Debt / equity
- 1.23x
- Current ratio
- 0.80x
- ROE
- 22.5%
- ROA
- 6.4%
- FCF margin
- 10.5%
Financial statements (source on every figure)
Revenue and net income (EUR)
Margins
Income statement · EUR
| Line | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|
| Revenue | 18.3 bn | 20.4 bn | 20.9 bn | esef· 18 Mar 2026verified |
| Cost of revenue | 11.6 bn | 13.2 bn | 13.5 bn | esef· 18 Mar 2026verified |
| Gross profit | 6.7 bn | 7.2 bn | 7.4 bn | esef· 18 Mar 2026verified |
| Operating income | 2.3 bn | 2.1 bn | 2.8 bn | esef· 18 Mar 2026verified |
| Interest expense | 185.0 m | 272.0 m | 306.0 m | esef· 18 Mar 2026verified |
| Pre-tax income | 2.2 bn | 1.9 bn | 2.6 bn | esef· 18 Mar 2026verified |
| Income tax | 534.0 m | 492.0 m | 590.0 m | esef· 18 Mar 2026verified |
| Net income | 1.7 bn | 1.4 bn | 1.9 bn | esef· 18 Mar 2026verified |
| Diluted EPS | 3.63 | 3.08 | 4.26 | esef· 18 Mar 2026verified |
Balance sheet · EUR
| Line | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|
| Cash | 1.4 bn | 1.6 bn | 918.0 m | esef· 18 Mar 2026verified |
| Inventories | — | 1.6 bn | 1.5 bn | esef· 18 Mar 2026verified |
| Current assets | — | 6.6 bn | 6.1 bn | esef· 18 Mar 2026verified |
| Goodwill | — | 4.7 bn | 4.5 bn | esef· 18 Mar 2026verified |
| Intangibles (excl. goodwill) | — | 12.7 bn | 12.5 bn | esef· 18 Mar 2026verified |
| Total assets | — | 31.1 bn | 29.9 bn | esef· 18 Mar 2026verified |
| Long-term debt | — | 9.9 bn | 10.2 bn | esef· 18 Mar 2026verified |
| Current liabilities | — | 8.1 bn | 7.6 bn | esef· 18 Mar 2026verified |
| Total liabilities | — | 22.1 bn | 21.6 bn | esef· 18 Mar 2026verified |
| Equity | 8.0 bn | 9.0 bn | 8.3 bn | esef· 18 Mar 2026verified |
| Shares outstanding at year end | 458.5 m | 460.4 m | 455.9 m | esef· 18 Mar 2026derived |
Cash flow · EUR
| Line | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|
| Operating cash flow | 2.8 bn | 3.1 bn | 3.0 bn | esef· 18 Mar 2026verified |
| Capex | 672.0 m | 791.0 m | 750.0 m | esef· 18 Mar 2026verified |
| Free cash flow | 2.1 bn ≈ | 2.3 bn ≈ | 2.2 bn ≈ | esef· 18 Mar 2026derived |
| Investing cash flow | -937.0 m | -2.0 bn | -632.0 m | esef· 18 Mar 2026verified |
| Financing cash flow | -1.8 bn | -973.0 m | -2.9 bn | esef· 18 Mar 2026verified |
| Share repurchases | 0 | 0 | 40.0 m | esef· 18 Mar 2026verified |
≈ computed by olivLaw from the reported lines of the same year: Operating cash flow − Capex.
Computed indicators
Growth
Profitability
Returns
Balance sheet
Liquidity
Cash
Efficiency
Market and valuation
1 indicators that do not apply to the sector.
Valuation
olivLaw classification
- indicators available: 5 of at least 6
- score weight coverage: 33.3% of at least 60%
A scoring methodology on indicators and valuation, not investment advice.
Closing price
05 Nov 2026Source: olivLaw, closing series
Market cap: unavailable
Price and reporting are in different currencies; market indicators are unavailable.
Key indicators
Coverage and freshness
Score by group
33% · Insufficient data
Estimated value range
The combined range = the median of the valid methods' low, central and high values; it is not a probability interval and does not cover every result. Envelope of all methods: 48.09 – 74.17 EUR.
Valuation assumptions are editorial choices, not measured; beta is not measured.
Method ranges (EUR per share)
— — Mid · ▏ Price
Valuation methods
- DCF (discounted cash flow)unavailable · input data missing
- Peers: EV/EBITDAunavailable · input data missing
- Peers: P/E48.09 – 74.17 (Mid 61.45)17 companies used · median multiple 14.4x · quartiles 11.3x – 17.4x0EV1.L, ABDN.L, ABF.L, AIRE.L, AJB.L, ALFA.L, AMIF.L, APTD.L, ASHM.L, AUTO.L, BAB.L, BAG.L, BATS.L, BBY.L, BCG.L, BKG.L, BME.L
- Dividend discount (DDM)unavailable · the company pays no dividend: a dividend model needs an explicit initiation assumption
Assumptions (illustrative, editorial)
- Risk-free rate
- 3.0%
- Equity risk premium
- 5.5%
- Beta (default)
- 1.00
- Cost of equity
- 8.5%
- Terminal growth
- 2.0%
Factor scorecard
Insufficient data
Minimum-evidence gate: indicators available: 5 of at least 6; score weight coverage: 33.3% of at least 60%
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | 12.3% | 46 (vs peers) | 31% |
| Net margin · Quality | 9.3% | 46 (vs peers) | 19% |
| FCF conversion · Quality | 113.4% | 100 (on a fixed band) | 19% |
| Revenue CAGR 3Y · Growth | unavailable | unavailable | — |
| EPS CAGR 3Y · Growth | unavailable | unavailable | — |
| Net debt / EBITDA · Balance sheet | unavailable | unavailable | — |
| Interest coverage · Balance sheet | 9.1x | 100 (on a fixed band) | 19% |
| Current ratio · Balance sheet | 0.8x | 0 (on a fixed band) | 13% |
| P/E (TTM) · Valuation | unavailable | unavailable | — |
| EV/EBITDA · Valuation | unavailable | unavailable | — |
| FCF yield · Valuation | unavailable | unavailable | — |
| Shareholder yield (distributions) · Returns | unavailable | unavailable | — |
| Payout ratio (FCF) · Returns | unavailable | unavailable | — |
Factors without a value were dropped; the remaining weights were renormalised.
Score groups
- Balance sheet60/100 · 2/3 factors with a value
- Growth· partialunavailable · 0/2 factors with a value
- Quality61/100 · 3/3 factors with a value
- Returns· partialunavailable · 0/2 factors with a value
- Valuation· partialunavailable · 0/3 factors with a value
A «partial» group is computed from under half of its weight or from one factor: it is not a full assessment of the group.
Memo
COCA-COLA EUROPACIFIC PARTNERS PLC (CCEP.L). Latest full fiscal year: 2025; data up to 2025-12-31.
Figures computed from the financial statements: revenue 20.9 bn EUR in 2025; YoY growth 2.3%; net margin 9.3%; ROE 23.8%.
The estimated value range is 48.09–74.17 EUR per share (median of 1 methods, agreement: single method); assumptions are illustrative. The range is the median of the methods' low, central and high values, not a probability interval.
Insufficient data for a verdict (indicators available: 5 of at least 6; score weight coverage: 33.3% of at least 60%).
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
- FCF conversion: 113.4%
- Interest coverage: 9.1x
What contradicts it
- Current ratio: 0.8x
Not assessed (insufficient data or a ratio without meaning): Revenue CAGR 3Y, EPS CAGR 3Y, Net debt / EBITDA, P/E (TTM), EV/EBITDA, FCF yield, Shareholder yield (distributions), Payout ratio (FCF).
Versus the vertical median
Listed companies from United Kingdom · same country · compared with 39 companies
Multiples and returns vs the median
Price rebased to 100 (monthly, 5 years)
Companies in the vertical
| Market cap | P/E | ROE | Net margin | Revenue YoY | 1A / 3A | |
|---|---|---|---|---|---|---|
| BATS.LBritish American Tobacco P.L.C. | 104.3 bn | 13.5 | 16.5% | 30.3% | −1.0% | +7% / +88% |
| ABF.LAssociated British Foods PLC | 14.7 bn | 14.3 | 9.2% | 5.3% | −3.1% | −5% / −15% |
| 0EV1.LCarnival PLC | 5.5 bn | 4.1 | 46.7% | 13.4% | +6.4% | unavailable / unavailable |
| BAB.LBabcock International Group PLC | 5.1 bn | 24.7 | 34.7% | 4.1% | +7.2% | −10% / +158% |
| AUTO.LAutotrader Group PLC | 4.8 bn | 16.4 | 60.2% | 47.1% | +3.9% | −13% / −23% |
| BBY.LBalfour Beatty PLC | 4.2 bn | 16.3 | 23.2% | 2.8% | +15.2% | +20% / +160% |
| ABDN.LAberdeen Group PLC | 4.1 bn | 10.8 | 8.0% | 28.9% | −2.1% | +11% / +41% |
| BKG.LThe Berkeley Group Holdings PLC | 3.6 bn | 11.3 | 8.8% | 13.4% | −4.2% | −0% / −22% |
| BME.LB&M European Value Retail PLC | 2.9 bn | 17.4 | 21.2% | 2.8% | +3.7% | +68% / −51% |
| AJB.LAj Bell PLC | 2.4 bn | 22.8 | 49.9% | 33.1% | +18.0% | +8% / +128% |
| ASHM.LAshmore Group PLC | 1.4 bn | 13.9 | 13.1% | 71.6% | −0.1% | +28% / +18% |
| BCG.LBaltic Classifieds Group PLC | 1.2 bn | 23.2 | 15.8% | 57.6% | +6.9% | −99% / −99% |
| APN.LApplied Nutrition PLC | 763.6 m | 36.2 | 41.2% | 19.7% | +24.2% | +71% / unavailable |
| BAG.LA.G. Barr P.L.C. | 671.9 m | 14.4 | 14.4% | 10.8% | +4.0% | −7% / +26% |
| ASC.LAsos PLC | 494.5 m | — | -81.3% | -12.0% | −14.7% | +71% / +8% |
| ALFA.LAlfa Financial Software Holdings PLC | 486.8 m | 16.3 | 61.5% | 23.8% | +15.3% | −28% / +10% |
| AML.LAston Martin Lagonda Global Holdings PLC | 344.3 m | — | -93.4% | -39.2% | −20.6% | −45% / −85% |
| APTD.LAptitude Software Group PLC | 111.3 m | 28.5 | 7.2% | 6.2% | −7.3% | −30% / −23% |
| AMGO.LAmigo Holdings PLC | 9.9 m | — | — | — | −81.9% | +325% / +844% |
| ASBE.LAssociated British Engineering PLC | 605.3 k | — | -19.1% | — | unavailable | unavailable / unavailable |
| AMIF.LAmicorp Fs (uk) PLC | 221.6 k | 0.1 | 27.5% | 9.1% | +8.1% | unavailable / unavailable |
| AAF.LAirtel Africa PLC | — | — | 24.1% | 10.6% | +29.5% | −7% / +164% |
| AAL.LAnglo American PLC | — | — | -19.3% | -20.2% | +4.5% | +30% / +76% |
| ACG.LAcg Metals Limited | — | — | -80.3% | -32.0% | +134.8% | +60% / +63% |
| AEP.LAnglo-Eastern Plantations PLC | — | — | 16.1% | 19.5% | +25.0% | +5% / +113% |
1- and 3-year price returns: for CCEP.L from daily closes (the same as the performance table), for the other companies from month-end closes.
olivLaw engine forecast
The world engine ran after the company's latest material disclosure. Probabilities are of TOUCHING a level within the horizon (not closing there) and sit next to the random walk (p_rw), the no-information benchmark.
The engine has no published run for this company yet.
Valuation scenarios (editable assumptions)
Illustrative scenarios
Scenarios are not available. input data missing
AI analysis
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
In brief
Coca-Cola Europacific Partners is one of the largest bottlers and distributors of non-alcoholic beverages in Western Europe and the Asia Pacific region, serving over 600 million consumers. In fiscal 2025 revenue reached 20.9 billion EUR 1, and the company guided to 7% comparable FX neutral operating profit growth for 2026 1, amid pressure from consumer affordability and sugar taxes.
SWOT
Strengths
- A portfolio of strong brands and close relationships with the principal brand partner allow the company to sustain volumes and price disciplinedly.
- A diversified geographic footprint reduces dependence on any single market and offers stability against local shocks.
- Disciplined cost control and cash generation support dividends and investment.
Weaknesses
- European volumes remain nearly flat and growth relies more on price than demand, leaving the company exposed to a fall in consumption.
- Integrating the Philippines acquisition has complicated comparability and brought integration costs that may recur across periods.
- Exposure to concentrate costs, production inflation and currency movements could compress margins if not offset in time.
Opportunities
- Growth in higher-value categories such as energy drinks and alcoholic beverages could improve mix and profitability.
- Expanding digital wholesale channels, such as the eB2B platform in Spain, could improve distribution efficiency.
- Efficiency programmes and the use of AI could shorten response times to changing consumer habits.
Threats
- Sugar taxes and rules on marketing and packaging could limit volumes and raise compliance costs.
- More price-sensitive consumers could shift purchases toward cheaper products or private label brands.
- Geopolitical tensions and climate risks could disrupt supply chains and production.
Risks
- Market and competitive riskhigh
The company could lose market share if it fails to respond to changes in access to customers and consumers or in pricing terms.
- Economic, currency and tax riskmedium
Currency swings, commodity prices and tax positions could reduce revenue and profitability if not managed through adequate hedging.
- Packaging and regulatory riskmedium
Failure to deliver sustainable packaging could attract taxes and restrictions, reduce demand and damage reputation.
- Geopolitical and global riskmedium
Regional conflicts, pandemics or natural disasters could disrupt supply chains and weigh on profitability.
- Cyber and IT riskhigh
Increasingly sophisticated cyber attacks, amplified by artificial intelligence, could disrupt operations and invite regulatory intervention.
Investment thesis
What would need to be true (bull case)
- The company could keep growing revenue through pricing and mix if European volumes stabilise and growth in the Philippines and Australia holds.
- The 2026 operating profit growth guidance could be met if efficiency programmes continue to offset concentrate and production cost increases.
- Comparable cash generation could support dividends and buybacks if capital expenditure stays under control.
What would break the thesis
- Adjusted volumes are almost stagnant and growth relies on price, which could prove unsustainable if consumers keep cutting consumption.
- Sugar taxes and further regulation could slow growth in key markets, particularly France and Great Britain.
- Integration and comparability of the Philippines business could mask underlying performance and bring unforeseen costs.
What to watch
- Delivery of the comparable FX neutral operating profit growth guidance2026
- European volume trend and the impact of sugar taxesQ1 2027
- APS segment performance and integration of the Philippines2027
- Progress of the packaging strategy and collection schemesnext 10-K
Products, market & competition
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
The business
CCEP makes, sells and distributes an extensive range of primarily ready-to-drink non-alcoholic beverages under brands such as Coca-Cola, Monster, Sprite and Fanta, acting as a bottler and distributor rather than producer of the concentrate 1. It operates in 31 countries and serves nearly 600 million consumers, combining the scale of a multinational with local knowledge of customers 1. On 23 February 2024 the group, together with Aboitiz Equity Ventures, acquired 100% of Coca-Cola Beverages Philippines, Inc., since renamed Coca-Cola Europacific Aboitiz Philippines, Inc. 1.
Reporting is split into two geographic segments, Europe and APS. The Philippines acquisition affects comparability between 2024 and 2025, which is why the company presents adjusted, comparable and FX neutral figures 1.
The company uses alternative performance measures such as comparable EBITDA, comparable free cash flow and comparable ROIC, defined to exclude items that affect comparability between periods. These should be read alongside IFRS figures, which they do not replace 1.
Segments
Europe
The Europe segment generated revenue of 15.4 billion EUR in 2025, up 2.9% year on year 1. Growth came mainly from headline price increases and promotional optimisation, while volume declined slightly by 0.2% due to affordability concerns and higher sugar taxes in France and Great Britain 1.
APS
The APS segment reported revenue of 5.5 billion EUR, broadly flat on a reported basis but down on an adjusted comparable basis because 2024 included the Philippines as if acquired at the start of the period 1. On an FX neutral basis adjusted revenue rose 2.0%, with volume up 1.0% driven by Australia and Papua New Guinea, while Indonesia declined 1.
Market context
The soft drinks market in the regions CCEP serves is mature, and growth depends more on pricing, mix and innovation than on volume, as shown by adjusted volume growth of only 0.2% in 2025 against revenue per unit case growth of 2.9% at constant currency 1. Energy drinks and alcoholic beverages grew, while juice fell after the delisting of Capri-Sun in Europe 1.
Pressures come from consumer affordability, sugar taxes and concentrate and production cost inflation, which the company has tried to offset through efficiency and discretionary spend control 1. Recyclable packaging and collection regulation also shape the market over the longer term 1.
Trends
- Consumer affordabilityheadwind
Consumers are increasingly price sensitive, limiting volume growth in Europe and weighing on Germany and France; the company responds with affordable offers for value-seeking shoppers 1.
- Sugar taxesheadwind
Higher sugar taxes in France and Great Britain weighed on volumes, particularly Coca-Cola Original Taste, partly offset by pricing and mix 1.
- Energy and alcoholic beveragestailwind
The energy category, led by Monster, grew strongly and alcoholic beverages gained share in Europe, which could support growth if the trend holds 1.
- Packaging and collection rulesmixed
Requirements on recyclable packaging, deposit return schemes and extended producer responsibility could raise costs, but could also support a stronger position if collection targets are met 1.
Competitive position
The analysed sources do not explicitly name competitors, but the report describes competition as shaped by access to customers and consumers, pricing terms and market share, factors that could lead to volume or revenue loss if not managed 1. The emergence of categories such as energy drinks also changes the competitive dynamics 1.
The company aims to differentiate through strong brands, packaging and product innovation, its relationship with The Coca-Cola Company and consumer campaigns, though keeping pace with changing consumer behaviour remains central 1.
- Competitors named in the source
The annual report analysed does not name direct competitors; this entry reflects that no competitor list is identified in the sources.
- Other bottlers of Coca-Cola brands
The source mentions strategic partners but does not identify other bottlers as direct rivals.
- Energy drink producers
Growth in the energy category is highlighted, but the source does not name competing producers.
- Local soft drink producers
The source discusses competition in categories and local markets without naming specific entities.
News & filings
In the press
No news in our archive over the last 180 days.
Annual reports (ESEF)
- Annual report 202518 Mar 2026
- Annual report 202518 Mar 2026
Sources
- [1] Annual report, fiscal year ended 2025-12-31 (ESEF) · SEC / Coca-Cola Europacific Partners plc · 31 Dec 2025
Figures computed by olivLaw from ESEF annual reports and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.