Company Reports

Coca-Cola Europacific Partners’ third-quarter trading update included revenue growth of 5.8% in constant currency and revenue per unit case growth of 2.2%. Volume grew 3.6% across all regions except Germany, which faced a customer disruption. Shares fell around 1% on Nov. 3.

Since its asset swap with The Coca-Cola Company in 2010, Coca-Cola Europacific Partners has been transformed through a series of acquisitions from a US bottler to Coca-Cola's second-largest distribution partner by volume and largest by revenue in 2025, with territories in Europe, Asia, and Australasia.

Coca-Cola Europacific Partners’ first-half results included comparable revenue growth of 4.4% and operating profit growth of 6.5%. Shares fell around 3% in Aug. 4 trading.

Since its asset swap with The Coca-Cola Company in 2010, Coca-Cola Europacific Partners has been transformed through a series of acquisitions from a US bottler to Coca-Cola's second-largest distribution partner by volume and largest by revenue in 2025, with territories in Europe, Asia, and Australasia.

Since its asset swap with The Coca-Cola Company in 2010, Coca-Cola Europacific Partners has been transformed through a series of acquisitions from a US bottler to Coca-Cola's second-largest distribution partner by volume and largest by revenue in 2024, with territories in Europe, Asia, and Australasia.

Coca-Cola Europacific Partners’ first-quarter trading update included reported year-over-year revenue growth of 6.7% and volume growth of 8.5%. Shares rose around 2% in early trading on April 28.

Since its asset swap with The Coca-Cola Company in 2010, Coca-Cola Europacific Partners has been transformed through a series of acquisitions from a US bottler to Coca-Cola's second-largest distribution partner by volume and largest by revenue in 2024, with territories in Europe, Asia, and Australasia.

CCEP’s 2025 results included comparable year-over-year revenue growth of 2.3% and volume growth of 2.7%. Operating profit increased 5.4%, with bottom-line improvement in both segments. Shares were flat at the market open on Feb. 17.

Since its asset swap with The Coca-Cola Company in 2010, Coca-Cola Europacific Partners has been transformed through a series of acquisitions from a US bottler to Coca-Cola's second-largest distribution partner by volume and largest by revenue in 2024, with territories in Europe, Asia, and Australasia.

Since its asset swap with The Coca-Cola Company in 2010, Coca-Cola Europacific Partners has been transformed through a series of acquisitions from a US bottler to Coca-Cola's second-largest distribution partner by volume and largest by revenue in 2024, with territories in Europe, Asia, and Australasia.

Coca-Cola Europacific Partners reported third-quarter revenue growth of 1.0%, with volume growth of 0.4%, and revenue per-unit-case growth of 2.7%. Shares rose nearly 3% intraday.

Since its asset swap with The Coca-Cola Company in 2010, Coca-Cola Europacific Partners has been transformed through a series of acquisitions from a US bottler to Coca-Cola's second-largest distribution partner by volume and largest by revenue in 2024, with territories in Europe, Asia, and Australasia.

Coca-Cola Europacific Partners’ revenue rose 2.5% and operating profit increased 7.2% in the first half of fiscal 2025. Shares dropped over 10% intraday.

Since its asset swap with The Coca-Cola Company in 2010, Coca-Cola Europacific Partners has been transformed through a series of acquisitions from a US bottler to Coca-Cola's second-largest distribution partner by volume and largest by revenue in 2024, with territories in Europe, Asia, and Australasia.

Coca-Cola Europacific Partners released its first-quarter trading update, with reported revenue growth of 5% year over year. On an adjusted comparable basis, revenue was down 1%, in line with consensus. Shares were broadly flat following the release on April 29.

We maintain our USD 64/GBX 5,000 fair value estimates for narrow-moat Coca-Cola Europacific Partners after the firm reported its full-year 2024 results ahead of our revenue estimates but below our profitability expectations. 2025 guidance was lighter than our initial forecasts; however, we view it as reasonable given the current demand environment in Europe. We believe the firm is on track to meet our medium-term forecasts, and we think performance will be largely supported by growth from the Philippines business. Shares were up around 2% following the announcement, and we continue to view the stock as overvalued.

Since its asset swap with The Coca-Cola Company in 2010, Coca-Cola Europacific Partners has been transformed through a series of acquisitions from a US bottler to Coca-Cola's second-largest distribution partner by volume and largest by revenue in 2024, with territories in Europe, Asia, and Australasia.

Since its asset swap with The Coca-Cola Company in 2010, Coca-Cola Europacific Partners has been transformed through a series of acquisitions from a US bottler to Coca-Cola's second-largest distribution partner by volume and largest by revenue in 2023, with territories in Europe, Asia, and Australasia.

We maintain our USD 67/GBX 5,000 fair value estimates after narrow-moat Coca-Cola Europacific Partners reported its third-quarter trading update in line with our revenue expectations. Market conditions were mixed across regions, resulting in total organic volume growth remaining flat against the prior-year period. Still, we were pleased to see 2.5% growth in revenue per-unit case, reflecting strength in CCEP’s pricing strategy. Management adjusted its full-year 2024 outlook, which we view as appropriate given the current macro environment. Shares were down slightly after the update, but we continue to view the stock as overvalued.

We are transferring coverage of two of The Coca-Cola Company's largest bottlers Coca-Cola Europacific Partners and Coca-Cola HBC. For CCEP, we are raising our fair value estimate to EUR 60 from EUR 56 and for CCHBC, we are lowering our fair value estimate to GBX 2,440 from GBX 2,800. Our current valuations place shares in 2-star territory for both firms as we think the market is overly optimistic on medium-term growth prospects. We maintain our narrow moat rating, Standard Morningstar Capital Allocation Rating, and Medium Morningstar Uncertainty Rating for both firms.