Companies: 10,735     total market cap: ยฃ98.408 T
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Coca-Cola European Partners
CCEP
#546
Rank
ยฃ31.14 B
Marketcap
๐Ÿ‡ฌ๐Ÿ‡ง United Kingdom
Country
ยฃ68.93
Share price
-3.26%
Change (1 day)
7.42%
Change (1 year)
๐Ÿฅค Beverages
Categories
  1. Coca-Cola European Partners
  2. Annual Reports (20-F)
  3. Financial Year 2025

Coca-Cola European Partners - 20-F annual report 2025


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United States
Securities and Exchange Commission
Washington, D.C. 20549

FORM 20-F
(MarkOne)
☐ REGISTRATION STATEMENT PURSUANT TO SECTION 12(b) OR (g) OF THE SECURITIES EXCHANGE ACT OF 1934
OR
☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT 1934
For the fiscal year ended December 31, 2025
OR
☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from ____ to ____
OR
☐ SHELL COMPANY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
Date of event requiring this shell company report ____

Commission file number 1-37791

COCA-COLA EUROPACIFIC PARTNERS PLC
(Exact name of Registrant as specified in its charter)
Not Applicable
(Translation of Registrant’s name into English)
England and Wales
(Jurisdiction of incorporation or organization)
Pemberton House, Bakers Road, Uxbridge, UB8 1EZ, United Kingdom
(Address of principal executive offices)

Clare Wardle, General Counsel & Company Secretary, +44 (0)1895 231 313, secretariat@ccep.com, Pemberton House, Bakers Road, Uxbridge, UB8 1EZ, United Kingdom
(Name, Telephone, Email and/or Facsimile number and Address of Company Contact Person)


Securities registered or to be registered pursuant to Section 12(b) of the Act.
Title of each class Trading Symbol(s)Name on each exchange on which registered
Ordinary Shares,
nominal value €0.01 each		 CCEPNasdaq Global Select Market
CCEPEuronext Amsterdam
CCEPLondon Stock Exchange
CCEPSpanish Stock Exchanges
Securities registered or to be registered pursuant to Section 12(g) of the Act: None.
Securities for which there is a reporting obligation pursuant to Section 15(d) of the Act: None.
Indicate the number of outstanding shares of each of the issuer’s classes of capital or common stock as of the close of the period covered by the annual report: 449,086,551 Ordinary Shares of €0.01 each
Indicate by check mark if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act    Yes  x    No  o
If this report is an annual or transition report, indicate by check mark if the registrant is not required to file reports pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934    Yes  o    No  x
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days:    Yes  x    No  o
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T(§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).    Yes  x    No  o
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, or an emerging growth company. See definition of "large accelerated filer," "accelerated filer," and "emerging growth company" in Rule 12b-2 of the Exchange Act.

Large accelerated filer
x
Accelerated filer
o
Non-accelerated filer
o
Emerging growth company
☐

If an emerging growth company that prepares its financial statements in accordance with U.S. GAAP, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards† provided pursuant to Section 13(a) of the Exchange Act. o

Indicate by check mark whether the registrant has filed a report on and attestation to its management’s assessment of the effectiveness of its internal control over financial reporting under Section 404(b) of the Sarbanes-Oxley Act (15 U.S.C. 7262(b)) by the registered public accounting firm that prepared or issued its audit report. Yes  ☒    No  o
If securities are registered pursuant to Section 12(b) of the Act, indicate by check mark whether the financial statements of the registrant included in the filing reflect the correction of an error to previously issued financial statements. o

Indicate by check mark whether any of those error corrections are restatements that required a recovery analysis of incentive-based compensation received by any of the registrant’s executive officers during the relevant recovery period pursuant to §240.10D-1(b). o



Indicate by check mark which basis of accounting the registrant has used to prepare the financial statements included in this filing.
U.S. GAAP
o
International Financial Reporting Standards as issued by the International Accounting Standards Board
xOther
o
If “Other” has been checked to the previous question indicate by check mark which financial statement item the registrant has elected to follow:    Item 17  o    Item 18  o
If this is an annual report, indicated by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).    Yes  o    No  ☒


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ANNUAL
REPORT AND
FORM 20-F
2025
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A global business
with a local footprint
Whether it’s a global icon like Coca-Cola or
Monster, or a regional favourite, our great
drinks are made by people locally for local
consumers. This unique footprint gives us a
deep understanding of our markets,
customers and communities and is the
foundation of our success.
Find out how we make, move and sell our drinks and
support our communities locally. Scan the QR code
to read the report in full.
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www.cocacolaep.com/investors/financial-reports-and-
results/latest-annual-report/
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Strategic
Report
Governance and
Directors’ Report
Financial
Statements
Sustainability
Statement
Other
Information
Coca-Cola Europacific Partners plc
2025 Annual Report and Form 20-F
1
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In this year’s report
Who we are
Our performance indicators
Chairman’s letter
CEO’s letter
Our operations
Our business model
Our market drivers
Our strategy
– Great brands
– Great people
– Great execution
– Done sustainably
Stakeholder engagement
Section 172(1) statement from the Directors
Principal risks
Viability statement
Non-financial and sustainability information statement
UK Listing Rule 6.6.6R(8) – TCFD compliance statement
Business and financial review
Throughout the report look out for these:
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Reference to ESRS-linked disclosure standard number
throughout the report.
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Reference to other pages within the report.
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Reference to ESRS-linked disclosure located outside the
sustainability statement and incorporated by reference
consistent with ESRS standards throughout the report.
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Reference to sustainability information within the report.
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Reference to web link.
Chairman’s introduction
Board of Directors
Directors’ biographies
Senior management team
Corporate governance report
Nomination Committee report
Audit Committee report
ESG Committee report
Statement from the Remuneration Committee Chairman
Overview of remuneration policy
Remuneration policy
Remuneration at a glance
Annual report on remuneration
Directors’ report
Directors’ responsibility statement
Financial Statements
126
Independent auditor’s report
Consolidated financial statements
Notes to the consolidated financial statements
209
Company financial statements
213
Notes to the Company financial statements
Sustainability Statement
General disclosures
Environment
Social
Policies and procedures
Key performance data related to ESRS material topics
Other entity specific metrics
Sustainability metrics methodology
Incorporation by reference
ESRS 2 – Appendix A
ESRS 2 – Appendix B
Risk factors
Other Group information
Form 20-F table of cross references
Exhibits
Signatures
Glossary
Useful addresses
Forward-looking statements
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Strategic
Report
Governance and
Directors’ Report
Financial
Statements
Sustainability
Statement
Other
Information
Coca-Cola Europacific Partners plc
2025 Annual Report and Form 20-F
2
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Who we are
Making, moving and selling
the world’s most loved drinks
Coca-Cola Europacific Partners is one of the world’s leading
consumer goods companies. We refresh our consumers and
customers, and make a difference.
We’re a leader in a robust and resilient category. With a
drink and pack for every taste and occasion, we refresh
600 million consumers locally across 31 markets. We
create value for 4 million customers while delivering
sustainable growth for our shareholders. Our success is
built on great brands, great people and great execution –
all done sustainably.
Our 39,000 colleagues are united by a winning culture
that is based on being customer and consumer focused,
curious and caring, empowering and passionate
for growth.
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Read more about who we are online at:
www.cocacolaep.com/who-we-are/
What we do
Make, move and sell the world’s most loved drinks
Our strategy
Everything we do is built on:
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GREAT
BRANDS
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GREAT
PEOPLE
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Read more
on pages 12–15
Read more
on pages 16–19
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GREAT
EXECUTION
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DONE
SUSTAINABLY
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Read more
on pages 20–23
Read more
on pages 24–27
We are CCEP
Customer and
consumer focused
Curious
and caring
Empowering
Passionate
for growth
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Strategic
Report
Governance and
Directors’ Report
Financial
Statements
Sustainability
Statement
Other
Information
Coca-Cola Europacific Partners plc
2025 Annual Report and Form 20-F
3
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Our performance indicators
Reported
revenue♦
Reported
operating
profit
Reported
diluted earnings
per share (EPS)
Net cash flows
from operating
activities
Return on
invested
capital (ROIC)
€20.9bn
€2.8bn
€4.26
€3.0bn
10.9%
Comparable
and FX neutral
revenue
Comparable
and FX neutral
operating profit
Comparable
diluted earnings
per share
Comparable
free cash
flow
Comparable
ROIC
€21.3bn
€2.9bn
€4.11
€1.8bn
11.5%
Absolute reduction in
greenhouse gas (GHG)
emissions versus 2019(C)
Percentage of primary
packaging collected
for recycling
Water replenished
as a percentage
of sales volume(D)
People supported
through our Skills for
Impact programme(E)
Total
incident rate
per 100 FTE(F)
18.9%
75.7%
105.2%
146,100
0.77
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See page 26 for more details on our sustainability strategy and pages 253–257 for comparative year
information
ESRS 2 40b
ESRS
Reported revenue increased by 2.3%, or 2.8% on an adjusted
comparable and FX neutral basis. Volumes were broadly flat(A)
and revenue per unit case increased by 2.9%(B). Volume
remained resilient despite greater consumer focus on value,
the recent increase in sugar taxes and a weaker consumer
backdrop in Indonesia. Revenue per case growth reflected
strong mix, positive headline pricing and promotional
optimisation.
Reported operating profit increased by 31.0%, reflecting a full
year of Philippines profit in 2025, and lower business
transformation and impairment costs. On an adjusted
comparable and FX neutral basis, operating profit increased
by 7.1%, driven by top-line growth and ongoing productivity
and efficiency programmes.
Comparable volume, comparable and FX neutral revenue
and revenue per unit case, comparable and FX neutral
operating profit, comparable diluted EPS, comparable free
cash flow, ROIC and comparable ROIC are non-IFRS
performance measures. Non-IFRS adjusted comparable
financial information as if the acquisition of Coca-Cola
Beverages Philippines, Inc (CCBPI) occurred at the beginning
of 2024 for illustrative purposes only. Acquisition completed
on 23 February 2024. Prepared on a basis consistent with
CCEP IFRS accounting policies and includes acquisition
accounting adjustments for the period 1 January to
23 February 2024.
Refer to “Note regarding the presentation of adjusted
financial information and alternative performance measures”
on pages 46-47 for the definition of our non-IFRS
performance measures and pages 57-58 for a reconciliation
of reported to comparable and reported to adjusted
comparable results.
(A)On an adjusted comparable basis.
(B)On an adjusted comparable and FX neutral basis.
(C)Reduction in total value chain emissions
versus 2019.
(D)Based on the volume of water replenished
through replenishment projects versus the sales
volume of our ready to drink (RTD) litres of
finished product.
(E)Cumulative number since base year 2023.
Includes individuals looking to improve their
employability, small and medium sized
entrepreneurs, and people in communities and
in our value chain.
(F)Total incident rate is number per 100 full time
equivalent (FTE) employees.
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Strategic
Report
Governance and
Directors’ Report
Financial
Statements
Sustainability
Statement
Other
Information
Coca-Cola Europacific Partners plc
2025 Annual Report and Form 20-F
4
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Chairman’s letter
Growing together
Sol Daurella
Chairman
Engaging with our people
I want to begin by expressing my sincere thanks to
each of our 39,000 colleagues for the vital role they
play in our success. Their commitment and energy make
Coca‑Cola Europacific Partners (CCEP) what it is.
Alongside our Board of Directors, I had the privilege of
visiting a number of markets through tours and customer
engagements in 2025, particularly in our Australia, Pacific and
South East Asia (APS) region. These visits offer the chance to
see first hand how we are growing in this dynamic part of
the world. I was fortunate to visit Manila for our Capital Markets
Event in May, where we shared our growth story with analysts
and investors from around the world. It was inspiring to see
the energy and potential of this vibrant market and celebrate
one year since the Philippines joined the CCEP family.
In GB, the Board came together for an employee townhall,
a great opportunity to connect with colleagues and answer
their questions.
Townhalls like these tie directly to our broader focus on
building an inclusive, supportive culture. As we often say, at
CCEP people join for the brands and stay for the people.
Our diversity is one of our greatest strengths, enabling us to
better reflect, understand, and serve our customers and
communities. I was pleased to see record participation in
our Inclusion Pulse Survey in 2025, including from our
frontline teams. The feedback confirmed that our people
feel respected, valued, and that they belong – and it will
help us create an even stronger workplace environment.
We were also proud to achieve Top Employers Institute
accreditation in more markets than ever before.
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Further examples of Board engagement with local
stakeholders across our markets can be found
on pages 28–29 and 83
We continue to invest in our people, whether through
the rollout of our enhanced Employee Assistance
Programme or by accelerating AI-powered learning and
development.
These initiatives are helping us create opportunities for
growth and build skills for the future.
A local business
At CCEP, we combine the strength and scale of a multi-
national company with the expertise and passion of a local
business. And this, our local heritage, is something that is very
close to my heart. The “Bosses” campaign in GB – which
showcased convenience store owners – was a great example
of how we celebrate our local roots, and our close partnership
with The Coca-Cola Company (TCCC). This is why we also seek
to make a lasting, positive contribution to communities across
CCEP’s markets, through local programmes such as GIRA
Mujeres and GIRA Jóvenes.
Growing sustainably
We remain committed to building a sustainable future.
Through CCEP Ventures, we continue to invest in innovative
solutions that support our sustainability ambitions. For a 10th
consecutive year, CCEP was included in CDP’s A-list for climate,
recognising our actions and performance to reduce GHG
emissions. And we are empowering our people to become
sustainability ambassadors through the rollout of our
Sustainability Academy.
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Strategic
Report
Governance and
Directors’ Report
Financial
Statements
Sustainability
Statement
Other
Information
Coca-Cola Europacific Partners plc
2025 Annual Report and Form 20-F
5
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Chairman’s letter continued
“As we often say, at CCEP people
join for the brands and stay for the
people. Our diversity is one of our
greatest strengths, enabling us to
better reflect, understand, and
serve our customers and
communities.”
As always, I want to recognise Damian Gammell and our
Executive Leadership Team (ELT) for steering the business
through another solid year.
This year, we announced several changes to our Executive
Leadership Team. I would like to thank Peter Brickley,
Peter West and Clare Wardle for their outstanding
contributions and wish them well in their retirement.
At the same time, I am delighted to welcome Francesca
Faure, Gareth McGeown and Svetlana Walker to the ELT,
and I look forward to working closely with them as we
continue to build on our success.
2026 will mark 10 years since the creation of Coca-Cola
European Partners. I am incredibly proud of how far we
have come – with more employees, operating in more
markets, and delivering more value than ever before.
This gives me great confidence in our future, and I look
forward to what we will achieve together in the year ahead.
Sol Daurella
Chairman
Empowering people in Spain
I am deeply proud of the impact of our GIRA programmes,
which reflect our commitment to creating opportunities
and supporting local communities.
GIRA Jóvenes helps young people build skills for the future.
In 2025, our 13th edition reached approximately 700
participants from 23 localities, including more than 300
from rural areas. The creativity and dedication shown at
the final event in Madrid was truly inspiring.
23
localities reached via GIRA
Jóvenes
>800
female entrepreneurs participated in GIRA
Mujeres
Just as GIRA Jóvenes equips young people with skills for
the future, GIRA Mujeres is helping women shape their own.
It empowers women to start or transform their businesses.
In 2025, over 800 female entrepreneurs took part and in
November, I joined the gala for the 9th edition, where 10
entrepreneurs presented their projects with passion and
purpose. Congratulations to the four winners who received
seed funding to bring their ideas to life.
These programmes show how, together, we can create real
opportunities and make a lasting difference.
9th
edition of the GIRA Mujeres programme
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Report
Governance and
Directors’ Report
Financial
Statements
Sustainability
Statement
Other
Information
Coca-Cola Europacific Partners plc
2025 Annual Report and Form 20-F
6
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CEO’s letter
A global business
with a local footprint
Damian
Gammell
CEO
2025 overview
2025 was a strong year for CCEP, marked by continued
progress and momentum across the business. I am proud
of the passion and commitment our teams have shown –
delivering results today while building for tomorrow.
Our focus remains clear: driving profitable growth through
a customer and consumer led approach, powered by
technology, innovation and investment. This is underpinned
by our long-term strategy: great brands, great people and
great execution, done sustainably.
In March, we joined the FTSE 100 Index, an important
milestone that reflects the size, scale and strength of
our business, and makes us accessible to more investors.
With a balanced footprint across 31 markets, spanning
developed and emerging economies, we are well positioned
for future growth.
Partnerships and people
Our strong partnerships with TCCC, Monster Energy
Corporation (MEC or Monster) and other brand owners
remain central to our success. Together, we are building a
portfolio that meets evolving consumer needs.
Our success is driven by our people – bringing energy,
commitment, and passion to CCEP every day. To support them,
we continue to invest in capability building across commercial,
customer service, supply chain, leadership and AI.
Great brands
We are privileged to make, move and sell some of the
world’s most loved brands, and we continue to grow by
giving consumers more of what they want.
Our core range maintained good momentum, delivering
exciting new flavours and high‑impact campaigns.
Fuze Tea continues to demonstrate the power of localised
flavour innovation. In energy, Monster remains a key growth
driver, supported by new launches, the Lando Norris
partnership, and enduring success of core variants.
Our alcohol ready to drink (ARTD) portfolio is also scaling
fast, with great partnerships and new flavour launches,
supported by activations that spark consumer curiosity.
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Strategic
Report
Governance and
Directors’ Report
Financial
Statements
Sustainability
Statement
Other
Information
Coca-Cola Europacific Partners plc
2025 Annual Report and Form 20-F
7
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CEO’s letter continued
Great execution
We are passionate about best in class execution. We grow
with customers across all channels locally through our
11,900 strong commercial team, high performing customer
service and supply chain, and smart use of data, analytics
and technology. Seasonal activations further strengthen
our position as a leading beverage partner.
In 2025, we were the number one value creator, delivering
more revenue growth for retail customers than fast moving
consumer goods (FMCG) peers in Europe(A) – reflecting our
commitment to shared success. We were also recognised
as a top supplier in the Advantage Group Survey – with
eight markets ranked #1 or #2 in FMCG.
Coolers remain a significant growth engine. We placed over
75,000 in Europe in 2025, and are investing to expand our
fleet over the next five years.
We continue to innovate in pack formats, expanding in the
affordability pack segment to increase accessibility, and
drive more value through premiumisation, including mini-
cans, mini-PET and more returnable glass.
(A) Source: Nielsen FY 2025.
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Sustainable growth and looking ahead
2025 was a record year for CCEP across all key financial
metrics. We delivered robust top and bottom line growth,
generated strong free cash flow and again grew
shareholders’ returns.
We returned just under €2 billion to shareholders, including
€1 billion from our 2025 share buyback programme. We
have recently announced a further €1 billion share buyback
to be executed over the coming year.
We invested around €1 billion across our business –
expanding manufacturing capacity, evolving our packaging
portfolio and advancing our digital transformation through
SAP S/4HANA and our new Integrated Shared Services
(ISS) centre in Manila.
“As we look ahead to 2026 and
beyond, our ambition is clear:
to lead with purpose, powered
by exceptional people, iconic
brands and a strategy built for
long-term success.”
With bold innovation, great execution and continued
investment in sustainability and technology, we are
building a business fit for the future.
Damian Gammell
CEO
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Strategic
Report
Governance and
Directors’ Report
Financial
Statements
Sustainability
Statement
Other
Information
Coca-Cola Europacific Partners plc
2025 Annual Report and Form 20-F
8
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Our operations♦
ESRS 2 SBM-1
ESRS
A global business
with a local heritage
and future
We combine the strength of a multinational
business with expert local knowledge of the
customers we serve, the consumers we refresh,
and the communities we support.
We have 85 production facilities across our
31 markets, each employing people from the local
area. Every year, we invest significantly in these sites
to deliver the drinks our consumers want in the most
efficient and sustainable way. These investments
not only make us a major local employer, but also
a significant contributor to local economies.
Since the Coca-Cola Amatil acquisition in 2021 and the
addition of Coca-Cola Beverages Philippines Inc. in
2024, we’ve become a larger, more diverse business
with greater reach and scale. We now operate
across more markets and serve a wider variety of
customers. This creates more opportunities to share
best practices in customer service and execution.
Our consumer reach has doubled, and we now serve
4 million customers. The diversity of our markets
is a key driver of CCEP’s continued growth.
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We operate one Integrated Shared Services (ISS) organisation
with our team located in Bulgaria (Sofia and Varna), in Indonesia
(Jakarta) and the Philippines (Manila). We do not manufacture or
distribute products in Bulgaria.
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Read more about our local
business model online at:
www.cocacolaep.com/news-and-
stories/a-global-business-with-
local-heritage/
Modernising Grigny
Bottles collected
Smart coolers
€146m
39m
201
invested in storage capacity, optimising
manufacturing processes, modernising
infrastructure and carbon reduction
bottles collected by CCEP Papua New Guinea
through its PET plastic bottle collection
programme
new AI-powered smart coolers installed in
2025 in Australia following a successful trial at
Sydney Airport
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Strategic
Report
Governance and
Directors’ Report
Financial
Statements
Sustainability
Statement
Other
Information
Coca-Cola Europacific Partners plc
2025 Annual Report and Form 20-F
9
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Our business model♦
Driving growth and shared value
ESRS 2 SBM-1
ESRS
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Read more in Our strategy
on page 11
1. PARTNER
We operate under bottler agreements with
TCCC and other franchisors. We purchase
concentrates and syrups to make, distribute and
sell beverages to customers and
vending partners.
Our partnerships combine global brand strength
with local execution. We use data and insights
to identify customer and consumer trends that
shape our portfolio strategy. Governance
frameworks help us manage strategic alignment,
risk and evolving consumer expectations.
2. SOURCE
We source ingredients like water, sugar, coffee
and juices – locally where possible – to make our
drinks. We also use glass, aluminium, PET, pulp
and paper for packaging.
In 2025, 86% of our supplier spend supported
local economies. We work with responsible
suppliers to reduce emissions and improve
sustainability.
Sourcing decisions reflect consumer insight,
ethical standards and long-term risk management.
We prioritise resilience and transparency across
our supply chain.
3. MAKE
Our facilities produce the drinks consumers love.
In Europe, over 90% are made in the country where
they are consumed, supporting local jobs and
communities.
We invest in automation, digitalisation and
low-carbon technologies and innovate to improve
efficiency and sustainability.
We adapt to changing consumer needs and
regulatory expectations. We use consumer
insight to tailor our portfolio. We offer low and no
calorie options, sustainable packaging and
convenient formats.
Strong governance ensures accountability
and supports continuous improvement.
6. RECYCLE
99.8% of our bottles and cans are recyclable but
don’t always end up being recycled. We work with
partners to increase collection and lead progress
towards a circular economy.
Our sustainability targets are embedded in our
strategy and regularly reviewed by our Board
of Directors.
5. SELL
Our 11,900 strong commercial team serves diverse
customers – from local shops to global retailers,
restaurants and stadiums – so consumers can
enjoy our drinks.
Our drinks are available in a wide range of packs
and pack sizes to suit every occasion and budget.
We build long-term customer partnerships.
Our teams are empowered to act locally and
respond quickly to market changes.
4. DISTRIBUTE
We deliver products directly and through logistics
partners so consumers can buy the drinks they
want, when and where they want them.
We optimise our network for speed, flexibility
and sustainability and invest to continue to
meet the needs of customers and consumers.
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Strategic
Report
Governance and
Directors’ Report
Financial
Statements
Sustainability
Statement
Other
Information
Coca-Cola Europacific Partners plc
2025 Annual Report and Form 20-F
10
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Our market drivers
Winning, adapting, thriving
Our growth is powered by a deep understanding of the forces shaping our markets. Our response to these
drivers forms a key part of our strategy and our operating model is built to adapt to macroeconomic shifts and
evolving market dynamics. All underpinned by a clear, focused strategy.
Consumer trends
Consumers are increasingly seeking healthier,
flavourful and convenient beverage experiences. Our
portfolio continues to meet these evolving needs with
greater choice across categories.
ARTD is the fastest growing alcohol segment(A), offering
variety, great taste and convenience. With strong brands
and partnerships, we are well positioned to lead.
As immediate consumption occasions continue to
grow, we are responding with the right pack formats,
availability and visibility, ensuring we meet consumers
wherever they are.
Health and wellness remain top priorities, driving
rising demand for low or no calorie drink options
and functional beverages. This is reflected in the
momentum behind brands like Powerade, and in our
Monster portfolio, which continues to evolve with
new zero sugar variants and flavour innovations.
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Read more in Our strategy on page 11
Consumers opting
for low or no
calorie options in
2025(B)
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47.6%
(A) Global Data Top Trends in Alcoholic Beverages 2025 | March 2025.
(B) Data includes the Philippines.
(C) Source: Nielsen FY 2025.
Sustainability focus
Sustainability is core to how we make, move, and sell our
drinks and how we care for our people and communities.
It has been built into how we do business for more than
a decade, and that approach helps us navigate a
changing world.
We are taking action to reduce emissions, improve water
stewardship, use recycled content in packaging and
support local communities.
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Read more about This is Forward on page 26
Macroeconomic factors
We continue to navigate a complex macroeconomic
landscape marked by geopolitical volatility, legislative
changes, and inflationary pressures.
We execute pricing strategies that balance competitiveness
with creating value, while also delivering value for money.
The economic environment continues to affect consumer
sentiment, so we focus on price relevance – particularly in
retail. We offer diverse pack sizes and price points that
balance affordability with premium options and smarter
promotions through our extensive price pack architecture.
We are investing with strategic enhancements to
supply chain and route to market capabilities, ensuring
responsiveness to shifting demand and positioning for
long-term success.
Despite mixed conditions, we remain strong in resilient
categories, leading the way in delivering more revenue
growth for retail customers than FMCG peers in Europe(C).
Impact of technology
Digital transformation continues to reshape how we
operate, engage and grow. Online channels are scaling
fast and we are accelerating our digital capabilities to
meet demand, making it easier and more personalised
for customers to do business with us. These channels
are also driving revenue growth: in 2025, MyCCEP.com
generated around €2.38 billion for CCEP.
Data, analytics and AI are powering productivity and
growth. We are using real time insights and AI-driven
analytics to make faster, smarter decisions; deliver
more targeted and segmented execution; and optimise
promotions and investments. This also enables us to
provide customers with a more consistent service.
Across our supply chain, investment in new production
lines, automated storage and retrieval system (ASRS)
warehousing, and connected systems is unlocking
capacity, improving efficiency and strengthening service
levels. These capabilities are supporting sustainable
growth.
Revenue generated from online
B2B platform MyCCEP.com in 2025
€2.38bn
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Strategic
Report
Governance and
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Financial
Statements
Sustainability
Statement
Other
Information
Coca-Cola Europacific Partners plc
2025 Annual Report and Form 20-F
11
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Our strategy♦
ESRS 2 SBM-1
ESRS
A clear focus
At CCEP, we win with great brands, great people and great execution. And we aim to do it sustainably, every step of the way.
By executing our proven strategy, we can meet our objectives to consistently create value for customers and shareholders, drive
consumer demand and grow brand equity - while delivering measurable impact across our communities and environmental footprint.
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GREAT
BRANDS
Our strategy centres on a diverse
portfolio of global icons like Coca-Cola,
Fanta, Sprite, and Monster, plus local
favourites. We are expanding into high
growth categories – like coffee, sports
and ARTD – offering more choice, including
low and no calorie options. Guided by
insights, we innovate with new flavours,
formats and pack sizes to balance
premiumisation with affordability.
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Read more about our great brands
on pages 12–15
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GREAT
PEOPLE
Our people are at the heart of our
success – making, moving, and selling our
products while creating lasting value for
customers and communities. We invest in
a workplace where everyone’s welcome,
can grow and is rewarded. Through
wellbeing, inclusion and development, we
build the culture and capabilities to
deliver sustainable growth.
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Read more about our great people
on pages 16–19
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GREAT
EXECUTION
Great execution underpins our strategy,
driving value for CCEP and customers.
Our world class commercial teams –
powered by data, technology, local expertise
and pervasive distribution – make our
brands visible and available anywhere,
anytime, boosting frequency, volume
and value. We strengthen customer
partnerships through tailored solutions,
impactful activations and enhanced digital
platforms, making doing business with us
easy, efficient, and effective.
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Read more about our great execution
on pages 20–23
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DONE
SUSTAINABLY
We have updated our sustainability action
plan This is Forward to reflect the evolving
landscape and the expansion of our
business, including the addition of the
Philippines.
Our long-term strategy remains
unchanged and we aim to go beyond our
2030 targets by moving faster through
innovation and collaboration.
Our strategy prioritises the areas where
we can make the biggest difference:
climate, water, packaging, and
communities.
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Read more about done sustainably
on pages 24–27
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Governance and
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Financial
Statements
Sustainability
Statement
Other
Information
Coca-Cola Europacific Partners plc
2025 Annual Report and Form 20-F
12
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Our strategy continued
GREAT
BRANDS
We make, move and sell the world’s
most loved drinks. From global icons
to local favourites, we have a drink
for every taste and occasion.
(A) Volume growth on an adjusted comparable basis.
+18.8%
Energy FY 2025 volume performance(A)
+5.3%
Coca-Cola Zero Sugar FY
2025 volume performance(A)
+4.5%
Sports FY 2025 volume
performance(A)
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Strategic
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Financial
Statements
Sustainability
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Other
Information
Coca-Cola Europacific Partners plc
2025 Annual Report and Form 20-F
13
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GREAT
BRANDS
Strategy summary
We have great brands across multiple categories, with
global icons like Coca-Cola, Sprite, Fanta and Monster.
We’re also innovating and growing in newer categories like
coffee, hydration and alcohol ready to drink.
We are bringing new products in a range of pack sizes and
formats to suit consumer needs, based on clear insights.
Across our portfolio, we offer choice, including low or
no calorie.
We want to grow our brands, and the soft drinks category
as a whole, with more people buying more of our drinks,
more often. We are doing this through:
■Working closely with our brand partners
■Delivering high quality, great tasting products
■Exploring new categories
■Using clear customer and consumer insights to
inform decisions
■Offering different pack sizes and price points to meet
diverse needs and occasions
■Driving more value through premiumisation (smaller,
premium packs, etc.)
■Giving consumers informed, genuine choice
Our success extends beyond the brands to the strong
alignment and trusted partnerships we have with our
brand owners.
We continue to actively manage our pricing and promotional
spend to remain affordable and relevant to our consumers.
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Read more about our Great execution  strategy
on page 21
Coca-Cola Zero
Sugar volume performance(A)
+5.3%
2025 highlights♦
2025 was another solid year for our brands:
■Coca-Cola Zero Sugar volumes grew +5.3%(A) driven by
Europe, and double-digit growth in Australia and the
Philippines.
■Sports volumes grew +4.5%(A) driven by growth of
Aquarius in Spain.
■Energy volumes grew +18.8%(A) supported by innovation
and distribution gains.
■In Europe, we met our 2025 targets to reduce the
average amount of sugar per litre by 10% (versus 2019)
and selling over 50% of volume in low or no calorie.
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See more on our sugar and low or no calorie 2025 progress
on page 257
(A) Volume growth on an adjusted comparable basis.
ESRS 2 SBM-1
ESRS
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Read more about our strategy in action online at:
www.cocacolaep.com/our-brands/
2026 focus areas
■Focus on accelerating sparkling in 2026.
■Elevate our execution across key selling moments
like Halloween and Christmas, and create eye-
catching retail moments during the FIFA World Cup.
■Continue to focus on our core brands, drive the
distribution of Coke flavours, and support the
growth of Diet Coke.
■Maintain Monster’s momentum with a raft of
exciting innovations.
■Continue our execution of the rainbow of Fanta
flavours, reinvigorating Fanta growth via campaigns
like Wanta Fanta.
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Strategic
Report
Governance and
Directors’ Report
Financial
Statements
Sustainability
Statement
Other
Information
Coca-Cola Europacific Partners plc
2025 Annual Report and Form 20-F
14
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ESRS 2 SBM-1
ESRS
Portfolio highlights
♦
Flavours, particularly in the Lights category, continued to
refresh consumers – and innovation
was the name of the game.
As part of the Wanta campaign, we added bold new
flavours to our Fanta Zero Sugar line-up, including Apple,
Raspberry, and limited-edition Tutti Frutti. We also added
a new limited-edition Forest Berries flavour, for Fanta’s
fearsome Halloween takeover.
As part of TCCC’s new partnership with the English
Premier League, we rolled out limited edition cans and
on-pack promotions.
We launched even more Energy innovations. Monster led
the way with a range of new flavours, including carnival-
themed Rio Punch.
We’ve expanded our ARTD portfolio, like Absolut Vodka
& Sprite Watermelon, BACARDI & Coca-Cola. RUM Co. of
Fiji launched in New Zealand.
Spain and Portugal transitioned from Nestea to Fuze Tea,
which they supported with a range of activations, and we
accelerated in the sports category.
GB went big on cherry, launching Dr Pepper Zero Sugar
Cherry Crush, a limited-edition twist on its popular zero
sugar variant. It also brought back the limited-edition
Diet Cherry Coke – the first new flavour launch from
Diet Coke in seven years.
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Read more about our brands in action online at:
www.cocacolaep.com/news-and-stories/
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Other
Information
Coca-Cola Europacific Partners plc
2025 Annual Report and Form 20-F
15
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Our strategy continued
2025 volume performance by category
Coca-Cola
Flavours
and mixers
Water, sports,
RTD tea and coffee
Other
inc. energy
-0.1%
(A)
-1.3%
(A)
+0.2%
(A)
+7.5%
(A)
(A) Volume growth on an adjusted comparable basis.
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Strategic
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Other
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Coca-Cola Europacific Partners plc
2025 Annual Report and Form 20-F
16
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Our strategy continued
GREAT
PEOPLE
At CCEP, our diverse team of 39,000
people across 31 countries brings local
expertise and global passion for making,
moving and selling our drinks, growing
together, and making a positive
difference.
41.2%
management positions held by women
137
nationalities
141
languages
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Strategic
Report
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Financial
Statements
Sustainability
Statement
Other
Information
Coca-Cola Europacific Partners plc
2025 Annual Report and Form 20-F
17
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GREAT
PEOPLE
We have a workplace that empowers our people to be
the best for our customers, today and tomorrow.
Strategy summary
■We continue to invest to make CCEP a great place
to work where everyone's welcome, can grow and
is rewarded.
■Our dedication to wellbeing, inclusion and continuous
development drives innovation, performance and
growth. When our people grow, our business grows,
creating lasting value for all stakeholders.
We all share a passion for making, moving and selling
the world’s most loved brands. We are committed to
supporting our customers, combining local expertise
with global scale to deliver quality, execution, and strong
partnerships.
Our people strategy focuses on creating an environment
where everyone can thrive. Through initiatives that prioritise
safety, foster inclusion, and build capability, we empower
colleagues to deliver for today while preparing for
tomorrow. We invest in learning and development to unlock
potential, drive performance, and enable sustainable
growth for our business, customers, and communities.
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In 2025
2,800
leaders participated in our
“Accelerate Performance 2030”
learning programme
2025 highlights
2025 saw significant investment to allow all of our people
to thrive and deliver long-term, sustainable growth:
■Through extensive global leadership programmes such
as Accelerate Performance 2030, our Great People
Manager Programme, and our commercial, customer
service and supply chain academies, we expanded
leadership and capability development across CCEP,
ensuring teams are equipped for future needs.
■New data and AI capabilities were introduced, along
with comprehensive training through our Data and AI
Learning programme, enabling people to adopt and apply
emerging technologies effectively.
■We continued to make progress on inclusion, improving
workplace accessibility and strengthening gender
balance across the organisation.
■Safety and wellbeing remained a priority, with ongoing
investment to support our people, including an
enhanced Employee Assistance Programme expanded
across all 31 countries.
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Read more about our strategy in action online at:
www.cocacolaep.com/who-we-are/our-people
2026 focus areas
■Continue to prioritise our people’s physical and
mental wellbeing by providing a safe and inclusive
work environment.
■Deepen our current and future leadership
excellence, and continue to scale adoption of our
critical commercial, customer service, supply chain
and technology capabilities.
■Embed our digital platforms to strengthen our
people’s experience and Ways of Working, and
develop further data and AI capabilities for today
and tomorrow.
■Further enhance our ISS capabilities in Bulgaria and
the Philippines.
■Strengthen our talent pipeline by attracting new
talent, particularly through our investment in early
careers.
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Strategic
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Financial
Statements
Sustainability
Statement
Other
Information
Coca-Cola Europacific Partners plc
2025 Annual Report and Form 20-F
18
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Our strategy continued
Leadership, culture and winning capabilities
■We extended our Accelerate Performance 2030 learning
programme to a further 2,800 leaders. We also
continued to roll out our award-winning Great People
Manager Programme, and almost half of our managers
have now participated globally.
■We strengthened our people’s critical commercial,
customer service and supply chain capabilities with
the continued rollout of “The Way We Sell Academy”
and “The Way We Serve Academy”.
■We simplified and strengthened the four “Ways of
Working” upon which our culture is built: customer and
consumer focused, curious and caring, empowering,
and passionate for growth.
Images: Accelerate Performance 2030, Germany, New Zealand, Indonesia and
Iberia, France, the Netherlands and Sweden.
Digital innovation
We improved the consistency and quality of our people’s
experience across our digital platforms. This included
investing in innovative functionality for our Career Hub,
such as AI-powered hiring and learning. We also enhanced
our teams’ data and AI capabilities with a global learning
programme for all colleagues.
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Read more on the latest innovation at CCEP here:
www.linkedin.com/newsletters/the-ideas-department-7338847340906143744/
Safety and wellbeing
We went further to prioritise our people’s safety and
wellbeing, meeting our goal to reduce our total incident
rate to below 1 by 2025, helped by innovative training.
We invested in an enhanced Employee Assistance
Programme to provide even better 24/7 support for
our people’s wellbeing and that of their families in all
countries.
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For more on safety see our sustainability statement
on page 246
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Image: CCEP Indonesia.
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Sustainability
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Other
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Coca-Cola Europacific Partners plc
2025 Annual Report and Form 20-F
19
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Our strategy continued
Listening
We listened to the voices of our people, including survey
feedback, and met regularly with the European Works
Council, national and local works councils, and trade unions
that represent our people across our territories.
Employer recognition
We were recognised as a top employer across many of
our markets, including by the Top Employers Institute.
Rewards
We continue to offer employees the opportunity to
own a part of our Company’s success through our
Employee Share Purchase Plan. Over 50% of colleagues
now participate.
Shared services
Our ISS team in Bulgaria and Indonesia and new centre in
the Philippines helped us better serve our people and
customers with shared knowledge and specialist skills
across our markets.
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Image: Opening of ISS in the Philippines.
Change management
We supported our people through ongoing business
transformation, including our Business Transformation
programme to standardise operational processes and
upgrade our systems. We also adopted a global change
management methodology and trained change champions.
Inclusion
We provided an inclusive work environment, achieving
an employee inclusion score of 77 in our Company wide
inclusion survey, implementing workplace accessibility
improvements at over 10 production facilities, and making
progress on gender balance. This includes progressing
toward our ambitions for at least 45% of leadership
positions to be held by women, and at least 10% of our
total workforce to be represented by people with
disabilities by 2030.
Our Global Workplace Adjustments Guidance provides
managers and colleagues with guidance on our approach to
workplace adjustments. It ensures a minimum standard of
understanding and support across CCEP.
Workforce diversity as at 31 December 2025♦
Women
Men
Gender – Total employees
39,000(A)
10,000
29,000
Gender – Leadership
(senior management
grade excluding ELT)(B)(C)
3,800
1,570
2,230
Gender – Board of Directors♦
17
5
12
29.4%
70.6%
Gender – Directors of subsidiary
companies♦
99(C)
29
70
29.3%
70.7%
Disability – Total workforce
represented by people with disabilities*
10.4%    
(A)CCEP full time, part time and temporary corporate employees.
Full time equivalent employees as at 31 December 2025.
(B)The members of the ELT and their direct reports consist of 68
women and 66 men.
(C)Directors of subsidiary companies comprising 27 women and 64 men are
also included in the workforce diversity statistic under leadership.
*Calculated based on the total number of employees responding to
our voluntary 2025 inclusion survey (representing 48% of our
workforce) and the number of employees self-declaring as having
a disability.
ESRS 2 GOV-1
ESRS
Human rights approach
Human and workplace rights are inviolable and
fundamental to our sustainability as a business across
our entire value chain.
In February 2025, our Board approved an updated Human
Rights Policy. This increased transparency on our human
rights process and procedures.
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Read our Human Rights Policy at:
www.cocacolaep.com/assets/Global/Sustainability/Human-
Rights/2025-Human-Rights-Policy.pdf
Our Supplier Guiding Principles and Principles for
Sustainable Agriculture set out the requirements
of our suppliers related to business ethics, human
and workplace rights, the environment, and providing
benefits to communities.
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Read our Supplier Guiding Principles at:
www.cocacolaep.com/assets/Global/Sustainability/Download-
centre/Headline-Commitments/Supply-Chain/Supplier-Guiding-
Principles-SGPs-v2.pdf
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Read our Principles for Sustainable Agriculture at:
www.cocacolaep.com/assets/postlaunch-legacyassets/
Principles_for_Sustainable-_Agriculture_PSA.pdf
Modern slavery
We have a zero tolerance approach to modern slavery of
any kind, including forced labour, and any form of human
trafficking within our operations, and by any company that
directly supplies or provides services to our business.
Our Modern Slavery Statement complies with the UK
Modern Slavery Act 2015 and the Australian Modern Slavery
Act 2018. It sets out the steps taken by CCEP to prevent,
identify and address modern slavery risks across our
business and supply chain, and can be viewed in full
on our website.
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Read our Modern Slavery Statement at:
www.cocacolaep.com/who-we-are/governance/
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Financial
Statements
Sustainability
Statement
Other
Information
Coca-Cola Europacific Partners plc
2025 Annual Report and Form 20-F
20
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Our strategy continued
GREAT
EXECUTION
Our ambition is clear: deliver
world class service and execution for
customers across all channels – retail,
online and away from home – powered by
data, technology, local expertise and
pervasive distribution.
(A)  Source: Nielsen, IRI, Gallup. For 2025: moved to updated exchange rates,
  Nielsen Simplification definitions, refined product and market definitions.
11,900
strong commercial team
€3.9bn
of value generated for retail customers over
the last three years(A)
1.36m
coolers across CCEP
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Sustainability
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Other
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Coca-Cola Europacific Partners plc
2025 Annual Report and Form 20-F
21
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GREAT
EXECUTION
Strategy summary
Execution is the engine of our growth strategy, driving more
penetration, volume, frequency and value. We create value
by making our brands visible, available and relevant for
consumers anytime, anywhere – leveraging data-driven
insights, advanced digital tools and outlet-specific plans
to optimise performance.
Big or small, in outlet or online – we grow with customers
through our 11,900 strong commercial team, high performing
service and supply chain, and smart use of analytics and AI.
Execution is our edge: investing in new formats, campaigns,
more coolers and partnerships to increase availability and
basket incidence, championing shared, sustainable growth.
Our strategy is anchored in the 4 MORES framework:
■More people buying – recruit new consumers through
packs, promotions, innovation and standout activation.
■More often – increase purchase frequency through
visibility, availability and occasion-led relevance.
■More volume – drive basket size with chilled availability,
event and seasonal activations and pack architecture.
■More value – balance affordability with premiumisation
to grow revenue per transaction.
This ambition is underpinned by our customer and
consumer-centric mindset, our commitment to
sustainability, and our ability to adapt to evolving consumer
behaviours across diverse markets. All supported by our
uniquely local footprint.
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Read more about Coca-Cola x Star Wars activation:
www.cocacolaep.com/news-and-stories/coca-cola-x-star-
wars/
Markets ranked
#1 or #2
8
Among FMCG suppliers in the Advantage
Group Survey with customers
2025 highlights
2025 was a year of strong execution, with high impact
campaigns and standout activations:
■Coca-Cola activations: the return of Share a Coke and
the Coca-Cola x Star Wars collaboration with Disney saw
eye-catching packs, displays and digital engagement
that boosted visibility.
■Perfect partner: our Coke with meals activations
reinforced Coca-Cola as the perfect pairing for dining
occasions, supported by menu integration, signage
and targeted promotions.
■Iconic Christmas activation: festive packaging and in
store theatre created seasonal excitement, reinforcing
Coca-Cola’s role in holiday celebrations at home.
■Fanta Halloween takeover: Fanta’s partnership with
Universal Pictures and Blumhouse brought iconic horror
characters to life. Limited edition packs, flavours and
spooky in store activations drove collectability and
visibility and helped boost sales.
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Read more about our strategy in action online at:
www.cocacolaep.com/who-we-are/what-we-do/
2026 focus areas
■Accelerate investment in execution capabilities and
build on strong 2025 foundations.
■Bring Coca-Cola and Powerade to the world stage
during the FIFA World Cup, including leveraging new
brand ambassadors and enhanced by localised
activations.
■Invest in next generation energy efficient coolers and
expand Coke and Go vending innovation for growth.
■Continue supply chain investments with new
production lines and infrastructure to support
demand and growing categories, like sports and tea.
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Strategic
Report
Governance and
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Financial
Statements
Sustainability
Statement
Other
Information
Coca-Cola Europacific Partners plc
2025 Annual Report and Form 20-F
22
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Our strategy continued
Retail value creation
Our ability to combine category leadership with tailored
activation has delivered measurable impact for our customers.
We generated €3.9 billion of value for our retail customers
over the last three years(A), and delivered more revenue growth
for them in 2025 than FMCG peers in Europe(B).
Unlocking value with technology and AI
Our sales force representatives were empowered with
AI‑driven tools such as KAM360, which brings together all
the essential resources and information they need to work
more easily and effectively. These tools help our teams
plan more accurately, partner more closely with customers
and make smarter investment decisions. We also piloted
Up We Go, a new eB2B platform in Spain to simplify ordering
and strengthen distributor relationships.
Cooler investment
We made over 75,000 cooler placements in Europe in 2025,
strengthening our share of cold drink space and driving
greater availability of our brands across the outlet universe.
By accelerating cooler placements and supporting
customers with activations that will grow revenue,
we helped drive impulse purchases, particularly in away
from home channels.
Revenue Margin Growth Management (RMGM)
Our best in class RMGM capabilities helped deliver strong
revenue per unit case growth through pricing, promotional
optimisation and pack mix strategies. We balanced
affordability with premiumisation, ensuring value for
consumers while protecting margins and driving value
for customers.
Digital acceleration
We enhanced functionality on MyCCEP.com, now serving
around 280,000 registered customers. Our customer portal
closed the year delivering €2.38 billion of CCEP’s revenue.
We also launched our new MyCCEP app making it even
easier to do business with us.
280,000
registered customers on MyCCEP.com
(A) Source: Nielsen, IRI, Gallup. For 2025: moved to updated exchange rates,
Nielsen Simplification definitions, refined product and market definitions.
(B) Source: Nielsen FY2025.
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2025 Annual Report and Form 20-F
23
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Our strategy continued
Away from home execution
Volumes grew in away from home. We are helping to drive
traffic for customers by investing in occasion-based
communications on social media. We delivered targeted
activations to maximise visibility at key consumption
occasions, like impactful point of sale materials, enhanced
cooler placements and tailored promotions. This approach
ensures our brands are front and centre where consumers
seek refreshment.
Customer wins
We secured and extended strategic partnerships, including
Dutch football giant Feyenoord, The Moment Group
restaurants in the Philippines, and Taco Bell in Sweden.
Fuller’s and Jet2.com joined our customer portfolio in
Great Britain, and our brands also returned to Costco
food courts across multiple markets. These partnerships
reinforce our ability to win with key accounts and deliver
joint growth plans.
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Read more about our customer partnerships here:
www.cocacolaep.com/news-and-stories/game-changing-refreshment-raising-
the-bar-with-sporting-successes/
We earned strong recognition from our customers. In 2025,
we achieved our best-ever results in the Advantage Group
Survey – eight of our markets ranked in the top tier (#1 or
#2) among FMCG suppliers. This reflects the strength of our
partnerships, our responsiveness and our commitment to
creating value for customers through execution excellence.
Customer-centric and uniquely local
Our uniquely local footprint keeps us close to customers
and consumers in all of our markets. With deep local
expertise, we tailor our activation outlet by outlet, building
strong partnerships through joint business planning, agile
execution and data-led insights. Working together with
our customers, we deliver great service, driving shared,
long-term sustainable growth and value locally.
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Read more online at:
www.cocacolaep.com/news-and-stories/a-global-business-with-local-
heritage/
Catering for growing demand locally
Our “make it where we sell it” approach helps us meet
rising demand for our drinks and adapt quickly to local
preferences. In 2025, we continued to strengthen our
manufacturing network, investing in capacity and efficiency
across our markets. We broke ground on a new production
facility in the Philippines, and opened a new can line in
Australia to support Monster’s growth. Aseptic lines in
Europe are underway to help accelerate sports and tea
categories.
We are extremely proud of our local heritage. We launched
a number of campaigns across our markets in 2025,
celebrating the people behind every bottle we make, and
showcasing our local business model.
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Read more about our investments on our website:
www.cocacolaep.com/news-and-stories/investing-for-sustainable-
growth-cceps-1-billion-commitment-to-future-ready-operations/
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Other
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Coca-Cola Europacific Partners plc
2025 Annual Report and Form 20-F
24
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Our strategy continued
DONE
SUSTAINABLY
Sustainability is core to how we make,
move and sell our drinks, and how we
care for our people and communities.
We are focused on action that
will drive the greatest impact
and deliver the progress our
stakeholders expect, as set out in our
sustainability statement.
45.9%
of PET is recycled PET (rPET)
56.0%
of water replenished at
our high risk locations (HRLs)
84.1%
of electricity we consumed came
from renewable sources
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Strategic
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Other
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Coca-Cola Europacific Partners plc
2025 Annual Report and Form 20-F
25
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Our strategy continued
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DONE
SUSTAINABLY
Our ambition
Our sustainability action plan This is Forward sits at the
heart of our business strategy. It sets out the actions we
are taking on four priority areas: Climate, Packaging, Water
and nature, and Communities.
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Read more about our This is Forward strategy
on page 26
146,100
We have provided skills development
opportunities for 146,100 people since 2023
2025 highlights
■We finalised work to update This is Forward, CCEP’s
sustainability action plan, to include the Philippines.
■We updated our existing Science Based Targets initiative
(SBTi)-approved short- and long-term GHG emissions
targets to include emissions from the Philippines and
Forest, Land and Agriculture (FLAG). These targets are
currently awaiting validation from the SBTi.
■We supported the Business Coalition for a Global
Plastics Treaty during the latest round of international
negotiations.
■In collaboration with TCCC and The Coca-Cola
Foundation we have returned 23.6 million m3 of water
to nature through 63 water replenishment projects.
■We supported more than 60 skills development
programmes.
■We continued to invest in climate innovation – from direct
air capture at production facilities to AI-based technology
that could help to lower the carbon footprint of our
ingredients.
■We signed a sustainability-linked business plan, the first
of its kind, with multinational retailer Carrefour in France.
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Read more about our strategy in action online at:
www.cocacolaep.com/sustainability
2026 focus areas
■Deliver progress on our 2030 roadmaps covering
our four priority areas: Climate, Packaging, Water
and nature, and Communities.
■Continue to work on our climate accelerator work
groups – action areas across our value chain that
will drive the greatest impact on decarbonisation.
■Continue to drive water replenishment projects
in HRLs across our markets.
■Support the implementation of deposit return
schemes in Portugal, set to launch in 2026, and
Great Britain, set to launch in 2027, to increase
packaging collection rates.
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Other
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2025 Annual Report and Form 20-F
26
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Our strategy continued
This is Forward –
our sustainability
action plan♦
As our business grows - most recently with the addition
of the Philippines - and the external landscape
continues to evolve, we have updated our sustainability
action plan This is Forward to focus on the social and
environmental issues which matter most to our
stakeholders and where we can make the biggest
difference across all our markets.
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Our long-term strategy remains unchanged and we aim
to go beyond our 2030 targets by moving faster through
innovation and collaboration. We aim to reach Net Zero
emissions (Scope 1, 2 and 3) by 2040. Our updated plan
strengthens our focus, improves operational alignment
across a larger, more complex business and reinforces our
commitment to sustainable long-term growth.
It is now focused on six 2030 targets and covers our
entire business footprint. Each target is supported by
a comprehensive 2030 roadmap that is ambitious and
focused on delivery, together with strengthened
governance and enhanced accountability.
Partnerships remain central to our ability to deliver. Working
with suppliers, customers, policymakers and communities will
enable us to respond to shared challenges at scale.
■In 2025, we updated CCEP’s existing SBTi-approved
short- and long-term GHG emissions targets to include
emissions from the Philippines and FLAG. These updated
targets are currently awaiting validation from the SBTi.
■Our collection target now reflects the progress we
anticipate making with collection partners across our
markets, including the Philippines, and the complexities
and challenges we face on collection and recycling.
■Our rPET target now reflects the significant change we
anticipate over the next five years related to the
challenges we face in availability, access, and the high
cost of rPET.
■Our updated water targets now have an additional focus
on our 18 production facilities which are classified as
HRLs. This aligns with TCCC’s focus on 200+ HRLs across
the Coca‑Cola system.
Pillar
Strategic priorities
Our targets
Climate
■Reduce emissions across our operations
■Reduce emissions across our value chain
GHG emissions reduction: by 2030 reduce absolute GHG
emissions (Scope 1, 2 and 3) by 30% versus 2019
Water and
nature
■Best in class water stewardship
■Enhance water security at high risk
locations
■Return water to nature via community-
based replenish initiatives
High risk locations: by 2030 return at least 85% of the total
water we use at high risk locations, at an aggregate level, to
nature and communities (100% by 2035)
Water replenish: by 2030 return at least 100% of the water
we use in our finished drinks, at an aggregate level, to nature
and communities
Packaging
■Increase packaging collection
■Recycled content in our packaging
■Recyclability and refillable & dispensed
Collection: by 2030 collect and recycle the equivalent of at
least 85% of the bottles and cans we sell
Recycled plastic: by 2030 at least 30% of the PET we use to
make plastic bottles will be recycled PET
Communities
■Skills for impact
■Grassroots community support
■Employee volunteering
Skills development: by 2030 provide skills development
opportunities for at least 500,000 people, delivered through
our programmes and partnerships
For more information on these targets and what has changed, see our methodology on pages 258–276.
ESRS 2 MDR-T | ESRS 2 SBM-1
ESRS
■Our communities target has been expanded to reflect
the scale of our programmes and partnerships which
support skills for work and employment, for communities
and for business.
Our targets related to supplier engagement, renewable
electricity, water efficiency, recyclability and supply chain
remain key enablers of our climate, water and packaging
targets. While they have been removed from This is Forward,
we will continue to manage, track and report progress on an
annual basis.
Targets related to sugar reduction and low and no calorie
drinks have either expired or become a core part of our
business strategy. We report progress against these
targets on page 257.
Our gender diversity targets continue to be a core part
of our Great People strategy, alongside our broader
inclusion and people strategy and work on disability
representation. Read more on pages 16–19.
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An update on our 2025 progress against all of our previous
This is Forward targets can be found on pages 253–259
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Other
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2025 Annual Report and Form 20-F
27
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Our strategy continued
Climate change
We have a role to play in addressing climate change,
and are committed to reducing emissions across our
business in line with climate science and the goals of
the Paris Climate Agreement. We aim to reach Net Zero
emissions (Scope 1, 2 and 3) by 2040. This includes our
2030 target to reduce absolute GHG emissions (Scope
1, 2 and 3) by 30% versus 2019.♦
We take our responsibility seriously. We have identified and
are investing in the key levers that will help us decarbonise
our business and our value chain, in line with our 2030
emissions reduction target. We are focused on the
following priorities:
■Reducing emissions across our own operations
■Reducing emissions across our value chain
■Supplier engagement to reduce Scope 3 emissions
■Investing in low-carbon solutions through CCEP Ventures
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For more sustainability information see our sustainability
statement on pages 221–287
Packaging
Waste and pollution, particularly from plastic
packaging, are significant global challenges. That is
why we are working to reduce the impact of our
packaging, reduce waste and GHG emissions.
In the long term we aim to go beyond our 2030 targets,
working to achieve higher collection and recycling rates for
our bottles and cans and replacing oil-based virgin plastic
with recycled plastic. Our packaging strategy is built around
four key priorities:
■Increase packaging collection
■Recycled content in our packaging
■Recyclability and removing unnecessary packaging
■Refillable and dispensed solutions
Water
Water is vital to our business and is the main ingredient
in our products. It is an essential part of our
manufacturing processes and the agricultural
ingredients we use.
We are taking action to protect the water sources we
depend upon, focusing on achieving best in class water
stewardship at our own operations, and by returning it
safely to nature and communities. Over the long term,
we aim to go beyond our 2030 targets, working to
achieve water security across our value chain, guided
by three priorities:
■Best in class water stewardship
■Enhancing water security at HRLs
■Returning water to nature via community-based
replenishment initiatives
ESRS E1-1
ESRS
Communities
We are committed to having a positive impact by
supporting economic mobility and building resilience in
our local communities. Within our own operations and
across our value chain we create positive
socioeconomic impacts through direct and indirect
employment opportunities.
We act as a local business in every market we serve,
committed to helping communities grow stronger. We build
partnerships that support economic growth, long-term
resilience and give back to our local communities. We aim to
go beyond our 2030 target and are working to strengthen
and support our local communities across three priority
areas:
■Skills for impact
■Grassroots community support
■Employee volunteering
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Read more about our strategy in action online at:
www.cocacolaep.com/sustainability/
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Stakeholder engagement♦
As a global business operating locally, each of our
markets has its own distinct identity. Ensuring that the
voices of local stakeholders inform Board decision
making is a key priority. Our leadership teams maintain
ongoing engagement with stakeholders across our
territories and the Board receives regular updates on this
throughout the year (see the sustainability statement on
pages 221–250).
Where possible, the Board also meets stakeholders
directly in our markets to gain first hand insights. Set
out below are our key stakeholder groups, together with
examples of Board engagement during the year.
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Our shareholders
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Our communities
provide the equity capital
for our business and hold
management to account
are where we operate
and where our employees
live and work
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Our franchisors
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Our people
generally give us exclusive
rights to make, sell and
distribute beverages in
approved packaging
in specified territories
are our greatest strength.
Our success depends on
those who make, move
and sell our products to
customers every day
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Our consumers
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Our customers
drink the products we
make, sell and distribute
sell our products
to consumers
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Our suppliers(A)
provide a wide range of
commodities and services
from ingredients, packaging,
utilities and equipment, to
facilities management, fleet,
logistics and information
technology
(A)Although the Board did not regularly directly engage with suppliers during the year, the
broader engagement activities undertaken by the Board, together with management‑led
activities and operational reporting across the business, enabled the Board to gain
meaningful insights into CCEP’s supply chain and the impacts on our suppliers.
Melbourne, Australia
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Board attendees – full Board
Engagement
The Board met in Melbourne and received comprehensive
briefings from local leadership teams on the market
landscape, performance, and strategy across Australia,
New Zealand, the Pacific Islands, Indonesia and the
Philippines. Engagement activities included visits to key
customer venues and a Q&A session with a major retail
partner, providing insight into customer priorities and
partnership dynamics.
As part of the market tours, the Board visited a range of
customers, including retail outlets, supermarkets, and food
service venues, where members met frontline employees
and customers to observe consumer trends and local
execution.
Outcomes of engagement
The visit strengthened the Board’s understanding of the
operating environment and customer priorities across
the region. Engagement with leadership, customers and
frontline colleagues provided insights on execution,
partnerships and local brand relevance. These insights
supported the Board’s understanding of market
performance and commercial strategy in the region. CCEP
has since entered into a multi-year agreement with Bacardi
Martini in Australia.
ESRS 2 SBM-2 | S1 SBM-2
ESRS
Manila, the Philippines
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Board attendees – Chairman and CEO
Engagement
CCEP hosted a capital markets event in Manila attended
by analysts and investors, featuring presentations from the
Chairman, the CEO, the CFO, senior management and local
leadership teams from the Philippines and Indonesia. TCCC
also contributed insights on local brands and marketing
plans.
The visit included a tour of the Canlubang plant, one of
CCEP’s largest production facilities, providing visibility
into operational scale and capability, as well as visits to
sari-sari stores, a cornerstone of traditional trade in the
Philippines, to observe customer interactions and route to
market execution.
Outcomes of engagement
The insights shared by the Chairman and CEO with the
Board highlighted the strategic importance and growth
potential of the Philippines and Indonesia. Observations
from the site tour demonstrated the scale and capability of
local manufacturing. while customer visits enhanced
understanding of traditional trade dynamics and consumer
behaviour. This strengthened the Board’s oversight of
capital allocation, route to market strategy and long‑term
investment decisions in the region, and supported the
Board’s subsequent approval in July 2025 of capital
expenditure for a new greenfield site in the Philippines.
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Stakeholder engagement continued♦
Wakefield, Great Britain
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Board attendees – Robert Appleby and Mary Harris
Engagement
As part of welcoming Robert Appleby to CCEP, he,
Mary Harris and GB General Manager Stephen Moorhouse
visited CCEP’s Wakefield production facility, one of Europe’s
largest soft drinks facilities. The visit provided an
opportunity to meet colleagues across production and
supply chain and gain insight into the site’s operational
capabilities and its role in supporting GB operations and
delivering on growth and sustainability ambitions.
Outcomes of engagement
The visit supported the onboarding of Robert Appleby
by providing exposure to the GB business. The visit also
provided insight into operational performance, supply chain
resilience and local sustainability initiatives. Engagement
with colleagues on site helped the Board’s understanding
of capacity planning and continuous improvement priorities.
Uxbridge, Great Britain
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Board attendees – full Board
Engagement
The Board received a comprehensive overview of the
GB business from the GB General Manager, covering market
landscape, performance and the long range business plan.
The visit also included an employee townhall with around
70 colleagues, providing an opportunity for meaningful
engagement and open dialogue through a Q&A session.
Outcomes of engagement
The session provided the Board with direct insight into local
business challenges and priorities and the people
capabilities necessary to deliver them. The townhall gave
the Board an oversight of colleagues’ perspectives, their
priorities and the culture in GB. Overall, these insights
supported Board discussions on execution priorities and
workforce considerations within strategic planning.
ESRS 2 SBM-2 | S1 SBM-2
ESRS
Surrey, Great Britain
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Board attendees – full Board
Engagement
The Board convened for its annual strategy meeting,
focusing on long-term priorities including the FMCG and
bottling landscape, wider economic conditions in key
markets, technology and AI, ESG, and market deep-dives.
This was supported by external experts, a supplier and
senior representatives from franchise partners.
Outcomes of engagement
The meeting strengthened Board alignment on long-term
strategic direction, market positioning and capability
requirements. External speakers and franchisor insights
informed the Board’s understanding of evolving consumer
trends and competitive dynamics. Deep-dive sessions on
the Philippines and Indonesia supported the Board’s
assessment of market potential and future investment
priorities. These discussions will shape future oversight
of strategy, capital allocation and risk management.
Barcelona, Spain     
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Board attendees – Chairman
Engagement
Sol Daurella participated in a media interview on El món a
RAC1 – the leading radio show in Catalonia. The interview took
place at CCEP’s Barcelona production facility, where she spoke
about Coca‑Cola’s heritage and brand identity, the origins of
the beverage and the story behind the iconic contour bottle.
She also highlighted the scale and international footprint of
CCEP’s operations across Europe and the Asia‑Pacific region,
while reinforcing the local character of the business.
Outcomes of engagement
The interview provided strong visibility into the enduring
strength of the Coca‑Cola brand and the breadth of CCEP’s
global operations. It supported the Board’s understanding of
brand stewardship, strategic market presence and long‑term
growth opportunities.
Other key engagement                                                             
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Board attendees – Remuneration Committee Chairman
Engagement
John Bryant engaged with shareholders on the proposed
new Directors’ remuneration policy ahead of the 2026
Annual General Meeting. Meetings were offered to the
Company’s top 20 shareholders and proxy advisors to
discuss the proposed changes and gather their views.
Outcomes of engagement
Shareholders who participated provided constructive
feedback that directly informed the Committee’s final policy.
Their input indicated broad support for the proposed updates,
which strengthen the alignment between executive pay and
long‑term shareholder value. This engagement ensured the
revised policy reflects the expectations of key shareholders.
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For further engagement activities with our people see page 83
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Section 172(1) statement from the Directors
Principal decisions
The Board considers the matters required by section 172 in all the decisions it makes.
Below are two examples of decisions taken by the Board during the year and how the
relevant matters in section 172(1)(a)–(f) of the UK Companies Act 2006 were
considered.
During 2025, we promoted CCEP’s long-term success in our discussions and
decision making for the benefit of CCEP’s shareholders as a whole, considering
stakeholders and the matters set out in section 172 of the Companies Act:
The likely consequences of any
decision in the long term
The Board recognises its decisions impact
CCEP’s long-term success. All decisions consider
the impact to long-term, sustainable growth
while balancing stakeholder interests.
The interests of our people, and the
need to foster business relationships
with our key stakeholders
We identify key stakeholders as those
significantly interacting with our business model.
We describe these interactions and impacts on
pages 28–29. The Board seeks stakeholder
perspectives through direct engagement, where
feasible, and regular communication with senior
management.
The impact of the Company’s operations
on the community and the environment
To deliver our strategy sustainably, we consider
commercial, social and environmental impacts,
and we monitor and challenge CCEP’s progress
against our annual business plan and
sustainability action plan. Information on our
sustainability action plan and how we are
implementing TCFD recommendations and ESRS
requirements can be found on pages 26, 45, 222
and 238. Our ESG governance framework is set
out on page 224.
The desirability of the Company
maintaining a reputation for high
standards of business conduct
Responsible operation is key to long-term
success. The Board monitors the Group’s
culture to support alignment with its purpose,
values and strategy. Our governance
framework set out on page 69, including the
Code of Conduct (CoC) and Chart of Authority,
ensures the right decisions are made by the
right people at the right time.
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Read our CoC at
view.pagetiger.com/code-of-conduct-policy
The need to act fairly as between
CCEP’s shareholders
The Board aims to maximise CCEP’s long-term
equity value, without regard to the individual
interests of any shareholder. A minority of our
Non-executive Directors (NEDs) were appointed
by major shareholders of CCEP, but all
Directors understand their duty to promote
the Company’s long-term success for all
shareholders. During 2025, the Chairman,
Remuneration Committee Chairman, CEO, CFO
and investor relations team met with
shareholders and updated the Board with
shareholder feedback.
CCEP’s Share
buyback programme
In line with CCEP’s capital allocation framework,
the Board continued to make disciplined
decisions in 2025 to deliver long-term strategic
and shareholder value. On 14 February 2025, the
Board announced a Share buyback programme
of up to €1 billion, commencing on 18 February
2025. The completion of the programme
was announced on 22 December 2025.
The programme was executed across multiple
trading venues with strong governance, effective
Board oversight and robust risk management.
Repurchases were carried out under the authority
granted by shareholders at the 2024 AGM and
renewed at the 2025 AGM permitting the
repurchase of up to 10% of CCEP’s Shares (excluding
treasury shares), both on and off market, across UK
and US trading venues.
The purpose of the programme was to reduce
CCEP’s Share capital and the decision to commence
it reflected CCEP’s strong financial position and
the Board’s commitment to delivering enhanced
shareholder returns while maintaining flexibility
for future investment opportunities. In reaching
its decision, the Board considered the following:
Shareholders
The Board considered the macroeconomic
environment, CCEP’s strong performance and
outlook, and feedback from advisors and
investors and concluded that the programme
aligned with CCEP’s capital allocation
commitments to shareholders.
Financial resilience
The programme was underpinned by CCEP’s
robust financial performance and successful
integration of scaled M&A investments.
Throughout the programme, the Board ensured
that sufficient liquidity was maintained and that
leverage remained within CCEP’s target range of
2.5–3.0x net debt to comparable EBITDA,
preserving financial flexibility and resilience
against market volatility.
Other stakeholder considerations
The Board concluded that the programme
represented the most effective return of capital
to shareholders, while also supporting the interests
of wider stakeholders. By demonstrating disciplined
capital management and balance sheet strength,
it reinforced confidence in CCEP’s long term
stability for employees, suppliers and partners.
Taking the above into consideration, the Board
concluded that proceeding with the Share buyback
programme would be in the best interests of the
Company’s stakeholders as a whole.
Link to strategic objectives
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Done sustainably
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Governance and
Directors’ Report
Financial
Statements
Sustainability
Statement
Other
Information
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2025 Annual Report and Form 20-F
31
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Section 172(1) statement from the Directors continued
Principal decisions continued
New greenfield site
in the Philippines
In 2025, the Board approved the investment in a
new greenfield site in North Luzon, the Philippines.
This strategic investment supports our long-term
growth ambitions in Asia-Pacific, enhances
production capacity and strengthens our ability to
serve customers and consumers.
The Board was supportive of expanding CCEP’s
footprint within the Philippines, a market with
a strong history of growth and continued year
on year potential. In reaching this decision, the
Board reviewed detailed reports on the required
investment, valuation plans, expansion plans and
sustainability credentials, to assess the potential
impact on the following stakeholder groups:
Shareholders
The Board evaluated how the investment aligns
with our capital allocation framework and long-
term value creation strategy. Considerations
included the strong expected return on invested
capital, projected market growth and the role
of the facility in driving sustainable earnings.
The decision reflects our commitment to disciplined
investment and delivering attractive returns for
our shareholders.
People and local communities
Engaging, training and retaining our people is a key
consideration. The investment is expected to
have a positive impact on both our workforce
and the local community, by providing new
opportunities to upskill for existing employees as
well as anticipated job creation in the local area.
Franchisors
The Board noted the facility will strengthen
relationships with our franchisors and strategic
partners. Operating the facility under Coca‑Cola
Europacific Aboitiz Philippines, Inc. (CCEAP)
demonstrates our commitment to collaborative
growth, enhances trust with franchisors and
drives development in the local economy.
Consumers and customers
The investment helps us serve our customers
more efficiently and enhances our consumer
reach through improved capacity.
Other stakeholder considerations
The Board ensured sustainability was embedded
in the design which aligns with CCEP’s climate
commitments and wider stakeholder
expectations, reinforcing confidence in our
environmental responsibility while supporting
long-term operational resilience and value
creation for shareholders, employees, suppliers
and communities.
Taking the above into consideration, the Board
concluded that approving the new greenfield
investment would be in the best interests of
the Company’s stakeholders.
Link to strategic objectives
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Great execution
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Done sustainably
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Strategic
Report
Governance and
Directors’ Report
Financial
Statements
Sustainability
Statement
Other
Information
Coca-Cola Europacific Partners plc
2025 Annual Report and Form 20-F
32
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Principal risks
Proactively managing risk
CCEP identifies, assesses and manages principal
business risks through organisation-wide risk
management, mitigating risks and leveraging related
opportunities.
To support this, we have an Enterprise Risk Management
(ERM) framework embedded in key functions, activities and
decision making. Our ERM framework aligns with the globally
recognised COSO ERM Framework.
CCEP Enterprise Risk Management framework
aligned with COSO(A)
5
Communication
and reporting
1
Governance
and culture
4
Review
and revision
CCEP strategy,
business
objectives and
performance*
2
Strategy and
objective
setting
3
Performance
CCEP_Principal_Risks_Icon1.gif
Governance and culture
The Board holds overall responsibility for risk management,
with oversight by the Audit Committee through regular
management reports.
At the ELT, the risk agenda is led by the General Counsel
and Company Secretary, working with the Compliance and
Risk Committee (CRC).
The CRC, comprising of several ELT members, approves and
oversees risk policies and procedures, provides challenge
and guidance, and escalates material risks to the Audit
Committee.
Each principal risk has an ELT-level owner responsible for
appropriate assessment and mitigation.
ESG risk management is integrated into our ERM framework
and governance structure.
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For detailed information refer to the ESG governance framework
on page 224
Our One Risk Office convenes first-, second- and third-line
representatives several times a year to embed risk culture
and share knowledge.
We discuss emerging risks and external factors, inviting
experts on geopolitical developments and risk leaders from
other organisations to broaden understanding.
(A)COSO stands for Committee of Sponsoring Organisations. The COSO
ERM Framework defines ERM as “the culture, capabilities and
practices, integrated with strategy setting and performance,
that organisations rely on to manage risk in creating, preserving
and realising value”.
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Strategy and objective setting
Risk management is integrated into our business
planning processes to enhance strategic decisions
and objective setting.
We have developed risk appetite statements to guide
decision making and resource allocation. We have
implemented key risk indicators for each principal risk
to translate risk appetite into actionable metrics with
assigned thresholds.
Risk appetite statements are reviewed annually by the
CRC and the Audit Committee.
CCEP_Principal_Risks_Icon3.gif
Performance
We analyse incidents using internal and external data to
improve risk management. Horizon scanning identifies
global strategic and emerging risks - new or evolving threats
with significant potential impact but limited understanding.
We monitor these to anticipate and manage impacts,
including pandemics, geopolitical conflicts, macroeconomic
shifts, consumer sentiment changes and AI disruptions.
We work with partners like Risilience to model sustainability
risks, including physical and transition climate change risks,
and support sustainability reporting (see pages 221–284).
Business resilience is key to CCEP’s ability to create value
in a complex, unpredictable world. As a global organisation,
we manage diverse disruption risks - from cyber and
technology incidents to natural disasters, supplier failures
and reputational challenges.
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Strategic
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Governance and
Directors’ Report
Financial
Statements
Sustainability
Statement
Other
Information
Coca-Cola Europacific Partners plc
2025 Annual Report and Form 20-F
33
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Principal risks continued
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Performance continued
Our Business Resilience programme anticipates, mitigates and
prepares for these risks through proactive initiatives such as
an extensive training and testing programme, robust Incident
Management and Crisis Resolution (IMCR) processes, and
annually updated and tested business continuity plans. This
approach safeguards revenue and brand value and ensures
regulatory compliance.
Supported by ISO 22301:2019 certification for our ISS in
Bulgaria, our strategy is governed by a dedicated global team,
16 Incident Management Teams, and a network of over 400
colleagues across functions and markets, all operating under a
codified policy and governance framework with regular
updates provided to senior committees.
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Review and revision
An annual Enterprise Risk Assessment (ERA) analyses principal
risks, likelihood, impact, velocity and mitigation effectiveness,
providing a top-down strategic view.
The Board, the ELT and over 100 senior leaders complete surveys
and interviews on current and emerging risks and opportunities.
Risk assessments at Business Unit, functional and programme
levels follow central methodology and taxonomy. Local and
functional leadership reviews and updates assessments,
embedding risk management in routines. All risk data is
maintained centrally for analysis and best practice sharing.
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Communication and reporting
An internal risk report is created and shared on a regular
basis with leadership, highlighting key risks, emerging trends
and mitigation activities to support decision making.
The following pages summarise principal risks, their
links to strategic objectives and material matters,
key controls and mitigations and 2026 focus areas.
The Board has carried out a robust assessment
of these principal risks.
This summary excludes all operational risks managed
routinely by the business.
The following table identifies each of the principal risks
and how they align to our strategic objectives.
Risk category
Principal risk
Link to strategic objectives
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Great brands
Great people
Great execution
Done sustainably
Market and
products
Market
l
l
Economic and tax
l
Packaging
l
l
Category evolution
l
Geopolitical and global
l
l
Operations
Cyber and IT / operational
technology (OT) resilience
l
l
l
Business transformation
and digital capability
l
l
Key supplier
l
Product quality
l
l
Health, safety and security
l
Licence to
operate
Climate and water
l
Legal, regulatory and compliance
l
l
l
l
Talent and social responsibility
l
l
System
TCCC and strategic partners
l
Trend during 2025 (on a mitigated basis)
Strategic objectives
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Increased
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Stable
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Decreased
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Great brands
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Great execution
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Done sustainably
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Governance and
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Financial
Statements
Sustainability
Statement
Other
Information
Coca-Cola Europacific Partners plc
2025 Annual Report and Form 20-F
34
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Principal risks continued
Market
Economic and tax
Trend during 2025
Link to strategic objectives
Trend during 2025
Link to strategic objectives
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Risk description
The risk that CCEP fails to identify and effectively respond to changes in the competitive
environment, including access to customers and consumers, and pricing terms and
conditions resulting in a loss of market share, revenue and reduction in shareholder value.
Key controls and mitigations to manage risk
■International marketing services agreement guidelines
■Affordability plans in several markets
■Shopper insights
■New route to market opportunities
■Pack and product innovation
Focus areas for 2026
■Development of eB2B capability as part of overall digital strategy with rollout of platform
in Spain
■Further drive focus on Coke™ through an acceleration on Coca-Cola Original Taste with
innovation and strong campaigns and accelerate Coke Zero by leveraging the new global
“Icon” relaunch
■Recruiting consumers into our great brands by offering affordable propositions for
shoppers searching for value
Opportunities arising from risk
■Improving operational performance and decision making through the use of AI and
digital technology, product innovation and reducing our response times to changes in
consumer habits and market conditions
Related information
■Our market drivers (page 10)
■Great brands (pages 12–15)
■Great execution (pages 20-23)
Risk description
The risk that an inability to anticipate and effectively manage fluctuations in foreign
exchange and commodity prices, balance our capital allocation for reinvestment and
effectively manage our tax positions leads to a reduction in revenue, profitability and
shareholder value.
Key controls and mitigations to manage risk
■Hedging policy
■Maintain a strong level of liquidity and back up credit lines for working capital purposes,
as well as unexpected cash flow swings while continuing to borrow long term at the
right time
■CCEP controls framework
■Regular updates on the Group’s tax position to the Chief Accounting Officer,
Chief Financial Officer and Audit Committee
■Group tax strategy
Focus areas for 2026
■Implement a global direct tax reporting system that ensures consistent standards,
improves accuracy and strengthens controls. This system will also support
compliance with Pillar Two calculations and reporting requirements globally
Opportunities arising from risk
■Improving our financial and business performance by working with governments on
consultation processes for tax regulation, continuing to build strong macroeconomic
capabilities and effectively hedging commodities and managing debt
Related information
■Our market drivers (page 10)
■Notes to the consolidated financial statements (pages 146–208)
Trend during 2025 (on a mitigated basis)
Strategic objectives
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Increased
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Stable
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Decreased
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Great brands
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Great execution
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Done sustainably
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Governance and
Directors’ Report
Financial
Statements
Sustainability
Statement
Other
Information
Coca-Cola Europacific Partners plc
2025 Annual Report and Form 20-F
35
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Principal risks continued
Packaging
Category evolution(A)
Trend during 2025
Link to strategic objectives
Trend during 2025
Link to strategic objectives
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Risk description
The risk that an inability to deliver environmentally sustainable packaging solutions for our
products may lead to increased taxes and regulations relating to packaging (e.g. limits on
single use plastics) and a shift in consumer and customer preferences towards more
sustainable alternatives resulting in reduced revenue or market share, increases to the
cost of production and compliance, an inability to achieve our GHG emissions reduction
targets causing reputational damage and a loss of our social licence to operate. 
Key controls and mitigations to manage risk
■Roadmap to support collection including advocacy for container deposit and return
schemes and Extended Producer Responsibility (EPR)
■rPET roadmap
■Packaging design and innovation
■CCEP Ventures investment in new recycling technologies and packaging innovation
■Continued investment in refillable packaging in France
Focus areas for 2026
■Strengthen our 2030 collection roadmaps with a focus on deposit return scheme (DRS)
implementation in European markets and self-funded collection and optimally
designed EPR legislation in emerging markets, continue to advocate for an ambitious
Global Plastics Treaty across the full lifecycle of plastic and continue to invest in rPET
Opportunities arising from risk
■Reducing the amount of waste going to landfill by leveraging the strength of our
portfolio mix, increasing collection rates, investing in recycling technologies and
promoting recycling
Risk description
The risk that CCEP is unable to effectively identify and respond to changes in customer,
consumer and regulatory perception and preferences for our products leading to a loss
of market share and revenue, increased regulatory scrutiny, higher taxes and damage to
brand and reputation.
Key controls and mitigations to manage risk
■Regulatory and policy risk management
■Category reputation and stakeholders’ trust
■Customer engagement
Focus areas for 2026
■Health and nutrition
■Category affordability
Opportunities arising from risk
■Building sustainable growth by reducing regulatory and policy uncertainty through
early, structured engagement with governments on taxation, marketing, packaging
and ingredient rules, enabling more predictable investment, internal compliance
readiness, and commercial planning
Related information
■Great brands (pages 12–15)
■Done sustainably (pages 24–27)
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For further details on our initiatives related to packaging
see ESRS E5 on pages 239–241
(A)The principal risk name has changed from “Category perception” to “Category evolution” to better reflect
its future impact on CCEP.
Trend during 2025 (on a mitigated basis)
Strategic objectives
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Increased
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Stable
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Decreased
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Great brands
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Great people
GE_New.gif
Great execution
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Done sustainably
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Governance and
Directors’ Report
Financial
Statements
Sustainability
Statement
Other
Information
Coca-Cola Europacific Partners plc
2025 Annual Report and Form 20-F
36
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Principal risks continued
Geopolitical and global
Cyber and IT / OT resilience
Trend during 2025
Link to strategic objectives
Trend during 2025
Link to strategic objectives
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Risk description
The risk that an inability to anticipate and respond to geopolitical instability and global
events (e.g. regional conflicts or wars, global pandemics, natural disasters) leads to
disruptions to global supply chains, a reduction in profitability and shareholder value, and
damage to reputation and brand.
Key controls and mitigations to manage risk
■CCEP Incident Management and Crisis Resolution (IMCR) process
■CCEP Business Continuity and Resilience (BCR) Framework
■Early warning indicators to identify potential risks early and increase the reaction time
needed to implement adequate countermeasures
■Monitoring of global issues and tracking of political elections and corporate positions
including within the Coca-Cola system
Focus areas for 2026
■Strengthen community management and digital monitoring capabilities, enhancing
collaboration with TCCC and European/APS bottlers to anticipate and prepare
■Enhance our website search engine optimisation (SEO) and generative engine
optimisation (GEO) to boost visibility, engagement and discoverability for audiences and
to protect our Company reputation against AI-driven inaccuracies and misinformation
■Completion of implementation of new business continuity platform, further
strengthening our resilience by continuing to build and enhance our incident and crisis
management training and testing programme
Opportunities arising from risk
■Increasing resilience through supplier diversification; safeguarding customer and
consumer loyalty by effectively communicating our positive local footprint
Risk description
The risk that cloud concentration and/or an inability to protect information systems
and data from unauthorised access, misuse, software update incidents, or physical
destruction results in disruption to operations, regulatory intervention, financial losses
or damage to our Company’s reputation.
Key controls and mitigations to manage risk
■Cyber strategy
■Information security and data privacy training and awareness
■BCP and disaster recovery programme
■Threat vulnerability management and threat intelligence
■Global Security Operations Centre
Focus areas for 2026
■Strengthen data security, particularly across third party and cloud environments
■Mature and expand Security Operations Centre automation capabilities
■Refine risk management using Cyber Risk Insights
■Enhance cyber testing, including extending test duration and depth
■Maintain compliance in an increasingly regulated landscape, including NIS2
requirements
Opportunities arising from risk
■Driving operational and technological efficiencies by modernising equipment,
applications and processes to address technology debt and prevent potential entry
points for threats and by upgrading systems and the OT organisation
Related information
■Cybersecurity (pages 41–42)
Understanding the change in trend
Risk increased in 2025 due to a growing likelihood of cascading or mutually reinforcing events
that could significantly amplify their impact on CCEP.
Understanding the change in trend
Risk increased in 2025 as cyber attacks became more sophisticated, further exacerbated by
the use of AI.
Trend during 2025 (on a mitigated basis)
Strategic objectives
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Increased
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Stable
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Decreased
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Great brands
GP_New.gif
Great people
GE_New.gif
Great execution
DS_New.gif
Done sustainably
Strategic
Report
Governance and
Directors’ Report
Financial
Statements
Sustainability
Statement
Other
Information
Coca-Cola Europacific Partners plc
2025 Annual Report and Form 20-F
37
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Principal risks continued
Business transformation and digital capability
Key supplier
Trend during 2025
Link to strategic objectives
Trend during 2025
Link to strategic objectives
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Risk description
The risk that a failure to successfully execute the business transformation agenda leads
to a diversion of management’s focus away from our core business, an inability to execute
our business plans effectively, possible disruption to our operations, and not delivering
the expected value or benefit to the business.
Key controls and mitigations to manage risk
■Competitiveness steering committee and governance model for enterprise-wide
digital transformation
■CCEP project management methodology and dedicated programme
management office
Focus areas for 2026
■Continue developing the existing competitiveness and digital transformation initiatives
■Continued Business Continuity and Resilience support to our business transformation
programme
Opportunities arising from risk
■Improved business growth and performance by embracing change to drive innovation
and deliver operational efficiencies
Related information
■Great execution (pages 20–23)
Risk description
The risk that critical suppliers are unable to provide the raw materials and services
needed to produce CCEP’s products, leading to an inability and/or delay in the delivery
of our products to our customers, financial losses and reputation damage.
Key controls and mitigations to manage risk
■Supply risk and contingency process
■Cross Enterprise Procurement Group (CEPG) to leverage global collaboration
■Digital risk management and sensing technology
Focus areas for 2026
■Extending detailed cybersecurity assessments to a wider critical supplier base
■Integration of risk management processes into new territories
Opportunities arising from risk
■Improved financial performance and supply chain resilience through scenario
planning, the development of alternatives and a more sustainable supplier base
Related information
■Done sustainably (pages 24–27)
■Sustainability statement (pages 221–284)
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v
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l
o
p
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e
n
t
s
.
Trend during 2025 (on a mitigated basis)
Strategic objectives
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Increased
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Stable
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Decreased
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Great execution
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Principal risks continued
Product quality
Health, safety and security
Trend during 2025
Link to strategic objectives
Trend during 2025
Link to strategic objectives
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Risk description
The risk of CCEP products failing to meet food safety, regulatory and quality requirements
could harm consumers, lead to litigation and regulatory fines, damage our brand and
reputation and jeopardise our franchise agreements.
Key controls and mitigations to manage risk
■Franchisor and internal standards and governance
■ISO 9001 and FSSC 22000 certification
■Customer and consumer complaint management
■Incident Management and Crisis Resolution
Focus areas for 2026
■Drive food safety culture further with implementation of HOP concepts
■Governance of action plans from lessons learnt
■Amplify the use of Quality 4.0
■Strengthen our change management application
Opportunities arising from risk
■Improving business and financial performance through reduction of product quality
incidents, product recalls and liabilities, by focusing on First Time Right (FTR) and the
investment in our systems and people
Related information
■Great brands (pages 12–15)
■Done sustainably (pages 24–27)
Risk description
The risk of harm to the mental and physical health, safety and security of our employees,
contractors and third parties, and the risk of theft, damage or fraudulent loss of
organisational assets and financial integrity.
Key controls and mitigations to manage risk
■Safety strategy
■Security and integrity training and communication
■Travel security programme
■Fraud awareness and training
■Anti-fraud policy
Focus areas for 2026
■Deployment of the travel security programme in the Philippines
■Strengthen security culture through awareness campaigns across the business
■Fraud training to high-risk roles and accredited fraud investigation training programme
■Introduce new balanced scorecard framework to strengthen performance monitoring
■Global implementation of new contractor management system in APS
■Machinery safety technology using radar to fail-safe
■The Philippines road safety holistic review
■Deploy anti-collision systems for forklifts in Belgium and Australia and promote global
forklift operator initiatives that strengthen driver skills, engagement and safety culture
Opportunities arising from risk
■Improved business performance through the removal of hazards and reduction of
risks by continuing the rollout of our safety and security strategy and establishing an
internal intelligence service to provide actionable intelligence and monitor geopolitical
risks, emerging threats and market trends
Related information
■Great people (pages 16–19)
■Own workforce (S1) - safety (page 246)
Trend during 2025 (on a mitigated basis)
Strategic objectives
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Increased
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Stable
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Decreased
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2025 Annual Report and Form 20-F
39
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Principal risks continued
Climate and water
Legal, regulatory and compliance
Trend during 2025
Link to strategic objectives
Trend during 2025
Link to strategic objectives
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Risk description
The risk that an inability to manage the physical and transition risks associated with
climate change results in supply chain disruption, damage to our brand and reputation,
regulatory fines and penalties, litigation, a reduction in shareholder value and ultimately
damage to the environment and the broader community.
Key controls and mitigations to manage risk
■Roadmap to reduce GHG emissions by 30% versus 2019
■Supplier GHG emissions reduction targets and engagement programme
■Integrated water risk and security management
■CCEP Ventures investment in low-carbon technologies and innovation
■Comprehensive NatCat and climate risk assessment with site surveys and modelling
Focus areas for 2026
■Continue to evolve our 2030 carbon reduction roadmap, with focus on the Philippines
■Six climate accelerator work groups to identify low-carbon technologies and solutions
to support our climate roadmap
■Review and update our water reduction roadmap focusing on water security and
plants with the highest water risk and prioritising water-intensive processes
■Climate and water resilience working group to identify the actions we must take to
adapt to the impacts of climate change and water scarcity both now and in the future
■Improve capital allocation by applying prioritisation formulas to maximise return on
investments
Opportunities arising from risk
■Improving energy efficiency and reducing operating costs and reliability through
the investment in new technology, engaging in partnerships with other industries,
customers and partners and focusing on water security and long-term water rights
Related information
■Done sustainably (pages 24–27)
■Sustainability statement (pages 221–287)
Risk description
The risk that an inability to identify, advocate for and comply with new and/or changes to
existing legal, regulatory and compliance requirements results in new or higher taxes,
stricter sales and marketing controls, other punitive actions from regulators or legislative
bodies, or litigation that negatively impacts our financial results, business performance
and licence to operate.
Key controls and mitigations to manage risk
■Compliance processes and training programmes
■Monitoring and implementation of new or changing laws and regulations
■Dialogue with government representatives and input to public consultations
on new or changing regulations
■Records and information management programme
Focus areas for 2026
■Continue implementing action plans for completed bribery and corruption risk
assessments, conduct additional assessments and enhance processes across
markets
■CCEP digital regulatory monitoring and alert capability with TCCC and other bottlers
■Enhance Responsible AI framework at CCEP to strengthen awareness about
responsible use of data and AI and ensure humans are at the centre
■Enable data compliance risk assessment including AI and intensify change
management for improved adoption of data compliance procedures
■Harmonise data protection training and enable global inter-company transfers
■Advance third party risk governance by further developing due diligence processes,
introducing automated screening and enabling scalable oversight
Opportunities arising from risk
■Continue development and embedding of third party due diligence (TPDD), and sharing
our local value model and community impact with stakeholders, particularly
regulators, to support an effective regulatory environment for all
Related information
■Done sustainably (pages 24–27)
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For further details on our initiatives related to climate
see ESRS E1 on pages 228–238 and for water see E3 on pages 242–245
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For further details see ESRS E1 on pages 228–238
and E5 on pages 239–241
Trend during 2025 (on a mitigated basis)
Strategic objectives
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Increased
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Stable
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Decreased
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Principal risks continued
Talent and social responsibility
TCCC and strategic partners
Trend during 2025
Link to strategic objectives
Trend during 2025
Link to strategic objectives
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Risk description
The risk that CCEP is unable to attract, develop, retain and motivate existing and future
employees through its internal people and culture processes, and social commitments
which may result in a failure to achieve our strategic objectives, increased turnover rates,
and a decline in employee engagement and overall business performance. A failure to act
responsibly towards social commitments and corporate citizenship (including human
rights) may also lead to reputational damage and/or litigation.
Key controls and mitigations to manage risk
■CoC, CCEP Human Rights Policy and Restructuring Guidelines, and Responsible
Sourcing Policy
■Annual Modern Slavery Statement and human rights risk assessment in Germany
■Anti-harassment and Inclusion, Diversity and Equity Policy
■Ethics and human rights review of key partner hotels across Europe and APS
■Community impact: total investment and beneficiaries
Focus areas for 2026
■Implementation of the Corporate Sustainability Due Diligence Directive (CS3D)
■Implement the actions from the 2025 global inclusion survey
■Further embed the accessibility matrix across CCEP
■Embed our global commitment to workplace adjustments
■Continued governance of our enhanced Employee Assistance Programme to improve
consistency and quality of care
Opportunities arising from risk
■Driving sustainable growth and maintaining our competitive edge as employer of choice
through investment in platforms for talent attraction and retention to foster internal
mobility and continually upskill the workforce through our functional Academies
Related information
■Great people (pages 16–19)
■Great execution (pages 20–23)
■Done sustainably (pages 24–27)
Risk description
The risk that the incentives and strategy of TCCC and other strategic partners are
misaligned with those of CCEP leading to actions and decisions that could negatively
impact CCEP’s business relationships, licence to operate and ability to deliver on its own
strategic objectives.
Key controls and mitigations to manage risk
■Clear agreements govern the relationships
■Long-range planning and annual business planning processes
■Routines between CCEP and franchisors
Focus areas for 2026
■Focus on the innovation pipeline and campaign calendar with TCCC and Monster
to further accelerate the growth of our brands
Opportunities arising from risk
■Improving market share and financial performance through research and
development with TCCC and Monster into new products, reformulation and portfolio
diversification, and equipment innovation
Related information
■Great brands (pages 12–15)
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2025 Annual Report and Form 20-F
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Principal risks continued
Internal control procedures
and risk management♦
The Board has overall responsibility for risk management and
internal control procedures, including determining the nature
and extent of the risks the Company is willing to take, and
ensuring that risk is managed effectively.
CCEP’s internal controls aim to mitigate financial, operational,
reporting and compliance risk. They are designed to manage
risk rather than eliminate it.
To discharge its responsibility in a manner that complies
with law and regulation and promotes effective and efficient
operation, the Board has established clear operating
procedures, lines of responsibility and delegated authority.
The Audit Committee has specific responsibility for
reviewing the internal control policies and procedures
associated with the identification, assessment and
reporting of principal and emerging risks to check they
are adequate and effective.
Our internal control processes include:
■Board approval for significant projects, transactions
and corporate actions
■Either senior management or Board approval for all
major expenditure at the appropriate stages of each
transaction
■Regular reporting covering both technical progress and
our financial affairs
■Board review, identification, evaluation and management
of significant risks
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Read more about our approach to internal control and risk
management in the Audit Committee report on page 90
ESRS 2 GOV-5
ESRS
Cybersecurity
Risk management and strategy
Our management and Board recognise the critical
importance that a robust cybersecurity programme and
processes play in maintaining the integrity of CCEP’s business
applications and data. Our Chief Information Officer (CIO)
and Chief Information Security Officer (CISO) lead our
cybersecurity programme and regularly report to our Audit
Committee and Board on cybersecurity matters, through
which we assess, identify and manage material risks from
cybersecurity threats. We seek to promote a cybersecurity
culture in which everyone feels a responsibility to prevent
cyber attacks.
Our processes for detecting, monitoring and addressing cybersecurity threats and incidents, and for ensuring timely
compliance with applicable reporting requirements, include the following:
■Established risk-based cyber strategy. Regular
reporting of cyber risks and risk mitigation to the ELT,
Audit Committee and Board
■Conducting regular training and awareness on
information security and data privacy for employees,
including regular phishing exercises. This is in addition
to simulations run with the ELT and local leadership
teams on their ability to respond to cyber incidents
■Business Continuity Planning (BCP) and disaster
recovery (DR) programmes, including regular testing
of recovery capabilities, and separate internal and
external assessments of security controls to identify
potential vulnerabilities
■Threat vulnerability management and threat
intelligence: proactive monitoring of cyber threats
and events and implementation of preventative
measures are executed by operating a 24/7 security
event logging and management system through a
Global Security Operations Centre
■Implementation of a hardware and software
lifecycle
■Third party risk assessments for certain key vendors
to support third party risk management
■Data Privacy Office including data governance and
information classification and handling
■IT change management processes to provide
reasonable assurance that only appropriate,
tested and approved changes are implemented
into our IT landscape
■Monthly Information Security Committee meetings
which bring IT experts and governance teams
together into a single forum to review, prevent,
detect and monitor threats, incidents and responses
thereto
■Internal audit performs independent risk-based
audits to assess governance and oversight and test
effectiveness of controls over critical cyber activities
Our cybersecurity policies, standards, processes and
practices are integrated into our risk management framework,
which addresses the principal risks we face as a business
and how we identify, assess and manage them. In addition,
our security team utilises a risk analysis standard from the
Information Security Forum (ISF), which is aligned with
industry best practice standards to identify and assess IT
security risks as well as numerous ISF controls and checks.
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2025 Annual Report and Form 20-F
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Principal risks continued
Relevant cybersecurity incidents and threats are escalated
to the corporate Incident Management Team (IMT) and
communicated in a timely manner to our Disclosure
Committee, consisting of the Chairman, CEO, CFO, General
Counsel and Company Secretary and VP Investor Relations
& Corporate Strategy. The Disclosure Committee is
responsible for reviewing and making the determination
regarding materiality and public disclosures pursuant to the
SEC and exchange listing rules.
We use third party experts to support on certain aspects of
our cybersecurity programme but maintain internal
leadership and oversight of all, including in connection with
our risk processes. We work with other bottlers and partners
such as TCCC to share insights on potential threats.
We also monitor third party service providers through:
An internal controls assessment of our
third party control framework
Governance and performance through
reporting requirements for major vendors
Procurement third party
risk management processes
Identification and oversight by our CISO, supported by
our Business Threat Intelligence team, of risks
associated with those third party service providers
that are relevant to our Business Process and
Technology (BPT) function
Improvements in researching the
emerging threat landscape
Improving the security of our
external attack surface
Conducting due diligence into peers and trading partners
As at the date of this report, we are not aware of any risks
from cybersecurity threats, including as a result of any
previous cybersecurity incidents, that have materially
affected us, our business strategy, results of operation or
financial condition. For additional information concerning
the cybersecurity risks we face, refer to the risk factor
subsection titled “Cyber and IT/OT resilience” on
pages 292–293.
Governance
In addition to having a dedicated cybersecurity team
concerned with day to day cybersecurity operations,
cybersecurity is also a critical area of focus at both our
executive and Board levels, which helps ensure that the
Board executes its oversight of cyber risks and that we
consider security risks in our business strategy.
Our cybersecurity processes for managing and assessing
cybersecurity risks, as described above, are managed and
overseen by our Information Security Committee, which
comprises the CIO, the CCO, the Chief Data Privacy Officer
and other senior management members, and is
coordinated by our CISO who has been in the business for
the past seven years, with 20 years’ experience in
cybersecurity and information security management. In
addition, our CIO chairs the Information Security
Committee, helping to steer it in implementing effective
processes in response to information security threats and
risks. Our Information Security Committee meets at least
monthly to oversee, discuss and manage cybersecurity
including topics such as but not limited to data privacy and
Business Continuity and Resilience based on internal and
external sources of information. Through these processes
and ongoing communications, the Board via the Audit
Committee is informed about and monitors the prevention,
detection, mitigation and remediation of cybersecurity
threats and incidents in real time.
As part of its general risk oversight function, the Audit
Committee oversees CCEP’s management of cybersecurity
risk on behalf of the Board. The Committee receives regular
updates from management on cybersecurity risks and our
efforts to manage those risks, including reports on a
biannual basis and more frequently as deemed appropriate
by our CIO and regular receipt of feedback on the
effectiveness of implementing cybersecurity awareness
within Company culture as a whole, such as the results of
implementing employee training and phishing simulations.
Information regarding cyber risks and cyber risk
management is reported to the Audit Committee, and
subsequently communicated to the whole Board during the
summary of Committee reports. One member of the Board
who sits on the Audit Committee has specific responsibility
for cybersecurity. In 2025, the Audit Committee was
presented with detailed information on cybersecurity
and internal controls, including improvements made in
researching the emerging cyber risk landscape.
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2025 Annual Report and Form 20-F
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Viability statement
In accordance with provision 31 of the 2024 UK
Corporate Governance Code (the Code), the Directors
have assessed the prospects for the Group. The
Directors have made this assessment over a period of
three years, which corresponds to the Group’s planning
cycle.
The assessment considered the Group’s prospects related
to revenue, operating profit, EBITDA and comparable free
cash flow. The Directors considered the maturity dates
of the Group’s debt obligations and its access to public
and private debt markets, including its committed multi
currency credit facility. The Directors also carried out a
robust review and analysis of the principal risks faced
by the Group, including those risks that could materially
and adversely affect the Group’s business model, future
performance, solvency and liquidity.
Stress testing was performed on a number of scenarios,
including different estimates for operating profit and
comparable free cash flow. Among other considerations,
these scenarios incorporated the potential downside
impact of the Group’s principal risks, including those
related to:
■Business disruption events
■Legal and regulatory intervention, including
in relation to plastic packaging
■Risk of cyber and social engineering attacks
■Economic and political uncertainty
■Climate change and water♦
Based on the Group’s current financial position, stable
cash generation and access to liquidity, the Directors
concluded that the Group is well positioned to manage
principal risks and potential downside impacts of such
risks materialising, to ensure solvency and liquidity over
the assessment period.
ESRS E1-1
ESRS
From a qualitative perspective, the Directors also took
into consideration the Group’s past experience of
managing through adverse conditions and the Group’s
strong relationship and position within the Coca-Cola
system. The Directors considered the extreme measures
the Group could take in the event of a crisis, including
decreasing or stopping non-essential capital investment,
decreasing or stopping shareholder dividends, renegotiating
commercial terms with customers and suppliers or selling
non-essential assets.♦
Based upon the assessment performed, the Directors
confirm that they have a reasonable expectation that the
Group will be able to continue in operation and meet
all liabilities as they fall due over the three-year period
covered by this assessment.
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Sustainability
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Information
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2025 Annual Report and Form 20-F
44
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Non-financial and sustainability information statement
This Annual Report contains a combination of financial
and non-financial reporting throughout.
As required by sections 414CA and 414CB of the
Companies Act 2006 (the Companies Act), the following
non-financial and sustainability information can be
found as stated in the following table.
These pages contain, where appropriate, details of our
policies and approach to each matter.
Risk category
Page(s)
Environmental matters
Climate on pages 228–238
Packaging on pages 239–241
Water on pages 242–245
Environmental due diligence on page 223
TCFD compliance statement on page 45
Employee matters
Great people on pages 16–19
Employee-related due diligence on pages 78, 90 and 251–
252
Our stakeholders on pages 28–29
Social matters
Community on pages 249–250
Human rights
Respecting human rights on page 248
Anti-corruption and anti-bribery matters
Human rights due diligence on pages 19 and 248
Respecting human rights on pages 19 and 248
Our business model
Our business model on page 9
Risk and principal risks
Principal risks on pages 32–42
Risk factors on pages 289–297
Non-financial performance indicators
Non-financial performance indicators on page 3
Climate-related financial information
Key performance data summary on pages 253–254 and 257
Principal risks on page 39
Strategic
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Governance and
Directors’ Report
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Statements
Sustainability
Statement
Other
Information
Coca-Cola Europacific Partners plc
2025 Annual Report and Form 20-F
45
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UK Listing Rule 6.6.6R(8) – TCFD compliance statement
Entity specific
ESRS
TCFD alignment overview♦
Below is a table providing the specific page references to where information that is consistent with the TCFD recommendations and recommended disclosures is set out, in accordance
with UK Listing Rule 6.6.6R(8). Further details are provided in other parts of the report in the Strategic Report and Sustainability Statement.
Recommend
ation
Recommended disclosures and disclosure level
References and notes
Governance
A.Describe the Board’s oversight of climate-related risks and opportunities
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Governance: pages 223–224
Corporate governance report: pages 69–79
Audit Committee report: pages 85–90
ESG Committee report: pages 91–92
B.Describe management’s role in assessing and managing climate-related
risks and opportunities
Strategy
A.Describe the climate-related risks and opportunities the organisation has identified over
the short, medium and long term
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Strategy and Metrics and targets: pages 26–27 and 238
Our strategy: page 11
ERM framework and Principal risks: pages 32–33
Notes 1 and 7 to the consolidated financial statements:
pages 146 and 157
Viability statement: page 43
Climate transition roadmap: pages 230–231
B.Describe the impact of climate-related risks and opportunities on the organisation’s
businesses, strategy and financial planning
C.Describe the resilience of the organisation’s strategy, taking into consideration different
climate-related scenarios, including a 2°C or lower scenario
Risk
management
A.Describe the organisation’s processes for identifying and assessing climate-related risks
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Risk management: page 232
ERM framework and Principal risks: pages 32–33
Audit Committee report: pages 85–90
B.Describe the organisation’s processes for managing climate-related risks
C.Describe how processes for identifying, assessing and managing climate-related risks are
integrated into the organisation’s overall risk management framework
Metrics
and targets
A.Disclose the metrics used by the organisation to assess climate-related risks
and opportunities in line with its strategy and risk management process
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TCFD, Metrics and targets: page 238
Forward on climate: pages 228–229
Long-term incentives within Annual report on remuneration:
pages 109–111
B.Disclose Scope 1 and 2, and if appropriate, Scope 3 GHG emissions, and the related risks
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TCFD, Metrics and targets: page 238
C.Describe the targets used by the organisation to manage climate-related risks and
opportunities and performance against targets
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Our sustainability headline commitments: page 26
Key performance data summary: pages 253–256
Notes 1, 6 and 7 to the consolidated financial statements:
pages 146, 153 and 157
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Business and financial review
Our business
CCEP is a leading consumer goods group in Western Europe and the Asia Pacific region,
making, selling and distributing an extensive range of primarily NARTD beverages.
We make, move and sell some of the world’s most loved brands – serving nearly 600 million
consumers and helping over four million customers across 31 countries grow. We combine
the strength and scale of a large, multinational business with an expert, local knowledge
of the customers we serve and communities we support.
On 23 February 2024, the Group together with Aboitiz Equity Ventures Inc. (AEV) jointly
acquired 100% of Coca-Cola Beverages Philippines, Inc. (CCBPI) (the Acquisition), a wholly
owned subsidiary of The Coca-Cola Company (TCCC). Refer to Note 4 of the 2024
consolidated financial statements for further details about the acquisition of CCBPI.
Coca‑Cola Beverages Philippines, Inc. was renamed Coca‑Cola Europacific Aboitiz
Philippines, Inc. (CCEAP) effective 13 January 2025.
Note regarding the presentation of adjusted financial information
and alternative performance measures
Adjusted financial information
Non-IFRS adjusted financial information for selected metrics has been provided in order
to illustrate the effects of the acquisition of CCBPI on the results of operations of CCEP
in 2024 and to allow for greater comparability of the results of the combined group
between periods. The adjusted financial information has been prepared for illustrative
purposes only, and because of its nature, addresses a hypothetical situation. It does not
intend to represent the results had the acquisition occurred at the dates indicated, or
project the results for any future dates or periods. It is based on information and
assumptions that CCEP believes are reasonable, including assumptions as at 1 January
2024 relating to transaction accounting adjustments. No cost savings or synergies were
contemplated in these adjustments.
The non-IFRS adjusted financial information has not been prepared in accordance with
the requirements of Regulation S-X Article 11 of the US Securities Act of 1933 or any
generally accepted accounting standards, may not necessarily be comparable to similarly
titled measures employed by other companies and should be considered supplemental to,
and not a substitute for, financial information prepared in accordance with generally
accepted accounting standards.
The acquisition completed on 23 February 2024 and the non-IFRS adjusted financial
information provided, reflects the inclusion of CCBPI as if the acquisition had occurred at
the beginning of the period presented. It has been prepared on a basis consistent with
CCEP IFRS accounting policies and includes transaction accounting adjustments for the
periods presented.
Alternative performance measures
We use certain alternative performance measures (non-IFRS performance measures) to
make financial, operating and planning decisions, and to evaluate and report performance.
We believe these measures provide useful information to investors and as such, where
clearly identified, we have included certain alternative performance measures in this
document to allow investors to better analyse our business performance and allow
for greater comparability. To do so, we have excluded items affecting the comparability
of period over period financial performance as described below. The alternative
performance measures included herein should be read in conjunction with and do not
replace the directly reconcilable IFRS measures.
For purposes of this document, the following terms are defined:
‘As reported’ are results extracted from our consolidated financial statements.
‘Adjusted’ includes the results of CCEP as if the CCBPI acquisition had occurred at the
beginning of 2024, including acquisition accounting adjustments, accounting policy
reclassifications and the impact of debt financing costs in connection with the acquisition.
‘Comparable’ is defined as results excluding items impacting comparability, which include
restructuring charges, additional considerations or gains related to property sales,
accelerated amortisation charges, expenses and releases related to certain legal provisions,
acquisition and integration-related costs, net tax items arising from rate and law changes,
inventory fair value step-up related to acquisition accounting, impairment charges and net
impact related to European flooding. Comparable volume is also adjusted for selling days.
‘Adjusted comparable’ is defined as adjusted results excluding items impacting
comparability, as described above.
‘FX neutral’ or ‘FXN’ is defined as period results excluding the impact of foreign exchange
rate changes. Foreign exchange impact is calculated by recasting current year results at
prior year exchange rates.
‘Capex’ or ‘Capital expenditures’ is defined as purchases of property, plant and equipment
and capitalised software, plus payments of principal on lease obligations, less proceeds
from disposals of property, plant and equipment. Capex is used as a measure to ensure
that cash spending on capital investment is in line with the Group’s overall strategy for
the use of cash.
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‘Comparable free cash flow’ is defined as net cash flows from operating activities less
capital expenditures (as defined above) and net interest payments, adjusted for items that
are not reasonably likely to recur within two years, nor have occurred within the prior two
years. Comparable free cash flow is used as a measure of the Group’s cash generation
from operating activities, taking into account investments in property, plant and equipment,
non-discretionary lease and net interest payments, while excluding the effects of items
that are unusual in nature to allow for better period over period comparability. Comparable
free cash flow reflects an additional way of viewing our liquidity, which we believe is useful
to our investors, and is not intended to represent residual cash flow available for
discretionary expenditures.
‘Comparable EBITDA’ is calculated as Earnings Before Interest, Tax, Depreciation and
Amortisation (EBITDA), after adding back items impacting the comparability of period over
period financial performance. Comparable EBITDA does not reflect cash expenditures
or future requirements for capital expenditures or contractual commitments. Further,
comparable EBITDA does not reflect changes in, or cash requirements for, working capital
needs, and although depreciation and amortisation are non-cash charges, the assets being
depreciated and amortised are likely to be replaced in the future and comparable EBITDA
does not reflect cash requirements for such replacements.
‘Net Debt’ is defined as borrowings adjusted for the fair value of hedging instruments and
other financial assets/liabilities related to borrowings, net of cash and cash equivalents
and short-term investments. We believe that reporting net debt is useful as it reflects a
metric used by the Group to assess cash management and leverage. In addition, the ratio
of net debt to comparable EBITDA is used by investors, analysts and credit rating agencies
to analyse our operating performance in the context of targeted financial leverage.
‘ROIC’ or ‘Return on invested capital’ is defined as reported profit after tax attributable to
shareholders divided by the average of opening and closing invested capital for the year.
Invested capital is calculated as the addition of borrowings and equity attributable to
shareholders less cash and cash equivalents and short-term investments.
‘Comparable ROIC’ adjusts reported profit after tax for items impacting the comparability
of period over period financial performance and is defined as comparable operating profit
after tax attributable to shareholders divided by the average of opening and closing
invested capital for the year. Comparable ROIC is used as a measure of capital efficiency
and reflects how well the Group generates comparable operating profit relative to the
capital invested in the business.
‘Dividend payout ratio’ is defined as dividends as a proportion of comparable profit after
tax. This measure is used to guide investors on the proportion of underlying earnings
expected to be distributed as dividends in line with our dividend policy.
Forward-looking alternative performance measures
Within this report, we provide certain forward-looking non-IFRS financial information,
which management uses for planning and measuring performance. We are not able to
reconcile forward-looking non-IFRS measures to reported measures without unreasonable
efforts because it is not possible to predict with a reasonable degree of certainty the
actual impact or exact timing of items that may impact comparability throughout year.
All financial information presented in this Business and financial review is unaudited.
Key financial measures(A)
Reported to adjusted
comparable.
FX impact calculated by
recasting current year
results at prior year
rates
31 December 2025
€ millions
% change vs prior year
As reported
Comparable
Comparable
FX impact
As reported
Adjusted
comparable
Adjusted
comparable
FX impact
Adjusted
comparable
FX neutral
Revenue
20,901
20,901
(379)
2.3%
0.9%
(1.9%)
2.8%
Cost of sales
13,461
13,465
(245)
1.8%
0.7%
(1.9%)
2.6%
Operating profit
2,793
2,808
(54)
31.0%
5.1%
(2.0%)
7.1%
Profit after taxes
1,979
1,916
39
37.0%
3.3%
(2.1%)
5.4%
Diluted earnings
per share (€)
4.26
4.11
0.08
38.3%
4.0%
(2.0%)
6.0%
(A)See Supplementary financial information - Items impacting comparability on pages 57-58 for a
reconciliation of reported to comparable and reported to adjusted comparable results.
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Financial highlights
In 2025, our focus on leading brands and strong relationships with our brand partners and
customers continued to drive top- and bottom-line growth. Comparable volumes remained
resilient, reflecting strong in-market execution and innovation, partially offset by greater
consumer focus on affordability and the increase in sugar taxes across some of our
territories. We grew revenue per unit case on an adjusted comparable and FX neutral basis,
driven by favourable mix, positive headline price increases and promotional optimisation.
We also benefited from ongoing efficiency programmes and continued to focus efforts on
discretionary spend optimisation, successfully offsetting higher concentrate costs,
manufacturing inflation and sugar tax increases. This translated into strong comparable
free cash flow generation and enabled us to continue to return cash to shareholders, as
demonstrated by the share buyback and dividend paid in the year.
The net impact of 2025 performance on our key financial measures(A) can be summarised
as follows:
■Reported revenue totalled €20.9 billion, up 2.3% on a reported basis and 2.8%
on an adjusted comparable and FX neutral basis.
■Volume increased 2.4% on a reported basis. Adjusted comparable volume was up 0.2%
and adjusted comparable and FX neutral revenue per unit case increased 2.9%.
■Reported operating profit was €2.8 billion, up 31.0%, or up 7.1% on an adjusted
comparable and FX neutral basis.
■In its preliminary results for fiscal year 2025, CCEP had full year guidance (in respect
of fiscal year 2026) of 7% operating profit growth on a comparable and FX neutral basis.
■Reported diluted earnings per share were €4.26 or €4.11 on a comparable basis, up 6.2%
on a comparable and FX neutral basis.
■Net cash flows from operating activities were €3.0 billion. Comparable free cash flow(B)
was €1.8 billion.
(A)See Supplementary financial information - Items impacting comparability on pages 57-58 for a
reconciliation of reported to comparable and reported to adjusted comparable results.
(B)See Liquidity and capital management on pages 54-56 for a reconciliation between net cash flows from
operating activities and comparable free cash flow.
Operational review
Revenue
Revenue totalled €20.9 billion, up 2.3% versus prior year on a reported basis, and 4.1% on
an FX neutral basis. Adjusted comparable revenue was up 0.9% versus prior year, or up 2.8%
on an adjusted comparable and FX neutral basis. Revenue per unit case increased by
2.9% in 2025, on an adjusted comparable and FX neutral basis.
Revenue
In millions of €
31 December 2025
As reported
Reported %
change
FX neutral %
change
Adjusted
comparable %
change
Adjusted
comparable FXN
% change
Europe
15,404
2.9%
3.1%
2.9%
3.1%
APS
5,497
0.5%
7.0%
(4.1%)
2.0%
Total CCEP
20,901
2.3%
4.1%
0.9%
2.8%
Adjusted comparable volume – selling day shift CCEP
In millions of unit cases, prior period volume recast using current year
selling days(A)
Year ended 31 December
2025
2024
% change
Volume
3,958
3,864
2.4%
Impact of selling day shift
—
(10)
n/a
Comparable volume – selling day shift adjusted
3,958
3,854
2.7%
Add: Adjusted volume impact(B)
—
95
n/a
Adjusted comparable volume
3,958
3,949
0.2%
(A)A unit case equals approximately 5.678 litres or 24 eight ounce servings, a typical volume measure used in
our industry.
(B)The adjusted volume impact reflects the inclusion of Philippines volume as if the acquisition had occurred
at the beginning of 2024. Adjusted volume impact for Philippines for the year ended 31 December 2024 is
101 million unit cases. Including the impact of Q1 selling day shift (6 million unit cases), adjusted comparable
Philippines volume is 95 million unit cases.
Volumes were up 2.4% on a reported basis and 2.7% on a comparable basis, driven by
the inclusion of full year Philippines results in 2025. Adjusted comparable volume was up
0.2% versus 2024. In Europe, strong in-market execution was offset by greater consumer
focus on affordability and the impact of increased sugar tax in France and GB, driving a
volume decline of 0.2%. APS volumes were up 1.0% versus 2024 on an adjusted comparable
basis, mainly driven by strong underlying momentum in Australia and Papua New Guinea,
partially offset by volume decline in Indonesia reflecting a weaker consumer backdrop.
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Year ended 31 December
Adjusted comparable volume by category
Change versus prior period
2025
% of total
2024
% of total
% change
Coca-Cola®
59.2%
59.3%
(0.1%)
Flavours & Mixers
21.5%
21.8%
(1.3%)
Water, Sports, RTD Tea & Coffee(A)
11.7%
11.8%
0.2%
Other inc. Energy
7.6%
7.1%
7.5%
Total
100.0%
100.0%
0.2%
(A)RTD refers to ready to drink.
On a brand category basis in 2025, Coca-Cola trademark volume was down 0.1% versus
2024 on an adjusted comparable basis. This reflected volume decline (down 2.1%) of
Coca-Cola Original Taste with growth in the Philippines and PNG, supported by new
campaigns, offset by Europe. Coca-Cola Zero Sugar volumes increased versus 2024 (up
5.3%), driven by Europe and double-digit growth in Australia and the Philippines.
Flavours & Mixers volume decreased by 1.3% versus 2024 on an adjusted comparable basis.
Sprite volumes were up 0.6% versus 2024 supported by new listings and limited editions in
GB and FBN, offset by a decline in Indonesia. Fanta volumes decreased by 2.8%, largely
driven by a decline in Indonesia and Germany. Dr Pepper performed strongly with double
digit growth in GB, driven by the new Cherry Crush variant.
Water, Sports, RTD Tea & Coffee volume increased by 0.2% versus 2024 on an adjusted
comparable basis. Water volume grew 4.6% driven by strong performance of Wilkins Pure in
the Philippines, Aquabona in Iberia and Chaudfontaine in FBN. Sports volume increased by
4.5%, driven by growth of Aquarius in Spain, supported by the launch of the Red Peach
variant, and the launch of BodyArmor in Iberia and New Zealand RTD Tea & Coffee
decreased by 13.8% driven by the Frestea decline in Indonesia, and the transition to Fuze
Tea in Spain.
Other inc. Energy volume increased by 7.5% versus 2024 on an adjusted comparable basis.
Energy volume increased by 18.8% versus 2024, led by Monster, supported by innovation,
distribution gains and growth in original variants. Juice volume declined 10.0% due to the
strategic de-listing of Capri-Sun in Europe. Alcohol volumes continued to perform strongly
with share gains in Europe, driven by innovation.
Revenue by segment: Europe
Revenue Europe
In millions of €, except per case data which is calculated
prior to rounding. FX impact calculated by recasting current
year results at prior year rates
Year ended 31 December
2025
2024
% change
As reported
15,404
14,971
2.9%
Adjust: Impact of FX changes
29
n/a
n/a
FX neutral
15,433
14,971
3.1%
Revenue per unit case
5.97
5.76
3.6%
Revenue in Europe totalled €15.4 billion, up 2.9% versus prior year on a reported basis,
and 3.1% on an FX neutral basis. Revenue per unit case in Europe increased by 3.6% in 2025,
on a comparable and FX neutral basis, reflecting positive headline price increases and
promotional optimisation alongside favourable mix and the impact of sugar tax in France.
Revenue by geography
In millions of €
31 December 2025
As reported
Reported
% change
FX neutral
% change
Great Britain
3,470
4.3%
5.6%
Germany
3,203
0.8%
0.8%
Iberia(A)
3,429
0.9%
0.9%
France(B)
2,439
5.0%
5.0%
Belgium and Luxembourg
1,082
1.1%
1.1%
Netherlands
833
6.1%
6.1%
Norway
427
7.3%
8.0%
Sweden
433
5.6%
2.2%
Iceland
88
7.3%
3.7%
Total Europe
15,404
2.9%
3.1%
(A)Iberia refers to Spain, Portugal and Andorra.
(B)France refers to continental France and Monaco.
Reported revenue in Great Britain was up 4.3% versus 2024. Foreign exchange translation
negatively impacted revenue growth by 1.3%. The increase in revenue was mainly driven
by revenue per unit case growth reflecting the headline price increase during the second
quarter and positive brand mix, resulting from growth in Monster. From a category
perspective, Coca-Cola Zero Sugar, Monster, Dr Pepper and Sprite showed strong
volume growth.
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Reported revenue in Germany was up 0.8% versus 2024. Volume was negatively impacted,
reflecting increased consumer focus on affordability and softer AFH demand. Additionally,
revenue per unit case growth was driven by the headline price increase implemented in the
third quarter, as well as positive package mix, driven by volume growth in cans and decline
in large PET. From a category perspective, Coca-Cola Zero Sugar and Monster also showed
strong volume growth.
Reported revenue in Iberia was up 0.9% versus 2024. Volume was flat reflecting the
transition of Nestea to Fuze Tea. Additionally, revenue per unit case growth was positively
impacted by the headline price increase. From a category perspective, Coca-Cola Zero
Sugar, Monster, Sprite, Aquarius and Aquabona showed strong volume growth.
Reported revenue in France, Benelux and the Nordics (Belgium, Luxembourg, the Netherlands,
Norway, Sweden and Iceland) was up 4.6% versus 2024. Foreign exchange translation
positively impacted revenue growth by 0.2%. Volume was negatively impacted by the sugar
tax increase in France affecting Coca-Cola Original Taste, partially offset by growth in
Benelux and the Nordics. The increase in revenue was mainly driven by revenue per unit
case growth as a result of the headline price increase implemented across our markets.
From a category perspective, Monster and Sprite showed strong volume growth.
Revenue by segment: APS
Adjusted revenue APS(A)
In millions of €, except per case data which is calculated
prior to rounding. FX impact calculated by recasting
current year results at prior year rates
Year ended 31 December
2025
2024
% change
As reported
5,497
5,467
0.5%
Add: Adjusted revenue impact(B)
—
268
n/a
Adjusted comparable
5,497
5,735
(4.1%)
Adjust: Impact of FX changes
350
n/a
n/a
Adjusted comparable and FX neutral
5,847
5,735
2.0%
Adjusted revenue per unit case
4.26
4.21
1.4%
(A)See Supplementary financial information - Items impacting comparability on pages 57-58 for a
reconciliation of reported to comparable and reported to adjusted comparable results.
(B)The adjusted revenue impact reflects the inclusion of Philippines revenue as if the acquisition had occurred
at the beginning of 2024 and prepared on a basis consistent with CCEP IFRS accounting policies.
Revenue in APS totalled €5.5 billion on a reported basis. Adjusted comparable revenue
was down 4.1% versus prior year, or up 2.0% on an adjusted comparable and FX neutral
basis. Revenue per unit case increased by 1.4% in 2025, on an adjusted comparable and FX
neutral basis. Volume increased 1.0% on an adjusted comparable basis driven by strong
underlying momentum in Australia/Pacific, partially offset by a weaker consumer backdrop
in Indonesia.
Year ended 31 December 2025
Adjusted revenue by geography
In millions of €
As reported
Reported
% change
Adjusted
comparable
% change
Adjusted
comparable FXN
% change
Australia
2,360
(4.6%)
(4.6%)
1.7%
New Zealand and Pacific Islands
662
(4.6%)
(4.6%)
3.2%
Indonesia
328
(18.6%)
(18.6%)
(12.7%)
Papua New Guinea
257
5.8%
5.8%
17.3%
Philippines
1,890
14.4%
(1.6%)
3.0%
Total APS
5,497
0.5%
(4.1%)
2.0%
Revenue in the Australia, Pacific and South East Asia territories was down 4.1% versus 2024
on an adjusted comparable basis. Foreign exchange translation negatively impacted
revenue growth by 6.1%. In Australia/Pacific, volume grew during the year more than
offsetting the impact from the exit of Suntory alcohol distribution. Coca-Cola Zero Sugar,
Fanta and Monster showed strong volume growth, supported by great activation, execution
and innovation. In South East Asia, volumes were flat reflecting growth in the Philippines,
driven by Coca-Cola Original Taste and Wilkins Pure Water, despite the impact from
typhoon-related flooding in the third quarter. This was partially offset by a weaker volume
performance in Indonesia resulting from a weaker macroeconomic environment and lower
consumer spending. Revenue per unit case grew on an adjusted comparable and FX neutral
basis, as a result of the headline price increase implemented across all our markets
alongside favourable mix.
Cost of sales
Reported cost of sales totalled €13.5 billion, up 1.8% versus prior year on a reported basis.
Adjusted comparable cost of sales was up 0.7% versus prior year, or up 2.6% on an adjusted
comparable and FX neutral basis. Cost of sales per unit case increased by 2.7% on an
adjusted comparable and FX neutral basis.
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Adjusted cost of sales
In millions of €, except per case data which is calculated
prior to rounding. FX impact calculated by recasting current
year results at prior year rates
Year ended 31 December
2025
2024
% change
As reported
13,461
13,227
1.8%
Add: Adjusted cost of sales impact(A)
—
213
n/a
Adjust: Acquisition accounting(B)
—
1
Adjust: Total items impacting
comparability
4
(72)
Adjust: Litigation(C)
12
(2)
Adjust: Restructuring charges(D)
(8)
(10)
Adjust: European flooding(E)
—
(1)
Adjust: Inventory step-up(F)
—
(5)
Adjust: Impairment(G)
—
(54)
Adjusted comparable
13,465
13,369
0.7%
Adjust: Impact of FX changes
245
n/a
n/a
Adjusted comparable and FX neutral
13,710
13,369
2.6%
Adjusted cost of sales per unit case
3.46
3.37
2.7%
(A)Amounts represent unaudited cost of sales of CCBPI as if the Acquisition had occurred on 1 January 2024,
including acquisition accounting adjustments and CCEP IFRS accounting policy reclassifications.
(B)Amounts represent transaction accounting adjustments as if the Acquisition had occurred on
1 January 2024. These include the depreciation impact relating to fair values for property, plant and
equipment and the non-recurring impact of the fair value step-up of CCBPI finished goods.
(C)Amounts represent the release of a provision that had been established in prior years in connection with
an ongoing labour law matter in Germany, for which no future cash outflows are expected.
In 2024, the amount reflected an increase in this provision based on the assessment at that time.
(D)Amounts represent restructuring charges related to business transformation activities.
(E)Amounts represent the incremental expense incurred as a result of the July 2021 flooding events, which
impacted the operations of our production facilities in Chaudfontaine and Bad Neuenahr.
(F)Amounts represent the non-recurring impact of fair value step-up of CCBPI inventories.
(G)Amounts represent the expense recognised in relation to the impairment of the Group’s Indonesia cash
generating unit and the impairment of the Feral brand, which was sold during the year ended 
31 December 2024.
Cost of sales in Europe reflected lower volumes, down 0.2% versus 2024 on a comparable
basis. Cost of sales per unit case increased, primarily driven by an increase in the sugar tax
in France and GB and increased concentrate costs, driven by higher revenue per unit case
reflecting the headline price increases implemented across our markets.
Cost of sales in APS increased reflecting higher volume, which grew 1.0% versus 2024 on
an adjusted comparable basis. Cost of sales per unit case also increased, due to increased
manufacturing costs and increased revenue per unit case resulting in higher concentrate
costs, partially offset by the mix effect from growth in the Philippines which has a lower
cost of sales per unit case.
Operating expenses
Reported operating expenses totalled €4.8 billion, down 6.5% versus prior year on a
reported basis, reflecting lower business transformation and impairment costs.
Adjusted comparable operating expenses were down 0.8% versus prior year, or up 0.9% on
an adjusted comparable and FX neutral basis.
Adjusted operating expenses
In millions of €. FX impact calculated by recasting current
year results at prior year rates
Year ended 31 December
2025
2024
% change
As reported
4,751
5,079
(6.5%)
Add: Adjusted operating expenses impact(A)
—
43
n/a
Adjust: Acquisition accounting(B)
—
1
Adjust: Total items impacting comparability
(123)
(459)
Adjust: Restructuring charges(C)
(97)
(254)
Adjust: Accelerated amortisation(D)
(27)
(55)
Adjust: Acquisition and integration-
related costs(E)
(6)
(14)
Adjust: Litigation(F)
7
(1)
Adjust: Impairment(G)
—
(135)
Adjusted comparable
4,628
4,664
(0.8%)
Adjust: Impact of FX changes
80
n/a
n/a
Adjusted comparable and FX neutral
4,708
4,664
0.9%
(A)Amounts represent unaudited operating expenses of CCBPI as if the Acquisition had occurred on
1 January 2024, including acquisition accounting adjustments and CCEP IFRS accounting policy reclassifications.
(B)Amounts represent transaction accounting adjustments as if the Acquisition had occurred on
1 January 2024. These include the depreciation and amortisation impact relating to fair values for
intangibles and property, plant and equipment and acquisition and integration-related costs.
(C)Amounts represent restructuring charges related to business transformation activities.
(D)Amounts represent accelerated amortisation charges associated with the discontinuation of the
relationship between CCEP and Beam Suntory upon expiration of the current contractual agreements.
(E)Amounts represent cost associated with the acquisition and integration of CCBPI.
(F)Amounts represent the release of a provision that had been established in prior years in connection with
an ongoing labour law matter in Germany, for which no future cash outflows are expected.
In 2024, the amount reflected an increase in this provision based on the assessment at that time.
(G)Amounts represent the expense recognised in relation to the impairment of the Group’s Indonesia cash
generating unit and the impairment of the Feral brand, which was sold during the year ended 31 December 2024.
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Operating expenses in Europe increased, driven by continued inflationary pressures on
labour and haulage, partly offset by the decrease in volumes. The continued optimisation
of discretionary spend and the ongoing delivery of our business-wide efficiency programme
also helped to offset cost increases.
Adjusted comparable operating expenses in APS decreased, driven by changes to our sales
channels in Australia following the exit of the Beam Suntory agreement and a reduction in
commercial and logistics expenses in Indonesia, following a shift to a new distributor
partnership model.
Restructuring
In November 2022, the Group announced a new efficiency programme to be delivered by
the end of 2028. This programme focuses on further supply chain efficiencies, leveraging
global procurement and a more integrated shared service centre model, all enabled by
next generation technology including digital tools and data and analytics.
During 2025, as part of this efficiency programme, the Group announced a series of
restructuring initiatives. These initiatives resulted in total restructuring charges of
€8 million within reported cost of sales and €97 million within reported operating expenses
for the year ended 31 December 2025. The restructuring charges recognised in operating
expenses primarily relate to expected severance payments. Overall, the restructuring
spend reflects various initiatives implemented across different markets to enhance
operational efficiency and productivity.
Restructuring charges of €10 million and €254 million were recognised within reported
cost of sales and reported operating expenses, respectively, for the year ended
31 December 2024, related principally to various productivity initiatives.
Effective tax rate
The reported effective tax rate was 23% and 25% for the years ended 31 December 2025
and 31 December 2024, respectively.
The decrease in the reported effective tax rate to 23% in 2025 (2024: 25%) reflects the
impact of non-UK operations and changes in foreign corporation tax rates enacted during
the year.
The comparable effective tax rate was 26% and 25% for the years ended
31 December 2025 and 31 December 2024, respectively.
Income tax
In millions of €
Year ended 31 December
2025
2024
As reported
590
492
Adjust: Total items impacting comparability
78
126
Adjust: Restructuring charges(A)
30
70
Adjust: Property sale(B)
(22)
—
Adjust: Accelerated amortisation(C)
8
16
Adjust: Litigation(D)
(6)
1
Adjust: Acquisition and integration-related costs(E)
1
2
Adjust: Net tax(F)
67
—
Adjust: Inventory step-up(G)
—
2
Adjust: Impairment(H)
—
35
Comparable
668
618
(A)Amounts represent the tax impact of restructuring charges related to business transformation activities.
(B)Amounts represent the tax impact of additional consideration received from the sale of a property in
Germany and gains on the sales of properties in Germany and Great Britain, which were recognised as
'Other income'.
(C)Amounts represent the tax impact of accelerated amortisation charges associated with the
discontinuation of the relationship between CCEP and Beam Suntory upon expiration of the current
contractual agreements.
(D)Amounts represent the tax impact of release of a provision that had been established in prior years in
connection with an ongoing labour law matter in Germany, for which no future cash outflows are expected.
In 2024, the amount reflected the tax impact of increase in this provision based on the assessment at
that time.
(E)Amounts represent the tax impact of cost associated with the acquisition and integration of CCBPI.
(F)Amounts represent the deferred tax impact arising from income tax rate and law changes.
(G)Amounts represent the tax impact of the non-recurring impact of fair value step-up of CCBPI inventories.
(H)Amounts represent the tax impact of the expense recognised in relation to the impairment of the Group’s
Indonesia cash generating unit and the impairment of the Feral brand, which was sold during the year
ended 31 December 2024.
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2025 Annual Report and Form 20-F
53
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Return on invested capital
Comparable ROIC is used as a measure of capital efficiency and reflects how well the
Group generates comparable operating profit relative to the capital invested in the
business. For the year ended 31 December 2025, ROIC increased by 280 basis points to
10.9% versus 2024. On a comparable basis, ROIC increased by 40 basis points versus 2024,
reflecting the increase in comparable operating profit and continued focus on capital
allocation. On an adjusted comparable basis, which adjusts both invested capital and
comparable operating profit to reflect the acquisition date as at 1 January 2024, ROIC
increased by 70 basis points versus 10.8% in 2024.
Year ended 31 December
ROIC
In millions of €
2025
2024
Reported profit after tax
1,979
1,444
Taxes
590
492
Finance costs, net
203
187
Non-operating items
21
9
Reported operating profit
2,793
2,132
Items impacting comparability(A)
15
531
Comparable operating profit(A)
2,808
2,663
Taxes(B)
(725)
(667)
Non-controlling interest
(40)
(29)
Comparable operating profit after tax attributable to shareholders
2,043
1,967
Opening borrowings less cash and cash equivalents and short-
term investments
9,618
9,409
Opening equity attributable to shareholders
8,489
7,976
Opening invested capital
18,107
17,385
Closing borrowings less cash and cash equivalents and short-
term investments
9,737
9,618
Closing equity attributable to shareholders
7,835
8,489
Closing invested capital
17,572
18,107
Average invested capital
17,840
17,746
ROIC
10.9%
8.1%
Comparable ROIC
11.5%
11.1%
(A)Reconciliation from reported to comparable operating profit is included in the Supplementary financial
information - Items impacting comparability section on page 57.
(B)Tax rate used is the comparable effective tax rate for the year (2025: 26%; 2024: 25%).
Adjusted comparable ROIC
In millions of €
Year ended
31 December
2024
Reported profit after tax
1,444
Taxes
492
Finance costs, net
187
Non-operating items
9
Reported operating profit
2,132
Add: Adjusted operating profit impact(A)
12
Adjust: Acquisition accounting(B)
(2)
Adjusted operating profit
2,142
Items impacting comparability(C)
531
Adjusted comparable operating profit(C)
2,673
Taxes(D)
(670)
Non-controlling interest
(31)
Adjusted comparable operating profit after tax attributable to shareholders
1,972
Opening borrowings less cash and cash equivalents and short-term
investments(E)
10,536
Opening equity attributable to shareholders(E)
7,976
Opening invested capital
18,512
Closing borrowings less cash and cash equivalents and short-term
investments
9,618
Closing equity attributable to shareholders
8,489
Closing invested capital
18,107
Average invested capital
18,310
Adjusted comparable ROIC
10.8%
(A)Amounts represent unaudited operating profit of CCBPI as if the Acquisition had occurred on
1 January 2024, including acquisition accounting adjustments and CCEP IFRS accounting policy
reclassifications.
(B)Amounts represent transaction accounting adjustments as if the Acquisition had occurred on
1 January 2024. These include the depreciation and amortisation impact relating to fair values for
intangibles and property, plant and equipment.
(C)Reconciliation from reported to comparable and to adjusted comparable operating profit is included in the
Supplementary financial information - Items impacting comparability section on pages 57–58.
(D)Tax rate used is the comparable effective tax rate for the year (2024: 25%).
(E)In light of the CCBPI acquisition and in order to provide investors with a more meaningful measure of
capital efficiency for 2024, an adjusted comparable ROIC measure has been presented for the year ended
31 December 2024. To derive this adjusted comparable measure, opening borrowings, cash and cash
equivalents and short-term investments and equity attributable to shareholders were adjusted to reflect
transaction accounting adjustments, the impact of debt financing and cash flows in connection with the
acquisition, as if the transaction had occurred on 1 January 2024.
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2025 Annual Report and Form 20-F
54
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Liquidity and capital management
Liquidity
Liquidity risk is actively managed to ensure we have sufficient funds to satisfy our
commitments as they fall due. Our sources of capital include, but are not limited to, cash
flows from operating activities, public and private issuances of debt securities, and bank
borrowings. We believe our operating cash flow, cash on hand and available short- and
long-term capital resources are sufficient to fund our working capital requirements,
scheduled borrowing payments, interest payments, capital expenditures, benefit plan
contributions, income tax obligations and dividends to shareholders for both the next
12 months and the longer-term period thereafter. Counterparties and instruments used to
hold cash and cash equivalents are continuously assessed, with a focus on preservation
of capital and liquidity. Based on information currently available, the Group does not
believe it is at significant risk of default by its counterparties.
The Group has amounts available for borrowing under a €1.80 billion multi currency credit
facility (2024: €1.80 billion) with a syndicate of 12 banks. This credit facility matures in 2030
and is for general corporate purposes and supporting the Group’s working capital needs.
Based on information currently available, there is no indication that the financial institutions
participating in this facility would be unable to fulfil their commitments to the Group as at
the date of this report. The Group’s current credit facility contains no financial covenants
that would impact its liquidity or access to capital. As at 31 December 2025, the Group had
no amounts drawn under this credit facility.
Net cash flows from operating activities were €2,953 million in 2025, a decrease
of 3.5%, or €108 million, from €3,061 million in 2024, reflecting the impact of timing-related
movements within the working capital cycle that are consistent with normal operating
activities. These cash flows were primarily generated from our operations and included
restructuring cash outflows of €213 million. In 2025, we continued to monitor our
investment in capital expenditure programmes, given continued uncertainty. Our 2025
capital spend on property, plant and equipment and capitalised software as part of our
business capability programme was €950 million, compared to €939 million in 2024.
Comparable free cash flow generation for the year was strong, totalling €1,836 million.
The increase relative to our 2024 total of €1,817 million was largely driven by proceeds
related to the sales of properties in Germany and Great Britain.
Comparable free cash flow
In millions of €
Year ended 31 December
2025
2024
Net cash flows from operating activities
2,953
3,061
Less: Purchases of property, plant and equipment
(750)
(791)
Less: Purchases of capitalised software
(200)
(148)
Add: Proceeds from sales of property, plant and equipment
168
15
Add: Proceeds from sales of intangible assets
2
—
Less: Payments of principal on lease obligations
(162)
(157)
Less: Net interest payments
(175)
(175)
Adjust: Items impacting comparability(A)
—
12
Comparable free cash flow
1,836
1,817
(A)  During the year ended 31 December 2024, the Group paid an additional €12 million in cash taxes related to
cash proceeds received in 2023 (€89 million) from royalty income arising from the ownership of certain
mineral rights in Australia. The cash impact of this event has been included within the Group’s net cash
flows from operating activities for year ended 31 December 2024. Given the unusual nature of this item
and to support better period-to-period comparability, our comparable free cash flow measure excludes
the cash impact related to this matter.
In 2025, total borrowings decreased by €637 million. This was driven by repayments on
third party borrowings of €1,824 million and payments on the principal and interest from
lease obligations of €185 million, partially offset by proceeds from third party borrowings
of €1,327 million. Movement as a result of fair value hedges resulted in an increase
of borrowings by €3 million. Borrowings further increased due to additions and other
movements on leases of €193 million, and decreased due to currency translation and
other non-cash changes of €151 million.
During 2025, the Group repaid the outstanding amounts related to the following bonds
upon their respective maturities:
■PHP3.5 billion 6.00% Loan, repaid in February 2025.
■€350 million 2.375% Notes, repaid in May 2025.
■€800 million 0.0% Notes and A$30 million 4.166% Notes, both repaid in September 2025.
■A$20 million 4.250% Notes and PHP2 billion 5.750% Loan, both repaid in December 2025.
In addition, in December 2025, the Group repaid prior to maturity the outstanding amount
related to the €600 million 1.75% Notes, originally due in March 2026.
The following bonds were issued in 2025:
■€300 million Floating rate Notes due 2027 and €500 million 3.125% Notes due 2031,
both issued in June 2025.
■€500 million 3.125% Notes due 2032, issued in September 2025.
■PHP2 billion 4.7% Loan and PHP500 million 4.35% Loan, both issued in December 2025
and maturing in 2026.
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Coca-Cola Europacific Partners plc
2025 Annual Report and Form 20-F
55
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Capital management
The primary objective of our capital management strategy is to ensure strong ratings and
to maintain appropriate capital ratios to support our business and maximise shareholder
value. Our credit ratings are periodically reviewed by rating agencies. We regularly assess
debt and equity capital levels against our stated policy for capital structure. Our capital
structure is managed and, as appropriate, adjusted in light of changes in economic
conditions and our financial policy.
Net debt
In millions of €
Year ended 31 December
2025
2024
Total borrowings
10,694
11,331
Fair value of hedges related to borrowings(A)
76
36
Other financial assets/liabilities(A)
10
18
Adjusted total borrowings(A)
10,780
11,385
Less: cash and cash equivalents(B)(C)
(918)
(1,563)
Less: short-term investments(D)
(39)
(150)
Net debt
9,823
9,672
Credit ratings
As at 12 March 2026
Moody’s
Fitch Ratings
Long-term rating
A3
A-
Outlook
Stable
Stable
Note: Our credit ratings can be materially influenced by a number of factors including, but not limited to,
acquisitions, investment decisions and working capital management activities of TCCC and/or changes in the
credit rating of TCCC. A credit rating is not a recommendation to buy, sell or hold securities and may be subject
to revision or withdrawal at any time.
(A)Net debt includes adjustments for the fair value of derivative instruments used to hedge both currency
and interest rate risk on the Group’s borrowings. In addition, net debt also includes other financial assets/
liabilities relating to cash collateral pledged by/to external parties on hedging instruments related to borrowings.
(B)Cash and cash equivalents as at 31 December 2025 and 31 December 2024 included €37 million and €36
million of cash in Papua New Guinea Kina, respectively. Presently, government-imposed currency controls
impact the extent to which the cash held in Papua New Guinea can be converted into foreign currency and
remitted for use elsewhere in the Group.
(C)As at 31 December 2025, cash and cash equivalents did not include any amounts held by the Group’s Employee
Benefit Trust (31 December 2024: €10 million). These funds may only be used to purchase CCEP shares to
satisfy the Group’s award obligations under its current and future share-based compensation plans.
(D)Short-term investments are term cash deposits with original maturities of more than three months and less
than one year. These short-term investments are held with counterparties that are continually assessed,
with a focus on preserving capital and maintaining liquidity. As at 31 December 2025 and 31 December 2024,
short-term investments included nil and €18 million, respectively, of assets held in Papua New Guinea kina,
which are subject to the same currency controls outlined above.
The ratio of net debt to comparable EBITDA is used by investors, analysts and credit
rating agencies to analyse our operating performance in the context of targeted financial
leverage, and so we provide a reconciliation of this measure. Net debt enables investors to
see the economic effect of total borrowings, fair value impact of related hedges and other
financial assets/liabilities, cash and cash equivalents, and short-term investments in total.
Comparable EBITDA is calculated as EBITDA after adding back items impacting the
comparability of year over year financial performance.
Comparable EBITDA does not reflect our cash expenditures, or future requirements for
capital expenditures or contractual commitments. Further, comparable EBITDA does not
reflect changes in, or cash requirements for, our working capital needs, and, although
depreciation and amortisation are non-cash charges, the assets being depreciated and
amortised are likely to be replaced in the future and comparable EBITDA does not reflect
cash requirements for such replacements.
Net debt to comparable EBITDA
Comparable EBITDA in 2025 totalled €3.7 billion and increased relative to 2024 by
€176 million. The increase versus 2024 was primarily driven by the increase in comparable
operating profit, reflecting increased revenue. The ratio of net debt to comparable EBITDA
is 2.7, flat versus 2024, reflecting the increase in net debt due to the impact of lower cash
and cash equivalents, offsetting the increase in comparable EBITDA.
For 2024, we have provided an adjusted calculation for our net debt to comparable EBITDA
ratio as if the Acquisition had occurred at the beginning of 2024. We believe this calculation
allows for a better understanding of our capital position in the context of CCEP.
Adjusted comparable EBITDA was €3.5 billion and the ratio of net debt to adjusted
comparable EBITDA is 2.7.
Dividends
In line with our commitments to deliver long-term value to shareholders, we paid a first
half interim dividend of €0.79 per share in May 2025 and a second half interim dividend
of €1.25 per share in December 2025, based on comparable diluted earnings per share,
maintaining a payout ratio of approximately 50% in line with our dividend policy. For the year
ended 31 December 2025, dividend payments totalled €927 million (2024: €910 million).
Share buyback
During 2025, we returned to shareholders €1,006 million, including transaction costs,
in connection with the €1 billion share buyback programme announced in February 2025.
No Shares were repurchased in 2024.
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2025 Annual Report and Form 20-F
56
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Comparable EBITDA
In millions of €
Year ended 31 December
2025
2024
Reported profit after tax
1,979
1,444
Taxes
590
492
Finance costs, net
203
187
Non-operating items
21
9
Reported operating profit
2,793
2,132
Depreciation and amortisation
923
933
Reported EBITDA
3,716
3,065
Items impacting comparability
Restructuring charges(A)
101
247
Property sale(B)
(104)
—
Litigation(C)
(19)
3
Acquisition and integration-related costs(D)
6
14
European flooding(E)
—
1
Inventory step-up(F)
—
5
Impairment(G)
—
189
Comparable EBITDA
3,700
3,524
Net debt to reported EBITDA
2.6
3.2
Net debt to comparable EBITDA
2.7
2.7
(A)Amounts represent restructuring charges related to business transformation activities, excluding
accelerated depreciation included in the depreciation and amortisation line.
(B)Amounts represent the additional consideration received from the sale of a property in Germany and gains
on the sales of properties in Germany and Great Britain, which were recognised as 'Other income'.
(C)Amounts represent the release of a provision that had been established in prior years in connection
with an ongoing labour law matter in Germany, for which no future cash outflows are expected.
In 2024, the amount reflected an increase in this provision based on the assessment at that time.
(D)Amounts represent cost associated with the acquisition and integration of CCBPI.
(E)Amounts represent the incremental expense incurred as a result of the July 2021 flooding events, which
impacted the operations of our production facilities in Chaudfontaine and Bad Neuenahr.
(F)Amounts represent the non-recurring impact of fair value step-up of CCBPI inventories.
(G)Amounts represent the expense recognised in relation to the impairment of the Group’s Indonesia
cash generating unit and the impairment of the Feral brand, which was sold during the year ended
31 December 2024.
Adjusted comparable EBITDA
In millions of €
Year ended 31 December
2024
Reported profit after tax
1,444
Taxes
492
Finance costs, net
187
Non-operating items
9
Reported operating profit
2,132
Add: Adjusted operating profit impact(A)
12
Adjust: Acquisition accounting(B)
(2)
Adjusted operating profit
2,142
Depreciation and amortisation(C)
945
Adjusted EBITDA
3,087
Items impacting comparability
Restructuring charges(D)
247
Acquisition and integration-related costs(E)
14
Litigation(F)
3
European flooding(G)
1
Inventory step-up(H)
5
Impairment(I)
189
Adjusted comparable EBITDA
3,546
Net debt to adjusted EBITDA
3.1
Net debt to adjusted comparable EBITDA
2.7
(A)Amounts represent unaudited operating profit of CCBPI as if the acquisition had occurred on
1 January 2024, including acquisition accounting adjustments and CCEP IFRS accounting policy
reclassifications.
(B)Amounts represent transaction accounting adjustments as if the acquisition had occurred on
1 January 2024. These include the depreciation and amortisation impact relating to fair values for
intangibles and property, plant and equipment, the non-recurring impact of the provisional fair value
step-up of CCBPI finished goods and acquisition and integration-related costs.
(C)Includes the depreciation and amortisation impact relating to fair values for intangibles and property,
plant and equipment as if the acquisition had occurred on 1 January 2024.
(D)Amounts represent restructuring charges related to business transformation activities, excluding
accelerated depreciation included in the depreciation and amortisation line.
(E)Amounts represent cost associated with the acquisition and integration of CCBPI.
(F)Amounts relate to the increase in a provision established in connection with an ongoing labour law matter
in Germany.
(G)Amounts represent the incremental expense incurred as a result of the July 2021 flooding events, which
impacted the operations of our production facilities in Chaudfontaine and Bad Neuenahr, for the year
ended 31 December 2024 and the incremental expense incurred offset by the insurance recoveries
collected for the year ended 31 December 2023.
(H)Amounts represent the non-recurring impact of fair value step-up of CCBPI inventories.
(I)Amounts represent the expense recognised in relation to the impairment of the Group’s Indonesia cash
generating unit and the impairment of the Feral brand, which was sold during the year ended 31 December 2024.
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2025 Annual Report and Form 20-F
57
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Supplementary financial information – Items impacting comparability – Reported to comparable
The following provides a summary reconciliation of items impacting comparability for the years ended 31 December 2025 and 31 December 2024:
Full year 2025
In millions of € except per share data
which is calculated prior to rounding
Operating profit
Profit after taxes
Diluted earnings
per share (€)
As reported
2,793
1,979
4.26
Items impacting comparability
15
(63)
(0.15)
Restructuring charges(A)
105
75
0.16
Property sale(B)
(104)
(82)
(0.18)
Accelerated amortisation(C)
27
19
0.04
Litigation(D)
(19)
(13)
(0.03)
Acquisition and integration-related costs(E)
6
5
0.01
Net tax(F)
—
(67)
(0.15)
Comparable
2,808
1,916
4.11
(A)Amounts represent restructuring charges related to business transformation activities.
(B)Amounts represent additional consideration received from the sale of a property in Germany and gains
on the sales of properties in Germany and Great Britain, which were recognised as 'Other income'.
(C)Amounts represent accelerated amortisation charges associated with the discontinuation of the
relationship between CCEP and Beam Suntory upon expiration of the current contractual agreements.
(D)Amounts represent the release of a provision that had been established in prior years in connection
with an ongoing labour law matter in Germany, for which no future cash outflows are expected.
In 2024, the amount reflected an increase in this provision based on the assessment at that time.
(E)Amounts represent cost associated with the acquisition and integration of CCBPI.
(F)Amounts represent the deferred tax impact related to income tax rate and law changes.
Full year 2024
In millions of € except per share data
which is calculated prior to rounding
Operating profit
Profit after taxes
Diluted earnings
per share (€)
As reported
2,132
1,444
3.08
Items impacting comparability
531
405
0.87
Restructuring charges(A)
264
194
0.43
Acquisition and integration-related costs(E)
14
12
0.02
European flooding(G)
1
1
—
Inventory step-up(H)
5
3
—
Impairment(I)
189
154
0.34
Litigation(D)
3
2
—
Accelerated amortisation(C)
55
39
0.08
Comparable
2,663
1,849
3.95
(G)Amounts represent the incremental expense incurred as a result of the July 2021 flooding events, which
impacted the operations of our production facilities in Chaudfontaine and Bad Neuenahr.
(H)Amounts represent the non-recurring impact of fair value step-up of CCBPI inventories.
(I)Amounts represent the expense recognised in 2024 in relation to the impairment of the Group’s Indonesia
cash generating unit and the impairment of the Feral brand, which was sold during the year ended
31 December 2024.
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2025 Annual Report and Form 20-F
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Supplementary financial information – Items impacting comparability – Reported to adjusted comparable
The following provides a summary reconciliation for CCEP’s reported results and adjusted comparable financial information for the year ended 31 December 2024:
Year ended 31 December 2024
In millions of € except per share data which is calculated prior to rounding
Reported
Items impacting
comparability(A)
Comparable
Adjusted
comparable(B)
Adjusted
comparable
combined
CCEP
CCEP
CCBPI
CCEP
Revenue
20,438
—
20,438
268
20,706
Cost of sales
13,227
(72)
13,155
214
13,369
Operating profit
2,132
531
2,663
10
2,673
Total finance costs, net
187
—
187
3
190
Profit after taxes
1,444
405
1,849
5
1,854
Attributable to:
Shareholders
1,418
402
1,820
3
1,823
Non-controlling interest
26
3
29
2
31
Diluted earnings per share (€)
3.08
3.95
3.96
Diluted weighted average shares outstanding
461
(A)Amounts represent items affecting the comparability of CCEP’s year over year financial performance.
(B)Amounts represent unaudited results of CCBPI as if the acquisition had occurred on 1 January, including acquisition accounting adjustments, CCEP IFRS accounting policy reclassifications and the impact of debt financing
costs in connection with the acquisition, excluding items impacting comparability.
Operating profit by segment
Operating profit Europe
In millions of €. FX impact calculated
by recasting current year results at prior year rates
Year ended 31 December
2025
2024
% change
As reported
2,189
1,769
23.7%
Adjust: Total items impacting
comparability
(50)
246
n/a
Comparable
2,139
2,015
6.2%
Adjust: Impact of FX changes
7
n/a
n/a
Comparable and FX neutral
2,146
2,015
6.5%
Adjusted operating profit APS
In millions of €. FX impact calculated
by recasting current year results at prior year rates
Year ended 31 December
2025
2024
% change
As reported
604
363
66.4%
Add: Adjusted operating profit impact
—
12
n/a
Adjust: Acquisition accounting
—
(2)
Adjust: Total items impacting comparability
65
285
Adjusted comparable
669
658
1.7%
Adjust: Impact of FX changes
47
n/a
n/a
Adjusted comparable and FX neutral
716
658
8.8%
The Company’s Strategic Report is set out on pages 1–58. The Strategic Report was
approved by the Board on 13 March 2026 and signed on its behalf by:
Damian Gammell
Chief Executive Officer
Strategic
Report
Governance and
Directors’ Report
Financial
Statements
Sustainability
Statement
Other
Information
Coca-Cola Europacific Partners plc
2025 Annual Report and Form 20-F
59
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GOVERNANCE
AND DIRECTORS’
REPORT
In this section
Board of Directors
Senior management team
Nomination Committee report
Audit Committee report
ESG Committee report
Overview of remuneration policy
Remuneration policy
Remuneration at a glance
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Strategic
Report
Governance and
Directors’ Report
Financial
Statements
Sustainability
Statement
Other
Information
Coca-Cola Europacific Partners plc
2025 Annual Report and Form 20-F
60
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Chairman’s introduction
Sol Daurella, Chairman
“Strong succession planning
remained a key focus for the Board”
2025 has been another busy and exciting year for the Board.
The Board continued to engage with colleagues across our
global footprint, including meeting teams in Melbourne, Australia.
The visit provided valuable insights through site visits, market
tours, customer interactions, as well as presentations from the
leadership teams of Australia, New Zealand, the Pacific Islands,
Papua New Guinea, Indonesia and the Philippines. In addition,
individual Directors undertook further visits to New Zealand,
Germany, the Netherlands and Great Britain.
Culture
The Board plays a critical role in shaping the Group’s culture,
fostering an environment in which employees feel safe and
valued, while promoting an entrepreneurial spirit supported by
strong controls and accountability.
A key achievement in 2025 was approval of a simplified and
refreshed Ways of Working – a core cultural pillar of CCEP.
Developed through the Accelerate Performance 2030
leadership programme, the updated framework clarified
expected behaviours across CCEP – being customer and
consumer focused, curious and caring, empowering at every
level, and passionate about growth.
These Ways of Working resonate strongly with the Board and
align with its commitment to all stakeholders.
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Detail on how the Board monitors culture can be found
on pages 77–78
Corporate governance matters
From a governance perspective, the Board focused on
alignment with the revised UK Corporate Governance Code,
including the new internal controls requirements under
Provision 29 ahead of their 2026 implementation. Preparations
also progressed to meet obligations under the Economic Crime
and Corporate Transparency Act, including Director Identity
Verification and enhanced reporting on corporate integrity.
The Board was also fully briefed on the requirements
associated with CCEP’s inclusion in the FTSE 100. We continued
to deepen our understanding of evolving cyber and AI-related
risks and opportunities. The Board also oversaw CCEP’s
business transformation programme, consulted shareholders
on the Directors’ remuneration policy, and supported an
update to the Group’s sustainability commitments, This is
Forward, in line with our long-term strategy and the
incorporation of the Philippines business.
Macroeconomic environment
The Board maintained a strong focus on operational and
trading performance amid geopolitical and economic
uncertainty and the impacts of extreme weather. The
business’s resilience enabled continued consideration of
longer‑term strategic opportunities, and the Board approved
several key proposals, including major capital expenditure
projects and capital allocation measures such as the €1 billion
share buyback programme.
Board and leadership succession
Strong succession planning remained a key focus for the
Board, supported by the Nomination Committee, throughout
the year. This included ongoing consideration of both Board
ELT succession, with particular emphasis on development
opportunities within the ELT. This approach was reflected in
the successful appointment of two ELT members in 2025 from
the internal candidate pool.
In terms of Board refreshment for 2025, the Board approved
the appointment of Laurence Debroux as an Independent
Non-executive Director. Her appointment will respond to the
retirement of Thomas H. Johnson at the 2026 Annual General
Meeting (AGM), following a decade of highly valued service as
Senior Independent Director. His guidance, judgement and
long-standing commitment have been deeply appreciated.
Succession planning continued into 2026 with the decision
to appoint Uvashni Raman in March 2026 as an
Independent Non-executive Director. She will replace
Guillaume Bacuvier who will retire at the 2026 AGM due to
the commitments of his new role. The Board thanks him for
his contribution and wishes him well for the future.
Both Ms Debroux’s and Ms Raman’s appointments will take
effect from the conclusion of the 2026 AGM, subject to
shareholder approval.
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For more detail on Board and Executive Leadership Team (ELT)
changes see pages 81–82 and for the skills and experience of Ms
Debroux and Ms Raman see page 79
Board performance review
We conducted a review of the effectiveness of the Board
and its Committees, reinforcing our commitment to continuous
improvement. Led by the Senior Independent Director, Thomas
H. Johnson, the review involved individual meetings with each
Board member to gather insights, including suggestions for
improvement and priorities for 2026, and drew on findings from
the prior year’s external evaluation. The Board concluded that it
continues to operate effectively, fosters a strong culture and
maintains clear accountability to stakeholders.
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An overview of the Board performance review process
and findings can be found on page 76
Looking forward to 2026
Looking ahead to 2026, the Board will remain focused on long-
term value creation, operational resilience and strategic
growth. Priorities include delivering our business
transformation programme and driving innovation, including
greater use of AI to enhance productivity and decision making,
while strengthening risk management and deepening
stakeholder engagement. We thank our shareholders,
customers, franchisors and our people for their continued
trust and support.
Sol Daurella
Chairman
13 March 2026
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Strategic
Report
Governance and
Directors’ Report
Financial
Statements
Sustainability
Statement
Other
Information
Coca-Cola Europacific Partners plc
2025 Annual Report and Form 20-F
61
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Board of Directors♦
ESRS 2 GOV-1
ESRS
Board at a glance
as at 31 December 2025
Ethnicity/nationality
7
Spanish
6
French
3
British
2
American
2
Irish
1
Bulgarian
1
Australian
1
Dutch
1
Gender
13
Male
12
Committee Chairman
3
Director
9
Female
5
Chairman/
Committee Chairman
3
Director
2
Position
19
Chairman
1
Executive
1
Independent Non‑executive
Director
9(A)
Non-executive Director
(excluding the Chairman)
6
(A)56% of the Board (excluding the Chairman)
are independent.
Directors’ skills and experience
Strategic planning17
107
Marketing/public relations/consumer17
148
Customer/retail17
169
People17
181
Sustainability16
201
Executive experience9
226
Remuneration13
246
Bottling industry11
269
Coca-Cola system10
291
Audit/risk/finance17
315
Digital technology11
339
Meeting attendance by Board and Committee members(A)
Sol
Daurella
Damian
Gammell
Thomas H.
Johnson(B)
Robert
Appleby(C)
Manolo
Arroyo
Guillaume
Bacuvier
John
Bryant
José Ignacio
Comenge
Nathalie
Gaveau
Álvaro Gómez-
Trénor Aguilar
Mary
Harris(F)
Dagmar
Kollmann(G)
Alfonso
Líbano
Daurella
Nicolas
Mirzayantz
Mark
Price(H)
Nancy
Quan
Mario
Rotllant Solá
Dessi
Temperley
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Chairman
CEO
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SID
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Board of Directors
8 (8)
8 (8)
8 (8)
4 (4)
7 (8)(D)
8 (8)
8 (8)
8 (8)
7 (8)(E)
8 (8)
8 (8)
4 (4)
8 (8)
8 (8)
8 (8)
7 (8)(D)
8 (8)
8 (8)
Affiliated Transaction
Committee
3 (3)
3 (3)(J)
3 (3)
1 (1)
3 (3)
2 (2)
Audit Committee(I)
3 (3)
7 (7)
4 (4)
7 (7)
7 (7)(J)
ESG Committee(I)
3 (3)
6 (6)
6 (6)
3 (3)
6 (6)
6 (6)(J)
Nomination Committee
6 (6)
6 (6)
6 (6)
6 (6)(J)
6 (6)
Remuneration Committee
5 (5)
5 (5)
5 (5)(J)
5 (5)
5 (5)
(A)The maximum number of scheduled meetings in the period during which the individual was a Board or Committee member is
shown in brackets.
(B)Effective 22 May 2025, Thomas H. Johnson stepped down as Chairman of the Nomination Committee and was appointed
Chairman of the Affiliated Transaction Committee (ATC).
(C)Effective 22 May 2025, Robert Appleby was appointed to the Board and became a member of both the Audit Committee and
the ESG Committee.
(D)Manolo Arroyo and Nancy Quan were unable to attend the March 2025 Board meeting due to other pre-agreed commitments.
(E)Nathalie Gaveau was unable to attend the May 2025 Board meeting due to other pre-agreed commitments.
(F)Effective 22 May 2025, Mary Harris was appointed as Chairman of the Nomination Committee.
(G)Effective 22 May 2025, Dagmar Kollmann stepped down from the Board and respective Committee memberships.
(H)Effective 22 May 2025, Mark Price stepped down from the ESG Committee and became a member of the ATC.
(I)One meeting was a joint meeting of the Audit Committee and ESG Committee held in February 2025.
(J)Chairman of the Committee.
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Independent
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Nominated by Olive Partners**
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Nominated by European Refreshments Unlimited Company (ER)**
**Nominated pursuant to the Articles of Association and terms of the Shareholders’ Agreement.
Key to Committees
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Affiliated Transaction Committee
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Audit Committee
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Environmental, Social and Governance Committee
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Nomination Committee
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Remuneration Committee
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Committee Chairman
Strategic
Report
Governance and
Directors’ Report
Financial
Statements
Sustainability
Statement
Other
Information
Coca-Cola Europacific Partners plc
2025 Annual Report and Form 20-F
62
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Directors’ biographies
Experienced Board
Our Board consisted of our Chairman, CEO, SID and 14
Non‑executive Directors as at 31 December 2025.
Biographies of our Board members and details of
Board and Committee changes made during the
reporting period are set out on pages 62–67.
Sol Daurella
Chairman
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Appointed May 2016
Committees
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Key strengths/experience
■Experienced director of public companies operating in
an international environment
■A deep understanding of fast moving consumer goods
(FMCG) and our markets
■Extensive experience at Coca-Cola bottling companies
■Strong international strategic and commercial skills
■Sol and the Daurella family have been part of the
Coca-Cola system for over 70 years, when the first
bottling agreement was signed in Spain in 1951
Key external commitments
Co-Chairman and member of the Executive Committee
of Cobega, S.A., Executive Chairman of Olive Partners, S.A.,
director of Equatorial Coca-Cola Bottling Company, S.L.,
and independent non-executive director, a member of
the Appointments and Remuneration Committees and
Chairman of the Responsible Banking, Sustainability and
Culture Committee of Banco Santander
Previous roles
Various roles at the Daurella family’s Coca-Cola bottling
business, director of Banco de Sabadell, Ebro Foods and
Acciona and Co-Chairman of Grupo Cacaolat
Damian Gammell
Chief Executive Officer (CEO)
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Appointed December 2016
Key strengths/experience
■Strategy, risk management, development and
execution experience
■Vision, customer focus and transformational leadership
■Developing people and teams and promoting
sustainability
■Over 25 years of leadership experience and in-depth
understanding of the non-alcoholic ready to drink
industry and within the Coca-Cola system
Key external commitments
N/A
Previous roles
Beverage Group President of Anadolu Group and CEO of
Anadolu Efes, CEO and Managing Director of Coca-Cola
İçecek A.Ş. and a number of other senior executive roles
in the Coca-Cola system including in Russia, Australia
and Germany
Thomas H. Johnson
Independent Non-executive Director
and Senior Independent Director
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Appointed May 2016
Committees
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Key strengths/experience
■Chairman/CEO of international public companies
■Manufacturing and distribution expertise
■Extensive international management experience
in Europe and Asia-Pacific
■Investment and finance experience
Key external commitments
CEO of The Taffrail Group, LLC and non-executive director
of Universal Corporation
Previous roles
Chairman and CEO of Chesapeake Corporation,
President and CEO of Riverwood International
Corporation, and director of Coca-Cola Enterprises,
Inc., GenOn Corporation, Mirant Corporation and
ModusLink Global Solutions
Key to Committees
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Affiliated Transaction Committee
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Audit Committee
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Environmental, Social and Governance Committee
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Nomination Committee
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Remuneration Committee
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Committee Chairman
Strategic
Report
Governance and
Directors’ Report
Financial
Statements
Sustainability
Statement
Other
Information
Coca-Cola Europacific Partners plc
2025 Annual Report and Form 20-F
63
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Directors’ biographies continued
Robert Appleby
Independent
Non-executive Director
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Appointed May 2025
Committees
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Key strengths/experience
■Over 40 years of financial experience including
over 30 years of investment expertise
■Significant experience in European and Asia-Pacific
markets
■Strong ESG expertise
Key external commitments
Founder and Chief Investment Officer at Cibus Capital
Previous roles
Co-founder and joint-CIO of ADM Capital Hong Kong,
Director of the ADM Capital Foundation and senior roles
at Lehman Brothers and Crédit Agricole
Manolo Arroyo
Non-executive Director
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Appointed May 2021
Committees
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Key strengths/experience
■Extensive experience working in the Coca-Cola system
■Strong operational leadership experience in
international consumer goods groups, lived and worked
in four continents, both developed and emerging
markets
■Strategic marketing, commercial and bottling expertise
■Served as Chief Executive Officer (CEO) of publicly
listed FMCG company
■In-depth understanding of brands in the Coca-Cola
system
Key external commitments
Executive Vice President and Global Chief Marketing
Officer at The Coca-Cola Company (TCCC)
Previous roles
President of the Asia Pacific Group, Bottling Investments
Group, and Mexico Business Unit (BU) of TCCC, CEO of
Deoleo, S.A., Senior Vice President and President, Asia
Pacific, of S.C. Johnson & Son, Inc., President of the ASEAN
and SEWA Business Units of TCCC, General Manager of the
Spain Business Unit of TCCC, Vice-Chairman of Coca-Cola
COFCO Bottling China, non-executive director of
ThaiNamthip Limited and Coca-Cola Andina and non-
executive director of Effie
Guillaume Bacuvier
Independent
Non-executive Director
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Appointed January 2024
Committees
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Key strengths/experience
■Valuable perspectives on consumer behaviours
and strategy
■Brings a wealth of marketing effectiveness insights
from across Europe and APAC
■Strong track record of commercial and technological
business transformation
Key external commitments
CEO of ARIS and non-executive director of Berger-Levrault
Previous roles
CEO of Worldpanel, Kantar’s consumer panel market
research division, CEO of dunnhumby, a number of senior
positions at Google and Orange and non-executive
director of Attest Technologies Limited and VEON Ltd
Key to Committees
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Affiliated Transaction Committee
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Audit Committee
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Environmental, Social and Governance Committee
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Nomination Committee
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Remuneration Committee
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Committee Chairman
Strategic
Report
Governance and
Directors’ Report
Financial
Statements
Sustainability
Statement
Other
Information
Coca-Cola Europacific Partners plc
2025 Annual Report and Form 20-F
64
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Directors’ biographies continued
John Bryant
Independent
Non-executive Director
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Appointed January 2021
Committees
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Key strengths/experience
■Chairman/CEO of a multinational public company
■Expert in strategy, mergers and acquisitions,
restructuring and portfolio transformation                   
■30 years’ experience in consumer goods
■Strong track record of finance and operational leadership
and experience in overseeing information technology
■Engaged in the cybersecurity strategy process
Key external commitments
Chairman of the Board and of the Nominating
and Governance Committee and member of the
Compensation and Human Resources Committee of
Flutter Entertainment plc, non-executive director,
Chairman of the Remuneration Committee and member of
the Audit Committee of Compass Group plc and non-
executive director and member of the Audit, Nomination
and Corporate Governance Committees of Ball
Corporation
Previous roles
Executive Chairman and CEO of Kellogg Company having
previously held a variety of senior roles in the Kellogg
Company, strategy advisor at A.T. Kearney and Marakon
Associates and non-executive director of Macy’s Inc.
José Ignacio Comenge
Non-executive Director
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Appointed May 2016
Committees
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Key strengths/experience
■Extensive experience of the Coca-Cola system
■Broad board experience across industries and sectors
■Knowledgeable about the industry in our key market
of Iberia
■Insights in formulating strategy drawn from leadership
roles in varied sectors
Key external commitments
Director of Olive Partners, S.A., ENCE Energía y Celulosa,
S.A., Compañía Vinícola del Norte de España and S.A.,
Ebro Foods S.A., Chairman of Mendibea 2002, S.L. and
Non-executive Chairman of Ball Beverage Can Iberica, S.L.
Previous roles
Senior roles in the Coca-Cola system, AXA, S.A., Aguila
and Heineken Spain and Vice-Chairman and CEO of
MMA Insurance
Nathalie Gaveau
Independent
Non-executive Director
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Appointed January 2019
Committees
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Key strengths/experience
■Successful tech entrepreneur and investor
■Expert in AI, e-commerce and digital transformation,
innovation, mobile, data and social marketing
■International consumer goods experience
Key external commitments
Non-executive director of Lightspeed Commerce Inc.
and Sonepar, Chief Client Officer of Publicis Sapient
and Executive Vice President of Publicis Groupe
Previous roles
Managing Director & Partner and Senior Advisor of Boston
Consulting Group, founder and CEO of Shopcade,
interactive business director of the TBWA Tequila Group,
Asia Pacific e-business, CRM Manager for Club Med, co-
founder and Managing Director of Priceminister, financial
analyst for Lazard, non-executive director of HEC Paris,
PortAventura World and Calida Group, President of
Tailwind International Corp, special acquisition company,
and director of HWX Partners
Key to Committees
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Affiliated Transaction Committee
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Audit Committee
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Environmental, Social and Governance Committee
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Nomination Committee
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Remuneration Committee
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Committee Chairman
Strategic
Report
Governance and
Directors’ Report
Financial
Statements
Sustainability
Statement
Other
Information
Coca-Cola Europacific Partners plc
2025 Annual Report and Form 20-F
65
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Directors’ biographies continued
Álvaro Gómez-Trénor Aguilar
Non-executive Director
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Appointed March 2018
Key strengths/experience
■Broad knowledge of working in the food and
beverage industry
■Extensive understanding of the Coca-Cola system,
particularly in Iberia
■Expertise in finance and investment banking
■Strategic and investment advisor to businesses
in varied sectors
Key external commitments
Director of Olive Partners, S.A.
Previous roles
Various board appointments in the Coca-Cola system,
including as President of Begano, S.A. and director and
Chairman of the Audit Committee of Coca-Cola Iberian
Partners, S.A., as well as key executive roles in Grupo
Pas and Garcon Vallvé & Contreras and director of Global
Omnium (Aguas de Valencia, S.A.) and Sinensis Seed
Capital SCR de RC, S.A.
Mary Harris
Independent
Non-executive Director
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Appointed May 2023
Committees
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Key strengths/experience
■Top level strategic outlook with international
and consumer focus
■Significant non-executive director experience gained
from other major listed companies
■Deep understanding of remuneration requirements
gained from previous remuneration committee
chairman roles
Key external commitments
A Supervisory Board member at HAL Holding N.V. and
member of the Corporate Governance Board Council
at INSEAD business school
Previous roles
Chair of the Remuneration Committee of Reckitt Benckiser
Group plc, non-executive director at ITV plc, Unibail-
Rodamco Westfield SE, Sainsbury’s plc, TNT Express and
TNT N.V. and Partner at McKinsey & Company
Alfonso Líbano Daurella
Non-executive Director
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Appointed May 2016
Committees
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Key strengths/experience
■Developed the Daurella family’s association
with the Coca-Cola system
■Detailed knowledge of the Coca-Cola system
■Insight to CCEP’s impact on communities from
experience as trustee or director of charitable
and public organisations
■Experienced social responsibility committee chair
Key external commitments
Vice Chairman and member of the Executive Committee
of Cobega, S.A., Chairman of Equatorial Coca-Cola Bottling
Company, S.L., Co-chair of the Polaris Committee at United
Nations and FBN, Chair of the Family Business Network
and member of the board of the American Chamber of
Commerce in Spain, and Vice Chair of MACBA museum
in Barcelona
Previous roles
Director of Olive Partners, S.A., various roles at the
Daurella family’s Coca-Cola bottling business, director and
Chairman of the Quality & CRS Committee of Coca-Cola
Iberian Partners, S.A., director of Grupo Cacaolat, S.L.,
director of The Coca-Cola Bottling Company of Egypt,
S.A.E., member of the board of Banco Español de Crédito
Banesto, Chair of Family Business Europe and Trustee of
the African Coca-Cola Foundation
Key to Committees
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Affiliated Transaction Committee
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Audit Committee
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Environmental, Social and Governance Committee
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Nomination Committee
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Remuneration Committee
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Committee Chairman
Strategic
Report
Governance and
Directors’ Report
Financial
Statements
Sustainability
Statement
Other
Information
Coca-Cola Europacific Partners plc
2025 Annual Report and Form 20-F
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Directors’ biographies continued
Nicolas Mirzayantz
Independent
Non-executive Director
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Appointed May 2023
Committees
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Key strengths/experience
■Over 30 years of strategic, operational and business
transformation experience
■A deep understanding of the FMCG industry
■Strong sustainability and ESG experience
Key external commitments
Lead Independent Director and member of the Audit and
Compliance, Appointments and Remuneration, and
Sustainability and Social Responsibility Committees of
Puig Brands, S.A.
Previous roles
Various senior roles at International Flavors & Fragrances,
including President, Nourish Division and Divisional CEO,
Scent Division. Previously served on the Board of the
International Fragrance Association and was a Cultural
Leader at the World Economic Forum
Mark Price
Independent
Non-executive Director
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Appointed May 2019
Committees
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Key strengths/experience
■Extensive experience in the retail industry
■A deep understanding of international trade
■Strong strategic and sustainable development skills
■Digital global business experience
Key external commitments
Member of the House of Lords and founder of WorkL
and Stour Publishing and Perry
Previous roles
Managing Director of Waitrose and Deputy Chairman
of John Lewis Partnership, non-executive director
and Deputy Chairman of Channel 4 TV, Minister of State
for Trade and Investment and Trade Policy, Chair of
Business in the Community, The Prince’s Countryside Fund
and the Fairtrade Foundation and Member of Council at
Lancaster University
Nancy Quan
Non-executive Director
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Appointed May 2023
Committees
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Key strengths/experience
■Extensive knowledge of the Coca-Cola system
■Significant leadership experience spanning innovation,
consumer trends, research and development, quality,
safety, regulatory governance, sustainability and
supply chain
■Experience applicable to our expanded geographical
footprint in the APS region
Key external commitments
Executive Vice President and Global Chief Technical and
Innovation Officer at TCCC and a member of the Liberty
Mutual Group Board of Directors, the Industry Affiliates
Advisory Board for the University of California Davis MBA
Program and the For Inspiration and Recognition of
Science and Technology (FIRST) Executive Advisory Board
Previous roles
Various senior roles at TCCC including Chief Technical
Officer for Coca-Cola North America, Global Research
and Development Officer, Vice President, Innovation,
Research and Development, General Manager for
Europe and Eurasia Group and Vice President, Research
and Development, Pacific Group and responsible for
the Shanghai, Japan and India Research and
Development Centres
Key to Committees
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Affiliated Transaction Committee
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Audit Committee
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Environmental, Social and Governance Committee
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Nomination Committee
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Remuneration Committee
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Committee Chairman
Strategic
Report
Governance and
Directors’ Report
Financial
Statements
Sustainability
Statement
Other
Information
Coca-Cola Europacific Partners plc
2025 Annual Report and Form 20-F
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Directors’ biographies continued
Mario Rotllant Solá
Non-executive Director
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Appointed May 2016
Committees
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Key strengths/experience
■Extensive international experience in the food
and beverage industry from production to market
and strategy
■Experience of chairing a remuneration committee 
■Deep knowledge of sustainability strategy and
implementation
■In-depth technical knowledge of the Coca-Cola
system and the bottling industry
■Development of non-profit organisations
Key external commitments
Vice-Chairman of Olive Partners, S.A., Co-Chairman and
member of the Executive Committee of Cobega, S.A.,
Chairman of the North Africa Bottling Company, Chairman
of the Advisory Board of Banco Santander, S.A. in
Catalonia and a director of Equatorial Coca-Cola Bottling
Company, S.L.
Previous roles
Second Vice-Chairman and member of the Executive
Committee and Chairman of the Appointment and
Remuneration Committee of Coca-Cola Iberian
Partners, S.A.
Dessi Temperley
Independent
Non-executive Director
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Appointed May 2020
Committees
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Key strengths/experience
■Financial and technical accounting expertise
■Strong commercial insights and knowledge
of European markets
■International consumer brands experience
■Skilled in technology
Key external commitments
Non-executive director and Chairman of the Audit
Committee and member of the Compensation and
Nominating Committees of Cimpress plc, non-executive
director and member of the Audit, Finance and Consumer
Relationships and Regulation Committees of Philip Morris
International Inc.
Previous roles
Group CFO of Beiersdorf AG, member of the Supervisory
Board of Tesa SE, Head of Investor Relations at Nestlé,
CFO of Nestlé Purina EMENA and Nestlé South East
Europe, finance roles at Cable & Wireless and Shell and
member of the Supervisory Board of Corbion N.V.
Board and Committee changes during 2025
Effective 22 May 2025:
■Dagmar Kollmann stepped down from the Board
and her respective Committee memberships
■Robert Appleby was appointed to the Board and
became a member of both the Audit Committee
and the ESG Committee
■Thomas H. Johnson was appointed Chairman of
the ATC, taking over from Dagmar Kollmann
■Mark Price stepped down from the ESG Committee
and became a member of the ATC
■Thomas H. Johnson stepped down as Chairman of
the Nomination Committee, remaining as a member
of the Committee, and Mary Harris was appointed
as Chairman of the Committee
Board and Committee changes during 2026
Effective from the conclusion of the AGM on
28 May 2026:   
■Subject to election, Laurence Debroux and
Uvashni Raman will join the Board as Independent
Non‑executive Directors
■Thomas H. Johnson and Guillaume Bacuvier will
retire from the Board
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Read more about Laurence Debroux’s and Uvashni Raman’s
experience on page 79
Strategic
Report
Governance and
Directors’ Report
Financial
Statements
Sustainability
Statement
Other
Information
Coca-Cola Europacific Partners plc
2025 Annual Report and Form 20-F
68
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Senior management team as at 31 December 2025
Our senior management team and Damian Gammell together constitute the members of the ELT.
Clare Wardle
General Counsel and Company Secretary
Clare leads legal, risk, compliance, security and company
secretariat functions. Before joining CCEP, she was Group General
Counsel and Company Secretary at Kingfisher plc, and held senior
roles at Tube Lines and Royal Mail Group. Clare is Senior
Independent Director of The City of London Investment Trust plc
and chairs the Royal British Legion Industries’ Development Board.
She is also CCEP’s LGBTQ+ inclusion executive sponsor.
Ed Walker
Chief Financial Officer
Ed is CCEP’s Chief Financial Officer. He has over 30 years of
financial experience, primarily within the Coca-Cola system.
He joined CCEP at its formation and is now CFO, having previously
served as Group Controller and CFO of the Coca-Cola bottler
in Canada. His expertise spans finance planning, analysis and
leadership across multiple functions. Ed is a qualified accountant.
José Antonio Echeverría
Chief Customer Service and Supply Chain Officer
José Antonio leads CCEP’s supply chain and customer service
functions, focused on superior customer experience and
sustainable drinks and packaging. In the Coca-Cola system
since 2005, he has held multiple roles including VP of Strategy
and Transformational Projects for the Iberia Business Unit.
He is also the disability inclusion executive sponsor at CCEP.
Peter Brickley*
Chief Information Officer
Peter led CCEP’s business process and technology function,
steering investments in technology solutions. He has over 25 years’
experience in global technology leadership roles at Heineken,
Centrica and BAT. Before CCEP, he was Global CIO and Managing
Director of Global Business Services at SABMiller. Peter has been a
Trustee of the Brain and Spine Foundation and is currently Chair of
Chorley Building Society.
*Retired on 31 December 2025. Read more in the Nomination
Committee report on page 82.
Stephen Lusk
Chief Commercial Officer
Stephen leads CCEP’s commercial strategy and capabilities,
driving market and customer performance. He works with General
Managers and franchise partners to build future capability and
bring brands and products to life. With over 30 years in the
Coca-Cola system, he has held multiple roles including leading
the Coca-Cola bottler in Singapore, Malaysia and Brunei.
An Vermeulen
Chief Public Affairs, Communications
and Sustainability Officer
An leads CCEP’s sustainability strategy, as well as stakeholder
and employee communications, and engagement with media,
policymakers and communities. With 25 years at CCEP, she has
held senior roles across PACS, business transformation, strategy,
sales and general management, most recently as Vice President
and Country Director for Belgium and Luxembourg.
Véronique Vuillod
Chief People and Culture Officer
Véronique heads up CCEP’s people and culture function, leading
human capital strategies and fostering a people-centric
organisation. With over 28 years in the Coca-Cola system, she has
held senior HR roles across multiple Business Units and functions,
driving transformational change. She champions inclusion,
wellbeing, digital HR innovation and workforce of the future.
Leendert den Hollander
General Manager, France and Northern Europe
Business Unit
Leendert oversees CCEP’s Business Units in France and Northern
Europe, covering operations across France, Benelux and the
Nordics. Previously, he served as General Manager for Great Britain.
Before joining CCEP, he was CEO of Young’s Seafood and Managing
Director at Findus Group. Earlier in his career, Leendert spent
15 years at Procter & Gamble in senior marketing positions. Leendert
is also CCEP’s executive sponsor for gender balance and equality.
John Galvin
General Manager, Germany Business Unit
John leads CCEP’s Business Unit in Germany. He joined in 2019
as VP of Sales and Marketing before becoming General Manager.
Previously, he led Coca-Cola İçecek’s business in Pakistan and
began his career at Diageo. John brings extensive international
experience in sales, marketing and general management across
Europe and Asia.
Ana Callol
General Manager, Iberian Business Unit
Ana leads CCEP’s Business Unit in Iberia. She began her career at
CCEP in marketing and commercial before moving into PACS
leadership roles in Iberia and later becoming Chief PACS Officer.
She is widely recognised for shaping CCEP’s sustainability agenda
and embedding it into business and consumer engagement. With
over 23 years in the Coca-Cola system, Ana has held leadership
roles across PACS, marketing, commercial and sales.
Stephen Moorhouse
General Manager, Great Britain Business Unit
Stephen leads CCEP’s Business Unit in Great Britain. With over
25 years in the Coca-Cola system, he has held senior roles across
Europe, most recently as General Manager of Northern Europe.
He is the multi-generational inclusion executive sponsor at CCEP
and a member of the CEO Forum of the Institute of Grocery
Distribution and the British Soft Drinks Association.
Peter West*
General Manager, Australia, Pacific and Southeast Asia
Business Unit
Peter led CCEP’s APS Business Unit. He joined CCEP in 2021
following the acquisition of Coca-Cola Amatil, having previously
served as Managing Director of Australian Beverages since April
2018. Before that, Peter was Managing Director of Lion Dairy &
Drinks and held senior roles at Arnott’s Biscuits and Mars, including
Regional President for Continental Europe for Mars Chocolate.
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Read more about our current senior management team at:
www.cocacolaep.com/who-we-are/our-people/leadership-team/
Strategic
Report
Governance and
Directors’ Report
Financial
Statements
Sustainability
Statement
Other
Information
Coca-Cola Europacific Partners plc
2025 Annual Report and Form 20-F
69
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Corporate governance report
ESRS 2 GOV-1
ESRS
Governance framework♦
Our governance framework supports the effective oversight of the Group and the delivery of our long‑term strategy. The Board focuses on key matters reserved for its decision,
while day to day management is led by the CEO, supported by the senior management team, together forming the ELT. A summary of our governance structure is set out below.
Our governance structure is grounded in the Articles of Association and the Shareholders’ Agreement, which define the Company’s overarching governance arrangements.
Further information is available at www.cocacolaep.com/who-we-are/governance/.
Board of Directors
Chairman
Leads the Board and
creates the conditions
for overall Board and
individual Director
effectiveness.
CEO
Implements the
strategy approved by
the Board and manages
the business on a day
to day basis.
SID
Provides a sounding board
for the Chairman and
serves as an intermediary
for the other Directors
and shareholders.
NEDs
Hold management to
account and provide
constructive challenge,
strategic guidance, external
insight and specialist advice
to the Board and its
Committees.
Company Secretary
Advises the Board on legal,
compliance and corporate
governance matters and
ensures that all Directors
have timely access to
relevant information.
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Committees
Audit Committee
Assists the Board in
fulfilling its corporate
governance responsibilities
relating to the Group’s
financial reporting, risk and
internal control framework
and any other matters
referred to it by the Board.
Nomination Committee
Leads the process for
appointments to the
Board and to ELT positions
and oversees wider
people matters for the
Group, including ethics
and compliance and Code
of Conduct (CoC) matters.
Remuneration
Committee
Sets, monitors and reports
on the remuneration
policy and framework for
the Board, ELT and wider
workforce.
Environmental, Social
and Governance (ESG)
Committee
Oversees performance
against CCEP’s strategy
and goals for ESG
including oversight of
ESG-related risks.
Affiliated Transaction
Committee (ATC)
Reviews transactions with
affiliates (i.e. holders of 5%
or more of the securities
or other ownership
interests of CCEP) and
provides recommendations
regarding them to the Board.
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Executive Leadership Team
Supports the CEO in the day to day management of the business and execution of the agreed strategy.
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Report
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Directors’ Report
Financial
Statements
Sustainability
Statement
Other
Information
Coca-Cola Europacific Partners plc
2025 Annual Report and Form 20-F
70
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Corporate governance report continued
Statement of compliance with the 2024 UK
Corporate Governance Code (the Code)
During the year ended 31 December 2025, CCEP applied
the principles of the 2024 Code and complied with its
provisions, with the exception of provision 29 (which will
apply from 2026), save as set out below.
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A copy of the 2024 Code is available on the
Financial Reporting Council’s (FRC) website:
www.frc.org.uk/library/standards-codes-
policy/corporate-governance/uk-corporate-
governance-code/
Details of where to find the information required under
DTR 7.2.6R and the relevant provisions of Schedule 7
of the Large and Medium‑sized Companies and Groups
(Accounts and Reports) Regulations 2008 are provided
on pages 120–123.
Chairman
Code provisions 9 and 19
The Chairman, Sol Daurella, was not considered
independent on appointment. However, the Board benefits
from her extensive knowledge of, and long-term
commitment to, the Coca-Cola system, as well as her
significant experience and leadership skills gained through
senior roles as director and CEO of large public and private
institutions across multiple sectors.
Sol Daurella has served on the Board since 2016.
In accordance with provision 19 of the Code, the Board
has reviewed her tenure and is satisfied that it remains
appropriate for her to continue as Chairman. In reaching
this conclusion, the Board took into account her effective
leadership, the value of her deep system knowledge and
experience, and the importance of leadership continuity.
Under the Shareholders’ Agreement, Olive Partners
is entitled to nominate the Chairman. Any nominee
must be approved by the Board, including at least one The
Coca-Cola Company (TCCC) Director.
Remuneration
Code provision 32
The Remuneration Committee is not composed solely of
Independent Non-executive Directors (INEDs), although it
comprises a majority of INEDs. Under the Shareholders’
Agreement, the Remuneration Committee must include at
least one Director nominated by:
■Olive Partners, for as long as it owns at least 15% of
the Company
■European Refreshments Unlimited Company (ER), a
subsidiary of TCCC, for as long as it owns at least 10% of
the Company
The Committee, led by its independent Chairman, benefits
from the nominated Directors’ deep understanding of the
Group’s markets.
All Directors serving on the Committee are Non‑executive,
and no Director is involved in decisions relating to their own
remuneration.
Code provision 33
The Remuneration Committee is not solely responsible
for setting the remuneration of the Chairman and CEO.
Instead, the Board (excluding any Director whose
remuneration is under consideration) determines their
remuneration, including the Non-executive Directors (NEDs),
based on recommendations from the Remuneration
Committee and following rigorous analysis and debate.
To date, the Board has accepted all recommendations of
the Remuneration Committee. The CEO does not participate
in discussions or decisions regarding his own remuneration.
Details of how we have applied the principles of
the Code are set out throughout this corporate
governance report, the Strategic Report and
the Committee reports, as signposted below.
Board leadership and Company purpose
The Board
61–67
Purpose, culture and values
77–78
Board decisions
30–31 and 74
Stakeholder engagement
28–29 and 83
Workforce policies and practices
17–19 and 77
Division of responsibilities
Role of the Chairman
Division of responsibilities
Role of the Non-executive Directors
Operation of the Board
72–73
Composition, succession and evaluation
Appointments to the Board
Board skills, experience and knowledge
61–67
Performance evaluation
Audit, risk and internal control
Independence and effectiveness of
internal and external auditors
89–90
Fair, balanced and understandable
assessment
Risk and internal controls
41 and 90
Remuneration
Alignment to purpose, values and long-
term success
93–95
Implementation of remuneration policy
Independent judgement and discretion
93–96
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Strategic
Report
Governance and
Directors’ Report
Financial
Statements
Sustainability
Statement
Other
Information
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2025 Annual Report and Form 20-F
71
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Corporate governance report continued
Differences between the Code and the Nasdaq
corporate governance rules (the Nasdaq Rules)
The Company is a “foreign private issuer” (FPI) as defined
under US securities law. As an FPI, it is exempt from most
Nasdaq Rules applicable to domestic US companies,
because it complies with the Code. Under the Nasdaq
Rules, the Company must disclose differences between
its corporate governance practices and those followed
by domestic US companies listed on Nasdaq. The differences
are summarised below.
Director independence
Under the Nasdaq Rules, a majority of the Board must be
independent. The Code requires that at least half of the
Board, excluding the Chairman, be independent.
NED meetings
The Nasdaq Rules require INEDs to meet without the rest
of the Board at least twice a year. In 2025, there were two
separate meetings of INEDs. The Code also requires NEDs
to meet without the Chairman present at least once a year
to appraise the Chairman’s performance. In addition, the
NEDs hold regular meetings without management present,
and in 2025 five such meetings were held.
Board Committees
The Company has a number of Committees whose
purpose and composition are broadly comparable to
those required under the Nasdaq Rules for domestic
US companies. The Nasdaq Rules require that, for FPIs,
only the Audit Committee be composed entirely of
independent directors. The Company’s Audit Committee
is fully independent, and all other Committees comprise
a majority of independent Directors.
Nasdaq Code of Conduct
The Nasdaq Rules require domestic US companies to adopt
and disclose a code of conduct applicable to all directors,
officers and employees. The CCEP Code of Conduct (CoC)
applies to all employees, officers and Directors across the
Group. It is designed to ensure that we act with integrity
and accountability in all business dealings and
relationships, and our supporting policies drive compliance
with applicable legislation.
Our CoC addresses key areas such as anti-bribery, data
protection, environmental regulations, human rights, health,
safety, wellbeing, and respect for others.
It is aligned with internationally recognised standards and
legislation, including the UN Global Compact, the UN Guiding
Principles on Business and Human Rights, the International
Labour Organization’s Declaration on Fundamental Principles
and Rights at Work, the US Foreign Corrupt Practices Act,
the UK Bribery Act, the EU General Data Protection Regulation,
the Spanish and Portuguese Criminal Codes, and Sapin II.
Embedding ethics from day one
All employees are required to complete CoC training,
which forms an integral part of the induction process
for new employees. Additional training on specific topics
relevant to individual roles is provided where necessary.
Our Code of Conduct outlines the responsibilities of
managers and includes a decision-making matrix to
support ethical choices. It provides guidance on addressing
sensitive issues, such as bullying and harassment, ensuring
employees have clear resources to uphold our values.
Managers receive additional support to lead by example
and create an environment where employees feel safe
to speak up.
Our CoC also emphasises the importance of Speaking Up.
Employees have access to confidential and anonymous
channels to report concerns without fear of retaliation,
ensuring issues are addressed promptly and ethically.
We expect all third parties acting on our behalf to adhere
to ethical standards consistent with our CoC and to comply
with our Responsible Sourcing Policy.
Although Nasdaq Rules require domestic US companies
to disclose within four business days any determination to
grant a waiver of a code of conduct, if the Board amends or
waives the provisions of the CoC, details of such amendment
or waiver will be published on our website. No such waiver
or amendment has been made or given to date.
CCEP considers that the CoC and related policies satisfy
the Nasdaq Rules on codes of conduct applicable to
domestic US companies.
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Read our CoC at:
view.pagetiger.com/Code-of-Conduct-Policy
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2025 Annual Report and Form 20-F
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Corporate governance report continued
Role of the Board
The Board retains control over key decisions through a formal
schedule of matters reserved for its approval, ensuring a
clear division of responsibilities across the governance
framework. These reserved matters include the approval of
the Group’s strategy, annual and long‑term business plans,
any suspension, cessation or abandonment of a material
activity, and all material acquisitions or disposals.
As outlined on page 69, the Board has established a
number of Committees to support its work and to ensure
the effective discharge of its responsibilities. Each Committee
operates under terms of reference approved by the Board,
which define its purpose, authority and duties. The Committees
undertake detailed oversight within their respective areas
and provide the Board with regular reports on their
activities, findings and recommendations.
Further information on the role, composition and key
activities of each Committee can be found in the individual
Committee reports.
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Nomination Committee
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Read report
on page 80
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Audit Committee
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Read report
on page 85
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ESG Committee
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Read report
on page 91
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Remuneration Committee
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Read report
on page 93
Board diversity
The Board brings together a broad mix of backgrounds,
skills, experience and nationalities, supporting effective
decision making and strong governance.
The Board is guided by its Diversity, Equity and Inclusion
Policy. This policy aims to promote diversity, inclusion and
equal opportunity and ensures it is given serious
consideration in the succession planning, selection,
nomination, operation and evaluation of the Board. The
policy complements the Group’s wider diversity policies,
values and CoC, and sets out the Board’s approach to
diversity and inclusion for both Directors and senior
management.
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Read more about Board diversity
on page 81
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See an overview of our Directors’ skills and experience
on pages 61–67
Independence of Non-executive Directors
The Board has reviewed the independence of all the
INEDs against the requirements of the Code and
considered the provisions of SEC Rule 10A-3 in relation
to the Audit Committee. As outlined below, a majority of
the Board and the entire Audit Committee are independent
under both standards.
The Board determined that Robert Appleby, John Bryant,
Nathalie Gaveau, Mary Harris, Nicolas Mirzayantz, Mark Price
and Dessi Temperley remain independent and continue to
demonstrate objective judgement and effective oversight.
The Board also confirmed that Thomas H. Johnson and
Guillaume Bacuvier were independent during the year. Both
Directors will retire from the Board at the conclusion of the
AGM and are therefore not standing for re‑election, but
their independence was maintained throughout their
respective periods of service.
At its meeting in March 2026, the Board determined that
both Laurence Debroux and Uvashni Raman, each joining
the Board subject to their election at the AGM, were
independent.
The Board recognises that the remaining NEDs, including
the Chairman, are not considered independent. However,
they continue to demonstrate sound judgement in fulfilling
their responsibilities and remain clear on their obligations
as Directors, including those under section 172 of the UK
Companies Act 2006 (the Companies Act).
Under the terms of the Shareholders’ Agreement, for as
long as Olive Partners owns at least 25% of CCEP and ER,
a subsidiary of TCCC, owns at least 10%, they may each
nominate a maximum of five and two Directors respectively.
Conflicts of interest
The Companies Act, the Articles, and the Shareholders’
Agreement permit Directors to manage situational
conflicts (circumstances where a Director has an interest
that conflicts, or may conflict, with the interests of
the Company).
Each Director is required to declare any interests that
may give rise to a situational conflict on appointment and
thereafter as they arise. Directors also review and confirm
their interests annually.
The ATC oversees transactions with affiliates, while the
Nomination Committee considers matters involving
potential situational conflicts of interest for Directors.
The Board is satisfied that robust systems are in place
to identify and manage conflicts of interest effectively.
Controlling shareholder
Olive Partners is regarded as a “controlling shareholder”
of CCEP under the UK Listing Rules (UKLR) as it holds more
than 30% of the Company’s voting rights. The Board
confirms that CCEP continues to operate its principal
business activities independently of Olive Partners.
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Board support
Board meetings are scheduled at least one year in advance,
with additional meetings arranged as required to meet
business needs. Meetings are held in various locations to
reflect our engagement with all aspects of our international
business.
Before each Board meeting, the Chairman, CEO and
Company Secretary agree the final agenda, ensuring that
discussion topics align with our strategic objectives and
support the long‑term success of CCEP.
At each Board meeting the Directors receive the following
reports:
Board of Directors
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Committee
Chairmen
CEO
CFO
Company
Secretary
Overview of
discussions at
Committee
meetings
Business
and
commercial
updates
Financial
report
Governance
and
regulatory
updates
Themes for the business and commercial updates include:
Performance
People
Commercial
Digital and technology
Sustainability
In addition, the agenda typically includes updates on
ongoing projects and stakeholder considerations.
Comprehensive briefing papers are circulated
electronically to all Directors in advance, allowing sufficient
time for review.
Directors have access to the advice and services of the
Company Secretary and may seek independent professional
advice at the Company’s expense.
Directors are expected to attend all meetings. When
attendance is not possible, relevant papers are provided in
advance so comments can be shared with the Chairman or
Committee Chairman, who presents them at the meeting.
Afterwards, the absent Director is briefed on the
discussions.
The Chairman attends most Committee meetings. Cross
membership between the Audit and Remuneration
Committees helps ensure remuneration outcomes align
with CCEP’s performance, reflecting our integrated
approach to investing in and rewarding our people.
In 2025, the Audit and ESG Committees also collaborated
on sustainability reporting, with a focus on reporting in
respect of the annual report on ESG matters including
reviewing the European Sustainability Reporting Standards
(ESRS) double materiality assessment (DMA) and full year
assurance.
Training and development♦
To ensure constructive challenge to management by the
Board, the Board received a wide range of training and
development opportunities in 2025 including:
■Briefings – to focus on matters of interest to CCEP such
as innovation, and relevant ESG, commercial, legal and
regulatory developments
■Deep-dive sessions – to address requests from
Directors to better understand CCEP or the environment
in which it operates, including its markets
■External speakers – to receive insights from experts and
engage with stakeholders
■Site visits – to Group businesses, production facilities
and commercial outlets to enhance knowledge of
CCEP operations and meet employees, suppliers
and customers
ESRS 2 GOV-1
ESRS
Below are two examples of training topics delivered in 2025
which enhanced the Board’s knowledge of critical areas
relevant to the business and the external landscape in which
CCEP operates to support informed decision-making by the
Board.
Cybersecurity
In April, Board members received an in-depth training
session on current cybersecurity developments.
The session enhanced the Board’s awareness and
understanding of emerging cyber threats and the
appropriate response mechanisms in the event of an
attack. Members also benefited from expert insights
shared by an external specialist third party.
ESG
In October, management provided the Board with an
overview of the latest ESG reporting requirements and
explained how ESG performance data is tracked,
managed and reported.
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Further examples of our training and development activities
can be found on pages 28–29
“To ensure constructive challenge
to management by the Board, the
Board receive a wide range of
training and development
opportunities.”
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ESRS 2 GOV-1
ESRS
Key Board activities, discussions and decisions♦
Throughout the year, the Board focused on matters central to delivering our strategic objectives and supporting CCEP’s long‑term sustainable success. The schedule below
outlines the key topics considered at each meeting, together with significant decisions taken and the resulting outcomes. This includes regular deep‑dive reviews of key
markets, updates on major strategic initiatives and governance developments and training sessions to support ongoing Board effectiveness.
February
■Approved the appointment of Robert
Appleby as an INED and Mary Harris’
appointment as Chairman of the
Nomination Committee, succeeding
Thomas H. Johnson, effective
22 May 2025
■Approved the 2024 full year preliminary
results and the 2025 share buyback
programme
March
■Approved capital expenditure for a new
production line in Dunkirk, France
■Approved the 2024 Annual Report
and Form 20-F
■Received deep-dive overviews of the
Australia, New Zealand, Pacific Islands,
Indonesia and Philippines businesses
April
■Agreed the approach to the 2025 AGM
and approved the resolutions to be put
to shareholders
■Approved the Q1 Trading Update and
interim dividend
■Received cybersecurity training
August
■Approved the half year results
and interim dividend
■Approved the third tranche of
the share buyback programme
July
■Approved capital expenditure for a
new greenfield site in the Philippines
■Approved changes to CCEP’s Global
Chart of Authority, Conflicts of
Interest Policy and Guidelines and
the Board of Directors’ Corporate
Governance Guidelines
May
■Approved the 2024 Modern
Slavery Statement and 2024
Group Tax Strategy
■Approved changes to Board
Committee composition, effective
22 May 2025
■Attended the 2025 AGM
■Participated in a GB employee
townhall
■Approved the second tranche
of the share buyback programme
■Received a deep-dive of the
GB business
September
■Attended the annual strategy
meeting
■Received an overview of performance,
growth plans, long-range planning,
capital expenditure and the capital
allocation framework
■Received a deep-dive of the
Indonesia business
■Received briefings on technology
and AI
■Approved the fourth tranche of the
share buyback programme
October
■Approved entry into a new multi-
year agreement with Bacardi Martini
in Australia
■Received an update on steps being
taken to comply with the Economic
Crime and Corporate Transparency
Act, including preparations for the
new failure to prevent fraud
offence
■Received an update on the status
of CSRD transposition in the
Netherlands
■Received ESG training
December
■Approved the Annual Business Plan
■Approved the approach to Enterprise
Risk Management based on the
results of the annual Enterprise Risk
Assessment
■Received an update on 2024 UK
Code compliance
■Reviewed the Committees’ terms
of reference
■Approved the adoption of
Responsible AI Principles
■Approved the appointment of
Laurence Debroux as an INED with
effect from the conclusion of the
2026 AGM
■Received an update on 2025 people
and culture achievements
November
■Approved the Q3 Trading Update
and interim dividend
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During the year, the Board and its Committees oversaw
several initiatives that supported the continued
strengthening of CCEP’s culture. These activities,
spanning cyber governance, ethics and compliance,
and our refreshed Ways of Working, reflect the Board’s
responsibility under the UK Code to assess, monitor
and embed the desired culture across the organisation.
Together, they reinforce the alignment of our culture
with CCEP’s purpose and strategy and demonstrate
how governance, systems and behaviours work
together to support a strong, healthy and inclusive
culture that enables sustainable performance.
Cyber governance enhancement
In light of the increasing frequency and severity of cyber
incidents across the market, the Board oversaw a targeted
review of CCEP’s cybersecurity framework. This confirmed
a strong set of existing controls while identifying opportunities
to further enhance data protection, access controls and
third party risk management. Oversight of progress
continues through established governance structures.
In April, Board members received an in‑depth training session
on current cybersecurity developments, which enhanced
their awareness of emerging threats, strengthened
understanding of appropriate response mechanisms and
provided valuable insights from an external specialist.
Looking ahead, the Board will continue to review cyber risk
reporting and monitor the implementation of ongoing
enhancements to ensure continued alignment with the
evolving external threat landscape and the UK Cyber
Governance Code of Practice.
Outcome:
These activities reinforced confidence in the effectiveness
of our cybersecurity arrangements, strengthened
operational resilience and enhanced assurance over
key digital risks.
Ethics and Compliance Programme
We strengthened our Ethics and Compliance Programme
by enhancing anti-bribery and conflict of interest controls,
updating key policies and upgrading our registers to
support stronger governance and analytics. A Company-
wide Speak Up campaign, the introduction of a global
detriment assessment to better safeguard individuals who
raise concerns, and new wellbeing measures further
reinforced psychological safety and responsible
escalation.
In 2026, we will continue embedding ethical decision
making across systems and workflows, enhance and
further embed third party due diligence, and advance
Speak Up case management and analytics to better
anticipate risks and support robust governance.
Outcome:
These actions deepen our ethical culture, reinforce
organisational resilience and strengthen stakeholder
trust as we operate in increasingly complex markets.
Refreshing our Ways of Working
We refreshed our Ways of Working to ensure they reflect
how CCEP operates today and support the culture needed
for long-term sustainable success. Informed by Accelerate
Performance discussions and employee feedback, the
update strengthens expectations on how we collaborate
and make decisions across the organisation.
Looking ahead, the Board, supported by the Nomination
Committee, will monitor how the refreshed Ways of
Working are embedded, ensuring alignment with our
purpose, strategy and broader culture priorities.
Outcome:
The updated Ways of Working reinforce our cultural
foundations, clarify behavioural expectations and support
a more inclusive, empowered and performance-driven
environment.
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Statements
Sustainability
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Other
Information
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Board performance review
In line with best practice, we conduct an external Board
evaluation at least once every three years. We did this last in
2024 when we engaged Dr Tracy Long of Boardroom Review
Limited to facilitate the external Board and Committee
performance review. Boardroom Review Limited has no other
connection with CCEP or any individual Director.
In 2025, the Board continued to build on the findings and
actions of the 2024 evaluation. The SID facilitated this internal
review by conducting interviews with each Director. The review
concluded that the Board continues to operate effectively,
with strong leadership, a constructive culture and high‑quality
support. Directors also noted the effectiveness of the Board’s
strategy oversight, the value of external perspectives and the
strong performance of the Committees.
Three year performance review plan
Year one – 2024
External review facilitated by Dr Tracy Long.
Year two – 2025
The SID conducted an interview-based review, building on
the results of the external evaluation from the previous
year. The review confirmed good progress against the
focus areas identified in 2024.
Year three – 2026
Internal review which builds on both the external and internal
evaluation of the prior two years.
An update on the progress made in 2025 addressing the
focus areas arising from the 2024 evaluation is set out
to the right.
Following the agreed three year performance review plan,
it was determined that an internal Board performance
review remained appropriate for 2026. The Nomination
Committee has recommended that this be undertaken
through a questionnaire‑based exercise.
Board performance review: findings, actions undertaken and looking ahead to 2026
Findings
Actions undertaken
Looking ahead to 2026
INED succession
planning:
Consider Board
composition
requirements for
succession planning 
for future appointments.
The Nomination Committee reviewed Committee
composition resulting in changes to Committee
memberships during the year. It also held
sessions with Spencer Stuart to assess the role
profiles of potential candidates resulting in the
decision to appoint Laurence Debroux. This work
strengthened the Board’s forward-looking
succession pipeline and supported ongoing
refreshment.
The Nomination Committee will review the
composition of the Board Committees and the
skills required on the Board to support the
delivery of CCEP’s strategy. As regards the skills
review, this will be facilitated with the support of
a third party during 2026. Progress in respect of
Board refreshment is already evident in the
announcement of the appointment of
Uvashni Raman.
ELT succession
planning:
Enhance Board
oversight over
ELT succession
planning pipeline
and process.
This was a topic of discussion at most Nomination
Committee meetings during 2025, with regular
updates provided to the Board, including through
the CEO’s executive session updates. Succession
discussions also covered contingency planning
and training, and Directors noted the continued
strengthening of visibility over leadership
development and succession processes.
Work to broaden ELT exposure to different areas
of the business will continue, supporting the
development of well‑rounded future leadership
talent and enhancing the depth and breadth of
experience within the senior leadership pipeline.
ESG:
Provide greater clarity
around the role of the
ESG Committee. 
The ESG Committee consolidated the actions
taken to refine its roles and responsibilities. With
greater clarity of its remit and scope, the ESG
Committee confidently provided strategic
oversight on proposals to refresh This is Forward
and monitored developments in ESG reporting
and legislation. This work supported ongoing
clarity of governance and effective oversight
of key sustainability priorities.
The Board will continue to build on this by
overseeing further development of the
refreshed This is Forward strategy, ensuring its
alignment with evolving regulatory expectations
and stakeholder priorities, and by deepening the
Committee’s focus on future‑looking ESG risks
and opportunities.
External
landscape:
Continue to keep up to
date with an evolving
market and regulatory
landscape.
Board members continued to receive regular
updates on these matters during the strategy
meeting, as well as deep-dive and training
sessions held throughout the year. These
sessions ensured the Board maintained strong
visibility of external trends and risks.
These areas will continue to be monitored closely,
with additional deep‑dive sessions planned to
further enhance understanding of consumer
behaviour and insights from market analysts,
strengthening visibility of the external
environment and its implications for the
Company’s strategic direction.
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Sustainability
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Other
Information
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Our Ways of Working, the values
underpinning our culture:
Customer and consumer
focused
We put customers and consumers
first and act with speed and agility.
We create exceptional value and
experiences through our great
brands and execution.
Curious and caring
Curiosity and care help us win today
and create tomorrow sustainably.
We listen and care, explore new
ideas, challenge the status quo,
and embrace learning and change.
Empowering
We work together to win and
support people at every level
to lead and make decisions.
We build trust and inclusion, by
working safely, embracing diversity
and encouraging each other.
Passionate for growth
We show determination and are
accountable to grow the business
and ourselves.
We make a difference through
our actions and choices.
Embedding our culture
The Board, supported by the Nomination Committee,
is responsible for defining and setting the Company’s
corporate culture. A strong, healthy and inclusive culture
is essential to attract and retain top talent and to
enable CCEP to deliver its strategy for the benefit of
all stakeholders.
The Board recognises that sustaining and evolving culture
requires maintaining alignment with our purpose, values and
strategy. During 2025, steps taken to strengthen and evolve
culture included:
■Refreshing CCEP’s Ways of Working, which serve as the
values underpinning our culture. The updated Ways of
Working more accurately reflect how CCEP operates
today and set clearer expectations for how our people
work and behave across the organisation
■Reviewing Group policies, including the Conflicts of
Interest Policy and Human Rights Policy, and the Chart
of Authority to ensure they continue to promote the
desired culture
■Monitoring Speak Up trends, with increased case
volumes reflecting growing trust in CCEP’s established
risk and governance framework. This is a positive
outcome of a Company-wide campaign led by the Ethics
and Compliance team, supported by the Board, as part
of our ongoing journey to strengthen CCEP’s culture
Our culture is embedded across CCEP through training,
objective setting, development plans and internal
communications. How Directors model behaviours that
reflect our values and how they engage with our people
and other stakeholders to assess how CCEP's culture is
embedded is set out on the next page.
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The Board monitors culture using a range
of key indicators as set out on page 78
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How the Board monitors culture
Board performance review
The Board undertakes an annual evaluation of its
performance and effectiveness. The review provides
useful insight on the extent to which the corporate
culture has been promoted by the Board and applied
across the business.
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Townhalls/market visits
The Board regularly undertakes market visits and townhalls
across different jurisdictions which allows the Board to
directly engage with employees on key topics such as
health and safety and diversity. The townhalls also act
as a useful forum for promoting CCEP’s corporate culture
on a global scale.
1
2
Speak Up
As part of our Ethics and Compliance Programme, we
have an established Speak Up channel that enables
employees to confidentially raise concerns, fostering
a culture of openness and transparency. The Board is
supported by the Nomination Committee and also by
the Audit Committee which reviews any material cases
that arise and determines appropriate actions.
Employee engagement survey
The engagement survey provides an overview of
employee satisfaction across the Group and useful
insights both at Group and business function level.
The Board is updated on the results and agrees on
Company engagement priorities for the year ahead
which are routinely monitored through the people
and culture scorecard.
Inclusion, diversity and equity
The Nomination Committee monitors the Group
inclusion, diversity and equity (ID&E) strategy which
aims at increasing workforce diversity and fostering an
inclusive workplace that is equitable and free from
discrimination and harassment. The ID&E strategy
forms an important element of CCEP’s corporate
culture.
3
4
5
Leadership capabilities
The Nomination Committee ensures our leaders have
the key capabilities and behaviours required to drive
CCEP’s growth agenda and corporate culture through
regular updates on our progressive global learning plan
and initiatives such as Accelerate Performance 2030,
The Way We Sell Academy and The Way We Serve
Academy.
Remuneration
The Remuneration Committee is responsible for
ensuring that workforce remuneration policies and
corporate culture remain aligned and ultimately
continue to support CCEP’s long-term sustainable
success.
Redline communications
Internal communications via Redline, our online
internal communications platform, provide frequent
informal insights of how CCEP’s corporate culture is
being implemented on a day to day basis throughout
the business.
6
7
8
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Annual General Meeting
Election/re-election of Directors
The Board has determined that, subject to continued
satisfactory performance, all Directors will stand for
election or re‑election, at the 2026 AGM, with the exception
of Thomas H. Johnson and Guillaume Bacuvier who will
retire from the Board at the conclusion of the meeting.
In reaching these recommendations, the Board reviewed
the external commitments and expected time availability of
each Director and remains satisfied that all continue to
commit the time required to discharge their responsibilities
effectively and are committed to CCEP’s long‑term
success. As part of planned Board refreshment, Laurence
Debroux and Uvashni Raman will stand for election at the
2026 AGM.
Laurence Debroux
Laurence Debroux is an accomplished business leader
with extensive experience in finance, strategy, business
development and governance across global consumer
and consumer‑adjacent industries. She brings to the Board
significant expertise in international corporate leadership,
M&A and risk management.
Laurence previously served as Chief Financial Officer and
Executive Board Member of Heineken N.V. Before joining
Heineken, she was an Executive Board Member and Group
Chief Administration and Finance Officer at JCDecaux.
Earlier in her career, she spent 14 years in a range of senior
leadership positions at SANOFI, including Group Chief
Financial Officer and Chief Strategic Officer.
Uvashni Raman
Uvashni Raman brings extensive financial and operational
experience across European and global markets. She has
a proven track record as a CFO and divisional Financial
Director across listed and private businesses in the
technology, consumer, media and mining sectors. Her
experience spans finance, procurement, operations,
strategy, M&A, sustainability, capital markets, corporate
affairs and business transformation. She is currently
Chief Financial Officer of Booking.com.
She has previously served as Group CFO of Adevinta,
CFO for Naspers’ Video Entertainment Division, CFO of the
South32 Australian Region, and held senior finance and
operational roles at BHP.
NED terms of appointment
The terms of appointment for NEDs are available for
inspection at the Company’s registered office and at
each AGM. These terms outline, among other matters,
the expected time commitment of NEDs. The Board is
satisfied that the other commitments of all Directors
do not interfere with their ability to discharge their
duties effectively.
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See the significant commitments of our Directors
in their biographies on pages 62– 67
2026 AGM
The AGM remains a key date in our annual shareholder
calendar. Our 2026 AGM will be held on 28 May. The
Notice of AGM will provide further details and a full
description of the business to be conducted at the
meeting. It will be available on our website from the
time it is posted to shareholders in April 2026.
The Chairman, SID and Committee Chairs are available
to shareholders throughout the year to discuss
matters within their areas of responsibility, via the
Company Secretary.
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Read more about our engagement with our shareholders
on pages 28–29
2025 AGM voting results
At the Company’s 2025 AGM, all resolutions were passed
with the required majority. However, in respect of the
resolution relating to the whitewash under Rule 9 of
the Takeover Code, we recognise that a number of
shareholders did not support the proposal. This resolution
related to approval for a waiver from any requirement
for Olive Partners, S.A., or any persons acting in concert
with Olive Partners, to make a general offer for the
Company’s issued share capital as a result of any increase
in their percentage holding arising from the exercise of the
Company’s buyback authorities. This mechanism provides
CCEP with the flexibility to return value to shareholders
through future share buyback programmes.
Since the AGM, the Company has continued to engage
where appropriate with shareholders on the rationale and
merits of the Rule 9 waiver and to understand any concerns
raised. As part of this engagement, the Company also met
with a number of institutional investors during governance
roadshows to discuss any matters of concern ahead of the
AGM, including the Rule 9 waiver. The Board believes that
buybacks remain an effective means of returning capital
to shareholders and form an important part of CCEP’s
capital allocation framework. The Board acknowledges the
concerns expressed by some shareholders and continues
to evaluate alternative methods of returning capital.
The Board is grateful for the constructive engagement
with shareholders.
Sol Daurella
Chairman
13 March 2026
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Financial
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Sustainability
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Other
Information
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Nomination Committee report
At a glance
Mary Harris
Chairman of the Nomination Committee
Membership
Member since
Mary Harris (Chairman)
May 2023
Manolo Arroyo
May 2021
Sol Daurella
May 2016
Thomas H. Johnson
May 2019
Mark Price
May 2019
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See details of attendance at meetings
on page 61
Activities of the Nomination Committee during the
year
The Committee met six times during the year. A summary
of matters considered by the Committee during 2025 is set
out below and further detail is provided in this report:
Board composition, recruitment and succession
■Board and Committee succession planning, including
skills matrix review
■NED independence and 2025 AGM elections/re-elections
■Criteria for selection of INEDs
Executive leadership and talent development
■ELT succession planning and strategic leadership
development
People-related matters
■People and culture scorecard
■2025 voluntary inclusion survey
■Refreshed Ways of Working
■Policies (Human Rights Policy and Conflicts of
Interest Policy)
Governance framework and Board effectiveness
■Governance documents, including Board Diversity,
Equity and Inclusion Policy, Board of Directors’
Corporate Governance Guidelines and terms
of reference
■Approach to the 2026 internal performance review
Ethics and compliance oversight
■Ethics and Compliance Programme
■Code of Conduct reporting
■Gifts, entertainment and anti-bribery
■Achievements, progress against 2025 plan
and 2026 approach
Following each Committee meeting, the Committee
Chairman reports back to the Board.
Key responsibilities
The key duties and responsibilities of the Committee
are set out in its terms of reference. These are available
at www.cocacolaep.com/who-we-are/governance/
committees and include:
■Reviewing and making recommendations to the
Board on senior management appointments and
also appointments to the Board, re-elections
and Committee composition
■Overseeing succession planning of the Board
and senior management talent pipeline
■Overseeing the Board performance review process
■Reviewing progress against people-related targets
■Monitoring ethics and compliance matters including
procedures for Speak Up and CoC matters
■Assessing, monitoring and embedding culture and
ensuring effective engagement with our people
Looking forward to 2026
■Maintain a focus on INED succession planning,
ensuring a breadth of skills, experience and
perspectives aligned with our expanded global
footprint and diversity ambitions
■Review the composition of the Board Committees in
light of the retirements of Thomas H. Johnson and
Guillaume Bacuvier and the appointments of
Laurence Debroux and Uvashni Raman
■Maintain rigorous oversight of senior management
succession planning, with a focus on resilience,
leadership capability and alignment with long-
term strategy
■Embed and monitor progress against our
people goals, ensuring measurable impact
and transparent reporting
■Champion a culture that prioritises physical
and mental wellbeing, supporting management
in delivering initiatives that foster engagement
and sustainable performance
Strategic
Report
Governance and
Directors’ Report
Financial
Statements
Sustainability
Statement
Other
Information
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2025 Annual Report and Form 20-F
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Nomination Committee report continued
Board diversity
Board Diversity, Equity and Inclusion Policy
The Board and the Nomination Committee recognise the
benefits that diverse characteristics bring to all aspects of
governance. The Nomination Committee regularly reviews
the Board Diversity, Equity and Inclusion Policy to ensure
it continues to promote diversity, inclusion and equal
opportunity and that it remains embedded in the
Board’s succession planning, selection, nomination
and evaluation processes.
The policy supports the appointment of a diverse and inclusive
Board that is crucial for effective decision making and aligns
with CCEP’s wider diversity policies, values and CoC.
The Board aims to:
■Maintain at least 33% representation of women on the
Board and to increase that to 40% in the longer term
■Maintain at least one Director from an ethnic
minority background
■Have at least one woman in a senior Board role,
being the Chairman, CEO or Senior Independent Director
As at 31 December 2025, the Company met the UKLR targets
of having at least one Board leadership position held by a
woman (the Chairman) and one Director from an ethnic
minority background.
As at the same date, the Company had not met the UKLR
6.6.6(9) target of 40% women on the Board; however, we are
pleased that female representation is expected to increase
to 41.2% in 2026 following the appointments of Laurence
Debroux and Uvashni Raman at the AGM, subject to
shareholder approval. This will result in the Company meeting
the UKLR gender diversity target. While committed to
maintaining a diverse and inclusive Board, appointments will
continue to be made on merit and based on the skills and
experience required.
Our Board-level diversity statistics can be found on page 84
and the gender of senior management and their direct reports
can be found on page 19.
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Read our Board Diversity, Equity and Inclusion Policy
at: www.cocacolaep.com/who-we-are/governance/
Board succession
During the year, the Committee reviewed Board succession
taking into account Director tenure, the skills and experience
represented on the Board and the future skills needed to
support delivery of CCEP’s strategy.
This led to the appointment of Robert Appleby as an
INED in February 2025, with effect from the conclusion
of the 2025 AGM, succeeding Dagmar Kollmann. Robert
brings broad experience across European and Asia-Pacific
markets, alongside strong finance and ESG expertise.
The Committee also oversaw decisions to appoint Laurence
Debroux in December 2025, in anticipation of the proposed
retirement of Thomas H. Johnson, INED and SID, and to
appoint Uvashni Raman in March 2026 following the
retirement of Guillaume Bacuvier. Both appointments will
take effect from the conclusion of the 2026 AGM.
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The skills and experience that both Laurence and
Uvashni will bring are set out on page 79
Succession planning remains a critical responsibility of the
Nomination Committee. This includes regularly assessing
Board composition and future business needs, ensuring
timely and well-planned recruitment and maintaining
effective contingency planning to support continuity of
leadership and governance resilience.
CCEP continues to apply a rigorous and transparent
approach to INED appointments, supported by external
recruitment consultant Spencer Stuart, which assists in
identifying potential candidates. Spencer Stuart has no
other connection to CCEP or to individual Directors.
The appointment process followed for Laurence during
2025 is set out to the right.
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See an overview of our Directors’ diversity,
skills and experience on pages 62–67
INED appointment process
Appointment criteria agreed and candidate
profiles outlined
The Committee reviewed the skills currently
represented on the Board and the experience required
to support future strategic priorities. Criteria included
financial and executive experience
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Search conducted by Spencer Stuart
and longlist provided
Spencer Stuart was engaged to support the search and,
following discussions with the Committee, developed a
longlist of potential INED candidates with the skills and
experience to meet CCEP’s succession needs for 2026
and beyond
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Shortlist chosen for interview
The Committee Chairman, supported by the Chairman,
Committee members and relevant Directors, conducted
interviews with shortlisted candidates to assess
alignment with the agreed criteria, culture and
time‑commitment expectations
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Preferred candidates considered by
Nomination Committee
The Committee concluded that Laurence Debroux best
met the Board’s requirements, demonstrating the
relevant experience, independence, sufficient capacity
to commit to the role and no conflicts of interest
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Board appointed INED
Following the Committee’s recommendation, the Board
considered and approved the appointment of Laurence
Debroux, to take effect from the conclusion of the 2026
AGM, subject to election by shareholders
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Report
Governance and
Directors’ Report
Financial
Statements
Sustainability
Statement
Other
Information
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2025 Annual Report and Form 20-F
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Nomination Committee report continued
Director inductions
The Nomination Committee reviews the induction programme
for new Directors. All new Directors receive a full, formal
and tailored induction including a suite of induction
materials as well as mentorship from established Directors.
Meetings with members of the Board and the ELT and site
visits in a number of our markets are also arranged.
During 2025, an extensive induction was undertaken for
Robert Appleby, and the Committee also reviewed the
proposed induction plan for Laurence Debroux in
preparation for her appointment at the 2026 AGM.
Committee composition
Following Board changes and CCEP’s pending rotations, the
Nomination Committee reviewed Committee memberships
for succession planning purposes and to improve the
balance of skills on each Committee.
I succeeded Thomas H. Johnson as Chairman of the
Nomination Committee, effective from the conclusion
of the 2025 AGM:
■Robert Appleby was appointed member of the Audit
Committee and ESG Committee
■Thomas H. Johnson was appointed Chairman of the ATC
■Mark Price stepped down as member of the ESG
Committee and was appointed member of the ATC
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See an overview of Committee composition
on page 61
Senior management succession
The Committee oversees the development and
maintenance of a robust, diverse and inclusive talent
pipeline to support succession into ELT roles over the short,
medium and long term. In doing so, the Committee ensures
that succession plans align with the Company’s strategic
objectives and culture, and submits these plans to the
Board for approval.
To support this work, the Committee is regularly updated by
the Chief People and Culture Officer and the CEO, who review
succession plans across the business, including associated
learning, development and capability‑building initiatives.
The strength of the talent pipeline was demonstrated
during the year through internal promotions to the ELT of
Francesca Faure as Chief Information Officer and Gareth
McGeown as General Manager for Australia, Pacific and
South East Asia.
In addition, the Committee oversaw the appointment of
Svetlana Walker as General Counsel and Company
Secretary, succeeding Clare Wardle, effective 1 April 2026.
Our approach to senior management succession combines
objective assessment for ELT and leadership roles, a strong
focus on inclusion and diversity, targeted development to
build future capabilities and careful consideration of
cultural fit and long‑term strategic needs.
A key development during the year was the continued
strengthening of the Company’s leadership pipeline.
The Accelerate Performance 2030 leadership programme,
initially delivered to the top 500 CCEP leaders in 2024, was
cascaded to a further 2,800 leaders. This programme is
helping to build critical leadership capabilities and inspire
the next generation of leaders across CCEP.
Diversity in senior leadership
For the first time, CCEP was included in the 2025 FTSE
Women Leaders Review, which targets 40% women in
key leadership roles by the end of 2025. At the time of
data submission, being 31 October 2025, 50.4% of the
combined ELT and their direct reports were women, placing
CCEP third in the Review’s rankings of FTSE 100 companies
with the highest representation of women in leadership.
The Committee also recognises the importance of the
Parker Review in promoting ethnic diversity across UK
boards and fully supports its principles. However, the
Company will not set Parker Review targets or publish
Parker Review data for senior management in 2025 due
to challenges in collecting ethnicity data across its
multiple jurisdictions.
Notwithstanding this, the Company remains committed to
fostering ethnic diversity that reflects the markets and
communities it serves. Our approach focuses on
embedding inclusive practices in recruitment, development
and succession planning to ensure a diverse leadership
pipeline for the future.
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Read more about our approach to inclusion, diversity and equity
on page 19
Ethics and compliance
During the year, the Committee oversaw management’s
delivery of the ethics and compliance agenda, receiving
updates on culture indicators, conduct trends and the
effectiveness of governance controls. It reviewed insights
from Code of Conduct matters and Speak Up activity,
considering overall trends in behaviours, tone and
organisational culture. Material Code of Conduct matters,
as set out in the Audit Committee report on page 90,
are escalated to the Audit Committee.
The Committee also considered management’s progress
against medium‑term ethics and compliance objectives
and forward plans, ensuring that the programme’s direction
and priorities remained aligned with the Company’s values,
regulatory expectations and long‑term organisational
resilience.
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Detail on Board oversight of ethics and compliance activities
during the year is provided on page 75
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Report
Governance and
Directors’ Report
Financial
Statements
Sustainability
Statement
Other
Information
Coca-Cola Europacific Partners plc
2025 Annual Report and Form 20-F
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Nomination Committee report continued
Engagement with our people
The Code requires companies to adopt one or more
prescribed methods for Board engagement with the
workforce. Where these are not appropriate, companies
may explain alternative arrangements and why these
are considered effective.
The Board, through the Nomination Committee, maintains
direct oversight of workforce matters and receives regular
updates from the Chief People and Culture Officer and
the CEO, supported by key workforce metrics and culture
insights. These insights form part of the processes through
which the Board monitors culture.
The Company also maintains arrangements to ensure
employees are systematically informed about matters
relevant to them and about factors affecting business
performance. Regular internal communications, including
leadership updates, townhall meetings and intranet
briefings, provide colleagues with ongoing information on
strategy, operational performance and key developments.
Employees are able to share views through surveys and
engagement channels, helping to inform leadership
understanding of workforce priorities.
The Board engages directly with colleagues across the
business as part of its regular schedule. Individual Board
members undertake site visits, operational tours and
market visits across our markets, enabling first-hand
understanding of employee experience, culture and
organisational priorities. These activities complement
the wider workforce reporting that the Board receives.
These arrangements involve multiple layers of workforce
representation and are considered effective, as
demonstrated by the results of our biennial voluntary
inclusion survey. In 2025, 48% of employees participated in
the survey, an increase of 7% from 2023. Scores were
particularly strong on feeling respected, valued and
a sense of belonging.
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Read more about how the Board monitors culture
on pages 77–78
Engagement in action
During the year, I undertook a series of engagement visits
across Europe, including time spent with our people in Belgium
and Germany.
I was accompanied by GB senior leaders from across the
business, enabling direct dialogue with local teams and
visibility of operational and sustainability initiatives.
Activities included time within our manufacturing
operations, observing commercial execution in local
markets and participating in hands‑on sessions with site
teams, providing insight into team culture, capability
development and local operating conditions.
Outcomes of engagement
These engagements provided insight into the experience
of our people, operational capability and local market
dynamics across the region. They strengthened both the
Committee’s and the Board’s understanding of priorities,
culture and organisational conditions, enhancing overall
oversight of talent, leadership and broader people matters.
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Further examples of stakeholder engagement activities
undertaken by the Board during the year can be found
on pages 28–29
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Strategic
Report
Governance and
Directors’ Report
Financial
Statements
Sustainability
Statement
Other
Information
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Nomination Committee report continued
ESRS 2 GOV-1
ESRS
FCA listing requirements♦
UKLR 6 Annex 1R(1) reporting on gender identity or sex(A)
Number
of Board
members
Percentage
of the Board
Number
of senior
positions on
the Board (B)
Number in
executive
management(C)
Percentage
of executive
management
Men
12
71
2
8
67
Women
5
29
1
4
33
Not specified/prefer not to say
—
—
—
—
—
U
K
L
R
6
A
n
n
e
x
1
R
(
2
)
r
e
p
o
r
t
i
n
g
o
n
e
t
h
n
i
c
b
a
c
k
g
r
o
u
n
d
(
A
)
Number
of Board
members
Percentage
of the Board
Number
of senior
positions on
the Board (B)
Number in
executive
management
Percentage
of executive
management
White British or other White
(including minority White groups)
16
94
3
12
100
Mixed/multiple ethnic groups
—
—
—
—
—
Asian/Asian British
1
6
—
—
—
Black/African/Caribbean/Black British
—
—
—
—
—
Other ethnic group
—
—
—
—
—
Not specified/prefer not to say
—
—
—
—
—
(A)As at 31 December 2025.
(B)Senior positions on the Board include the Chairman, CEO or Senior Independent Director.
The Chief Financial Officer is not a member of the Board.
(C)The CEO is excluded from the executive management number as he is already disclosed
as a Board member.
The data in the above tables was collected voluntarily through the annual Directors & Officers (D&O)
questionnaires. The data is used purely to satisfy CCEP’s Board and leadership diversity disclosure
requirements under the UK Listing Rules. The Board and Executive Leadership Team were asked to self-report
their data through questions raised in the D&O questionnaire on gender identity and ethnic background.
Mary Harris
Chairman of the Nomination Committee
13 March 2026
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Strategic
Report
Governance and
Directors’ Report
Financial
Statements
Sustainability
Statement
Other
Information
Coca-Cola Europacific Partners plc
2025 Annual Report and Form 20-F
85
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Audit Committee report
At a glance
Dessi Temperley
Chairman of the Audit Committee
Membership
Member since
Dessi Temperley (Chairman)
May 2020
John Bryant
January 2021
Robert Appleby
May 2025
Nicolas Mirzayantz
January 2024
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See details of attendance at meetings
on page 61
Looking forward to 2026
■Demonstrate readiness and compliance with
provision 29 of the Code
■Maintain focus on cybersecurity and the risks and
opportunities of AI
■Review progress of the ongoing digital
transformation programme
■Continue oversight of ESG reporting processes
Activities of the Audit Committee during the year
The Committee met six times during the year and held one joint
meeting with the ESG Committee. Reports from the internal
and external auditors were presented as standing agenda
items, along with reports from senior management. A summary
of matters considered by the Committee during 2025 is set
out below and further detail is provided in this report:
Reporting
■2024 preliminary results, 2025 half year financial release
and Q1 and Q3 trading updates
■2024 Annual Report
■Accounting for TCCC bottling rights
■Defined benefit plans
■Deductions from revenue
Internal audit
■Corporate Audit Services (CAS) Charter and CAS
Independence and Objectivity Policy
Risk and internal controls
■Business continuity management
■Cybersecurity and AI risk discussions
■Enterprise Risk Management, including risk appetite
framework and principal risks
■ESRS reporting and the double materiality
assessment (DMA)
■Sarbanes-Oxley Act (SOX) compliance, including first
year implementation in the Philippines
Legal and regulatory
■Legal matters
■Global Chart of Authority
■Provision 29 preparations
■Audit Committee evaluation
Other
■Share buyback programme
■Tax and treasury matters
■Business transformation programme
The Committee’s interactions with the internal audit
function and the external auditor during the year are
discussed in more detail later in this report.
Key responsibilities
The key duties and responsibilities of the Audit Committee
are set out in the terms of reference, which are available
at www.cocacolaep.com/who-we-are/governance/
committees and include:
Accounting and financial reporting
■Monitoring the integrity of the Group’s annual audited
financial statements and other periodic financial statements
■Reviewing any key judgements contained in them
relating to financial performance
Systems of internal control and risk management
■Reviewing the adequacy and effectiveness of the
Group’s internal control processes
■Overseeing the Group’s compliance, operational
and financial risk assessments as part of the broader
Enterprise Risk Management (ERM) programme
■Overseeing the Group’s business capability and
cybersecurity programmes
■Overseeing climate risks as part of the ERM programme
■Reviewing and assessing the scope, operation and
effectiveness of the internal audit function
Relationship with external auditor
■Reviewing and assessing the relationship and independence
■Agreeing terms of engagement and remuneration annually
■Assessing the effectiveness of the external audit process
■Reviewing reports from the external auditor and
management relating to the financial statements and
internal control systems
■Making recommendations to the Board in respect of the
external auditor’s appointment, reappointment or removal
■Reviewing and approving non-audit activity undertaken by
the external auditor
Other responsibilities
■Supporting the Board including on oversight of dividends,
capital allocation and capital expenditures
■Working in conjunction with the ESG Committee on ESG
reporting matters including assurance
Following each Committee meeting, the Committee Chairman
reports back to the Board, and all meeting materials are made
available to the Board.
Strategic
Report
Governance and
Directors’ Report
Financial
Statements
Sustainability
Statement
Other
Information
Coca-Cola Europacific Partners plc
2025 Annual Report and Form 20-F
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Audit Committee report continued
Committee governance
The Committee keeps the Board informed on matters
relating to the Group’s financial reporting requirements and
ensures that the Board oversees the work carried out by
management, internal audit and the external auditor.
The Group follows UK corporate governance practices,
as permitted by the Nasdaq Rules for FPIs. In accordance
with the Code, the Committee comprised four NEDs in 2025,
each of whom the Board has deemed to be independent.
No Committee member has a connection with the
external auditor.
The Board is satisfied that the Committee as a whole
possesses the necessary competence in the FMCG sector,
in which the Group operates, as well as expertise in UK and
US reporting requirements.
The Committee also follows the requirements of the FRC’s
Audit Committees and the External Audit: Minimum
Standard (the Minimum Standard). The Committee is aware
of its responsibilities under the Minimum Standard and
management confirmed that the Company continued to
comply with its requirements during the year. Compliance
with the Minimum Standard was also considered as part of
the Committee’s annual review of its terms of reference.
In accordance with SEC Rules, as applicable to FPIs, the
Group’s Audit Committee must fulfil the independence
requirements set out in SEC Rule 10A-3. The rule requires,
among other things, that the Audit Committee be all
independent and have at least one member qualify as an
Audit Committee Financial Expert, as defined in the rule.
The Board has determined that all requirements are met
and that the Audit Committee Chairman has the attributes
and relevant experience of an Audit Committee Financial
Expert, as defined in Item 16A of Form 20-F. It was further
determined that no Audit Committee member had
participated in the preparation of the financial statements
of the Group or any of its subsidiaries.
Committee effectiveness
The Committee’s effectiveness was reviewed as part of the
Board performance review led by the SID during the year.
It was concluded that the Committee operates effectively
and fulfils the duties delegated to it by the Board.
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More about the internal performance evaluation can be found
on page 76
Financial reporting, significant financial issues
and material judgements
During 2025, the Committee considered the areas of
judgement and estimation most relevant to the Group’s
financial reporting. These included matters relating to the
Group’s intangible assets, revenue‑related estimates, tax
accounting, impairment assessments and
restructuring‑related balances.
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Further details of the significant reporting matters considered by
the Committee during the year are set out on pages 87–88
The Committee also oversaw the effectiveness of Internal
Control over Financial Reporting (ICFR) and monitored the
readiness and preparatory activities in the Philippines for
first year SOX compliance.
Throughout the year, the Committee received regular
reports from management, reviewed the key assumptions
and estimates applied, and challenged the rationale
supporting the accounting treatments adopted. The
Committee was satisfied that management exercised
appropriate judgement, that the approaches taken were
consistent with applicable accounting standards, and that
the related disclosures provided a fair and balanced
explanation of the matters considered.
No issues were identified during the year that indicated
a material risk of misstatement in the Group’s financial
statements.
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See our Viability statement
on page 43
Audit Committee assessment of the 2025
Annual Report
The Committee undertook a review of a developed draft
of the Annual Report and provided its feedback, which was
reflected in the report.
In assessing the draft, the Committee considered whether
the Group’s position, strategic approach and performance
during the year were accurately and consistently portrayed
throughout the Annual Report. As part of its review,
the Committee referred to the management reports it
had received and considered during the year, together
with the findings and judgements of the internal and
external auditor.
The estimates and judgements made on the significant
financial reporting matters were reviewed in depth by the
Committee and it was concluded that they were
appropriate.
Work undertaken with the ESG Committee on assessing
climate‑related and transition risks was also taken into account,
including how these were reflected in the Group’s strategy,
performance and disclosures across the Annual Report.
Climate‑related risks identified through the Group’s
ERM programme, and the resulting assumptions and
judgements, were evaluated to ensure that related
disclosures were consistent, clear and appropriately
integrated across the Annual Report.
Management’s assessment of the Group as a going concern
and the viability statement were reviewed, and the Committee
concluded that both were appropriate in light of the risks
facing the business.
In the Committee’s opinion, the Annual Report is fair,
balanced and understandable, and provides the
information necessary for shareholders to assess CCEP’s
position and performance, business model and strategy.
In forming this view, the Committee considered the clarity
and consistency of the report, the alignment of narrative
and financial disclosures, and whether it presents a
balanced assessment of the Group’s performance,
risks and opportunities.
Strategic
Report
Governance and
Directors’ Report
Financial
Statements
Sustainability
Statement
Other
Information
Coca-Cola Europacific Partners plc
2025 Annual Report and Form 20-F
87
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Audit Committee report continued
Significant reporting matters in relation to the financial statements considered by the Audit Committee during 2025
Accounting area
Key financial impacts
Audit Committee considerations
Accounting for TCCC
bottling rights
TCCC franchise intangibles
at 31 December 2025: €11.7 billion
The Group’s bottling agreements with TCCC contain performance requirements and convey the rights to
prepare, package, distribute and sell products within specified territories. The agreements in each territory
are for an initial term of 10 years and may be renewed for successive terms of 10 years. The Group believes
that its interdependent relationship with TCCC and the substantial cost and disruption to TCCC that would
be caused by termination ensure that these agreements will continue to be renewed and, therefore, are
essentially perpetual provided that the Group remains capable of the continued promotion, development
and exploitation of the full potential of the business of the preparation, packaging, distribution and sale
of the relevant beverage. The Group has never had a bottling agreement with TCCC terminated due to
non‑performance of the terms of the agreement or due to a decision by TCCC to terminate an agreement
at the expiration of a term. After evaluating the contractual provisions of the bottling agreements as at
31 December 2025, and the Group’s mutually beneficial relationship with TCCC and history of renewals,
indefinite lives have been assigned to all of the Group’s TCCC bottling agreements.
During 2025, the Committee reviewed the Group’s long-standing policy and judgement on accounting for
the TCCC bottling rights as indefinite lived intangible assets confirming its appropriateness and continued
disclosure as a significant judgement.
Deductions from revenue
and sales incentives
Total cost of customer marketing 
programmes in 2025: €6.0 billion
Accrual at 31 December 2025: €1.4 billion
The Group participates in various programmes and arrangements with customers designed to increase
the sale of products. Among the programmes are arrangements under which allowances can be earned
by customers for attaining agreed upon sales levels or for participating in specific marketing programmes.
For customer incentives that must be earned, management must make estimates related to the
contractual terms, customer performance and sales volume to determine the total amounts earned.
Under IFRS 15, these types of variable consideration are deducted from revenue. There are significant
estimates used at each reporting date to ensure an accurate deduction from revenue has been recorded.
Actual amounts ultimately paid may be different from these estimates. At each reporting date, the
Committee received information regarding the total customer marketing spend of the Group along with
period-end accruals. The Committee also discussed and challenged management on key judgements
and estimates applied during the period.
Tax accounting and reporting
2025 book tax expense: €590 million
2025 cash taxes: €513 million
2025 effective tax rate: 23.0%
The Group evaluated a number of tax matters during the year, including legislative developments across tax
jurisdictions, risks related to direct and indirect tax provisions in all jurisdictions, the deferred tax inventory
and potential transfer pricing exposure. Throughout the year, the Committee received information from
management on the critical aspects of tax matters affecting the Group, considered the information received,
and gained an understanding of the level of risk involved with each significant conclusion.
The Committee also considered and provided input on the Group’s disclosures regarding tax matters.
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2025 Annual Report and Form 20-F
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Audit Committee report continued
Accounting area
Key financial impacts
Audit Committee considerations
Intangible asset impairment
analysis
Indefinite lived intangible assets at
31 December 2025: €11.8 billion
Goodwill at 31 December 2025: €4.5 billion
The Group performs an annual impairment test of goodwill and intangible assets with indefinite lives, or
more frequently if impairment indicators are present. The testing is performed at the cash generating units
(CGUs) level, which for the Group are based on geography and generally represent the individual territories
in which the Group operates.
The Committee received information from management on the impairment tests performed, focusing
on the most critical assumptions such as the terminal growth rate, the discount rate and operating margin,
as well as changes from the prior year. The Committee reviewed and challenged the various analyses
performed by management, specifically including those relating to the Indonesia CGU, and was satisfied
with the assumptions used and the Group’s disclosures about its impairment testing.
Restructuring accounting and
other items impacting
operating profit comparability
Items impacting operating profit
comparability recorded in 2025: €15 million
The Committee was regularly updated by management on the nature of restructuring initiatives and key
assumptions underpinning the related provision in the financial statements. The Committee reviewed the
Group’s restructuring expense of €105 million as well as the restructuring provision balance of €135 million
as at 31 December 2025, and continued to agree that it does not contain significant uncertainty.
The Committee reviewed the remaining items impacting operating profit comparability for the year and was
satisfied with the related disclosures.
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2025 Annual Report and Form 20-F
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Audit Committee report continued
External audit
Effectiveness of the external audit process
The Committee is responsible for overseeing the Group’s
external audit arrangements, including the appointment,
independence and effectiveness of the external auditor,
Ernst & Young LLP (EY), which has served as the Group’s
external auditor since 2016. In accordance with the UK and
SEC auditor independence rules governing audit partner
rotation, Sarah Kokot stepped down as lead audit partner
prior to the commencement of the 2025 audit. She has
been succeeded by Andrew Walton.
In 2025, the Committee agreed the approach and scope of
the audit work to be undertaken by EY for the financial year.
It also reviewed EY’s terms of engagement and agreed the
appropriate level of fees payable in respect of audit and
audit-related services.
The Committee notes that the most recent external audit
tender was completed in 2024, in line with the applicable
requirements.
See details of the amounts paid to the external auditor
in Note 18 to the consolidated financial statements on page
184.
Throughout the audit cycle, EY provided the Committee
with regular updates on the progress of the audit, including
its assessment of the agreed areas of audit focus and its
application of professional scepticism. These updates
included how EY had challenged management’s key
assumptions and estimates as part of its audit work.
The Committee used a questionnaire to review the
effectiveness of the external auditor and focused on
four key areas: the audit partner, audit planning and
execution, reporting by the auditor and the role of
management. The review determined the audit to be very
effective, with minor areas for improvement which will be
reviewed and implemented throughout 2026.
The Committee confirms that, during 2025, it received no
shareholder requests for specific matters to be covered
in the audit.
External auditor independence
The continued independence of the external auditor
is important for an effective audit. The Committee has
developed and implemented policies that govern the use
of the external audit firm for non-audit services and limit
the nature of the non-audit work that may be undertaken.
The external auditor may, only with pre-approval from the
Committee, undertake specific work for which its expertise
and knowledge of CCEP are important. It is precluded from
undertaking any work that may compromise its independence
or is otherwise prohibited by any law or regulation.
The Committee received a statement of independence
from EY in March 2026 confirming that, in its professional
judgement, it is independent and has complied with the
relevant ethical requirements regarding independence
in the provision of its services. The report described EY’s
arrangements to identify, manage and safeguard against
conflicts of interest.
The Committee reviewed the scope of the audit-related
services proposed by EY during the year to ensure
there was no impairment of judgement or objectivity, and
subsequently monitored the non-audit work performed
to ensure it remained within the agreed policy guidelines.
It also considered the extent of non-audit services
provided to the Group.
The Committee determined, based on its evaluation,
that the external auditor was independent.
Reappointment of the external auditor
The Committee has responsibility for making a
recommendation to the Board regarding the reappointment
of the external auditor. Based on its continued satisfaction
with the audit work performed to date and EY’s continued
independence, the Committee has recommended to the
Board, and the Board has approved, that EY be proposed
for reappointment by shareholders as the Group’s external
auditor at CCEP’s 2026 AGM.
In making this recommendation, the Committee confirms
that: (i) the recommendation is free from influence by any
third party; and (ii) no contractual term of the kind referred
to in Article 16(6) of the EU Audit Regulation has been imposed
on CCEP that would restrict its choice of statutory auditor.
Compliance with the Statutory Audit Services for
Large Companies Market Investigation Order 2014
The Committee confirms that, for the year ended
31 December 2025, CCEP remained in full compliance
with the Statutory Audit Services for Large Companies
Market Investigation (Mandatory Use of Competitive
Tender Processes and Audit Committee Responsibilities)
Order 2014. The Committee continued to oversee the
external audit process during the year and was satisfied
that the auditor tender and engagement processes
completed in 2024 remained compliant with the ongoing
requirements of the Order.
Internal audit
The internal audit function provides an independent and
objective assessment of the adequacy and effectiveness
of the Group’s integrated internal control framework,
which combines risk management, governance and
compliance systems.
The internal audit function reports directly to the Audit
Committee and comprises approximately 60 full time,
professional audit employees based in London, Madrid,
Sofia, Sydney, Manila and Jakarta, with a range of business
expertise working across multiple disciplines. The function
utilises co-source resources to support specific assurance
projects where specialist knowledge, scale or language
skills are required.
Effectiveness of the internal audit function
At the start of the year, the Committee reviewed the
internal audit plan for 2025 and agreed its scope, budget
and resource requirements for the year. The Committee
continued to monitor the plan and forward-looking audit
radar to make sure recommendations remained
appropriate for the year ahead.
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Audit Committee report continued
Through regular management reports containing key
internal audit observations, proposed improvement
measures and related timeframes agreed with
management, the Committee monitored the effectiveness
of the internal audit function against the approved internal
audit plan. The Chief Audit Executive attended the
scheduled meetings of the Committee during 2025 to raise
any key matters with the Directors.
In accordance with CCEP’s Internal Audit Charter, and in
line with the Chartered Institute of Internal Auditors’ (IIA)
Code of Practice, an independent third party (Grant Thornton)
was engaged in 2025, to assess the internal audit function’s
conformance to applicable IIA standards, namely the
Global Internal Audit Standards. The Committee reviewed
and considered the findings of Grant Thornton’s evaluation,
which concluded that the internal audit function
conformed with the IIA Standards.
The Chief Audit Executive confirmed to the Committee
that there was no known impairment to the internal audit
function’s independence or objectivity in undertaking the
internal audit work performed during 2025.
Internal control and risk management
The Group depends on robust internal controls and an
effective risk management framework to successfully
deliver its strategy. The Audit Committee is responsible
for monitoring the adequacy and effectiveness of the
Group’s internal control systems, which includes its
compliance with relevant sections of the Code and the
requirements of SOX, specifically sections 302 and 404,
as it applies to US FPIs.
Effectiveness of the internal control and risk
management systems
Throughout the year, the Committee received regular reports
from internal audit on the adequacy and effectiveness of
CCEP’s 2025 SOX programme and the control environment
across the Group’s functions. Particular attention was given to
developments in supply chain controls and technology
governance. The Committee also received regular updates on
SOX readiness activities, including preparations in the
Philippines for year one testing, which was included in CCEP’s
audit scope for 2025.
During 2025, management carried out a top‑down
enterprise risk assessment across the BUs, incorporating a
review of the Group’s risk appetite for principal enterprise
risks to reinforce alignment with CCEP’s long range plan.
The Committee considered the results, approved the
proposed enhancements to the ERM assessments and
concluded that management’s overall approach to risk
identification and risk appetite remained appropriate and
effective.
During the year, the Committee also considered the
introduction of the new failure to prevent fraud offence
under the Economic Crime and Corporate Transparency
Act and its implications for the Group’s compliance and
internal control frameworks. Management reported on the
preparatory steps taken during 2025 ahead of the offence
coming into force on 1 September 2025, and the Committee
was satisfied that proportionate actions had been taken.
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Read more about the Board’s role in risk oversight of principal
risks on page 41
Speak Up♦
In each of our territories, we have established ways for our
people and others to raise concerns in relation to possible
wrongdoing in financial reporting, suspected misconduct,
or other potential breaches of our Code of Conduct (CoC).
These include seeking advice from a line manager and reporting
concerns through our internal Speak Up resources and/or our
dedicated and confidential external Speak Up channels.
Matters raised through these channels that meet the
defined materiality threshold – financial impact over €500k,
serious financial fraud, or a significant SOX deficiency or
ESRS S1-3
ESRS
material weakness – are escalated to the Audit Committee.
The Committee reviews these reports and ensures that the
arrangements in place allow for proportionate, independent
investigation and appropriate follow‑up action, providing
the Board with key information for its consideration and
oversight. Matters that fall below the materiality threshold
are reviewed by the Nomination Committee as part of its
ongoing oversight of culture, conduct trends and
organisational behaviours, ensuring alignment between
Committee responsibilities.
Investigations into potential breaches of our CoC are
overseen within each BU by the BU’s CoC Committee,
chaired by the BU Vice President Legal. All potential CoC
breaches and associated corrective actions are overseen
at Group level by the Group CoC Committee, a
sub‑committee of the Compliance and Risk Committee
chaired by the Chief Compliance Officer (CCO).
The Group CoC Committee also:
■Ensures that all reported breaches are recorded,
investigated and concluded in a timely manner
■Evaluates trends
■Ensures consistent application of the CoC across CCEP
As required under the Spanish Criminal Code, the Iberia BU
has an Ethics Committee formed of members of the Iberia
BU leadership team. It is responsible for local ethics and
compliance activities, including overseeing the crime
prevention model. It reports to the Iberia BU Board and
the CCO.
Dessi Temperley
Chairman of the Audit Committee
13 March 2026
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Coca-Cola Europacific Partners plc
2025 Annual Report and Form 20-F
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ESG Committee report
At a glance
Mario Rotllant Solá
Chairman of the ESG Committee
Membership
Member since
Mario Rotllant Solá (Chairman)
May 2022
Nathalie Gaveau
January 2019
Nicolas Mirzayantz
May 2023
Robert Appleby
May 2025
Nancy Quan
May 2023
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See details of attendance at meetings
on page 61
Activities of the ESG Committee during the year
The Committee met six times in 2025, including a joint
meeting with the Audit Committee. The main focus of the
Committee was updating CCEP’s sustainability action plan,
This is Forward, and incorporating the Philippines. A summary
of other matters considered by the Committee during 2025
is set out below.
Sustainability strategy and performance
■Integration of the Philippines into This is Forward and
the 2025 reporting cycle
■Update of This is Forward, CCEP’s sustainability action
plan, including clear financial roadmaps
■2024 and 2025 sustainability reporting and limited
assurance
■Sustainability Key Performance Dashboard
■TCCC sustainability goals and campaigns
■Corporate reputation survey
Climate and environmental matters
■Climate risk modelling
■2030 carbon reduction plan
■The Philippines greenhouse gas (GHG) emissions
Regulatory and reporting developments
■Sustainability regulation
■ESRS reporting and DMA
■Modern Slavery Statement
Social and operational matters
■Health and safety matters
■Data privacy
Committee effectiveness
■Committee effectiveness review
Following each Committee meeting, the Committee Chairman
reports back to the Board, and all meeting materials are made
available to the Board.
Key responsibilities
The key duties and responsibilities of the Committee are
set out in its terms of reference, which are available at
www.cocacolaep.com/who-we-are/governance/
committees and include:
■Overseeing and making recommendations to the Board
on CCEP’s sustainability strategy
■Making recommendations to the Board and monitoring
progress against This is Forward sustainability targets
and metrics
■Reviewing the integrity of external statements about
sustainability activity, targets and progress
■Working in conjunction with the Audit Committee to
review and make recommendations to the Board on
sustainability reporting
■Overseeing all relevant environmental issues not
covered directly by the sustainability strategy
■Monitoring and recommending to the Board the
establishment of appropriate sustainability-
related policies
■Regularly reviewing the requirements for external
assurance of ESG-related disclosures and identifying
material ESG-related risks in conjunction with the
Audit Committee
Looking forward to 2026
■Monitor rollout of the refreshed sustainability
framework and alignment with 2030 roadmaps
■Oversee progress on carbon reduction plans and
SBTi validation for revised targets
■Review deposit return scheme implementation
plans in CCEP’s key markets
■Track compliance readiness for upcoming European
Union (EU) packaging legislation
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ESG Committee report continued
Oversight of strategy and performance
The ESG Committee continued to provide oversight and
strategic guidance on environmental, social and governance
matters throughout the year. Its work focused on
strengthening CCEP’s sustainability framework, monitoring
regulatory developments, and supporting initiatives that
drive sustainable growth.
This is Forward
This is Forward remains a key driver of growth, embedding
sustainability into our core business model and supporting
long-term value creation. The Committee reviewed proposals
to refresh This is Forward to integrate our Philippines
operations, reflect TCCC’s updated environmental ambitions,
and align with our revised 2030 roadmaps.
The Committee also reviewed the financial implications
related to This is Forward, including a comprehensive
assessment of the investments required to meet our
updated 2030 targets.
The refreshed and simplified framework reinforces our
commitments and sets out a robust approach to achieving
our long-term sustainability goals. It also enhances
transparency by outlining key challenges and external
dependencies, and identifying opportunities for progress.
Subsequent to the year end, the Committee recommended
that the Board approve the updated sustainability action
plan, This is Forward.
Sustainability roadmaps
In conjunction with the update of This is Forward, the
Committee oversaw updates to CCEP’s sustainability 
roadmaps across climate, water, packaging and community.
These updates support our 2030 GHG emissions reduction
target and 2040 Net Zero ambition. We also revised our SBTi
target to include the Philippines, which has been submitted
to the SBTi for validation.
The ESG Committee, in collaboration with the Audit
Committee, considered the relevance of climate‑related
and transition risks associated with the pathway to Net
Zero. This assessment supports the Audit Committee’s
recommendation to the Board to approve the financial
statements and related reports.
Community strategy
The Committee reviewed progress on our commitment
to support the communities where we operate. During the
year, we continued to deliver programmes and partnerships
that create positive social impact, including initiatives to
promote skills development and local economic opportunities.
These efforts reflect our ambition to help build thriving,
inclusive communities and strengthen our role as a
responsible business.
Ventures
The Committee received an update on Ventures, CCEP’s
innovation investment engine that supports delivery of our
Net Zero 2040 ambition.
During the year, we invested in start-ups focused on:
■Developing direct air capture technology
■Applying AI for crop selection
■Converting wastewater into renewable electricity
■Introducing environmentally friendly cooling and
heating solutions
The Committee also reviewed the pipeline of potential
investments. These projects demonstrate our commitment
to scalable solutions that reduce environmental impact
and build long-term resilience.
Regulatory developments
The Committee closely monitored developments in ESG
reporting, with particular focus on progress by the Dutch
authorities on the transposition of CSRD and the European
Commission’s Omnibus Simplification Package, which
primarily streamlines sustainability reporting requirements
under CSRD and ESRS.
The Committee also tracked developments in EU packaging
legislation, including the new Packaging and Packaging Waste
Regulation (PPWR), effective from August 2026. It assessed
the potential impact on CCEP’s operations and sustainability
commitments and oversaw actions taken by management
to prepare for compliance.
Deposit return schemes
The Committee reviewed updates on markets anticipated
to implement deposit return schemes in the short to
medium term, including Portugal and Great Britain, and
discussed preparatory measures being led by
management. We also considered developments in the
Asia-Pacific region, where several markets were exploring
the introduction of Extended Producer Responsibility
(EPR) legislation.
Health and safety
The health and safety of our employees, contractors and
visitors remains of paramount importance to CCEP. During
the year, the Committee received a detailed update on
CCEP’s safety culture, performance, and key initiatives
aimed at achieving world class standards. The Committee
reaffirmed that continuous improvement is central to
CCEP’s commitment to ensuring everyone returns home
safely each day.
Skills and expertise
In line with its terms of reference, the Committee
comprises members with the knowledge and expertise
required to understand ESG strategy, targets and
implementation. Members remain committed to ongoing
development and receive training as needed to address
ESG-related impacts, risks and opportunities effectively.
During the year, Committee members, alongside the full
Board, participated in a training session covering the latest
ESG reporting requirements and processes for tracking,
managing, and reporting ESG performance data.
Mario Rotllant Solá
Chairman of the ESG Committee
13 March 2026
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Coca-Cola Europacific Partners plc
2025 Annual Report and Form 20-F
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Statement from the Remuneration Committee Chairman
John Bryant
Chairman of the Remuneration Committee
Membership
Member since
John Bryant (Chairman)
May 2021
Manolo Arroyo
May 2021
Guillaume Bacuvier
May 2024
José Ignacio Comenge
May 2022
Mary Harris
May 2023
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See details of attendance at meetings
on page 61
Dear Shareholder
On behalf of the Board, I am pleased to present the
Directors’ remuneration report for CCEP for the year ended
31 December 2025. This includes our remuneration policy on
pages 97–105, which shareholders will be asked to approve
at our 2026 AGM.
We have also set out our Annual report on remuneration
(ARR) on pages 107–119, which outlines how we implemented
the current shareholder approved policy during 2025 and
how we intend to implement the revised policy in 2026.
This will be subject to an advisory vote at our 2026 AGM.
Revised remuneration policy
The current remuneration policy was approved by
shareholders at the 2023 AGM. Our remuneration structure
has remained consistent since the Company’s listing in 2016
with only minor adjustments made to ensure continued
alignment with best practice. Over this period of nearly 10
years, the CEO’s on-target remuneration has increased only
through modest annual salary increases of 1.6% per year
despite significant changes to the size and scale of the
business.
Growth at CCEP
Revenue more than doubled
Reported Operating Profit up 230%
Employee base grown by around 60%
Operations expanded significantly, from solely European
markets to a global footprint
Share price has almost tripled
Significant shareholder value created
As part of the regular three year review cycle, the
Remuneration Committee undertook a comprehensive
evaluation of the policy to ensure it remains fit for purpose,
continues to support the Company’s long-term strategic
objectives, and aligns with evolving market practice and
shareholder expectations. In conducting this review, the
Committee took into account a range of factors, including
the Company’s growth and increased scale, the complexity
of its global operations, the competitive landscape for
executive talent, and developments in UK corporate
governance standards.
The proposed changes are intended to reinforce the
alignment between executive reward and long-term
shareholder value creation, while ensuring the policy
remains robust, competitive and responsive to the
demands placed on leadership in a dynamic business
environment.
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Further details are provided
on pages 97–105
2016
2025
€9.1bn
€20.9bn
€0.85bn
€2.8bn
24,500
39,000
13 European countries
31 countries globally
$31.40
(30 December 2016)
$90.70
(31 December 2025)
TSR of +205%
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Information
Coca-Cola Europacific Partners plc
2025 Annual Report and Form 20-F
94
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Statement from the Remuneration Committee Chairman continued
Proposed changes to the remuneration policy
Long-term incentive opportunity
The CEO’s Long-term Incentive Plan (LTIP) award opportunity
has remained unchanged since our listing in 2016, with current
levels set at 250% of base salary for target performance, with
a maximum vesting of up to two times target.
From 2026 onwards we propose to increase the target
opportunity from 250% to 300% of salary, with a maximum of
600% of salary. As well as the considerations outlined below,
the Committee validated the appropriateness of the increase
in the context of the market competitiveness of the package
against three comparator groups (the FTSE30 (excluding
financial services), a European FMCG Group and a Global FMCG
Group). While the proposed target LTIP sits at the upper
quartile of the FTSE30 and European FMCG Group, it remains
below the lower quartile of the Global FMCG Group. Awards
will continue to be subject to stretching and robust targets
linked to the achievement of financial and ESG performance,
ensuring that rewards align with significant, sustainable growth
for the benefit of all stakeholders.
The Committee carefully considered this increase in light
of the Company’s performance, scale, complexity, and
international footprint of the business. The Committee
believes the revised opportunity levels will support the
Company’s strategic ambitions while remaining consistent
with market practice for companies of a similar size and global
complexity, support the delivery of long-term performance,
and ensure the continued retention of a highly respected
CEO to motivate a high performing leadership team in an
increasingly competitive global talent market.
The Committee has a strong track record of operating our
remuneration framework with restraint and will continue to
exercise appropriate discretion and judgement to ensure that
the rewards delivered under the revised policy are fair.
Shareholding requirements
We are proposing to increase the in post shareholding
requirement for the CEO from 300% to 500% of base salary,
bringing it in line with FTSE30 practice. This enhanced guideline
is expected to be achieved within five years of appointment.
Until the required holding is met, 50% of any vested shares
from incentive awards (on a post-tax basis) must be retained.
The CEO currently exceeds the increased shareholding
requirement; see page 115.
Pension
We are proposing to amend the CEO’s pension provision,
and that of other Alternative Pension Arrangement (APA)
participants, to fully align with other GB colleagues by
increasing the employer contribution to 12% of salary and
removing the monetary cap. This change ensures consistency
across all employees, regardless of seniority, and better
reflects market practice.
Other
No further changes are being proposed to the overall
remuneration package. As part of the policy review, the
Committee carefully considered the role of deferral within the
annual bonus framework and believes that, in the context of
the Company’s overall remuneration structure, the absence of
a formal deferral mechanism remains appropriate.
A substantial portion of the CEO’s remuneration is delivered
through the LTIP, which is equity-based and subject to a
multi‑year performance period, plus a post-vesting holding
period, ensuring strong alignment with long-term shareholder
interests. The CEO also holds a significant shareholding
exceeding 2,500% of base salary, well above the proposed in
post requirements, further reinforcing his commitment to the
Company’s sustained success and long-term value creation.
The Committee is also cognisant that many FTSE companies
are now relaxing bonus deferral requirements for those
individuals, like our CEO, who hold very material shareholdings.
The Committee is therefore confident that the existing
remuneration structure, without bonus deferral, remains
proportionate, transparent, and supports the Company’s
strategic objectives and shareholder interests, but will
periodically keep this under review.
Shareholder consultation
As part of the policy review, we engaged with our largest
20 shareholders and proxy advisors who did not raise
any major concerns with the proposed policy and indicated
general support for the changes.
Alongside seeking approval for the remuneration policy, we
will also be seeking approval for a minor amendment to the
LTIP rules at the AGM in May 2026 to accommodate the
proposed change to the CEO’s LTIP opportunity. No other
changes to the LTIP rules are proposed.
We are confident that the revised policy will continue to
provide a remuneration framework for the next three years
that supports the business to meet its objectives in a manner
which is aligned with good governance.
Remuneration outcomes for 2025
Annual bonus
The solid overall business performance outlined in the
Strategic Report has been reflected through the annual bonus,
with performance against all three financial metrics being
within the target range. Adjusted comparable and FX neutral
revenue and operating profit increased year on year by 2.8%
and 7.1%, respectively. This, alongside strong comparable free
cash flow generation, has resulted in an overall Business
Performance Factor (BPF) of 102% of target being achieved.
The strong business performance is also a reflection of the
exceptional leadership of the CEO throughout 2025, which
resulted in an Individual Performance Factor (IPF) of 1.10x
being awarded to him. The final bonus payment to the CEO
was 47% of maximum.
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Further details are provided on pages 107–108
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2025 Annual Report and Form 20-F
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Statement from the Remuneration Committee Chairman continued
2023 Long-Term Incentive Plan
The 2023 Long-Term Incentive Plan (LTIP) award, granted
in March 2023, was subject to earnings per share (EPS), return
on invested capital (ROIC) and CO2e reduction performance
targets over the three year period to 31 December 2025.
Around 300 senior executives and management participated
in the scheme, including the CEO.♦
CCEP has performed strongly over the last three years,
with compound annual EPS growth of 8.4% per annum(A) ahead
of the LTIP target, outperformance of the target for ROIC
and performance between threshold and target for CO2e
reduction. This level of performance results in a formulaic
vesting outcome of 1.33x target.♦
In approving the vesting outcome, we undertook a holistic
assessment of overall performance over the three year
period to determine whether the level of vesting was a fair
reflection of broader CCEP performance, as well as an
assessment for windfall gains, using a range of quantitative
tests to do so. These tests supported our view that the
value we are reporting for the 2023 LTIP is not a windfall,
but instead reflects the strong underlying performance of
the business over the three year period. In the course of its
assessment, the Committee noted that:
■As with EPS and ROIC, CCEP’s performance against
its other key financial indicators had been equally strong,
as disclosed in more detail on page 3 of the Strategic
Report
■CCEP had delivered +85% total shareholder return over
the performance period, which was top quartile versus
our sector and ahead of the FTSE 100, Euronext 100 and
S&P 500 indices
■The wider stakeholder experience, including that of our
employees, had been positive, with no material areas
of concern identified
■CCEP had delivered strongly against our sustainability
initiatives, as disclosed in more detail on page 110
of the ARR
As a result of the assessment, the Committee determined
that the overall performance of the business continued to
be strong, and the formulaic vesting outcome was a fair
reflection of overall performance, while recognising that the
level of vesting recognised the stretch in the targets set by
the Committee.
This results in a final vesting value for the CEO of £6.3 million,
which includes £2.7 million of benefit from the strong share
price growth and dividend delivery over the performance
period, which has delivered more than £12 billion of value
to shareholders (market cap increase, dividends and
share buybacks).♦
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Further details are provided on pages 109–110
Implementation of remuneration policy in 2026
The Committee considers that our overall remuneration
framework remains fit for purpose and will implement our
remuneration policy for 2026 on a similar basis as for 2025,
while incorporating the changes to LTIP opportunity,
shareholding requirements and pension arrangements, as
outlined above.
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Further details are provided on pages 117–118
The Committee has approved a 2.0% salary increase for the
CEO, effective 1 April 2026, which is aligned with the merit
increase for the wider GB workforce.
The structure of the 2026 annual bonus will be unchanged
from 2025, with the business performance element being
based on stretching performance targets for operating
profit, revenue and operating free cash flow. For the CEO,
his individual element will be assessed against objectives
aligned to the key strategic areas of focus of the business,
which include: volume and volume share, operational and
competitiveness objectives.
ESRS 2 GOV-3
ESRS
The 2026 LTIP award will continue to be based on a mix of
EPS, ROIC, and CO2e reduction. The targets have been set
at stretching levels taking into account both our long-term
plan and external forecasts, as disclosed on page 118 of the
ARR. Following the end of the performance period, LTIP
awards will be subject to an additional two year holding
period.
The CO2e reduction targets for 2026 have been set taking
into account additional work carried out on our Carbon
Reduction Roadmap to 2030 to fully include the impact
of the acquisition of the Philippines business.
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Further details are provided on pages 117–118
Looking ahead
We regularly monitor the performance of our remuneration
policy and will continue to engage with shareholders where
necessary to ensure we are implementing the policy in a
way which is aligned with both good governance and
commercial best practice. I hope that we will continue to
receive your support in respect of our policy and ARR at
our forthcoming AGM in May 2026.
John Bryant
Chairman of the Remuneration Committee
13 March 2026
Unless otherwise stated, all references within the remuneration report to
revenue, operating profit, operating free cash flow, EPS and ROIC targets
are based on comparable results which are non-IFRS performance
measures. Refer to ‘Note regarding the presentation of adjusted financial
information and alternative performance measures’ on pages 46–47 for the
definition of our non-IFRS performance measures and to pages 57–58 for a
reconciliation of reported to comparable results. The measures are also
adjusted to be on a FX neutral basis at budget rates. Refer to pages 108–109
for further analysis as to how the targets and performance against these
targets are calculated.
(A)Comparable and on a tax and currency neutral basis.
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Strategic
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Statements
Sustainability
Statement
Other
Information
Coca-Cola Europacific Partners plc
2025 Annual Report and Form 20-F
96
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Overview of remuneration policy
Governance framework
Key principle
Application to policy
2026 implementation
Focused on delivering our
business strategy
Annual bonus and LTIP
measures aligned to the
KPIs of the business
Annual
bonus
metrics
LTIP
metrics
Operating profit
EPS
50%
42.5%
Revenue
ROIC
30%
42.5%
Operating free
cash flow
CO2e♦
20%
15%
See ARR for definitions. %s
indicate weighting in scorecard
Simple, transparent and
aligning the interests of
management and
shareholders
■Only two simple incentive
plans operated
■Strong focus on pay
for performance
■Majority of remuneration
package delivered in
shares
■Significant shareholding
requirement of five
times salary
■CEO pension aligned
to wider workforce
CEO pay mix linked to
performance at target
21%
Fixed
pay
26%
Annual
bonus
53%
LTIP
Able to be cascaded
through the organisation
and applicable to the
wider workforce
The same remuneration
framework is applied to all
members of the ELT (but
with lower incentive levels)
Variable remuneration
should be performance
related against
stretching targets
Targets are set at
stretching levels in the
context of the business
plan and external forecasts
■
■Target performance
linked to business plan
■Maximum payout
requires performance
significantly above plan
ESRS 2 GOV-3
ESRS
Summary of remuneration policy table
Fixed pay
Annual bonus
LTIP
Key features
Base salary
Annual increases will
normally take into account
business performance and
increases awarded to the
general workforce
Benefits
A range of benefits may
be provided in line with
market practice
Pension
■Can participate in the UK
pension plan or receive
a cash allowance on the
same basis as all other
employees
■Employer contribution is
12% of salary
Key features
■Target bonus
opportunity is 150%
of salary
■Bonus calculated by
multiplying the target
bonus by a BPF (0-200%)
and an IPF (0-120%)
■Business and individual
performance targets
are set in the context of
the strategic plan
■Malus and clawback
provisions may apply to
awards
■Discretion to adjust the
formulaic outcome up
or down taking into
account all relevant
factors
Key features
■Based on performance
measures aligned to
the strategic plan and
measured over at least
three financial years
■Target LTIP award for
2026 is 300% of salary
(600% of salary
maximum)
■Malus and clawback
provisions may apply
to awards
■Two year holding period
applied after vesting
■Discretion to adjust the
formulaic vesting
outcome up or down
taking into account all
relevant factors
Link to strategy
■Supports recruitment
and retention of
Executive Directors of
the calibre required for
the long-term success
of the business
Link to strategy
■Incentivises delivery of
the business plan on an
annual basis
■Rewards performance
against key indicators
which are critical to the
delivery of the strategy
Link to strategy
■Focused on delivery of
Group performance
over the long term
■Delivered in shares to
provide alignment with
shareholders’ interests
A full copy of the policy can be found on pages 97–105.
All references to revenue, operating profit, operating free cash flow, EPS and ROIC targets for 2026 refer
to those measures that are defined within the ARR.
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Coca-Cola Europacific Partners plc
2025 Annual Report and Form 20-F
97
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Remuneration policy
Our current remuneration policy was approved by shareholders at the AGM on
24 May 2023. As required under Schedule 8 of the Large and Medium-sized
Companies and Groups (Accounts and Reports) Regulations 2008 (as amended),
shareholders will be asked to approve a new remuneration policy at our AGM in May
2026.
As part of the regular three year review cycle, the Remuneration Committee undertook a
comprehensive evaluation of the policy to ensure it remains fit for purpose, continues to
support the Company’s long-term strategic objectives, and aligns with evolving market
practice and shareholder expectations. In conducting this review, the Committee took into
account a range of factors, including the Company’s growth and increased scale, the
complexity of its global operations, the competitive landscape for executive talent and
developments in UK corporate governance standards.
The proposed changes outlined opposite and as illustrated in the policy table for Executive
Directors are intended to reinforce the alignment between executive reward and long-term
shareholder value creation, while ensuring the policy remains robust, competitive, and
responsive to the demands placed on leadership in a dynamic business environment.
It is intended that the new remuneration policy will apply for the next three years with
effect from the date of the AGM.
The following sections set out our new remuneration policy.
Changes to the remuneration policy for Executive Directors
Long-term incentive opportunity
The CEO’s LTIP award opportunity has remained unchanged since our listing in 2016, with
current levels set at 250% of base salary for target performance, with a maximum vesting
of up to two times target.
From 2026 onwards we propose to increase the target opportunity from 250% to 300% of
salary, with a maximum of 600% of salary.
The Committee carefully considered this increase in light of the Company’s performance,
scale, complexity, and international footprint of the business, as well as the critical
importance of retaining and motivating a high performing leadership team in an increasingly
competitive global talent market. The Committee believes the revised opportunity levels
will support the Company’s strategic ambitions while remaining consistent with market
practice for companies of a similar size and global complexity, support the delivery of
long-term performance and ensure the continued retention of a highly respected CEO.
The Committee has a strong track record of operating our remuneration framework with
restraint and will continue to exercise appropriate discretion and judgement to ensure that
the rewards delivered under the revised policy are fair.
Shareholding requirements
We are proposing to increase the in post shareholding requirement for the CEO from 300%
to 500% of base salary, bringing it in line with FTSE30 practice. This enhanced guideline is
expected to be achieved within five years of appointment. Until the required holding is met,
50% of any vested shares from incentive awards (on a post-tax basis) must be retained.
The CEO currently exceeds the increased shareholding requirement; see page 115.
Pension
We are proposing to amend the CEO’s pension provision, and that of other APA participants,
to fully align with other GB colleagues by increasing the employer contribution to 12% of
salary and removing the monetary cap (previously capped at £30,000 inclusive of employer
social security costs). This change ensures consistency across all employees, regardless of
seniority, and better reflects market practice.
Other
No further changes are being proposed to the remuneration policy.
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Coca-Cola Europacific Partners plc
2025 Annual Report and Form 20-F
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Remuneration policy continued
Policy table for Executive Directors
The table below summarises each element of the remuneration policy for Executive Directors and any other individual who is required to be treated as an Executive Director under the
applicable regulations, with further details set out after the table. Currently, the CEO is the only Executive Director.
Base salary
No change to previous policy
Purpose and
link to strategy
■Core element of remuneration used to provide a competitive level of
fixed salary for Executive Directors of the calibre required for the
long-term success of the business.
Operation
■Paid in cash and pensionable
■Typically reviewed annually
■In reviewing salaries, consideration is given to a number of internal
and external factors including business and individual performance,
role, responsibilities, scope, market positioning, rate relative to other
internal pay bands to ensure succession pay headroom, inflation and
colleague pay increases.
Opportunity
■While there is no prescribed formulaic maximum, annual increases will
normally take into account the overall business performance and the
level of increase awarded to the general relevant workforce.
■Where the Remuneration Committee considers it necessary
and appropriate, larger increases may be awarded in individual
circumstances, such as a change in scope or responsibility or where
a new Executive Director is appointed at a lower than market rate
and the salary is realigned over time as the individual gains
experience in the role. Salary adjustments may also reflect wider
market conditions, for example in the geography in which the
individual operates.
Performance
conditions
■None, although individual performance will be taken into account
when determining the appropriateness of base salary increases,
if any.
Benefits
No change to previous policy
Purpose and
link to strategy
■Competitive and market aligned benefits for Executive Directors
of the calibre required
Operation
■A range of benefits may be provided, including, but not limited to,
the provision of a company car or car allowance, the use of a driver,
financial planning and tax advice, private medical insurance, medical
check ups, personal life and accident assurance and long-term
disability insurance. Other benefits may be provided if considered
appropriate to remain in line with market practice.
■Expenses incurred in the performance of executive duties (including
occasional expenses associated with spouse accompanying the
Executive Director on business travel or functions as required) for
CCEP may be reimbursed or paid for directly by CCEP, as appropriate,
including any tax due on the benefits.
■CCEP may also meet certain mobility costs, such as relocation
support, housing and education allowances and tax equalisation
payments.
■Executive Directors are eligible to participate in all employee share
plans on the same basis and with the same vesting period as other
employees.
Opportunity
■The value of benefits provided will be reasonable in the context
of relevant market practice for comparable roles and taking into
account any individual circumstances (e.g. relocation). It is not
possible to state a maximum for all benefits as some will depend
on individual circumstances (e.g. private medical insurance) and
some may depend on family circumstances (e.g. relocation/housing/
education allowances).
■The Remuneration Committee keeps the level of benefit provision
under review.
■Participation in all employee share plans on the same basis as other
employees up to the statutory limits.
Performance
conditions
■None
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2025 Annual Report and Form 20-F
99
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Remuneration policy continued
Pension
Change to previous policy (opportunity only)
Purpose and
link to strategy
■Provides an income for Executive Directors following their retirement
in arrangements consistent with those offered to other employees
in the relevant location.
Operation
■Executive Directors can participate in the same plan as other local
employees and on the same basis. CCEP reserves the right to amend
a pension arrangement for Executive Directors over the life of this
remuneration policy to reflect changes to the broader employee
arrangements.
Opportunity
■The current CEO can participate in the UK Defined Contribution
pension plan or can opt out and receive a partial cash alternative
on the same basis as other employees in GB.
■The maximum annual employer contribution is 12% of salary.
Performance
conditions
■None
Annual bonus
No change to previous policy
Purpose and
link to strategy
■To incentivise the delivery of the business plan on an annual basis, and
reward performance against key indicators which are critical to the
delivery of the strategy.
Operation
■Performance is measured over one year, with the bonus normally
payable fully in cash after year end, with no deferral.
■The bonus is based on a combination of a Business Performance
Factor (BPF) and an Individual Performance Factor (IPF).
■The Remuneration Committee may exercise its discretion to adjust
the formulaic outcome of the bonus up or down (subject to the
maximum bonus opportunity set out below) taking into account all
relevant factors, including but not limited to: underlying business
performance, individual performance and wider business
circumstances.
■The Remuneration Committee has the ability to apply both malus
and clawback provisions to bonuses.
Annual bonus
No change to previous policy
Opportunity
■Target bonus is 150% of base salary.
■The bonus is calculated by multiplying the target bonus by a BPF
(with a range of 0–200%) and an IPF (with a range of 0–120%).
■The maximum bonus opportunity is 360% of salary.
■25% of the target BPF (37.5% of salary) is payable for threshold
business performance. The threshold for the IPF is 0% of maximum.
Performance
conditions
■Business and individual performance measures, weightings and
targets are set annually to align with the strategic plan, with the
majority of the annual bonus being based on financial performance
measures.
■The Remuneration Committee ensures that targets are
appropriately stretching in the context of the strategic plan and that
there is an appropriate balance between incentivising Executive
Directors (i) to meet financial targets for the year and (ii) to deliver
specific non-financial goals. This balance allows the Remuneration
Committee to reward performance effectively against the key
elements of the strategy.
■Each year, the annual performance targets set in the prior year are
published in the ARR (unless considered commercially sensitive).
■The Remuneration Committee will retain the discretion to amend
subsisting performance measures and/or targets in exceptional
circumstances (e.g. significant transactions), where it considers
that they no longer remain appropriate.
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Coca-Cola Europacific Partners plc
2025 Annual Report and Form 20-F
100
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Remuneration policy continued
LTIP
Change to previous policy (opportunity only)
Purpose and
link to strategy
■Recognises and rewards delivery of Group performance over the
longer term and delivered in Shares to provide alignment with
shareholder interests.
Operation
■Awards of conditional Shares (or equivalent) with vesting dependent
on performance measured over at least three financial years.
■Shares acquired on vesting of an award (post-tax) are subject to an
additional two year holding period following the vesting date.
■Dividends (or equivalents) may accrue during the vesting period on
Shares that vest and be paid in cash or Shares at vesting. The Group’s
current practice is to pay in cash.
■The Remuneration Committee has the ability to apply both malus
and clawback provisions to awards.
■The Remuneration Committee may exercise its discretion to adjust
the formulaic vesting outcome up or down (subject to the maximum
LTIP opportunity set out below) taking into account all relevant
factors, including but not limited to: underlying business performance,
individual performance and wider business circumstances.
Opportunity
■The maximum annual award is 600% of salary.
■For threshold levels of performance, 12.5% of the maximum award
vests. Target is 50% of maximum.
Performance
conditions
■The Remuneration Committee will align the performance measures
under the LTIP with the long-term strategy of the Group with
measures focused on delivering sustainable value creation.
■Prior to each grant, the Remuneration Committee will select
performance measures and weightings and determine targets.
Performance measures may be financial, non-financial, share price
based, strategic, or determined on any other basis that the
Remuneration Committee considers appropriate reflecting
strategic priorities.
■Currently, the performance measures used are EPS, ROIC, and CO2e
reduction. Targets are intended to be set at appropriately stretching
levels of performance in the context of the strategic plan.
■The Remuneration Committee will retain the discretion to amend
subsisting performance measures and/or targets in exceptional
circumstances (e.g. significant transactions), where it considers that
they no longer remain appropriate, although it would only do so
following consultation with major shareholders.
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Coca-Cola Europacific Partners plc
2025 Annual Report and Form 20-F
101
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Remuneration policy continued
Illustration of the application of the remuneration policy
The Remuneration Committee considers the level of remuneration that may be received
under different performance outcomes to ensure that this is appropriate in the context of
the performance delivered and the value added for shareholders.
Below threshold
100%
£1.55m
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Fixed pay
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Bonus
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LTIP
Target
21%
26%
53%
£7.48m
Maximum
11%
33%
56%
£14.19m
Maximum
(including 50%
share price
appreciation)
9%
26%
65%
£18.15m
£0m
£3m
£6m
£9m
£12m
£15m
£20m
The chart above provides illustrative values of the remuneration package for the CEO in 2026
under four assumed performance scenarios.
Assumed performance
Assumptions
Fixed pay
All scenarios
■Base salary of £1,317,426 effective from
1 April 2026
■Pension allowance of 12% of salary
■Benefits – assumed £72,000 which is
the value received in 2025
Variable pay
Below threshold
■No pay out under the annual bonus plan
■No vesting under the LTIP
■No share price growth assumed
Target performance
■Target annual bonus, representing 150%
of base salary
■Target LTIP(A) award, representing 300%
of base salary
■No share price growth assumed
Maximum performance
■Maximum annual bonus, representing 360%
of base salary
■Maximum LTIP(A) award, representing 600%
of base salary
■No share price growth assumed
Maximum performance
including 50% share
price growth
■As above for maximum performance but
includes share price appreciation in respect
of the LTIP(A) of 50% during the performance
period.
(A)  LTIP awards may accrue dividend equivalents but the potential value of these has not been included in the
analysis above.
Share ownership guidelines
The CEO is required to hold 500% of their base salary in Company Shares. The guideline is
expected to be met within five years of appointment. Until the guideline is met, 50% of any
vested Shares from incentive awards (post-tax) must be retained. The guideline continues
to apply for one year following termination of employment.
Malus and clawback
The Remuneration Committee has the ability to operate malus and clawback under the
annual bonus and LTIP.
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2025 Annual Report and Form 20-F
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Remuneration policy continued
This provides the Remuneration Committee with the ability to restrict or reclaim payments
to Executive Directors in circumstances where it would be appropriate to do so.
The circumstances in which the malus and clawback provisions may be invoked are:
Actions/conduct
of individual
■Dismissal for cause
■Misbehaviour
■Conduct resulting in significant loss
■Failure to meet appropriate standards of fitness and propriety
■Behaviour which significantly contributes to reputational damage
for CCEP
Risk
■Material failure of risk management
Financial
accounts
■Material misstatement in the audited consolidated accounts
■Error in the determination of the vesting of an award (subject to
clawback only)
Regulatory
requirement
■Any recovery requirement in line with applicable regulations
In such circumstances, where the Remuneration Committee considers it appropriate,
it may apply the provisions set out below:
Annual bonus
■Malus may be applied during the performance period to reduce
(including to nil) the annual bonus pay out.
■Clawback may be applied for up to two years post-payment of the
bonus, to recover some (or all) of any amount paid out.
LTIP
■Malus may be applied before the vesting of an award to reduce
(including to nil) the level of vesting of the award.
■Clawback may be applied for up to two years post-vesting of the
award, to recover an amount in cash or Shares relating to the value of
any award already delivered. Alternatively, an existing award may be
reduced by the same amount.
The Remuneration Committee considers the timeframe over which clawback may apply to
be appropriate, as it reflects the period in which the Group’s processes and systems are
likely to identify any occurrence of the key trigger events.
External appointments
Executive Directors are permitted to hold one external appointment with the prior consent
of the Board. Any fees may be retained by the individual. At the time that this policy will
come into operation the current CEO is not expected to have such external appointments.
Consideration of wider employee pay and conditions
The Remuneration Committee receives an annual report in respect of wider workforce
remuneration, covering topics such as workforce demographics, engagement, pay and
reward policies, culture and behaviours initiatives, and diversity initiatives. This information
was considered when the remuneration policy was reviewed. It is also considered when
the Remuneration Committee decides how it should implement the policy each year.
The Remuneration Committee considers, in particular, the budgeted salary increases for
the broader relevant employee population when determining how to implement the
remuneration policy for Executive Directors in any year. It is expected that future salary
increases for Executive Directors will be no more than the general all-employee increase in
the country where they are based, except in exceptional circumstances, such as where a
recently appointed Executive Director’s salary is increased to reflect his or her growth in
the role over time or where significant additional responsibilities are added to the role.
The annual bonus metrics and related targets for Executive Directors are aligned with
those of senior management and are cascaded through the organisation, adjusted in some
cases for local market context. The performance metrics for LTIP awards are normally the
same for all participants. Executive Directors may participate in all employee share plans
on the same basis as other employees.
The Remuneration Committee does not consult directly with employees as part of the
process of setting the policy.
Scope of remuneration policy
The Remuneration Committee reserves the right to make any remuneration payments
and/or payments for loss of office (including exercising any discretion available to it in
connection with such payments) notwithstanding that they are not in line with the
remuneration policy set out above when the terms of the payments were agreed:
■Before the AGM on 22 June 2017 (the date our first shareholder approved Directors’
remuneration policy came into effect);
■Before the remuneration policy set out above comes into effect, provided that the
terms of the payment were consistent with the shareholder approved remuneration
policy in force at the time they were agreed; or
■At a time when the relevant individual was not a Director of CCEP (or other person to
whom this remuneration policy applies) and, in the opinion of the Remuneration
Committee, the payment was not in consideration for the individual becoming a Director
(or other such person) of the Company. For these purposes "payments” includes the
Remuneration Committee satisfying awards of variable remuneration.
Awards under the LTIP are subject to the plan rules under which the awards were granted.
The Remuneration Committee may adjust or amend awards in accordance with the
provisions of the plan rules and as outlined elsewhere in this report.
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Other
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Coca-Cola Europacific Partners plc
2025 Annual Report and Form 20-F
103
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Remuneration policy continued
In the event of any variation of the Company’s share capital, demerger, delisting, or other
event which may affect the value of awards, the Remuneration Committee may adjust or
amend the terms of awards in accordance with the rules of the plan.
The Remuneration Committee may also make minor amendments to the remuneration
policy set out in this report, without obtaining shareholder approval if they are required for
regulatory, exchange control, tax or administrative purposes or to take account of a change
in legislation.
Recruitment policy
The following table sets out the various components which would be considered for
inclusion in the remuneration package for the appointment of an Executive Director and the
approach to be adopted by the Remuneration Committee in respect of each component.
Element
Policy and operation
Policy
application
■The Remuneration Committee’s approach when considering the
overall remuneration arrangements on the recruitment of an
Executive Director from an external party is to take account of the
Executive Director’s remuneration package in their prior role, the
market positioning of the remuneration package, and not to pay more
than necessary to facilitate the recruitment of the individual.
■Where an Executive Director is appointed from within the business,
in addition to considering the matters detailed above for external
candidates, our normal policy is that any legacy arrangements would
be honoured in line with the original terms and conditions.
■With the potential for internal succession planning in mind, CCEP will
strive for alignment, where appropriate, between the approach taken
at the Executive Director level and at other senior levels, ensuring that
an appropriate pay progression is in place, thus facilitating talent
development and succession planning.
Fixed elements
■Salary levels drive other elements of the package and would
therefore be set at a level which is competitive, but no more than
necessary.
■The Executive Director would be eligible to participate in any benefit
and/or pension arrangements which were operated for Executive
Directors at the time, in accordance with the terms and conditions of
such arrangements. These will align with the arrangements provided
for the wider workforce.
■The Company may meet certain mobility costs as required, including,
for example, relocation support, expatriate allowances, temporary
living and transportation expenses in line with the prevailing mobility
policy and practice for senior executives.
Element
Policy and operation
Annual bonus
■The individual will be eligible to participate in the annual bonus plan,
in accordance with the rules and terms of the plan in operation at
the time.
■The maximum level of opportunity will be no greater than that set
out in the Policy table above (i.e. 360% of base salary).
Long-term
incentives
■The individual will be eligible to participate in the LTIP, in accordance
with the rules and terms of the plan in operation at the time.
The maximum level of opportunity will be no greater than that set
out in the Policy table above (i.e. 600% of base salary).
Buy out awards
■The Remuneration Committee will consider what buy out awards (if
any) are necessary to facilitate the recruitment of a new Executive
Director. This includes an assessment of the awards forfeited on
leaving their current employer. In determining the quantum and
structure of these commitments, the Remuneration Committee will
seek to provide no more than the equivalent value and replicate, as
far as practicable, the form, timing and performance requirements of
the awards forfeited. Buy out share awards, if used, will be granted
using the Company’s existing LTIP to the extent possible, although
awards may also be granted outside this plan if necessary and as
permitted under the Listing Rules. In the case of an internal hire,
any outstanding awards made in relation to the previous role will be
allowed to be paid out according to their original terms. If promotion
is part way through the year, an additional top-up award may be made
to bring the Executive Director’s opportunity to a level that is
appropriate in the circumstances.
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Other
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Coca-Cola Europacific Partners plc
2025 Annual Report and Form 20-F
104
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Remuneration policy continued
Service contracts and loss of office arrangements
The Remuneration Committee’s policy on service contracts and termination arrangements
for Executive Directors is set out below. On principle, it is the Remuneration Committee’s
policy that there should be no element of reward for failure. The Remuneration
Committee’s approach when considering payments in the event of a loss of office is to take
account of the individual circumstances including the reason for the loss of office, Group
and individual performance, contractual obligations of both parties as well as statutory
requirements, share and pension plan rules. The Executive Director’s service contract is
available for inspection by shareholders at the Company’s registered office.
The key employment terms and conditions of the current Executive Directors, as stipulated
in their service contracts, are set out below:
Overall
Policy and operation
Notice period
■Executive Directors are employed on a rolling service contract which
provides for a notice period of 12 months from the Company and
12 months from the individual.
■New Executive Directors will be appointed on rolling service contracts
with a notice period of not more than 12 months for both the Group
and the individual.
■The Remuneration Committee considers this policy provides an
appropriate balance between the need to retain the services of key
individuals for the benefit of the business and the need to limit the
potential liabilities of the Group in the event of termination.
Contractual
payments
■The standard Executive Director service contract does not confer any
right to additional payments in the event of termination though it does
reserve the right for the Group to impose garden leave on the
Executive Director during any notice period. In the event of
redundancy, benefits would be paid according to the Company’s GB
redundancy policy prevailing at that time.
Overall
Policy and operation
Annual bonus
■Executive Directors may be eligible for a pro rata bonus for the period
served, subject to performance.
■No bonus will be paid in the event of gross misconduct.
Long-term
incentives
■The treatment of unvested long-term incentive awards is governed
by the rules of the plan.
■Guidelines for normal treatment under the LTIP:
▪Resignation or termination for cause: the award is forfeited.
▪Death, ill-health, injury or disability: the award will normally vest
in full on date of death or leaving.
▪Redundancy or other involuntary termination: the award will
normally vest on the original vesting date, pro rated for time served,
and subject to performance conditions.
▪Good leaver: the Remuneration Committee may determine that
a participant who ceases employment for any other reason
(e.g. retirement, departure by mutual agreement) be treated as
a ‘good leaver’ in which case the award will normally vest on
the original vesting date, pro rated for time served and subject
to performance conditions.
▪Change of control: the award normally vests pro rated for time
served and subject to performance conditions. Alternatively, the
award may be exchanged for awards in the acquiring company.
▪Vested LTIP awards still subject to a holding period will normally be
released from the holding period in line with the usual timescales,
except in the case of death, ill-health, injury or disability when the
award will be released on death or leaving.
■The Committee has discretion under the rules of the plan to disapply
time pro ration, or accelerate the vest date of awards for certain
leaver scenarios, e.g. in the event of a good leaver or certain change
of control events.
■LTIP awards for participants who leave the Group to join TCCC or a
franchise company of TCCC may continue to vest under the original
terms. Alternatively should the awards lapse they may receive a cash
payment in lieu. The cash payment will normally be equal to the value
of the Shares they would have received, paid at the time they would
have received them.
The cost of legal fees spent on reviewing a settlement agreement on departure, or other
professional fees and settlement of any legal obligations or claims by a Director, may be
provided where appropriate. The Company also reserves the right to pay for outplacement
services as appropriate.
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Other
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Coca-Cola Europacific Partners plc
2025 Annual Report and Form 20-F
105
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Remuneration policy continued
Policy table for NEDs
The table below summarises the remuneration policy for NEDs.
Purpose and
link to strategy
■To attract and retain high calibre individuals by offering market
competitive fee arrangements.
Operation
■NEDs and the Chairman receive a basic fee in respect of their Board
duties.
■Further fees may be paid for specific committees or other Board
duties.
■Fees are paid in cash or shares and set at a level which is considered
appropriate to attract and retain the calibre of individual required by
the Company. Fees will be reviewed and may be increased
periodically.
■Annual fees are set in British pound and may be received in alternative
currencies at the election of the NED, using the applicable spot rate.
■The Chairman and NEDs are not eligible for incentive awards or
pensions.
■Expenses incurred in the performance of non-executive duties
(including occasional expenses associated with spouse accompanying
the Chairman or NED on business travel or functions as required)
for the Company may be reimbursed or paid for directly by CCEP,
as appropriate, including any tax due on the benefits.
■Additional small benefits may be provided.
Opportunity
■The Articles provide that the total aggregate remuneration paid to
the Non-executive Chairman and the NEDs will be within the limits
set by shareholders.
The NEDs, including the Chairman of the Board, do not have service contracts, but have
letters of appointment. NEDs and the Chairman of the Board are not entitled to
compensation on leaving the Board.
The election and re-election of Directors in accordance with the Shareholders’ Agreement
and Articles of Association is described on page 120 of the Directors’ report.
Consideration of shareholder views
The Remuneration Committee recognises the importance of building and maintaining
a good relationship with shareholders.
The Remuneration Committee engaged with the Company’s largest shareholders and
their representative bodies in 2025 in respect of the renewal of our remuneration policy,
and were delighted to receive strong support for the policy proposed.
In future, the Remuneration Committee will continue to monitor shareholder views when
evaluating and setting ongoing remuneration strategy, and will consult with shareholders
prior to any significant changes to our remuneration policy.
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Strategic
Report
Governance and
Directors’ Report
Financial
Statements
Sustainability
Statement
Other
Information
Coca-Cola Europacific Partners plc
2025 Annual Report and Form 20-F
106
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Remuneration at a glance
ESRS 2 GOV-3
ESRS
Overview of 2025 remuneration performance
Overview of 2026 CEO remuneration framework (2026 Policy)
CCEP share price(A)
(US$)
8
31 Dec 2024
31 Dec 2025
(A) Nasdaq listing.
2025 CEO single figure
CEO shareholding
£1.4m
(14%)
£2.2m
(22%)
£6.3m
(64%)
As at 31 Dec 2025
2,723% of salary
300% of salary (current policy)
500% of salary (2026 policy)
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Fixed pay
2025 total value
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Annual bonus
£9.9m
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Current shareholding
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LTIP
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Shareholding requirement
All references to revenue, operating profit, operating free cash flow, EPS and ROIC targets
for 2025 outcomes and for 2026 refer to those measures that are defined within the ARR.
(B)  Comparable diluted EPS and comparable ROIC are non-IFRS performance measures. Refer to ‘Note regarding
the presentation of adjusted financial information and alternative performance measures’ on pages 46–47 for
the definition of our non-IFRS performance measures and to pages 57–58 for a reconciliation of reported to
comparable results. Definitions used for measuring LTIP performance are shown on pages 109 and 118.
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Read more in the Annual report on remuneration on pages 107–119
Annual bonus outcomes
(multiple of target)
Operating profit
1.21x
Revenue
0.70x
Operating free cash flow
1.01x
Bonus pay out = 47%
of maximum (including
IPF of 1.10x)
Reported long-term KPIs
Comparable EPS (B)
47
49
51
Comparable ROIC(B) (%)
77
79
81
CO2e reduction per litre (%)♦
114
(Reduction 2022-2025)
Fixed pay
Base salary
2.0% increase for 2026
£1.32m
Benefits
■Car allowance
■Private medical
■School fees
■Financial planning
Pension
Pension scheme
contribution and cash
in lieu aligned to wider
workforce
12% of salary
Annual bonus
1
Operating profit
50%
2
Revenue
30%
3
.
Operating free
cash flow
20%
0x–1.2x
Individual multiplier
13
1
150%
360%
(% of salary)
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Target
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Maximum
Long Term Incentive Plan
1
EPS
42.5%
2
ROIC
42.5%
3
.
Reduction in
CO2e
15%
300%
600%
(% of salary)
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Target
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Maximum
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Strategic
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Governance and
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Financial
Statements
Sustainability
Statement
Other
Information
Coca-Cola Europacific Partners plc
2025 Annual Report and Form 20-F
107
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Annual report on remuneration
Remuneration outcomes for 2025
The following pages set out details of the remuneration received by Directors for the
financial year ending 31 December 2025. Prior year figures have also been shown.
Audited sections of the report have been identified.
The Directors’ remuneration in 2025 was awarded in line with the remuneration policy,
which was approved by shareholders at the AGM in May 2023.
Single figure table for Executive Directors (audited)
Individual
Year
Salary
(£000)
Taxable
benefits
(£000)
Pension
(£000)
Fixed pay
(£000)
Annual
bonus
(£000)
Long-term
incentives
(£000)
Variable
remuneratio
n
(£000)
Total
remuneratio
n
(£000)
Damian
Gammell
2025(A)
1,285
72
27
1,384
2,161
6,306(B)
8,467
9,851
2024
1,260
75
28
1,363
2,343
10,196(C)
12,539
13,902
(A)Malus and clawback provisions were not exercised during the year.
(B)Estimated value based on three month average share price and exchange rate at 31 December 2025 of
US$90.33 (£67.91) and includes £419,000 cash payment in respect of dividend equivalents to be paid on the
vested Shares. Number will be restated in 2026’s single figure table to show the final value on the vesting
date of 13 March 2026. Around £2,289,000 of the vest value is attributable to share price appreciation.
(C)Value based on share price and exchange rate on vest date of 10 March 2025 of US $80.95 (£62.81) and
includes £682,000 cash payment in respect of dividend equivalents to be paid on the vested Shares.
Around £4,176,000 of the vest value is attributable to share price appreciation.
Notes to the single figure table for Executive Directors (audited)
Base salary
Damian Gammell received a salary increase of 2.0% from £1,266,269 to £1,291,594 effective
from 1 April 2025. This increase was aligned with the merit increase provided to the wider
GB workforce of 2.0%.
Taxable benefits
During the year, Damian Gammell received the following main benefits: car allowance
(£14,000), financial planning allowance (£10,000), schooling allowance (£25,000 net) and
family private medical coverage (£1,000).
Pension
The pension provisions that applied to Damian Gammell in 2025 were aligned to all other
GB employees, albeit subject to a monetary cap. Damian Gammell elected to receive
a contribution into the pension scheme up to the annual allowance with the balance up
to the maximum allowed by the remuneration policy as a cash allowance. This equates
to a total payment of £30,000 from CCEP inclusive of employer National Insurance
contributions (i.e. the actual benefit received by Damian Gammell is less than
£30,000 per year).
Annual bonus
Around 11,500 people across the organisation participate in the Group annual bonus
(around 38%(A) of our total workforce). Around two-thirds(A) of our employees participate in
annual variable remuneration plans in total, including the annual bonus, sales incentive
plans (around 17%(A) of our people), and local incentive plans (around 25%(A) of our people).
(A)Excludes the Philippines.
Overview of CCEP’s annual bonus design
The 2025 CCEP annual bonus plan was designed to incentivise the delivery of the business
strategy and comprised the following elements:
Business Performance Factor (BPF) – Provides alignment with our core objectives to
deliver strong financial performance against our main financial performance indicators of
operating profit (50%), revenue (30%) and operating free cash flow (20%).
Individual Performance Factor (IPF) – Individual objectives were also set for Damian
Gammell, focused on a number of areas which are aligned to key longer-term strategic
objectives of the business.
In line with the remuneration policy, Damian Gammell had a target bonus opportunity
of 150% of salary. Actual payments range from zero to a maximum of 360% of salary
depending on the extent to which business and individual performance measures
were achieved.
Target
bonus
(150% of
base salary)
BPF
(0x to 2.0x)
IPF
(0x to 1.2x)
Final
bonus
outcome
(0% to 360%
of base salary)
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Coca-Cola Europacific Partners plc
2025 Annual Report and Form 20-F
108
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Annual report on remuneration continued
2025 annual bonus outcome – BPF
As set out in the Statement from the Remuneration Committee Chairman on page 93,
overall performance in 2025 has been solid. This has been reflected in the annual bonus
outcome, with performance for all three financial measures being within the target range.
Performance targets
Performance outcomes
Measure
Weighting
Threshold
(0.25x multiplier)
Target
(1x multiplier)
Maximum
(2x multiplier)
Actual
outcome
Multiplier
achieved
Operating
profit(A)
50%
€2,776m
€2,909m
€3,043m
€2,938m
1.21x
Revenue(B)
30%
€21,052m
€21,883m
€22,314m
€21,550m
0.70x
Operating
free cash
flow(C)
20%
€2,539m
€2,730m
€2,921m
€2,732m
1.01x
Total
100%
1.02x
(A)Comparable operating profit on a FX neutral basis at budget rates.
(B)Revenue on a FX neutral basis at budget rates.
(C)Comparable operating profit before depreciation and amortisation and adjusting for capital expenditures,
restructuring cash expenditures and changes in operating working capital, on an FX neutral basis at
budget rates.
2025 annual bonus outcome – IPF
To determine an appropriate IPF, the Chairman of the Board assesses Damian Gammell’s
performance against the individual performance objectives that were set at the start of
the year. The outcome is then discussed with and recommended by the Committee for
final approval by the Board.
Damian Gammell once again provided exceptional leadership of the business during 2025
within a very challenging external environment. He delivered strongly against his specific
individual objectives outlined in the table to the right, but also led the business strongly
across all areas despite macro and geopolitical challenges. This has resulted not only in
strong business performance but delivered record levels of employee engagement in what
continues to be a more diverse organisation. Taking all relevant factors into account the
Board determined that his IPF should be set at 1.10x for the year.
Further details of some of the specific objectives achieved, which link to our strategic
pillars (great brands, great people, great execution, done sustainably), are included in the
table opposite.
2025 objectives
Performance delivered
Strategic
objective
Grow in volume and
volume share
Some challenges on growing volume share but overall
volume increased by 2.7% on a comparable basis.
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Competitiveness and
productivity plans
2025 plan that was agreed with the Board delivered.
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Operational targets
relating to specific
markets
Transformation plan in Indonesia delivered as planned,
including route to market transformation, and network and
logistics optimisation.
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Digital long range plan
New AI and Digital long range plan launched; AI tool rolled
out for CCEP employees; sales force of the future review
completed; appointed to KO digital board.
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Link to strategy
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Great brands
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Great people
GE_New.gif
Great execution
DS_New.gif
Done sustainably
2025 annual bonus outcome – calculation
Based on the level of performance achieved, as set out above, this resulted in a cash
bonus paid following the year end to Damian Gammell as follows:
Target
bonus
(150% of
base salary)
BPF
(1.02x)
IPF
(1.10x)
Final
bonus
outcome
(168% of
base salary)
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2025 Annual Report and Form 20-F
109
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Annual report on remuneration continued
Long-term incentives♦
Awards vesting for performance in respect of 2025
The 2023 LTIP award was subject to EPS, ROIC and CO2e reduction performance targets
measured over the three year performance period from 1 January 2023 to 31 December
2025.
Performance targets(D)
Measure
Weighting
Threshold
(25% vesting)
Target
(100% vesting)
Maximum
(200% vesting)
Actual
performance
outcome
Final
vesting
level
EPS(A)
42.5%
€3.63
€4.07
€4.37
€4.32
1.82x
ROIC(B)
42.5%
10.8%
12.0%
13.1%
12.0%
1.04x
CO2e
reduction(C)
15%
12.0%
per litre
14.5%
per litre
17.0%
per litre
13.6%(E)
per litre
0.73x
Total formulaic
vesting level
1.33x
(A)Comparable and on a tax and currency neutral basis, adjusted to neutralise the impact of share
repurchases.
(B)ROIC calculated as comparable operating profit after tax attributable to shareholders, on a tax and
currency neutral basis, divided by the average of opening and closing invested capital for the year, adjusted
for material non-cash equity accounting adjustments. Invested capital is calculated as the addition of
borrowings and equity attributable to shareholders less cash and cash equivalents and short-term
investments.
(C)Relative reduction in total value chain GHG emissions per litre since 2022. Target based on entire value
chain (excluding the Philippines).
(D)Straight-line vesting between each vesting level shown.
(E)This metric is included in the sustainability statement.
ESRS 2 GOV-3
ESRS
In assessing the formulaic vesting outcome of the 2023 LTIP, the Committee additionally
undertook a holistic assessment of overall performance over the three year period to
determine whether the formulaic outcome was an appropriate vesting level for all
participants (around 300 people who occupy the most senior roles in the business) and
reflected underlying Company performance. The Committee took into account a wide
range of performance reference points, including financial performance, returns to
shareholders, the stakeholder experience and our sustainability achievements, as
described below.
As a result of the assessment, the Committee determined the overall performance of
the business to be strong. The impact of the acquisition of Coca-Cola Beverages
Philippines, Inc. (CCBPI) was not material to the outcome, and both the targets and final
outcomes exclude the impact of share buybacks.
The value of the award has been calculated based on the three month average share price
at vesting of US $90.33 (£67.91). This results in a final pay out of around £6.3 million
including the value of the cash payment to be received in respect of dividend equivalents
accrued during the vesting period. As outlined in the Remuneration Committee Chairman’s
statement, this value included the benefit of the significant increase in share price over the
three year performance period, which has delivered over £12 billion of value to
shareholders (market cap increase, dividends and share buybacks) over the same period.
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2025 Annual Report and Form 20-F
110
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Annual report on remuneration continued
Holistic review of overall performance over 2023 LTIP performance period
Overall business performance
■Non-alcoholic ready to drink (NARTD) value share growth over the performance period
(2023 = +10bps, 2024 = +40bps, and 2025 = +20bps; source: Nielsen).
■Number one value creator in FMCG in Europe, Australia and the Philippines.
■Continued robust top and bottom line growth, growing share ahead of the market and
delivered underlying volume growth.
■Delivered solid adjusted comparable FX neutral revenue per unit case (FY25 +2.9%)
through our continued focus on revenue and margin growth management.
■Grew adjusted comparable operating Profit by +7.1% (FX neutral).
■Strong comparable free cash flow generation of €1.8 billion in 2025, ahead of our
medium-term objective of at least €1.7 billion.
Shareholder experience 
■Share price performance – highest share price to date in the history of the Company
($100.17) achieved during the performance period (and surpassed in the period before
the vest date).
■Significant value delivered to shareholders through continued payments of dividends –
FY25 dividend per share of €2.04 (+4% versus 2024), maintaining an annualised dividend
pay-out ratio of approximately 50%.
■Additional returns to shareholders through share buyback of €1bn.
■Strong total shareholder return (TSR) growth – 85% growth over the three year period,
which was top decile performance versus global FMCG peers and outperformed the
FTSE 100 (60%), Euronext 100 (65%) and S&P 500 (81%).
Continued delivery of our sustainability agenda
■CCEP’s focus on long-term value creation and innovation positions sustainability at
the heart of everything we do. Over the 2022 LTIP performance period we delivered
the following:
•18.9% reduction across our Scope 1, 2 and 3 GHG emissions since 2019.
•Returned 105.2% of the water we use in our beverages to nature and communities
through water replenishment projects.
•Working in partnership with national and local governments and stakeholders,
we achieved 75.7% collection in 2025.
•47.6% of our volume sold came from low or no calorie products.
Continued integration of our Philippines business
■Continued seamless integration of the Philippines into the CCEP family.
■Great full year performance in this highly attractive and growing market. Cumulative
volume growth +13% (Growth in volume across FY 2024 and 2025, adjusted comparable).
■Great execution driving record high value share gains (75% sparkling and 51% NARTD).
■FY25 operating margin expansion up +153bps to 9.2%
Wider workforce and other stakeholder experiences
■Our primary focus throughout the performance period, in the context of the macro
geopolitical environment, continued to be on the safety and wellbeing of our colleagues.
This included emotional and mental wellbeing support through an enhanced Employee
Assistance Programme, and a significant Wellbeing First Aider programme to provide
ongoing support to all employees.
■Strong employee engagement and recognition as a top employer across many of our
markets, including from the Top Employers Institute.
■Participation in our global Employee Share Purchase Plan (ESPP) continued to increase
(57% of employees at 31 December 2025). Total value of matching shares awarded to
participants valued at 31 December 2025 has been €62 million. In Great Britain, we offer
a similar opportunity under an employee share plan, which makes use of a tax-efficient
opportunity for employees to become shareholders through salary sacrifice
arrangements.
■Focus on our communities – in 2025 we broadened our Skills for Impact programme
to include both individual and broader community resilience with a target to support
500,000 people to gain the skills needed to succeed by 2030. We have already
supported more than 146,100 people since the start of the programme in 2023.
■Our employees volunteered approximately 41,700 hours with a total of €15.7 million
in community investment in Europe and APS. In addition, in 2025, we continued to
financially support grassroots charitable and community partnerships located close
to our sites.
■Focus on our customers – we have an unrivalled customer coverage with which we
jointly create value, with more than €3.9 billion added to the FMCG industry over the
performance period.
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2025 Annual Report and Form 20-F
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Awards granted in 2025 (audited)
A conditional award of performance share units (PSUs) was granted under the CCEP LTIP
to Damian Gammell on 18 March 2025, with a target value of 250% of salary in line with the
remuneration policy. The performance measures were unchanged from the prior year and
continued to align with the long-term strategy – EPS, ROIC and CO2e reduction.
Financial targets were set at stretching levels and on the same basis as in prior years, taking
into account both our long-term plan and external forecasts.
Further details are set out below:
Individual
Date of  award
Maximum number of
Shares under award
Target number of
Shares under award(A)
Closing  Share price
at date of award
Face value
Performance period
Normal vesting date
Damian Gammell
18 March 2025
98,438
49,219
US$85.59
US$8,425,308
1 Jan 2025 – 31 Dec 2027
18 Mar 2028
(A)Number of Shares awarded calculated using 10 day average share price to the grant date (18 March 2025) of US$83.50.
The vesting of awards is subject to the achievement of the following performance targets:
Vesting level(D) (% of target)
Measure
Definition
Weighting
25%
100%
200%
EPS(A)
EPS achieved in the final year of the performance period (FY 2027)
42.5%
€4.28
€4.80
€5.17
ROIC(B)
ROIC achieved in the final year of the performance period (FY 2027)
42.5%
11.0%
12.3%
13.4%
CO2e reduction(C)
Relative reduction in total value chain GHG emissions since 2024 (gCO2e/litre)
15%
12.0% per litre
14.5% per litre
17.0% per litre
(A)Comparable and on a tax and currency neutral basis. Should there be share repurchases during the performance period, or any material changes resulting from the Philippines purchase price allocation, an adjustment will
be made to neutralise for the impact and will be fully disclosed at the time of vesting.
(B)ROIC calculated as comparable operating profit after tax attributable to shareholders, on a tax and currency neutral basis, divided by the average of opening and closing invested capital for the year, adjusted for material
non-cash equity accounting adjustments. Invested capital is calculated as the addition of borrowings and equity attributable to shareholders less cash and cash equivalents and short-term investments. Should there
be share repurchases during the performance period, or any material changes resulting from the Philippines purchase price allocation, an adjustment will be made to neutralise for the impact and will be fully disclosed
at the time of vesting.
(C)Target based on entire Group value chain.
(D)Straight line vesting between each vesting level.
Any award vesting for the CEO will be subject to a two year post-vesting holding period.
During the 2026 LTIP target setting process for the CO2e performance measure it became
apparent to the Committee that the targets set under this measure for the 2025 LTIP now
appear to be more stretching than at the time they were set. The primary driver for this arose
following the acquisition of the Philippines, when the Committee determined that the CO2e
targets should be based on the whole Group, including the Philippines. However, at the time the
2025 LTIP targets were set there was limited information on the impact that the inclusion of the
Philippines would have on the metric. The Committee took a prudent approach by rolling forward
the prevailing CO2e 2024 LTIP reduction targets, which excluded the Philippines, to the 2025
LTIP without adjustment.
Following the completion of the additional work on our Carbon Reduction Roadmap with the
inclusion of the Philippines, it has become clear that the targets set in 2025 are no longer aligned
with the roadmap to 2030 and are higher than we would have set had we had this information at
the time of grant.
In this context, the Committee proposes to review the final vesting outcome of the 2025 LTIP
at the time of vesting to ensure that the final outcome at the end of the performance period is
reflective of overall business performance and make any adjustments that may be necessary.
The Committee has demonstrated its commitment to ensuring fair outcomes in the past
through the use of downward discretion being applied to cap the pay out for this measure at
target despite the maximum performance levels being achieved in each of the 2020, 2021 and
2022 LTIP schemes.
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2025 Annual Report and Form 20-F
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Historical TSR performance and CEO remuneration outcomes
The chart below compares the TSR performance of CCEP from admission up until 31 December 2025 with the TSR of the Euronext 100, the FTSE 100 and the S&P 500. These indices have
been chosen as recognised equity market indices of companies of a similar size, complexity and global reach as to CCEP.
30 trading day average data: against S&P 500, Euronext 100 and FTSE 100
Total shareholder return data
10843
The following table summarises the historical CEO’s single figure of total remuneration, annual bonus and LTIP pay out as a percentage of the maximum opportunity over this period:
2016(A)
2016(A)
2017
2018
2019
2020
2021
2022
2023
2024
2025
John Brock
Damian Gammell
Damian Gammell
Damian Gammell
Damian Gammell
Damian Gammell
Damian Gammell
Damian Gammell
Damian Gammell
Damian Gammell
Damian Gammell
CEO single figure of remuneration (’000)
US$3,890
£27
£3,716
£3,821
£7,839
£5,513
£7,672
£12,153
£13,159
£13,902
£9,851
Annual bonus pay out (as a %
of maximum opportunity)
31.23%
40.6%
60.7%
63.1%
43.7%
35.3%
84.1%
85.8%
79.3%
51.7%
46.7%
LTIP vesting (as a % of maximum
opportunity)
N/A
N/A
N/A
N/A
59.0%
36.5%
45.0%
92.5%
92.5%
92.5%
66.3%
(A)The figures for 2016 are in respect of the period for which each individual served as CEO during the year. John Brock served as CEO from 29 May to 28 December 2016. Damian Gammell served as CEO from 29 December to
31 December 2016.
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Percentage change in CEO and Director remuneration
The table below shows the percentage change in CEO and Director remuneration from 2024 to 2025 (and between prior years) compared to the average percentage change in
remuneration for all employees of the Parent Company.
2025
2024
2023
2022
2021
Comparator
Base
salary/fee
Taxable
benefits
Annual
bonus
Base
salary/fee
Taxable
benefits
Annual
bonus
Base
salary/fee
Taxable
benefits
Annual
bonus
Base
salary/fee
Taxable
benefits(H)
Annual
bonus
Base
salary/fee
Taxable
benefits(H)
Annual
bonus
CEO
2.0%
(4.0%)
(7.8%)
2.0%
(24.2%)
(33.5%)
2.2%
(26.7%)
(5.5%)
2.5%
0.7%
4.6%
0.4%(I)
—%
139.4%
All employees
7.2%
3.1%
2.9%
3.5%
1.7%
(30.6%)
4.3%
0.5%
(7.0%)
3.4%
0.6%
11.7%
1.7%
1.1%
139.9%
Other Directors
Sol Daurella
2.2%
250.0%
n/a
2.8%
(71.4%)
n/a
1.3%
133.3%
n/a
2.4%
200.0%
n/a
—%
—%
n/a
Robert Appleby(A)
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
Manolo Arroyo(B)
2.5%
250.0%
n/a
3.5%
100.0%
n/a
4.5%
(87.5%)
n/a
71.9%
n/a
n/a
n/a
n/a
n/a
Guillaume Bacuvier(C)
9.3%
700.0%
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
John Bryant(D)
1.4%
8.3%
n/a
2.2%
50.0%
n/a
17.9%
(11.1%)
n/a
3.5%
125.0%
n/a
n/a
n/a
n/a
José Ignacio Comenge
2.9%
85.7%
n/a
2.0%
(41.7%)
n/a
1.0%
33.3%
n/a
2.0%
125.0%
n/a
—%
300.0%
n/a
Nathalie Gaveau
1.7%
300.0%
n/a
8.2%
(77.8%)
n/a
12.2%
200.0%
n/a
6.5%
200.0%
n/a
—%
—%
n/a
Álvaro Gómez-Trénor Aguilar
2.3%
75.0%
n/a
2.4%
(38.5%)
n/a
1.2%
62.5%
n/a
2.4%
100.0%
n/a
—%
100.0%
n/a
Mary Harris(E)
12.6%
36.4%
n/a
70.0%
(21.4%)
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
Thomas H. Johnson
1.2%
—%
n/a
4.2%
(37.5%)
n/a
7.8%
23.1%
n/a
2.7%
550.0%
n/a
—%
n/a
n/a
Dagmar Kollmann(F)
(59.7%)
(84.6%)
n/a
1.5%
8.3%
n/a
3.8%
20.0%
n/a
16.8%
150.0%
n/a
—%
300.0%
n/a
Alfonso Líbano Daurella
1.9%
500.0%
n/a
2.0%
(80.0%)
n/a
(2.9%)
66.7%
n/a
1.0%
n/a
n/a
—%
n/a
n/a
Nicolas Mirzayantz(E)
2.5%
333.3%
n/a
98.3%
(76.9%)
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
Mark Price
1.7%
(50.0%)
n/a
3.5%
(33.3%)
n/a
5.5%
100.0%
n/a
5.8%
200.0%
n/a
—%
—%
n/a
Nancy Quan(E)
1.9%
100.0%
n/a
71.7%
—%
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
Mario Rotllant Solá
1.6%
160.0%
n/a
1.7%
(58.3%)
n/a
8.0%
33.3%
n/a
14.3%
125.0%
n/a
—%
300.0%
n/a
Dessi Temperley(G)
1.6%
(9.1%)
n/a
1.6%
57.1%
n/a
8.0%
(30.0%)
n/a
15.3%
150.0%
n/a
69.0%
n/a
n/a
(A)Appointed to the Board on 22 May 2025.
(B)Appointed to the Board on 26 May 2021.
(C)Appointed to the Board on 1 January 2024.
(D)Appointed to the Board on 1 January 2021.
(E)Appointed to the Board on 24 May 2023.
(F)Resigned from the Board on 22 May 2025.
(G)Appointed to the Board on 27 May 2020.
(H)Reduction and increases in taxable benefits reflect the impact of travel restrictions across 2020, 2021 and 2022.
(I)No increase was applied for 2021, but small increase reflects the 2020 salary increase applying only from 1 April 2020.
Relative importance of spend on pay
The table below shows a summary of distributions to shareholders by way of dividends
and share buyback as well as total employee expenditure for 2025 and 2024, along with
the percentage change of each.
2025
€ million
2024
€ million
% change
Total employee expenditure
2,623
2,624
(0.04%)
Dividends paid
927
910
1.9%
Share buybacks(A)
1,006
0
n/a
(A)Includes directly attributable tax and legal costs. There were no share buybacks in 2024.
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CEO pay ratio
The table below shows the ratio of the CEO’s single figure of remuneration for 2025 to the
25th percentile, median and 75th percentile total remuneration of full time equivalent GB
employees. The ratio is heavily influenced by the fact that the CEO participates in the LTIP.
If the LTIP were excluded from the calculation, then the median ratio would be 64:1. The
main reason for the decrease in the ratio from 2024 to 2025 is driven by a change in the
reported LTIP value for the CEO, due to a lower vesting outcome.
Year(D)
Method
25th percentile  ratio
Median ratio
75th percentile ratio
2025
Option B
214:1(A)
179:1(B)
139:1(C)
2024
290:1
224:1
196:1
2023
246:1
189:1
150:1
2022
281:1
171:1
130:1
2021
221:1
162:1
92:1
2020
175:1
105:1
83:1
2019
250:1
169:1
111:1
(A)The individual used in this calculation received total pay and benefits of £46,000 (of which £36,000
was salary).
(B)The individual used in this calculation received total pay and benefits of £55,000 (of which £42,000
was salary).
(C)The individual used in this calculation received total pay and benefits of £71,000 (of which £55,000
was salary).
(D)Prior year ratios are as reported in previous years and not restated for final vest values of LTIP awards.
The Committee has chosen Option B (hourly gender pay gap information as at 5 April 2025)
to determine the ratios, as that data was already available and provides a clear
methodology to calculate full time equivalent earnings. No component of pay and benefits
has been omitted for the purposes of the calculations.
The Committee is satisfied that the individuals whose remuneration is used in the above
calculations are reasonably representative of employees at the three percentile points,
having also reviewed the remuneration for individuals immediately above and below each
of these points, and noted that the spread of ratios was acceptable. No adjustments were
made to the three reference points selected.
The Committee believes the median ratio is consistent with the pay and reward policies
for CCEP’s GB employees. CCEP is committed to offering an attractive package for all
employees. Salaries are set with reference to factors such as skills, experience and
performance of the individual, as well as market competitiveness. All employees receive
a wide range of employee benefits and a large number are eligible for an annual bonus.
Our LTIP is designed to link remuneration to the delivery of long-term strategic objectives
and therefore participation is typically offered to senior employees who have the ability
to influence these outcomes. The 25th percentile, median and 75th percentile employees
identified in the above calculation do not participate in the LTIP. As the CEO participates
in the LTIP, the ratio will be influenced by vesting outcomes and will likely vary year on year.
In consideration of these points, the Committee considers that the levels of remuneration
are appropriate.
Payments to past Directors (audited)
There were no payments to past Directors during the year.
Payments for loss of office (audited)
There were no payments for loss of office during the year.
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Statement of Directors’ share ownership and share interests (audited)
Interests of the CEO
Under the existing policy, the CEO is required to hold 300% of his base salary in Shares (rising to 500% of salary under the proposed 2026 policy). The guideline is expected to be met within
five years of appointment. Until the guideline is met, 50% of any vested Shares from incentive awards (after tax) must be retained. The guideline continues to apply for one year following
termination of employment.
Share ownership requirements and the number of Shares held by Damian Gammell are set out in the table below.
Interests in Shares at
31 December 2025
Interests in share
incentive schemes
subject to performance
conditions at
31 December
2025(A)(B)(C)
Interests in
share option
schemes(B)
Share ownership
requirement as a %
of salary
Share ownership
as a % of salary
achieved at
31 December 2025
Shareholding
guideline
met
Interests in Shares
at 13 March 2026(D)
Damian Gammell
521,291
341,394
—
300%
2,723%
Yes
567,231
(A)For further details of these interests, please refer to footnote (B) of the outstanding awards table below.
(B)Do not count towards achievement of the share ownership guideline.
(C)The CEO has no interests in share incentive schemes not subject to performance conditions at 31 December 2025.
(D)This includes the post-tax shares resulting from the 86,680 shares that vested under the 2023 LTIP on 13 March 2026.
Details of the CEO’s share awards are set out in the table below.
Director
and grant date
Form of award
Exercise price
Number of
Shares subject
to awards at 31
December 2024
Granted
during the year
Vested
during the year
Exercised
during the year
Lapsed
during the year
Number of
Shares subject
to awards at 31
December 2025
End of
performance
period
Vesting date
Damian
Gammell
10 Mar 2022
PSU(A) 
N/A
163,776
—
151,493
N/A
12,283
—
31 Dec 2024
10 Mar 2025
13 Mar 2023
PSU(B)(C)
N/A
130,738
—
—
N/A
—
130,738
31 Dec 2025
13 Mar 2026
24 May 2024(D)
PSU(B)
N/A
112,218
—
—
N/A
—
112,218
31 Dec 2026
15 Mar 2027
18 Mar 2025
PSU(B)
N/A
—
98,438
—
N/A
—
98,438
31 Dec 2027
18 Mar 2028
(A)The performance condition was satisfied at 92.5% of maximum on 31 December 2024. Award vested on 10 March 2025.
(B)The number of Shares shown is the maximum number of Shares that may vest if the performance targets are met in full.
(C)The 2023 PSU awards vested at 133% of target (86,680 shares) on 13 March 2026.
(D)The 2024 LTIP award date was delayed due to the timing of the acquisition of CCBPI, and to enable robust targets to be set for the combined business, however all other terms including the vest date were set as if granted
at the normal time.
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Interests of other Directors (audited)
The table below gives details of the Share interests of each NED either through direct
ownership or connected persons.
Interests in Shares at
31 December 2024
Interests in Shares at
31 December 2025
Interests in Shares at
13 March 2026(F)
Sol Daurella(A)(B)
33,385,384
33,385,384
33,385,384
Robert Appleby(C)
—
—
—
Manolo Arroyo
—
—
—
Guillaume Bacuvier
—
—
—
John Bryant
3,340
3,340
3,340
José Ignacio Comenge(A)(D)
7,855,504
7,920,635
7,920,635
Nathalie Gaveau
—
—
—
Álvaro Gómez-Trénor Aguilar(A)
3,143,876
3,143,876
3,143,876
Mary Harris
—
—
—
Thomas H. Johnson
14,000
14,000
14,000
Dagmar Kollmann(E)
—
—
—
Alfonso Líbano Daurella(A)(D)
6,701,540
8,617,967
8,617,967
Nicolas Mirzayantz
7,930
7,930
7,930
Mark Price
—
—
—
Nancy Quan
—
—
—
Mario Rotllant Solá
—
—
—
Dessi Temperley
10,000
10,000
10,000
(A)Shares held indirectly through Olive Partners, S.A. (Olive Partners).
(B)For the purposes of Schedule 8 of the Large and Medium-sized Companies and Groups (Accounts and Reports)
Regulations 2008 (as amended), Sol Daurella (and her connected persons within the meaning of section 252 of the
Companies Act) are deemed to be interested in the shares held by Olive Partners by virtue of their indirect minority
interest in Cobega S.A., which indirectly owns 57.5% of Olive Partners.
(C)Appointed to the Board on 22 May 2025.
(D)Alfonso Líbano Daurella’s and José Ignacio Comenge’s Share interests increased during the year following
an increase to their overall holdings in Olive Partners.
(E)Resigned from the Board on 22 May 2025. Share interests stated are as at the date of resignation.
(F)No changes occurred to the Directors’ direct beneficial interests in Shares between 31 December 2025 and
13 March 2026.
Dilution levels
The terms of the Company’s share plans set limits on the number of newly issued Shares
that may be issued to satisfy awards. These limits restrict overall dilution under all plans to
under 10% of the Company’s issued share capital over a 10 year period in relation to the
Company’s issued share capital, with a further limitation of 5% in any 10 year period on
discretionary plans.
Single figure table for NEDs (audited)
The following table sets out the total fees and taxable benefits received by the Chairman
and NEDs for the year ended 31 December 2025. Prior year figures are also shown.
2025 (£’000)
2024 (£’000)
Individual
Base
fee
Chairman/
Committee
fees
Taxable
benefits(C)
Total fees
Base
fee
Chairman/
Committee
fees
Taxable
benefits(C)
Total fees
Sol Daurella
611
32
7
650
597
32
2
631
Robert Appleby(A)
54
20
8
82
—
—
—
—
Manolo Arroyo
89
33
7
129
87
32
2
121
Guillaume Bacuvier
89
17
8
114
87
10
1
98
John Bryant
89
54
13
156
87
54
12
153
José Ignacio Comenge
89
17
13
119
87
16
7
110
Nathalie Gaveau
89
32
8
129
87
32
2
121
Álvaro Gómez-Trénor
Aguilar
89
0
14
103
87
0
8
95
Mary Harris
89
45
15
149
87
32
11
130
Thomas H. Johnson
122
52
10
184
120
52
10
182
Dagmar Kollmann(B)
35
21
2
58
87
52
13
152
Alfonso Líbano Daurella
89
16
6
111
87
16
1
104
Nicolas Mirzayantz
89
33
13
135
87
32
3
122
Mark Price
89
32
4
125
87
32
8
127
Nancy Quan
89
16
16
121
87
16
8
111
Mario Rotllant Solá
89
36
13
138
87
36
5
128
Dessi Temperley
89
37
10
136
87
37
11
135
(A)Appointed to the Board on 22 May 2025.
(B)Resigned from the Board on 22 May 2025.
(C)Taxable benefits mainly relate to travel and accommodation costs in respect of attendance at Board
meetings with FX rates used as at the date of the relevant meeting.
Strategic
Report
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Directors’ Report
Financial
Statements
Sustainability
Statement
Other
Information
Coca-Cola Europacific Partners plc
2025 Annual Report and Form 20-F
117
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Annual report on remuneration continued
Implementation of remuneration policy for 2026
The Committee annually reviews the incentive structure for senior management,
including the measures and targets, to ensure they do not raise environmental, social
and governance risks by inadvertently motivating irresponsible behaviour.
Base salary
Damian Gammell will receive a 2.0% salary increase effective 1 April 2026. This is lower than
the salary budget provided for the GB workforce of 3.0%.
Individual
2025 salary
2026 salary
(effective from 1 April)
% increase
Damian Gammell
£1,291,594
£1,317,426
2.0%
Taxable benefits
No significant changes to the provision of benefits are proposed for 2026. The main
benefits for Damian Gammell will continue to include allowances in respect of: a car,
financial planning, schooling and private healthcare.
Pension
Damian Gammell will receive a contribution into the pension scheme up to the annual
allowance, with the balance up to the maximum allowed by the remuneration policy (12%
of salary), subject to approval of the remuneration policy at the AGM, as a cash allowance.
No other changes are proposed.
Annual bonus
No changes have been made to the structure of the annual bonus plan for 2026, and
the opportunity for Damian Gammell will remain unchanged at 150% of salary for target
performance and 360% for maximum performance.
Performance will continue to be assessed against financial and individual performance
measures on a multiplicative basis as set out on page 108. The financial measures and
relative weightings will also remain unchanged.
Measure
Definition
Weighting
Operating profit
Comparable operating profit on a FX neutral basis
at budget rates
50%
Revenue
Revenue on a FX neutral basis at budget rates
30%
Operating free
cash flow
Comparable operating profit before depreciation and
amortisation and adjusting for capital expenditures,
restructuring cash expenditures and changes in
operating working capital, on a FX neutral basis at
budget rates
20%
In determining the IPF for Damian Gammell for 2026, he will be assessed against a number
of objectives which are aligned to the key longer-term strategic objectives of the business,
which include:
Objectives include:
Strategic objective
■Growth in sparkling volume share and volume
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■Competitiveness targets as agreed with the Board
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■Operational targets relating to our markets
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■Board approved AI and new tech strategy
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Link to strategy
GB_New.gif
Great
brands
GP_New.gif
Great
people
GE_New.gif
Great
execution
DS_New.gif
Done
sustainably
The actual financial targets are not disclosed prospectively, as they are deemed commercially
sensitive. We intend to disclose them in our 2026 ARR. A fuller description of individual
performance objectives, including specific quantitative measures (where appropriate) and their
outcomes, will also be disclosed in our 2026 ARR.
Long-term incentive
Damian Gammell’s long-term incentive opportunity for 2026 will be aligned with the limits
set out in the revised remuneration policy. He will be granted a target award of 300% of
salary after the May AGM, subject to approval of the remuneration policy and LTIP Rules,
and may receive up to two times this target award if the maximum performance targets are
achieved. The number of shares awarded will be based on the share price used for all other
LTIP participants, who will receive their awards in March.
The 2026 LTIP award will continue to be based on a mix of EPS, ROIC and CO2e reduction,
unchanged from 2025, and the targets have been set at stretching levels taking into
account both our long-term plan and external forecasts.
Following the end of the performance period, awards will be subject to an additional two
year holding period.
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Financial
Statements
Sustainability
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Other
Information
Coca-Cola Europacific Partners plc
2025 Annual Report and Form 20-F
118
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Annual report on remuneration continued
Vesting level(D) (% of target)
Measure
Definition
Weighting
25%
100%
200%
EPS(A)
EPS achieved in the final year of
the performance period (FY 2028)
42.5%
€4.49
€5.04
€5.43
ROIC(B)
ROIC achieved in the final year of
the performance period (FY 2028)
42.5%
11.6%
13.0%
14.2%
CO2e
reduction(C)
Relative reduction in total value
chain GHG emissions since 2025
(gCO2e/litre)
15%
5.0%
per litre
10.0%
per litre
15.0%
per litre
(A)Comparable and on a tax and currency neutral basis. Should there be share repurchases during the
performance period an adjustment will be made to neutralise for the impact and will be fully disclosed
at the time of vesting.
(B)ROIC calculated as comparable operating profit after tax attributable to shareholders, on a tax and
currency neutral basis, divided by the average of opening and closing invested capital for the year, adjusted
for material non-cash equity accounting adjustments. Invested capital is calculated as the addition of
borrowings and equity attributable to shareholders less cash and cash equivalents and short-term
investments. Should there be share repurchases during the performance period an adjustment will be
made to neutralise for the impact and will be fully disclosed at the time of vesting.
(C)Target based on entire Group value chain.
(D)Straight-line vesting between each vesting level.
During 2025, we completed the additional work on our Carbon Reduction Roadmap with the
inclusion of the Philippines. This has resulted in us having a revised roadmap for our CO2e
reduction over the period to 2030, which is more challenging with the Philippines included.
The 2026 LTIP targets have been based on this updated information, resulting in lower
targets than in previous LTIP cycles. The Committee is comfortable that the revised
targets for 2026 remain appropriately stretching and are aligned with our internal roadmap
and externally stated ambitions around CO2e reduction by 2030.
Chairman and NED fees
The Chairman and NED fees were increased by 2.0% with effect from 1 April 2026, as
outlined below, to reflect inflation and general market increases. Fees were last increased
with effect from 1 April 2025, other than for the Committee Chairman fees which were last
increased with effect from 1 April 2023 for the Nomination Committee Chairman fee, 1 April
2022 for the Audit, Remuneration, and ESG Committee Chairman fees, and 1 April 2019 for
the Affiliated Transaction Committee Chairman fee.
Role
Current fees
Fees effective
1 April 2026
Chairman
£614,250
£626,525
NED basic fee
£89,750
£91,550
Additional fee for Senior Independent Director
£32,750
£33,400
Additional fee for
Committee Chairman
Audit and Remuneration Committees
£37,250
£38,000
Affiliated Transaction, Nomination and
ESG Committees
£36,000
£36,725
Additional fee for
Committee
membership
Audit and Remuneration Committees
£16,500
£16,825
Affiliated Transaction, Nomination and
ESG Committees
£16,000
£16,325
The Remuneration Committee
The entire Board approves the remuneration policy and determines the terms of the
compensation of the CEO and fees for the NEDs and Chairman, all on the Committee’s
recommendation. The Committee is also responsible for setting the remuneration for
each member of the ELT reporting to the CEO.
The terms of reference can be found on our website at www.cocacolaep.com/who-we-are/
governance/committees.
Remuneration Committee members and attendance
In line with the Shareholders’ Agreement, the Committee has five members, as set out
on page 61. There are three independent NEDs, one Director nominated by Olive Partners
and one Director nominated by ER. The Committee formally met five times during the year.
Attendance is set out on page 61 of the Corporate governance report.
As described in the remuneration policy, the Committee receives an annual report in
respect of wider workforce remuneration, including pay and reward policies, which informs
its decisions on executive pay. The Committee does not engage directly with employees
on the issue of executive pay; however, within CCEP, employee groups are regularly
consulted about matters affecting employees, including our strategy, Company
performance, culture and approach to reward, and this feedback informs decisions on
people matters and other activities.
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Financial
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Coca-Cola Europacific Partners plc
2025 Annual Report and Form 20-F
119
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Annual report on remuneration continued
Remuneration Committee key activities
The table below gives an overview of the key agenda items discussed at each scheduled
meeting of the Remuneration Committee during 2025:
Meeting date
Key agenda items
February
2025
■Approval of financial performance
outcome for 2024 annual bonus
■Approval of final vesting outcome
for 2022 LTIP
■Approval of 2025 annual bonus
financial performance measures
and targets
■Approval of 2025 LTIP targets and
opportunities
■Review of Chairman and NED fees
■Approval of 2024 annual bonus
outcomes for the ELT
■Approval of 2025 ELT remuneration
packages
■Review of ELT individual objectives
in respect of the 2025 annual
bonus
■Approval of 2024 Remuneration
Report
May 2025
■Market Update
■Remuneration policy review
■AGM voting update
■Review of ELT changes, including
termination arrangements
July 2025
■Remuneration policy review
■Review of ELT remuneration
arrangements
■Performance update in respect of
2025 annual bonus and 2023 LTIP
October
2025
■Remuneration policy review
■2026 ELT objectives review
■Review of executive shareholding
guidelines
■Performance update in respect of
2025 annual bonus and 2023 LTIP
■Review of annual report on wider
workforce remuneration
December
2025
■Review of shareholder feedback on
remuneration policy proposals
■Performance update in respect of
2025 annual bonus and 2023 LTIP
■Base pay design for 2026
■Incentive design for 2026
■Update on Employee Benefit Trust
operation
The Chairman, CEO, CFO and the Chief People and Culture Officer attended meetings by
invitation of the Committee to provide it with additional context or information, except
where their own remuneration was discussed.
Support for the Remuneration Committee
Ellason was appointed by the Remuneration Committee in 2025 following a selection
process. During the year, Ellason provided the Committee with external advice on executive
remuneration. Ellason is a member of the Remuneration Consultants Group and has
voluntarily signed up to the Remuneration Consultants’ Code of Conduct relating to
executive remuneration consulting in the UK. The Committee is satisfied that the engagement
partner and team that provide advice to the Committee do not have connections with CCEP
or individual Directors that may impair their independence. During 2025, Ellason provided
no other services to CCEP with other tax and consultancy services.
Total fees received by Ellason in relation to the remuneration advice provided to the
Committee during the year amounted to £65,255 based on the required time commitment.
Summary of voting outcomes
The table below shows how shareholders voted in respect of the ARR at the AGM held on
22 May 2025 and the remuneration policy at the AGM held on 24 May 2023:
Resolution
Votes
for (%)
Votes
against (%)
Number of votes
withheld
Approval of the ARR
99.14%
0.85%
80,195
Approval of the remuneration policy
99.10%
0.90%
70,554
This Directors’ remuneration report is approved by the Board and signed on its behalf by:
John Bryant
Chairman of the Remuneration Committee
13 March 2026
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Financial
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Sustainability
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Other
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Coca-Cola Europacific Partners plc
2025 Annual Report and Form 20-F
120
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Directors’ report
The Directors present their report, together with the audited consolidated financial
statements of the Group, and of the Company, for the year ended 31 December 2025.
This Directors’ report has been prepared in accordance with the applicable disclosure
requirements of the following:
■Companies Act
■UK Listing Rules (UKLRs) and the Disclosure Guidance and Transparency Rules (DTRs)
■Rules promulgated by the US Securities and Exchange Commission
Additional information and disclosures, as required by the Companies Act, UKLRs and DTRs,
are included elsewhere in this Annual Report and are incorporated into this Directors’
report by reference in the table opposite. This includes other information relevant to the
Directors’ report, such as disclosures required under Schedule 7 of the Large and
Medium‑sized Companies and Groups (Accounts and Reports) Regulations 2008.
This Directors’ report, together with the Strategic Report on pages 1–58 represents
the management report for the purpose of compliance with DTR 4.1.5R(2) and 4.1.8R.
Directors
Appointment and replacement of Directors
The Articles set out certain rules that govern the appointment and replacement
of the Company’s Directors. These are summarised as follows:
■A Director may be appointed by either an ordinary resolution of shareholders or
by the Board.
■Olive Partners and European Refreshments (ER) may each appoint a specified number
of Directors, up to a set maximum, in accordance with their respective equity holding
proportions in the Company.
■Replacement INEDs must be recommended to the Board by the Nomination Committee.
■The Board shall consist of a majority of INEDs.
■Directors must retire at each AGM, and may, if eligible, offer themselves for re-election.
■The minimum number of Directors (disregarding alternate Directors) is two.
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Read more about the election/ re-election of Directors in the Corporate governance report
on page 79
Disclosure
Section of report
Page(s)
Names of Directors during
the year
Board of Directors
62–67
Review of performance,
financial position and likely
future developments
Strategic Report
46–58
Dividends
Business and financial review and
Note 17 to the consolidated financial
statements
46–58, 183
Principal risks
Principal risks section of the Strategic
Report
32–42
Information on share capital
relating to share classes,
rights and obligations
Note 17 to the consolidated financial
statements, and the Share capital
section in Other Group information
181–183, 299–302
Financial instruments and
financial risk management
Notes 13 and 27 to the consolidated
financial statements
165–169, 199–202
Cash balances and borrowings
Notes 11 and 14 to the consolidated
financial statements
Significant events after
the reporting period
Note 28 to the consolidated financial
statements
Information on employment
of persons with disabilities
Great people                                         
Sustainability statement
  19                           
247
Workforce engagement
Stakeholders engagement   
Nomination Committee report
Business relationships
with suppliers, customers
and others
Great execution                       
Sustainability statement                                                                   
Stakeholders engagement
20–23
229, 241, 245, 250
28–31
GHG and energy
consumption
Sustainability statement
228–238
Responsibility statement
Directors’ responsibilities statement
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Directors’ Report
Financial
Statements
Sustainability
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Other
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Coca-Cola Europacific Partners plc
2025 Annual Report and Form 20-F
121
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Directors’ report continued
Disclosure of information required under UKLR 6.6
In accordance with UKLR 6.6.1(R), the table below sets out the location of the information
required to be disclosed, where applicable.
UK Listing Rule
Information to be included
Reference in report
6.6.1(1)
Interest capitalised by the Group
n/a
6.6.1(2)
Unaudited financial information required by UKLR 6.2.23R
Pages 46-48
6.6.1(3)
Long-term incentive schemes required by UKLR 9.3.3R
n/a
6.6.1(4)
Waiver of emoluments by a Director
n/a
6.6.1(5)
Waiver of future emoluments by a Director
n/a
6.6.1(6)
Non-pre-emptive issues of equity for cash
n/a
6.6.1(7)
Non-pre-emptive issues of equity for cash in relation to
major subsidiary undertakings
n/a
6.6.1(8)
Listed company is a subsidiary of another company
n/a
6.6.1(9)
Contracts of significance involving a Director or controlling
shareholder
n/a
6.6.1(10)
Contracts for the provision of services by a controlling
shareholder
n/a
6.6.1(11)
Shareholder waiver of dividends
n/a
6.6.1(12)
Shareholder waiver of future dividends
n/a
6.6.1(13)
Statement of compliance with UKLR 6.2.3R (controlling
shareholder)
Page 73
Powers of Directors
The Directors may exercise all powers of the Company, in accordance with, and subject to,
the Company’s Articles and any applicable legislation.
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Read more about the roles and responsibilities of the Board and the main Committees of the Board in the
Governance and Directors’ Report on pages 59–123
Directors’ indemnity arrangements
Qualifying third party indemnities were in place throughout 2025, and remain in place
as at the date of this Annual Report. Under these indemnities, the Company has agreed
to indemnify the Directors of the Company, to the extent permitted by law, against losses
and liabilities that may be incurred in executing the powers and duties of their office.
Amendment of Articles
The Articles may only be amended by a special resolution of the Company’s shareholders
in accordance with the Companies Act. Certain provisions of the Articles are entrenched
and may only be amended or repealed with the prior consent of Olive Partners, ER or a
majority of the INEDs (as applicable). In particular, the requirement under the Articles that
the Board shall, at all times, contain a majority of INEDs may only be amended or repealed
with the prior consent of a majority of the INEDs. The Articles are available at
www.cocacolaep.com/who-we-are/governance.
Political donations
The Group made no political donations or contributions during 2025 (2024: nil). It is our
policy not to make political donations or incur political expenditure. However, there may
be uncertainty as to whether some normal business activities fall under the wide definitions
of political donations, organisations and expenditure used in the Companies Act. We will
therefore continue to seek shareholder approval to make political donations or incur
expenditure as a precaution to avoid any inadvertent breach of the Companies Act.
Shares
Rights and obligations
The rights and obligations relating to the Company’s Shares (in addition to those set out
by law) are contained in the Articles.
Restrictions on transfer of securities
Olive Partners and TCCC are both subject to certain restrictions relating to the acquisition
or disposal of Shares under the terms of the Shareholders’ Agreement. Other than those
set out in the Shareholders’ Agreement, we are not aware of any agreements between
shareholders that may result in a restriction of the transfer of securities or voting rights
in the Company.
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Financial
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Other
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2025 Annual Report and Form 20-F
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Directors’ report continued
Employee share schemes
Shares issued under the Company’s employee share schemes rank pari passu with the
existing Shares of the Company. Voting rights attached to Shares held on trust on behalf
of participants in the GB Employee Share Plan are exercised by the trustee as directed
by the participants.
Significant shareholdings
In accordance with DTR 5.8, the table below shows the significant interests in Shares
of which the Company has been notified as at 31 December 2025, and 28 February 2026.
The shareholders identified have the same voting rights as all other shareholders.
Interests in Shares of which the Company has been notified
Shareholder
Percentage of
total voting rights
notified to the
Company as at
the year end(C)
Number of
voting rights
notified to the
Company as at
the year end
Percentage of total
voting rights notified
to the Company as
at 28 February 2026(C)
Number of
voting rights
notified to the
Company as
at  28 February 2026
Cobega, S.A.(A)
36.10%
166,128,987
36.10%
166,128,987
Invesco Ltd
5.03%
22,938,222
5.03%
22,938,222
TCCC(B)
17.15%
78,972,727
17.15%
78,972,727
(A)Held indirectly through its 56.03% owned subsidiary, Olive Partners.
(B)Held indirectly through European Refreshments Unlimited Company.
(C)Percentage interests disclosed are derived solely from DTR 5 notifications and do not take into account any
subsequent changes to total voting rights notified after the last practicable date.
Share buyback programme
The Company announced a share buyback programme on 14 February 2025, under which it
proposed to reduce share capital by up to €1 billion through the purchase and cancellation
of its own Shares. This buyback programme was completed in 2025 (the 2025 Programme).
On 17 February 2026, the Company announced a further share buyback programme, under
which it proposed to reduce share capital by up to €1 billion (the 2026 Programme).
The initial tranche of the 2025 Programme was undertaken pursuant to shareholder
authorities granted at the 2024 AGM. The maximum number of Shares authorised for
purchase at the 2024 AGM was 46,027,917 Shares, representing 10% of the issued Shares
at 3 April 2024. 3,416,394 Shares were bought back under the 2024 AGM authority
during 2025.
The remaining tranches of the 2025 Programme and the initial tranche of the 2026
Programme is being undertaken pursuant to shareholder authorities granted at the 2025
AGM. The maximum number of Shares authorised for purchase at the 2025 AGM was
46,016,093 Shares, representing 10% of the issued Shares at 3 April 2025, reduced by the
number of Shares purchased, or agreed to be purchased after 3 April 2025 and before
22 May 2025. 9,301,779 Shares were bought back under the 2025 AGM authority during 2025.
The 2025 AGM authority will expire at the 2026 AGM, when we intend to seek to renew the
authority to purchase Shares.
See the table below for a summary of Shares purchased through the 2025 Programme
during 2025. All purchased Shares were cancelled immediately.
Share purchases
Period
Number of Shares
purchased
€ million
Nominal value of Shares
purchased
€ million
Amount paid
for the Shares
€ million(A)
Percentage of called up
share capital represented
by purchased Shares(B)
2025
12,718,173
0.1
1,006
2.76%
(A)Amount paid inclusive of transaction costs
(B)Calculated as a percentage of the called up issued share capital immediately before the buyback
programme started, which was 460,951,945 Shares.
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For more details, see the Share buyback programme section
in Other Group information on page 300
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Financial
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2025 Annual Report and Form 20-F
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Directors’ report continued
Dividends
The current dividend policy of the Company is to pay two interim dividends, the first-half
interim dividend being announced with the Q1 trading update and the second-half interim
dividend being announced with the Q3 trading update. Accordingly, the Directors are not
recommending a final dividend with respect to the financial year ending 31 December 2025.
Change of control
There are no agreements in place which provide compensation for loss of office or
employment to any Director in the event of a takeover, except for certain provisions under
the employee share plans, which may provide that certain outstanding awards may vest
early in such an event.
The Board considers that a change of control might have an impact on the following
significant agreements:
■Bottling agreements between the Group and TCCC
■A bank credit facility agreement, under which the maximum amount available
at 31 December 2025 was €1.8 billion
■Note and guarantee agreement in relation to the A$250 million 4.20% Notes 2031
■A term loan facility involving CCEP Aboitiz Beverages Philippines Inc. under which the
outstanding principal amount is PHP 23.5 billion
Research and development
The Company invests in and undertakes certain activities for the development of innovative
solutions, digital capabilities and advanced analytics to drive the simplification of
applications and platforms, and to support and grow its business in both its manufacturing
and non-manufacturing operations(A).
(A)This policy has applied for the last five years.
Independent auditor
Disclosure of information to auditor
Each of the Directors in office as at the date of this Annual Report confirms that:
■So far as he or she is aware, there is no relevant audit information (as defined by
section 418 of the Companies Act) of which the Company’s auditor is unaware.
■He or she has taken all the reasonable steps that he or she ought to have taken
as a Director to make himself or herself aware of any relevant audit information
and to establish that the Company’s auditor is aware of that information.
Going concern
As part of the Directors’ consideration of the appropriateness of adopting the going
concern basis in preparing the Parent Company and consolidated financial statements,
the Directors have taken into account the Group’s overall financial position, exposure to
the principal risks and future business forecasts. For the Parent Company, the Directors
also considered the ability of its subsidiaries to remit earnings. As at 31 December 2025, the
Group had cash and cash equivalents of €0.9 billion and had access to a €1.8 billion
undrawn committed credit facility, which is free of financial covenants and in place until
at least January 2030. The Directors have also considered the stress testing performed
as part of the assessment of viability set out on page 43.
On this basis, the Directors have a reasonable expectation that the Group and Parent
Company have adequate resources to continue in operational existence for a period to
31 March 2027.
This Directors’ report has been approved by the Board and signed on its behalf by:
Clare Wardle
Company Secretary
13 March 2026
Coca-Cola Europacific Partners plc
09717350
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2025 Annual Report and Form 20-F
124
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Directors’ responsibility statement
Responsibility for preparing financial statements
The Directors are responsible for preparing the Annual Report and the financial statements
in accordance with applicable United Kingdom (UK) law and regulations.
UK company law requires the Directors to prepare financial statements for each financial
year. Under that law, the Directors have prepared Group and Parent Company financial
statements in accordance with UK-adopted International Accounting Standards.
In preparing the consolidated Group financial statements, the Directors have also elected
to comply with International Financial Reporting Standards (IFRS) as adopted by the
European Union, and International Financial Reporting Standards as issued by the
International Accounting Standards Board (IASB).
Under section 393 of the Companies Act, the Directors must not approve the financial
statements unless they are satisfied that they give a true and fair view of the state of
affairs of the Company and of the Group and of the profit or loss of the Company and
of the Group for that period.
Under the Financial Conduct Authority’s Disclosure Guidance and Transparency Rules,
Group financial statements are required to be prepared in accordance with IFRSs adopted
pursuant to Regulation (EC) No 1606/2002 as it applies in the European Union.
In preparing the Company financial statements, the Directors are required to:
■Select suitable accounting policies and apply them consistently
■Make judgements and accounting estimates that are reasonable and prudent
■Follow UK-adopted International Accounting Standards, International Financial
Reporting Standards as adopted by the European Union, and International Financial
Reporting Standards as issued by the IASB
■Prepare the financial statements on a going concern basis unless it is inappropriate to
presume that the Company will continue in business
In preparing the Group financial statements the Directors are required to:
■Select suitable accounting policies and apply them consistently
■State whether UK-adopted International Accounting Standards, International Financial
Reporting Standards as adopted by the European Union, and International Financial
Reporting Standards as issued by the IASB have been followed, subject to any material
departures disclosed and explained in the financial statements
■Present information, including accounting policies, in a manner that provides relevant,
reliable, comparable and understandable information
■Provide additional disclosures when compliance with the specific requirements in IFRS
are insufficient to enable users to understand the impact of particular transactions,
other events and conditions on the entity’s financial performance
■Make an assessment of the Group’s ability to continue as a going concern
The Directors are responsible for keeping adequate accounting records that are sufficient
to show and explain the Group’s and Company’s transactions and disclose the financial
position of the Group and the Company with reasonable accuracy at any time and enable
them to ensure that the financial statements comply with the Companies Act. They are
responsible for safeguarding the assets of the Group and Company and hence for taking
reasonable steps for the prevention and detection of fraud and other irregularities.
Under applicable law and regulations, the Directors are also responsible for preparing
a Strategic Report, Directors’ report, Annual report on remuneration, and Corporate
governance report that comply with that law and those regulations. The Directors are
responsible for the maintenance and integrity of the corporate and financial information
included on the Company’s website.
Legislation, regulation and practice in the UK governing the preparation and dissemination
of financial statements may differ from legislation, regulation and practice in other
jurisdictions.
Responsibility statement
The Directors, whose names and functions are set out on pages 62–67, confirm that to
the best of their knowledge:
■The consolidated financial statements, prepared in accordance with UK-adopted
International Accounting Standards, International Financial Reporting Standards as
adopted by the European Union and International Financial Reporting Standards as
issued by the IASB, give a true and fair view of the assets, liabilities, financial position
and profit or loss of the Company and the undertakings included in the consolidation
taken as a whole.
■The Strategic Report includes a fair review of the development and performance of
the business and the position of the Company and the undertakings included in the
consolidation taken as a whole, together with a description of the principal risks and
uncertainties they face.
■The Annual Report and financial statements, taken as a whole, are fair, balanced and
understandable and provide the information necessary for shareholders to assess
the Company’s position and performance, business model and strategy.
By order of the Board
Clare Wardle
Company Secretary
13 March 2026
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2025 Annual Report and Form 20-F
125
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2025 Annual Report and Form 20-F
137
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Report of independent registered public accounting firm
To the Shareholders and the Board of Directors of Coca-Cola Europacific Partners plc
Opinion on the Financial Statements
We have audited the accompanying consolidated statements of financial position of
Coca-Cola Europacific Partners plc (the Group) as of 31 December 2025 and 2024, the
related consolidated income statement, statements of comprehensive income, changes in
equity and cash flows for each of the three years in the period ended 31 December 2025,
and the related notes, collectively referred to as the “consolidated financial statements”.
In our opinion, the consolidated financial statements present fairly, in all material respects,
the financial position of the Group at 31 December 2025 and 2024, and the results of its
operations and its cash flows for each of the three years in the period ended 31 December
2025, in conformity with International Financial Reporting Standards as issued by the
International Accounting Standards Board.
We also have audited, in accordance with the standards of the Public Company
Accounting Oversight Board (United States) (PCAOB), the Company's internal control
over financial reporting as of 31 December 2025, based on criteria established in
Internal Control-Integrated Framework issued by the Committee of Sponsoring
Organizations of the Treadway Commission (2013 framework) and our report dated
13 March 2026 expressed an unqualified opinion thereon.
Basis for Opinion
These financial statements are the responsibility of the Group’s management. Our
responsibility is to express an opinion on the Group’s financial statements based on our
audits. We are a public accounting firm registered with the PCAOB and are required to be
independent with respect to the Group in accordance with the U.S. federal securities laws
and the applicable rules and regulations of the Securities and Exchange Commission and
the PCAOB.
We conducted our audits in accordance with the standards of the PCAOB. Those standards
require that we plan and perform the audit to obtain reasonable assurance about whether
the financial statements are free of material misstatement, whether due to error or fraud.
Our audits included performing procedures to assess the risks of material misstatement
of the financial statements, whether due to error or fraud, and performing procedures
that respond to those risks. Such procedures included examining, on a test basis, evidence
regarding the amounts and disclosures in the financial statements. Our audits also
included evaluating the accounting principles used and significant estimates made by
management, as well as evaluating the overall presentation of the financial statements.
We believe that our audits provide a reasonable basis for our opinion.
Critical Audit Matters
The critical audit matters communicated below are matters arising from the current
period audit of the financial statements that were communicated or required to be
communicated to the Audit Committee and that: (1) relate to accounts or disclosures
that are material to the financial statements and (2) involved our especially challenging,
subjective or complex judgements. The communication of critical audit matters does not
alter in any way our opinion on the consolidated financial statements, taken as a whole,
and we are not, by communicating the critical audit matters below, providing separate
opinions on the critical audit matters or on the accounts or disclosures to which
they relate.
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Coca-Cola Europacific Partners plc
2025 Annual Report and Form 20-F
138
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Report of independent registered public accounting firm continued
Accrued customer marketing costs
Description of the matter
How we addressed the matter in our audit
The Group participates in various programmes and arrangements with customers referred
to as “promotional programmes”, which are recorded as deductions from revenue.
Auditing the completeness and measurement of the accrued customer marketing costs
was complex and judgemental, particularly in relation to promotional programmes that
involved estimation uncertainty related to the amounts ultimately settled with customers.
The off-invoice discounts activity totalled €6.0 billion for the year ended 31 December 2025,
with €1.4 billion of accrued customer marketing costs as of 31 December 2025.
The types of promotional programmes are more fully described in Note 3 to the
consolidated financial statements, with details about accrued customer marketing costs
disclosed in Note 15 to the consolidated financial statements.
Our procedures included obtaining an understanding of the Group’s revenue recognition
policies and processes and how they are applied, evaluating the design and testing the
operating effectiveness of controls that address the risks of material misstatement
relating to the completeness and measurement of the promotional programmes.
For example, we tested controls over management’s consideration of historical trends
used in estimating the accrued customer marketing costs that will be ultimately settled.
To evaluate the reasonableness of the estimates used in the calculation of the accrued
customer marketing costs and the completeness of the accrual, our audit procedures
included, among others, testing management’s methodology to estimate the year end
accrued customer marketing costs, in particular the use of historical trends. We tested
the completeness and accuracy of the underlying data by agreeing key terms of the
promotional programmes to the executed sales agreements on a sample basis.
We compared accrued customer marketing costs to subsequent cash settlements
on a sample basis. We performed analytical procedures to compare accrued customer
marketing costs with relevant data, such as total promotional activity in the year.
We also analysed the historical reversals and ageing of the accrued customer marketing
costs, to identify potential management bias in the estimate of the year end accrual and
considered any changes in the business environment that would warrant changes in the
methodology.
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2025 Annual Report and Form 20-F
139
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Report of independent registered public accounting firm continued
Accounting for uncertain tax positions
Description of the matter
How we addressed the matter in our audit
The Group is subject to income tax in numerous jurisdictions and is routinely under audit by
tax authorities in the ordinary course of business, as described in Note 21 and Note 23 of the
consolidated financial statements. At 31 December 2025, the Group recorded provisions for
uncertain tax positions, of which €329 million are included in current tax liabilities and the
remainder in non-current tax liabilities.
The Group’s operational structure combined with its multinational presence requires the
Group to exercise judgement in determining the amount of tax that could be payable. The
Group reports cross-border transactions undertaken between subsidiaries on an arm’s-
length basis in tax returns in accordance with the Organisation for Economic Co-operation
and Development (OECD) guidelines. Transfer pricing for these cross-border transactions
relies on the exercise of judgement and it is reasonably possible for there to be a range of
potential outcomes in relation to uncertain tax positions for certain key locations in which
the Group operates. Management applies judgement in assessing uncertain tax positions in
each jurisdiction, which requires interpretation of local tax laws and specific facts and
circumstances.
Auditing the uncertain tax positions was judgemental, because of the inherent uncertainty
involved in evaluating the unique and evolving facts and circumstances of each tax position,
which may result in materially different outcomes to those expected by management.
We obtained an understanding of the tax provisioning processes and evaluated the design
and tested the operating effectiveness of internal controls in place over the Group’s
process to evaluate and account for uncertain tax positions. For example, we tested
controls over management’s review and approval of the uncertain tax position provisions
recorded, including the review of significant assumptions and judgements.
To evaluate management’s assessment of uncertain tax positions, with the support of our
tax subject matter professionals, our audit procedures included, among others, obtaining
management’s reporting of uncertain tax positions by jurisdiction, testing the completeness
based on the consideration of material transactions in the year and agreeing inputs to
source documentation, where applicable. We also considered relevant correspondence
with tax authorities, the context of local tax laws, significant tax assessments, the status
of related tax audits and third party advice obtained by the Group.
We developed an independent range of possible outcomes for the Group’s uncertain tax
positions, based on evidence obtained, which we compared to the Group’s provisions.
Where uncertain tax positions arose in jurisdictions with similar laws and regulations, we
also considered whether the evaluation of tax risks was consistent across those
jurisdictions and took into account resolution of these issues with the tax authorities.
We evaluated the adequacy of the related disclosures provided in the Group financial
statements.
/s/ Ernst & Young LLP
We have served as the Group’s auditor since 2016.
London, United Kingdom
13 March 2026
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2025 Annual Report and Form 20-F
140
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Report of independent registered public accounting firm continued
To the Shareholders and the Board of Directors of Coca-Cola Europacific Partners plc
Opinion on Internal Control Over Financial Reporting
We have audited Coca-Cola Europacific Partners plc’s internal control over financial
reporting as of 31 December 2025, based on criteria established in Internal
Control—Integrated Framework issued by the Committee of Sponsoring Organizations of
the Treadway Commission (2013 framework), (the COSO criteria). In our opinion, the Group
maintained, in all material respects, effective internal control over financial reporting
as of 31 December 2025, based on the COSO criteria.
We also have audited, in accordance with the standards of the Public Company Accounting
Oversight Board (United States) (PCAOB), the consolidated statements of financial position
of the Group as of 31 December 2025 and 2024, the related consolidated income
statement, statements of comprehensive income, changes in equity and cash flows for
each of the three years in the period ended 31 December 2025, and the related notes and
our report dated 13 March 2026 expressed an unqualified opinion thereon.
Basis for Opinion
The Group’s management is responsible for maintaining effective internal control over
financial reporting and for its assessment of the effectiveness of internal control over
financial reporting included in the accompanying Management’s report on internal control
over financial reporting. Our responsibility is to express an opinion on the Group’s internal
control over financial reporting based on our audit. We are a public accounting firm
registered with the PCAOB and are required to be independent with respect to the Group
in accordance with the U.S. federal securities laws and the applicable rules and regulations
of the Securities and Exchange Commission and the PCAOB.
We conducted our audit in accordance with the standards of the PCAOB. Those standards
require that we plan and perform the audit to obtain reasonable assurance about whether
effective internal control over financial reporting was maintained in all material respects.
Our audit included obtaining an understanding of internal control over financial reporting,
assessing the risk that a material weakness exists, testing and evaluating the design and
operating effectiveness of internal control based on the assessed risk, and performing
such other procedures as we considered necessary in the circumstances. We believe
that our audit provides a reasonable basis for our opinion.
Definition and Limitations of Internal Control Over Financial Reporting
A company’s internal control over financial reporting is a process designed to provide
reasonable assurance regarding the reliability of financial reporting and the preparation
of financial statements for external purposes in accordance with generally accepted
accounting principles. A company’s internal control over financial reporting includes those
policies and procedures that (1) pertain to the maintenance of records that, in reasonable
detail, accurately and fairly reflect the transactions and dispositions of the assets of the
company; (2) provide reasonable assurance that transactions are recorded as necessary
to permit preparation of financial statements in accordance with generally accepted
accounting principles, and that receipts and expenditures of the company are being made
only in accordance with authorizations of management and directors of the company; and
(3) provide reasonable assurance regarding prevention or timely detection of unauthorized
acquisition, use, or disposition of the company’s assets that could have a material effect
on the financial statements.
Because of its inherent limitations, internal control over financial reporting may not prevent
or detect misstatements. Also, projections of any evaluation of effectiveness to future
periods are subject to the risk that controls may become inadequate because of changes
in conditions, or that the degree of compliance with the policies or procedures may
deteriorate.
/s/ Ernst & Young LLP
London, United Kingdom
13 March 2026
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Coca-Cola Europacific Partners plc
2025 Annual Report and Form 20-F
141
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Consolidated income statement
Year ended 31 December
2025
2024
2023
Note
€ million
€ million
€ million
Revenue
4
20,901
20,438
18,302
Cost of sales
(13,461)
(13,227)
(11,582)
Gross profit
7,440
7,211
6,720
Selling and distribution expenses
18
(3,349)
(3,345)
(3,178)
Administrative expenses
18
(1,402)
(1,734)
(1,310)
Other income
24
104
—
107
Operating profit
2,793
2,132
2,339
Finance income
19
103
85
65
Finance costs
19
(306)
(272)
(185)
Total finance costs, net
19
(203)
(187)
(120)
Non-operating items
(21)
(9)
(16)
Profit before taxes
2,569
1,936
2,203
Taxes
21
(590)
(492)
(534)
Profit after taxes
1,979
1,444
1,669
Profit attributable to shareholders
1,942
1,418
1,669
Profit attributable to non-controlling interests
37
26
—
Profit after taxes
1,979
1,444
1,669
Basic earnings per share (€)
5
4.26
3.08
3.64
Diluted earnings per share (€)
5
4.26
3.08
3.63
The accompanying notes are an integral part of these consolidated financial statements.
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2025 Annual Report and Form 20-F
142
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Consolidated statement of comprehensive income
Year ended 31 December
2025
2024
2023
Note
€ million
€ million
€ million
Profit after taxes
1,979
1,444
1,669
Components of other comprehensive income/(loss):
Items that may be subsequently reclassified to the income statement:
Foreign currency translations:
Pre-tax activity, net
(686)
(85)
(246)
Tax effect
—
—
—
Foreign currency translations, net of tax
(686)
(85)
(246)
Cash flow hedges:
Pre-tax activity, net
(85)
15
21
Tax effect
21
23
(3)
(11)
Cash flow hedges, net of tax
13
(62)
12
10
Other reserves:
Pre-tax activity, net
(2)
(8)
3
Tax effect
21
1
3
—
Other reserves, net of tax
(1)
(5)
3
Items that may be subsequently reclassified to the income statement
(749)
(78)
(233)
Items that will not be subsequently reclassified to the income statement:
Pension plan remeasurements:
Pre-tax activity, net
16
17
61
(108)
Tax effect
21
(1)
(16)
35
Pension plan remeasurements, net of tax
16
45
(73)
Items that will not be subsequently reclassified to the income statement
16
45
(73)
Other comprehensive loss for the period, net of tax
(733)
(33)
(306)
Comprehensive income for the period
1,246
1,411
1,363
Comprehensive income attributable to shareholders
1,274
1,385
1,363
Comprehensive (loss)/ income attributable to non-controlling interests
(28)
26
—
Comprehensive income for the period
1,246
1,411
1,363
The accompanying notes are an integral part of these consolidated financial statements.
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2025 Annual Report and Form 20-F
143
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Consolidated statement of financial position
Year ended 31 December
2025
2024
Note
€ million
€ million
ASSETS
Non-current:
Intangible assets
6
12,490
12,749
Goodwill
6
4,536
4,687
Property, plant and equipment
7
6,155
6,434
Investment property
8
86
73
Non-current derivative assets
13
34
98
Deferred tax assets
21
5
24
Other non-current assets
26
487
397
Total non-current assets
23,793
24,462
Current:
Current derivative assets
13
84
102
Current tax assets
15
58
Inventories
9
1,547
1,608
Amounts receivable from related parties
20
99
89
Trade accounts receivable
10
2,685
2,564
Other current assets
25
659
458
Assets held for sale
25
33
46
Short-term investments
11
39
150
Cash and cash equivalents
11
918
1,563
Total current assets
6,079
6,638
Total assets
29,872
31,100
LIABILITIES
Non-current:
Borrowings, less current portion
14
10,224
9,940
Employee benefit liabilities
16
150
172
Non-current provisions
23
56
104
Non-current derivative liabilities
13
147
161
Deferred tax liabilities
21
3,321
3,498
Non-current tax liabilities
27
30
Other non-current liabilities
59
61
Total non-current liabilities
13,984
13,966
Year ended 31 December
2025
2024
Note
€ million
€ million
Current:
Current portion of borrowings
14
470
1,391
Current portion of employee benefit liabilities
16
7
7
Current provisions
23
140
246
Current derivative liabilities
13
99
45
Current tax liabilities
343
301
Amounts payable to related parties
20
341
373
Trade and other payables
15
6,185
5,786
Total current liabilities
7,585
8,149
Total liabilities
21,569
22,115
EQUITY
Share capital
17
5
5
Share premium
17
308
307
Merger reserves
17
287
287
Other reserves
17
(1,585)
(912)
Retained earnings
8,820
8,802
Equity attributable to shareholders
7,835
8,489
Non-controlling interests
17
468
496
Total equity
8,303
8,985
Total equity and liabilities
29,872
31,100
The accompanying notes are an integral part of these consolidated financial statements.
The financial statements were approved by the Board of Directors and authorised for issue
on 13 March 2026. They were signed on its behalf by:
Damian Gammell
Chief Executive Officer
13 March 2026
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2025 Annual Report and Form 20-F
144
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Consolidated statement of cash flows
Year ended 31 December
2025
2024
2023
Note
€ million
€ million
€ million
Cash flows from operating activities:
Profit before taxes
2,569
1,936
2,203
Adjustments to reconcile profit before tax to net
cash flows from operating activities:
Depreciation
7
771
751
653
Amortisation of intangible assets
6
152
182
139
Impairment losses
—
189
—
Share-based payment expense
22
47
45
57
Gain on sale of sub-strata and associated
mineral rights
—
—
(35)
Gain on the sale of property
24
(104)
—
(54)
Finance costs, net
19
203
187
120
Income taxes paid
(513)
(561)
(509)
Changes in assets and liabilities:
(Increase)/decrease in trade and other
receivables
(227)
37
(5)
(Increase)/decrease in inventory
(16)
(37)
6
Increase in trade and other payables
559
158
124
(Decrease)/increase in net payable receivable
from related parties
(24)
89
80
(Decrease)/increase in provisions
(145)
137
(11)
Change in other operating assets and liabilities
(319)
(52)
38
Net cash flows from operating activities
2,953
3,061
2,806
Cash flows from investing activities:
Acquisition of bottling operations, net of cash
acquired
—
(1,524)
—
Purchases of property, plant and equipment
(750)
(791)
(672)
Purchases of capitalised software
(200)
(148)
(140)
Proceeds from sales of property, plant and
equipment
168
15
101
Proceeds from sales of intangible assets
2
—
37
Proceeds from the sale of sub-strata and
associated mineral rights
—
—
35
Year ended 31 December
2025
2024
2023
Note
€ million
€ million
€ million
Net proceeds/(payments) of short-term
investments
92
420
(342)
Investments in equity instruments
(6)
(6)
(5)
Interest received
11
61
74
58
Other investing activity, net
1
3
(9)
Net cash flows used in investing activities
(632)
(1,957)
(937)
Cash flows from financing activities:
Proceeds from borrowings, net
14
1,327
1,008
694
Proceeds received from a non-controlling
shareholder relating to the acquisition of bottling
operations
—
468
—
Repayments on third party borrowings
14
(1,824)
(1,207)
(1,159)
Settlement of debt-related cross currency
swaps
14
—
66
69
Payments of principal on lease obligations
14
(162)
(157)
(148)
Interest paid
14
(236)
(249)
(182)
Dividends paid
17
(927)
(910)
(841)
Purchase of own shares under share buyback
programme
17
(1,006)
—
—
Treasury shares acquired
17
(40)
—
—
Exercise of employee share options
1
31
43
Acquisition of non-controlling interest
—
—
(282)
Other financing activities, net
(23)
(23)
(16)
Net cash flows used in financing activities
(2,890)
(973)
(1,822)
Net change in cash and cash equivalents
(569)
131
47
Net effect of currency exchange rate changes on
cash and cash equivalents
(76)
13
(15)
Cash and cash equivalents at beginning of period
11
1,563
1,419
1,387
Cash and cash equivalents at end of period
11
918
1,563
1,419
The accompanying notes are an integral part of these consolidated financial statements.
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Consolidated statement of changes in equity
Share capital
Share premium
Merger
reserves
Other reserves
Retained
earnings
Total
Non-controlling
interests
Total
equity
Note
€ million
€ million
€ million
€ million
€ million
€ million
€ million
€ million
As at 1 January 2023
5
234
287
(507)
7,428
7,447
—
7,447
Profit after taxes
—
—
—
—
1,669
1,669
—
1,669
Other comprehensive loss
—
—
—
(233)
(73)
(306)
—
(306)
Total comprehensive income/(loss)
—
—
—
(233)
1,596
1,363
—
1,363
Cash flow hedge (gains)/losses transferred to cost of inventories
13
—
—
—
(114)
—
(114)
—
(114)
Tax effect on cash flow hedge (gains)/losses transferred to cost of inventories
13; 21
—
—
—
31
—
31
—
31
Issue of shares during the year
17
—
42
—
—
—
42
—
42
Equity-settled share-based payment expense
22
—
—
—
—
54
54
—
54
Purchases of shares for equity-settled Employee Share Purchase Plan
—
—
—
—
(4)
(4)
—
(4)
Share-based payment tax effects
21
—
—
—
—
1
1
—
1
Dividends
17
—
—
—
—
(844)
(844)
—
(844)
As at 31 December 2023
5
276
287
(823)
8,231
7,976
—
7,976
Profit after taxes
—
—
—
—
1,418
1,418
26
1,444
Other comprehensive income/(loss)
—
—
—
(78)
45
(33)
—
(33)
Total comprehensive income/(loss)
—
—
—
(78)
1,463
1,385
26
1,411
Non-controlling interest established in connection with the Acquisition
—
—
—
—
—
—
468
468
Non-controlling interest assumed as part of Acquisition
—
—
—
—
—
—
2
2
Cash flow hedge (gains)/losses transferred to goodwill relating to business combination
—
—
—
2
—
2
—
2
Cash flow hedge (gains)/losses transferred to cost of inventories
13
—
—
—
(20)
—
(20)
—
(20)
Tax effect on cash flow hedge (gains)/losses transferred to cost of inventories
13; 21
—
—
—
7
—
7
—
7
Issue of shares during the year
17
—
31
—
—
—
31
—
31
Purchases of shares for equity settled Employee Share Purchase Plan
—
—
—
—
(16)
(16)
—
(16)
Equity-settled share-based payment expense
22
—
—
—
—
42
42
—
42
Treasury shares acquired
17
—
—
—
—
(7)
(7)
—
(7)
Dividends
17
—
—
—
—
(911)
(911)
—
(911)
As at 31 December 2024
5
307
287
(912)
8,802
8,489
496
8,985
Profit after taxes
—
—
—
—
1,942
1,942
37
1,979
Other comprehensive income/(loss)
—
—
—
(682)
14
(668)
(65)
(733)
Total comprehensive income/(loss)
—
—
—
(682)
1,956
1,274
(28)
1,246
Cash flow hedge (gains)/losses transferred to cost of inventories
13
—
—
—
12
—
12
—
12
Tax effect on cash flow hedge (gains)/losses transferred to cost of inventories
13; 21
—
—
—
(3)
—
(3)
—
(3)
Issue of shares during the year
17
—
1
—
—
—
1
—
1
Purchases of shares for equity-settled Employee Share Purchase Plan
—
—
—
—
(10)
(10)
—
(10)
Equity-settled share-based payment expense
22
—
—
—
—
43
43
—
43
Share-based payment tax effects
21
—
—
—
—
(6)
(6)
—
(6)
Treasury shares acquired
17
—
—
—
—
(33)
(33)
—
(33)
Own shares purchased under share buyback programme
17
—
—
—
—
(1,006)
(1,006)
—
(1,006)
Dividends
17
—
—
—
—
(926)
(926)
—
(926)
As at 31 December 2025
5
308
287
(1,585)
8,820
7,835
468
8,303
The accompanying notes are an integral part of these consolidated financial statements.
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146
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Notes to the consolidated financial statements
 
Note 1
General information and basis of preparation
Coca-Cola Europacific Partners plc (the Company) and its subsidiaries (together CCEP,
or the Group) are a leading consumer goods group in Western Europe and the Asia Pacific
region, making, selling and distributing an extensive range of primarily non-alcoholic ready
to drink beverages.
On 23 February 2024, the Group together with Aboitiz Equity Ventures Inc. (AEV) jointly
acquired 100% of Coca-Cola Beverages Philippines, Inc. (CCBPI) (the Acquisition), a wholly
owned subsidiary of The Coca-Cola Company (TCCC). Refer to Note 4 of the 2024
consolidated financial statements for further details about the acquisition of CCBPI.
Coca‑Cola Beverages Philippines, Inc. was renamed Coca‑Cola Europacific Aboitiz
Philippines, Inc. (CCEAP) effective 13 January 2025.
The Company has ordinary shares with a nominal value of €0.01 per share (Shares). CCEP
is a public company limited by shares, incorporated under the laws of England and Wales
with the registered number in England of 09717350. The Group’s Shares are listed and
traded on Euronext Amsterdam, NASDAQ Global Select Market, London Stock Exchange
and the Spanish Stock Exchanges. The address of the Company’s registered office
is Pemberton House, Bakers Road, Uxbridge, UB8 1EZ, United Kingdom.
The consolidated financial statements of the Group for the year ended 31 December 2025
were approved and signed by Damian Gammell, Chief Executive Officer, on 13 March 2026
having been duly authorised to do so by the Board of Directors.
Impact of climate change
As part of the preparation of these consolidated financial statements, the Group has
considered the impact of climate change risks on the current valuation of the Group’s
assets and liabilities, particularly in the context of the risks and scenarios identified in the
European Sustainability Reporting Standards (ESRS) and Task Force on Climate-related
Financial Disclosures (TCFD), included in the Sustainability Statement. There has been no
material impact on the financial reporting judgements and estimates arising from the
considerations of the Group and, as a result, the valuation of the Group’s assets and
liabilities as at 31 December 2025 have not been affected. The Group’s considerations were
specifically focused on the impact of climate change risks on the projected cash flows
used in the impairment assessment of our indefinite lived intangible assets and goodwill
(refer to Note 6) as well as the carrying value and useful lives of property, plant and
equipment (refer to Note 7). As the pace and effectiveness of a global transition to a low-
carbon economy evolve, including the development of government policies aiming to
address the risks arising from climate change, the Group will continue to monitor and
assess the relevant implications on the valuation of the Group’s assets and liabilities that
could arise in future years.
Basis of preparation
These consolidated financial statements of the Group reflect the following:
■They have been prepared in accordance with UK-adopted International Accounting
Standards, International Financial Reporting Standards (IFRS) as adopted by the
European Union and International Financial Reporting Standards as issued by the
International Accounting Standards Board (IASB).
■They have been prepared under the historical cost convention, except for certain items
measured at fair value. Those accounting policies have been applied consistently in all
periods, except for the adoption of new standards and amendments as of 1 January
2025, as described below under accounting policies.
■They are presented in euro, which is also the Parent Company’s functional currency, and
all values are rounded to the nearest euro million except where otherwise indicated.
■They have been prepared on a going concern basis (refer to the Going concern
paragraph on page 123).
Basis of consolidation
The consolidated financial statements comprise the financial statements of the Group
and its subsidiaries. All subsidiaries have accounting years ending 31 December and apply
consistent accounting policies for the purpose of the consolidated financial statements.
Subsidiary undertakings are consolidated from the date on which control is transferred to
the Group and cease to be consolidated from the date on which control is transferred out
of the Group. The Group controls an entity when it is exposed to, or has rights to, variable
returns from its involvement with the entity and has the ability to affect those returns
through the Group’s power to direct the activities of the entity. All intercompany accounts
and transactions are eliminated upon consolidation.
Associates are all entities over which the Group has significant influence but not control,
generally accompanying a shareholding of between 20% to 50% of voting rights.
Investments in associates are accounted for using the equity method of accounting,
after initially being recognised at cost.
The Group treats transactions with non-controlling interests that do not result in a loss
of control as equity transactions.
When the Group loses control over a subsidiary, it derecognises the related assets
(including goodwill), liabilities, non-controlling interest and any other components of equity,
while any resulting gain or loss is recognised in profit or loss. Any interest retained in the
former subsidiary is measured at fair value when control is lost.
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2025 Annual Report and Form 20-F
147
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Notes to the consolidated financial statements continued
Foreign currency
The individual financial statements of each subsidiary are presented in the currency of the
primary economic environment in which the subsidiary operates (its functional currency).
For the purpose of the consolidated financial statements, the results and financial position
of each subsidiary are expressed in euros.
Foreign currency transactions are translated into the functional currency using the
exchange rates prevailing at the dates of the transactions. Monetary assets and liabilities
denominated in foreign currencies are remeasured to the functional currency of the entity
at the rate of exchange in effect at the statement of financial position date with the
resulting gain or loss recorded in the consolidated income statement.
The consolidated income statement includes non-operating items which are primarily
comprised of remeasurement gains and losses related to currency exchange rate
fluctuations on financing transactions denominated in a currency other than the
subsidiary’s functional currency. Non-operating items are shown on a net basis and may
reflect the impact of movements in certain derivative instruments that are not designated
as hedging instruments but are utilised to manage various risks.
The assets and liabilities of the Group's foreign operations are translated from local
currencies to the euro reporting currency at exchange rates in effect at the end of each
reporting period. Revenues and expenses are translated at average monthly exchange
rates, with average rates being a reasonable approximation of the rates prevailing on the
transaction dates. Gains and losses from translation are included in other comprehensive
income. On disposal of a foreign operation, accumulated exchange differences are
recognised as a component of the gain or loss on disposal.
The principal exchange rates from local currency to euro used for translation purposes were:
Average for the year ended 31 December
Closing as at 31 December
2025
2024
2023
2025
2024
British pound
1.17
1.18
1.15
1.15
1.21
US dollar
0.89
0.92
0.92
0.85
0.96
Norwegian krone
0.09
0.09
0.09
0.08
0.08
Swedish krona
0.09
0.09
0.09
0.09
0.09
Icelandic krona
0.01
0.01
0.01
0.01
0.01
Australian dollar
0.57
0.61
0.61
0.57
0.60
Indonesian rupiah(A)
0.05
0.06
0.06
0.05
0.06
New Zealand dollar
0.52
0.56
0.57
0.49
0.54
Papua New Guinean kina
0.22
0.24
0.26
0.20
0.24
Philippine peso(B)
0.02
0.02
n/a
0.01
0.02
(A)Indonesian rupiah is shown as 1,000 IDR versus 1 euro.
(B)For the year ended 31 December 2024, the Philippine peso average rate is calculated as the average from
23 February 2024 to 31 December 2024.
Reporting periods
In these consolidated financial statements, the Group is reporting the financial results
for the years ended 31 December 2025, 31 December 2024 and 31 December 2023.
The following table summarises the number of selling days for the years ended
31 December 2025, 31 December 2024 and 31 December 2023 (based on a standard
five day selling week):
First half
Second half
Full year
2025
128
133
261
2024
130
132
262
2023
130
130
260
Comparability
Sales of the Group’s products are seasonal. In Europe, the second and third quarters
typically account for higher unit sales of the Group’s products than the first and fourth
quarters. In the Group’s Asia Pacific territories, the fourth quarter would typically reflect
higher sales volumes in the year. The seasonality of the Group’s sales volume, combined
with the accounting for fixed costs such as depreciation, amortisation, rent and interest
expense, impacts the Group’s reported results for the first and second halves of the year.
Additionally, year over year shifts in holidays, selling days and weather patterns can impact
the Group’s results on an annual or half yearly basis.
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148
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Notes to the consolidated financial statements continued
Note 2
Accounting policies
IFRS 15 - Revenue Recognition and Deductions from Revenue
The Group derives its revenues by making, selling and distributing ready to drink beverages.
The revenue from the sale of products is recognised at the point in time at which control
passes to a customer, typically when products are delivered to a customer. A receivable is
recognised by the Group at the point in time at which the right to consideration becomes
unconditional.
The Group uses various promotional programmes under which rebates, refunds, price
concessions or similar items can be earned by customers for attaining agreed upon
sales levels or for participating in specific marketing programmes. Those promotional
programmes do not give rise to a separate performance obligation. Where the
consideration the Group is entitled to varies because of such programmes, it is deemed
to be variable consideration. The related customer marketing accruals are recognised
as a deduction from revenue and are not considered distinct from the sale of products
to the customer. Variable consideration is only included to the extent that it is highly
probable that the inclusion will not result in a significant revenue reversal in the future.
Financing elements are not deemed present in our contracts with customers, as the
sales are made with credit terms not exceeding normal commercial terms. Taxes on
sugared soft drinks, excise taxes and taxes on packaging are recorded on a gross basis
(i.e. included in revenue) where the Group is the principal in the arrangement. Value added
taxes are recorded on a net basis (i.e. excluded from revenue). The Group assesses these
taxes and duties on a jurisdiction by jurisdiction basis to conclude on the appropriate
accounting treatment.
The rest of the accounting policies applied by the Group are included in the relevant
notes herein.
New and amended standards
The Group has applied the following amendments for the first time in the year ended
31 December 2025:
Amendments to IAS 21 – Lack of Exchangeability (effective for annual periods beginning on or
after 1 January 2025)
In August 2023, the IASB amended IAS 21 to assist entities in the determination of whether
a currency is exchangeable into another currency, and which spot exchange rate to use
when it is not. The amendments also require disclosures that enable the users of financial
information to understand how the currency not being exchangeable to another currency
affects, or is expected to affect, the entity’s financial operations, financial position and
cash flows.
These amendments had no impact on the consolidated financial statements of the Group.
The Group has not early adopted any standards and amendments to accounting standards
that have been issued but are not yet effective. The Group’s assessment of the impact
of these standards and amendments is set out below:
Amendments to IFRS 9 and IFRS 7 – Classification and Measurement of Financial Instruments
(effective for annual periods beginning on or after 1 January 2026)
On 30 May 2024, the IASB issued targeted amendments to IFRS 9 and IFRS 7 to respond
to recent questions arising in practice, and to include new requirements not only for
financial institutions but also for corporate entities. These amendments:
■clarify the date of recognition and derecognition of some financial assets and liabilities,
with a new exception for some financial liabilities settled through an electronic cash
transfer system;
■clarify and add further guidance for assessing whether a financial asset meets the
solely payments of principle and interest (SPPI) criterion;
■add new disclosures for certain instruments with contractual terms that can change
cash flows (such as some financial instruments with features linked to the achievement
of environmental, social and governance targets); and
■update the disclosures for equity instruments designated at fair value through other
comprehensive income (FVOCI).
The Group does not expect these amendments to have a material impact on its operations
or consolidated financial statements.
Amendments to IFRS 9 and IFRS 7 – Contracts Referencing Nature-dependent Electricity
(effective for annual periods beginning on or after 1 January 2026)
In December 2024, the IASB issued Contracts Referencing Nature-dependent Electricity
(Amendments to IFRS 9 and IFRS 7). These amendments:
■clarify the application of the “own-use” requirements;
■permit hedge accounting if these contracts are used as hedging instruments; and
■introduce new disclosure requirements to enable investors to understand the effects
of these contracts on an entity’s financial performance and cash flows.
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Notes to the consolidated financial statements continued
The clarifications regarding the “own-use” requirements must be applied retrospectively,
but the guidance permitting the hedge accounting have to be applied prospectively to new
hedging relations designated on or after the date of initial application.
The Group does not expect these amendments to have a material impact on its operations
or consolidated financial statements.
IFRS 18 – Presentation and Disclosures in Financial Statements (effective for annual periods
beginning on or after 1 January 2027)
In April 2024, the IASB issued IFRS 18, which replaces IAS 1 - Presentation of Financial
Statements. IFRS 18 introduces new requirements for presentation within the income
statement, including specified totals and subtotals. Further, entities are required to
classify all income and expenses within the income statement into one of five categories:
operating, investing, financing, income taxes and discontinued operations, whereof the
first three are new.
It also requires disclosure of management-defined performance measures, subtotals of
income and expenses, and includes new requirements for aggregation and disaggregation
of financial information.
In addition, narrow-scope amendments have been made to IAS 7 - Statement of Cash
Flows, which include changing the starting point for determining the cash flows from
operations under the indirect method, from “profit or loss” to “operating profit or loss” and
removing the optionality around classification of cash flows from dividends and interest.
Even though IFRS 18 will not affect the recognition or measurement of items in the financial
statements, it is expected to have a significant impact on the presentation of the income
statement and related disclosures. The Group has continued to progress its assessment
of the relevant effects of the new standard and is in the process of determining the
specific implications for its consolidated financial statements.
IFRS 19 – Subsidiaries without Public Accountability: Disclosures (effective for annual periods
beginning on or after 1 January 2027)
Issued in May 2024, IFRS 19 allows for certain eligible subsidiaries of parent entities that
report under IFRS Accounting Standards to apply reduced disclosure requirements.
As the Group’s equity instruments are publicly traded, it is not eligible to elect to apply
IFRS 19.
Amendments to IAS 21 - Translation to a Hyperinflationary Presentation Currency (effective for
annual periods beginning on or after 1 January 2027)
In November 2025, the Board issued Translation to a Hyperinflationary Presentation
Currency (Amendments to IAS 21). Under the amendments, when an entity’s functional
currency is not hyperinflationary but its presentation currency is, all amounts, including
comparatives, need to be translated into the presentation currency using the closing rate
at the reporting date.
If both the functional and presentation currencies are hyperinflationary, the entity is
required to restate the comparative information of foreign operations with
non‑hyperinflationary functional currencies using the general price index, in accordance
with IAS 29.
The amendments also introduce additional disclosure requirements.
The Group does not expect these amendments to have an impact on its operations or
consolidated financial statements.
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Notes to the consolidated financial statements continued
Note 3
Significant judgements and estimates
In preparing these consolidated financial statements, management has made judgements
and estimates that affect the application of the Group’s accounting policies and the
reported amounts of assets and liabilities, income and expense. Actual results may differ
from these estimates. Estimates and underlying assumptions are reviewed on an ongoing
basis. Revisions to estimates are recognised prospectively. The significant judgements
made in applying the Group’s accounting policies were applied consistently across the
annual periods.
The significant judgements and key sources of estimation uncertainty that have a
significant effect on the amounts recognised in these financial statements are outlined
below.
Significant judgements
Intangible assets and goodwill
The Group has assigned indefinite lives to its bottling agreements with TCCC. This
judgement has been made after evaluating the contractual provisions of the bottling
agreements, the Group’s mutually beneficial relationship with TCCC and the history of
renewals for bottling agreements.
Refer to Note 6 for further details on the judgement regarding the lives of bottling
agreements.
Significant estimates
Impairment of indefinite lived intangible assets and goodwill
Determining whether goodwill and intangible assets with indefinite lives are impaired,
requires an estimation of the value in use or the fair value less costs to sell of the cash
generating unit (CGU) to which the goodwill and/or intangible assets have been allocated.
The value in use calculation requires management’s estimation of the future cash flows
expected to arise from the CGU, including climate-related risks. Refer to Note 6 for the
sensitivity analysis of the assumptions used in the impairment analysis of goodwill and
intangible assets with indefinite lives.
Deductions from revenue and sales incentives
The Group participates in various promotional programmes with customers designed
to increase the sale of products. Among the programmes are arrangements under which
rebates, refunds, price concessions or similar items can be earned by customers for
attaining agreed upon sales levels, or for participating in specific marketing programmes.
Those promotional programmes do not give rise to a separate performance obligation.
Where the consideration the Group is entitled to varies because of such programmes,
the amount payable is deemed to be variable consideration. Management makes estimates
on an ongoing basis for each individual promotion to assess the value of the variable
consideration based on historical customer experience, the programme’s contractual
terms and the amounts expected to be settled with customers. The related accruals are
recognised as a deduction from revenue and are not considered distinct from the sale
of products to the customer. Refer to Note 15 for further details.
Income tax
The Group is subject to income taxes in numerous jurisdictions and there are many
transactions for which the ultimate tax determination cannot be assessed with certainty in
the ordinary course of business. The Group recognises a provision for situations that might
arise in the foreseeable future based on an assessment of the probabilities as to whether
additional taxes will be due. In addition, the Group is involved in various resolution
processes with tax authorities. Where it is not probable that the taxation authority will
accept the tax treatment, management recognises its best estimate of the resulting
liability measured in line with IFRIC 23. Where the final outcome on these matters is
different from the amounts that were initially recorded, such differences impact the tax
provision in the period in which such determination is made. These estimates are subject to
potential change over time as new facts emerge and each circumstance progresses. The
evaluation of deferred tax asset recoverability requires estimates to be made regarding
the availability of future taxable income in the jurisdiction giving rise to the deferred tax
asset. Refer to Note 21 for further details regarding income taxes.
Defined benefit plans
The determination of pension benefit costs and obligations is estimated based on
assumptions determined with the assistance of external actuarial advice. The key
assumptions impacting the valuations are the discount rate, rate of compensation
increases, inflation rate and mortality rates. Refer to Note 16 for further details about
the Group’s defined benefit pension plan costs and obligations, including sensitivities
to the key assumptions applied.
Note 4
Segment information
Description of segment and principal activities
The Group derives its revenues through a single business activity, which is making, selling
and distributing an extensive range of primarily non-alcoholic ready to drink beverages.
The Group’s Board continues to be its Chief Operating Decision Maker (CODM), which
allocates resources and evaluates performance of its operating segments based on
volume, revenue and comparable operating profit. Comparable operating profit excludes
items impacting the comparability of period over period financial performance.
The following table provides a reconciliation between reportable segment operating profit
and consolidated profit before tax:
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151
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Notes to the consolidated financial statements continued
Year ended 31 December
2025
2024
2023
Europe
APS
Total
Europe
APS
Total
Europe
APS
Total
€ million
€ million
€ million
€ million
€ million
€ million
€ million
€ million
€ million
Revenue
15,404
5,497
20,901
14,971
5,467
20,438
14,553
3,749
18,302
Comparable
operating profit(A)
2,139
669
2,808
2,015
648
2,663
1,888
485
2,373
Items impacting
comparability(B)
(15)
(531)
(34)
Reported operating
profit
2,793
2,132
2,339
Total finance costs,
net
(203)
(187)
(120)
Non-operating items
(21)
(9)
(16)
Reported profit
before tax
2,569
1,936
2,203
(A)Comparable operating profit includes comparable depreciation and amortisation of €613 million and
€279 million for Europe and APS, respectively, for the year ended 31 December 2025. Comparable
depreciation and amortisation charges for the year ended 31 December 2024 totalled €596 million
and €265 million for Europe and APS, respectively. Comparable depreciation and amortisation
charges for the year ended 31 December 2023 totalled €558 million and €196 million for Europe
and APS, respectively.
(B)Items impacting the comparability of period over period financial performance for 2025 primarily include
restructuring charges of €105 million (refer to Note 18), accelerated amortisation charges of €27 million
(refer to Note 6), €6 million of deal and integration costs related to the Acquisition, offset by €30 million
of other income related to the additional consideration received from the sale of a property in Germany
(refer to Note 24), €74 million of other income related to gains on the sales of properties in Germany
and GB (refer to Note 24) and a litigation provision reversal of €19 million (refer to Note 23).
Items impacting the comparability of period over period financial performance for 2024 primarily include
restructuring charges of €264 million (refer to Note 18), €14 million of deal and integration costs related
to the Acquisition, impairment charges of €189 million mainly related to the Group’s Indonesia CGU
(refer to Note 6) and accelerated amortisation charges of €55 million (refer to Note 6).
Items impacting the comparability for 2023 included restructuring charges of €94 million (refer to Note 18)
and accelerated amortisation charges of €27 million (refer to Note 6), partially offset by €18 million of
royalty income arising from the ownership of certain mineral rights in Australia, considerations of €35 million
received relating to the sale of the sub-strata and associated mineral rights in Australia and gains of
€54 million mainly attributable to the sale of property in Germany.
ESRS 2 SBM-1
ESRS
No single customer accounted for more than 10% of the Group’s revenue during the years
ended 31 December 2025, 31 December 2024 and 31 December 2023.
Revenue by geography♦
The following table summarises revenue from external customers by geography, which is
based on the origin of the sale, for the periods presented:
Year ended 31 December
Revenue:
2025
2024
2023
€ million
€ million
€ million
Great Britain
3,470
3,327
3,235
Iberia(A)
3,429
3,398
3,325
Germany
3,203
3,179
3,018
France(B)
2,439
2,322
2,321
Belgium/Luxembourg
1,082
1,070
1,078
Netherlands
833
785
718
Sweden
433
410
398
Norway
427
398
376
Iceland
88
82
84
Total Europe
15,404
14,971
14,553
Australia
2,360
2,475
2,385
Philippines
1,890
1,652
—
New Zealand and Pacific Islands
662
694
679
Indonesia
328
403
458
Papua New Guinea
257
243
227
Total APS
5,497
5,467
3,749
Total CCEP
20,901
20,438
18,302
(A)Iberia refers to Spain, Portugal and Andorra.
(B)France refers to continental France and Monaco.
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2025 Annual Report and Form 20-F
152
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Notes to the consolidated financial statements continued
Assets by geography
Assets are allocated based on operations and physical location. The following table
summarises non-current assets, other than financial instruments, deferred tax assets
and post-employment benefit assets, by geography as at the dates presented:
Year ended 31 December
Assets:
2025
2024
€ million
€ million
Iberia(A)
6,479
6,478
Germany
3,063
3,089
Great Britain
2,486
2,616
France(B)
1,032
1,002
Belgium/Luxembourg
546
563
Netherlands
425
433
Sweden
354
337
Norway
206
212
Iceland
37
40
Other unallocated
577
442
Total Europe
15,205
15,212
Australia
4,580
4,822
Philippines
1,860
2,008
New Zealand and Pacific Islands
1,456
1,603
Papua New Guinea
246
297
Indonesia
193
222
Other unallocated
8
—
Total APS
8,343
8,952
Total CCEP
23,548
24,164
(A)Iberia refers to Spain, Portugal and Andorra.
(B)France refers to continental France and Monaco.
Note 5
Earnings per share
Basic earnings per share is calculated by dividing profit after taxes by the weighted average
number of Shares in issue during the period, after deducting the weighted average number
of treasury shares held. Diluted earnings per share is calculated in a similar manner, but
includes the effect of dilutive securities, principally share options, restricted stock units
and performance share units. Share-based payment awards that are contingently issuable
upon the achievement of specified market and/or performance conditions are included
in the diluted earnings per share calculation based on the number of Shares that would
be issuable if the end of the period was the end of the contingency period.
The following table summarises basic and diluted earnings per share calculations for the
years presented:
Year ended 31 December
2025
2024
2023
Profit after taxes attributable to equity
shareholders (€ million)
1,942
1,418
1,669
Basic weighted average number of Shares
in issue(A) (million)
456
460
459
Effect of dilutive potential Shares(B) (million)
—
1
—
Diluted weighted average number of Shares
in issue(A) (million)
456
461
459
Basic earnings per share(C) (€)
4.26
3.08
3.64
Diluted earnings per share(C) (€)
4.26
3.08
3.63
(A)As at 31 December 2025, 31 December 2024 and 31 December 2023, the Group had 449,086,551,
460,947,057 and 459,200,818 Shares, respectively, in issue. As at 31 December 2025 and 31 December 2024
the Group held 440,588 and 92,564 Shares respectively, that were acquired in the market by Coca-Cola
Europacific Partners plc Employee Benefit Trust (see Note 17), classified as treasury shares for accounting
purposes. The Shares held by the trust are excluded from the calculation of basic and diluted earnings per
share. The Group did not hold any treasury shares as at 31 December 2023.
(B)For the years ended 31 December 2025, 31 December 2024 and 31 December 2023, no outstanding options
to purchase Shares were excluded from the diluted earnings per share calculation. The dilutive impact
of all outstanding options, unvested restricted stock units and unvested performance share units was
included in the effect of dilutive securities.
(C)Basic and diluted earnings per share are calculated prior to rounding.
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2025 Annual Report and Form 20-F
153
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Notes to the consolidated financial statements continued
Note 6
Intangible assets and goodwill
Intangible assets with indefinite lives
Intangible assets with indefinite lives acquired through business combination transactions
are measured at fair value at the date of acquisition. These assets are not subject to
amortisation but are tested for impairment annually at the CGU level or more frequently
if facts and circumstances indicate an impairment may exist. In addition to the annual
impairment test, the assessment of indefinite lives is also reviewed annually.
TCCC franchise intangible assets
The Group’s bottling agreements with TCCC contain performance requirements
and convey the rights to distribute and sell products within specified territories.
The agreements in each territory are for an initial term of 10 years and may be renewed
for successive terms of 10 years. The Group believes that its interdependent relationship
with TCCC and the substantial cost and disruption to TCCC that would be caused by
non-renewal ensure that these agreements will continue to be renewed and, therefore,
are essentially perpetual.
The Group has never had a bottling agreement with TCCC terminated due to non‑performance
of the terms of the agreement or due to a decision by TCCC to terminate an agreement
at the expiration of a term. After evaluating the contractual provisions of the bottling
agreements as at 31 December 2025, the Group’s mutually beneficial relationship with
TCCC and history of renewals, indefinite lives have been assigned to all of the Group’s
TCCC bottling agreements.
Goodwill
Goodwill is initially measured as the excess of the total consideration transferred over
the amount recognised for net identifiable assets acquired and liabilities assumed in
a business combination. If the fair value of the net assets acquired is in excess of the
aggregate consideration transferred, the gain is recognised in the consolidated income
statement as a bargain purchase. Goodwill is not subject to amortisation. It is tested
annually for impairment at the CGU level or more frequently if events or changes
in circumstances indicate that it might be impaired. Goodwill acquired in a business
combination is allocated to the CGU that is expected to benefit from the synergies
of the combination, irrespective of whether a CGU is part of the business combination.
Assets under construction
Assets under construction are carried at cost and are not amortised until they
are available for use. When an asset under construction is ready for its intended use,
it is transferred to the appropriate category of intangible assets, after which
amortisation begins.
Intangible assets with finite lives
Intangible assets with finite lives are measured at cost of acquisition or production and are
amortised using the straight-line method over their respective estimated useful lives. Finite
lived intangible assets are assessed for impairment whenever there is an indication that
they may be impaired. The amortisation period and method are reviewed annually.
Internally generated software
The Group capitalises certain development costs associated with internally developed
software, including external direct costs of materials and services, and payroll costs
for employees devoting time to a software project and any such software acquired as part
of a business combination. Development expenditure is recognised as an intangible asset
only after its technical feasibility and commercial viability can be demonstrated. When
capitalised software is not integral to related hardware, it is treated as an intangible asset;
otherwise it is included within property, plant and equipment. The estimated useful life of
capitalised software is predominantly between five and ten years. Amortisation expense
for capitalised software is included within administrative expenses and was €109 million,
€107 million and €94 million for the years ended 31 December 2025, 31 December 2024
and 31 December 2023, respectively.
Customer relationships
The Group has acquired certain customer relationships in connection with business
combinations. These customer relationships are recorded at fair value on the date
of acquisition, and amortised over an estimated useful life between 17 and 20 years.
Amortisation expense for these assets is included within administrative expenses
and was €12 million, €12 million and €10 million for the years ended 31 December 2025,
31 December 2024 and 31 December 2023, respectively.
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2025 Annual Report and Form 20-F
154
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Notes to the consolidated financial statements continued
Non-TCCC franchise intangible
In connection with the acquisition of Coca-Cola Amatil Limited in 2021, the Group acquired
certain bottling agreements with non-TCCC distribution partners, mainly Beam Suntory,
which contain performance requirements and convey the rights to distribute and sell
products within specified APS territories. The non-TCCC bottling arrangements were
recorded at fair value at the acquisition date and were initially amortised over an expected
useful life of 20 years. On 2 August 2023, the Group announced that CCEP and Beam
Suntory would discontinue their relationship effective 1 July 2025 (Australia) and
1 January 2026 (New Zealand). CCEP remained the exclusive manufacturing, sales and
distribution partner for Beam Suntory in Australia and New Zealand through to the end of
the current contractual terms which expired on 30 June 2025 and 31 December 2025,
respectively. The discontinuance of the relationship triggered a change in the assigned
useful life of the intangible assets effective from the second half of 2023, resulting in an
accelerated amortisation charge of €27 million, €55 million and €27 million recognised for
the years ending 31 December 2025, 31 December 2024 and 31 December 2023,
respectively. As at 31 December 2025, there are no longer any finite lived intangible assets
related to the Beam Suntory distribution rights. Total amortisation expense for these
assets is recognised within administrative expenses amounting to €31 million, €63 million
and €35 million for the years ended 31 December 2025, 31 December 2024 and
31 December 2023, respectively.
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2025 Annual Report and Form 20-F
155
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Notes to the consolidated financial statements continued
Balances and movements in intangible assets and goodwill
The following table summarises the movements in the carrying amounts of intangible assets and goodwill for the periods presented:
TCCC
franchise
intangible
Brands
Software
Customer
relationships
Non-TCCC
franchise
intangible
Assets under
construction
Total
intangibles
Goodwill
€ million
€ million
€ million
€ million
€ million
€ million
€ million
€ million
Cost:
As at 31 December 2023
11,758
32
720
194
142
94
12,940
4,514
Additions
—
—
74
—
—
124
198
—
Acquisition of CCBPI
440
—
—
38
—
—
478
276
Disposals
—
(10)
(35)
—
—
—
(45)
—
Transfers and reclassifications
—
—
45
—
—
(50)
(5)
—
Currency translation adjustments
(51)
—
2
(2)
(4)
4
(51)
(73)
As at 31 December 2024
12,147
22
806
230
138
172
13,515
4,717
Additions
—
—
54
6
—
177
237
—
Disposals
—
—
(24)
—
(127)
—
(151)
—
Transfers and reclassifications
—
—
30
—
—
(24)
6
—
Currency translation adjustments
(348)
(1)
(19)
(6)
(9)
(2)
(385)
(167)
As at 31 December 2025
11,799
21
847
230
2
323
13,222
4,550
Accumulated amortisation and impairment:
As at 31 December 2023
—
—
(426)
(71)
(48)
—
(545)
—
Amortisation expense
—
—
(107)
(12)
(63)
—
(182)
—
Disposals
—
10
35
—
—
—
45
—
Impairment(A)
(67)
(10)
(4)
—
—
(2)
(83)
(30)
Currency translation adjustments
—
—
(5)
1
3
—
(1)
—
As at 31 December 2024
(67)
—
(507)
(82)
(108)
(2)
(766)
(30)
Amortisation expense
—
—
(109)
(12)
(31)
—
(152)
—
Disposals
—
—
24
—
127
—
151
—
Currency translation adjustments
10
—
14
(1)
10
2
35
16
As at 31 December 2025
(57)
—
(578)
(95)
(2)
—
(732)
(14)
Net book value:
As at 31 December 2023
11,758
32
294
123
94
94
12,395
4,514
As at 31 December 2024
12,080
22
299
148
30
170
12,749
4,687
As at 31 December 2025
11,742
21
269
135
—
323
12,490
4,536
(A) Amounts relate to the impairment of the Group’s Indonesia cash generating unit and the impairment of the Feral brand, which was sold during the year ended 31 December 2024.
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156
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Notes to the consolidated financial statements continued
Impairment of indefinite lived intangible assets and goodwill
Each CGU is tested for impairment annually in the fourth quarter or whenever there is an
indication of impairment. The recoverable amount of each CGU is normally determined
through a value in use calculation. To determine value in use for a CGU, estimated future
cash flows are discounted to their present values using a pre-tax discount rate reflective
of the current market conditions and risks specific to each CGU. The projected cash flows
are based on the CGU in its current condition and exclude cash flows arising from future
restructuring or from capital expenditure that would enhance or expand the performance
of the CGU. If the carrying value of a CGU exceeds its recoverable amount, the carrying
value of the CGU is reduced to its recoverable amount and impairment charges are
recognised immediately within the consolidated income statement. Impairment charges
other than those related to goodwill may be reversed in future periods if a subsequent test
indicates that the recoverable amount has increased. Such recoveries may not exceed
a CGU’s original carrying value less any depreciation that would have been recognised
if no impairment charges were previously recorded.
The Group’s CGUs are based on geography and generally represent the individual territories
in which the Group operates. For the purposes of allocating intangibles, each indefinite lived
intangible asset is allocated to the geographic region to which the agreement relates and
goodwill is allocated to each of the CGUs expected to benefit from a business combination,
irrespective of whether other assets and liabilities of the acquired businesses are assigned
to the CGUs.
The following table identifies the carrying value of goodwill and indefinite lived intangible
assets attributable to each significant CGU of the Group. In addition to the significant
CGUs of the Group, as at 31 December 2025, the Group had other CGUs with total indefinite
lived intangible assets of €1,251 million (2024: €1,222 million) and goodwill of €335 million
(2024: €260 million).
Year ended 31 December
2025
2024
Cash generating unit
Indefinite lived
intangible assets
Goodwill
Indefinite lived
intangible assets
Goodwill
€ million
€ million
€ million
€ million
Iberia
4,289
1,275
4,289
1,275
Australia
2,399
1,288
2,510
1,412
Great Britain
1,676
198
1,760
198
Germany
1,060
748
1,060
748
Pacific(A)
704
450
821
518
Philippines
384
242
440
276
(A)Pacific refers to New Zealand and Pacific Islands.
The recoverable amount of each CGU was determined through a value in use calculation,
which uses cash flow projections for a five-year period. These projections reflect the
impact of climate change on our business over the medium to long term, as well as the
mitigating actions and strategies we are undertaking to support our commitment to reach
Net Zero by 2040. The key assumptions used in projecting these cash flows were as follows:
■Growth rate and operating margins: Cash flows were projected based on the Group’s
strategic business plan. Cash flows for the terminal year and beyond were projected
using an inflation-based long-term terminal growth rate between 2.0% and 4.5%.
■Discount rate: A weighted average cost of capital was applied specific to each CGU
as a hurdle rate to discount cash flows. The discount rates represent the current
market assessment of the risks specific to each CGU, taking into consideration the
time value of money and individual risks of the underlying assets that have not been
incorporated in the cash flow estimates. The following table summarises the pre-tax
discount rate attributable to each significant CGU.
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Notes to the consolidated financial statements continued
2025
2024
Pre-tax
discount rate
Pre-tax
discount rate
Cash generating unit
%
%
Iberia
9.3
9.3
Australia
11.8
11.3
Great Britain
9.3
9.3
Germany
9.8
10.1
Pacific(A)
11.3
11.3
Philippines
14.1
13.9
(A)Pacific refers to New Zealand and Pacific Islands.
The Group’s Iberia, Australia, Great Britain and Germany CGUs have substantial
headroom when comparing the value in use calculation of the CGU versus the CGU’s
total carrying value.
For the Group’s Pacific CGU, the headroom in the 2025 impairment analysis was
approximately 20% of total carrying value. The Group estimates that a 1.6% reduction
in the terminal growth rate or a 1.2% increase in the discount rate, each in isolation,
would eliminate existing headroom in Pacific.
For the Group’s Philippines CGU, the headroom in the 2025 impairment analysis was
approximately 16% of total carrying value. The Group estimates that a 1.2% reduction in
the terminal growth rate or a 0.9% increase in the discount rate, each in isolation, would
eliminate existing headroom in Philippines.
Note 7
Property, plant and equipment
Property, plant and equipment is recorded at cost, net of accumulated depreciation and
accumulated impairment losses, where cost is the amount of cash or cash equivalents
paid to acquire an asset at the time of its acquisition or construction. Major property
additions, replacements and improvements are capitalised, while maintenance and repairs
that do not extend the useful life of an asset or add new functionality are expensed as
incurred. Land and assets under construction are not depreciated. Land is considered
to have an indefinite useful life and therefore is not subject to depreciation. Assets under
construction are carried at cost and are not depreciated until they are available for use.
When an asset under construction is ready for its intended use, it is transferred to the
appropriate category of property, plant and equipment, after which depreciation begins.
All other items of property, plant and equipment are depreciated on a straight-line basis
over their estimated useful lives as follows:
Useful life (years)
Category
Low
High
Buildings and improvements
10
40
Machinery, equipment and containers
3
20
Cold drink equipment
2
12
Vehicle fleet
3
12
Furniture and office equipment
3
10
Gains or losses arising on the disposal or retirement of an asset are determined as the
difference between the carrying amount of the asset and any proceeds from its sale.
Leasehold improvements are amortised using the straight-line method over the shorter
of the remaining lease term or the estimated useful life of the improvement.
The Group assesses, at each reporting date, whether there is an indication that an asset
may be impaired. If any indication exists, an impairment test is performed to estimate the
potential loss of value that may reduce the recoverable amount of the asset to below
its carrying amount. Any impairment loss is recognised within the consolidated income
statement by the amount which the carrying amount exceeds the recoverable amount.
Useful lives and residual amounts are reviewed annually and adjustments are made
prospectively as required.
For property, plant and equipment, the Group assesses annually whether there is an indication
that previously recognised impairment losses no longer exist or have decreased. If such
an indication exists, a previously recognised impairment loss is reversed only if there has
been a change in the assumptions used to determine the asset’s recoverable amount since
the last impairment loss was recognised and only up to the recoverable amount or the original
carrying amount net of depreciation that would have been incurred had no impairment losses
been recognised.
The transition to a low-carbon economy may impact the carrying value and remaining
useful lives of the Group’s property, plant and equipment. The Group continues to invest
in more efficient, cleaner and more technologically advanced assets, however, the
significant majority of the Group’s assets currently in operation are likely to be substantially
depreciated ahead of our Net Zero 2040 target, as set out in our Strategic Report.
In addition, the Group continuously monitors the latest developments in government
legislation in relation to climate-related risks. Currently, no legislation has been passed
that will materially impact the carrying value and remaining useful lives of the Group.
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2025 Annual Report and Form 20-F
158
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Notes to the consolidated financial statements continued
The Group leases land, office and warehouse property, computer hardware, machinery and
equipment, and vehicles under non-cancellable lease agreements, most of which expire
at various dates through to 2030. The Group includes right of use assets within property,
plant and equipment. Right of use assets are initially measured at cost, comprising the
initial measurement of the lease liability, plus any direct costs and an estimate of asset
retirement obligations, less lease incentives. Subsequently, right of use assets are
measured at cost, less accumulated depreciation and any accumulated impairment
losses. Depreciation is calculated on a straight-line basis over the term of the lease.
The Group does not separate lease from non-lease components for each of its lease
categories, except for property leases. All low value leases with total minimum lease
payments under €5,000 and leases with a term less than 12 months are expensed
on a straight-line basis.
Extension and termination options are included in a number of property and equipment
leases across the Group and are used to maximise operational flexibility in terms of managing
contracts. Extension options (or periods after termination options) are only included in the
lease term if the Group has an enforceable right to extend or terminate the lease and is
reasonably certain to do so.
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159
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Notes to the consolidated financial statements continued
The following table summarises the movement in net book value for property, plant and equipment for the periods presented:
Land
Buildings and
improvements
Machinery,
equipment and
containers
Cold drink equipment
Vehicle fleet
Furniture
and office equipment
Assets under
construction
Total
€ million
€ million
€ million
€ million
€ million
€ million
€ million
€ million
Cost:
As at 31 December 2023
657
2,586
3,886
1,161
349
195
389
9,223
Acquisition of CCBPI
464
117
446
7
5
2
43
1,084
Additions
62
65
228
96
102
12
349
914
Disposals
(1)
(23)
(187)
(145)
(76)
(43)
—
(475)
Transfers to assets held for sale
(16)
(12)
—
—
—
—
—
(28)
Transfers to investment property
(33)
—
—
—
—
—
—
(33)
Transfers and reclassifications
1
70
181
69
2
19
(337)
5
Currency translation adjustments
(5)
1
21
(11)
1
(1)
(2)
4
As at 31 December 2024
1,129
2,804
4,575
1,177
383
184
442
10,694
Additions
7
126
215
113
83
13
305
862
Disposals
—
(33)
(213)
(101)
(70)
(25)
—
(442)
Transfers to assets held for sale
(25)
(39)
(6)
—
—
—
—
(70)
Transfers to investment property
(9)
(3)
—
—
—
—
—
(12)
Transfers and reclassifications
1
96
242
32
3
10
(390)
(6)
Currency translation adjustments
(99)
(75)
(153)
(17)
(2)
(4)
(9)
(359)
As at 31 December 2025
1,004
2,876
4,660
1,204
397
178
348
10,667
Accumulated depreciation and impairment:
As at 31 December 2023
—
(952)
(1,844)
(791)
(167)
(125)
—
(3,879)
Depreciation expense
—
(149)
(396)
(111)
(69)
(26)
—
(751)
Disposals
—
22
180
140
71
42
—
455
Impairment(A)
—
(27)
(31)
(4)
—
(2)
(12)
(76)
Transfers to assets held for sale
—
6
—
—
—
—
—
6
Transfers and reclassifications
—
(1)
17
(14)
—
(2)
—
—
Currency translation adjustments
—
(4)
(17)
5
—
1
—
(15)
As at 31 December 2024
—
(1,105)
(2,091)
(775)
(165)
(112)
(12)
(4,260)
Depreciation expense
—
(149)
(403)
(117)
(77)
(25)
—
(771)
Disposals
—
28
211
99
60
25
—
423
Transfers to assets held for sale
—
16
4
—
—
—
—
20
Currency translation adjustments
—
20
46
6
1
3
—
76
As at 31 December 2025
—
(1,190)
(2,233)
(787)
(181)
(109)
(12)
(4,512)
Net book value:
As at 31 December 2023
657
1,634
2,042
370
182
70
389
5,344
As at 31 December 2024
1,129
1,699
2,484
402
218
72
430
6,434
As at 31 December 2025
1,004
1,686
2,427
417
216
69
336
6,155
(A) Amounts relate to the impairment of the Group’s Indonesia cash generating unit and the impairment of the Feral brand, which was sold during the year ended 31 December 2024.
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2025 Annual Report and Form 20-F
160
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Notes to the consolidated financial statements continued
Right of use assets
The following table summarises the net book value of right of use assets included within
property, plant and equipment:
Year ended 31 December
2025
2024
€ million
€ million
Buildings and improvements
415
405
Vehicle fleet
203
206
Machinery, equipment and containers
58
80
Total
676
691
Total additions to right of use assets during 2025 were €184 million (2024: €186 million).
The following table summarises depreciation charges relating to right of use assets for the
periods presented:
Year ended 31 December
2025
2024
€ million
€ million
Buildings and improvements
70
66
Vehicle fleet
73
64
Machinery, equipment and containers
28
33
Furniture and office equipment
—
1
Total
171
164
During the years ended 31 December 2025 and 31 December 2024, the total expense
relating to low value and short-term leases was €31 million and €29 million, respectively,
which is primarily included in administrative expenses.
The Group does not have any residual value guarantees in relation to its leases.
As at 31 December 2025, the total value of lease extension and termination options
included within right of use assets was €35 million (2024: €26 million).
The Group incurred variable lease expenses of €128 million in 2025 (2024: €129 million), primarily
included in selling and distribution expenses. This amount mainly consists of the variable
component of lease payments for product transportation services in Australia and New
Zealand, whereby these components are dependent on various factors such as the
number of cases of product delivered, number of trips and pallets.
Note 8
Investment property
Investment property consists of land and buildings held primarily for earning rental
income, capital appreciation or both. These properties are not used by the Group in the
ordinary course of business. The Group applies the cost model for measuring investment
property. Under the cost model, investment property is initially recognised at cost.
Subsequently, it is depreciated on a straight-line basis over the assigned useful life
(consistent with owner-occupied property).
The Group assesses at each reporting date whether there is an indication that an asset
may be impaired. If any indication exists, an impairment test is performed to estimate
the potential loss of value that may reduce the recoverable amount of the asset to below
its carrying amount. Any impairment loss is recognised within the consolidated income
statement by the amount which the carrying amount exceeds the recoverable amount.
Investment property is derecognised when it has been disposed of or when it is
permanently withdrawn from use and no further economic benefit is expected from
its disposal. The difference between the net disposal proceeds and the carrying amount
of the asset is recognised in the Group’s consolidated income statement in the period
of derecognition.
Transfers are made to (or from) investment property when there is a change in use.
The following tables illustrate the net book value and the reconciliation of the carrying
amount of the Group’s investment property as at 31 December 2025 and
31 December 2024:
Year ended 31 December
2025
2024
€ million
€ million
At cost
110
73
Accumulated depreciations and impairment losses
(24)
—
Net book value
86
73
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161
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Notes to the consolidated financial statements continued
2025
2024
€ million
€ million
Net book value at beginning of year
73
—
Acquisition of CCBPI
—
46
Transfers from property, plant and equipment
12
33
Transfers from/(to) assets held for sale
9
(6)
Currency translation adjustments
(8)
—
Net book value at end of year
86
73
As at 31 December 2025 and 31 December 2024, the carrying value of investment property
was €86 million and €73 million, respectively.
No impairments were recognised during the year ended 31 December 2025 and
31 December 2024.
The fair value of the investment property as at 31 December 2025 amounted to
approximately €100 million (31 December 2024: €86 million). The fair value of investment
property was determined by external, independent property valuers, having the
appropriate recognised professional qualifications and recent experience in the location
and category of property being valued. The valuation was conducted in accordance with
the International Valuation Standards and is generally based on the market approach.
At the end of each reporting period, the Group updates its assessment of the fair value of
its investment property, taking into consideration the most recent independent valuations.
The best evidence of fair value is current prices in an active market for similar properties.
Where such information is unavailable, the Group considers information from a variety of
sources including recent prices in less active markets for similar properties, adjusted to
reflect existing differences. The resulting fair value measurements for all assets forming
part of the Group’s investment property have been categorised within Level 3 of the fair
value hierarchy.
The Group has no restrictions on the realisability of its investment property and no
contractual obligations to purchase, construct or develop investment property or for
repairs, maintenance and enhancements.
During the year ended 31 December 2025, the Group did not hold any rental income‑generating
investment property, and as such, no rental income has been recognised in the Group’s
consolidated income statement (2024: nil; 2023: nil). Direct operating expenses (including repairs
and maintenance but excluding depreciation expense) arising from non-rental income-
generating investment property amounted to nil for 2025 (2024: nil; 2023: nil).
Note 9
Inventories
Inventories are valued at the lower of cost or net realisable value and cost is determined
using the first-in, first-out (FIFO) method. Net realisable value is the estimated selling price
in the ordinary course of business, less the estimated costs necessary to complete
and sell the inventory. Inventories consist of raw materials, supplies (primarily including
concentrate, other ingredients and packaging) and finished goods, which also include direct
labour, indirect production and overhead costs. Cost includes all costs incurred to bring
inventories to their present location and condition. Cost of inventories also includes
the transfer from equity of gains and/or losses on qualified cash flow hedges relating
to inventory purchases. Spare parts, classified and accounted as inventories, are recorded
as assets at the time of purchase and are expensed as utilised.
The following table summarises the inventory outstanding in the consolidated statement of
financial position as at the dates presented:
Year ended 31 December
2025
2024
€ million
€ million
Finished goods
804
839
Raw materials and supplies
549
585
Spare parts and other
194
184
Total inventories
1,547
1,608
The amount of inventories recognised as an expense during 2025 was €10,521 million
(2024: €10,487 million, 2023: €9,484 million), included within cost of sales. Write downs
of inventories totalled €52 million, €67 million and €59 million for the years ended
31 December 2025, 31 December 2024 and 31 December 2023, respectively. The majority
of these write downs were included in cost of sales in the consolidated income statement.
None of these write downs of inventory were subsequently reversed.
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2025 Annual Report and Form 20-F
162
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Notes to the consolidated financial statements continued
Note 10
Trade accounts receivable
The Group sells its products to retailers, wholesalers and other customers and extends
credit, generally without requiring collateral, based on an evaluation of the customer’s
financial condition. While the Group has a concentration of credit risk in the retail sector,
this risk is mitigated due to the diverse nature of the customers the Group serves, including,
but not limited to, their type, geographic location, size and beverage channel.
Trade accounts receivable are initially recognised at their transaction price and
subsequently measured at amortised cost less provision for impairment. Typically,
accounts receivable have terms of 30 to 60 days and do not bear interest. The Group
applies an expected credit loss reserve methodology to assess possible impairments.
Balances are considered for impairment on an individual basis rather than by reference
to the extent that they become overdue. The Group considers factors such as delinquency
in payment, financial difficulties, payment history of the debtor and certain forward-looking
macroeconomic indicators. The carrying amount of trade accounts receivable is reduced
through the use of an allowance account, and the amount of the loss is recognised in the
consolidated income statement. Credit insurance on a portion of the accounts receivable
balance is also carried. Refer to Note 27 for further details on credit risk management.
As a result of continued recession risk across our European territories, the Group
supplements its existing credit loss reserve methodology to include an incremental loss
allowance for those receivable balances that were deemed to be higher risk in the current
environment. The incremental allowance is included within allowance for doubtful
accounts below, as at 31 December 2025 and 31 December 2024.
The following table summarises the trade accounts receivable outstanding in the
consolidated statement of financial position as at the dates presented:
Year ended 31 December
2025
2024
€ million
€ million
Trade accounts receivable, gross
2,743
2,622
Allowance for doubtful accounts
(58)
(58)
Total trade accounts receivable
2,685
2,564
The following table summarises the ageing of trade accounts receivable, net of allowance
for doubtful accounts, in the consolidated statement of financial position as at the
dates presented:
Year ended 31 December
2025
2024
€ million
€ million
Not past due
2,465
2,409
Past due 1 – 30 days
108
91
Past due 31 – 60 days
20
14
Past due 61 – 90 days
8
12
Past due 91 – 120 days
49
9
Past due 121+ days
35
29
Total trade accounts receivables
2,685
2,564
The following table summarises the change in the allowance for doubtful accounts for the
periods presented:
Allowance for
doubtful accounts
€ million
As at 31 December 2023
(54)
Provision for impairment recognised during the year
(11)
Receivables written off during the year as uncollectable
3
Reversals
4
Currency translation adjustments
—
As at 31 December 2024
(58)
Provision for impairment recognised during the year
(10)
Receivables written off during the year as uncollectable
4
Reversals
7
Currency translation adjustments
(1)
As at 31 December 2025
(58)
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163
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Notes to the consolidated financial statements continued
Note 11
Cash and cash equivalents and short-term investments
Cash and cash equivalents
Cash and cash equivalents are comprised of cash and short-term, highly liquid financial
instruments, including investments in money market funds, with maturity dates of less than
three months when acquired that are readily convertible to cash and are subject to an
insignificant risk of changes in value. Counterparties and instruments used to hold the
Group’s cash and cash equivalents are continually assessed, with a focus on preservation
of capital and liquidity.
The following table summarises the cash and cash equivalents outstanding in the
consolidated statement of financial position as at the dates presented:
Year ended 31 December
2025
2024
€ million
€ million
Cash at banks and on hand
529
611
Short-term deposits and securities
389
952
Total cash and cash equivalents
918
1,563
Cash and cash equivalents are held in the following currencies as at the dates presented:
Year ended 31 December
2025
2024
€ million
€ million
Euro
130
268
British pound
233
497
US dollar
50
51
Norwegian krone
99
57
Swedish krona
31
13
Australian dollar
202
358
Indonesian rupiah
44
123
Papua New Guinean kina
37
36
Philippine peso
20
25
Other
72
135
Total cash and cash equivalents
918
1,563
Included within cash and cash equivalents as at 31 December 2025 and 31 December 2024
were Papua New Guinea cash assets of €37 million and €36 million, respectively,
denominated in local currency (kina). Government-imposed currency controls impact the
extent to which the cash held in Papua New Guinea can be converted into foreign currency
and remitted for use elsewhere in the Group.
As at 31 December 2025, the Group’s Employee Benefit Trust held no cash or cash
equivalents, whereas at 31 December 2024 it held €10 million (refer to Note 17). These funds
can be solely used for the purchases of CCEP Shares to satisfy the Group’s award
requirements under its current and future share-based compensation plans.
There were no other material restrictions on the Group’s cash and cash equivalents.
Short-term investments
Short-term investments are financial assets that are initially recognised at fair value
and subsequently measured at amortised cost. The Group classifies its financial assets
as measured at amortised cost only if both of the following criteria are met:
■the asset is held within a business model whose objective is to collect the contractual
cash flows; and
■the contractual terms give rise to cash flows that are solely payments of principal
and interest.
The short-term investment balance is comprised of time deposits and treasury bills,
with maturity dates of greater than three months and less than one year when acquired,
which do not meet the definition of cash and cash equivalents, and are expected to be
held until maturity. These are highly liquid investments and, due to their short-term nature,
their carrying amount is not significantly different from the fair values.
As at 31 December 2025, short-term investments were €39 million (2024: €150 million),
of which nil were denominated in Papua New Guinea kina (2024: €18 million).
Kina‑denominated investments are subject to government-imposed currency controls
which impact the extent to which these investments, upon maturity, can be converted
into foreign currency and remitted for use elsewhere in the Group.
Cash receipts arising from the interest earned on cash and cash equivalents and
short‑term investments were €61 million, €74 million and €58 million for the years
ended 31 December 2025, 31 December 2024, and 31 December 2023, respectively.
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2025 Annual Report and Form 20-F
164
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Notes to the consolidated financial statements continued
Note 12
Fair values
Fair value measurements
All assets and liabilities for which fair value is measured or disclosed in the financial statements
are categorised within the fair value hierarchy. This is described as one of the following, based
on the lowest-level input that is significant to the fair value measurement as a whole:
■Level 1 – Quoted prices in active markets for identical assets or liabilities.
■Level 2 – Observable inputs other than quoted prices included in Level 1. The Group values
assets and liabilities included in this level using dealer and broker quotations, certain pricing
models, bid prices, quoted prices for similar assets and liabilities in active markets or other
inputs that are observable or can be corroborated by observable market data.
■Level 3 – Unobservable inputs that are supported by little or no market activity and that are
significant to the fair value of the assets or liabilities. This includes certain pricing models,
discounted cash flow methodologies and similar techniques that use significant
unobservable inputs.
The following table provides the carrying amounts and fair values of the Group's financial assets
and liabilities, including their levels in the fair value hierarchy. It does not include fair value
information for financial assets and liabilities not measured at fair value if the carrying amount
is a reasonable approximation of fair value.
As at 31 December 2025
Carrying
amount
Level 1
Level 2
Level 3
Total fair
value
€ million
€ million
€ million
€ million
€ million
Financial assets measured at
fair value
Cash and cash equivalents (A)
115
115
—
—
115
Derivatives
Note 13
118
—
118
—
118
Equity investments at fair value
through other comprehensive
income
Note 26
21
—
—
21
21
Financial liabilities measured at
fair value
Derivatives
Note 13
246
—
246
—
246
Financial liabilities not
measured at fair value
Borrowings
Note 14
10,694
—
10,129
—
10,129
As at 31 December 2024
Carrying
amount
Level 1
Level 2
Level 3
Total fair
value
€ million
€ million
€ million
€ million
€ million
Financial assets measured at
fair value
Cash and cash equivalents (A)
241
241
—
—
241
Derivatives
Note 13
200
—
200
—
200
Equity investments at fair
value through other
comprehensive income
Note 26
14
—
—
14
14
Financial liabilities measured
at fair value
Derivatives
Note 13
206
—
206
—
206
Financial liabilities not
measured at fair value
Borrowings
Note 14
11,331
—
10,680
—
10,680
(A)The amount is comprised of investments in money market funds which are classified as financial assets at fair value
through profit or loss, as these do not meet the solely payments of principle and interest (SPPI) criterion.
The fair values of the Group’s cash and cash equivalents, short-term investments, trade
accounts receivable, amounts receivable from related parties, trade and other payables
and amounts payable to related parties approximate their carrying amounts due to their
short-term nature.
The fair values of the Group’s borrowings are estimated based on borrowings with similar
maturities, credit quality and current market interest rates. These are categorised within Level 2
of the fair value hierarchy, as the Group uses certain pricing models and quoted prices for similar
liabilities in active markets in assessing their fair values. Refer to Note 14 for further details
regarding the Group’s borrowings. The Group’s derivative assets and liabilities are carried at fair
value both upon initial recognition and subsequently. The fair value is determined using a variety
of valuation techniques, depending on the specific characteristics of the hedging instrument,
taking into account credit risk. The fair value of the Group’s derivative contracts (including
forwards, options, futures, cross currency swaps and interest rate swaps) is determined using
standard valuation models. The significant inputs used in these models are readily available
in public markets or can be derived from observable market transactions and, therefore, the
derivative contracts have been classified as Level 2. Inputs used in these standard valuation
models include the applicable spot, forward and discount rates.
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165
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Notes to the consolidated financial statements continued
The standard valuation model for the option contracts also includes implied volatility,
which is specific to individual options and is based on rates quoted from a widely used
third party resource. Refer to Note 13 for further details about the Group’s derivatives.
Assets valued using Level 3 techniques include €21 million (2024: €14 million) relating
to certain unlisted equity investments, which are immaterial both individually and in the
aggregate. Valuation techniques are specific to each investment and involve the use of
unobservable inputs. Changes in equity investments for the year ended 31 December 2025
were due to additional investments in existing investees and the acquisition of new
investments. No gains or losses have been recognised in other comprehensive income
for the years ended 31 December 2025 and 31 December 2024.
For the fair value measurement and categorisation of the Group’s investment property
refer to Note 8.
For assets and liabilities that are recognised in the financial statements on a recurring
basis, the Group determines whether transfers have occurred between levels in the
hierarchy by reassessing categorisation at the end of each reporting period. There have
been no transfers between levels during the periods presented.
Note 13
Hedging activities
Derivative financial instruments
The Group utilises derivative financial instruments to mitigate its exposure to certain
market risks associated with its ongoing operations. The primary risks that it seeks to
manage through the use of derivative financial instruments include currency exchange risk,
commodity price risk and interest rate risk.
All derivative financial instrument assets and liabilities are recorded at fair value in the
consolidated statement of financial position. The Group does not use derivative financial
instruments for trading or speculative purposes, and all hedge ratios are on a 1:1 basis.
At the inception of a hedge transaction, the Group documents the relationship between
the hedging instrument and the hedged item, as well as its risk management objective
and strategy for undertaking the hedge transaction.
This process includes linking the derivative financial instrument designated as a hedging
instrument to the specific asset, liability, firm commitment or forecasted transaction.
Refer to Note 27 for further details about the Group’s risk management strategy and
objectives. Both at the hedge inception and on an ongoing basis, the Group assesses
and documents whether the derivative financial instrument used in the hedging
transaction is highly effective in maintaining the risk management objectives. Where critical
terms match, the Group uses a qualitative assessment to ensure initial and ongoing
effectiveness criteria. Hedge accounting is discontinued when the hedging instrument
expires or is sold, terminated, exercised or no longer qualifies for hedge accounting. At that
time, any cumulative gain or loss on the hedging instrument recognised in equity is retained
in equity until the forecasted transaction occurs. If the hedged transaction is no longer
expected to occur, the net cumulative gain or loss recognised in equity is transferred
to the income statement.
While certain derivative financial instruments are designated as hedging instruments,
the Group may also enter into derivative financial instruments that are designed to hedge
a risk but are not designated as hedging instruments (referred to as an economic hedge
or a non-designated hedge). The decision regarding whether or not to designate a hedge
for hedge accounting is made by management considering the size, purpose and tenure
of the hedge, as well as the anticipated ability to achieve and maintain the Group’s risk
management objective.
The Group is exposed to counterparty credit risk on all of its derivative financial
instruments. It has established and maintained strict counterparty credit guidelines
and enters into hedges only with financial institutions that are investment grade or better.
It continuously monitors counterparty credit risk and utilises numerous counterparties
to minimise its exposure to potential defaults.
The following table summarises the fair value of the assets and liabilities related
to derivative financial instruments and the respective line items in which they were
recorded in the consolidated statement of financial position as at the dates presented.
All derivative instruments are classified as Level 2 within the fair value hierarchy.
Discussion of the Group’s other financial assets and liabilities is contained elsewhere
in these financial statements. Refer to Note 10 for trade accounts receivable, Note 15
for trade and other payables, Note 14 for borrowings and Note 20 for amounts receivable
and payable with related parties.
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Notes to the consolidated financial statements continued
Hedging instrument
Location – statement of financial position
Year ended 31 December
2025
2024
€ million
€ million
Assets:
Derivative financial assets:
Commodity contracts
Non-current derivative
assets
9
9
Foreign currency contracts
Non-current derivative
assets
1
9
Interest rate and cross
currency swaps
Non-current derivative
assets
24
80
Commodity contracts
Current derivative assets
59
52
Foreign currency contracts
Current derivative assets
10
50
Other derivative instruments
Current derivative assets
15
—
Total assets
118
200
Liabilities:
Derivative financial liabilities:
Commodity contracts
Non-current derivative
liabilities
42
46
Foreign currency contracts
Non-current derivative
liabilities
5
—
Interest rate and cross
currency swaps
Non-current derivative
liabilities
100
115
Commodity contracts
Current derivative liabilities
72
37
Foreign currency contracts
Current derivative liabilities
27
8
Total liabilities
246
206
Cash flow hedges
The Group uses cash flow hedges to mitigate its exposure to variability in cash flows
attributable to currency fluctuations and commodity price fluctuations associated with
certain highly probable forecasted transactions, including purchases of raw materials,
finished goods and services denominated in non-functional currencies, the receipts
of interest as well as the payments of interest and principal on debt issuances in
non‑functional currencies.
Effective changes in the fair value of these cash flow hedging instruments are recognised
as a component of other reserves in the consolidated statement of changes in equity.
Any changes in the fair value of these cash flow hedges that are the result of
ineffectiveness are recognised immediately in the line item in the consolidated income
statement that is consistent with the nature of the underlying hedged item. Historically,
the Group has not experienced, and does not expect to experience, material hedge
ineffectiveness with the value of the hedged instrument equalling that of the hedged item.
If the hedged cash flow results in a subsequent recognition of a non-financial asset
or liability, the gains and/or losses accumulated in equity are included in the measurement
of the cost of the asset or liability. For other cash flow hedges, the amounts deferred
in equity are then recognised within the line item in the consolidated income statement
that is consistent with the nature of the underlying hedged item in the period that the
forecasted purchases or payments impact earnings.
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Notes to the consolidated financial statements continued
The following table summarises the Group’s outstanding cash flow hedges by risk category
as at the dates presented (all contracts denominated in a foreign currency have been
converted into euro using the respective year end spot rate):
Notional maturity profile
Total
Less than
1 year
1 to 3 years
3 to 5 years
Over 5 years
Cash flow hedges
€ million
€ million
€ million
€ million
€ million
Deal contingent foreign currency
forwards
636
636
—
—
—
Foreign currency contracts
1,105
980
125
—
—
Interest rate and cross currency
swaps
1,306
602
—
520
184
Commodity contracts
1,441
829
588
9
15
As at 31 December 2023
4,488
3,047
713
529
199
Foreign currency contracts
1,460
1,196
264
—
—
Interest rate and cross currency
swaps
696
—
416
101
179
Commodity contracts
1,662
889
635
121
17
As at 31 December 2024
3,818
2,085
1,315
222
196
Foreign currency contracts
1,240
937
303
—
—
Interest rate and cross currency
swaps
683
—
512
114
57
Commodity contracts
1,131
749
366
8
8
As at 31 December 2025
3,054
1,686
1,181
122
65
The net notional amount of outstanding interest rate and cross currency swaps used to
hedge interest rate risk and currency fluctuations of non-functional currency borrowings
was €0.7 billion as at 31 December 2025, €0.7 billion as at 31 December 2024 and €1.3 billion
as at 31 December 2023. The net notional amount of the other outstanding foreign
currency cash flow hedges was €1.2 billion as at 31 December 2025, €1.5 billion as at
31 December 2024 and €1.1 billion as at 31 December 2023. The net notional amount of
outstanding commodity-related cash flow hedges was €1.1 billion as at 31 December 2025,
€1.7 billion as at 31 December 2024 and €1.4 billion as at 31 December 2023.
Outstanding cash flow hedges as at 31 December 2025 are expected to be settled
between 2026 and 2036.
The following table provides a reconciliation by risk category of the net of tax impacts on
the cash flow hedge reserve disclosed in Note 17, resulting from cash flow hedge accounting:
Foreign
currency
contracts
Commodity
contracts
Interest rate
and cross
currency
swaps
Total
Cash flow hedges
€ million
€ million
€ million
€ million
As at 1 January 2023
20
79
5
104
Net fair value gains/(losses) recognised in OCI
(26)
67
(3)
38
Net (gains) reclassified from OCI to income
statement
(1)
(17)
(10)
(28)
Net (gains)/losses transferred to cost of
inventories
11
(94)
—
(83)
As at 31 December 2023
4
35
(8)
31
Net fair value gains/(losses) recognised in OCI
41
(27)
8
22
Net (gains) reclassified from OCI to income
statement
—
(6)
(4)
(10)
Net (gains)/losses transferred to cost of
inventories
5
(18)
—
(13)
Net losses transferred to goodwill in connection
with the Acquisition
2
—
—
2
As at 31 December 2024
52
(16)
(4)
32
Net fair value gains/(losses) recognised in OCI
(56)
(18)
13
(61)
Net (gains)/losses reclassified from OCI to
income statement
1
1
(3)
(1)
Net losses transferred to cost of inventories
8
1
—
9
As at 31 December 2025
5
(32)
6
(21)
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168
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Notes to the consolidated financial statements continued
The following table summarises the net of tax effect of the cash flow hedges in the
consolidated income statement for the periods presented:
Cash flow hedging instruments
Location – Income statement
Amount of gain/(loss) reclassified
from the cash flow hedge reserve into profit
Year ended 31 December
2025
2024
2023
€ million
€ million
€ million
Foreign currency
contracts
Cost of sales
—
—
1
Foreign currency
contracts
Selling and
distribution expenses
(1)
—
—
Commodity contracts
Selling and
distribution expenses
(1)
6
17
Interest rate and cross
currency swaps
Finance costs
3
4
10
Total
1
10
28
Ineffectiveness associated with these cash flow hedges was not material during any year
presented within these financial statements.
Fair value hedges
The Group has designated certain cross currency swaps used to mitigate foreign currency
exchange risk and interest rate risk on foreign currency borrowings as fair value hedges.
There is an economic relationship between the hedged item and the hedging instrument,
as the terms of the cross currency swap contracts match the terms of the fixed rate
borrowings. The Group has established a hedge ratio of 1:1 for the hedging relationship.
The Group also designates foreign currency contracts as fair value hedges to mitigate
foreign currency exchange risk.
The following table summarises the Group’s outstanding fair value hedges by risk category
as at the dates presented (all contracts denominated in a foreign currency have been
converted into euro using the respective year end spot rate):
Less than
1 year
1 to 3 years
3 to 5 years
Over 5 years
Fair value hedges
Total
€ million
€ million
€ million
€ million
Interest rate and cross currency swaps
1,159
—
275
450
434
As at 31 December 2023
1,159
—
275
450
434
Interest rate and cross currency swaps
1,154
—
500
225
429
Foreign currency contracts
13
13
—
—
—
As at 31 December 2024
1,167
13
500
225
429
Interest rate and cross currency swaps
972
100
450
150
272
Foreign currency contracts
10
10
—
—
—
As at 31 December 2025
982
110
450
150
272
The net notional amount of outstanding interest rate and cross currency swaps designated
in a fair value hedge relationship with borrowings was €972 million as at 31 December 2025,
€1,154 million as at 31 December 2024 and €1,159 million as at 31 December 2023.
The following table summarises the gains/(losses) recognised from the settlement of fair value
hedges within the consolidated income statement for the periods presented:
Fair value hedges
Location – Income
statement
Year ended 31 December
2025
2024
2023
€ million
€ million
€ million
Interest rate and cross
currency swaps
Finance costs
(24)
(36)
(30)
Total
(24)
(36)
(30)
The carrying value of the hedged item recognised within borrowings as at
31 December 2025 was €891 million (31 December 2024: €1,076 million), and included
accumulated fair value hedging adjustments of €33 million reducing borrowings
(31 December 2024: €74 million reduction in borrowings).
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2025 Annual Report and Form 20-F
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Notes to the consolidated financial statements continued
Non-designated hedges
The Group periodically enters into derivative instruments to manage various risks; however,
these are not designated as hedging instruments, and therefore no hedge accounting is
applied. These include short-term derivatives used to mitigate currency-related cash flow
exposures on items such as short-term intercompany loans and certain non-functional
currency cash equivalents, as well as derivatives used to hedge specific balance sheet
exposures and commodity positions. All such instruments are measured at fair value, with
changes recognised in the consolidated income statement each reporting period.
There were no outstanding non-designated foreign currency hedges related to hedging
foreign currency exposure on intercompany loans as at 31 December 2025. There were
€206 million outstanding non-designated hedges as at 31 December 2024.
There were €24 million of outstanding non-designated commodity hedges entered into
as part of a power purchase agreement as at 31 December 2025 (31 December 2024:
€33 million). This agreement expires in 2035.
The following table summarises the gains/(losses) recognised from non-designated derivative
financial instruments in the consolidated income statement for the years presented:
Non-designated hedging
instruments
Location – Income statement
Year ended 31 December
2025
2024
2023
€ million
€ million
€ million
Foreign currency
contracts(A)
Non-operating items
3
2
(5)
Commodity
contracts
Non-operating items
(10)
4
—
Total
(7)
6
(5)
(A)The gain/(loss) recognised on these currency contracts is offset by the gain/(loss) recognised on the remeasurement
of the underlying hedged items; therefore, there is a minimal consolidated net effect in non-operating items on the
consolidated income statement.
Net investment hedges
The Group had no net investment hedges in place as at 31 December 2025 or
31 December 2024. However, it continues to monitor its exposure to currency exchange
rates and may enter into future net investment hedges as a result of volatility in the
functional currencies of certain of its subsidiaries.
Note 14
Borrowings and leases
Borrowings
Borrowings are initially recognised at fair value, net of issuance costs incurred. After initial
recognition, borrowings are subsequently measured at amortised cost using the effective
interest rate method. Amortisation of transaction costs, fair value adjustments made
on acquisition, premiums and discounts are recognised as part of finance costs within
the consolidated income statement.
Leases
Lease liabilities are included within borrowings in our consolidated statement
of financial position.
The lease liability is measured at the present value of lease payments, discounted
using the Group’s incremental borrowing rate (IBR). The lease term comprises the
non‑cancellable period of the contract, together with periods covered by an option
to extend the lease whenever the Group is reasonably certain to exercise that option
and has an enforceable right to do so. Subsequently, the lease liability is measured
by increasing the carrying amount to reflect interest on the lease liability and reducing
it by lease payments made.
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2025 Annual Report and Form 20-F
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Notes to the consolidated financial statements continued
Borrowings outstanding
The following table summarises the carrying value of the Group’s borrowings as at the dates presented:
Year ended 31 December
2025
2024
€ million
€ million
Non-current:
Euro denominated bonds:
€250 million 2.750% Notes 2026(A)
—
247
€600 million 1.750% Notes 2026(A), (G)
—
593
€300 million Floating rate Notes 2027(B)
299
—
€400 million 1.50% Notes 2027(A)
391
387
€250 million 1.50% Notes 2027
253
256
€500 million 1.750% Notes 2028(A)
488
484
€750 million 0.20% Notes 2028
747
746
€500 million 1.125% Notes 2029
497
497
€500 million 1.875% Notes 2030(A)
488
485
€700 million 3.875% Notes 2030
696
695
€500 million 3.125% Notes 2031(B)
496
—
€500 million 0.70% Notes 2031(A)
485
485
€700 million 0.50% Notes 2029
697
696
€600 million 3.250% Notes 2032
595
594
€500 million 3.125% Notes 2032(C)
495
—
€1 billion 0.875% Notes 2033
993
992
€750 million 1.50% Notes 2041
747
746
Year ended 31 December
2025
2024
€ million
€ million
Foreign currency bonds (swapped into euro)(D):
US$500 million 1.50% Notes 2027
425
478
Australian dollar denominated bonds:
A$30 million 4.125% Notes 2026
—
18
A$50 million 4.155% Notes 2028
30
32
A$133 million 2.45% Notes 2029
76
80
A$50 million 4.20% Notes 2031
31
33
A$187 million 4.20% Notes 2031
116
123
A$13 million 4.20% Notes 2031
8
9
Foreign currency bonds (swapped into Australian dollar)(D):
NOK1 billion 3.040% Notes 2028
86
87
NOK750 million 2.750% Notes 2030
64
65
US$50 million 2.6525% Notes 2030
43
48
JPY10 billion 4.150% Notes 2036(A)
55
67
JPY12.3 billion 1.060% Notes 2037(A)
53
63
PHP Term loan due 2034
338
387
Lease obligations
532
547
Total non-current borrowings
10,224
9,940
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Notes to the consolidated financial statements continued
Year ended 31 December
2025
2024
€ million
€ million
Current:
Euro denominated bonds:
€250 million 2.750% Notes 2026(A)
250
—
€800 million 0.00% Notes 2025(E)
—
799
€350 million 2.375% Notes 2025(F)
—
351
Australian dollar denominated bonds:
A$30 million 4.125% Notes 2026
17
—
A$30 million 4.166% Notes 2025(H)
—
19
A$20 million 4.250% Notes 2025(I)
—
12
Philippine peso denominated loans:
PHP2 billion 4.70% Loan 2026(J)
29
—
PHP500 million 4.350% Loan 2026(J)
7
—
PHP3.5 billion 6.00% Loan 2025(K)
—
16
PHP2 billion 5.750% Loan 2025(L)
—
33
Lease obligations
167
161
Total current borrowings
470
1,391
(A)Some bonds are designated in full or partially in a fair value hedge relationship.
(B)In June 2025, the Group issued €300 million Floating rate Notes due 2027 and €500 million 3.125%
Notes due 2031.
(C)In September 2025, the Group issued €500 million 3.125% Notes due 2032.
(D)Cross currency swaps are used by the Group to swap foreign currency bonds into the required local
currency.
(E)In September 2025, the Group repaid on maturity the outstanding amount related to the €800 million
0.00% Notes.
(F)In May 2025, the Group repaid on maturity the outstanding amount related to the €350 million
2.375% Notes.
(G)In December 2025, the Group repaid prior to maturity the outstanding amount related to the €600 million
1.75% Notes due in March 2026.
(H)In September 2025, the Group repaid on maturity the outstanding amount related to the A$30 million
4.166% Notes.
(I)In December 2025, the Group repaid on maturity the outstanding amount related to the A$20 million
4.250% Notes.
(J)In December 2025, the Group issued PHP2 billion 4.70% Loan and PHP500 million 4.350% Loan, both
maturing in 2026.
(K)In February 2025, the Group repaid on maturity the outstanding amount related to the PHP3.5 billion
6.00% Loan.
(L)In December 2025, the Group repaid on maturity the outstanding amount related to the PHP2 billion
5.750% Loan 2025.
Borrowings are stated net of unamortised financing fees of €29 million and €29 million,
as at 31 December 2025 and 31 December 2024, respectively.
Interest expense recognised on lease liabilities totalled €23 million, €21 million and €17 million
in 2025, 2024 and 2023, respectively.
Credit facilities
During 2025, the amount available under the Group’s multi currency credit facility was
€1.80 billion. This amount is available for borrowing with a syndicate of 12 banks. This credit
facility matures in 2030 and is for general corporate purposes and supporting the Group’s
working capital needs. Based on information currently available, there is no indication
that the financial institutions participating in this facility would be unable to fulfil their
commitments to the Group as at the date of these consolidated financial statements.
The Group’s current credit facility contains no financial covenants that would impact its
liquidity or access to capital. As at 31 December 2025 the Group had no amounts drawn
under this credit facility.
Changes in liabilities arising from financing activities
The following table provides a reconciliation of movements of liabilities to cash flows
arising from financing activities:
Current
portion
of borrowings
Borrowings,
less current
portion
Interest
payable(B)
Derivatives
(assets)/
liabilities held
to hedge
borrowings(C)
Dividends
payable(B)
Total
€ million
€ million
€ million
€ million
€ million
€ million
As at 1 January 2023
1,336
10,571
74
(83)
4
11,902
Changes from financing cash
flows
Proceeds from third party
borrowings, net
—
694
—
—
—
694
Changes in short-term
borrowings(A)
—
—
—
—
—
—
Repayments on third party
borrowings
(1,159)
—
—
—
—
(1,159)
Payment of principal on lease
obligations
(148)
—
—
—
—
(148)
Interest paid
(17)
—
(165)
—
—
(182)
Dividends paid
—
—
—
—
(841)
(841)
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Notes to the consolidated financial statements continued
Current
portion
of borrowings
Borrowings,
less current
portion
Interest
payable(B)
Derivatives
(assets)/
liabilities held
to hedge
borrowings(C)
Dividends
payable(B)
Total
€ million
€ million
€ million
€ million
€ million
€ million
Settlement of debt-related
cross currency swaps
—
—
—
69
—
69
Other non-cash changes
Amortisation of discounts,
premium, issue costs and fair
value adjustments
—
5
—
—
—
5
Lease additions and other
non-cash movements
93
98
164
—
844
1,199
Movement as a result of fair
value hedges
—
40
—
—
—
40
Changes in fair values
—
—
—
25
—
25
Currency translations
(40)
(77)
—
17
(2)
(102)
Reclassifications
1,235
(1,235)
—
—
—
—
Total changes
(36)
(475)
(1)
111
1
(400)
As at 31 December 2023
1,300
10,096
73
28
5
11,502
Changes from financing cash
flows
Acquisition of CCBPI
63
6
—
—
—
69
Proceeds from third party
borrowings, net
32
976
—
—
—
1,008
Changes in short-term
borrowings(A)
—
—
—
—
—
—
Repayments on third party
borrowings
(1,207)
—
—
—
—
(1,207)
Payment of principal on lease
obligations
(157)
—
—
—
—
(157)
Interest paid
(21)
—
(228)
—
—
(249)
Current
portion
of borrowings
Borrowings,
less current
portion
Interest
payable(B)
Derivatives
(assets)/
liabilities held
to hedge
borrowings(C)
Dividends
payable(B)
Total
€ million
€ million
€ million
€ million
€ million
€ million
Dividends paid
—
—
—
—
(910)
(910)
Settlement of debt-related
cross currency swaps
—
—
—
66
—
66
Other non-cash changes
Amortisation of discounts,
premium, issue costs and fair
value adjustments
(1)
7
—
—
—
6
Lease additions and other
non-cash movements
53
135
243
—
911
1,342
Movement as a result of fair
value hedges
—
29
—
—
—
29
Changes in fair values
—
—
—
(59)
—
(59)
Currency translations
33
(13)
—
—
—
20
Reclassifications
1,296
(1,296)
—
—
—
—
Total changes
91
(156)
15
7
1
(42)
As at 31 December 2024
1,391
9,940
88
35
6
11,460
Changes from financing cash
flows
Proceeds from third party
borrowings, net
39
1,288
—
—
—
1,327
Changes in short-term
borrowings(A)
—
—
—
—
—
—
Repayments on third party
borrowings
(1,824)
—
—
—
—
(1,824)
Payment of principal on lease
obligations
(162)
—
—
—
—
(162)
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173
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Notes to the consolidated financial statements continued
Current
portion
of borrowings
Borrowings,
less current
portion
Interest
payable(B)
Derivatives
(assets)/
liabilities held
to hedge
borrowings(C)
Dividends
payable(B)
Total
€ million
€ million
€ million
€ million
€ million
€ million
Interest paid
(23)
—
(213)
—
—
(236)
Dividends paid
—
—
—
—
(927)
(927)
Other non-cash changes
Amortisation of discounts,
premium, issue costs and fair
value adjustments
(1)
8
—
—
—
7
Lease additions and other
non-cash movements
54
139
221
—
926
1,340
Movement as a result of fair
value hedges
7
(4)
—
—
—
3
Changes in fair values
—
—
—
41
—
41
Currency translations
13
(171)
—
—
—
(158)
Reclassifications
976
(976)
—
—
—
—
Total changes
(921)
284
8
41
(1)
(589)
As at 31 December 2025
470
10,224
96
76
5
10,871
(A)In 2025, changes in short-term borrowings include €7,658 million of newly issued and €7,658 million
of repaid euro commercial paper. In 2024, changes in short-term borrowings included €10,074 million
and €10,074 million of newly issued and repaid euro commercial paper, respectively. In 2023, changes
in short‑term borrowings included €6,810 million and €6,810 million of newly issued and repaid euro
commercial paper, respectively.
(B)Interest payable and dividends payable balances are presented within the Trade and other payables
line item in the Group’s consolidated statement of financial position.
(C)Interest rate and cross currency swaps are used to hedge interest rate risk and currency fluctuations of
non‑functional currency borrowings, refer to Note 13.
Total cash outflows for leases were €185 million, €178 million and €165 million for the years
ended 31 December 2025, 31 December 2024 and 31 December 2023, respectively.
Note 15
Trade and other payables
Trade and other payables represent liabilities for goods and services provided to the Group
prior to the end of the reporting period, which are unpaid. Trade and other payables are
presented as current liabilities unless payment is not due within 12 months after the
reporting period. Trade and other payables are recognised initially at fair value and
subsequently measured at amortised cost using the effective interest rate method.
Trade payables are non-interest bearing and are normally settled between 70 to 80 days.
The Group participates in various programmes and arrangements with customers designed
to increase the sale of our products. The costs of these programmes are recorded as
deductions from revenue. Among the programmes are arrangements under which
allowances can be earned by customers for attaining agreed upon sales levels or for
participating in specific marketing programmes. When these allowances are paid in arrears,
the Group accrues the estimated amount to be paid based on historical customer
experience, the programme’s contractual terms and the amounts expected to be
settled with customers. The costs of these off-invoice customer marketing initiatives
totalled €6.0 billion, €5.8 billion and €5.4 billion for 2025, 2024 and 2023, respectively.
The following table summarises trade and other payables as at the dates presented:
Year ended 31 December
2025
2024
€ million
€ million
Trade accounts payable
2,716
2,669
Accrued customer marketing costs
1,424
1,376
Accrued deposits
400
392
Accrued compensation and benefits
492
500
Accrued taxes(A)
656
389
Other accrued expenses
497
460
Total trade and other payables
6,185
5,786
(A)This line item includes a payable of €287 million as at 31 December 2025 (31 December 2024: €61 million)
related to the Spanish VAT matter. Refer to Note 25 for further details.
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2025 Annual Report and Form 20-F
174
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Notes to the consolidated financial statements continued
Supplier finance arrangements
The Group engages in supplier finance arrangements facilitated by various banks, pursuant
to which its suppliers may elect to receive early payments of their invoices from a bank.
Under the arrangements, the bank agrees to pay amounts due to participating suppliers
with respect to invoices owed by the Group, and the Group repays the bank at a later date.
Participation in these arrangements is at suppliers’ own discretion. If suppliers elect to
receive early payments, they pay a fee to the respective bank, to which the Group is not
party. The primary purpose of these arrangements is to streamline payment processing
and allow willing suppliers to receive early payments from the bank before the invoice
due date. Payment terms with suppliers have not been renegotiated in conjunction with
these arrangements.
The Group does not derecognise the original liabilities to which supplier finance
arrangements apply because a legal release is not obtained, and the original liabilities
remain substantially unmodified upon entering into these arrangements. From the
perspective of the Group, the arrangements do not significantly extend the payment terms
beyond the normal terms agreed with other non-participating suppliers. The Group incurs
no additional fees or interest expense towards the banks on the amounts due to the
suppliers. As a result, the Group discloses the amounts subject to the arrangements within
trade and other payables. As at 31 December 2025 and 31 December 2024, all payables
related to supplier finance arrangements were classified as current.
Payments made to the banks are included in cash flows from operating activities because
they continue to be part of the Group’s normal operating cycle and their principal nature
remains operating.
The following tables provide an overview of the carrying amount of the liabilities part of a
supplier financing arrangement as well as the range of common payment due dates:
Year ended 31 December
2025
2024
€ million
€ million
Carrying amount of liabilities that are part of supplier
financing arrangements
Presented within trade accounts payable
689
764
    of which suppliers have received payment
614
596
Year ended 31 December
2025
2024
Days after
Days after
Range of payment due dates
Liabilities that are part of an arrangement
60 - 135
45 - 135
Comparable liabilities that are not part of an arrangement
0 - 135
0 - 135
In 2025, there were no non-cash changes in the carrying amount of the trade payables
included in the Group’s supplier finance arrangements. In 2024, following the Acquisition,
the Group assumed €40 million of trade and other payables, which were part of a supplier
finance arrangement.
Note 16
Post-employment benefits
The cost of providing benefits is determined using the projected unit credit method,
with actuarial valuations being carried out at the end of each annual reporting period.
All remeasurements of the defined benefit obligation, such as actuarial gains and losses
and return on plan assets, are recognised directly in other comprehensive income.
Remeasurements recognised in other comprehensive income are reflected immediately
in retained earnings and are not reclassified to profit or loss. Service cost is presented
within cost of sales, selling and distribution expenses and administrative expenses in the
consolidated income statement. Past service cost is recognised immediately within cost
of sales, selling and distribution expenses, and administrative expenses in the consolidated
income statement. The net interest cost is calculated by applying the discount rate to the
net balance of the defined benefit obligation and the fair value of plan assets. Net interest
cost is presented within finance costs or finance income, as applicable, in the consolidated
income statement. The defined benefit obligation recognised in the consolidated
statement of financial position represents the present value of the estimated future cash
outflows, using interest rates of high quality corporate bonds which have terms to maturity
approximating the terms of the related liability.
The Group recognises termination benefits at the earlier of the following dates:
(1) when the Group can no longer withdraw the offer of those benefits; and (2) when the
Group recognises costs for restructuring that are within the scope of IAS 37 - Provisions,
Contingent Liabilities and Contingent Assets and involves the payment of termination
benefits. In the case of an offer made to encourage voluntary redundancy, the termination
benefits are measured based on the number of employees expected to accept the offer.
Termination benefits are payable whenever an employee’s employment is terminated before
the normal retirement date or whenever an employee accepts voluntary redundancy in
exchange for those benefits.
The following table summarises our non-current employee benefit liabilities as at the
dates presented:
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2025 Annual Report and Form 20-F
175
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Notes to the consolidated financial statements continued
Year ended 31 December
2025
2024
GB
Rest of world
Total
GB
Rest of world
Total
€ million
€ million
€ million
€ million
€ million
€ million
Retirement benefit
obligation
53
65
118
55
82
137
Other employee benefit
liabilities
—
32
32
—
35
35
Total non-current employee
benefit liabilities
53
97
150
55
117
172
Defined benefit plans
The Group sponsors a number of defined benefit pension plans in Belgium, France,
Germany, Great Britain, Luxembourg, Norway, Australia, Indonesia and the Philippines.
The majority of the defined benefit plans are either career average, final salary or hybrid
plans, and operate on a funded basis with assets held in external funds. The Group’s
Great Britain plan (GB Scheme) is the most significant.
The GB Scheme’s defined benefit obligation includes benefits for current employees,
former employees and current pensioners. The level of benefits provided (funded final
salary pension) depends on the member’s length of service and salary at retirement age.
Part of the pension may be exchanged for a tax free cash lump sum. The GB Scheme was
closed to new members with effect from 1 October 2005 and is administered by a board
of trustees, which is legally separate from the Group. The board of trustees is composed
of representatives of both the employer and employees. The board of trustees is
required by law to act in the interest of all relevant beneficiaries and is responsible
for the investment policy with regard to the assets plus the day to day administration
of the benefits.
On 8 October 2020, the Group announced a proposal to close the GB Scheme to future
accrual, which was implemented on 31 March 2021. The affected employees were offered
to enrol in the Group’s defined contribution scheme (DC scheme). Subsequent to the
implementation of the closure of the GB Scheme, the members moved from active to
deferred status, with future indexation of deferred pensions before retirement measured
by reference to the consumer price index (CPI).
As part of its risk management strategy, in September 2023, the board of trustees entered
into a buy-in agreement with Just Retirement Ltd to acquire an insurance policy with the intent
of matching a specific portion of the GB Scheme’s future cash flows arising from the accrued
pension liabilities of retired members. The transaction was financed entirely using a portion
of the existing plan assets, with no further funding required from the Group. On an IAS 19 -
Employee Benefits basis, the subsequent fair value of the insurance policy matches the present
value of the liabilities being insured, which totalled €224 million as at 31 December 2025 and
€242 million as at 31 December 2024.
A full actuarial valuation of the GB Scheme occurs on a triennial basis by a qualified
external actuary, which is used as the basis for determining the Group’s future
contributions to the plan. The latest triennial valuation was carried out as at 5 April 2025
and has been updated to 31 December 2025 to reflect our defined benefit obligation,
for known events and changes in market conditions as allowed under IAS 19.
Risks
The Group’s defined benefit pension schemes expose the Group to a number of
risks, including:
■Asset volatility: The plan liabilities are calculated using a discount rate set with
reference to corporate bond yields; if assets underperformed this yield, a deficit would
occur. Some of our plans hold a significant proportion of growth assets (equities and
property) which, though expected to outperform corporate bonds in the long term,
create volatility and risk in the short term. The allocation to growth assets is monitored
to ensure it remains appropriate given each scheme’s long-term objectives.
■Changes in bond yields: A decrease in corporate bond yields will increase the defined
benefit liability, although this will be partially offset by an increase in the value of the
plan’s bond holdings.
■Inflation risk: A significant proportion of our benefit obligations are linked to inflation, and
higher inflation will lead to higher liabilities (although, in most cases, caps on the level of
inflationary increases are in place to protect against extreme inflation). The majority of the
assets are either unaffected by or only loosely correlated with inflation, meaning that an
increase in inflation will also increase the deficit.
■Life expectancy: The majority of our plans have an obligation to provide benefits for
the life of the member, so increases in life expectancy will result in an increase in the
defined benefit liabilities.
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2025 Annual Report and Form 20-F
176
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Notes to the consolidated financial statements continued
Benefit costs
The following table summarises the expense related to pension plans recognised in the
consolidated income statement for the years presented:
Year ended 31 December
2025
2024
2023
GB
Rest of
world
Total
GB
Rest of
world
Total
GB
Rest of
world
Total
€ million
€ million
€ million
€ million
€ million
€ million
€ million
€ million
€ million
Service cost
—
19
19
—
19
19
—
14
14
Past service
(credit)/cost
—
(6)
(6)
(5)
2
(3)
—
(7)
(7)
Net interest cost/
(income)
3
(3)
—
4
(1)
3
(1)
(1)
(2)
Administrative
expenses
—
1
1
—
1
1
—
1
1
Total cost
3
11
14
(1)
21
20
(1)
7
6
Other comprehensive income
The following table summarises the changes in other comprehensive income related to our
pension plans for the years presented:
Year ended 31 December
2025
2024
2023
GB
Rest of
world
Total
GB
Rest of
world
Total
GB
Rest of
world
Total
€ million
€ million
€ million
€ million
€ million
€ million
€ million
€ million
€ million
Actuarial (gain)/loss
on defined benefit
obligation arising
during the period
(7)
(35)
(42)
(151)
(24)
(175)
39
32
71
Return on plan
assets less/(greater)
than discount rate
16
9
25
139
(25)
114
65
(28)
37
Net charge to other
comprehensive
income
9
(26)
(17)
(12)
(49)
(61)
104
4
108
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2025 Annual Report and Form 20-F
177
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Notes to the consolidated financial statements continued
Benefit obligation and fair value of plan assets
The following tables summarise the changes in the pension plan benefit obligation and the fair value of plan assets for the periods presented:
Year ended 31 December
2025
2024
GB
Rest of
world
Total
GB
Rest of
world
Total
€ million
€ million
€ million
€ million
€ million
€ million
Reconciliation of benefit
obligation:
Benefit obligation at beginning
of plan year
909
596
1,505
1,008
548
1,556
Service cost
—
19
19
—
19
19
Past service (credit)/cost
—
(6)
(6)
(5)
2
(3)
Interest costs on defined
benefit obligation
48
19
67
46
18
64
Plan participants’ contributions
—
73
73
—
31
31
Actuarial loss/(gain) – experience
4
(9)
(5)
(1)
(3)
(4)
Actuarial loss/(gain) –
demographic assumptions
5
—
5
(1)
—
(1)
Actuarial gain – financial
assumptions
(16)
(26)
(42)
(149)
(21)
(170)
Benefit payments
(36)
(78)
(114)
(33)
(73)
(106)
Administrative expenses
—
1
1
—
1
1
Acquisition of CCBPI
—
—
—
—
72
72
Currency translation
adjustments
(44)
(15)
(59)
44
2
46
Benefit obligation at end of plan
year
870
574
1,444
909
596
1,505
Year ended 31 December
2025
2024
GB
Rest of
world
Total
GB
Rest of
world
Total
€ million
€ million
€ million
€ million
€ million
€ million
Reconciliation of fair value
of plan assets:
Fair value of plan assets at
beginning of plan year
854
690
1,544
931
601
1,532
Interest income on plan assets
45
22
67
42
19
61
Return on plan assets (less)/
greater than discount rate
(16)
(9)
(25)
(139)
25
(114)
Plan participants’ contributions
—
73
73
—
31
31
Employer contributions
12
28
40
11
29
40
Benefit payments
(36)
(78)
(114)
(33)
(73)
(106)
Acquisition of CCBPI
—
—
—
—
57
57
Currency translation adjustment
(42)
(11)
(53)
42
1
43
Fair value of plan assets at end
of plan year
817
715
1,532
854
690
1,544
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2025 Annual Report and Form 20-F
178
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Notes to the consolidated financial statements continued
Timing of benefit payments
The weighted average duration of the defined benefit plan obligation as at
31 December 2025 is 13 years, including 15 years for the GB Scheme. The weighted average
duration of the defined benefit plan obligation as at 31 December 2024 was 15 years,
including 16 years for the GB Scheme.
Retirement benefit status
The following table summarises the retirement benefit status of pension plans as at the
dates presented:
Year ended 31 December
2025
2024
GB
Rest of
world
Total
GB
Rest of
world
Total
€ million
€ million
€ million
€ million
€ million
€ million
Net benefit status:
Present value of obligation
(870)
(574)
(1,444)
(909)
(596)
(1,505)
Fair value of assets
817
715
1,532
854
690
1,544
Net benefit status:
(53)
141
88
(55)
94
39
Retirement benefit surplus (Note
26)
—
206
206
—
176
176
Retirement benefit obligation
(53)
(65)
(118)
(55)
(82)
(137)
The surplus for 2025 is primarily related to the defined benefit plans in Germany and
Belgium. The surplus is recognised on the balance sheet on the basis that the Group is
entitled to a refund of any remaining assets once all members have left the plan.
Actuarial assumptions
The following tables summarise the weighted average actuarial assumptions used to
to determine the benefit obligations of pension plans as at the dates presented:
Year ended 31 December
2025
2024
GB
Rest of
world
Average
GB
Rest of
world
Average
Financial assumptions
%
%
%
%
%
%
Discount rate
5.6
4.6
5.3
5.5
4.2
5.0
Rate of compensation increase
N/A
3.6
3.6
N/A
3.9
3.9
Rate of price inflation
3.0
2.1
2.7
3.1
2.1
2.8
Year ended 31 December
2025
2024
Demographic assumptions
(weighted average)(A)
GB
Rest of
world
Average
GB
Rest of
world
Average
Retiring at the end
of the reporting period
Male
21.8
19.9
21.3
21.4
19.9
21.0
Female
23.8
23.2
23.7
24.0
23.2
23.8
Retiring 15 years after the end
of the reporting period
Male
22.9
20.9
22.4
22.3
20.9
21.9
Female
25.5
24.0
25.1
25.1
24.0
24.8
(A)These assumptions translate into an average life expectancy in years, post-retirement, for an employee
retiring at age 65.
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2025 Annual Report and Form 20-F
179
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Notes to the consolidated financial statements continued
The following tables summarise the sensitivity of the defined benefit obligation to changes
in the weighted average principal assumptions for the periods presented:
Year ended 31 December 2025
Change in
assumption
Impact on defined benefit obligation (%)
Increase in assumption
Decrease in assumption
Principal assumptions
GB
Rest of
world
Average
GB
Rest of
world
Average
Discount rate
0.5%
(6.6)
(3.7)
(5.5)
7.2
4.0
5.9
Rate of compensation
increase(A)
0.5%
N/A
1.7
0.7
N/A
(1.6)
(0.6)
Rate of price inflation
0.5%
4.8
2.5
3.9
(6.2)
(2.3)
(4.7)
Mortality rates
1 year
2.3
1.4
2.0
(2.4)
(2.0)
(2.2)
Year ended 31 December 2024
Change in
assumption
Impact on defined benefit obligation (%)
Increase in assumption
Decrease in assumption
Principal assumptions
GB
Rest of
world
Average
GB
Rest of
world
Average
Discount rate
0.5%
(7.2)
(4.2)
(6.0)
7.8
4.6
6.5
Rate of compensation
increase(A)
0.5%
N/A
2.1
0.8
N/A
(2.0)
(0.8)
Rate of price inflation
0.5%
5.6
1.5
4.0
(5.0)
(1.4)
(3.6)
Mortality rates
1 year
2.6
1.6
2.2
(2.6)
(1.6)
(2.2)
(A)The compensation increase assumption is no longer applicable to the valuation of the defined benefit
obligation associated with the GB Scheme in light of the plan closure effective 31 March 2021.
The sensitivity analyses have been determined based on a method that extrapolates
the impact on the defined benefit obligation as a result of reasonable changes in key
assumptions occurring at the end of the reporting period. The sensitivity analyses are
based on a change in a significant assumption, keeping all other assumptions constant.
The sensitivity analyses may not be representative of an actual change in the defined
benefit obligation, as it is unlikely that changes in assumptions would occur in isolation
from one another.
Pension plan assets
There are formal investment policies for the assets associated with our pension plans.
Policy objectives include: (1) maximising long-term return at acceptable risk levels;
(2) diversifying among asset classes, if appropriate, and among investment managers;
and (3) establishing relevant risk parameters within each asset class. Investment policies
reflect the unique circumstances of the respective plans and include requirements
designed to mitigate risk, including quality and diversification standards. Asset allocation
targets are based on periodic asset liability and/or risk budgeting study results, which help
determine the appropriate investment strategies for acceptable risk levels. The investment
policies permit variances from the targets within certain parameters.
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2025 Annual Report and Form 20-F
180
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Notes to the consolidated financial statements continued
The following table summarises pension plan assets measured at fair value as at the dates presented:
Year ended 31 December 2025
Year ended 31 December 2024
Total
Investments quoted in active markets
Unquoted investments
Total
Investments quoted in active markets
Unquoted investments
GB
Rest of world
GB
Rest of world
GB
Rest of world
GB
Rest of world
€ million
€ million
€ million
€ million
€ million
€ million
€ million
€ million
€ million
€ million
Equity securities(A)
154
—
154
—
—
193
—
193
—
—
Fixed income securities:(B)
Corporate bonds and notes
268
130
138
—
—
229
127
102
—
—
Government bonds(C)
348
693
73
(418)
—
348
628
75
(355)
—
Cash and other short-term investments(D)
52
43
9
—
—
38
22
16
—
—
Other investments:
Real estate funds(E)
158
21
24
107
6
219
22
26
164
7
Insurance contracts(F)
439
—
—
224
215
436
—
—
242
194
Investment funds(G)
96
—
—
—
96
77
—
—
—
77
Derivatives(H)
17
13
—
4
—
4
2
—
2
—
Total
1,532
900
398
(83)
317
1,544
801
412
53
278
(A)Equity securities are comprised of ordinary shares and investments in equity funds. Investments in ordinary shares are valued using quoted market prices multiplied by the number of shares owned. Investments in equity
funds are valued at the net asset value per share, which is calculated predominantly based on the underlying quoted investments market price, multiplied by the number of shares held as of the measurement date.
(B)The fair values of the fixed income securities are determined based on quoted market prices in active markets. Bonds are held mainly in the currency of the geography of the plan.
(C)The unquoted amounts within this category relate to repurchase agreements (where the Scheme has sold government bonds with the agreement to repurchase at a fixed date and price). The commitment to repurchase
the government bonds reduces the pension assets and is reflected at fair value based on the repurchase price. The assets sold are reported at their fair value, reflecting that the Scheme retains the risks and rewards
of ownership of those assets. The asset portfolio of the GB Scheme was refined during 2022 by entering into repurchase agreement of government bonds in order to better match the Scheme liability and to offset the
exposure to interests and inflation rates, while remaining invested in the assets of similar risk profile.
(D)Cash and other short-term investments are valued at €1.00/unit, which approximates fair value. Amounts are generally invested in cash or interest bearing accounts.
(E)The valuation of unquoted real estate funds is based on net assets value per share multiplied by the number of shares owned. For quoted real estate funds, the calculation is based on the underlying quoted investments
market price, multiplied by the number of shares held as at the measurement date.
(F)Insurance contracts exactly match the amount and timing of certain benefits and therefore the fair value of these insurance policies is deemed to be the present value of the related obligations.
(G)Primarily includes investments in equity securities, fixed income securities and combinations of both. Fair values are sourced from broker quotes.
(H)The unquoted amounts within derivatives primarily relate to total return swaps, which represent the current value of future cash flows arising from the swap determined using discounted cash flow models and market data
at the reporting date.
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2025 Annual Report and Form 20-F
181
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Notes to the consolidated financial statements continued
Contributions
To support a long-term funding arrangement, during 2019 the Group entered into a
partnership agreement with the GB Scheme and the CCEP Scottish Limited Partnership (the
Partnership). Certain property assets in Great Britain, with a market value of £171 million,
were transferred into the Partnership and subsequently leased back to the Group’s
operating subsidiary in Great Britain. The GB Scheme receives semi-annual distributions
from the Partnership, increasing each year at a fixed cumulative rate of 3% through to 2034.
The Group exercises control over the Partnership, and as such, it is fully consolidated
in these consolidated financial statements. Under IAS 19, the investment held by the
GB Scheme in the Partnership does not represent a plan asset for the purposes of these
consolidated financial statements. Similarly, the associated liability is not included in
the consolidated statement of financial position; rather, the distributions are recognised
when paid as a contribution to the plan assets of the scheme.
Contributions to pension plans totalled €40 million, €40 million and €32 million during the
years ended 31 December 2025, 31 December 2024 and 31 December 2023, respectively.
Included within the 2025 contribution is €12 million relating to the Partnership agreement.
The Group expects to make contributions of €40 million for the full year ending
31 December 2026.
Other employee benefit liabilities
In certain territories, the Group has an early retirement programme designed to create
an incentive for employees, within a certain age group, to transition from (full or part time)
employment into retirement before their legal retirement age. Furthermore, the Group also
sponsors deferred compensation plans in other territories. The current portion of these
liabilities totalled €7 million and €7 million as at 31 December 2025 and 31 December 2024,
respectively, and is included within the current portion of employee benefit liabilities.
The non-current portion of these liabilities totalled €32 million and €35 million as at
31 December 2025 and 31 December 2024, respectively, and is included within employee
benefit liabilities.
Defined contribution plans
The Group sponsors a number of defined contribution plans across its territories.
Contributions payable for the period are charged to the consolidated income statement
as an operating expense for defined contribution plans. Contributions to these plans
totalled €92 million for the year ended 31 December 2025, €88 million for the year ended
31 December 2024 and €81 million for the year ended 31 December 2023.
Note 17
Equity
Share capital
As at 31 December 2025, the Company has issued and fully paid 449,086,551 Shares
(31 December 2024: 460,947,057 Shares and 31 December 2023: 459,200,818 Shares)
with a nominal value of €0.01 per share. Shares in issue have one voting right each
and no restrictions related to dividends or return of capital.
Number of Shares
Share capital
millions
€ million
As at 1 January 2023
457
5
Issuances of Shares
2
—
Cancellation of Shares
—
—
As at 31 December 2023
459
5
Issuance of Shares
2
—
Cancellation of Shares
—
—
As at 31 December 2024
461
5
Issuance of Shares
1
—
Cancellation of Shares
(13)
—
As at 31 December 2025
449
5
In 2025, the overall number of Shares decreased due to the cancellation of 12,718,173
Shares as part of the share buyback programme, partially offset by the issuance of 857,667
Shares in connection with the exercise of share-based payment awards. The number of
Shares increased in 2024 and 2023 following the issuance of 1,746,239 and 2,094,365
Shares, respectively, upon the exercise of share-based payment awards.
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2025 Annual Report and Form 20-F
182
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Notes to the consolidated financial statements continued
Share premium
The share premium account increased by cash received for the exercise of options
by €1 million in 2025, €31 million in 2024 and €42 million in 2023.
Share buyback programme
In February 2025, the Group launched a share buyback programme of up to €1 billion
to be completed over a 12-month period. All Shares repurchased under the programme
were subject to cancellation. As at 31 December 2025, 12,718,173 Shares were repurchased
and cancelled. The total consideration paid for the repurchase of Shares during the year
ended 31 December 2025, including transaction costs, approximated €1,006 million and
was recognised as a deduction from retained earnings. The 2025 share buyback
programme was completed as at 31 December 2025.
No Shares were repurchased during the year ended 31 December 2024.
Treasury shares
In December 2024, Coca-Cola Europacific Partners plc Employee Benefit Trust (the Trust)
was established for the purpose of facilitating the acquisition and distribution of CCEP
Shares for the benefit of satisfying the Group’s share-based payments obligations under its
existing and future share-based compensation plans. The Trust’s operations are included in
the Group’s consolidated financial statements.
CCEP Shares acquired in the market and held by the Trust are classified as treasury
shares for accounting purposes. The book value of shares held is deducted from retained
earnings. As at 31 December 2025, the total consideration of the Shares acquired by the
Trust of €33 million (31 December 2024: €7 million), including directly attributable costs,
was deducted from retained earnings. As at 31 December 2025, the Trust held 440,588
Shares (31 December 2024: 92,564 and 31 December 2023: nil) classified as treasury shares
for accounting purposes. The Shares held by the Trust are excluded from the calculation of
earnings per share (see Note 5).
Dividends are waived on all Shares held with this classification by the Trust.
Merger reserves
The consideration transferred in relation to previous business acquisitions (CCIP and
CCEG) qualified for merger relief under the Companies Act. As such, the excess
consideration transferred over nominal value of €287 million was required to be
excluded from the share premium account and recorded to merger reserves.
Other reserves
The following table summarises the balances in other reserves (net of tax) as at the
dates presented:
Year ended 31 December
2025
2024
2023
€ million
€ million
€ million
Cash flow hedge reserve
(21)
32
31
Net investment hedge reserve
197
197
197
Foreign currency translation adjustment
reserve
(1,678)
(1,059)
(974)
Reserve related to the acquisition of non-
controlling interests
(79)
(79)
(79)
Other reserves(A)
(4)
(3)
2
Total other reserves
(1,585)
(912)
(823)
(A)Other reserves relate to cost of hedging which represents forward point on spot designations, time value of
options and currency basis.
Movements, including the tax effects, in these accounts through to 31 December 2025 are
included in the consolidated statement of comprehensive income or directly within the
consolidated statement of changes in equity.
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2025 Annual Report and Form 20-F
183
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Notes to the consolidated financial statements continued
Dividends
Dividends are recognised on the date that the shareholder’s right to receive payment is
established. In respect of interim dividends, this is generally the date when the dividend
is paid.
Year ended 31 December
2025
2024
2023
€ million
€ million
€ million
First half dividend(A)
363
340
308
Second half dividend(B)
560
567
533
Total dividend on ordinary shares paid
923
907
841
(A)Dividend of €0.79 per Share was paid in first half of 2025. Dividend of €0.74 per Share was paid in first half
of 2024. Dividend of €0.67 per Share was paid in first half of 2023.
(B)Dividend of €1.25 per Share was paid in second half of 2025. Dividend of €1.23 per Share was paid in second
half of 2024. Dividend of €1.17 per Share was paid in second half of 2023.
Additionally, dividends attributable to restricted stock units and performance share
units that are unvested at the period end date are accrued accordingly. During 2025,
an incremental dividend accrual of €3 million has been recognised (2024: €4 million;
2023: €3 million). During 2025, the Group paid €4 million (2024: €3 million; 2023: €2 million)
of dividends related to vested within the period restricted stock units and performance
share units.
Non-controlling interests
As at 31 December 2025, 31 December 2024 and 31 December 2023, equity attributable
to non-controlling interests was €468 million, €496 million and nil, respectively.
CCEP Aboitiz Beverages Philippines, Inc. (CABPI) is the only subsidiary of the Group which
has a material non-controlling interest. The following table summarises the financial
information in relation to CABPI, prior to intragroup eliminations:
CABPI
Year ended 31 December
2025
2024
€ million
€ million
NCI percentage
40%
40%
Non-current assets
1,859
2,007
Current assets
430
464
Non-current liabilities
(526)
(621)
Current liabilities
(592)
(614)
Net assets
1,171
1,236
Net assets attributable to non-controlling interest
468
494
Revenue
1,890
1,652
Profit after taxes
93
64
Other comprehensive income
(162)
1
Comprehensive income for the period
(69)
65
Comprehensive (loss)/ income attributable to non-
controlling interest
(28)
26
Net cash flows from operating activities
210
204
Net cash flows used in investing activities
(184)
(1,694)
Net cash flows from financing activities (dividends to NCI: nil)
(40)
1,521
Net increase in cash and cash equivalents
(14)
31
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2025 Annual Report and Form 20-F
184
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Notes to the consolidated financial statements continued
Note 18
Total operating costs
The following tables summarise the significant cost items by nature within operating costs
for the years presented:
Year ended 31 December
2025
2024
2023
€ million
€ million
€ million
Transportation costs(A)
1,032
1,023
958
Employee benefits
1,164
1,189
1,116
Depreciation of property, plant and
equipment, excluding restructuring
262
252
236
Amortisation of intangible assets
1
1
6
Restructuring charges, including
accelerated depreciation(B)
1
2
—
Impairment losses(C)
—
6
—
Other selling and distribution expenses
889
872
862
Total selling and distribution expenses
3,349
3,345
3,178
Transportation costs(A)
4
4
3
Employee benefits
631
615
608
Depreciation of property, plant and
equipment, excluding restructuring
88
86
93
Amortisation of intangible assets
151
179
130
Acquisition-related costs(D)
6
14
12
Restructuring charges, including
accelerated depreciation(B)
96
252
85
Impairment losses(C)
—
129
—
Other administrative expenses
426
455
379
Total administrative expenses
1,402
1,734
1,310
Total operating expenses
4,751
5,079
4,488
(A)Transportation costs include warehousing and delivery costs to the final customer destination.
They exclude depreciation and amortisation.
(B)See restructuring costs table.
(C)Expenses recognised in relation to the impairment of the Group’s Indonesia cash generating unit and the
impairment of the Feral brand, which was sold during the year ended 31 December 2024.
(D)Costs associated with the acquisition and integration of CCBPI.
Year ended 31 December
2025
2024
2023
Restructuring costs
€ million
€ million
€ million
Increase in provision for restructuring
programmes (Note 23)
74
219
78
Amount of provision unused (Note 23)
(7)
(9)
(10)
Accelerated depreciation and non-cash
costs
6
29
11
Other cash costs(A)
32
25
15
Total restructuring costs
105
264
94
Restructuring costs by function:
Cost of sales
8
10
9
Selling and distribution expenses
1
2
—
Administrative expenses
96
252
85
(A)Other cash costs primarily relate to professional fees, which include consultancy costs, legal fees and
other costs directly associated with restructuring.
Restructuring costs charged in arriving at operating profit for the years presented, include
restructuring costs arising under the following programmes and initiatives.
In November 2022, the Group announced a new efficiency programme to be delivered by
the end of 2028. This programme focuses on further supply chain efficiencies, leveraging
global procurement and a more integrated shared service centre model, all enabled by
next generation technology including digital tools and data and analytics.
During 2025, as part of this efficiency programme, the Group announced restructuring
proposals resulting in €105 million of recognised costs primarily related to expected
severance payments. The restructuring spend is attributable to various initiatives
implemented across different markets aiming to enhance efficiency and productivity.
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2025 Annual Report and Form 20-F
185
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Notes to the consolidated financial statements continued
Staff costs
Staff costs included within the income statement were as follows:
Year ended 31 December
2025
2024
2023
Employee costs
€ million
€ million
€ million
Wages and salaries
1,970
1,993
1,841
Social security costs
383
367
339
Pension and other employee benefits
270
264
253
Total employee costs
2,623
2,624
2,433
Directors’ remuneration information is disclosed in the Directors’ remuneration report.
The average number of persons employed by the Group (including Directors) for the
periods presented were as follows:
2025
2024
2023
No. in thousands
No. in thousands
No. in thousands
Commercial
11.9
13.0
11.6
Supply chain
23.9
23.9
17.1
Support functions
4.3
4.4
4.1
Total average staff employed
40.1
41.3
32.8
Auditor’s remuneration
Audit and other fees charged in the income statement concerning the statutory auditor of
the consolidated financial statements, Ernst & Young LLP, were as follows:
Year ended 31 December
2025
2024
2023
€ thousand
€ thousand
€ thousand
Audit of Parent Company and consolidated
financial statements
6,447
4,672
3,759
Audit of the Company’s subsidiaries
6,230
7,151
6,269
Total audit
12,677
11,823
10,028
Audit-related assurance services(A)
979
1,067
1,019
Other assurance services(B)
1,603
1,540
717
Total audit and audit-related assurance
services
15,259
14,430
11,764
All other services
4
4
36
Total non-audit or non-audit-related
assurance services
4
4
36
Total audit and all other fees
15,263
14,434
11,800
(A)Includes professional fees for interim reviews, reporting on internal financial controls, and other services
required to be performed by an auditor.
(B)Includes professional fees for services permitted, but not required, to be performed by an auditor.
Primarily comprised of fees in relation to the sustainability statement.
Note 19
Finance costs
Finance costs are recognised in the consolidated income statement in the period in which
they are incurred, with the exception of general and specific borrowing costs directly
attributable to the acquisition, construction or production of qualifying assets. Qualifying
assets are assets that necessarily take a substantial period of time to get ready for their
intended use or sale. Borrowing costs relating to such assets are capitalised as part of the
asset’s cost until the asset is substantially ready for its intended use or sale. All other
borrowing costs are recognised within the consolidated income statement in the period in
which they are incurred based upon the effective interest rate method. Interest income is
recognised using the effective interest rate method.
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2025 Annual Report and Form 20-F
186
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Notes to the consolidated financial statements continued
The following table summarises net finance costs for the years presented:
Year ended 31 December
2025
2024
2023
€ million
€ million
€ million
Interest income(A)
103
85
65
Interest expense on external debt(A)
(274)
(242)
(162)
Other finance costs(B)
(32)
(30)
(23)
Total finance costs, net
(203)
(187)
(120)
(A)Includes interest income and expense amounts, as applicable, on cross currency swaps and interest
rate swaps. Cross currency swaps and interest rate swaps income totalled €36 million, €45 million
and €47 million in 2025, 2024 and 2023, respectively. Cross currency swaps and interest rate swaps
expense totalled €56 million, €77 million and €67 million in 2025, 2024 and 2023, respectively.
Refer to Note 13 for further details.
(B)Other finance costs principally include amortisation of the discount on external debt and interest
on leases.
Note 20
Related party transactions
For the purpose of these consolidated financial statements, transactions with related
parties mainly comprise transactions between subsidiaries of the Group and the related
parties of the Group.
Transactions with entities with significant influence over the Group
Transactions with TCCC
TCCC has significant influence over the Group, as defined by IAS 24 - Related Party
Disclosures. As at 31 December 2025, 17.59% of the total outstanding Shares of the Group
were owned by European Refreshments, a wholly owned subsidiary of TCCC. The Group is a
key bottler of TCCC products and has entered into bottling agreements with TCCC to make,
sell and distribute products of TCCC within the Group’s territories. The Group purchases
concentrate from TCCC and also receives marketing funding to help promote the sale of
TCCC products. The Group’s agreements with TCCC in each territory are for an initial term
of 10 years and may be renewed for successive terms of 10 years. Additionally, two of the
Group’s 17 Directors are nominated by TCCC.
The Group and TCCC engage in a variety of marketing programmes to promote the sale of
TCCC products in territories in which the Group operates. The Group and TCCC operate
under an incidence based concentrate pricing model and funding programme across most
territories, the terms of which are tied to the bottling agreements. In certain APS territories,
the Group operates under a fixed price model with marketing rebates and support.
TCCC makes discretionary marketing contributions under shared marketing agreements
to CCEP’s operating subsidiaries. Amounts to be paid to the Group by TCCC under the
programmes are generally determined annually and are periodically reassessed as the
programmes progress. Under the bottling agreements, TCCC is under no obligation to
participate in the programmes or continue past levels of funding in the future. The amounts
paid and terms of similar programmes with other franchises may differ.
Marketing support funding programmes granted to the Group provide financial support
principally based on product sales or on the completion of stated requirements and are
intended to offset a portion of the costs of the programmes.
Payments from TCCC for marketing programmes to promote the sale of products are
classified as a reduction in cost of sales, unless the presumption that the payment is a
reduction in the price of the franchisors’ products can be overcome. Payments for
marketing programmes are recognised as product is sold.
The following table summarises the transactions with TCCC that directly impacted the
consolidated income statement for the years presented:
Year ended 31 December
2025
2024
2023
€ million
€ million
€ million
Amounts affecting revenue(A)
147
149
140
Amounts affecting cost of sales(B)
(4,543)
(4,427)
(3,964)
Amounts affecting operating expenses(C)
26
4
25
Amounts affecting finance costs, net(D)
1
2
4
Total net amount affecting
the consolidated income statement
(4,369)
(4,272)
(3,795)
(A)Amounts principally relate to fountain syrup and packaged product sales.
(B)Amounts principally relate to the purchase of concentrate, syrup, mineral water and juice, as well as
funding for marketing programmes.
(C)Amounts principally relate to certain costs associated with new product development initiatives and
reimbursement of certain marketing expenses.
(D)Amounts relate to bank fee recharges for bank guarantees.
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2025 Annual Report and Form 20-F
187
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Notes to the consolidated financial statements continued
The following table summarises the transactions with TCCC that impacted the
consolidated statement of financial position for the periods presented:
Year ended 31 December
2025
2024
€ million
€ million
Amounts due from TCCC
92
76
Amounts payable to TCCC
289
320
Terms and conditions of transactions with TCCC
Outstanding balances on transactions with TCCC are unsecured, interest free and
generally settled in cash. Receivables from TCCC are considered to be fully recoverable.
Transactions with Cobega companies
Cobega, S.A. (Cobega) has significant influence over the Group, as defined by IAS 24 -
Related Party Disclosures. As at 31 December 2025, 21.26% of the total outstanding Shares
of the Group were indirectly owned by Cobega through its ownership interest in Olive
Partners, S.A. Additionally, five of the Group’s 17 Directors, including the Chairman,
are nominated by Olive Partners, three of whom are affiliated with Cobega.
The principal transactions with Cobega are for the purchase of packaging materials
and maintenance services for vending machines. The following table summarises the
transactions with Cobega that directly impacted the consolidated income statement
for the years presented:
Year ended 31 December
2025
2024
2023
€ million
€ million
€ million
Amounts affecting revenue(A)
1
1
1
Amounts affecting cost of sales(B)
(65)
(67)
(69)
Amounts affecting operating expenses(C)
(4)
(12)
(18)
Total net amount affecting
the consolidated income statement
(68)
(78)
(86)
(A)Amounts principally relate to packaged product sales.
(B)Amounts principally relate to the purchase of packaging materials.
(C)Amounts principally relate to maintenance and repair services and transportation.
The following table summarises the transactions with Cobega that impacted the
consolidated statement of financial position for the periods presented:
Year ended 31 December
2025
2024
€ million
€ million
Amounts due from Cobega
7
7
Amounts payable to Cobega
20
32
Terms and conditions of transactions with Cobega
Outstanding balances on transactions with Cobega are unsecured, interest free and
generally settled in cash. Receivables from Cobega are considered to be fully recoverable.
Other related parties
Transactions with associates, joint ventures and other related parties
Joint venture investments relate to interests in a service provider supporting the operation
of container refund schemes in certain Australian states and a PET recycling plant in
Indonesia.
Associate investments relate to interests in deposit scheme coordinators and a holding
company of container deposit schemes in certain Australian states and territories.
Associate investments also include the Group’s equity interests in early stage development
companies as part of CCEP Ventures. In addition, the Group maintains an associate
investment in a recycling facility located in the Philippines.
Other related parties include coordinators of container deposit schemes in certain
Australian states over which significant influence is held.
Certain defined benefit plan entities meet the definition of related parties. During 2025, the
Group contributed €31 million (2024: €14 million) to these retirement benefit arrangements.
The following table summarises the transactions with associates, joint ventures and other
related parties:
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Notes to the consolidated financial statements continued
Year ended 31 December
2025
2024
2023
€ million
€ million
€ million
Net amounts affecting consolidated income
statement – associates(A)
(74)
(66)
(68)
Net amounts affecting consolidated income
statement – joint ventures(A),(B)
(6)
(56)
(28)
Net amounts affecting consolidated income
statement – other related parties(A)
(143)
(86)
(85)
Total net amount affecting
the consolidated income statement
(223)
(208)
(181)
(A)Amounts relate to container deposit scheme charges.
(B)Amounts relate to the purchase of certain raw materials.
The following table summarises the balances with associates, joint ventures and other
related parties:
Year ended 31 December
2025
2024
€ million
€ million
Amounts due from associates
—
6
Amounts payable to associates
13
2
Amounts payable to joint ventures
—
9
Amounts payable to other related parties
19
10
Terms and conditions of transactions with associates, joint ventures and other related parties
Outstanding balances on transactions are unsecured, interest free and generally settled
in cash. Receivables are considered to be fully recoverable.
Refer to Note 29 for a listing of associates, joint ventures and other related parties.
Transactions with key management personnel
Key management personnel are the members of the Board of Directors and the members
of the Executive Leadership Team. The following table summarises the total remuneration
paid or accrued during the reporting period related to key management personnel:
Year ended 31 December
2025
2024
2023
€ million
€ million
€ million
Salaries and other short-term employee
benefits(A)
24
33
31
Share-based payments
15
9
20
Termination benefits
—
7
—
Total
39
49
51
(A)Short-term employee benefits include wages, salaries and social security contributions, paid annual leave
and paid sick leave, paid bonuses and non-monetary benefits.
The Group did not have any loans with key management personnel and was not party to any
other transactions with key management personnel during the periods presented.
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2025 Annual Report and Form 20-F
189
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Notes to the consolidated financial statements continued
Note 21
Income taxes
Current tax
Current tax for the period includes amounts expected to be payable on taxable income in
the period together with any adjustments to taxes payable in respect of previous periods,
and is determined based on the tax laws enacted or substantively enacted at the balance
sheet date in the countries where the Group operates and generates taxable income.
Management periodically evaluates positions taken in tax returns with respect to situations
in which applicable tax regulations are subject to interpretation and establishes provisions,
where appropriate, on the basis of amounts expected to be paid to the tax authorities.
Deferred tax
Deferred tax is determined by identifying the temporary differences between the tax
bases of assets and liabilities and their carrying amounts for financial reporting purposes
at the reporting date. Deferred tax for the period includes origination and reversal of
temporary differences, remeasurements of deferred tax balances and adjustments in
respect of prior periods.
Deferred tax liabilities are recognised for all taxable temporary differences, except:
■When the deferred tax liability arises from the initial recognition of goodwill or an asset
or liability in a transaction that is not a business combination and, at the time of the
transaction, affects neither the accounting profit nor taxable profit or loss, unless
it gives rise to equal taxable and deductible temporary differences; or
■In respect of taxable temporary differences associated with investments in
subsidiaries, branches and associates, and interests in joint ventures, when the timing
of the reversal of the temporary differences can be controlled by the Group and it is
probable that the temporary differences will not reverse in the foreseeable future.
Deferred tax assets are recognised for all deductible temporary differences, carry forward
of unused tax credits and unused tax losses, to the extent that it is probable that taxable
profit will be available against which the deductible temporary differences and the carry
forward of unused tax credits and unused tax losses can be utilised, except:
■When the deferred tax asset relating to the deductible temporary difference arises
from the initial recognition of an asset or liability in a transaction that is not a business
combination and, at the time of the transaction, affects neither the accounting profit nor
taxable profit or loss, unless it gives rise to equal taxable and deductible temporary
differences; or
■In respect of deductible temporary differences associated with investments in
subsidiaries, branches and associates, and interests in joint ventures, deferred tax
assets are recognised only to the extent that it is probable that the temporary
differences will reverse in the foreseeable future and taxable profit will be available
against which the temporary differences can be utilised.
The carrying amount of deferred tax assets is reviewed at each reporting date and
reduced to the extent that it is no longer probable that sufficient taxable profit will be
available to allow all or part of the deferred tax asset to be utilised. Unrecognised deferred
tax assets are reassessed at each reporting date and are recognised to the extent that it
has become probable that future taxable profits will allow the deferred tax asset to be
recovered.
Deferred tax assets and liabilities are measured at the tax rates that are expected to apply
in the year when the asset is realised or the liability is settled, based on tax rates (and tax
laws) that have been enacted or substantively enacted at the reporting date.
Deferred tax assets and deferred tax liabilities are offset if a legally enforceable right
exists to set off current tax assets against current income tax liabilities and the deferred
taxes relate to the same taxation authority on either the same taxable entity or different
taxable entities where there is an intention to settle the balances on a net basis.
Income tax is recognised in the consolidated income statement. Income tax is recognised
in other comprehensive income or directly in equity to the extent that it relates to items
recognised in other comprehensive income or in equity.
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Coca-Cola Europacific Partners plc
2025 Annual Report and Form 20-F
190
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Notes to the consolidated financial statements continued
2025, 2024 and 2023 results
The following table summarises the major components of income tax expense for the
periods presented:
Year ended 31 December
2025
2024
2023
€ million
€ million
€ million
Current tax:
Current tax charge
636
596
555
Adjustment in respect of current tax from
prior periods
(9)
(38)
(10)
Total current tax
627
558
545
Deferred tax:
Relating to the origination and reversal of
temporary differences
27
(71)
11
Adjustment in respect of deferred income
tax from prior periods
3
2
(22)
Relating to changes in tax rates or the
imposition of new taxes
(67)
3
—
Total deferred tax
(37)
(66)
(11)
Income tax charge per
the consolidated income statement
590
492
534
The following table summarises the taxes on items recognised in other comprehensive
income and directly within equity for the periods presented:
Year ended 31 December
2025
2024
2023
€ million
€ million
€ million
Taxes charged/(credited) to OCI:
Deferred tax on net gain/loss on
revaluation of cash flow hedges and
other reserves
(24)
—
11
Deferred tax on net gain/loss on pension
plan remeasurements
1
16
(43)
Current tax on net gain/loss on pension
plan remeasurements
—
—
8
Total taxes charged/(credited) to OCI
(23)
16
(24)
Taxes charged/(credited) to equity:
Deferred tax charge/(credit): cash flow
hedges
3
(7)
(31)
Deferred tax charge/(credit): share-based
compensation
6
—
(1)
Total taxes charged/(credited) to equity
9
(7)
(32)
The effective tax rate was 23.0%, 25.4% and 24.2% for the years ended 31 December 2025,
31 December 2024 and 31 December 2023, respectively. The Parent Company of the Group
is a UK company.
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Coca-Cola Europacific Partners plc
2025 Annual Report and Form 20-F
191
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Notes to the consolidated financial statements continued
Accordingly, the following tables provide reconciliations of the Group’s income tax expense
at the UK statutory tax rate to the actual income tax expense for the periods presented:
Year ended 31 December
2025
2024
2023
€ million
€ million
€ million
Accounting profit before tax
from continuing operations
2,569
1,936
2,203
Tax expense at the UK statutory rate
642
484
518
Taxation of foreign operations, net(A)
14
28
43
Non-deductible expense items for tax
purposes
—
16
15
Rate and law change impact, net(B)
(69)
3
—
Deferred taxes not recognised
9
(3)
(10)
Adjustment in respect of prior periods
(6)
(36)
(32)
Total provision for income taxes
590
492
534
(A)This reflects the impact, net of income tax contingencies, of having operations outside the UK, which are
taxed at rates other than the statutory UK rate of 25.0% (2024: 25.0%; 2023: 23.5%).
(B)In 2025, Germany and Portugal both enacted law changes that reduced their corporate income tax rates
in the future. The Group remeasured its deferred tax liabilities to reflect the impact of these changes. In
2024, New Zealand enacted a law change that removed tax depreciation from commercial properties from
1 April 2024. The Group recognised a deferred tax expense of €3 million to reflect the impact of this change.
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Coca-Cola Europacific Partners plc
2025 Annual Report and Form 20-F
192
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Notes to the consolidated financial statements continued
Deferred income taxes
The following table summarises the movements in the carrying amounts of deferred tax liabilities and assets by significant component during the periods presented:
Franchise and other
intangible assets
Property, plant 
and equipment
Financial assets and
liabilities
Tax
losses
Employee and retiree
benefit accruals
Tax
credits
Other,
net
Total,
net
€ million
€ million
€ million
€ million
€ million
€ million
€ million
€ million
As at 31 December 2023
3,191
248
8
(11)
(80)
(24)
45
3,377
Amount charged/(credited) to income statement
(excluding effect of tax rate changes)
(27)
(25)
1
(9)
4
—
(13)
(69)
Effect of tax rate changes on income statement
—
3
—
—
—
—
—
3
Amounts charged/(credited) directly to OCI
—
—
—
—
16
—
—
16
Amount charged/(credited) to equity
—
—
(7)
—
—
—
—
(7)
Acquired through business combinations
116
143
(69)
—
(10)
—
(10)
170
Balance sheet reclassifications
8
3
(1)
—
—
—
(10)
—
Effect of movements in foreign exchange
(10)
1
(1)
—
—
—
(6)
(16)
As at 31 December 2024
3,278
373
(69)
(20)
(70)
(24)
6
3,474
Amount charged/(credited) to income statement
(excluding effect of tax rate changes)
30
(34)
62
(42)
14
(1)
1
30
Effect of tax rate changes on income statement
(62)
(5)
—
—
2
—
(2)
(67)
Amounts charged/(credited) directly to OCI
—
—
(24)
—
1
—
—
(23)
Amount charged/(credited) to equity
—
—
3
—
6
—
—
9
Balance sheet reclassifications
—
3
—
(2)
2
—
(5)
(2)
Effect of movements in foreign exchange
(104)
(14)
4
5
—
—
4
(105)
As at 31 December 2025
3,142
323
(24)
(59)
(45)
(25)
4
3,316
Analysed as follows:
As at 31 December
2024
As at 31 December
2025
Deferred tax asset
(24)
(5)
Deferred tax liability
3,498
3,321
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Coca-Cola Europacific Partners plc
2025 Annual Report and Form 20-F
193
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Notes to the consolidated financial statements continued
Unrecognised tax items
The utilisation of tax losses and temporary differences carried forward, for which no
deferred tax asset is currently recognised, is subject to the resolution of tax authority
enquiries and the achievement of positive income in periods which are beyond the
Group’s current business plan, and therefore this utilisation is uncertain.
The gross and tax effected amounts including expiry dates, where applicable,
of unrecognised losses, tax credits and deductible temporary differences available
for carry forward are as follows:
Year ended 31 December
2025
2024
2023
€ million
€ million
€ million
Gross
amount
Tax
effected
Gross
amount
Tax
effected
Gross
amount
Tax
effected
Tax losses expiring:
Within 10 years
17
4
4
1
—
—
Beyond 10 years
3
1
3
1
3
1
No time limit
846
203
1,261
253
1,391
264
866
208
1,268
255
1,394
265
Tax credits expiring:
Within 10 years
57
57
60
60
57
57
Beyond 10 years
29
29
33
33
35
35
86
86
93
93
92
92
Deductible temporary differences
No time limit
27
6
12
3
17
4
27
6
12
3
17
4
Total
979
300
1,373
351
1,503
361
As at 31 December 2025, no deferred tax liability has been recognised in respect of €253 million
(2024: €271 million) of unremitted earnings in subsidiaries, associates and joint ventures.
Tax provisions
The Group is routinely under audit by tax authorities in the ordinary course of business.
Due to their nature, such proceedings and tax matters involve inherent uncertainties
including, but not limited to, court rulings, settlements between affected parties and/or
governmental actions. The probability of outcome is assessed and accrued as a liability
and/or disclosed, as appropriate. The Group maintains provisions for uncertainty relating
to these tax matters that it believes appropriately reflect its risk. As at 31 December 2025,
€329 million (31 December 2024: €267 million) of these provisions is included in current tax
liabilities and the remainder is included in non-current tax liabilities.
The Group reviews the adequacy of these provisions at the end of each reporting period
and adjusts them based on changing facts and circumstances. Due to the uncertainty
associated with tax matters, it is possible that at some future date liabilities resulting from
audits or litigation could vary significantly from the Group’s provisions. When an uncertain tax
liability is regarded as probable, it is measured on the basis of the Group’s best estimate.
The Group has received tax assessments in certain jurisdictions for potential tax related to
the Group’s purchases of concentrate. The value of the Group’s concentrate purchases is
significant, and, therefore, the tax assessments are substantial. The Group strongly
believes the application of tax has no technical merit based on applicable tax law, and its
tax position would be sustained. Accordingly, the Group has not recorded a tax liability for
these assessments, and is vigorously defending its position against these assessments.
Global minimum top up tax
The Group has applied the exception under the IAS 12 amendment to recognising and
disclosing information about deferred tax assets and liabilities related to top up tax in
preparing its consolidated financial statements as at 31 December 2025.
The Group is in scope and is subject to top up tax in relation to its operations in a few
countries. No material expense or liability has been recognised in the consolidated
financial statements.
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Coca-Cola Europacific Partners plc
2025 Annual Report and Form 20-F
194
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Notes to the consolidated financial statements continued
Note 22
Share-based payment plans
The Group has an established Share options plan and a Long-Term Incentive Plan (LTIP) for
certain executive and management level employees that provide for granting restricted
stock units, some with performance and/or market conditions. These awards are designed
to align the interests of executives and management with the interests of shareholders.
During 2022, the Group launched a global Employee Share Purchase Plan (ESPP), which gives
employees the opportunity to purchase CCEP Shares on a regular basis and become a
shareholder, promoting an ownership culture. Under the ESPP, participating employees
are granted matching Shares when certain vesting and non-vesting conditions are met.
The Group recognises compensation expense equal to the grant date fair value for
all share-based payment awards that are expected to vest. Expense is generally
recorded on a straight-line basis over the requisite service period for each separately
vesting portion of the award.
During the years ended 31 December 2025, 31 December 2024 and 31 December 2023,
compensation expense related to our share-based payment plans totalled €47 million,
€45 million and €57 million, respectively. The expense arising from equity-settled
share‑based payment transactions was €43 million for the year ended 31 December 2025
(2024: €42 million; 2023: €54 million).
Share options
Share options: (1) are granted with exercise prices equal to or greater than the fair value of
the Group’s stock on the date of grant; (2) generally vest in three annual tranches over a
period of 36 months; and (3) expire 10 years from the date of grant. Generally, when options
are exercised, new Shares will be issued rather than issuing treasury Shares, if available.
No options were granted during the years ended 31 December 2025, 31 December 2024
and 31 December 2023. All options outstanding as at 31 December 2025, 31 December 2024
and 31 December 2023 were valued and had exercise prices in US dollars.
The following table summarises our share option activity for the periods presented:
2025
2024
2023
Shares
Average
exercise price
Shares
Average
exercise price
Shares
Average
exercise price
thousands
US$
thousands
US$
thousands
US$
Outstanding at
beginning of year
24
39.00
920
37.42
2,272
35.30
Granted
—
—
—
—
—
—
Exercised
(24)
39.00
(895)
37.39
(1,352)
33.86
Forfeited, expired
or cancelled
—
—
(1)
—
—
—
Outstanding
at end of year
—
0.00
24
39.00
920
37.42
Options exercisable
at end of year
—
0.00
24
39.00
920
37.42
There are no outstanding Share options as at 31 December 2025. The weighted average
Share price during the years ended 31 December 2025, 31 December 2024 and
31 December 2023 was US$88.54, US$73.60 and US$60.96, respectively.
The following table summarises the weighted average remaining life of options outstanding
for the periods presented:
2025
2024
2023
Range of exercise prices
Options
outstanding
Weighted
average
remaining life
Options
outstanding
Weighted
average
remaining life
Options
outstanding
Weighted
average
remaining life
US$
thousands
years
thousands
years
thousands
years
25.01 to 40.00
—
0.00
24
0.85
920
1.60
Total
—
0.00
24
0.85
920
1.60
Restricted Stock Units (RSUs) and Performance Share Units (PSUs)
RSU awards entitle the participant to accrue dividends, which are paid in cash only if the
RSUs vest. They do not have voting rights. Upon vesting, the participant is granted one
Share for each RSU. They generally vest subject to continued employment for a period
of 36 months. Unvested RSUs are restricted as to disposition and subject to forfeiture.
There were 0.1 million, 0.2 million and 0.1 million unvested RSUs outstanding with a weighted
average grant date fair value of US$68.66, US$59.31 and US$50.67 as at 31 December 2025,
31 December 2024 and 31 December 2023, respectively.
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Coca-Cola Europacific Partners plc
2025 Annual Report and Form 20-F
195
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Notes to the consolidated financial statements continued
PSU awards entitle the participant to the same benefits as RSUs. They generally vest
subject to continued employment for a period of 36 months and the attainment of certain
performance targets. There were 1.0 million, 1.1 million and 2.1 million of unvested PSUs, with
weighted average grant date fair values of US$66.96, US$54.19 and US$48.95 outstanding
as at 31 December 2025, 31 December 2024 and 31 December 2023, respectively.
The PSUs granted in 2025, 2024 and 2023 are subject to performance conditions of
absolute EPS and ROIC, each with a 42.5% weighting, and to a sustainability metric, focused
on the reduction of greenhouse gas emissions (CO2e) across our entire value chain, with a
15% weighting.
Key assumptions for grant date fair value
The following table summarises the weighted average grant date fair values
per unit:
Restricted stock units and performance share units
2025
2024
Grant date fair value – service conditions (US$)
78.09
67.60
Grant date fair value – service and performance conditions (US$)
78.35
67.77
Employee Share Purchase Plan
Through the ESPP, employees are able to contribute on a regular basis up to a maximum
amount deducted from their salary for the purpose of purchasing CCEP Shares. Every
quarter, for each purchased Share, CCEP awards participating employees matching
Shares at the same time. Participating employees become owners of the matching
Shares 12 months after the award, as long as they remain in employment and do not
sell the related purchased Shares during this period. Participants have all the rights
of a shareholder in respect of their purchased Shares and matching Shares (once
they are fully owned by the employees), including dividend rights and voting rights.
During the years ended 31 December 2025, 31 December 2024 and 31 December 2023 the
Group recognised a compensation expense related to the ESPP of €19 million, €17 million
and €14 million, respectively.
Note 23
Provisions, contingencies and commitments
Provisions are recognised when the Group has a present obligation (legal or constructive)
as a result of a past event, it is probable that an outflow of resources embodying economic
benefits will be required to settle the obligation and a reliable estimate can be made of the
amount of the obligation. When some or all of a provision is expected to be reimbursed,
the reimbursement is recognised as a separate asset, but only when the reimbursement
is virtually certain. The expense relating to a provision is presented in the consolidated
income statement, net of any reimbursement.
Asset retirement obligations are estimated at the inception of a lease or contract, for
which a liability is recognised. A corresponding asset is also created and depreciated.
If the effect of the time value of money is material, provisions are discounted using
a current pre-tax rate that reflects, when appropriate, the risks specific to the liability.
When discounting is used, the increase in the provision due to the passage of time is
recognised as a finance cost.
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2025 Annual Report and Form 20-F
196
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Notes to the consolidated financial statements continued
Provisions
The following table summarises the movement in each class of provision for the periods
presented:
Restructuring
provision
Decommissioning
provision
Other provisions(A)
Total
€ million
€ million
€ million
€ million
As at 31 December 2023
116
15
28
159
Acquisition of CCBPI
3
—
55
58
Charged/(credited) to profit or
loss:
Additional provisions
recognised
219
1
10
230
Unused amounts reversed
(9)
—
(1)
(10)
Utilised during the period
(80)
—
(8)
(88)
Translation
1
—
—
1
As at 31 December 2024
250
16
84
350
Charged/(credited) to profit or
loss:
Additional provisions
recognised
74
2
8
84
Unused amounts reversed(B)
(7)
—
(33)
(40)
Utilised during the period
(181)
—
(9)
(190)
Translation
(1)
—
(7)
(8)
As at 31 December 2025
135
18
43
196
Non-current
23
18
15
56
Current
112
—
28
140
As at 31 December 2025
135
18
43
196
(A)Other provisions primarily relate to legal reserves, which are not considered material to the consolidated
financial statements.
(B)The reversal of unused amounts primarily reflects a reduction in the provision previously recognised in
relation to an ongoing labour law matter in Germany. Based on the latest assessment, no future cash
outflows are expected in connection with this matter.
Restructuring provision
Restructuring provisions are recognised only when the Group has a constructive obligation,
which is when a detailed formal plan identifies the business or part of the business
concerned, the location and number of employees affected, a detailed estimate of the
associated costs and an appropriate timeline, and the employees affected have been
notified of the plan’s main features. These provisions are expected to be resolved by the
time the related programme is substantively complete.
Refer to Note 18 for further details regarding our restructuring programmes.
Decommissioning provisions
Decommissioning liabilities relate to contractual or legal obligations to pay for asset
retirement costs. The liabilities represent both the reinstatement obligations when the
Group is contractually obligated to pay for the cost of retiring leased buildings and the
costs for collection, treatment, reuse, recovery and environmentally sound disposal of
cold drink equipment. Specific to cold drink equipment obligations, the Group is subject
to, and operates in accordance with, the EU Directive on Waste from Electrical and
Electronic Equipment (WEEE). Under the WEEE, companies that put electrical and
electronic equipment (such as cold drink equipment) on the EU market are responsible
for the costs of collection, treatment, recovery and disposal of their own products.
Where applicable, the WEEE provision estimate is calculated using assumptions, including
disposal cost per unit, average equipment age and the inflation rate, to determine
the appropriate accrual amount.
The period over which the decommissioning liabilities on leased buildings and cold drink
equipment will be settled ranges from 1 to 26 years and 1 to 8 years, respectively.
Contingencies
Legal proceedings and tax matters
The Group is involved in various legal proceedings and tax matters and is routinely under
audit by tax authorities in the ordinary course of business. Due to their nature, such legal
proceedings and tax matters involve inherent uncertainties including, but not limited to,
court rulings, settlements between affected parties and/or governmental actions.
The probability of loss for such contingencies is assessed and accrued as a liability and/or
disclosed, as appropriate.
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Coca-Cola Europacific Partners plc
2025 Annual Report and Form 20-F
197
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Notes to the consolidated financial statements continued
Guarantees
In connection with ongoing litigation and tax matters in certain territories, guarantees of
approximately €888 million have been issued (2024: €850 million). The Group was required
to issue these guarantees to satisfy potential obligations arising from such litigation.
In addition, we have approximately €56 million of guarantees issued to third parties
through the normal course of business (2024: €42 million). The guarantees have various
terms and the amounts represent the maximum potential future payments that we
could be required to make under the guarantees. No significant additional liabilities
in the accompanying consolidated financial statements are expected to arise from
guarantees issued.
Commitments
Commitments beyond 31 December 2025 are disclosed herein but not accrued for within
the consolidated statement of financial position.
Purchase agreements
Total purchase commitments were €0.6 billion as at 31 December 2025. This amount
represents non-cancellable purchase agreements with various suppliers that are
enforceable and legally binding, and that specify a fixed or minimum quantity that we
must purchase. All purchases made under these agreements have standard quality
and performance criteria.
The Group has outstanding capital expenditure purchase orders of approximately
€310 million as at 31 December 2025. The Group also has other purchase orders raised
in the ordinary course of business, which are settled in a reasonably short period of time.
Lease agreements
As at 31 December 2025, the Group had committed to a number of lease agreements that
have not yet commenced. The minimum lease payments for these lease agreements totalled
€13 million.
Note 24
Other income
Other income for the year ended 31 December 2025 totalled €104 million
(31 December 2024: nil; 31 December 2023: €107 million).
During 2025, the Group recognised €30 million of other income related to additional
consideration received from the sale of a property in Germany, and €74 million of other
income related to gains on the sales of properties in Germany and Great Britain.
Note 25
Other current assets and assets held for sale
Other current assets
The following table summarises the Group’s other current assets as at the dates
presented:
Year ended 31 December
2025
2024
Other current assets
€ million
€ million
Prepayments
155
202
VAT receivables
296
44
Miscellaneous receivables
208
212
Total other current assets
659
458
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2025 Annual Report and Form 20-F
198
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Notes to the consolidated financial statements continued
VAT receivables
In 2014, a dispute arose between the Spanish Tax Authorities (STA) and the Bizkaia Tax
Authorities (BTA) regarding which authority was responsible for refunding VAT to the Group
for the years 2013–2016.
In 2022, following an Arbitration Board ruling, the Group received €252 million (including
interest) from the BTA and recognised a further €25 million VAT receivable within other
current assets, and a VAT payable of €57 million to the STA within trade and other
payables, both including interest.
As at 31 December 2024, the VAT receivable balance of €25 million remained unchanged,
while the VAT payable balance increased to €61 million as a result of interest charges.
On 24 July 2025, the Supreme Court of Spain issued its decision on the jurisdictional
dispute and determined that:
■the STA is required to refund approximately €250 million (including interest) to the
Group; and
■the Group is required to repay approximately €287 million (including interest) to the
BTA for the amount received in 2022.
The net difference reflected previously recognised balance sheet positions.
The Supreme Court decision confirmed the principle of VAT neutrality.
As at 31 December 2025, the Group has recognised a €250 million VAT receivable from
the STA within other current assets, and a €287 million VAT payable to the BTA within
accrued taxes, included within trade and other payables. Both balances are expected
to be settled concurrently.
Assets held for sale
Non-current assets, or disposal groups comprising assets and liabilities, are classified as
held for sale if it is highly probable that they would be recovered through sale rather than
continuous use. In order for a sale to be considered highly probable, all of the following
criteria need to be met: management is committed to a plan to sell the assets, an active
programme to locate a buyer and complete the plan has been initiated, the assets are
actively marketed at a reasonable price, and the sale is expected to be completed within
one year from the date of classification.
Such assets, or disposal groups, are generally measured at the lower of their carrying
amount and fair value less cost to sell.
Once classified as held for sale, intangible assets and property, plant and equipment
are no longer amortised or depreciated, and any equity accounted investee is no longer
equity accounted.
Assets classified as held for sale as at 31 December 2025 and 31 December 2024 totalled
€33 million and €46 million, respectively. These assets primarily consist of properties
expected to be sold in the near future.
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2025 Annual Report and Form 20-F
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Notes to the consolidated financial statements continued
Note 26
Other non-current assets
The following table summarises the Group’s other non-current assets as at the dates
presented:
Year ended 31 December
2025
2024
Other non-current assets
€ million
€ million
Retirement benefit surplus (Note 16)
206
176
Investments
56
54
Other
225
167
Total other non-current assets
487
397
Investments
Joint ventures are undertakings in which the Group has an interest and which are jointly
controlled by the Group and one or more other parties. Associates are undertakings where
the Group has an investment in which it does not have control or joint control but can
exercise significant influence. Interests in joint ventures and associates are accounted
for using the equity method and are stated in the consolidated balance sheet at cost,
adjusted for the movement in the Group’s share of their net assets and liabilities.
The Group’s share of the profit or loss after tax of joint ventures and associates is
reflected in the Group’s consolidated income statement within non-operating items.
Where the Group’s share of losses exceeds its interest in the equity accounted investee,
the carrying amount of the investment is reduced to zero and the recognition of further
losses is discontinued, except to the extent that the Group has an obligation to make
payments on behalf of the investee.
Financial assets at fair value through other comprehensive income relate to equity
investments. These investments are not held for trading purposes; therefore, the Group
has opted to recognise fair value movements through other comprehensive income.
There have been no significant changes in fair value of these investments during the period.
The following table summarises the Group’s carrying value of investments as at the dates
presented:
Year ended 31 December
2025
2024
Investments
€ million
€ million
Investments accounted using equity method
35
40
Financial assets at fair value through other comprehensive
income(A)
21
14
Total investments
56
54
(A)Changes in equity investments for the year ended 31 December 2025 were due to additional investments
in existing investees and the acquisition of new investments.
Note 27
Financial risk management
Financial risk factors, objectives and policies
The Group’s activities expose it to several financial risks including market risk, credit risk
and liquidity risk. Financial risk activities are governed by appropriate policies and
procedures to minimise the uncertainties these risks create on the Group’s future
cash flows. Such policies are developed and approved by the Group’s Treasury and
Commodities Risk Committee, through the authority delegated to it by the Board.
Market risk
Market risk represents the risk that the fair value of future cash flows of a financial
instrument will fluctuate due to changes in market prices and includes interest rate risk,
currency exchange risk and other price risk such as commodity price risk. Market risk
affects outstanding borrowings, as well as derivative financial instruments.
Interest rates
The Group is subject to interest rate risk for its outstanding borrowings. To manage interest
rate risk, the Group maintains a significant proportion of its borrowings at fixed rates.
Approximately 88% and 90% of the Group’s interest bearing borrowings were comprised
of fixed rate borrowings at 31 December 2025 and 31 December 2024, respectively.
The Group also modifies its interest rate exposure through the use of interest rate swaps.
As at 31 December 2025 and 31 December 2024, the notional value of the Group’s interest
rate swaps was €882 million and €1,060 million, respectively.
If interest rates on the Group’s floating rate debt were adjusted by 1% for the years ended
31 December 2025, 31 December 2024 and 31 December 2023, the Group’s finance costs
and pre-tax equity would change on an annual basis by approximately €8 million, €8 million
and €9 million, respectively. This amount is determined by calculating the effect
of a hypothetical interest rate change on the Group’s floating rate debt.
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2025 Annual Report and Form 20-F
200
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Notes to the consolidated financial statements continued
Currency exchange risk
Foreign currency exchange risk can only arise on financial instruments that are denominated in
a currency other than the functional currency in which they are measured. Translation-related
risks are therefore not included in the assessment of the Group’s exposure to currency risks.
Translation exposures arise from financial and non-financial items held by the Group with a
functional currency different from the Group’s presentation currency (euro). To manage
currency exchange risk arising from future commercial transactions and recognised monetary
assets and liabilities, foreign currency forward and option contracts with external third parties
are used. Typically, up to 80% of anticipated cash flow exposures in each major foreign currency
for the next calendar year are hedged using a combination of forward and option contracts with
third parties.
The Group is also exposed to the risk of changes in currency exchange rates between
US dollar and euro in relation to its US dollar denominated borrowings. This risk is managed
by entering into cross currency swaps upon issuance, thereby mitigating the foreign
currency exchange risk in its entirety.
The Group’s main foreign currency exchange rate exposure relates to the changes in value of
the euro and US dollar against other currencies. The following tables demonstrate the sensitivity
to a reasonably possible change in the euro and US dollar exchange rates, with all other
variables held constant. The impact on the Group’s profit before taxes is due to the changes in
the fair value of the monetary assets and liabilities denominated in currencies other than the
functional currencies in which they are measured. The impact on the Group’s pre-tax equity is
due to changes in the fair value of foreign currency contracts designated as cash flow hedges.
The Group’s exposure to foreign currency changes for all other currencies is not material.
Year ended 31 December
Profit before taxes impact of non-functional foreign currency
exchange exposure
2025
2024
2023
€ million
€ million
€ million
10% appreciation in the euro
(5)
(9)
(8)
10% depreciation in the euro
5
9
8
10% appreciation in the US dollar
(4)
(8)
2
10% depreciation in the US dollar
4
8
(2)
Year ended 31 December
Pre-tax equity impact of non-functional foreign currency exchange
exposure
2025
2024
2023
€ million
€ million
€ million
10% appreciation in the euro
(38)
(33)
(6)
10% depreciation in the euro
38
33
6
10% appreciation in the US dollar
109
108
79
10% depreciation in the US dollar
(109)
(108)
(79)
Commodity price risk
The competitive marketplace in which the Group operates may limit its ability to recover
increased costs through higher prices. As such, the Group is subject to market risk with
respect to commodity price fluctuations, principally related to its purchases of aluminium,
PET (plastic, including recycled PET, LDPE), natural gas, power, ethylene, sugar and vehicle
fuel. When possible, exposure to this risk is managed primarily through the use of supplier
pricing agreements, which enable the Group to establish the purchase price for certain
commodities. Certain suppliers restrict the Group’s ability to hedge prices through supplier
agreements. As a result, commodity hedging programmes are entered into and generally
designated as hedging instruments. Refer to Note 13 for more information. Typically, up to
80% of the anticipated commodity transaction exposures for the next calendar year are
hedged using a combination of forward and option contracts executed with third parties.
The following table demonstrates the sensitivity to reasonably possible changes in
commodity prices at the reporting date, with all other variables held constant. The impact
on the Group’s pre-tax equity is due to changes in the fair value of commodity hedges
designated as cash flow hedges. The impact on the Group’s profit before taxes is
immaterial as the vast majority of commodity derivatives are designated as hedging
instruments in cash flow hedges. As at 31 December 2025, there were €24 million
(31 December 2024: €33 million) of outstanding non-designated commodity hedges
(refer to Note 13 for further details).
Year ended 31 December
2025
2024
2023
Commodity price risk
€ million
€ million
€ million
10% increase in commodity prices equity gain
113
166
144
10% decrease in commodity prices equity loss
(113)
(166)
(144)
Credit risk
The Group is exposed to counterparty credit risk on all of its derivative financial instruments.
Strict counterparty credit guidelines are maintained and only financial institutions that are
investment grade or better are acceptable counterparties. Counterparty credit risk is
continuously monitored and numerous counterparties are used to minimise exposure
to potential defaults. Where required, collateral is paid between the counterparties to
minimise counterparty risk. The maximum credit risk exposure for each derivative financial
instrument is the carrying amount of the derivative. Included in trade and other payables
is €10 million (2024: €18 million) related to collateral received from counterparties.
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2025 Annual Report and Form 20-F
201
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Notes to the consolidated financial statements continued
Credit is extended in the form of payment terms for trade to customers of the Group,
consisting of retailers, wholesalers and other customers, generally without requiring
collateral, based on an evaluation of the customer’s financial condition. While the Group
has a concentration of credit risk in the retail sector, this risk is mitigated due to the diverse
nature of the customers the Group serves, including, but not limited to, their type,
geographic location, size and beverage channel. Depending on the risk profile of certain
customers, we may also seek bank guarantees. Collections of receivables are dependent
on each individual customer’s financial condition and sales adjustments granted.
Trade accounts receivable are initially recognised at their transaction price and
subsequently measured at amortised cost less provision for impairment. Typically,
accounts receivable have terms of 30 to 60 days and do not bear interest. A default on a
financial asset is when the counterparty fails to make contractual payments when they
fall due. Exposure to losses on receivables is monitored, and balances are adjusted for
expected credit losses. Expected credit losses are determined by: (1) evaluating the ageing
of receivables; (2) analysing the history of adjustments; and (3) reviewing high risk
customers. Credit insurance on a portion of the accounts receivable balance is also
carried.
Liquidity risk
Liquidity risk is actively managed to ensure that the Group has sufficient funds to satisfy
its commitments. The Group’s sources of capital include, but are not limited to, cash
flows from operations, public and private issuances of debt and equity securities, and
bank borrowings. The Group believes its operating cash flows, cash on hand and available
short- and long-term capital resources are sufficient to fund its working capital
requirements, scheduled borrowing payments, interest payments, capital expenditures,
benefit plan contributions, income tax obligations and dividends to its shareholders.
Counterparties and instruments used to hold cash and cash equivalents are continuously
assessed, with a focus on preservation of capital and liquidity. Based on information
currently available, the Group does not believe it is at significant risk of default by
its counterparties.
The Group has amounts available for borrowing under a €1.80 billion multi currency credit
facility (2024: €1.80 billion) with a syndicate of 12 banks. This credit facility matures in 2030
and is for general corporate purposes, including serving as a backstop to its commercial
paper programme and supporting the Group’s working capital needs. Based on information
currently available, the Group has no indication that the financial institutions participating in
this facility would be unable to fulfil their commitments as at the date of these financial
statements. The current credit facility contains no financial covenants that would impact
the Group’s liquidity or access to capital. As at 31 December 2025, the Group had no
amounts drawn under this credit facility.
The Group operates a sustainability-linked supply chain finance programme. The facility is
provided by a third party bank and helps our suppliers get paid earlier than under
contractual credit terms. Supplier balances under supply chain finance facilities are
disclosed in Note 15.
The following table summarises the maturity profile of the Group’s financial liabilities as at
31 December 2025. The amounts are presented on a gross, undiscounted basis and include
contractual interest payments, excluding the effects of any netting arrangements.
Balances due within 12 months approximate their carrying amounts, as the impact of
discounting is not significant.
Total
Less than 1 year
1 to 3 years
3 to 5 years
More than
5 years
Financial liabilities
€ million
€ million
€ million
€ million
€ million
31 December 2025
Trade and other payables
5,450
5,450
—
—
—
Amounts payable to related
parties
341
341
—
—
—
Borrowings
11,280
517
3,092
2,880
4,791
Derivatives
246
99
68
19
60
Lease liabilities
779
179
275
131
194
Total financial liabilities
18,096
6,586
3,435
3,030
5,045
31 December 2024
Trade and other payables
5,319
5,319
—
—
—
Amounts payable to related
parties
373
373
—
—
—
Borrowings
11,886
1,376
2,332
2,916
5,262
Derivatives
206
45
58
15
88
Lease liabilities
787
172
269
142
204
Total financial liabilities
18,571
7,285
2,659
3,073
5,554
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2025 Annual Report and Form 20-F
202
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Notes to the consolidated financial statements continued
Capital management
The primary objective of the Group’s capital management is to ensure a strong credit rating
and appropriate capital ratios are maintained to support the Group’s business and
maximise shareholder value. The Group’s credit ratings are periodically reviewed by rating
agencies. Currently, the Group’s long-term ratings from Moody’s and Fitch are A3 and A-,
respectively. Changes in the operating results, cash flows or financial position could impact
the ratings assigned by the various rating agencies. The credit rating can be materially
influenced by a number of factors including, but not limited to, acquisitions, investment
decisions, capital management activities of TCCC and/or changes in the credit rating of
TCCC. Should the credit ratings be adjusted downwards, the Group may incur higher costs
to borrow, which could have a material impact on the financial condition and results of
operations.
The capital structure is managed and, as appropriate, adjustments are made in light of
changes in economic conditions and the Group’s financial policy.
The Group monitors its operating performance in the context of targeted financial leverage
by comparing the ratio of net debt with comparable EBITDA. Net debt is defined as
borrowings adjusted for the fair value of hedging instruments and other financial assets/
liabilities related to borrowings, net of cash and cash equivalents and short-term
investments. Comparable EBITDA is calculated as EBITDA and adjusted for items
impacting comparability.
Refer to Note 12 for the presentation of fair values for each class of financial assets
and financial liabilities and Note 13 for an outline of how the Group utilises derivative
financial instruments to mitigate its exposure to certain market risks associated with
its ongoing operations.
Refer to the Strategic Report included within this Annual Report for disclosure of strategic,
commercial and operational risk relevant to the Group.
Note 28
Significant events after the reporting period
On 17 February 2026, the Group announced its intention to return up to €1 billion to
shareholders through a coordinated share buyback programme to be completed by the
end of February 2027. The initial tranche has commenced and is being executed under
the authority granted by the 2025 Annual General Meeting of Shareholders (AGM).
Subject to requisite approvals, the programme will continue under authorities granted by
future general meetings. All repurchased shares will be cancelled. The programme may be
suspended, modified or discontinued at any time, subject to applicable laws and regulations.
On 26 February 2026, the Group issued €300 million of floating rate debt maturing on
26 February 2028.
Related to the dispute between the Spanish Tax Authorities (STA) and the regional tax
authorities of Bizkaia (Basque Country) described in Note 25, on 9 March 2026 the Group
received a proposed VAT assessment for years 2020 to 2022, for approximately
€215 million inclusive of interest.
For the periods to which the proposed assessment relates, VAT refunds were settled by
the STA. We believe that the Group will continue to be held neutral in respect of the
dispute.
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2025 Annual Report and Form 20-F
203
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Notes to the consolidated financial statements continued
Note 29
Group companies
In accordance with section 409 of the Companies Act 2006, a full list of the Group’s subsidiaries, partnerships, associates, joint ventures and other undertakings as at 31 December 2025
is disclosed below, along with the country of incorporation, the registered address and the effective percentage of equity owned at that date. Unless otherwise stated, each entity has a
share capital comprising a single class of ordinary shares and is wholly owned and indirectly held by CCEP.
Name
Country of incorporation
% equity
interest
Registered address
Subsidiaries
Agua De La Vega Del Codorno, S.L.U.
Spain
100%
C/ Ribera Del Loira 20-22, 2a Planta, 28042, Madrid, Spain
Aguas De Cospeito, S.L.U.
Spain
100%
Crta. Pino km. 1 - 2, 27377, Cospeito (Lugo), Spain
Aguas De Santolin, S.L.U.
Spain
100%
C/ Real, s/n 09246, Quintanaurria, Burgos, Spain
Aguas Del Maestrazgo, S.L.U.
Spain
100%
C/ Ribera Del Loira 20-22, 2a Planta, 28042, Madrid, Spain
Aguas Del Toscal, S.A.U.
Spain
100%
Ctra. de la Pasadilla, km, 3-35250, ingenio (Gran Canaria), Spain
Aguas Vilas Del Turbon, S.L.U.
Spain
100%
C/ Ribera Del Loira 20-22, 2a Planta, 28042, Madrid, Spain
Associated Products & Distribution Proprietary
Australia
100%(O)
Level 13, 40 Mount Street, North Sydney NSW 2060, Australia
Bebidas Gaseosas Del Noroeste, S.L.U.
Spain
100%
Avda. Alcalde Alfonso Molina, S/N-15007, (A Coruna), Spain
Beganet, S.L.U.
Spain
100%
Avda Paisos Catalans, 32, 08950, Esplugues de Llobregat, Spain
BL Bottling Holdings UK Limited
United Kingdom
100%
Pemberton House, Bakers Road, Uxbridge, England, UB8 1EZ, United Kingdom
BNI B.V.
Netherlands
100%(A)
Marten Meesweg 25 J, 3068 AV, Rotterdam, Netherlands
BNII Inc.
Philippines
100%
26/F Uptown Eastgate, 11th Avenue corner 36th Street, Bonifacio Global City, Taguig,
Philippines
BNI (Finance) B.V.
Netherlands
100%
Marten Meesweg 25 J, 3068 AV, Rotterdam, Netherlands
Bottling Great Britain Limited
United Kingdom
100%(D)
Pemberton House, Bakers Road, Uxbridge, England, UB8 1EZ, United Kingdom
Bottling Holding France SAS
France
100%
9 chemin de Bretagne, 92784, Issy-les-Moulineaux, France
Bottling Holdings (Luxembourg) SARL
Luxembourg
100%
2, Rue des Joncs, L-1818, Howald, Luxembourg
Bottling Holdings (Netherlands) B.V.
Netherlands
100%
Marten Meesweg 25 J, 3068 AV, Rotterdam, Netherlands
Bottling Holdings Europe Limited
United Kingdom
100%(B)(E)
Pemberton House, Bakers Road, Uxbridge, England, UB8 1EZ, United Kingdom
Brewhouse Investments Pty Ltd
Australia
100%
Level 13, 40 Mount Street, North Sydney NSW 2060, Australia
Can Recycling (S.A.) Pty. Ltd.
Australia
100%(B)
Level 13, 40 Mount Street, North Sydney NSW 2060, Australia
CC Erfrischungsgetränke Oldenburg Verwaltungs GmbH
Germany
100%(I)
Stralauer Allee 4, 10245, Berlin, Germany
CC Verpackungsgesellschaft mit beschraenkter Haftung
Germany
100%
Schieferstrasse 20, 06126, Halle (Saale), Germany
CCEP Aboitiz Beverages Philippines, Inc.
Philippines
60%
NAC Tower, 32nd Street, Bonifacio Global City, Taguig City, 1634, Philippines
CCEP Australia Pty Ltd
Australia
100%
Level 13, 40 Mount Street, North Sydney NSW 2060, Australia
CCEP Finance (Australia) Limited
United Kingdom
100%(A)
Pemberton House, Bakers Road, Uxbridge, England, UB8 1EZ, United Kingdom
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2025 Annual Report and Form 20-F
204
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Notes to the consolidated financial statements continued
Name
Country of incorporation
% equity
interest
Registered address
CCEP Finance (Ireland) Designated Activity Company
Ireland
100%
3 Dublin Landings, North Wall Quay, Dublin, D01 C4E0, Ireland
CCEP Group Services Limited
United Kingdom
100%(A)
Pemberton House, Bakers Road, Uxbridge, England, UB8 1EZ, United Kingdom
CCEP Holdings (APS) Limited
United Kingdom
100%(A)
Pemberton House, Bakers Road, Uxbridge, England, UB8 1EZ, United Kingdom
CCEP Holdings (Australia) Pty Ltd
Australia
100%(A)
Level 13, 40 Mount Street, North Sydney NSW 2060, Australia
CCEP Holdings Norge AS
Norway
100%
Robsrudskogen 5, Lørenskog, 1470, Norway
CCEP Holdings Sverige AB
Sweden
100%
Dryckesvägen 2 C, 136 87, Haninge, Sweden
CCEP Holdings UK Limited
United Kingdom
100%
Pemberton House, Bakers Road, Uxbridge, England, UB8 1EZ, United Kingdom
CCEP Scottish Limited Partnership
United Kingdom
100%(P)
52 Milton Road, College Milton, East Kilbride, Scotland, G74 5DJ, United Kingdom
CCEP Ventures Australia Pty Ltd
Australia
100%
Level 13, 40 Mount Street, North Sydney NSW 2060, Australia
CCEP Ventures Europe Limited
United Kingdom
100%(A)
Pemberton House, Bakers Road, Uxbridge, England, UB8 1EZ, United Kingdom
CCEP Ventures UK Limited
United Kingdom
100%(A)
Pemberton House, Bakers Road, Uxbridge, England, UB8 1EZ, United Kingdom
CCIP Soporte, S.L.U.
Spain
100%
C/ Ribera Del Loira 20-22, 2a Planta, 28042, Madrid, Spain
Classic Brand (Europe) Designated Activity Company
Ireland
100%
Charlotte House, Charlemont Street, Saint Kevin's, Dublin, D02 NV26, Ireland
Cobega Embotellador, S.L.U.
Spain
100%
Avda Paisos Catalans, 32, 08950, Esplugues de Llobregat, Spain
Coca-Cola Bottlers Business Services, Inc.
Philippines
60%
2nd Floor, Annex Building, 10 Obrero Street, Bagumbayan, Quezon City, 1103, Philippines
Coca-Cola Europacific Aboitiz Philippines, Inc.
Philippines
60%(R)
28th and 29th Floors, Uptown Eastgate Building, 11th Avenue, corner 36th Street, Bonifacio
Global City, Taguig City, 1634, Philippines
Coca-Cola Europacific Partners (CDE Aust) Pty Limited
Australia
100%
Level 13, 40 Mount Street, North Sydney NSW 2060, Australia
Coca-Cola Europacific Partners (Fiji) Pte Limited
Fiji
100%
Lot 1, Ratu Dovi Road, Laucala Beach Estate, Nasinu, Fiji
Coca-Cola Europacific Partners (Initial LP) Limited
United Kingdom
100%
Pemberton House, Bakers Road, Uxbridge, England, UB8 1EZ, United Kingdom
Coca-Cola Europacific Partners (Scotland) Limited
United Kingdom
100%
52 Milton Road, College Milton, East Kilbride, Scotland, G74 5DJ, United Kingdom
Coca-Cola Europacific Partners API Pty Ltd
Australia
100%
Level 13, 40 Mount Street, North Sydney NSW 2060, Australia
Coca-Cola Europacific Partners Australia Pty Limited
Australia
100%
Level 13, 40 Mount Street, North Sydney NSW 2060, Australia
Coca-Cola Europacific Partners Belgium SRL/BV
Belgium
100%
Chaussée de Mons 1424, 1070 Brussels, Belgium
Coca-Cola Europacific Partners Deutschland GmbH
Germany
100%(F)
Stralauer Allee 4, 10245, Berlin, Germany
Coca-Cola Europacific Partners France SAS
France
100%(G)
9 chemin de Bretagne, 92784, Issy-les-Moulineaux, France
Coca-Cola Europacific Partners Great Britain Limited
United Kingdom
100%
Pemberton House, Bakers Road, Uxbridge, England, UB8 1EZ, United Kingdom
Coca-Cola Europacific Partners Holdings Great Britain Limited
United Kingdom
100%
Pemberton House, Bakers Road, Uxbridge, England, UB8 1EZ, United Kingdom
Coca-Cola Europacific Partners Holdings NZ Limited
New Zealand
100%
The Oasis, 19 Carbine Road, Mount Wellington, Auckland, 1060, New Zealand
Coca-Cola Europacific Partners Holdings US, Inc.
United States
100%(A)(D)
Corporation Trust Center, 1209 Orange Street, Wilmington DE, USA
Coca-Cola Europacific Partners Iberia, S.L.U.
Spain
100%
C/ Ribera Del Loira 20-22, 2a Planta, 28042, Madrid, Spain
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Name
Country of incorporation
% equity
interest
Registered address
Coca-Cola Europacific Partners Investments (Singapore) Pte. Ltd.
Singapore
100%
9 Raffles Place, #26-01 Republic Plaza, Singapore, 048619, Singapore
Coca-Cola Europacific Partners Ísland ehf.
Iceland
100%
Studlahals 1, 110, Reykjavik, Iceland
Coca-Cola Europacific Partners Luxembourg sàrl
Luxembourg
100%
2, Rue des Joncs, L-1818, Howald, Luxembourg
Coca-Cola Europacific Partners Nederland B.V.
Netherlands
100%
Marten Meesweg 25 J, 3068 AV, Rotterdam, Netherlands
Coca-Cola Europacific Partners New Zealand Limited
New Zealand
100%
The Oasis, 19 Carbine Road, Mount Wellington, Auckland, 1060, New Zealand
Coca-Cola Europacific Partners Norge AS
Norway
100%
Robsrudskogen 5, Lørenskog, 1470, Norway
Coca-Cola Europacific Partners Papua New Guinea Limited
Papua New Guinea
100%
Section 23, Allotment 14, Milfordhaven Road, LAE, Morobe Province, 411, Papua New Guinea
Coca-Cola Europacific Partners Pension Scheme Trustees Limited
United Kingdom
100%
Pemberton House, Bakers Road, Uxbridge, England, UB8 1EZ, United Kingdom
Coca-Cola Europacific Partners Portugal Unipessoal LDA
Portugal
100%
Quinta da Salmoura - Cabanas-2925-362 Azeitão, Setúbal, Portugal
Coca-Cola Europacific Partners Services Bulgaria EOOD
Bulgaria
100%(A)
2 Donka Ushlinova Street, Garitage Park, Office Building 4, floor 6, Sofia, 1766, Bulgaria
Coca-Cola Europacific Partners Services Europe Limited
United Kingdom
100%
Pemberton House, Bakers Road, Uxbridge, England, UB8 1EZ, United Kingdom
Coca-Cola Europacific Partners Services, Inc.
Philippines
100%
26/F Uptown Eastgate, 11th Avenue corner 36th Street, Bonifacio Global City, Taguig, Philippines
Coca-Cola Europacific Partners Services SRL
Belgium
100%(N)
Chaussée de Mons 1424, 1070 Brussels, Belgium
Coca-Cola Europacific Partners Sverige AB
Sweden
100%
136 87, Haninge, Sweden
Coca-Cola Europacific Partners US, LLC
United States
100%
Corporation Trust Center, 1209 Orange Street, Wilmington 19801, Delaware, USA
Coca-Cola Europacific Partners US II, LLC
United States
100%
Corporation Trust Center, 1209 Orange Street, Wilmington 19801, Delaware, USA
Coca-Cola Europacific Partners Vanuatu Limited
Vanuatu
100%
1st Floor, Govant Building, Kumul Highway, Port Vila, Vanuatu
Coca-Cola Immobilier SCI
France
100%(G)
9 chemin de Bretagne, 92784, Issy-les-Moulineaux, France
Coca-Cola Production SAS
France
100%
Zone d' entreprises de Bergues, 59380, Commune de Socx, France
Compañía Asturiana De Bebidas Gaseosas, S.L.U.
Spain
100%
C/ Nava, 18- 3ª (Granda) Siero  - 33006, Oviedo, Spain
Compañía Castellana De Bebidas Gaseosas, S.L.
Spain
100%
C/ Ribera Del Loira 20-22, 2a Planta, 28042, Madrid, Spain
Compañía Levantina De Bebidas Gaseosas, S.L.U.
Spain
100%
Av. Real Monasterio de Sta., Maria de Poblet, 3646930, Quart de Poblet, Spain
Compañía Norteña De Bebidas Gaseosas, S.L.U.
Spain
100%
C/ Ibaizábal, 57, Galdakao, 48960, Bizkaia, Spain
Compañía Para La Comunicación De Bebidas Sin Alcohol, S.L.U.
Spain
100%
C/ Ribera Del Loira 20-22, 2a Planta, 28042, Madrid, Spain
Cosmos Bottling Corporation
Philippines
59.71%
28th and 29th Floors, Uptown Eastgate Building, 11th Avenue, corner 36th Street, Bonifacio
Global City, Taguig City, 1634, Philippines
Crusta Fruit Juices Proprietary Limited
Australia
100%(J)
Level 13, 40 Mount Street, North Sydney NSW 2060, Australia
Developed System Logistics, S.L.U.
Spain
100%
Av. Henry Ford 25, Manzana 19, Complejo Pq.Ind.Juan, CARLOS I, 46220, Picassent, Valencia,
Spain
GR Bottling Holdings UK Limited
United Kingdom
100%(A)
Pemberton House, Bakers Road, Uxbridge, England, UB8 1EZ, United Kingdom
Lusobega, S.L.
Spain
100%
C/ Ibaizábal, 57, 48960, Bizkaia, Galdakao, Spain
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Name
Country of incorporation
% equity
interest
Registered address
Luzviminda Land Holdings, Inc.
Philippines
24%(T)
28th and 29th Floors, Uptown Eastgate Building, 11th Avenue, corner 36th Street, Bonifacio
Global City, Taguig City, 1634, Philippines
Madrid Ecoplatform, S.L.U.
Spain
100%
C/Pedro Lara, 8 Pq. Tecnologico de Leganes, 28919, (Leganes), Spain
Matila Nominees Pty. Limited
Australia
100%
Level 13, 40 Mount Street, North Sydney NSW 2060, Australia
Neverfail Bottled Water Co Pty Limited
Australia
100%
Level 13, 40 Mount Street, North Sydney NSW 2060, Australia
Neverfail SA Pty. Limited
Australia
100%
Level 13, 40 Mount Street, North Sydney NSW 2060, Australia
Neverfail Springwater Co Pty Ltd
Australia
100%
Level 13, 40 Mount Street, North Sydney NSW 2060, Australia
Neverfail Springwater Co. (QLD) Pty. Limited
Australia
100%
Level 13, 40 Mount Street, North Sydney NSW 2060, Australia
Neverfail Springwater Pty Ltd
Australia
100%
Level 13, 40 Mount Street, North Sydney NSW 2060, Australia
Neverfail WA Pty. Limited
Australia
100%
Level 13, 40 Mount Street, North Sydney NSW 2060, Australia
Pacbev Pty Ltd
Australia
100%
Level 13, 40 Mount Street, North Sydney NSW 2060, Australia
Paradise Beverages (Fiji) Pte Limited
Fiji
100%
122-164 Foster Road, Walu Bay, Suva, Fiji
PEÑA Umbria S.L.U.
Spain
100%
Av. Real Monasterio de Sta., Maria de Poblet, 3646930, Quart de Poblet, Spain
Philippine Bottlers, Inc.
Philippines
60%
28th and 29th Floors, Uptown Eastgate Building, 11th Avenue, corner 36th Street, Bonifacio
Global City, Taguig City, 1634, Philippines
PT Coca-Cola Bottling Indonesia
Indonesia
100%(C)
South Quarter Tower C, 22nd (P) Floor, Jalan R.A. Kartini, Kav.8, Cilandak Barat, Cilandak,
South Jakarta, 12430, Indonesia
PT Coca-Cola Distribution Indonesia
Indonesia
100%
South Quarter Tower C, 22nd (P) Floor, Jalan R.A. Kartini, Kav.8, Cilandak Barat, Cilandak,
South Jakarta, 12430, Indonesia
Purna Pty. Ltd.
Australia
100%
Level 13, 40 Mount Street, North Sydney NSW 2060, Australia
Real Oz Water Supply Co (QLD) Pty Limited
Australia
100%
Level 13, 40 Mount Street, North Sydney NSW 2060, Australia
Refrescos Envasados Del Sur, S.L.U.
Spain
100%
Autovía del Sur A-IV, km.528- 41309, La Rinconada, Sevilla, Spain
Sale Proprietary Co 1 Pty Ltd
Australia
100%
Level 13, 40 Mount Street, North Sydney NSW 2060, Australia
Sale Proprietary Co 2 Pty Ltd
Australia
100%
Level 13, 40 Mount Street, North Sydney NSW 2060, Australia
Sale Proprietary Co 3 Pty Ltd
Australia
100%
Level 13, 40 Mount Street, North Sydney NSW 2060, Australia
Sale Proprietary Co 4 Pty Ltd
Australia
100%
Level 13, 40 Mount Street, North Sydney NSW 2060, Australia
Sale Proprietary Co 5 Pty Ltd
Australia
100%
Level 13, 40 Mount Street, North Sydney NSW 2060, Australia
Sale Proprietary Co 6 Pty Ltd
Australia
100%(D)
Level 13, 40 Mount Street, North Sydney NSW 2060, Australia
Sale Proprietary Co 7 Pty Ltd
Australia
100%
Level 13, 40 Mount Street, North Sydney NSW 2060, Australia
Samoa Breweries Limited (SBL)
Samoa
100%
Vaitele Industrial Zone, Vaitele Tai, Faleata Sisifo, Samoa
WB Investment Ireland 2 Limited
Ireland
100%
3 Dublin Landings, North Wall Quay, Dublin, D01 C4E0, Ireland
WBH Holdings Luxembourg SCS
Luxembourg
100%
2, Rue des Joncs, L-1818, Howald, Luxembourg
Wir Sind Coca-Cola GmbH
Germany
100%
Stralauer Allee 4, 10245, Berlin, Germany
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Name
Country of incorporation
% equity
interest
Registered address
Joint Ventures
Circular Economy Systems Pty Ltd
Australia
50%
Maddocks, Angel Place, Level 27, 123 Pitt Street, Sydney NSW 2000, Australia
PT Amandina Bumi Nusantara
Indonesia
50%
South Quarter Tower C, 22nd (P) Floor, Jalan R.A. Kartini, Kav.8, Cilandak Barat, Cilandak,
South Jakarta, 12430, Indonesia
Associates
Aitonomi AG
Switzerland
14.7%
Bruderhausstrasse 10, 6372, Ennetmoos, Switzerland
Aitonomi AI GmbH
Switzerland
14.7%
Pietschenstrasse 20, 3952 Susten, Switzerland
Aitonomi Automation GmbH
Germany
14.7%
Wiesenstrasse 70, C8, 40549 Duesseldorf, Germany
Aitonomi GmbH
Germany
14.7%
Wiesenstrasse 70, C8, 40549 Duesseldorf, Germany
Aitonomi Inc.
United States
14.7%
108 West 13th St, Wilmington, Newcastle, DE 19801, USA
Aitonomi LLC
Saudi Arabia
14.7%
2915 Musa Ibn Nussaiyr, Al Olaya, Riyadh 12241, Saudi Arabia
Aitonomi Ltd
South Africa
14.7%
3rd Floor, DeVille Centre, CNR Wellington/Main, Durbanville 7550, South Africa
Aitonomi Ltd.
United Kingdom
14.7%
Innovation Centre, Gallows Hill, Warwick, England, CV34 6UW
Aitonomi Power GmbH
Germany
14.7%
Wiesenstrasse 70, C8, 40549 Duesseldorf, Germany
Aitonomi Quantum GmbH
Germany
14.7%
Wiesenstrasse 70, C8, 40549 Duesseldorf, Germany
Aitonomi SRL
Italy
14.7%
Via Alessandro Volta, 13A, 39100 Bolzano BZ, Italy
Birtingahúsið ehf.
Iceland
34.5%
Laugavegur 174, 105, Reykjavík, Iceland
CC Digital GmbH
Germany
50%
Stralauer Allee 4, 10245, Berlin, Germany
Circular Plastics Australia (PET) Holdings Pty Ltd
Australia
16.67%
Building 1' Level 5, 658 Church Street, Cremorne VIC 3121, Australia
Circular Plastics Australia (PET) Pty Ltd
Australia
16.67%
Building 1' Level 5, 658 Church Street, Cremorne VIC 3121, Australia
Circular Plastics Australia (PET) VIC Pty Ltd
Australia
16.67%
Building 1' Level 5, 658 Church Street, Cremorne VIC 3121, Australia
Coca-Cola Foundation Philippines, Inc.
Philippines
30%
27th Floor, Six Neo Building, 5th Avenue corner 26th Street, Bonifacio Global City, Taguig
City, 1634, Philippines
Endurvinnslan hf.
Iceland
20%
Knarravogur 4, 104 Reykjavik, Iceland
Exchange for Change (ACT) Pty Ltd
Australia
20%
Building C, Suite 6, Level 1, 1 Homebush Bay Drive, Rhodes NSW 2138, Australia
Exchange for Change (NSW) Pty Ltd
Australia
20%
Building C, Suite 6, Level 1, 1 Homebush Bay Drive, Rhodes NSW 2138, Australia
Infineo Recyclage SAS
France
49%(H)
Sainte Marie la Blanche, 21200, Dijon, France
Innovative Tap Solutions Inc.
United States
21.8%
300 Brookside Avenue, Ambler, PA 19002, USA
Ionech Limited
United Kingdom
15.27%
6th Floor, Manfield House, 1 Southampton Street, London, WC2R 0LR, United Kingdom
Kollex GmbH
Germany
20%
Kottbusser Damm 25-26, 10967, Berlin, Germany
PETValue Philippines Corporation
Philippines
18%
Wilkins Plant, CM Delos Reyes, Gateway Business Park, Brgy. Javalera, General Trias, Cavite,
Philippines
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Notes to the consolidated financial statements continued
Name
Country of incorporation
% equity
interest
Registered address
Other related parties
CCEAP Foundation Incorporated
Philippines
—%
28F 6 Neo, 5th Avenue corner 26th Street, Bonifacio Global City, Taguig City, Philippines
Coca-Cola Bottlers Business Service Inc. Retirement Plan
Philippines
—%(Q)
2nd Floor, Annex Building, 10 Obrero Street, Bagumbayan, Quezon City, 1103, Philippines
Coca-Cola Bottlers Philippines, Inc. Retirement plan
Philippines
—%(Q)
20th Floor, San Miguel Properties Centre 7, St. Francis Street, Ortigas Center, Mandaluyong
City, Philippines
Coca-Cola Europacific Partners plc Employee Benefit Trust
Jersey (Channel
Islands)
—%(S)
Computershare Trustees (Jersey) Limited, 13 Castle Street, St Helier, JE1 1ES, Jersey
Container Exchange (QLD) Limited
Australia
—%(L)
Level 13, 295 Ann Street, Brisbane City QLD 4000, Australia
Mahija Parahita Nusantara Foundation
Indonesia
—%(L)
South Quarter Tower C, 22nd (P) Floor, Jalan R.A. Kartini, Kav.8, Cilandak Barat, Cilandak,
South Jakarta, 12430, Indonesia
Nafura Advanced Technologies Limited
United Kingdom
20.97%
C/O Deep Science Ventures 46-54 High Street, Ingatestone, Ingatestone, Essex, London,
United Kingdom, CM4 9DW
TasRecycle Limited
Australia
—%(M)
Level 1, 162 Macquarie Street, Hobart TAS 7000, Australia
VicReturn Limited
Australia
—%(M)
C/- Automic Group, Level 12, 530 Collins Street, Melbourne VIC 3000, Australia
WA Return Recycle Renew Ltd
Australia
—%(L)
Unit 4, Level 1, 1 Centro Avenue, Subiaco WA 6008, Australia
(A)100% equity interest directly held by Coca-Cola Europacific Partners plc.
(B)Class A and B ordinary shares.
(C)Series A, B, C and D shares.
(D)Including preference shares issued to the Group.
(E)2% equity interest directly held by Coca-Cola Europacific Partners plc (100% of A ordinary shares in issue).
(F)10% equity interest directly held by Coca-Cola Europacific Partners plc.
(G)Group shareholding of 99.99% or greater.
(H)Class A and B shares. The Group holds 49% of Class B shares.
(I)In liquidation.
(J)Class A and F shares.
(K)Includes ordinary shares and B Class shares.
(L)Company limited by guarantee. CCEP is a member along with one other member.
(M)Company limited by guarantee. CCEP is a member along with two other members.
(N)Class A, B and C ordinary shares.
(O)Includes redeemable preference shares and discretionary dividend shares issued to the Group.
(P)Limited partnership.
(Q)Registered defined benefit plan entity.
(R)Name change from Coca-Cola Beverages Philippines, Inc. effective 13 January 2025 .
(S)Employee Benefit Trust established for the purpose of facilitating the acquisition and distribution of CCEP
Shares for the benefit of satisfying the Group’s share-based payments obligations under its existing and
future share-based compensation plans.
(T)40% equity interest directly held by Coca-Cola Europacific Aboitiz Philippines, Inc (CCEAP), which is 60%
owned by the Group, resulting in an effective ownership of 24% by the Group. Luzviminda Land Holdings, Inc.
(LLHI)’s equity consists of two classes of shares: common shares, which are 100% held by CCEAP, and
preferred shares, which are 100% owned by the Coca-Cola Bottlers Philippines, Inc. Retirement Plan.
Although the majority of voting rights attach to the preferred shares, the Group has power over LLHI
through its involvement with the retirement plan, as well as exposure to variable returns and the ability to
use its power over LLHI to affect those returns. As such, the Group consolidates LLHI’s financial position
and results.
Note 30
Subsidiaries exempt from audit
The following UK subsidiary will take advantage of the audit exemption set out within section 479A of the Companies Act 2006 for the year ended 31 December 2025.
Name
Registration number
CCEP Holdings (APS) Limited
12982568
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SUSTAINABILITY
STATEMENT
This sustainability statement provides an overview of CCEP’s
governance and performance related to material sustainability
topics. It includes CCEP’s double materiality assessment (DMA)
and resulting disclosures in line with the European
Sustainability Reporting Standards (ESRS) (excluding
references to EU taxonomy), which we are disclosing against
on a voluntary basis.
Inside this section
ESRS 2 General disclosures
– Our double materiality
  assessment
– Material ESG-related
  impacts and risks
Environment
– Climate change (E1)
– Climate-related risks and
  opportunities (E1)
– Packaging (E5)
– Water and nature (E2, E3, E4)
Social
– Own workforce (S1)
– Communities (S3)
Policies and procedures
Key performance data related
to ESRS material topics
Other entity specific metrics
Sustainability metrics
methodology
Incorporation by reference
ESRS 2 – Appendix A
ESRS 2 – Appendix B
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General disclosures
ESRS 2
ESRS structure and requirements
This is CCEP’s second year of voluntarily reporting in
accordance with the ESRS. This statement has been
prepared for the year ended 31 December 2025 and covers
the period from 1 January 2025 to 31 December 2025. This is
aligned with our previous sustainability reports.
In 2025, we updated our This is Forward sustainability
action plan to include the Philippines, and to focus on the
social and environmental issues which matter most to our
stakeholders and where we can make the biggest
difference across our markets. While some metrics
excluded the Philippines in our 2024 Annual Report, in this
report all disclosed metrics are reported at a Group level,
unless otherwise indicated.
Based on the refresh of our DMA conducted in 2025, we
have added S1 as a material topic related to employee
health and safety and gender diversity to our 2025
sustainability statement.
Due to their interconnectedness and similarity of impacts,
our material water, biodiversity and pollution impacts have
been combined into one water and nature section covering
E2, E3 and E4.
To maintain readability, we incorporated some ESRS
disclosures by reference to other pages within the annual
report, which sit outside the sustainability statement, these
are listed on page 277. A full list of ESRS disclosures is
provided in ESRS Appendix A, on pages 278–281.
Basis for preparation and transition
We use an operational control approach for greenhouse
gas (GHG) emissions. We have restated our 2019 baseline
data and prior years 2020–2024 to reflect updated data,
such as ingredients and plastic packaging emission factors,
and updated packaging collection rates, particularly in
Europe. In 2025, the restatement of our baseline figures for
2019 and 2020–2024 represented less than 0.5% of
our 2019 baseline.
Our DMA and sustainability statement cover our own
operations in all regions, our upstream and downstream
value chain, and include potentially affected communities.
Upstream operations include ingredient production
and distribution, packaging material sourcing and
manufacturing. The sourcing and production of inputs used
in agricultural processes are excluded. Downstream
operations include retail and consumer sales, consumption
and packaging end of life management.
Throughout our statement we have considered time
horizons aligned with our financial statements: short (up to
1 year), medium (1 to 5 years) and long term (over 5 years).
Data is consolidated on the same basis as the financial
statements.
As further guidance is developed, we will refine our
disclosures. Areas of uncertainty remain, including measuring
impacts on nature and quantifying supply chain impacts.
Sources of estimation
In applying reporting guidance for the sustainability
statement, management made judgements, estimates and
assumptions, including monetary amounts, that may affect
the reported information. The estimates and assumptions
are based on industry standards, experience and various
other factors that are believed to be reasonable.
The use of estimates and indirect data sources, such as
sector-average data or proxies, is explained in our 2025
methodology and is incorporated by reference in our
sustainability statement.
Approximately 2% of our value chain carbon footprint uses
estimated data. Our climate scenario analysis is based on
external climate models. We have estimated the
cumulative operating profit impact of our climate scenarios
over the short, medium and long term (without mitigation
measures); see page 232.
Packaging collection rates are based on weighted averages
of national collection rates, collected for recycling rates(A),
recycling rates(B) or refillable rates. Water replenishment
project volumes are either measured or estimated using
the Volumetric Water Benefit Accounting (VWBA)
methodology, based on data available from replenishment
projects.
We have documented all calculations, including estimates,
in our 2025 methodology; see pages 258–276.
Other relevant information
We continue to disclose information on topics important
to our business, but not assessed as material by our DMA.
This includes metrics related to the reduction of sugar in our
drinks and community investment. These metrics are
presented in our data tables on page 257, and are not
reported in line with ESRS.
We report against other sustainability standards, including
the UK Listing Rule 6.6.6R(8) on climate-related disclosures
and climate-related financial disclosures, outside this
sustainability statement. A cross reference table is on page
277. Our reporting to voluntary standards, such as the Global
Reporting Initiative (GRI), is available on our website.
Our targets related to our material topics are all voluntary
and not required by legislation unless otherwise stated.
(A)Collection for recycling rate – measures packaging that is collected
in a market to then be sorted for recycling.
(B)Recycling rate – measures packaging at the point in the sorting
process where it does not need to undergo any further processing
before it is turned into recycled content, as defined by the EU
Packaging and Packaging Waste Regulation (PPWR).
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General disclosures
ESRS 2 continued
Sustainability governance
Board-level governance
Our Board oversees sustainability impacts, risks and
opportunities, including climate-related topics, and is
supported by the Environmental, Social and Governance
(ESG) and Audit Committees. At CCEP, ESG and sustainability
are used interchangeably. The Board oversees and
assesses CCEP’s Group wide strategy, including
sustainability-related considerations, targets,
commitments and plans to reduce GHG emissions. This
governance structure is consistent with prior years.
The Remuneration Committee reviewed performance
against CCEP’s GHG emissions reduction targets to inform
vesting outcomes for the Long-Term Incentive Plan (LTIP).
Management supports the Board Committees throughout
the year. The annual Board session on risk includes a review
of climate and other ESG-related risks. The ESG Committee
report, on page 91, sets out the key topics considered by
the Committee, including the update to This is Forward, the
integration of the Philippines into This is Forward and the
2025 reporting cycle, and updates related to our 2030
carbon reduction plan and GHG emissions.
Management-level governance
Ownership and governance for sustainability-related risks
and opportunities, and driving progress against our
commitments is embedded throughout our business.
Statement on due diligence
The following provides a mapping of the main aspects of due diligence as reflected in our sustainability statement.
Core elements of due diligence
Location in the Annual Report
a) Embedding due diligence in governance, strategy and business model
Pages 96, 223–224, 251–252
b) Engaging with affected stakeholders in all key steps of the due diligence
Pages 28–29, 223, 225, 229, 241, 245, 248, 250
c) Identifying and assessing adverse impacts
Page 225
d) Taking actions to address those adverse impacts
Pages 228–231, 239–241, 242–245, 246–248,
e) Tracking the effectiveness of these efforts and communicating
Pages 228–231, 239, 242–247, 249
Risk management is a key responsibility for all senior
leadership, who are assigned ownership of specific risks,
including climate-related risks. Principal risks are evaluated
annually, with additional quarterly assessments for
associated sub-risks, as part of our Enterprise Risk
Management (ERM) process; see page 32.
Key leadership and management with responsibility
for our material risks and impacts are outlined in the ESG
governance framework on page 224. The main discussion
forum for the Executive Leadership Team (ELT) on ESG and
climate matters is the Sustainability Steering Committee
(SSC). Modern slavery, human rights, other policies and
Code of Conduct (CoC) matters are considered by the
Compliance and Risk Committee (CRC).
Multiple cross functional working groups, led by key
management, are focused on developing the strategy and
delivering against our This is Forward targets. Working
groups meet regularly and bring items for information,
review and decision making to the SSC and Board
Committees. In 2025, the SSC reviewed CCEP’s progress
against its 2030 carbon reduction plan and agreed next
steps. The SSC will continue to review the development of
our long-term climate transition roadmap against relevant
guidance as it develops.
Sustainability is embedded into the operations of the Board
and its Committees as well as the key management level
committees.
Further information about the duties, composition and
diversity of the Board, its Committees and management, as
well as internal control and risk management, can be found on
pages 61–69. This includes the skills and experience of the
Board and ELT.
Risk management and internal controls over
sustainability
A general description of our risk and internal control processes
is in the Principal risks and Internal control and risk
management sections in this report; see pages 32 and 41. CCEP
has implemented clear ownership of metrics published in the
sustainability statement, up to Board oversight of material
topics. Controls, established methodologies and policies are in
place to support accurate and complete reporting on ESG-
related metrics.
In 2025, CCEP developed additional internal controls related
to material environmental metrics and enhanced processes
for identifying, disclosing and managing material topics. This
includes implementing new technology to better track and
document external reporting and increased controls over
operational data sources. We will continue to develop our ESG
internal control framework in 2026.
Stakeholder engagement
Our stakeholders play a vital role in our success. We
regularly engage with our people, shareholders, franchisors,
consumers, customers, suppliers and communities. We use
a variety of engagement methods, depending on the
stakeholder and intended outcome. We use townhalls,
surveys, quarterly updates, ad hoc conferences, roadshows
and regular meetings to maintain open communication with
our stakeholders. Their insights are used to set our targets
and strategy, and ensure we are focused on areas that
matter most. We also monitor and assess our stakeholder
relationships through our established engagement
processes and regular management reporting. More details
of our ESG-related engagement are located throughout our
sustainability statement. For additional details on CCEP
Board level stakeholder engagement see pages 28–29.
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General disclosures
ESRS 2 continued
ESG governance framework
The Board
Met eight times in 2025
■Sets the sustainability strategy
■Has primary oversight of sustainability-related impacts, risks and opportunities (including climate-related risks and opportunities)
■Receives feedback on ESG-related issues from Committee Chairs and via the CEO report
ESG Committee
Met six times in 2025(A)
■Responsible for overseeing performance
against This is Forward strategy and goals
■Reviews environmental and social-related
risks and opportunities, including climate-
related risks and GHG emissions reduction
targets
■Oversees ESG reporting, disclosures
and assurance
Nomination Committee
Met six times in 2025
■Reviews the size, structure, composition
and skills of the Board to make sure it
remains effective
■Ensures there is sufficient expertise on the
Board in areas such as risk and ESG matters
Remuneration Committee
Met five times in 2025
■Aligns the Group’s remuneration policy to
reinforce the achievement of sustainability
targets
■Oversees performance outcomes from
the LTIP, which has a 15% performance
weighting allocated to the reduction
of GHG emissions
Audit Committee
Met seven times in 2025(A)
■Oversees the Group’s risk management
framework, including the annual enterprise risk
assessment and identification of principal and
emerging risks such as climate‑related risks
■Monitors progress against key climate and
sustainability metrics
■Oversees financial reporting and associated
ESG disclosures
■Reviews sustainability‑related metrics used in
capital expenditure decisions
Executive Leadership Team (ELT)
Meets regularly throughout the year
Climate responsibility lies with the Chief Executive Officer, Chief Customer Service and Supply Chain
Officer and Chief Public Affairs, Communications and Sustainability Officer, who are responsible for
providing management updates on climate-related topics to the Board and its Committees
Sustainability Steering Committee
Meets at least quarterly, includes ELT members
■Chief Executive Officer
■Chief Financial Officer
■General Counsel and Company Secretary
■Chief Customer Service and Supply
Chain Officer
■Chief Commercial Officer
■Chief Public Affairs, Communications and
Sustainability Officer
Provides opportunity to review:
■This is Forward updated targets and our
progress against these
■Climate-related risks and scenario analysis,
including Task Force on Climate-related Financial
Disclosures (TCFD)
■Outputs raised as required to the
ESG Committee (including on climate-
related topics)
■2025 topics included the updated This is
Forward strategy and costed roadmaps for all
targets, DMA update, 2030 carbon reduction
plan, review of ESG-related risks and our
updated GHG emissions inventory
Compliance and Risk Committee (CRC)
Meets every quarter
■Management committee chaired by the
Chief Compliance Officer
■Reviews risk developments, including climate
change risks and opportunities
■Reviews policy changes and policy
implementation
■Monitors compliance
Chief Commercial Officer
Sustainable Packaging Office (SPO)
■Overseen by Chief Public Affairs,
Communications and Sustainability Officer
and VP Sustainability
■Responsible for ensuring a sustainable
packaging strategy can be implemented
across our business, including pack mix,
recycled content and packaging collection
ESG disclosure working group
■Overseen by General Counsel and Company
Secretary and VP Sustainability
■Oversight of our work on ESRS, DMA and climate-
related risks, as well as our broader ESG
reporting and disclosure approach
Other working groups
■Overseen by Chief Public Affairs,
Communications and Sustainability Officer
and VP Sustainability
■Includes groups focused on sustainable
packaging, climate and water resilience
(A)One meeting was a joint meeting of the Audit Committee and ESG Committee held in February 2025.
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Further information on the governance framework and Committee activities can be found on page 69-74
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General disclosures
Our double materiality assessment
Based on European Financial Reporting
Advisory Group (EFRAG) guidelines, our
double materiality assessment (DMA)
considers CCEP’s impacts on the
environment and society and includes
a financial assessment of our exposure
to related risks and opportunities.
We conducted our first DMA in 2024 (see
details on the right). A full assessment will
be carried out every three to five years,
with targeted reviews in the interim to
capture any relevant changes.
Our methodology and thresholds have not
changed. The DMA focused on actual and
potential impacts, risks and opportunities
(IROs) associated with ESRS defined
topics, as well as entity-specific IROs.
We considered IROs over the short (up to
1 year), medium (1 to 5 years) and long term
(over 5 years).
Determining thresholds
Impact materiality
Using ESRS criteria, we scored actual and
potential impacts considering severity (scale,
scope and irremediability) and likelihood. For
positive impacts, irremediability was
excluded. Potential and actual impacts were
scored between 1 and 10.5, with a materiality
threshold of 8, indicating a high level of
importance to stakeholders, high likelihood,
scale, irremediability and/or scope. In line
with last year, we have two material social
impacts that are specific to CCEP.
Financial materiality
We scored potential financial impacts using
a matrix approach, considering magnitude
and likelihood. Magnitude was evaluated as
the size of the unmitigated effect of each
risk or opportunity at three levels,
expressed as a percentage of cumulative
operating profit: low (<3%), medium (3–5%)
and high (>5%), with a materiality threshold
of 5%. Likelihood was scored between 0%
(unlikely) and 100% (actual effect), with a
threshold of 25% (possible).
Update on the DMA
To ensure our 2024 DMA results remain
relevant, we refreshed the assessment in
2025. We reviewed the scoring to make any
necessary changes to scale, scope,
irremediability or likelihood of each impact
due to circumstances that changed during
2025. We conducted a benchmarking
exercise against our peers and reviewed all
risks and opportunities close to the
materiality threshold.
We analysed current external trends,
evolving regulations and peer benchmarks;
incorporated insights from our risk
management framework; consulted internal
subject matter experts; and validated the
findings with senior stakeholders.
The evaluation of financial risks and
opportunities was informed by our broader
ERM approach, though our ERM framework
evaluates a wider range of topics and
includes mitigation strategies.
As a result of the DMA refresh, we added
two material impacts related to our own
workforce: health and safety and gender
equality, bringing certain S1 disclosures
into scope. No financial impact changes
were made.
Each material IRO is presented on pages
226–227. We disclosed relevant information
based on DMA results.
2024 DMA process
Impact
materiality
inputs
Create CCEP’s ESG topic universe
Pulling from ESRS, GRI sector standards and existing
stakeholder engagement, we considered 70 actual
and potential impacts across our value chain.
Impact and
financial
assessment
Initial impact assessment
Using our CCEP records, sector knowledge, external research
and understanding of our business environment, we followed
ESRS requirements considering scope, scale, irremediability
and likelihood to create the long list of impacts.
Assess risks and opportunities
In alignment with our enterprise risk assessment process, we assessed
potential risks and opportunities based on the results of the initial
assessment. Risks and opportunities were assessed in relation to
agreed thresholds considering quantitative and qualitative evidence.
Stakeholder engagement
Through a combination of in-depth interviews and surveys we
used stakeholder input from customers, suppliers, investors
and shareholders, industry associations, international institutions
and NGOs to refine our initial impact assessment. 
Finance team validation
Using the results of the initial risk and opportunity assessment, members
of CCEP’s finance, risk and sustainability teams conducted sessions to
review, challenge and validate financial materiality draft outcomes.
Validation
sessions
Once stakeholder inputs were used to adjust scoring,
IROs were aggregated and shared with internal experts for finalisation.
Areas of uncertainty were evaluated further, with final materiality
decisions agreed upon by management and documented for
external assurance.
Final materiality
decisions agreed
DMA results
Outputs from validation sessions shared
with and approved by the Board.
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General disclosures
Material ESG-related impacts and risks
ESRS sub‑topic
Impact, risk or opportunity detail
Location in
value chain
Actual or
potential impact
Time horizon
Section
Climate change
Climate change adaptation
DS_Plus.gif
CCEP is helping to build resilience to climate change within its value chain and communities by
supporting climate adaptation measures.
Upstream,
downstream and
own operations
Actual
Medium and
long term
Climate change mitigation
DS_Minus.gif
CCEP has Scope 1 and 2 GHG emissions from its operations, commercial sites, fleet and power usage,
which contribute to climate change.
Own operations
Actual
Short, medium
and long term
DS_Minus.gif
CCEP has Scope 3 GHG emissions from ingredients, packaging, cold drink equipment (CDE) and third
party transportation of its products, which contribute to climate change.
Upstream and
downstream
Actual
Short, medium
and long term
DS_R.gif
Climate transition risks associated with CCEP’s Scope 1, 2 and 3 GHG emissions. This includes the
regulatory risk of an increase in carbon taxes, which could result in increased energy and raw
material costs.
Upstream,
downstream and
own operations
N/A (risk)
Long term
Energy
DS_Minus.gif
CCEP uses energy, including heat, steam, fuel and electricity, within its own operations and value
chain, including through third party distribution and CDE. If the energy used is not from renewable
sources, associated emissions contribute to climate change.
Upstream,
downstream and
own operations
Actual
Short, medium
and long term
Pollution
Pollution of water
DS_Minus.gif
CCEP uses key agricultural ingredients such as sugar beet, sugar cane, citrus and coffee which use
fertilisers and pesticides. These could cause water pollution. Wastewater from downstream recycling
and end of life packaging processing could pollute waterways if not treated correctly.
Upstream and
downstream
Potential
Short, medium
and long term
Pollution of soil
DS_Minus.gif
CCEP uses key agricultural ingredients such as sugar beet, sugar cane, citrus and coffee which use
fertilisers and pesticides. These could contaminate soil and degrade soil health over time.
Upstream
Potential
Short, medium
and long term
Water and marine resources
Consumption of water by
CCEP’s operations impacting on
water scarcity
DS_Minus.gif
CCEP’s manufacturing processes consume water, which could negatively impact local ecosystems
and communities, especially in areas of high water stress.
Own operations
Potential
Short, medium
and long term
Consumption of water in CCEP’s
supply chain impacting on water
scarcity
DS_Minus.gif
CCEP’s value chain consumes water, which could negatively impact local ecosystems and
communities, especially in areas of high water stress.
Upstream
Potential
Short, medium
and long term
Biodiversity and ecosystems
Impacts on the extent and
condition of ecosystems
DS_Minus.gif
CCEP relies on key agricultural ingredients and raw materials such as sugar, coffee, citrus, and pulp
and paper. Agricultural operations could disrupt the health of ecosystems if land is converted or
degraded resulting in an impact to biodiversity.
Upstream
Potential
Short, medium
and long term
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General disclosures
Material ESG-related impacts and risks continued
ESRS sub‑topic
Impact, risk or opportunity detail
Location in
value chain
Actual or
potential impact
Time horizon
Section
Resource use and circular economy
Resource inflows, including
resource use
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CCEP uses packaging to deliver products to customers and consumers. The production of packaging
uses energy, water and both renewable and non-renewable resources. This could result in negative
environmental impacts if resources are not managed sustainably.
Upstream and
own operations
Actual
Short, medium
and long term
Resource outflows related
to products and services
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Waste from single use packaging used to deliver our products to customers and consumers could
enter and disrupt ecosystems where it is not collected for reuse or recycling.
Downstream
Actual
Short, medium
and long term
Waste
DS_Minus.gif
Although the vast majority of our packaging is fully recyclable, it is not always collected for recycling
and could end up as land or marine litter.
Downstream
Actual
Short, medium
and long term
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CCEP could face the risk of increased regulation related to plastic packaging, including restrictions on
the use of single use plastic, taxation on the use of virgin plastic or the introduction of extended
producer responsibility regulation. We also face additional reputational risk as a result of being
targeted by media and NGO campaigns associated with plastic waste.
Downstream
N/A (risk)
Long term
Own workforce
Health and safety
DS_Minus.gif
The health and safety of our employees are of the highest importance. While we have robust
processes in place to prevent health and safety incidents, they could occur within our operations and
could result in physical injuries to our employees, contractors and temporary workers. We keep
metrics to track safety performance and have set targets covering these affected groups.
Own operations
Actual
Short, medium
and long term
Gender equality
DS_Plus.gif
CCEP has worked to foster a diverse and inclusive workplace culture, recruiting, retaining and
promoting employees based on ability, achievement, expertise and conduct. We have set specific
targets and strategies to improve gender balance at management level and across CCEP.
Own operations
Actual
Short, medium
and long term
Affected communities
Access to labour markets
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CCEP works with local communities to deliver programmes designed to increase employment
opportunities. These include employment and training opportunities for those working in the value
chain.
Upstream and
downstream
Actual
Short, medium
and long term
Socioeconomic impact
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CCEP delivers economic benefits to the communities in which it operates and increases opportunities
for workers in the value chain.
Upstream and
downstream
Actual
Short, medium
and long term
The DMA has identified climate change mitigation and waste as material financial risks over a long-term time horizon and on a gross
basis. Both have been consistently recognised and reported as principal risks through our enterprise risk assessment and CCEP has
been implementing mitigations to manage these risks effectively during the past few years.
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For more details about risk mitigation actions
see the Principal risks section on pages 32–33
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Environment
Climate change (E1)
Our risks and impacts
Our direct operations and activities throughout our value
chain generate Scope 1, 2 and 3 GHG emissions which
contribute to climate change.
We face financial and regulatory risks related to climate
change. However, we can also have a positive impact
within our value chain by supporting climate change
adaptation measures which build climate resilience.
Our strategy
We aim to reach Net Zero GHG emissions (Scope 1, 2, and 3)
by 2040. Our strategy is focused on:
Reducing emissions across our operations
including manufacturing and our own transportation
Reducing emissions across our value chain
focusing on ingredients, packaging, transportation, cold
drinks equipment and supplier engagement
CCEP Ventures
to drive low-carbon innovation
Our targets and 2025 progress
18.9%
Target: By 2030 reduce absolute GHG emissions (Scope 1, 2
and 3) by 30% versus 2019
Target: Net Zero GHG emissions (Scope 1, 2 and 3) by 2040
KPI: Absolute reduction in GHG emissions (Scope 1, 2 and 3)
since 2019
Our actions
Climate transition roadmap
Our climate transition roadmap includes a 2030 carbon
reduction plan, aligned to our business growth, Capex and
Opex plans. We allocated over €420 million between 2022
and 2024 to decarbonise our operations and value chain,
and plan to invest approximately €385 million in emissions
reduction initiatives between 2025 and 2027.
Our carbon footprint
911
Ingredients – Scope 3 emissions from farming, processing and
transportation
28.6%
Packaging – Scope 3 emissions from materials used, supplier
production and transportation, and packaging collection
37.6%
Manufacturing – Scope 1, 2 and 3 emissions from our operations
and commercial sites
9.6%
Transportation – Scope 1  emissions from our own fleet and Scope 3
emissions from third party logistics and business travel
10.0%
CDE – Scope 3 emissions from the grid electricity used by the coolers,
vending, fountain and coffee machines in our customer outlets
12.4%
Other – Employee commuting, IT and marketing spend
1.8%
The resources to support our decarbonisation are part of
our business planning and resource allocation. Associated
investments are not segmented and can be found as part of
additions to intangible assets and goodwill and property,
plant and equipment for Capex (Note 6 and Note 7 to the
consolidated financial statements) and cost of sales in our
consolidated income statement for recycled PET (rPET).
More information on the availability of resources to support
our sustainability plan can be found in our Viability
statement; see page 43.
Other investments supporting our emissions reduction, such
as smart, connected and energy efficient coolers, electric
vehicles (EVs) and renewable electricity, are captured as part
of our broader cost allocation framework.
We apply an internal shadow carbon price of €100/tCO2e to
support the business case for future Capex investments to
reduce our Scope 1 and 2 GHG emissions, based upon the likely
cost for us to reduce our Scope 1 and 2 GHG emissions.
We know that more will be required to reach our 2040 Net Zero
target. While the long-term nature of these targets makes it
difficult to provide detailed long-term investment plans, we
are clear on where we can accelerate progress across our
value chain, and are already taking action.
In 2025, our climate accelerator work groups initiated studies
to find solutions for hard to abate areas across our value
chain. These studies will continue in 2026, aiming to incorporate
viable opportunities for accelerated carbon reduction within
our carbon reduction roadmap.
CCEP Ventures also partners with start-ups to develop
solutions that accelerate our decarbonisation journey and
support CCEP’s ambition to reach Net Zero by 2040. In
2025, we invested €1.7 million in three start-ups developing
technologies that could help us overcome some of our
most critical sustainability challenges:
■Hot Green – pioneering heat pump technology
supporting decarbonising our energy inefficient boilers
on our sites
■Nova Biochem – generating the base chemicals for PET
from biofeedstock from recycled papermill waste
■E.V.A. Biosystems - pioneering biological additives to turn
conventional plastic into intelligent, selectively
biodegradable plastic
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Environment
Climate change (E1) continued
Climate adaptation
Our climate transition roadmap primarily focuses on
decarbonising our business. Through our climate risk
scenario analysis, we are also working to identify the areas
of our operations or value chain which may require
investment to support adaptation to climate change.
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See more on climate-related risks and opportunities
on pages 232–237
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Case study
Avalo partnership
We are partnering with Avalo to further develop AI-based
technology to naturally breed seeds that require less water and
fertiliser. Avalo’s lower-input crops present an opportunity to
address the environmental impacts associated with sugar
cultivation, including the significant quantities of nitrogen and
water required in the growing process.
Supplier
identification
Definition
Specific requirements
Requirements for all suppliers
Strategic
suppliers
■Directly managed and influenced
by our procurement teams
■Engagement on sustainability
extends to approximately
450 suppliers
■Undergo an EcoVadis(A) assessment
and have a minimum score of above
50 overall and above 35 for each
criterion
■Sustainability integrated in
procurement processes and
strategies
All direct and indirect suppliers need to comply
with our Responsible Sourcing Policy (RSP)
which sets out mandatory guidelines, including
our Supplier Guiding Principles (SGPs) and
Principles for Sustainable Agriculture (PSA).
The SGPs apply to all suppliers and set minimum
requirements in areas such as workplace
policies, health and safety, business integrity,
environmental protection and human rights.
Our PSA apply to agricultural ingredient and raw
material suppliers and cover human and
workplace rights, environmental protection and
sustainable farm management.
Carbon
strategic
suppliers
■Subset of strategic suppliers
■Approximately 220 suppliers
■Represent about 80% of our
Scope 3 GHG emissions
In addition to strategic supplier
requirements, carbon strategic suppliers
are encouraged to:
■Set science based targets
■Share their product carbon footprint
data with us
(A)Provides a leading solution for monitoring sustainability in global supply chains.
Residual emissions
To reach Net Zero, we will need to work over time to
neutralise 10% of our unabated emissions, in line with SBTi
requirements. In the long-term, we will work to offset these
residual emissions by directly investing in a portfolio of
carbon removal projects, including nature based solutions.
In the short term, we follow the SBTi Net Zero guidance,
purchasing a limited amount of high quality carbon credits
to offset GHG emissions where we can no longer reduce
emissions. In 2025, we retired 11,011 tCO2e from the VCS-
certified Rimba Raya Biodiversity Reserve Project in
Indonesia. These credits offset remaining emissions from
two production facilities that were certified as carbon
neutral in 2025 under the PAS 2060 standard.
Stakeholder engagement
Supplier engagement
Our suppliers are responsible for approximately 84% of the
GHG emissions in our value chain, and we can only meet our
own GHG emissions reduction targets by working with them.
That is why we have asked approximately 220 carbon
strategic suppliers, which represent about 80% of our
Scope 3 GHG emissions, to set their own science based
targets, and to begin to share their product carbon
footprint data with us.
We know that some of our suppliers will need support to
measure their emissions and set targets. We are working
with The Coca-Cola Company (TCCC) to engage suppliers in
the Supplier Leadership on Climate Transition (S-LOCT)
programme, a cross industry collaboration that aims to
provide suppliers with the resources, tools and knowledge
they need to make progress on their own climate journeys.
Ensuring that we have credible, accurate supplier data is
critical to ensure we can track progress in reducing our
Scope 3 carbon footprint. In 2025, we conducted a pilot to
begin collecting product carbon footprints (PCFs) from 15 of
our carbon strategic suppliers, with the aim to expand to all
of our carbon strategic packaging and ingredients suppliers
in the coming years. To support this work, we have aligned
with the World Business Council for Sustainable
Development’s Partnership for Carbon Transparency (PACT)
framework, a global initiative aimed at standardising the
calculation and exchange of PCF data.
We also incentivise and reward suppliers for improving their
ESG performance through our sustainability supply chain
finance programme, which provides competitive financing
linked to a number of sustainability-driven KPIs. We do this
through this programme, structured and operated by
Rabobank, and our supply chain finance programme in
Indonesia in partnership with Citibank.
Cross industry collaboration
We advocate for policies and private sector initiatives that
support rapid and sustained decreases in GHG emissions.
While we are nearly at 100% renewable electricity in Europe,
we face challenges in some of our APS markets in sourcing
renewable electricity through energy certificates or
corporate power purchase agreements (PPAs) due to
regulatory barriers.
Regulatory shifts that support an expansion of renewable
electricity capacity, a circular economy and rapid phase out
of fossil fuels will be critical. We are focused on supporting
these shifts as part of our external advocacy.
Cross industry collaboration on these initiatives will be key.
Together with TCCC and other beverage industry
companies, we are a member of the REfresh Alliance, an
industry wide collaboration which aims to improve access
to renewable energy across the supply chain.
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Environment
Climate change (E1) continued
In 2025, we updated CCEP’s existing SBTi-approved short- and long-term GHG emissions targets to include emissions from the Philippines and Forest, Land and Agriculture (FLAG).
These updated targets are currently awaiting validation from the SBTi. We have identified the key levers that will help decarbonise our business and our value chain, in line with our 2030
emissions reduction target. We plan to invest approximately €385 million in emissions reduction initiatives between 2025 and 2027. This includes €310 million of Opex, primarily related to
our cost of sales, to support our continued investment in rPET, which has a significant carbon reduction impact. Our plan also includes €75 million in Capex investment for other energy,
logistics, water treatment and efficiency and carbon reduction technologies.
Scope 1 and 2 emissions
Our Scope 1 emissions come from fuel use at our own
production facilities, warehouses and offices, and our
own car fleet, trucks and vans. Our Scope 2 emissions
primarily come from the purchased electricity used in
our production facilities. Our target is to reduce emissions
from these sources by 47% between 2019 and 2030(A).
We are reducing these emissions by:
Manufacturing – In 2025, we invested €18 million in
energy efficiency and other carbon reduction initiatives,
such as replacing a gas boiler with an electric boiler. We
are a member of the Climate Group’s RE100 initiative, and
are committed to using 100% renewable electricity. We do
this through renewable electricity contracts with energy
suppliers, as well as on-site generation and PPAs.
Transportation – We are a member of the Climate Group’s
EV100 initiative, and in 2025, 55.5% of our cars, vans and
trucks in Europe were EVs or PHEVs.
(A)These targets are awaiting validation from the SBTi.
Scope 1 and 2 (million tCO2e)
2030 Scope 1 and 2 decarbonisation levers (million tCO2e)(B)
⁃42.0%
2025 reduction from baseline
(B)% represents the forecast reduction
vs 2019 baseline.
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Environment
Climate change (E1) continued
Scope 3 (million tCO2e)
Scope 3 emissions
⁃16.6%
2025 reduction from baseline
Over 90% of our GHG emissions are Scope 3 from our
packaging, ingredients, CDE and third party transportation.
These include FLAG emissions from the farming and
land use change from our ingredients and pulp and paper
packaging; and non-FLAG emissions. We aim to reduce
our FLAG emissions by 33.3% by 2030 versus 2019, and
to reduce our non-FLAG emissions by 27.5% by 2030
versus 2019(A).
In 2025, we focused on reducing emissions in these
areas by:
Ingredients – In addition to reducing the sugar across
our portfolio, we have also worked with carbon strategic
ingredients suppliers to collect their supplier-specific
carbon footprints, and are working to expand this in 2026.
Packaging – We are focused on including recycled
content in our packaging, improving packaging collection
rates across our markets, reducing the use of packaging
where possible, and lightweighting our packaging.
CDE – We are improving the mix and energy efficiency
of our CDE fleet. In 2025, approximately 57.5% of our
cooler fleet was HFC-free across our territories. We are
also advocating to support a shift to renewable electricity
across our markets.
Transportation – We are working with our third party
logistics suppliers to reduce emissions through
alternative fuels. In 2025, 10.4% of the total kilometres
driven by our third party logistics hauliers in Europe used
alternative fuels. We are also working to optimise
our routes, and are shifting from road to rail.
2030 Scope 3 decarbonisation levers (million tCO2e)(B)
(A)We aim to reduce our FLAG emissions by 33.3% by 2030 versus 2019, and to reduce our non-FLAG emissions by 27.5% by 2030 versus 2019. These targets are awaiting validation by the SBTi.
(B)% represents the forecast reduction vs 2019 baseline.
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Environment
Climate-related risks and opportunities (E1)
Risk management
Climate-related risks have been identified as a principal risk
category for CCEP for many years. The probability that
climate change will affect our existing business model, and
require proactive mitigation strategies is high. The Principal
risks section of this report on pages 32–42 further outlines
the various types of loss impacts and the potential
influence of climate risks on our strategic objectives.
We assess and identify climate risks following our ERM
process, including local compliance reviews and annual
enterprise risk assessments.
We also review opportunities as part of our risk framework
and as part of our management routines.
Business planning
We integrate climate-related considerations into our business
strategy, planning and risk management processes.
Our climate risk analysis helps inform our strategic
business planning and investment decisions, supports the
delivery of our climate targets and helps manage and
mitigate impacts from physical, transition and regulatory
climate risks, and take advantage of the opportunities
arising from shifting to a low-carbon economy.
We have assessed the impact of climate change on
multiple aspects of our business and financial planning,
including on our supply chain, value chain, products,
operations and investment in research and development.
As we continue to evolve our climate scenario analysis, we
aim to expand climate risk assessments across the areas
recommended within the TCFD Annex.
Climate scenario modelling
We partner with Risilience, a specialised climate analytics
company which uses technology pioneered by the Centre
for Risk Studies at the University of Cambridge Judge
Business School, to co-develop a digital twin platform,
enabling the modelling of both physical and transition risks
across our value chain over a 20- to 30-year time horizon.
We work in close collaboration with TCCC to assess
climate-related risks and opportunities, driving innovation
as a system to meet consumer demands for sustainable
products and address climate change.
While the transition to a low-carbon economy may impact
the carrying value and remaining useful lives of the Group’s
property, plant and equipment, we continue to invest in
more efficient, cleaner and more technologically advanced
assets. For more information on how climate scenarios are
considered in our financial statements, refer to Note 1, Note
6 and Note 7 of the consolidated financial statements.
Climate risk management
Our climate scenario modelling considers a range of global
warming outcomes, including >4°C, +2.5°C and ~1.4°C
pathways. Physical climate risks are assessed using shared
socioeconomic pathways (SSPs), modelling changes in
climate hazards under different warming levels. In 2025,
we enhanced our transition risk modelling by incorporating
new Network for Greening the Financial System (NGFS)
climate scenarios, expanding the range of possible climate
futures assessed beyond the existing SSP pathways, with
no impact on the underlying results, highlighting the
consistency of our conclusions.
We work with external physical climate specialists Marsh
Advisory to establish how climate change could impact the
frequency and severity of climate-related weather events
on our manufacturing and operations. This covers all major
climate-induced threats (coastal inundation, river flooding,
surface water flooding, extreme heat, extreme wind,
wildfire and others) to 2100.
We evaluated physical and transition risks and opportunities
over the short (up to 1 year), medium (1 to 5 years) and long
term (over 5 years).
This is in line with our business planning timeframes, and our
short- (2030) and long-term (2040) GHG emissions
reduction targets. We conducted a financial impact
assessment of the identified risks and opportunities across
the short-, medium- and long-term time horizons.
We assessed all of the physical and transition risks outlined
by the TCFD. Out of the risks and opportunities assessed,
seven were determined to be significant based upon the
quantitative and qualitative impact to our business. Some
risks, for example exposure to litigation or investor market
risk, were assessed, but were not deemed critical.
The financial assessment of our climate scenario analysis
was completed on a gross risk basis, without mitigation. We
have grouped the anticipated cumulative operating profit
impact estimations into low, medium and high bands, with
each risk and opportunity assessed independently over the
short, medium and long term. These bands are defined
consistently with our double materiality thresholds.
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Environment
Climate-related risks and opportunities (E1) continued
Climate risk assessment
Scope and methodology to assess key climate-related risks and opportunities
Our scope includes CCEP sites and operations, key areas of our supply chain and downstream products.
For estimation of the cumulative operating profit impact over the short, medium and long term (without mitigation measures), aligned with our DMA methodology, see page 225.
In 2025, we updated our climate risk assessment, refining our baseline scenario, including the Philippines in the modelling, and running a range of alternative scenarios to evaluate
sensitivities. This was completed independently per risk type, including operational disruption and asset damage (physical), and loss of revenue and increased cost implications
(transition). Risks have been prioritised in line with our ERM process; see page 32-33.
Emissions
pathway
>4°C emissions
pathway
+2.5°C emissions pathway
+2°C emissions pathway
SSP
No Policies SSP 5–8.5
Stated Policies         
SSP 2–4.5
Paris Agreement 
SSP 1–2.6
Temperature
rise by 2100
>4°C
+2.5°C
+2°C
Global CO2
emissions
200% by 2100
-75% by 2100
Net Zero by 2070
Global action
against climate
change
Few or no steps taken
to limit emissions.
Current GHG emissions
levels roughly double
by 2050. The global
economy is fuelled
by exploiting fossil fuels
and energy-intensive
lifestyles.
Reliance on existing/
planned policies (not
commitments). GHG
emissions plateau
around current levels
before starting to fall
mid-century, but do
not reach Net Zero
by 2100.
Strong global action
leads to reduced
emissions and social
shifts towards
sustainability. While
extreme weather
increases, significant
global impacts are
avoided.
Likelihood
Low
High
Low
Emissions
pathway
~3°C emissions
pathway
~2.4°C emissions 
pathway
~1.4°C emissions 
pathway
NGFS Phase V
Current Policies
Fragmented World
Net Zero 2050
Temperature
rise by 2100
~3.0°C
~2.4°C
~1.4°C
Global CO2
emissions
-20% by 2100
-50% by 2100
Net Zero by 2050
Global action
against climate
change
Reliance on currently
implemented policies
and continued use of
fossil fuels, alongside
slow technological
advancement, lead to
global warming of ~1.5°C
by 2030, ~2°C by 2050
and ~3°C by 2100.
Delayed and divergent
climate policy response
among countries, and a
weak international
cooperation. Countries
with Net Zero targets
achieve these only
partially (80% of the
target), while others
follow current policies.
Limits global warming
to ~1.4°C through
stringent climate
policies, innovation
and coordinated
and collective efforts
globally, reaching global
Net Zero CO2 emissions
around 2050.
Likelihood
Low
High
Low
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Environment
Climate-related risks and opportunities (E1) continued
Physical risk
Includes risk of both acute weather events (e.g. floods) and chronic long-term climate shifts (e.g. rising sea levels). Acute physical risks are already occurring; however, the frequency
and severity of these is expected to increase. We modelled how extreme weather events and chronic changes to weather patterns could pose a physical risk to our operations and
supply chain. Our climate scenario modelling identified potential risks from extreme weather, such as drought or flooding at our production facilities or key suppliers. Chronic changes
in temperature and precipitation patterns could have an impact on agricultural yields of key ingredients. Mitigating actions against these risks are reviewed as part of our business
planning processes.
Cumulative gross risk financial impact estimates (assuming no mitigation) over the short (<1 year), medium (>1-5 years) and long term (5+ years)
Anticipated cumulative operating profit impact
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Low <3%
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Medium 3%–5%
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High >5%
Physical risk
Time horizon
Risk description and impact (assuming no mitigation)
Emissions pathway
Short term
Medium term
Long term
How are we addressing these risks? (Our mitigation strategy)
Extreme weather events could cause disruption to facilities and logistics routes within manufacturing and own operations
■Increased risk of site damage due to more
frequent and severe extreme weather, including
riverine and surface water flooding, resulting
in business interruption and asset damage
to our facilities.
■Compromised infrastructure and logistics
channels could hinder our manufacturing
and delivery.
■We anticipate flooding as a persistent physical
risk across all emissions scenarios. For example,
in 2025 typhoon-related flooding and strong
winds impacted our Bacolod production facility
and Consolacion warehouse in the Philippines,
and affected our distribution network,
employees, and customers.
+2°C Paris Agreement
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■Our proactive measures against climate-related physical
risks from extreme weather includes continued investment
in our climate transition roadmap, including energy and
water savings projects, and developing and refining our
business continuity plans.
■In 2025, we invested approximately €18 million in energy,
logistics and carbon saving technologies.
■Between 2021 and 2025, we invested €3.9 million in Capex
for climate adaptation within our own operations.
■We have also conducted climate and water resilience
workshops in multiple markets to support adaptation to
increasing extreme weather events.
■Our incident management and crisis response process is
designed to help keep employees safe during emergencies,
including those caused by extreme weather. 
■In 2026, we will work to further prioritise the climate
adaptation activities required to manage our identified
climate-related risks.
+2.5°C Stated Policy
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>4°C No Policy
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We modelled how extreme weather events could pose a risk to our operations:
■Acute weather events such as extreme heat or flooding could limit our ability
to produce and cause damage to our facilities.
■Insurance premiums could increase to cover such events.
■A review of 27 critical facilities revealed increased frequency and severity of long‑term
flooding risks, especially in Belgium, Spain and Indonesia. In addition, exposure to
cyclones and flooding has been identified as a key risk in the Philippines.
■However, the anticipated financial effects on CCEP’s operating profit are estimated
to be low.
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Environment
Climate-related risks and opportunities (E1) continued
Anticipated cumulative operating profit impact
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Low <3%
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Medium 3%–5%
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High >5%
Physical risk
Time horizon
Risk description and impact (assuming no mitigation)
Emissions pathway
Short term
Medium term
Long term
How are we addressing these risks? (Our mitigation strategy)
Increasing water stress or water scarcity within manufacturing and own operations
■Water scarcity could lead to regulatory
constraints on water usage or temporary water
shortages which could increase production
expenses or limitations in production capacity,
impacting our beverage production and sales,
and elevating costs.
+2°C Paris Agreement
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■In 2025, we invested approximately €2 million in water
initiatives, saving approximately 35,200 m3 per year and
annual water and waste treatment expenses of about
€105,000 per year.
■In 2025, together with TCCC and The Coca-Cola Foundation
(TCCF)(A), we supported 37 water replenishment projects
across Europe, and 26 in APS, returning 23.6 million m3 of
water to nature across our territories.
■These investments helped mitigate water scarcity impacts
when they have occurred. In 2025, due to drought, local
authorities in France and Great Britain escalated water risk
levels. These restrictions did not directly affect our sites.
Our water targets and improvements in water efficiency
helped mitigate regulatory risks and potential water
restrictions imposed on our facilities. We have developed
a water scarcity response handbook, developed with our
most at-risk markets and as part of our business resilience
process, to mitigate any potential water scarcity impacts
that could occur in the short term.
(1)Investment split varies per project, we claim replenishment benefit
as a Coca-Cola system.
+2.5°C Stated Policy
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The likelihood of this impact occurring is considered unlikely and therefore not financially
material. 
We modelled how increased water scarcity could pose a risk to our operations:
■31 of our 85 production facilities are currently in regions of high baseline water stress
(based on the World Resources Institute’s (WRI) Aqueduct 4.0 tool).
■Potential limitations on water usage across different jurisdictions could affect our
sites and production volumes, assuming these restrictions impact various river basins
and become more stringent over time.
■Our modelling suggests that, in the absence of any mitigations, the risk magnitude
may increase substantially post 2040.
Changes to weather and precipitation patterns could cause disruption to supply of ingredients within our supply chain
■Changing weather patterns and/or precipitation
patterns could impact the yield and/or quality of
our key ingredients and raw materials (e.g. sugar
beet, sugar cane, orange juice or coffee),
reducing the availability and quality, or increasing
the cost of ingredients. Our primary sugar beet
sourcing regions, including Great Britain, France,
the Netherlands and Spain, are all potentially
vulnerable to climate-related water scarcity
issues, based upon the WRI Aqueduct 4.0 water
risk analysis. This could be exacerbated by
changes to weather and precipitation patterns.
+2°C Paris Agreement
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■We have asked approximately 220 carbon strategic
suppliers (including ingredients suppliers) to set their own
science based GHG emissions reduction targets. For more
information, see page 229.
■We aim for 100% of our key agricultural ingredients and raw
materials to be sourced in compliance with our PSA; see
page 243. 
■We have invested in water replenishment programmes
in our key sourcing regions. For more information, see
page 243.
■We aid our suppliers in measuring and setting science based
emissions reduction targets and enhancing their emissions
reduction capabilities through initiatives such as S-LOCT. For
more information, see page 229.
+2.5°C Stated Policy
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>4°C No Policy
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We modelled how changes to weather and precipitation patterns could pose a risk
to our supply chain:
■Sugar yields could be negatively impacted across all emissions pathways.
■Sugar beet, as our modelling suggests, is the ingredient most vulnerable to
climate shifts.
■France is projected to have the most significant yield reduction due to expected
increased rainfall.
■Our modelling indicated that orange and coffee yields are unlikely to be
significantly impacted.
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Environment
Climate-related risks and opportunities (E1) continued
Transition risk
Transitioning to a low-carbon economy presents risks and opportunities, with impacts varying by transition speed and nature. Opportunities arise as consumers increasingly prefer
products with lower GHG emissions and reduced use of water and resources. Our scenario analysis focused on the transition risks across our value chain, under three emissions
pathways. The level of exposure to transition risks is driven by the warming scenario, with the ~1.4°C warming pathway, aligned with the Paris Agreement, showing the highest potential
transition risks. Mitigating actions against these risks are determined as part of our business planning processes.
Anticipated cumulative operating profit impact
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Low <3%
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Medium 3%–5%
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High >5%
Transition risk
Time horizon
Risk description and impact (assuming no mitigation)
Emissions pathway
Short term
Medium term
Long term
How are we addressing these risks? (Our mitigation strategy)
Policy risk within our operations and supply chain
\
■Carbon pricing is used as a mechanism through
which governments can incentivise GHG
emissions reductions.
■The scenarios assume the use of carbon prices
across CCEP markets to price and penalise GHG
emissions, including those linked to packaging
materials, to drive decarbonisation. Such
mechanisms could result in increased energy or
raw material costs.
~1.4°C Net Zero 2050
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■We are mitigating the risk to our own operations and supply
chain by reducing our GHG emissions and introducing
carbon strategic supplier targets, and through our 2030
carbon reduction plan.
■We plan to invest approximately €385 million for emissions
reduction initiatives between 2025 and 2027. This includes
€310 million of Opex, primarily related to our cost of sales,
to support our continued investment in rPET which has
a significant carbon reduction impact. It also includes
€75 million in Capex investment, for other energy, logistics,
water treatment and efficiency and carbon reduction
technologies.
■Continued investment in recycled content (including rPET)
and increased collection provides us with an opportunity to
use recycled materials, mitigating potential carbon taxes,
and also mitigating the potential risks of marketing
constraints or bans on single use plastic bottles which do
not contain recycled plastic.
~2.4°C Fragmented World
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~3.0°C Current Policies
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We modelled how increased carbon taxes could be used to price and penalise GHG
emissions:
■Baseline GHG emission projections include Scope 1, 2 and 3 up to 2040. The geography
of the emissions footprint influences the carbon price projections for the beverage
industry under each emission pathway.
■Carbon pricing legislation is assumed to be introduced between 2030 and 2035,
depending on the emission pathway.
■Our modelling suggests that, assuming no mitigation, over the long term this risk could
result in a high financial impact under the Net Zero 2050 (~1.4°C) and Fragmented
World (~2.4°C) scenarios.
Market (consumer) risk related to our brands and portfolio
■Consumer awareness of environmental impact
could drive a shift towards more sustainable,
lower-emission alternative products and
services. If CCEP is not able to meet these
consumer preference shifts, it could miss
potential growth and additional revenue
opportunities.
~1.4°C Net Zero 2050
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■We continue to update our ability to measure and forecast
product carbon footprints, helping us prioritise our efforts
to reduce the GHG emissions of our products and our
packaging. In 2025, we used the information from our
product carbon footprint and carbon roadmap to inform
our business planning, and support our customers.
■Our investment in rPET and commitment to use recycled
content in our bottles could also support an opportunity
to provide lower carbon and lower waste options
to consumers.
~2.4°C Fragmented World
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~3.0°C Current Policies
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We modelled how changes in consumer preference would impact the demand for
our products:
■The percentage of consumers who choose to shift towards packaging options that are
perceived to be more sustainable was modelled over time and is emissions pathway
dependent.
■Consumers’ purchasing habits are influenced by various climate-related trends
simultaneously, including the shift to sustainable purchasing and reduced packaging.
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Environment
Climate-related risks and opportunities (E1) continued
Anticipated cumulative operating profit impact
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Low <3%
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Medium 3%–5%
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High >5%
Transition risk
Time horizon
Risk description and impact (assuming no mitigation)
Emissions pathway
Short term
Medium term
Long term
How are we addressing these risks? (Our mitigation strategy)
Technology risk within our operations
\
■Regulatory or market shifts could phase out
fossil fuels and related equipment (e.g. gas
boilers, diesel or petrol vehicles), leading to a
devaluation of carbon-intensive assets, potential
impairment or write offs.
■CCEP’s exposure is limited, primarily focused on
our owned fossil fuel-powered fleet and
machinery and equipment. While we continue to
invest in more efficient, cleaner and more
technologically advanced assets, the significant
majority of the Group’s assets currently in
operation are likely to be substantially
depreciated ahead of our 2040 Net Zero target.
~1.4°C Net Zero 2050
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■We are mitigating the risk through our carbon reduction plan,
which has allocated over €420 million between 2022 and
2024 to support the ongoing decarbonisation of our
operations and value chain.
■In 2025, we invested €18 million in carbon, energy and
logistics savings initiatives, saving approximately 7,000 MWh
and 3,000 tonnes of CO2e annually. This investment
includes a shift to renewable energy within our own
production facilities.
■We also aim to transition all of our own car and van fleet to
electric or ultra-low emissions vehicles by 2030 in Europe
and are committed to using 100% renewable electricity.
■Other costs which support our emissions reduction, such as
investment in more efficient CDE, EVs and purchased
renewable electricity, are captured as part of our broader
cost allocation framework.
~2.4°C Fragmented World
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~3.0°C Current Policies
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We modelled the potential impacts on CCEP’s carbon-intensive assets, for example fossil
fuel-powered owned fleet (cars, vans, motorbikes and trucks) and machinery and
equipment, assuming that:
■As policies and regulations aim to reduce carbon emissions, the use of fossil fuels is
likely to decrease, and the cost of using it could increase, leading to a devaluation of
the fossil-intensive assets.
■The adoption of green technologies is driven by the rate of technological innovation
and facilitates decarbonisation. Assumptions are pathway dependent with a slow
technology shift in the Current Policies scenario and ambitious innovation
assumptions and a rapid shift to renewable energy under the Net Zero 2050 scenario.
Reputation risk related to our brands and portfolio
■Loss of revenue and/or missed growth
opportunities due to climate activism and
climate-related reputational damage events.
~1.4°C Net Zero 2050
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■We are mitigating the risk through our GHG reduction
targets, carbon roadmap and supporting investment plan,
as well as focusing on using recycled content and improving
collection rates across our markets.
■Our anticipated €310 million investment in rPET between
2025 and 2027, and our commitment to use recycled
content in our bottles could also support an opportunity to
provide lower carbon and lower waste options to
consumers.
~2.4°C Fragmented World
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~3.0°C Current Policies
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We modelled the potential impacts on CCEP’s revenue and operating profit due to
climate activism and climate-related reputational damage events, assuming:
■Levels of consumer activism could be influenced by how much climate action is taken
by the beverage sector and by CCEP. This assumes a potential gross risk if CCEP falls
behind the beverage sector, causing increased consumer activism relative to our
competitors. This assessment does not include packaging changes likely to be
required by legislation across the sector.
■Low levels of public climate activism in the Current Policies and Fragmented World
scenarios, resulting in limited financial exposure through 2030. Beyond 2030, the
Fragmented World scenario suggests a slight increase in the potential financial impact
driven by higher stakeholder scrutiny.
■In the Net Zero 2050 scenario, consumer activism is expected to strengthen; however,
the probability and scale of reputational events remains moderate compared to
higher-emitting industries, resulting in low potential financial impact.
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Other
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2025 Annual Report and Form 20-F
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Environment
Climate metrics related to TCFD disclosure
TCFD-related metrics and targets
Through our sustainability reporting
and disclosure, we track, measure and
manage our sustainability targets
and related metrics.
We have considered the TCFD cross
industry climate-related metrics. Progress
against these targets is listed here, as well
as in other sections of our 2025 Annual
Report:
■Climate targets: see Climate change
section (E1), page 228
■Packaging targets: see Packaging section
(E5), page 239
■Water and nature targets: see Water and
nature section (E2, E3 and E4), page 242
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For our TCFD cross references table
see page 45
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For full details on our sustainability metrics,
our reporting approach and GHG and water
calculations methodology see pages 253–254
and 258–268
Cross industry climate-related and agriculture, food and forest products group metrics
Group
UK and UK offshore(B)
Tonnes of CO2e
2019(A)
2024
2025
2024
2025
Scope 1
Direct emissions (e.g. fuel used by own vehicles)
424,747
354,479
328,971
30,959
31,515
Scope 2 (market based)
Indirect emissions (e.g. electricity)
387,659
347,567
143,961
3
3
Scope 2 (location based)
Indirect emissions (e.g. electricity)
549,487
526,622
493,414
17,264
14,212
Scope 3
Biological processes, third party emissions (e.g. ingredients, packaging, CDE,
third party transportation)
7,667,510
6,695,802
6,402,425
789,461
765,406
GHG emissions Scope 1, 2 and 3 (full value chain)(C)
8,479,917
7,397,848
6,875,358
820,423
796,923
Emissions from biologically sequestered carbon
102,120
117,684
Intensity ratio
Full value chain GHG emissions per litre (gCO2e/litre)
392.5
329.1
306.2
252.0
240.4
GHG emissions (Scope 1 and 2) per euro of revenue (gCO2e/€)(D)
19.8
34.4
22.6
9.3
9.1
Energy use
Direct energy consumption (Scope 1) (MWh)
1,573,096
1,337,474
1,220,931
107,762
107,008
Direct energy consumption (Scope 2) (MWh)
1,205,936
1,231,747
1,194,860
95,928
93,550
Direct energy consumption (Scope 1 and 2) (MWh)
2,779,031
2,569,222
2,415,791
203,690
200,558
Agriculture, food and forest products group metrics
Total water withdrawn (1,000m3)
36,740
36,095
Total water consumed (1,000m3)(E)
22,570
22,453
Total production volumes from areas of baseline water stress (1,000m3)
8,460
8,250
Note: For details on our approach to reporting and methodology, see our 2025 sustainability reporting methodology document on www.cocacolaep.com/sustainability/
reporting-and-disclosures/download-centre.
(A)  The acquisition of Coca-Cola Beverages Philippines, Inc (CCBPI) was completed on 23 February 2024;  the 2019 baseline metrics are presented on a full year basis to allow for
better period over period comparability.
(B)  Equates to Great Britain for CCEP.
(C)  Scope 2 is market based approach only.
(D)  Data for the Group in 2019 only includes Europe. Consolidated revenue data for the Group including APS territories not available for 2019.
(E) Data for FY2024 restated to reflect more accurate calculation of wastewater at one of our Philippines sites.
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Environment
Packaging (E5)
Our risks and impacts
Production of the packaging we use, including PET bottles,
cans and glass bottles, uses energy, water and both
renewable and non-renewable natural resources. This
could result in negative environmental impacts if not
managed sustainably.
Waste from single use packaging could also lead to
negative environmental impacts and regulatory and
reputational risks where it is not collected for recycling.
Waste is a financially material topic, mainly due to the
potential impact of future regulation regarding the use
of single use packaging.
Our strategy
In the long-term, we aim to go beyond our 2030 targets,
working to achieve higher collection and recycling rates for
our bottles and cans, and replacing oil-based virgin plastic
with recycled plastic. Our strategy has four key priorities:
Increase packaging collection
by partnering with national and local
governments and stakeholders
Use recycled content in our packaging
by working with our suppliers to increase
recycled content in our packaging
Improve recyclability and remove
unnecessary packaging
design our packaging so it is recyclable and
lighter, and uses fewer materials
Refillable and dispensed
work with suppliers on innovative dispensed solutions
and invest in refillable solutions
Our targets and 2025 progress
75.7%
Target: By 2030 collect the equivalent of at least 85% of the bottles
and cans we sell
KPI: Percentage of ready to drink (RTD) primary consumer packages collected for
recycling, or collected and refilled, expressed as a weighted average based
on CCEP individual unit sales
45.9%
Target: By 2030 at least 30% of the PET we use to make plastic
bottles will be recycled PET
KPI: Percentage of PET used which is rPET, based on PET bottle sales
(tonnes)
We calculate our collection data based on a weighted
average of national collection rates, collected for
recycling rates(A), recycling rates(B) or refillable rates.
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See more packaging-related metrics on pages 254 and 257
Our actions
Collecting our packaging
We support packaging collection across all of our markets,
working in partnership with national and local governments
and stakeholders. 
Enhancing collection and recycling infrastructure is often
complex and solutions vary by market.
In markets where collection infrastructure is well
developed, like Europe and Australia, we support industry-
led, well designed beverage packaging return schemes,
unless a proven alternative exists.
(A)Collection for recycling rate – measures packaging that is collected
in a market to then be sorted for recycling.
(B)Recycling rate – measures packaging at the point in the sorting
process where it does not need to undergo any further processing
before it is turned into recycled content, as defined by the EU
Packaging and Packaging Waste Regulation (PPWR).
In Germany, Iceland, Norway and Sweden, where deposit
return schemes are in place, our collection rates were
above 80% in 2025.
In markets where collection infrastructure and legislation are
less developed, such as Indonesia, the Pacific Islands and
Papua New Guinea, we are committed to proactive voluntary
action and aim to directly fund collection solutions to recover
used beverage packaging and drive circular economy outcomes.
Our actions include:
■In Fiji, we established Return & Earn to drive recycling of
bottles and cans. We also continued working with local
councils to increase consumer recycling through community
collection points, and additional collection via our sites.
■In Papua New Guinea, we collected more than 39 million
PET bottles for recycling through our PET plastic bottle
collection programme in Port Moresby and Lae in
partnership with local recycling partner Branis Recycling.
■In Fiji, Papua New Guinea, Tonga and Samoa, we installed
equipment to process collected PET bottles and
granulate or compress the material ready for shipment
and recycling. This helps create local jobs and supports
bottle-to-bottle recycling.
■In Samoa, we have been working in partnership with
local collection partners to support community-based
collection of PET plastic beverage bottles and have
contracted to buy back plastic bottles from our
collection partners so they can be exported for
recycling.
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Environment
Packaging (E5) continued
Across our territories we also invest directly in PET
recycling infrastructure through a variety of joint ventures
to turn post-consumer PET bottles into new food-grade
rPET using advanced PET recycling technology:
■In the Philippines, in partnership with Indorama
Ventures, we formed a PET recycling joint venture,
PET Value.
■In Indonesia, in partnership with Dynapack, we
established Amandina, a PET recycling facility located
in West Java through which we collect 1.4 bottles for
every one we sell.
■In Australia, Circular Plastics Australia has established
two bottle-to-bottle PET recycling facilities which play
a critical role in recycling PET bottles from Australia’s
container deposit schemes. The initiative is a joint
venture between Pact Group, Cleanaway Waste
Management, Asahi Beverages and CCEP.
Our rPET joint ventures play a critical role in local plastic
recycling infrastructure and supply food-grade rPET which
is used in our bottles across these markets.
Removing unnecessary packaging
We have a long-standing programme to reduce the weight
of our packaging and optimise the materials we use. We are
designing our packaging so that it is recyclable and lighter,
and uses fewer resources. In 2025, our Auckland
distribution centre in New Zealand transitioned to
lightweight shrink wrap for product pallets, reducing our
plastic use by more than 40 tonnes. In 2025, we launched
pilots in Germany and France to test a Nature MultiPack, a
new packaging design which replaces plastic film with a
recyclable cardboard handle and dots of adhesive,
reducing the plastic used in each multipack.
Recyclability
We aim to design our packaging to be technically recyclable
so it can be reused or recycled to make new packaging.
Full details regarding the definition are available in our
methodology on page 269.
Although our primary focus has been on making our bottles
and cans recyclable, we have also worked to ensure we use
recyclable materials for all our packaging, including
secondary packaging.
Future pack mix
We continue to invest in refillable packaging across our
markets. Since 2020, we’ve invested approximately €90
million in refillable lines in Germany and France.
In the Philippines, 100% of the glass we use is refillable,
and in Germany we have a well established returnable
glass and returnable PET business.
We are also working closely with our equipment suppliers
to develop new innovative digital dispensing equipment,
which allows consumers to enjoy our drinks in reusable
cups or bottles. Across our markets, we are testing
consumer behaviour to better understand the potential
to expand the use of dispensing equipment with reusable
cups in the future.
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Case study
Returnable glass bottles in France
In 2025, at our production facility in Grigny, France, we
installed a brand-new production line able to produce 60,000
returnable glass bottles (RGB) per hour. This will allow us to
meet the growing demand for returnable and reusable
packaging in France and further boost our leading support
for a circular economy for our packaging. 
We are also partnering with Carrefour in France to offer
Coca-Cola Regular and Coca-Cola Zero Sugar brands in
1L returnable glass bottles. In 2025, this pilot extended to
more than 700 stores.
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Read more about our
strategy in action online at:
www.cocacolaep.com/news-and-stories/ccep-
unveils-150-million-innovation-investment-in-grigny-
france/
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Environment
Packaging (E5) continued
Recycled materials
Using recycled material in our bottles and cans keeps
valuable resources in the circular economy and helps us
move away from the use of new materials.
We aim to achieve this by using recycled aluminium in our
cans and rPET in our plastic bottles, and continuing to work
with our suppliers to use recycled content in our packaging.
Supplier compliance requirements
In addition to sourcing recycled packaging materials, we aim
to source our pulp and paper used in secondary packaging
and point of sale material through suppliers which comply
with our Principles for Sustainable Agriculture (PSA).
We track compliance with our PSA through third party
certification standards. For our pulp and paper suppliers
this includes Forest Stewardship Council (FSC) and the
Programme for the Endorsement of Forest Certification
(PEFC).
Stakeholder engagement
We recognise the important role that public policy plays
in supporting a circular economy, and we monitor all
upcoming legislation, which in select markets will require
us to reduce the use of single use plastic or introduce
reusable packaging. 
We also regularly engage with customers, suppliers and
NGOs about packaging collection, recycling and circularity.
CCEP is a member of the Ellen MacArthur Foundation’s
network, which brings together businesses, policymakers,
financial institutions, innovators and academia to
accelerate the transition to a circular economy.
CCEP is also a member of the Business Coalition for a
Global Plastics Treaty, and we support the development
of legally binding global rules across the whole lifecycle
of plastic products to accelerate the transition to a
circular economy.
In Indonesia, we actively support the Global Plastic Action
Partnership, a multi stakeholder platform dedicated to
translating commitments to reduce plastic pollution and
waste into action. In Australia, CCEP is a member of
Circular Australia, and we were a member of the UK Plastic
Pact in 2025.
In 2025, we continued to actively engage with stakeholders
and to support EU legislation in the creation and set up of
well designed deposit return schemes that help beverage
producers to enhance packaging circularity. Schemes are
set to launch in Portugal in 2026 and in Great Britain in 2027.
Engagement continues in line with the requirements of the
EU Packaging and Packaging Waste Regulation (PPWR)
across Belgium, France, Luxembourg and Spain.
We also support a wide range of anti-litter and clean up
initiatives through local community partnerships and
employee volunteering. As well as removing and preventing
litter, these activities influence consumer behaviour and
raise awareness about littering and recycling.
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packaging see pages 254 and 269–271
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Environment
Water and nature (E2, E3, E4)
Our risks and impacts
Climate change is exacerbating water stress and
scarcity in many parts of the world. We are witnessing
water shortages, droughts and floods in regions where
we manufacture our products or source our ingredients.
Our manufacturing processes and supply chain both consume
water, which could negatively impact local ecosystems and
communities, especially in areas of high water stress.
We recognise that the agricultural operations from the
cultivation and production of our key agricultural
ingredients and raw materials could disrupt the health
of ecosystems, pollute water and soil in our value chain
and contribute to biodiversity loss. We are committed
to promoting sustainable forest management and
sustainably sourcing our ingredients.
Our strategy
Over the long term, we aim to go beyond our 2030 targets,
working to achieve water security across our value chain,
guided by three strategic priorities:
Best in class water stewardship
using water efficiency
technologies across our operations
Enhance water security at
high risk locations
investing in water replenishment projects
at 18 high risk locations (HRLs)
Return water to nature
via community-based replenish initiatives
We adopt a value chain approach to water stewardship,
focusing on both water efficiency at our own operations,
and returning water safely to nature through replenishment
initiatives.
Our targets and 2025 progress
105.2%
Target: By 2030 return at least 100% of the water we use
in our finished drinks, at an aggregate level, to nature
and communities(A)
KPI: Water returned as a percentage of total sales volume through
replenishment projects
56.0%
Target: By 2030 return at least 85% of the total water we use
at HRLs, at an aggregate level, to nature and communities(B)
KPI: Water returned as a percentage of total water withdrawn in HRLs in
2025 through replenishment projects
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See more details on our water and nature-related metrics
on page 255
Our actions
Assessing water risk in our operations
We map our water risks using a series of risk assessments
in line with TCCC. All our production facilities have their
baseline water risk assessed through a global Enterprise
Water Risk Assessment (EWRA) using the WRI Aqueduct
4.0 tool. 31 of our 85 production facilities are located
in areas of high baseline water stress. In 2025, 13.7 million
m³ of our water withdrawals were sourced from areas of
high or extremely high baseline water stress, and we
discharged 5.1 million m³ of waste water. This represented
38.3% of our water withdrawals, a 2.3% decrease compared
to 2024. 
(A)Based on the volume of water replenished through replenishment
projects versus the sales volume of our ready to drink (RTD) litres of
finished beverages.
(B)HRLs are a subset of CCEP’s production facilities, which have been
identified as having the highest water-related risks, based upon the
results of TCCC’s FAWVA.
We complete Facility Water Vulnerability Assessments
(FAWVAs) every three to five years, assessing further
physical, regulatory and social risks at the production
facility level. Through these assessments, we have
categorised 18 of our 85 production facilities as HRLs.
Across these HRLs, we withdrew 12.3 million m3 of water
in 2025. 
We also assess potential risks in water quality and future
availability to our business, the local community and the
wider ecosystem through Source Water Vulnerability
Assessments (SVAs), which we aim to complete every
five years. Our production facilities address these risks
through facility Water Management Plans (WMPs). These are
used to manage site targets, enhance climate resilience,
and enable data sharing and reporting. In 2025, all our 
production facilities(C) had SVAs and WMPs in place.
All our production facilities are required to comply with
The Coca-Cola Operating Requirements (KORE) to promote
effective and responsible water use, treatment and disposal,
and reduce risk of adverse effects on water ecosystems.
Setting context based targets 
We use the insights from the Coca-Cola system FAWVA
risk assessments to categorise our sites and set water
efficiency and replenishment targets appropriate for the
watershed our sites operate in. Our sites are categorised
as follows:
■High risk locations: our production facilities which have
been identified as having the highest water-related
risks, based on the results of TCCC FAWVA. These
sites have the highest water use reduction targets,
and must achieve 100% replenishment by 2035.
■Advanced efficiency locations: sites which operate in
a water stressed context. These sites will be focused
on achieving advanced water efficiency and best in
class water reduction targets.
■Contributing locations: sites which operate in the
lowest water risk areas. These sites have water use
ratio targets which meet industry benchmark
standards.
(C)Excludes our alcohol-only breweries and distilleries in Iceland and Fiji.
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Environment
Water and nature (E2, E3, E4) continued
Water replenishment
We aim to achieve water security across our value chain
through our water targets.
We do this through investment in water replenishment
projects, which are managed through NGO partners, and
funded together with TCCC and/or with TCCF(A).
Replenishment projects aim to improve the natural
hydrology of a watershed, agricultural water use, or access
to water. We focus on:
■Projects in the minor river basin of our HRLs
■Water, sanitation and hygiene (WASH) access projects in
communities in Indonesia, the Philippines, Papua New
Guinea and the Pacific Islands
■Projects which improve agricultural water use in priority
ingredient sourcing regions
In 2025, in collaboration with TCCC and TCCF, we
replenished 23.6 million m3 of water across our territories,
including 18.2 million m3 in Europe, and 5.4 million m3 in APS.
This represents 105.2% of our total sales volume (123.8% in
Europe and 70.1% in APS).
In 2025, we returned 100% of the water we used in 3 of our
18 HRLs.
Case study
Water replenishment partnership
with Efteling theme park
In 2025, we announced a joint water replenishment project
with our long-term partner, Efteling theme park in the
Netherlands. The project aims to capture and improve the
infiltration of groundwater at Efteling and within the
catchment area of our production facility in Dongen, one of
our high risk locations. This will help us reach our goal of
returning to nature the equivalent amount of the water at our
high risk locations.
Improving water efficiency
We work to improve our water efficiency across our
operations and measure progress through our water use
ratio (WUR) – the amount of water needed to produce a
litre of product.
1.76
2025 water use ratio
KPI: Water use ratio is calculated as the total water withdrawals
divided by total production volumes from CCEP’s production
facilities within the reporting period.
We monitor our water use across our business, setting
annual targets and identifying opportunities to reduce
consumption. We continue to invest in water-saving
technologies to make our cleaning and manufacturing
processes more water efficient. In 2025, we invested       
€2 million in water efficiency projects resulting in savings of
approximately 35,200 m³ per year and helping us to avoid
annual water and wastewater treatment costs of
approximately €105,000 per year. 
Through CCEP Ventures we will continue reviewing and
investing in emerging technologies to improve water
efficiency at our sites.
Impacts within our supply chain
Supplier compliance requirements
We engage with suppliers across our value chain to address
common challenges on human rights, water, biodiversity,
pollution and decarbonisation.
In 2025, we sourced products from over 16,000 suppliers,
and spent approximately €8.7 billion with our suppliers. 86%
was spent with suppliers based in our countries of
operation. We hold regular meetings with suppliers to
assess key issues such as performance, innovation and
sustainability.
(A)Investment split varies per project. We claim replenishment benefit
as a Coca-Cola system.
All direct and indirect suppliers need to comply with our
Responsible Sourcing Policy (RSP), which sets out
mandatory guidelines, including our Supplier Guiding
Principles (SGPs) and Principles for Sustainable Agriculture
(PSA).
The SGPs set minimum requirements in areas such as
workplace policies, health and safety, business integrity,
environmental protection and human rights. Our PSA apply
to agricultural ingredient and raw material suppliers and
cover human and workplace rights, environmental
protection and sustainable farm management.
Supplier risk management
Understanding what we buy and taking action when we
encounter a risk are key to managing potential supply
chain-related impacts, including water and soil pollution.
In 2025, we continued to work with our technology partners
to increase supply chain visibility and supplement existing
controls to proactively identify risks in our supply chains.
We assess suppliers across multiple criteria such as
financial value, efficiency, innovation and risk.
Sustainability is integrated into the procurement process
and strategies for our strategic suppliers. They are directly
managed and influenced by our procurement teams.
We collaborate with approximately 450 suppliers to
manage their sustainability performance and ethical, social
and environmental-related risks. We do this by gathering
data through EcoVadis, a provider of sustainability ratings.
Strategic suppliers are required to undergo an EcoVadis
assessment and have a minimum score above 50 overall,
and above 35 for each criterion.
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Statements
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Other
Information
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2025 Annual Report and Form 20-F
244
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Environment
Water and nature (E2, E3, E4) continued
The assessment includes questions related to soil and
water pollution management, including implementation of
environmental management systems. We use EcoVadis IQ
for non-strategic suppliers. These tools help us profile and
map our entire supply base for risk and provide predictive
intelligence to help us understand sustainability risks by
country and industry.
Based on the results of a location-based risk assessment
and the EcoVadis assessment, we identify priority areas
that will require a deeper level of investigation.
We continue to work with Risilience to proactively identify
potential risks in our supply chain. Having mapped our tier 1
suppliers in 2022, we now also use the platform to map our
tier 2 suppliers, expanding our monitoring deeper into our
global supply chain.
In 2025, we continued using the supplier risk management
platform FRDM, to monitor and mitigate human rights and
climate-related risks in our supply chain.
We require our suppliers to support the long-term
sustainability of water resources in balance with
community and ecosystem needs by measuring their water
use where crops are irrigated, and working to increase
water efficiency.
Through the SGPs and PSA we ask suppliers with farms
located in water stressed areas to actively manage their
farms’ source water to the highest standards and build
resilience to climate change.
We continue to monitor upcoming legislation related
to deforestation and human rights across our markets,
and are partnering with suppliers to support greater
collaboration and transparency in sourcing. We are
reviewing compliance with European regulation related
to deforestation-linked commodities, with a primary
focus on pulp and paper, and coffee.
Priority ingredients
We are dependent upon agricultural operations for
the cultivation and production of our key agricultural
ingredients and raw materials. These processes could
impact the health of ecosystems, pollute water and soil
and contribute to biodiversity loss.
We aim to reduce this potential impact by encouraging
all our suppliers to implement responsible growing
practices by complying with the SGPs and PSA, which
include requirements on conservation of natural habitats,
biodiversity and ecosystems, and by purchasing third
party certified priority ingredients.
87.8%
Percentage of sugar sourced through suppliers in compliance
with our PSA
98.6%
Percentage of pulp and paper sourced through suppliers in
compliance with our PSA
Our priority ingredients directly sourced by CCEP
Raw
material
Quantity
and brands
PSA aligned third
party standards
Compliance
Beet and
cane sugar
■Approximately 600k tonnes(A) of sugar beet
■Approximately 600k tonnes(A) of sugar cane
■Bonsucro
■FSA Gold and Silver
■Redcert 2
■Europe: 100% third party
standard and PSA compliant
■APS: 68.6% third party standard
and PSA compliant
Pulp and
paper
■Europe: approximately 80k tonnes(A) of board
for secondary and tertiary packaging, and
marketing materials
■APS: approximately 50k tonnes(A) of board for
secondary and tertiary packaging(B)
■FSC
■PEFC
■Europe: 100% FSC or
PEFC certified and
PSA compliant
■APS: 96.4% FSC or PEFC certified
and PSA compliant
Coffee
■Approximately 5.1 tonnes of Grinders brand
■Rainforest Alliance
■Fairtrade
■51.3% compliance for this CCEP
owned brand in APS
(A) Figures quoted have been rounded to the nearest 10k and/or 100k tonnes.
(B) We aim to expand reporting on this category to include additional areas such as printed and point of sale material in the future.
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Together with TCCC, we have identified 12 priority agricultural
ingredients and bio-based packaging materials we rely on
to make and package our beverages. These include sugar
cane, sugar beet, high fructose corn syrup, orange, lemon,
apple, grape, mango, coffee, tea, soy, pulp and paper.
The following are the priority ingredients that CCEP procures
directly from suppliers. We procure other priority ingredients
(e.g. juice) through TCCC. We manage the purchase of these
ingredients together with TCCC and other Coca-Cola
bottlers, which helps us manage the challenges we face
in our supply chain as a joint Coca-Cola system.
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2025 Annual Report and Form 20-F
245
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Environment
Water and nature (E2, E3, E4) continued
Image: Broomfield Park Wetland replenishment project.
Nature impact, risk and opportunity assessment
In 2025, using the results of the Science Based Targets
Network (SBTN) work carried out in 2024, we initiated a
nature and biodiversity assessment across our value chain
in line with the Taskforce on Nature-related Financial
Disclosures (TNFD).
The TNFD has developed guidance to enable businesses
to assess, report and act on their nature-related
dependencies, impacts, risks and opportunities.
We are working to locate where in our value chain
we interact with nature, evaluate our impacts and
dependencies on nature, and assess our nature-related
risks and opportunities.
In 2026, we will focus on the best way to respond to the
nature-related risks and opportunities identified, and will
work to assess our resilience and dependency beyond our
water and supply chain resilience.
Stakeholder engagement
At our production facilities, we actively engage with
water providers, wastewater treatment facilities, local
governments and NGOs.
We are a member of the CEO Water Mandate’s Water
Resilience Coalition (WRC), which aims to achieve
positive water impacts in 100 vulnerable water basins
globally by 2030. 
We are a member of the Alliance for Water Stewardship
(AWS), and in 2025, we retained our AWS platinum certification
at our Ghent and Antwerp production facilities in Belgium.
Our Chaudfontaine production facility received ISO 46001
certification in 2025.
We engaged with stakeholders from the private and public
sectors, as well as civil society organisations working on
water stewardship.
In 2025, we hosted two successful Supplier Days, bringing
together suppliers in Australia and New Zealand and the
Pacific Islands, both in person and online. The theme,
partnering for growth, shaped a day of forward-thinking
conversations around sustainability, sourcing and innovation.
These discussions helped align priorities and set the stage
for what’s next.
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For full details on our metrics and methodology related to water
see pages 255 and 266–268
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246
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Social
Own workforce (S1) – safety
Our impacts
The health and safety of our employees, contractors
and temporary workers is of the highest importance. We
have robust processes in place to prevent incidents, but
recognise the risk remains.
Our philosophy is that everyone’s welcome to be
themselves, be valued and belong. We are committed to
building a diverse workforce, with an inclusive culture
and equity at its core.
Safety
Our strategy
We believe that everyone has the right to go home safely
and everyone is responsible for fostering a culture that
respects the physical and mental wellbeing of our people.
We believe all injuries are preventable and that no task is so
important that it cannot be done safely. We aim to maintain
world class performance with a TIR below 1(A).
Tracking safety performance
through defined metrics and targets covering
all people who work for and with us.
Our target and 2025 progress
0.77
Target: total incident rate (TIR) below 1 every year
KPI: total incident rate
(A) A (A) TIR rate of 1 is considered world class.
Our actions
Safety management systems
Our health and safety management system covers our
production facilities, procurement, distribution and
commercial teams, our support functions, and contractors,
aiming to mitigate risks and promote a culture of safety
for our employees. Across our territories, 100% of our
employees are covered by our health and safety
management system. Our contractors have to comply
with our policies and requirements as defined in our safety
management system.
Tools like dynamic risk assessments, management safety
walks, leveraging safety technology in trucks, safety
conversations, capturing learnings through near-misses and
potential events are commonly used to improve our safety
performance.
Any potential hazard or work incident is investigated by a
diverse team to identify and prioritise the short-, medium- and
long-term corrective actions and communicate learnings. In
cases where injuries or health issues occur, for example cuts,
strains and sprains, we make reasonable adjustments to our
employees’ duties and working environment to support their
recovery and continued employment.
We have a contractor management system in place across
all our territories. Under this system, all contractors are
required to pass a risk-based assessment before they are
permitted to work at our sites. We track contractors’ lost
time incidents (LTI), but we cannot calculate their lost time
incident rate (LTIR) as we do not have visibility into their
work hours, only their hours spent on site. In 2025, we had
1 contractor fatality.
We monitor and track our TIR and fatalities through safety
dashboards across our territories. In 2025, we launched
a new safety scorecard to track incidents and safety
conversations, and to raise safety concerns. In 2025, we
had no fatalities in our own workforce across our territories.
In 2025, we began using SAFEguard, a safety asset and
field evaluation, for digitising and standardising safety
equipment inspections across all operations. The tool
makes inspections standardised with one checklist,
traceable through real-time data, actionable for faster
response, and data-driven to identify trends and
improvement areas, ensuring every safety control
is verified.
Safety training and procedures
We provide health and safety training to our employees
aligned with KORE, CCEP’s risk management procedures and
local regulations. We are an active member of the TCCC
Global Safety Committee and proactively respond to any
learnings shared through the network.
We expect and encourage our people to follow our policies
and procedures and take action if they become aware of
any situation or behaviour affecting the physical or mental
wellbeing of others. Managers are responsible for ensuring
that our workplaces, processes and equipment are kept
safe for our people.
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Case study
Global forklift safety competition
In 2025, we launched our first-ever global forklift
safety competition to celebrate the incredible work
of our forklift drivers while reinforcing our commitment
to safety. The competition aims to build safer habits,
reduce risks and ensure everyone gets home safely to
what they love.
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Governance and
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Financial
Statements
Sustainability
Statement
Other
Information
Coca-Cola Europacific Partners plc
2025 Annual Report and Form 20-F
247
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Social
Own workforce (S1) – diversity
Diversity
Our strategy
We operate in a way that’s fair, inclusive and transparent –
where opportunities are accessible, contributions are
recognised and respect is at the heart of how we make,
move and sell the world’s most loved drinks. We create an
environment where everyone feels empowered to contribute
openly to the success of our teams, and where every voice
is heard, respected and valued.
Everyone is welcome
is our commitment to inclusion – recognising different
backgrounds, cultures and perspectives of our people
Through our everyone’s welcome commitment we build
trust and engagement with our employees, foster better
collaboration and innovation, drive productivity and growth,
and support our people to feel included and engaged.
Our targets and 2025 progress
41.2%
25.2%
Target: 45% of management
positions to be held by
women by 2030
Target: 30% of our workforce
to be women by 2030(A)
KPI: percentage of management
positions held by women
KPI: percentage of workforce
that are women
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See more workforce-related metrics on pages 255-257
Our actions
To drive meaningful and scalable inclusion across
our 31 markets, we centre our efforts around three
intersectional areas: accessibility, belonging and community.
(A) In 2025, this target was refined from 33% to 30% to reflect external
labour-market realities across several of our operating geographies,
including our APS territories which were acquired after our initial
target was set.
■Accessibility
We ensure everyone has fair and equitable access to
work, tools and opportunities to thrive. We use many
approaches to do this, including our inclusive
recruitment principles, accessibility matrix and
accessible communication toolkit.
■Belonging
We create a culture where people feel respected, safe
to be themselves and confident to share ideas and
feedback. We achieve this through authentic storytelling
that amplifies diverse voices and experiences.
Employees have access to workplace ally training,
inclusive policies and resources that foster belonging.
Our focus on inclusive leadership and psychological
safety ensures that leaders create environments where
trust thrives and innovation flourishes.
■Community
We enable collaboration and connection across our
multicultural workforce through employee networks,
listening groups and communities of practice. We have
four global networks (The Future Generation Council,
Pride Community, Disability & Neurodiversity Group and
Supply Chain Gender Balance Steering Committee), and
our employees have access to local listening sessions
and cross-market collaboration events.
This approach helps us unlock inclusive opportunities
across all dimensions of diversity, while enabling local
markets to shape meaningful initiatives that reflect the
unique needs of their people and communities.
We provide mandatory anti-harassment training for all
people managers and members of the people and culture
team. This is also recommended for all employees. We are
committed to being an equal opportunities employer.
We have a policy of no discrimination and make decisions
about recruitment, promotion, training and other
employment issues solely on the grounds of individual
ability, achievement, expertise and conduct. To ensure
that line managers make appropriate pay decisions, we
provide training and support. We monitor pay equity
within our territories.
Our gender diversity approach
We prioritise inclusive hiring practices, including targeted
campaigns to attract women and the use of neutral
language in job advertisements to remove bias.
To amplify voices and insights, we engage through listening
communities and market listening circles, supported by
global and local networks that strengthen belonging.
Progress is continuously monitored through gender
modelling shared quarterly with leadership, alongside
engagement and inclusion surveys.
We offer guidance and policies related to menopause,
gender affirmation and transitioning and parental leave.
Our commitment extends to flexible workspaces, with
enhanced changing rooms and pilots of flexible working
models in supply chain environments.
In 2025, we successfully trialled more inclusive uniforms
in seven production facilities, introducing head coverings
and pregnancy dungarees.
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Case study
Make Magic Happen advertising campaign
In our “Make Magic Happen” employer branding
campaign we use imagery and supporting copy
designed to appeal to women and to showcase the
variety of roles available across CCEP.
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Other
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2025 Annual Report and Form 20-F
248
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Social
Own workforce (S1) – human rights
Human rights
Human and workplace rights are inviolable and
fundamental to our sustainability as a business across
our entire value chain.
Our internal Speak Up resources and external Speak Up
channels are open for any person who seeks to report a
potential violation of Company policy, unethical behaviour,
or misconduct. They allow employees and everyone else
connected to CCEP to confidentially raise matters of
concern. In 2025, 460 complaints were reported through
our internal Speak up channels. Additional information
about the management of our Speak Up channels can be
found on page 90.
No severe human rights issues, incidents or fines
connected to our own workforce that are cases of
non‑respect of United Nations (UN) Guiding Principles
and OECD Guidelines for Multinational Enterprises were
reported, and no complaints were filed to the National
Contact Points for OECD Multinational Enterprises(A). 
In 2025, we had no cases of non-respect of the UN Guiding
Principles on Business and Human Rights connected to
affected communities.
All employees have a responsibility to act inclusively and to
ensure a safe and harassment-free workplace environment
at CCEP, in line with our everyone’s welcome principles and
our Code of Conduct (CoC). Discrimination of any kind will
not be tolerated and may lead to disciplinary action,
including dismissal without notice, in line with local laws.
All forms of harassment, direct or indirect discrimination
and bullying are prohibited. Managers and leaders have
additional responsibility to take appropriate action to
consider and promote equity, diversity and inclusion in the
workplace and respond appropriately in circumstances
where actions and/or behaviour are not in line with our
values or everyone’s welcome principles. Any person
who feels that they have experienced discrimination or
harassment is encouraged to share their concerns.
(A)We consider slavery, human trafficking and child labour in the
definition of severe human rights issues and incidents connected
to own workforce.
We support the 10 principles of the UN Global Compact.
These principles are reflected in our Human Rights Policy
and our CoC. We are committed to ensuring everyone
working for CCEP and in our supply chain is treated with
dignity and respect.
All our employees and supply partners have a role in
identifying and mitigating human rights risks across our
business. Employees and managers are empowered to
recognise and address human rights risks and issues as
they conduct their work, and this extends to our
agreements with workers and trade unions.
In 2025, we had 22 substantiated incidents of discrimination.
In response, we implemented a comprehensive set of
disciplinary, educational and organisational measures to
address discrimination-related cases and reinforce our
commitment to a respectful and inclusive workplace.
Actions included issuing strong or final warnings where
appropriate, requiring written commitments regarding data
handling, reallocating employees, and providing targeted
coaching and development support. Teams and managers
received reinforced messaging on respectful behaviour,
early escalation of concerns, and appropriate use of social
media, while broader training, such as enhanced
anti‑harassment and CoC modules, was mandated.
We continued to provide human rights training to
our employees.
Stakeholder engagement
We consult in each business unit with employees and
employee representatives through Committee meetings,
risk mitigation workshops, works councils and union meetings.
We have quarterly performance review meetings with local
leaders as well as the ELT, with clearly defined annual plans.
We set and communicate targets throughout the organisation,
based on actual performance and expected improvement.
We engage with our leaders, managers and frontline teams
by providing them with tailored messaging to ensure their
communication resonates, feels relevant and drives action
related to safety performance and diversity.
As part of our commitment to building a workplace that
embraces inclusion, diversity and equity (ID&E), we partner
with relevant organisations, and support industry wide
pledges to build a more diverse consumer sector. We are a
signatory of the LEAD Network pledge and the Valuable 500
pledge to accelerate gender parity and disability inclusion.
We also support the UN Women’s Empowerment Principles,
promoting gender equality and women’s empowerment. We
partner with the Business Disability Forum and are a
member of Stonewall’s Diversity Champions programme
and the Social Mobility Index.
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workforce see pages 255–257 and 272–274
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Coca-Cola Europacific Partners plc
2025 Annual Report and Form 20-F
249
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Social
Communities (S3)
Our impacts
Through our community investment programmes and
activities, we seek to make a lasting positive
contribution within our local communities.
We are committed to supporting grassroots
programmes and partnerships, investing in initiatives
that promote inclusion and diversity, and equipping
people with the skills and confidence to succeed in life
and employment.
Our strategy
We are working to strengthen and support our local
communities, aiming to go beyond our 2030 target through
collaboration with our partners, focusing on three priorities:
Developing skills for impact
via strong local programmes and partnerships
Providing grassroots community support
by staying connected to our local communities
Employee volunteering
enabling our employees to take part in a wide range of
local community activities
Skills for
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While we continue our focus on skills, we are broadening
our Skills for Impact programme to include both individual
and broader community resilience with a target to support
500,000 people to gain the skills needed for a sustainable
future. This has allowed us to increase our reach. Through
this we are committed to support:
■People looking to enter employment or improve their
employability in the labour market – Skills for work
■Small and medium sized enterprises (SME) and
entrepreneurs starting their own micro-businesses
or SME – Skills for business
■People in communities in our value chain, including rural
communities and informal waste collectors – Skills for
communities
Our target and 2025 progress
146,100
Target: by 2030 provide skills development opportunities for
at least 500,000 people, delivered through our programmes
and partnerships
KPI: Number of people supported in skills development
(cumulative number since base year 2023)
Our actions
We are committed to having a positive impact by supporting
economic mobility and building resilience in our local
communities.
In 2025, we contributed €15.7 million to our local communities.
Across our markets, we have approximately 60 flagship
partnerships dedicated to supporting people to gain skills. In
2025 alone, this supported the skills development of 94,200
people. Our Support My Cause initiative enables employees to
nominate local charities they feel passionately about to
receive a donation from the business. Since 2019, we have
donated €1.7 million to over 280 local charities and community
groups across our territories.
We manage the impact of our community programmes
through our Social Impact Framework which provides
guidance on the types of strategic partnerships our local
teams can engage with, how to measure impact and have
established programmes in most markets. In partnership
with Co-op and Special Olympics Great Britain, we have
joined forces to launch Meals That Matter, a campaign that
champions inclusion and raises funds for Special Olympics
Great Britain.
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Statements
Sustainability
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Other
Information
Coca-Cola Europacific Partners plc
2025 Annual Report and Form 20-F
250
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Social
Communities (S3) continued
Increasingly, environmental issues related to water, waste,
climate and biodiversity loss are also affecting people’s
lives and communities. We are helping to protect our local
environments through investment in water replenishment,
nature restoration, collection programmes and employee
volunteering.
In Indonesia, through the Wawasan Nusantara water
replenishment project in Kutameneh village, we support the
provision of WASH services to approximately 800 people
and ensure the proper treatment of domestic wastewater,
helping to enhance public health and reducing
environmental contamination.
In 2025, we supported a number of projects to help
local communities affected by natural disasters, including
Typhoon Tino and Typhoon Uwan in the Philippines, ensuring
local people were out of danger and had access to
relief supplies.
Our two-day Volunteering Policy enables our employees to
take part in a wide range of activities that drive economic
empowerment, help protect local environments, and
improve community wellbeing, from litter clean up
campaigns to charity fundraising events and skills-based
volunteering. In 2025, our employees volunteered 41,700
hours of their time.
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For full details on our metrics and methodology related to our
communities see pages 256 and 274–275
Stakeholder engagement
We recognise our impact on the communities in which we
operate and are committed to engaging with stakeholders
in those communities to listen to, learn from and take their
views into account as we conduct our business.
Operational responsibility for ensuring that structured,
ongoing engagement with affected communities takes
place sits within the sustainability function, working closely
with operations, procurement and relevant local site
management teams.
Across our territories, we partner with NGOs, academic
institutions, associations and networks to deploy programmes
to make a lasting positive contribution within our local
communities.
We meet directly with community leaders and partners
when establishing and evaluating our skills development
programmes, including intended outcomes of our skills for
impact target. Through this engagement we make sure our
programmes meet local needs and continue to be effective
over time. Annually, our community partners provide us with
data to support programme evaluation and reporting.
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Case study
Skills for Impact training in Indonesia
In Indonesia, in partnership with universities, we
developed the Skills for Impact online training, including
seven SME-focused modules and five green jobs modules.
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Read more about our
strategy in action online at:
www.cocacolaep.com/en-id/news-and-stories/ccep-
indonesia-encourages-retail-msmes-in-semarang-to-
embrace-digitalization/
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Policies and procedures
The aim of our policies is to help everyone in CCEP to manage risks, support compliance with the law and do the right thing for the business, for each other, for our communities and for
the environment. Through our policies we aim to manage our material risks and impacts. Several of our policies address more than one material topic. Our policies cover multiple countries
with differing local laws, regulations, cultures and traditions, but we have common standards and aim to run our business in a law-abiding, ethical and practical way everywhere. There
have been no changes made to our policies or management approaches in 2025 other than regular review and enhancements.
Policy
Description
ESRS
reference
Coca-Cola Operating
Requirements (KORE)
Applies worldwide, approved by TCCC and impacts all CCEP operating entities.
KORE defines the policies, standards and requirements for managing quality, food safety, the environment (including climate change mitigation through
energy efficiency and renewable energy deployment, minimising carbon emissions and amount of resources used), water management, minimising
resources used, and health and safety throughout our operations. KORE mandates compliance with globally recognised frameworks like OHSAS 18001
and ISO 45001, defines operational controls and prioritises sustainable sourcing of ingredients. Audits are conducted internally and are unannounced
to verify compliance.
Alignment to international policies and principles: UN Guiding Principles on Business and Human Rights and UN Global Compact CEO Water Mandate.
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Code of Conduct (CoC)
Applies to all CCEP territories, approved by the Board and impacts CCEP employees and third parties including suppliers, vendors, contractors,
consultants, distributors and agents which work on our behalf.
The CoC sets out business principles to be followed by CCEP employees and provides information about where to find help if needed. This includes
operating procedures and compliance with the applicable rules and regulations related to safety. It also covers our approach to diversity and inclusion.
We recognise our impact on the communities in which we operate and are committed to engaging with stakeholders in those communities to take their
views into account as we conduct our business.
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Human Rights
Applies to all CCEP territories, approved by the Board and impacts CCEP employees and suppliers.
Respect for human rights is fundamental to CCEP and the sustainability of the communities in which we operate. Our Human Rights Policy is
designed to make sure human rights are respected in our own workplaces, our communities and affected communities, and requires our suppliers
to do the same. We value diversity and equal opportunities. Our human rights policy address human trafficking, forced labour and child labour.
Alignment to international policies and principles:
■Universal Declaration of Human Rights
■UN Guiding Principles on Business and Human Rights
■UN Declaration on Rights of Indigenous People
■International Labour Organization’s Declaration on Fundamental Principles and Rights at Work
■UN Global Compact
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Speak Up
Applies to all CCEP territories, approved by the Board and impacts employees, former employees, customers, contractors, suppliers and joint ventures.
Our Speak Up Policy supports employees in raising concerns regarding misconduct, impropriety or wrongdoing without fear of retaliation or
detrimental treatment.
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Policy
Description
ESRS
reference
Health, Safety and Wellbeing
Applies to all CCEP territories, approved by the Board and impacts employees, contractors and temporary workers.
All CCEP employees must keep themselves, their colleagues and others safe by following the relevant policies, procedures and processes that are in
place. Our Health, Safety and Wellbeing Policy provides procedures to mitigate foreseeable risk at all times.
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Business Continuity and
Resilience Policy
Applies to all CCEP territories, impacts all employees, contractors and temporary workers, and was approved by the Internal Compliance and Risk
Committee. Our Business Continuity and Resilience Policy helps to ensure key CCEP processes, products, services and suppliers are identified and
protected to a defined level and have adequate planning in place to recover these in the event of business interruption and / or incidents.
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Anti-Harassment, Inclusion,
Diversity and Equity
Applies to all CCEP territories, impacts all employees and approved by the Board.
The purpose of our Anti-Harassment and Inclusion, Diversity and Equity Policy and guidance is to set out our commitment to increasing workforce diversity
and fostering an inclusive workplace which is equitable and free from discrimination and harassment, including sexual harassment.
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Responsible Sourcing
Policy (RSP)
Applies to all CCEP territories, approved by the Chief Procurement Officer and impacts all direct and indirect suppliers (sub-contractors).
Our RSP reflects our commitment to sustainable practices. It is included in new contracts and sets out the mandatory guidelines that our direct
and indirect suppliers must comply with in order to do business with CCEP. This includes our SGPs, PSA and no-deforestation policy.
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Supplier Guiding Principles
(SGPs)
Applies to all CCEP territories, approved by the Chief Procurement Officer and impacts all direct and indirect suppliers (sub-contractors).
The SGPs set out the minimum requirements we expect of all our suppliers and approved sub-contractors in areas such as workplace policies and
practices, health and safety, environmental protection, business integrity and human rights. We expect all our suppliers to constantly monitor their
own and their sub-contractors’ compliance with these standards and they are encouraged to promptly notify us if they become aware of any
potential risk of non-compliance.
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Principles for Sustainable
Agriculture (PSA)
Applies to all CCEP territories, approved by the Chief Procurement Officer and impacts all direct and indirect suppliers (sub-contractors).
Our PSA set out mandatory requirements for suppliers of agricultural products and packaging materials of agricultural origin, to support traceability
of our product. The PSA cover criteria including human and workplace rights, forest, habitat and biodiversity conservation, climate change resilience,
energy management, GHG emissions reduction, animal health and welfare, agrochemical, soil and farm management systems. We expect our
suppliers to constantly monitor their own and their sub-contractors’ compliance, and they are encouraged to promptly notify us if they become
aware of any potential risk of non-compliance. PSA compliance is monitored through third party organisations such as Bonsucro, Sustainable
Agriculture Initiative Platform (SAI), Forest Stewardship Council (FSC) and the Programme for the Endorsement of Forest Certification (PEFC).
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Key performance data related to ESRS material topics
Climate (ESRS E1)
Target
and ESRS
reference
Group
Europe
APS
2025
2024
2019
baseline
2025
2019
baseline
2025
2019
baseline
Scope 1, 2 and 3 GHG emissions
Scope 1 GHG emissions (tonnes of CO2e)
E1-6 44a, 48a
328,971
354,479
424,747
173,413
229,439
155,558
195,308
Scope 2 GHG emissions — market based approach (tonnes of CO2e)
E1-6 44b, 49a
143,961
347,567
387,659
4,584
8,007
139,378
379,652
Scope 2 GHG emissions — location based approach (tonnes of CO2e)
E1-6 44b, 49b
493,414
526,622
549,487
104,148
169,921
389,266
379,566
Scope 3 GHG emissions (tonnes of CO2e)
E1-6 44c
6,402,425
6,695,802
7,667,510
3,200,989
3,972,779
3,201,437
3,694,732
Significant Scope 3 categories(A)(B)
Scope 3 — Category 1: purchased goods and services (tonnes of CO2e)
E1-6 51
4,604,801
4,773,793
4,992,320
Scope 3 — Category 4: upstream transport and distribution (tonnes of CO2e)
E1-6 51
567,934
543,304
591,986
Scope 3 — Category 13: downstream leased assets (tonnes of CO2e)
E1-6 51
852,128
964,477
1,658,799
Other Scope 3 categories (tonnes of CO2e)
E1-6 51
377,562
414,228
424,405
FLAG emissions
Scope 3 FLAG emissions
Entity specific
1,243,654
1,257,383
1,222,963
478,119
454,442
765,535
768,521
Scope 3 non-FLAG emissions
Entity specific
5,158,772
5,438,419
6,444,547
2,722,870
3,518,336
2,435,902
2,926,211
Total GHG emissions
Scope 1, 2 and 3 GHG emissions – Full value chain (tonnes of CO2e) (market based approach)
E1-6 44d, 52b
6,875,358
7,397,848
8,479,917
3,378,985
4,210,225
3,496,373
4,269,692
Scope 1, 2 and 3 GHG emissions – Full value chain (tonnes of CO2e) (location based approach)
E1-6 44d, 52a
7,224,810
7,576,904
8,641,744
3,478,549
4,372,139
3,746,261
4,269,606
Absolute reduction in total value chain(A) GHG emissions (Scope 1, 2 and 3) since 2019 (%)
30% by 2030
E1-3 29
18.9
12.8
19.7
18.1
GHG intensity ratios
GHG Scope 1 and 2(C) emissions per litre of product produced (gCO2e per litre)
Entity specific
23.6
34.7
13.7
41.9
Manufacturing energy use ratio (MJ per litre of finished product produced)
Entity specific
0.35
0.36
0.30
0.45
Scope 1, 2 and 3 GHG emissions – Full value chain per litre (market based) (gCO2e per litre)
Entity specific
306.2
329.1
392.5
230.2
295.0
449.7
582.3
Scope 1, 2 and 3 GHG emissions – Full value chain per revenue (location based)(A) (gCO2e/€)
E1-6 53
345.7
370.7
Scope 1, 2 and 3 GHG emissions – Full value chain per revenue (market based)(A) (gCO2e/€)
E1-6 54
328.9
362.0
Other climate-related metrics
Emissions from biologically sequestered carbon
Entity specific
117,684
102,120
Tonnes of CO2e offset through carbon credits (tonnes of CO2e)
E1-7 56b, 59a
11,011
20,484
Percentage of electricity purchased that comes from renewable sources (%)
E1-6 49
84.0
61.0
100.0
66.8
Percentage of electricity consumed that comes from renewable sources (%)
Entity specific
84.1
61.0
99.3
68.1
Percentage of carbon strategic suppliers which have SBTi approved targets (%)
Entity specific
58
45
83
41
(A)ESRS related metric related to material topic (E1). Metric disclosed at Group level only.
(B)Details of all significant Scope 3 categories will be disclosed in our FY2025 sustainability Group data table in our download centre; see: www.cocacolaep.com/sustainability/reporting-and-disclosures/download-centre.
(C)Market based approach only.
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Key performance data related to ESRS material topics continued
Climate (ESRS E1)
Target and
ESRS reference
Group
2025
2024
Energy consumption and mix
Total energy consumption from activities in high climate impact sectors (MWh)
E1-5 41
2,415,791
2,569,222
Total energy consumption from activities in high climate impact sectors per net revenue from activities in high climate impact sectors
(1,000MWh/€)(A)
E1-5 40
0.12
0.13
Fuel consumption from petroleum products (MWh)
E1-5 38b
630,037
703,662
Energy consumption from natural gas (MWh)
E1-5 38c
553,312
604,171
Consumption of purchased or acquired electricity, heat, steam, or cooling from fossil sources (MWh)(B)
E1-5 38e
202,707
489,343
Total energy consumption related to own operations from fossil sources (MWh)
E1-5 37a
1,386,057
1,797,176
Fuel consumption from renewable sources (MWh)
E1-5 37c
11,316
8,482
Energy consumption from self-generated electricity from renewable sources (MWh)
E1-5 37c
24,070
19,034
Energy consumption from purchased or acquired electricity, heat, steam and cooling from renewable sources (MWh)
E1-5 37c
994,349
744,530
Total energy consumption related to own operations from renewable sources (MWh)
E1-5 37c
1,029,734
772,046
Packaging (ESRS E5)
Target and
ESRS reference
Group
Europe
APS
2025
2024
2025
2025
Percentage of all primary packaging that is recyclable (%, based on unit case)
E5-5 36c
99.8
99.7
100.0
99.6
Percentage of PET used which is rPET (%, based on tonnes of material)
30% by 2030
45.9
46.0
64.5
22.5
Primary packaging collected for recycling as a percentage of total primary packaging (%, based on individual units)
85% by 2030
75.7
75.7
Total packaging weight used during the period(C) (tonnes)
E5-4 31a
981,305
994,323
Percentage of pulp and paper sourced through suppliers in compliance with our Principles for Sustainable Agriculture (PSA) (%)
E5-4 31b
98.6
97.8
100.0
96.4
Total recycled content in packaging used during the period(C) (tonnes)
E5-4 31c
479,543
471,661
Percentage of recycled content in total packaging used during the period(C) (%)
E5-4 31c
48.9
47.4
(A)All CCEP’s activities and net revenue are in one high impact sector as defined by ESRS. This metric includes CCEP total energy consumption. Net revenue disclosed in the Group's consolidated income statement is       
€20,901 million. See page 141.
(B)Metric name changed versus FY24 to align with ESRS.
(C)ESRS related metric related to material topic E3 and E5. Metric disclosed at Group level only.
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Key performance data related to ESRS material topics continued
Water and nature (ESRS E2, E3, E4 and E5)
Target and ESRS
reference
Group
Europe
APS
2025
2024
2025
2025
Total water withdrawal (1,000m3)
Entity specific
36,095
36,740
21,517
14,579
Total water withdrawals from areas of high or extremely high baseline water stress (1,000m3)
Entity specific
13,695
14,278
10,995
2,700
Percentage of water withdrawn in regions with high or extremely high water stress (%)
Entity specific
38.3
39.2
51.3
18.8
Total volume of water replenished (1,000m3)
Entity specific
23,621
24,688
18,172
5,449
Water replenished as percentage of total sales volumes (%)
100% by 2030
105.2
109.8
123.8
70.1
Water replenished as percentage of total water used at high risk locations (%)(A)
85% by 2030
56.0
46.3
88.4
Manufacturing water use ratio (litres of water per litre of finished product produced)
Entity specific
1.76
1.76
1.59
2.07
Total water consumed (1,000m3)(A)(B)
E3-4 28a
22,453
22,570
Total water consumption from areas of high or extremely high baseline water stress (1,000m3)(C)
E3-4 28b
8,570
8,753
Water intensity ratio (1,000m3 per net revenue)(C)
E3-4 29
1.07
1.11
Percentage of sugar sourced through suppliers in compliance with our Principles for Sustainable Agriculture (PSA) (%)
Entity specific
87.8
80.1
100.0
68.6
Percentage of pulp and paper sourced through suppliers in compliance with our PSA (%)
E5-4 31b
98.6
97.8
100.0
96.4
Percentage of total supplier spend covered by Supplier Guiding Principles (SGPs) (%)
Entity specific
98.8
98.6
99.0
98.2
Own workforce (ESRS 2 SBM-1 and S1)
Target and
ESRS reference
Group
2025
Employee characteristics
Total
Male
Female
Total number of employees(D)
ESRS 2 SBM-1 40a
S1-6 50b
39,163
29,282
9,881
Permanent employees
S1-6 50b
37,003
27,778
9,225
Temporary employees
S1-6 50b
2,160
1,504
656
Employee turnover
S1-6 50c
7,372
Rate of employee turnover (%)
S1-6 50c
18.0
Including employee numbers for countries representing at least 10% of CCEP’s total number of employees
Total number of employees – the Philippines
S1-6 50a
9,216
7,578
1,638
Total number of employees – Germany
S1-6 50a
6,053
4,905
1,148
(A)New metric in 2025 related to This is Forward.
(B)Data for FY24 restated to reflect more accurate calculation of wastewater at one of our Philippines sites.
(C)ESRS related metric related to material topic E3 and E5. Metric disclosed at Group level only.
(D)CCEP full-time, part-time and temporary corporate employees. Full time equivalent employees as at 31 December 2025.
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Key performance data related to ESRS material topics continued
Own workforce (ESRS 2 SBM-1 and S1)
Target and ESRS
reference
Group
Europe
APS
2025
2024
2025
2025
Safety
Number of fatalities in our own workforce (number)
S1-14 88b
0
Number of work-related incidents (number)(A)
S1-14 88c
327
Total incident rate (TIR) (number per 100 full time equivalent employees)(B)(C)
Below 1                   
S1-14 88c
0.77
0.88
0.66
Lost time incident rate (LTIR) (number per 100 full time equivalent employees)(B)
Entity specific
0.53
0.75
0.30
Diversity
Number of women in management positions (senior manager level and above) (number)(B)
S1-9 66a
1,567
Percentage of women in management positions (senior manager level and above) (%)(B)
45% by 2030         
S1-9 66a
41.2
Percentage of women in total workforce (%)
30% by 2030
25.2
Employees under 30 years old (number)
S1-9 66b
5,504
Employees between 30–50 years old (number)
S1-9 66b
22,602
Employees over 50 years old (number)
S1-9 66b
11,057
Affected communities (ESRS S3)
Target and ESRS
reference
Group
Europe
APS
2025
2024
2025
2025
Number of people supported in skills development (cumulative number since base year 2023)
500,000 by 2030
ESRS S3
146,100
51,900
Total number of volunteering hours (number of hours)(D)
Entity specific
41,700
41,800
34,600
7,100
Total community investment contribution (€ millions)(D)
Entity specific
15.7
15.0
12.7
3.0
(A)New metric in 2025 related to ESRS material topic S1. Metric disclosed at Group level only.
(B)FY24 data including the Philippines not available. Separate table with data excluding the Philippines available on the next page for comparability purposes.
(C)Methodology to calculate this metric differs from ESRS guidance S1 AR 89 (see detailed methodology on page 273). We will aim to align to ESRS guidance on computing this metric in FY26.
(D)We aim to be accurate in our reporting and continue to enhance the way we capture the total value of our community contribution. Figures quoted have been rounded to the nearest 100.
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Other entity specific metrics
These metrics are entity specific and are measured for specific purposes, such as LTIP calculations, Revolving Credit Facility (RCF) and disclosure against previous This is Forward targets
which excluded the Philippines.
This is Forward and other metrics
Group, excluding
the Philippines
Europe
APS, excluding
the Philippines
2025
2024
2025
2025
Climate
Relative reduction in total value chain(A) GHG emissions (Scope 1, 2 and 3) per litre since 2022 (%)
13.6
7.1
Packaging
Percentage of PET used which is rPET (%, based on tonnes of material)
57.0
56.0
Safety
Number of fatalities in our own workforce (number)
0
0
Total incident rate (TIR) (number per 100 full time equivalent employees)
0.95
0.84
Lost time incident rate (LTIR) (number per 100 full time equivalent employees)
0.69
0.62
Diversity
Percentage of women in management positions (senior manager level and above) (%)(B)
41.3
40.3
Percentage of women in total workforce (%)
27.5
26.1
Drinks
Europe: reduction in average sugar per litre in soft drinks(C)(D) portfolio since 2019 (%)
10.2
New Zealand: reduction in average sugar per litre in NARTD(C)(E) portfolio since 2015 (%)
20.7
Australia: reduction in average sugar per litre in NARTD(C)(E) portfolio since 2015 (%)
16.5
Indonesia: reduction in average sugar per litre in NARTD(C)(E) portfolio since 2015 (%)
39.4
Percentage of volume sold which is low or no calorie (%)
51.9
49.9
52.0
51.2
Drinks
Group
2025
2024
Percentage of volume sold which is low or no calorie (%)
47.6
(A)Market based approach only.
(B)Excludes Fiji and Samoa, as aligned role grades are not available for 2024 reporting.
(C)Volumes are based on RTD litre sales to CCEP customers and reflect changes for new product launches and cessation of products as they occur based on sales timings. Reformulations are captured on a half yearly basis
given the high number of beverage formulas across Europe. Reformulations made in the first half of the year are reflected in the current reporting period calculation. Second half reformulations are reflected in the next
reporting period. Please note the data source and methodology on when to apply recipe changes differ from the calculation of the GHG emissions of our ingredients.
(D)Sparkling soft drinks, non-carbonated soft drinks and flavoured water only. Does not include water or juice.
(E)Non-alcoholic ready to drink (NARTD), including dairy. Does not include coffee, alcohol, beer or Freestyle.
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Sustainability metrics methodology
Notes to our This is Forward targets
This is Forward updates
As our business grows - most recently with the addition of the Philippines - and the
external landscape continues to evolve, we have updated our sustainability action plan
This is Forward to focus on the social and environmental issues which matter most to our
stakeholders and where we can make the biggest difference across all our markets.
Pillar
Our targets
Climate
GHG emissions reduction: by 2030 reduce absolute GHG emissions
(Scope 1, 2 and 3) by 30% versus 2019
Water and nature
High risk locations: by 2030 return at least 85% of the total water we
use at high risk locations, at an aggregate level, to nature and
communities (100% by 2035)
Water replenish: by 2030 return at least 100% of the water we use in
our finished drinks, at an aggregate level, to nature and communities
Packaging
Collection: by 2030 collect and recycle the equivalent of at least
85% of the bottles and cans we sell
Recycled plastic: by 2030 at least 30% of the PET we use to make
plastic bottles will be recycled PET
Communities
Skills development: by 2030 provide skills development opportunities
for at least 500,000 people, delivered through our programmes and
partnerships
What has changed
Climate: In 2025, we updated CCEP’s existing SBTi-approved short- and long-term GHG
emissions targets to include emissions from the Philippines, and FLAG. These targets are
currently awaiting validation from the SBTi.
Collection: Our collection target now reflects the progress we anticipate making with
collection partners across our markets, including the Philippines, and the complexities
and challenges we face on collection and recycling.
Recycled plastic: Our rPET target now reflects the significant change we anticipate over
the next five years, related to the challenges we face in availability, access and the high
cost of rPET.
Water: Our updated water targets now have an additional focus on our 18 production
facilities which are classified as high risk locations (HRLs). This aligns with TCCC’s focus on
200+ HRLs across the Coca‑Cola system.
Communities: Our communities target has been expanded to reflect the scale of our
programmes and partnerships which support skills for work and employment, for
communities and for business.
The below metrics have also been removed from This is Forward. We will continue to manage,
track and report progress on these metrics on an annual basis, except for disability and sugar
reduction which have now expired.
Supplier engagement: Our supplier engagement targets now form a core part of our Supplier
Engagement Programme and remain a key enabler for our 2030 carbon reduction target. This
includes our expectation that our carbon strategic suppliers set their own science based
climate targets, which is central to our strategy to reduce Scope 3 emissions.
Renewable electricity: Our target to use 100% renewable electricity has not changed and
remains a key enabler for our 2030 carbon reduction target. We remain a member of the
Climate Group’s RE100 initiative. Accelerating our use of renewable electricity across our
markets remains a key part of our decarbonisation roadmap and we continue to invest in
on-site renewable electricity and power purchase agreements (PPAs) for solar, wind, and
hydropower.
Supply chain: Our supply chain targets covering sustainable sourcing (PSA) and our
Supplier Guiding Principles (SGP) now form a core part of our broader Supplier Engagement
Programme.
Water efficiency: Our 2030 aggregated Group wide water efficiency target will be removed
but we will retain internal site-level targets. Maintaining best in class water stewardship,
including a focus on water efficiency, remains a core part of our day to day approach. We
will continue to track and report how much water we use per litre of product at an
aggregated Group wide level.
Recyclability: Our 2025 recyclability target has largely been achieved, and recyclability is
now fully embedded in our day to day operations.
Gender diversity: Our 2030 management positions held by women target has not changed.
We have revised our women in the workforce target to reflect external labour-market
realities across several of our operating geographies, including our APS territories which
were acquired after our initial target was set. Both targets continue to be a core part of our
Great People strategy and feature within the Great People section of this report, alongside
our broader inclusion and people strategy.
Disability: Our 2030 disability target has already been surpassed and our work on disability
representation continues to be a core part of our Great People strategy, featured within
the Great People section of this report.
Sugar reduction: Our 2025 sugar reduction targets for Europe, Australia, New Zealand and
Indonesia have now expired and in 2025, we met three of the four previous targets. Our
2025 target for over 50% of sales to come from low or no calorie drinks in Europe has now
expired and has been surpassed. Our 2030 target for over 50% of sales to come from low
or no calorie drinks at Group level has also been surpassed. This target was set in
November 2022 and covered Europe, Australia, New Zealand and Indonesia only.
The growth of low and no calorie drinks is now a structural part of our business strategy
and has been fully integrated into Great Brands, rather than setting a new target.
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Notes to our This is Forward targets continued
Notes to targets
GHG emissions reduction: In 2025, we updated CCEP’s existing Science Based Targets
initiative (SBTi)-approved short- and long-term GHG emissions targets to include emissions
from the Philippines, and Forest, Land and Agriculture (FLAG). These updated targets are
currently awaiting validation from the SBTi. CCEP’s targets include Scope 1, 2 and 3 emissions.
Our detailed carbon inventory, boundaries and methodology can be found in this report. By
2030, we aim to reach the target at Group level. We expect that GHG emissions reductions
may vary by market, with some markets achieving above the 30% target and some below.
High risk location replenishment percentage: High risk locations (HRLs) are a subset of
CCEP’s production facilities, which have been identified as having the highest water-related
risks, based upon the results of The Coca-Cola Company (TCCC) Facility Water Vulnerability
Assessment (FAWVA). In 2025, 18 of our 85 production facilities were defined as HRLs. We
calculate HRL replenishment based upon the total litres of water replenished through water
replenishment projects located in the water supply watershed of HRLs, divided by the total
litres of water withdrawals from the HRLs, including from municipal, borehole and rainwater
sources. By 2030, we aim to reach the target in aggregate. We expect that the extent of
replenishment may vary by HRL, with some above 85% and others below.
100% water replenishment: Water replenishment is based on the volume of water
replenished through replenishment projects, including those within the watersheds of our
HRLs, our key sourcing regions, or water, sanitation and hygiene (WASH) access projects. We
measure the water we use in our finished drinks through the sales volumes of company
beverage products (in ready to drink (RTD) litres) as disclosed in the latest Annual Report
and Form 20-F. RTD litres equate to the final consumption beverage volume, including
diluted post-mix and Freestyle and alcoholic ready to drink (ARTD). By 2030, we aim to
reach the target in aggregate. We expect that the extent of replenishment could vary by
country, with some markets above or below 100%.
Collection: The target is the equivalent of 85% of the total number of bottles or cans we
place into the marketplace, at an aggregate level. The KPI used to measure this target is
calculated as the percentage of RTD primary consumer packages collected for recycling
or collected and refilled expressed as a weighted average based on CCEP’s individual unit
sales. The bottles and cans collected and recycled will not necessarily have been sold by us.
The extent of collection and recycling will vary by market, with some above 85% and others
below. This target includes the following select primary consumer packaging types: aluminium
and steel cans, beverage cartons, refillable glass and refillable PET bottles, single-use glass
and single-use PET bottles, pouches and aluminium bottles. The following packaging types are
excluded: cups and vessel, refillable HDPE, bag in box (post-mix), Freestyle and keg. This target
does not apply to caps or labels.
Recycled plastic: Includes recycled PET (rPET) that we purchase and PET that is used via our
third party co-packers. By 2030, we aim to reach the target at an aggregate level, across all of
the PET we use, not per pack. PET refers to the type of plastic used to make beverage bottles,
known as polyethylene terephthalate. PET is usually derived from fossil fuels and recycled
PET is derived from post-consumer plastic waste. The extent of our use of rPET will vary by
market, with some above 30% and others below. The target does not apply to the plastic used
to make caps and labels. The target excludes all refillable PET and refers to one-way PET
bottles only.
Skills development: Includes support provided through programmes and partnerships
across our markets. This target is a cumulative target, representing the number of people
supported since 2023. The type and number of initiatives will vary by market. Includes in-
person and online interventions to support people looking to enter employment or improve
their employability in the labour market (Skills for work), and to support small and medium
sized enterprises (SME) and entrepreneurs starting their own micro-businesses (Skills for
business) and to support people in communities in our value chain, including smallholder
farmers, rural communities and informal waste collectors (Skills for communities). ‘Support’
refers to resources that CCEP commits to support skills development programmes. If a
programme has other funding providers, the number of beneficiaries claimed by CCEP is
directly proportional to the funding provided by CCEP.
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Climate
Our approach to reporting and methodology
CCEP’s carbon footprint is calculated in accordance with the World Resources Institute
(WRI) and World Business Council for Sustainable Development (WBCSD) Greenhouse Gas
(GHG) Protocol Corporate Standard, using an operational control approach to determine
organisational boundaries.
GHG emissions are reported in tonnes of carbon dioxide equivalent (tonnes of CO2e or
tCO2e), accounting for different Global Warming Potentials (GWPs) of the different GHGs.
In 2025, we updated CCEP’s existing SBTi-approved short- and long-term GHG emissions
targets to include emissions from the Philippines, and FLAG. These updated targets are
currently awaiting validation from the SBTi.
Our sustainability performance data has only been externally validated by our external
assurance provider.
Note on sources of data and calculation methodologies
Under the GHG Protocol, we measure our emissions in three Scopes. We disclose the
Scope 1, 2 and 3 carbon emissions of our full value chain, including emissions related to our
production facilities, operational centres, sales offices, distribution centres, cold drink
equipment (CDE) and our owned and leased transportation, as well as third party
distribution, business travel, ingredients and packaging. We also disclose biogenic
emissions, which are outside the three WRI/WBCSD GHG Protocol Scopes. GHG emissions
are reported on a gross basis, independent of any GHG trades, offsets or carbon credits.
Where we refer to our own operations, unless otherwise indicated, we are referring to our
own production, sales/distribution, combined sales/production facilities, administrative
offices and fleet owned or controlled by CCEP, including our shared service centres in
Bulgaria and the Philippines.
In-scope sales volumes are based on RTD litre sales to CCEP customers and reflect
changes as they occur, based upon sales timings. Sales from distribution agreements or
commercial products are excluded as the GHG emissions associated with these products
will be accounted for by the Brand owners which are not CCEP owned or operated. Alcohol
sales volume is included if CCEP manufactures the alcohol products, or mixes the alcohol
into ARTD, such as Jack Daniels & Coca-Cola. Sales volumes from imports/exports from/to
non-CCEP countries are excluded to avoid double counting.
Approximately 2% of our value chain carbon footprint is based on estimated data. This
includes the site energy emissions for small leased offices where energy invoices or the
square metre footage size is not available. Where we do not have the packaging
specifications for a limited number of packaging types (e.g. coffee bags), these are
estimated based on an average of all other packaging specifications. We also estimate the
electricity consumption for home charging for the pure electric and plug-in hybrids in our
company car fleet.
2019 baseline and recalculation methodology
Our baseline year is 2019. The acquisition of Australia, Pacific Islands and Indonesia (API)
was completed on 10 May 2021, and the acquisition of Coca-Cola Beverages Philippines, Inc.
(CCBPI), was completed on 23 February 2024. Sustainability metrics are presented on a full
year basis. 2019 baselines and subsequent years have been calculated on a pro forma
basis to allow for better period over period comparability.
In line with the WRI/WBCSD GHG Protocol guidance, we restate our baseline and
subsequent year data when there are significant acquisitions, new emission factors and
more accurate data. We apply a significance threshold of 5%, but also re-baseline in line
with best practice, in order to retain consistency and comparability across years. In 2025,
the restatement of our baseline figures for 2019 and 2020–2024 represented less than
0.5% of our 2019 baseline. Key changes include:
■Updates to more accurate packaging collection rates, particularly in Europe
■Updated to industry emission factors
■Updates to product recipe data
Scope 1 GHG emissions sources
Includes direct owned and operated sources of emissions such as:
■Stationary combustion sources, such as natural gas, diesel/petrol fuel for back up
boilers/generators and on-site shunting vehicles, light fuel oil, liquefied petroleum gas
(LPG) for forklift trucks, compressed natural gas (CNG), non-biogenic element of biofuels
such as HVO100 and biomass
■Mobile combustion such as diesel and petrol for CCEP-operated customer delivery
vehicles, vans, motorcycles and car fleet
■Fugitive emissions of refrigerants
■Fugitive CO2 emissions from manufacturing processes (i.e. losses occurring during the
product carbonisation process)
■On-site renewables including geothermal, solar, ground source heat (listed as GHG
emission sources, but zero rated in terms of carbon emissions).
■Fugitive biogas from anaerobic digesters
We follow Beverage Industry Environmental Roundtable (BIER) emissions sector guidance
on the emissions source for the source of the CO2 supplied to CCEP to carbonate soft
drinks, and whether these are generated from fossil or biogenic sources of CO2.
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Sustainability metrics methodology
Climate continued
Scope 2 GHG emissions – purchased electricity, heat and steam
We report Scope 2 emissions according to the GHG Protocol Scope 2 Guidance. We use the
Scope 2 market based approach to report our aggregated Scope 1, 2 and 3 GHG emissions,
and to set our Group SBTi targets.
We include indirect sources of GHG emissions from the generation of electricity, heat and
steam we use at our sites.
The carbon emission factors for Scope 2 emissions are applied in terms of the two
methods provided by the GHG Protocol:
(1)Location based: all electricity purchased is converted into GHG emissions using the
average grid emission factor for electricity in the country in which it is purchased. Energy
Attribute Certificates (EACs) are not applied to the total Scope 2 emissions unless these
are produced and claimed by CCEP.
(2)Market based: all electricity purchased is converted to GHG using emission factors from
contractual instruments which CCEP has purchased or entered into. EACs are applied
based on RE100 guidance which allows for EACs to be used against electricity consumed
in the same market as where the EACs are purchased.
Any sites with no contractual instruments for renewable electricity supply will have
a residual factor applied (where available), which has had renewable contractual
instruments removed.
The quantity of purchased renewable electricity was verified through EACs such as
Guarantees of Origin (GoOs) in the EU, Renewable Energy Guarantees of Origin (REGOs) in
the UK, International Renewables Energy Certificates (iRECs), Large-scale Generation
Certificates (LGCs) in Australia, Tradable Instruments for Global Renewables (TIGRs) or
Power Purchase Agreements (PPAs) from our electricity suppliers in each country, and
through meter readings of renewable electricity generated on-site.
In leased non-production facilities where we do not control the purchase of the electricity,
we apply the national grid emission factor for those sites. Where the landlord has provided
evidence that they are purchasing renewable electricity on our behalf, we will report this in
line with the market based approach. Emissions related to the generation of electricity for
these sites are included in our Scope 2 emissions.
Scope 3 GHG emissions
Data is consolidated from a number of sources across our business and is analysed
centrally. We use a variety of methodologies to gather our emissions data and measure
each part of our carbon footprint.
CCEP uses emission factors relevant to the source data including the UK’s Department for
Energy Security and Net Zero (DESNZ), Australia’s Department of Climate Change, Energy, the
Environment and Water (DCCEEW) factors for state-level electricity factors, Institute for Energy
and Environmental Research (IFEU) for our packaging and ingredients factors and International
Energy Agency (IEA) emission factors for all other grid factors at a national level.
Data sources include:
■Energy data: from metered sources, supplier invoices or calculations and estimates
based on energy benchmarks published in the Best Practice Programme’s Energy
Consumption Guide 19 (ECON 19)
■Package specifications
■Recipe data for key ingredients: in APS, if a recipe change occurs during a reporting year,
it is applied for the full year’s sales. In Europe, the change is applied from the date the
change is made
■Packaging collection rates: we have restated prior year 2019–2024 rates in line with
updated European methodology for calculating packaging collection rates
■Supplier data for recycled content rates
■CO2 released from carbonated products when opened by consumers
■Calculations of CDE emissions are based on weighted average daily (kWh/24h) supplier
energy consumption rates and by subtracting any savings achieved through carbon/
energy use reduction initiatives completed during the reporting period or prior years
■Transport fuel is calculated according to actual litres, kWh or kg used, or kilometres
recorded with vehicle fuel efficiency rates provided by suppliers
■Supply of water, treatment of wastewater and waste management are calculated by
using litre and weight (kg) data respectively
■Spend data used to calculate Category 1: purchased goods and services (marketing and
IT spend). Marketing spend includes: sales and marketing agency and services spend
and trade marketing. IT spend includes fixed and mobile telecoms, IT hardware and
software and outsourced services
■Employee headcount and job role used to calculate employee commuting data.
Includes Well-To-Tank (WTT) assumptions
■We have started to use supplier-specific emission factors for sugar beet in Europe.
This represents 2.8% of total Scope 3 emissions, calculated using specific supplier
emission factors. We will extend this to other packaging and ingredient suppliers over
the coming years
FLAG emissions
GHG emissions are broken down between FLAG and non-FLAG emissions. FLAG emissions
are generated from land use change and management of land – these emissions are
reported separately in line with guidance from the SBTi. CCEP does not have any material
FLAG emissions from our direct activities (i.e. Scope 1), and these are only relevant for our
Scope 3 supply chain emissions. FLAG can also result in carbon removals as well as
emissions. Any relevant removals are reported through corporate level programmes, and
removals within the supply chain are assumed to be temporary and therefore not reported.
Non-FLAG emissions are derived from the use of fossil fuels, packaging materials, logistics,
cooling and other related activities.
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Sustainability metrics methodology
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Scope 3 reported categories
The following Scope 3 categories are reported in our total value chain figures, and are
included in our current SBTi target boundary, representing approximately 90% of our
Scope 3 emissions:
■Category 1: purchased goods and services (including the packaging we put on the market,
the ingredients used in our products, purchased water, IT, telecoms and sales and
marketing agencies and services and trade marketing spend)
■Category 3: fuel- and energy-related activities not already included in Scope 1 or Scope 2
(e.g. WTT and transmission and distribution from energy supply to our sites and assets)
■Category 4: upstream transportation and distribution (transportation of finished
products paid for by CCEP)
■Category 5: waste generated in operations (emissions from disposal of waste generated
at our production facilities)
■Category 6: business travel (including employee business travel by rail and air)
■Category 7: employee commuting (including commuting and home working emissions)
■Category 8: upstream leased assets (including the home charging of company plug-in
hybrid electric vehicles (PHEV) and battery electric vehicles (BEV))
■Category 11: use of sold products (including CO2 emissions released by consumers, in
accordance with BIER guidance)
■Category 12: end of life treatment of sold products
■Category 13: downstream leased assets (including the emissions generated from the
electricity used by our hot and cold drink equipment at our customers’ premises)
The following Scope 3 categories are not included in our current SBTi target boundary:
■Category 1: purchased goods and services (additional purchased goods and services
that are not included above)
■Category 2: capital goods
■Category 15: investments (including investments in joint venture recycling facilities and
CCEP Ventures investments)
All other Scope 3 categories (9, 10 and 14) are not currently applicable to CCEP.
NOTE: the Scope 3 exclusions from the SBTi target apply to all of the below metrics.
Scope 1, 2 and 3 GHG emissions – Full value chain
Aggregation of Scope 1, 2 and 3 GHG emissions using both the market and location based
approaches for Scope 2 emissions.
Calculation = [Total Scope 1 GHG emissions] + [Total Scope 2 GHG emissions]
+ [Total Scope 3 GHG emissions]
Scope 1, 2 and 3 GHG emissions – Full value chain per litre
Calculation = ([Total Scope 1 GHG emissions] + [Total Scope 2 GHG emissions (market
based approach)] + [Total Scope 3 GHG emissions]) ÷ [Total volumes in scope of sales
(RTD litres)]
RTD litres equate to the final consumption beverage volume, including diluted post-mix and
Freestyle volumes.
Out of scope sales include items such as certain brands where we only distribute the
product (e.g. some commercial products within our alcohol portfolio in APS).
In 2025, less than 1% of our Europe and APS reported sales volume was out of scope for
GHG reporting.
Absolute reduction in total value chain GHG emissions (Scope 1, 2 and 3)
since 2019
Calculation % of = ([2019 Scope 1, 2 and 3 GHG emissions] - [Latest reporting period
Scope 1, 2 and 3 GHG emissions]) ÷ [2019 Scope 1, 2 and 3 GHG emissions]
Relative reduction in total value chain GHG emissions (Scope 1, 2 and 3) per
litre since 2019
Calculation % of = ([2019 Scope 1, 2 and 3 GHG emissions per litre] - [Latest reporting
period Scope 1, 2 and 3 GHG emissions per litre]) ÷ [2019 Scope 1, 2 and 3 GHG emissions
per litre]
GHG Scope 1 and 2 emissions per litre of product produced
Total production volume is measured in undiluted litres for all inventory produced at
our production facilities. Production facilities are defined as our bottling and production
facilities for beverages under our operational control. This does not include externally
sourced production (or “co-packed”) sites or sites from which we source finished
packaged goods.
Calculation = ([Total Scope 1 GHG emissions] + [Total Scope 2 GHG emissions
(market based approach)]) ÷ [Total volumes of production from CCEP production facilities
(production litres)]
Metric units are reported as gCO2e/litre.
Scope 1, 2 and 3 GHG emissions – Full value chain per revenue
Calculation = [Total Scope 1, 2 and 3 GHG emissions] ÷ [Total sales revenue (euros)]
Metric units are reported as gCO2e/€.
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Climate continued
GHG emissions (Scope 1 and 2) per euro of revenue
Calculation = ([Total Scope 1 GHG emissions] + [Total Scope 2 GHG emissions (market
based approach)]) ÷ [Total sales revenue (euros)]
For CCEP, “UK and UK offshore” equates to our operations in Great Britain. Metric units are
reported as gCO2e/€.
Emissions from biologically sequestered carbon
Biogenic CO2 emissions are defined as CO2 emissions related to the natural carbon cycle,
as well as those resulting from the production, harvest, combustion, digestion,
fermentation, decomposition and processing of biologically based materials. Biologically
based feedstocks, also referred to as “biologically sequestered carbon”, are non-fossilised
and biodegradable organic materials originating from modern or contemporarily grown
plants, animals or microorganisms.
Biogenic emissions are inherently accounted for in the atmosphere’s natural carbon
cycle. Reporting them within Scope 1, 2 or 3 would lead to double counting of emissions,
as the sequestration of CO₂ during the growth of the biomass is not accounted for in
these Scopes.
Methodologies and boundaries
Emissions from biologically sequestered carbon are reported outside the three Scopes of
our reported GHG emissions, in line with WRI/WBCSD GHG Protocol guidance. CO2 is used to
carbonate our soft drinks. We follow the BIER guidance on reporting CO2 emissions from
biogenic sources for fugitive losses and release by consumers.
Our scope for reporting emissions from biologically sequestered carbon includes:
■Biofuels (HVO100, Bio-CNG, rice husk and wood) used in vehicles and sites
■Anaerobic biogas (where CO2 is released from combustion of the biogas)
■Biofuel where blended with diesel/petrol (e.g. forecourt fuels)
■Biogenic-sourced CO2 as an ingredient: we follow the BIER emissions sector guidance
Each source of biologically sequestered carbon is calculated separately using appropriate
biogenic carbon emission factors and then aggregated to provide our reported total.
Emissions from the production and transportation of biofuels are accounted for in Scope 3
as part of Category 3: WTT.
Emissions from conversion of biogenic CO2 to a higher GWP GHG are accounted for in Scope
1. CCEP uses the most up to date emission factors from DESNZ/DEFRA for biogenic CO2 and
anaerobic biogas and for biofuels and bio blends.
Exclusions
Emissions from carbon removals within our value chain related to biomass feedstock
production for bioenergy are well below the significance threshold for CCEP, so these
removals have yet to be estimated. If the level of significance changes in the future, CCEP
will follow the latest guidance from the GHG Protocol on accounting for removals. Biogenic
emissions from electricity generation are excluded.
Manufacturing energy use ratio
This includes the use of electricity, diesel and natural gas, as well as other fuels used,
where used in our manufacturing operations (e.g. heating, forklift trucks). The fuels used in
our distribution fleet (e.g. diesel used in our trucks and vans) are not captured in the
manufacturing energy use ratio.
Total production volume is measured in undiluted litres for all inventory produced at our
production facilities. Production facilities are defined as our bottling and production
facilities for beverages under our operational control. This does not include externally
sourced production (or “co-packed”) sites or sites from which we source finished
packaged goods.
Methodologies and boundaries
Calculation of ratio = [Total of all energy consumed (MJ) at production facilities]
÷ [Total volumes of production from CCEP production facilities (production litres)]
CCEP’s manufacturing energy use ratio is calculated in line with The Coca-Cola Operating
Requirements (KORE). All non-alcoholic ready to drink (NARTD) production facilities,
breweries and distilleries are included. Coffee-related facilities (Grinders coffee), joint
ventures with third parties (e.g. rPET production facilities) or facilities where only PET pre-
forms are produced are excluded. Anaerobic biogas and combined heat and power (CHP)
electricity output are excluded.
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Sustainability metrics methodology
Climate continued
Energy consumption
Energy consumption is based upon procurement data from each site, supported by
monthly invoices. We report fuel consumption by fuel type using our environmental
management system. Data is captured as part of our carbon calculation model. Energy and
fuel consumption data is collected and converted using local conversion factors to
convert fuel to kWh.
Methodologies and boundaries for energy-related metrics
Total energy consumption within the organisation is the total of:
■Non-renewable fuel consumed
■Renewable fuel consumed
■Electricity
■Purchased heat and steam
■Self-generated electricity which is consumed by CCEP
■Mobile combustion (litres of diesel and petrol converted into kWh) for CCEP owned
and leased vehicles
■Less any electricity, heating, cooling and steam sold
Total energy consumption (own operations) from fossil sources is the total of:
■Fuel consumption from petroleum products: light fuel oil/site diesel, diesel and petrol for
CCEP operated customer delivery, vans and car fleet, propane, LPG, and other petrol
■Energy consumption from natural gas and CNG
■Non-renewable electricity consumption: electricity CHP and purchased electricity from
non-renewable sources
Total energy consumption (own operations) from renewable energy is the total of:
■Electricity solar and geothermal
■Purchased renewable electricity, hydro, wind and ground source heat and purchased
heat and steam
Total energy consumption per net revenue (from activities in high climate
impact sectors)
Calculation = [Total energy consumption from activities in high climate impact sectors] ÷
[Total sales revenue from activities in high climate impact sectors (euros)]
All CCEP’s activities and net revenue are in one high climate impact sector, as defined by
ESRS.
Renewable energy
The quantity of renewable electricity was verified through renewable electricity contracts
(EACs) from our electricity suppliers in each country, and meter readings of renewable
electricity generated on-site. EACs are applied based on RE100 technical guidance, which
allows for EACs to be used against electricity consumed in the same market as where the
EACs are purchased (e.g. Norway GoOs being used in Germany). Our production facilities,
distribution sites, warehouse sites and office sites are in scope.
Methodologies and boundaries for renewable energy-related metrics
Percentage of electricity purchased that comes from renewable sources
Calculation = [Quantity of electricity purchased (in MWh) from renewable sources] ÷ [Total
electricity purchased]
Purchased electricity includes centrally procured electricity bundled or unbundled with
EACs, leased solar facility and water turbines, and PPAs. Unbundled instruments represent
1.7% of our total purchased electricity.
Any sites with no contractual instruments for renewable electricity supply will have a
residual factor applied (where available) which has had renewable contractual instruments
removed. Figures in this calculation are based solely on the amount of electricity that
CCEP purchases.
Total renewable electricity is reported in MWh. The energy data purchased is calculated
based on direct measurement of electricity purchases (i.e. invoices and meter readings).
Percentage of electricity consumed that comes from renewable sources
Calculation = [Quantity of electricity consumed (in MWh) from renewable sources] ÷ [Total
electricity consumed (in MWh)]
This includes centrally procured electricity bundled or unbundled with EACs, on-site solar,
leased solar facility and water turbines, and PPAs, as well as owned assets (solar facilities).
Figures in this calculation are based solely on the amount of electricity that CCEP
consumes (i.e. purchased electricity, self-generated electricity and electricity supplied via
a lease agreement).
For non-production sites where we do not control the purchase of electricity, standard grid
electricity is consumed. Emissions related to the generation of electricity for these sites
are included in our Scope 2 emissions.
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Percentage of carbon strategic suppliers having targets approved
by the SBTi
Carbon strategic suppliers are suppliers which collectively account for approximately 80%
of our Scope 3 emissions. All carbon strategic suppliers are directly managed by our
procurement teams. They have been selected based upon their contribution to our carbon
emissions, and our intent to work with them on long-term carbon reduction programmes.
In 2025, we had approximately 220 carbon strategic suppliers.
We ensure that our carbon strategic suppliers account for approximately 80% of our Scope
3 emissions by allocating the emissions of different categories (e.g. packaging, ingredients
and transportation) to the suppliers in those categories, based on purchased material
tonnages or spend.
Methodologies and boundaries
Calculation = [Total number of carbon strategic suppliers with SBTi approved science
based targets] ÷ [Total number of carbon strategic suppliers]
SBTi targets are clearly defined, science based pathways for companies to reduce GHG
emissions, which have been reviewed and validated by the SBTi. Approved targets are those that
have been approved or validated by the SBTi, and there is evidence to support this on the SBTi
website, or through an SBTi validation letter.
Suppliers with a committed status are excluded from the total number of carbon strategic
suppliers with SBTi approved science based targets. However, we do track this list of suppliers
separately. Suppliers whose SBTi target status is “committed” have made a commitment to set
a science based target aligned with the SBTi’s target setting criteria within 24 months.
Additionally, we count small and medium sized enterprises (SME) as “committed”, if they inform
us of their plans to submit the SME Target Setting Form by target year date.
A business with a group science based target approved by the SBTi can consist of various
legal entities or operational divisions. Where these divisions operate independently, akin to
individual suppliers in their dealings with CCEP, they are designated as independent carbon
strategic suppliers for the purpose of this metric. As a result, several different carbon
strategic suppliers may form part of the same group associated with a single approved
group SBTi science based target.
Tonnes of CO2e offset through carbon credits
Carbon offset credits are defined as centrally purchased certified carbon credits (e.g. Gold
Standard or Verra/VCS). These credits are purchased and certificates are retired centrally.
In 2022, CCEP purchased approximately 100,000 tCO2e of carbon credits, which we have
retired annually between 2023 and 2025. In 2025, we retired 11,011 tCO2e of carbon credits
from the VCS-certified Rimba Raya Biodiversity Reserve Project in Indonesia.
Note that CCEP’s GHG emissions are reported on a gross basis, independent of any offsets
or carbon credits.
Methodologies and boundaries
Calculation = Total amount of certificates of Verified Carbon Units retired within the
reporting period
All centrally purchased carbon credits are within scope.
Calculated tonnes of offsets are based upon assessed values as provided on carbon
credit certificates.
Total tonnes of CO2e offsets are based upon retired carbon credit certificates.
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Sustainability metrics methodology
Water and nature
Total water withdrawal
Total gross water withdrawal from all production facilities, calculated prior to production
or water discharges.
Methodologies and boundaries
Calculation = [Water withdrawal from municipal source (litres)] + [Water withdrawal from
borehole source (litres)] + [Water withdrawal from rainwater source (litres)]
Water withdrawal from production facilities only. We prepare and report water withdrawal
data from sites where we have operational control, using internally developed reporting
methodologies based on the Global Reporting Initiative (GRI) Standards.
Water withdrawals are measured primarily based on meter readings and invoices for the
majority of CCEP’s production facilities. In some limited instances, estimations are used
to calculate withdrawals. Water withdrawals are reported by source at site level using
the environmental management system.
Total water consumed
Water consumption measures water used by CCEP in our production of beverages for
consumers, so that it is no longer available for use by the ecosystem or local community
in the reporting period.
Methodologies and boundaries
Calculation = [Total water withdrawal (litres)] - [Total water discharge (litres)]
Water withdrawal and wastewater discharge from production facilities only.
We prepare and report water withdrawal data from sites where we have operational
control, using internally developed reporting methodologies based on the GRI Standards.
Water withdrawals are measured primarily based on meter readings and invoices for the
majority of our production facilities. In some limited instances, estimations are used to
calculate withdrawals. Water withdrawals are reported by source at site level using
environmental management systems. Water in storage does not have a significant
water‑related impact; therefore, we do not report any changes in water storage.
Manufacturing water use ratio
Water use ratio is calculated as the total water withdrawals divided by total production
volumes from CCEP’s production facilities within the reporting period.
Methodologies and boundaries
Calculation = [Total water withdrawal (litres)] ÷ [Finished product (production
volume litres)]
Production facilities are for all beverage types. Total water withdrawal is the total of all
water used by production facilities from all sources, including municipal, borehole and
rainwater sources.
This includes water used for production, water treatment, cleaning and sanitation,
backwashing filters, irrigation, washing trucks and other vehicles, kitchens or canteens,
toilets and sinks, and fire control. This does not include return water (e.g. water used for
cooling which is returned to the source after use) and water to the community (e.g. taps at
our facilities to be used by local community).
Finished products represent litres of product produced, including all production, not just
saleable products, and excluding externally sourced production (or "co-packed") or third
party sites from which we source finished packaged goods. Volume is prior to dilution for
consumption (e.g. post-mix volume is for syrup volume, not RTD litres).
Non-production sites are excluded and production facilities linked to coffee roasting,
PET preforms and recycling are out of scope.
Water intensity ratio (water consumption per revenue)
Methodologies and boundaries
Calculation = [Total water consumption] ÷ [Total sales revenue (euros)]
Metric units are reported as m3/€.
Areas of baseline water stress
All our production facilities are assessed for baseline water stress through a global
Enterprise Water Risk Assessment (EWRA) using the WRI Aqueduct 4.0 tool. Sites in baseline
water stress are those that are in “high” or “extremely high” water stress, according to the
WRI Aqueduct 4.0 tool.
The EWRA was last carried out in 2024. Through the EWRA, we have identified that 31 of our
sites are in baseline water stress. An assessment of our sites located in water stressed
areas is completed periodically and also on a risk-based basis, as threats evolve and
new data becomes available. We include any new build or acquired sites, and exclude
any sites divested.
Methodologies and boundaries
Total water withdrawals from areas of baseline water stress
Calculation = [Water withdrawal from municipal source (litres)] + [Water withdrawal from
borehole source (litres)] + [Water withdrawal from rainwater source (litres)]
Water withdrawal only from production facilities located in areas of baseline water stress.
Alcohol only sites and other non-beverage production facilities are excluded from the
scope of this measure.
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Sustainability metrics methodology
Water and nature continued
Percentage of water withdrawals from areas of baseline water stress
Calculation = [Total water withdrawals at production facilities located in areas of baseline
water stress (Litres)] ÷ [Total water withdrawals at production facilities (Litres)]
Alcohol only sites and other non-beverage production facilities are excluded from the
scope of this measure.
Total water consumption from areas of baseline water stress
Calculation = Total water withdrawal (litres) - Total water discharge (litres)
Alcohol only sites and other non-beverage production facilities are excluded from the
scope of this measure.
Water replenished
Our water replenishment projects are managed with local NGOs and community groups and
are funded together either with TCCC or with The Coca-Cola Foundation (TCCF).
Investment split varies per project and we claim replenishment benefit as a Coca-Cola
system.
CCEP’s total water replenishment volumes are sourced from TCCC. The Nature
Conservancy, with support from LimnoTech and the Global Environment and Technology
Foundation, helped TCCC develop methodologies to calculate the volume of water
replenished using an approach based on widely accepted tools and methodologies.
Water replenishment project factsheets and total replenishment volumes have been
validated by third party consultants on behalf of TCCC, including validation that the
required productivity monitoring has taken place. Depending on the data availability, project
volumes are either measured or estimated using the Volumetric Water Benefit Accounting
(VWBA) methodology.
Methodologies and boundaries
Water replenished as percentage of total sales volumes
Calculation = [Litres of water replenished] ÷ [RTD litres of finished beverages sold]
Total volume of water replenished
Calculation = The volume of water replenished through water replenishment
projects (litres)
Water replenishment is based on the volume of water replenished through replenishment
projects. This includes projects within the watershed of our HRLs, our key sourcing regions
or WASH access projects.
Sales volumes of Company beverage products (in RTD litres) have been used as disclosed
in the latest Annual Report and Form 20-F. RTD litres equate to the final consumption
beverage volume, including diluted post-mix, Freestyle volumes and ARTD.
Volumetric project benefits are quantified using TCCC’s peer reviewed methodology,
as outlined in the Corporate Water Stewardship: Achieving a Sustainable Balance paper
published in the Journal of Management and Sustainability in November 2013, or the
methodology described in VWBA, a Method for Implementing and Valuing Water
Stewardship Activities (2019), which builds on the 2013 paper. There are three primary water
replenishment project types:
(1)Watershed protection and restoration.
(2)Water, sanitation and hygiene (WASH).
(3)Water for productive use.
High risk locations
HRLs are a subset of CCEP’s production facilities, which have been identified as having the
highest water-related risks, based on the results of the TCCC FAWVA. We complete
FAWVAs every three to five years with TCCC and updated this assessment in 2024 across
all of our production facilities, excluding our alcohol-only breweries and distilleries in
Iceland and Fiji. In 2025, 18 of our 85 production facilities were defined as HRLs.
The FAWVA process is designed to identify risks based on the local water context (physical,
social, regulatory) through a survey and identification of water-related vulnerabilities and
mitigation actions for each production facility. The FAWVA is conducted using survey data,
vulnerabilities, and global water risk data (e.g. WRI baseline water stress) to estimate the
likelihood of water-related risk events. This likelihood is combined with potential
consequences (manufacturing and reputation impacts) to estimate the water-related risks
at the facility level.
The HRL watershed is comprised of the minor basin within which the HRL facility is located
and the water supply watershed of the HRL. The volume replenished in HRL watersheds is
based on the total replenish volume from project locations within HRL watersheds. The HRL
replenish volume is determined using project-level location coordinates, project replenish
volume, and the HRL watershed boundaries.
Multiple HRL production facilities can share the same HRL watershed. If a project falls
within a shared HRL watershed, the replenish volume from that project can be assigned to
any one, or a combination of, the eligible HRLs.
Water replenished as percentage of total water used at HRLs
Calculation = [Litres of water replenished at HRLs] ÷ [Total water withdrawn at HRLs]
Water used is defined as the total water withdrawn from HRL production facilities. Water
withdrawal includes withdrawals from municipal, borehole and rainwater sources.
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Sustainability metrics methodology
Water and nature continued
Principles for Sustainable Agriculture (PSA)
PSA apply to agricultural ingredients and raw material suppliers, and cover human rights,
environmental protection and sustainable farm management. They also include forest and
biodiversity conservation practices, such as no conversion of forests for new agricultural
production, protection of endangered species and, where possible, restoration of
ecosystem services that our suppliers of agricultural ingredients and bio-based packaging
materials are expected to implement.
Annual quantities of priority ingredients in compliance with the PSA come from supplier
declarations. Suppliers also disclose relevant certifications and third party standards
which align to PSA requirements. CCEP conducts subsequent checks on supplier disclosed
quantities to internal CCEP procurement systems and verifies a sample of third party
standards declarations to relevant websites and public records.
Methodologies and boundaries
Percentage of sugar sourced through suppliers in compliance with our PSA
Calculation = [Total weight (Mt) of product sourced through PSA compliant scheme] ÷
[Total weight (Mt) of product sourced]
In partnership with TCCC, we offer several routes for sugar beet suppliers to comply
with the PSA and meet third party standards. Sugar cane suppliers can be certified as
meeting our PSA through third party standards such as Bonsucro, FSA Gold and Silver
and Redcert 2.
Percentage of pulp and paper sourced through suppliers in compliance with our PSA
Calculation = [Total weight (Mt) of product sourced through PSA compliant scheme] ÷
[Total weight (Mt) of product sourced]
In partnership with TCCC, we offer several routes for pulp and paper suppliers to comply
with the PSA and meet third party standards. Pulp and paper suppliers can attain a
Sustainable Forest Management accreditation, such as the Forest Stewardship Council
(FSC), or a certification endorsed by the Programme for the Endorsement of Forest
Certification (PEFC). The FSC and PEFC certified logos represent a global chain of custody
system, supported by a chain of custody certification process and independent
inspections. Every new paper, pulp and cardboard contract now includes a requirement
for third party certification.
Percentage of coffee sourced through suppliers in compliance with our PSA
Calculation = [Total weight (Mt) of product sourced through PSA compliant scheme] ÷
[Total weight (Mt) of product sourced]
We calculate the percentage of coffee sourced sustainably by CCEP for our Grinders brand
in APS. In partnership with TCCC, several routes are available for coffee suppliers to
comply with the PSA and meet third party standards, including The Rainforest Alliance and
Fairtrade certification.
Percentage of total supplier spend covered by our Supplier Guiding
Principles (SGPs)
The SGPs are a vital pillar of our human rights and workplace accountability programmes.
The SGPs form part of the standard conditions which are attached to our purchase order
process. SGPs compliant suppliers are direct suppliers that signed terms and conditions
(through our purchase orders) which included our SGPs covering the reporting period.
Methodologies and boundaries
Calculation = [Total € spend with SGPs compliant suppliers] ÷ [Total € spend across all
direct suppliers]
Data based upon compliance pathway agreements with suppliers in the reporting period,
and percentage of total spend sourced through these suppliers. Spend excluded from the
scope of this measurement:
(1)Brand partner (franchise or distribution agreement partners) spend
(2)Payments made outside standardised procurement processes (e.g. donations,
sponsorship, recycling schemes, government institutions and tax authorities)
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Sustainability metrics methodology
Packaging
Packaging
CCEP’s packaging data is calculated based upon monthly sales volume data within the reporting
periods, standard packaging specifications and material types and weights by product stock
keeping units (SKUs). This information is calculated for each individual country and subsequently
combined to form regional or Group level reports.
Percentage of all primary packaging that is recyclable
Packaging can be considered to be “recyclable” when it meets the general reusability
criteria and either the global criteria or the local criteria are met:
■Reusability: if more than 70% of the packaging material by weight can be separated
and effectively reused in another application, it meets the criteria for reusability.
For example, in aseptic fibre packaging, consisting mainly of paper with components
like aluminium, glue and plastic, the paper portion can be isolated and repurposed.
Reusability also includes a recycling process where materials are transformed into
new products of alternative use or functionality compared to the original product.
■Global criteria – effective recycling at scale: a packaging type is considered recyclable if
it is widely collected and effectively recycled across a cumulative geography of 400
million consumers. The extent of recycling is determined not just by the type of
packaging but also by the available collection and recycling infrastructure. “Effectively
recycled” means that the packaging is transformed into a raw material for use in a new
application.
■Local criteria – collected and recycled at scale:
•Accessibility of collection: packaging is considered to be collected at scale if at least
65% of the population has access to recycling collection facilities. This threshold of
65% is what CCEP would regard as a minimum standard in its markets, barring any
stricter local regulations.
•Local recycling rates are met: on a local scale, if at least 30% of the packaging
introduced to the market is effectively recycled, the packaging is deemed recyclable.
This assessment is based on the actual recycling performance of the packaging
material within the local market.
Our preference is for beverage packaging to be converted into secondary raw material
that can be used again in beverage packaging (i.e. bottle-to-bottle). At present our packs
are being recycled into a range of either PET resin or other materials (such as fibre and
plastic strapping). These are also deemed recyclable under our definitions. Over time,
we will aim for all our materials to be recycled into new beverage packaging, or have
multiple use cycles.
Potential overlap between categories of reused and recycled is addressed through a
review, where each item is reviewed and categorised as recyclable or not according to our
definition. Packaging which can only be sent for incineration with or without energy recovery
or sent to landfill is not considered to be recyclable by CCEP.
Methodologies and boundaries
Calculation = [Total volumes of sales of products qualifying as recyclable (unit cases)] ÷
[Total volumes of sales (unit cases)]
This indicator refers to our primary packaging that is used by the end consumer and
includes bottles and closures, cans, beverage cartons and pouches.
It is calculated based upon the definition of recyclability according to the Ellen MacArthur
Foundation that “a packaging or packaging component is recyclable if its successful post-
consumer collection, sorting and recycling is proven to work in practice and at scale”.
A unit case equals approximately 5.678 litres or 24 eight-ounce servings, a typical volume
measure used in our industry. Our packaging data is representative of the material
specifications, as at 31 December in each reporting period.
Primary packaging collected for recycling as a percentage of total packaging
Methodologies and boundaries
Calculation = Percentage of RTD primary consumer packages collected for recycling
or collected and refilled expressed as a weighted average based on CCEP individual unit
sales
Collection rate represents a weighted average of national collection rates:
■Collected for recycling rates, which measure packaging that is collected in a market
to then be sorted for recycling.
■Recycling rates, which measure packaging at the point in the sorting process where it
does not need to undergo any further processing before it is turned into recycled
content, as defined by the EU Packaging and Packaging Waste Regulation (PPWR).
■Refillable rates.
The calculation is based on CCEP’s sales of individual units by package type and by country,
and is used to express the overall percentage of equivalent bottles, cans and other
primary consumer packaging types introduced into the market. This is a calculation to
represent the percentage of primary consumer packages that have been collected and
refilled or collected for recycling for the year.
Collection rates are determined by country for each packaging type based on either
national studies of collection or recycling data by packaging material type, fact-based data
from a collection partner, production facility standards for refillable packs, or internal
estimates (approximately <1%).
Given the delay in publication of national collection data and statistics, there is a time lag
between the availability of this data and our reporting. Therefore, the national collection
rates for the latest reporting period (often prior year) are applied to the reporting period
volumes. This means, in some instances, the collection rates from 2024’s reporting have
been rolled over to 2025’s reporting as updated recycling rates were not available.
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Sustainability metrics methodology
Packaging continued
National studies are performed by external third parties, such as governments, industry
organisations, NGOs, recyclers and consultancies, which may include those engaged by
CCEP. Production facility standards are applied for refillable glass and PET. In some cases
internal estimates have also been used where data and assumptions are dependent on a
third party (e.g. recycler or waste picker).
Collection rates – data choices/hierarchy
(1)Deposit return scheme (DRS): in countries where a DRS is in place, we will use the
national reported figures as made available by the scheme administrator. These figures
are ideally published on a unit basis.
(2)No DRS: in countries where no DRS is in place, but there is an Extended Producer
Responsibility (EPR) active:
•For PET bottles, CCEP will look to align with the requirement reporting from the
Single‑use Plastics Directive ((EU) 2021/1752). If this rate is not yet available, we
will choose to report calculated rates based on the material sorted for recycling
(or sorting output) as published by the country’s Producer Responsibility Organisation
(PRO). If neither of the above are available, we will work with an independent third
party to check and use the official data that is made available by the country
PRO, and is closest to the point of measurement as stated in the Single-Use
Plastics Directive.
•For all other materials (glass, aluminium, steel, carton), CCEP will look to align with the
revised PPWR methodology ((EU) 2019/665), which now takes into account only those
materials that are ready to be effectively reprocessed into new raw materials
(recycled into new raw materials).
If this is not yet available, we will report calculated rates based on the most accurate
and official published numbers.
In many instances in Europe, this will mean that we will use the recycling rates reported
for packaging waste on Eurostat.
■(3) In countries where no DRS is in place, and no EPR is active:
•CCEP will use the collection numbers that are generated by our “self-funded
collection efforts”. This is based on data from our collection and/or recycling
partners. With this methodology, it is possible for CCEP to effectively collect more
bottles and/or cans than the number of bottles and/or cans that have been put onto
the market by CCEP within the same year. The total number of collected bottles and/
or cans will be taken into account when calculating the aggregated collection rate.
•If no “self-funded collection efforts” take place in a certain market, we use collection
data that is made publicly available through official and reliable sources (e.g.
government and NGO studies).
Definitions
The packaging collection rate is based on packaging collection for recycling rates by
material in each of our markets. We then apply these to our own packaging sales (based on
individual units) by pack and by market, and express this weighted average as the estimate
to track our progress against our target.
The way that packaging collection rates are calculated may differ across our markets.
Where these are available, we use collection or recycling rates based on beverage
containers. However, in some instances only material data is available (e.g. total glass, not
beverage glass in isolation).
Sales in units are measured for the following select primary consumer packaging types:
aluminium and steel cans, beverage cartons, refillable glass and PET bottles, non-refillable
glass and PET bottles and pouches.
The following packaging types are excluded: cups and vessels, refillable HDPE, bag in box
(post-mix), Freestyle and keg.
For refillable glass and refillable PET (Germany only), where available, we use CCEP country
specific returns data from our sites. This is a measure of how many total bottles are
returned to our CCEP sites, including non-CCEP bottles as a percentage of how many
bottles CCEP put onto the market within a year. With this methodology, it is possible for
CCEP to effectively collect more bottles than the number of bottles that have been put
onto the market by CCEP within the same year. The total number of collected bottles will
be taken into account when calculating the aggregated collection rate.
Where CCEP country-specific returns data is not yet available (Australia, Belgium, Fiji,
France, the Netherlands), we use the market standard collection rate for refillable glass of
95%.
In 2025, back-cast data for prior years was calculated via Eunomia, and was used in the re-
baselining of our GHG emissions.
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Sustainability metrics methodology
Packaging continued
Percentage of PET used which is rPET
Calculation = [Total weight of rPET used in one-way PET bottle sales (tonnes)]
÷ [Total weight of one-way PET bottle sales (tonnes)]
Labels and caps are excluded from the calculation. The calculation excludes all refillable
PET and refers to one-way PET bottles only.
To determine the proportion of rPET in our PET bottles, we calculate a weighted average.
This calculation takes into account the monthly sales and the percentages of rPET,
focusing on the PET used in our single use PET bottles. It involves averaging the amounts
of both mechanically and chemically recycled PET, as well as virgin PET, for each PET
product variant on a monthly basis.
Total packaging weight
Total weight of packaging (tonnes) includes:
■Primary packaging: PET, glass, aluminium, carton, pouches/multifilm, LDPE, HDPE,
PP and paper
■Secondary packaging: LDPE, HDPE, cardboard and PP
■Tertiary packaging: LDPE
This also accounts for trippage (i.e. the number of reuses) for our refillable products.
Total recycled content
Recycled material in our packaging refers to post-consumer recycled materials collected
from consumers, which are reused as new raw material in our packaging.
Calculation = Total weight of packaging that is recycled (tonnes)
Includes all packaging: primary, secondary and tertiary (see above).
Rate of recycled packaging calculation = [Total weight of packaging that is recycled
(tonnes)] ÷ [Total weight of packaging (tonnes)]
Includes all packaging: primary, secondary and tertiary (see above).
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Sustainability metrics methodology
Social and community
Employee headcount
Headcount based upon data as at 31 December of each reporting period. Headcount
excluded from the measurement includes all contractors, pre-pensioners, employees on
leave of absence (e.g. maternity leave, long-term sick, parental leave) and any Board
members as at 31 December of each reporting period.
Employee turnover
The total number and rate of employees who leave the organisation during the reporting
period.
Calculation: [Number of employees who left during the period] ÷ [average number of
employees during the reporting period]
We use a 13‑month average headcount to ensure that both the opening and closing
headcount figures are fully captured in the annual calculation.
Percentage of women in management positions
Management – includes roles graded as Senior Manager and above, including Vice
President, Director, Associate Director and Senior Manager levels. Role grades are aligned
for markets in Europe, Australia, Indonesia, New Zealand, Papua New Guinea and the
Philippines. Other APS markets (Fiji and Samoa) have been excluded from this calculation
due to their local Human Resources systems and role grade definitions not being directly
comparable to the rest of the Group. For the purposes of the calculation we are assuming
that all employees in these two countries are in non-Senior Manager roles.
The gender of global full time, part time and temporary active corporate employees
for CCEP is self-reported by employees in CCEP’s Human Resources system as at
31 December of each reporting period, based on headcount numbers.
Methodologies and boundaries
Calculation = [Total number of women in management positions] ÷ [Total number of
employees in management positions]
The gender of employees is disclosed by employees on Human Resources systems.
Percentage of women in total workforce
The gender of global full time and part time corporate employees for CCEP is self-reported
by employees in CCEP’s Human Resources system as at 31 December of each reporting
period, based on headcount numbers.
Measurement excludes all contractors, temporary and seasonal workers, pre-pensioners,
employees on leave of absence (e.g. maternity leave, long-term sick, parental leave) and
any Board members as at 31 December of each reporting period.
Methodologies and boundaries
Calculation = [Total number of women employees] ÷ [Total number of employees]
The gender of employees is disclosed by employees on Human Resources systems.
Human rights
Complaints filed through Speak Up platform to raise concern: For confidentiality
reasons, this data includes reports made by both employees and non-employees. These
include a mix of enquiries and allegations filed through our Speak Up resources and
channels.
Incidents of discrimination: Actual number of harassment and discrimination incidents
that are substantiated. These are work-related incidents of discrimination and harassment
on the grounds of gender, racial or ethnic origin, nationality, religion or belief, disability, age,
sexual orientation, or other relevant forms of discrimination involving internal and/or
external stakeholders across operations in the reporting period.
Severe human right incident: A severe human rights incident within our operations is an
event or situation in which a business’s operations, products, or business relationships
cause, contribute to, or are directly linked to a serious negative impact on CCEP workforce.
These may include but are not limited to forced labour or child labour, severe and systemic
discrimination, gender‑based violence and harassment, denial of equal opportunity,
suppression of freedom of expression, association, or collective bargaining or other
protected human rights coming from lawsuits, formal complaints through CCEP or
third‑party complaint mechanisms or serious allegations in public reports or the media,
where these are connected to CCEP’s workforce.
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Statements
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Information
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Sustainability metrics methodology
Social and community continued
Safety
CCEP aligns its reporting definitions with TCCC Technical KORE Environmental Occupational
Safety and Health (EOSH) performance measurement guidance. Reporting on fatalities
includes employees, contractors/third parties, and members of the general public:
Employee fatality: a loss of life occurring to an employee as the result of Company
business interaction and/or with CCEP property.
Contractor/third party fatality: a loss of life occurring to a contractor or third party (such
as a vendor or site visitor) as the result of CCEP business interaction and/or interaction with
Company property.
General public fatality: a loss of life of a person not affiliated with CCEP as a result of a
CCEP business interaction and/or with CCEP property, such as equipment or fleet vehicle,
or a work-related interaction with CCEP employees or contractors.
Lost time incident (LTI): an LTI is a reported work-related injury or illness that results
in one or more lost days. It is defined as an incident connected with work which makes an
individual unfit to return to carry out a range of their normal duties for the next scheduled
day or shift. The scope relates to all CCEP operational employees at production and
distribution/warehouse facilities.
Medical treatment cases: an incident connected with work which resulted in an employee
sustaining an injury which requires treatment beyond first aid. It is not necessary for the
medical treatment case to require time off work beyond the date of the injury to be
classified as a medical treatment case.
Recordable work-related incident: an event in which a fatality, injury or illness resulting in
an LTI or medical treatment case, as the result of interaction during work-related activities
with Company property, vehicle, product, process, procedure or employee, regardless of
fault.
Operational employee: includes all hourly, salary and temporary employees who are
on a facility’s payroll, as well as contractors and temporary employees who are not on a
facility’s payroll, but for whom facility management provides day to day supervision of their
work and provides the details, means, methods and processes by which the work objective
is accomplished. As examples, temporary agency employees and permanent contractors
performing janitorial, catering, security or other routine site services are considered
operational employees.
Contractors and temporary employees: managed exclusively by an outside firm, typically
performing construction, pest control and similar project or task-specific work, and are not
considered operational employees.
The scope of reporting is limited to self-reported or witness-reported data collected
for CCEP.
Safety data is collected and reported for all sites where we have full operational control.
This includes manufacturing, logistics (distribution centres and warehouses), cold drinks
operations and commercial (sales, vending and central offices) sites and locations. Each
month, sites are required to submit details associated with all incidents, accidents and
LTIs, and full time equivalent employees (FTE) data for their site. FTE data is primarily
obtained directly from the global Human Resources/payroll system or estimated using
employee numbers, average number of hours worked, absences and overtime information,
if actual data is not readily available. Safety data and FTE data are reported at site level
using the global data management system.
Methodologies and boundaries
Total incident rate (TIR)
Calculation = [Number of LTIs and medical treatment cases * 200,000] ÷ [Number of hours
worked in the reporting period]
The calculation is based on 200,000 hours (100 FTE working 40 hours per week for 50 weeks)
and can be approximated as: Total incident rate (TIR) = ([Number of LTIs and medical
treatment cases] ÷ [Average number of FTEs]) x 100.
This excludes contactors.
Lost time incident rate (LTIR)
Calculation = [Number of LTIs * 200,000] ÷ [Number of hours worked in the
reporting period]
The calculation is based on 200,000 hours (100 FTE working 40 hours per week for
50 weeks) and can be approximated as: LTIR = ([Number of CCEP LTIs] ÷ [Average
number of FTEs]) x 100.
This excludes contactors.
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Sustainability metrics methodology
Social and community continued
Percentage of people self-declaring as having a disability in our workforce
CCEP global definition of disability: any physical or mental condition, impairment, or long-
term condition which has an effect on your ability to carry out everyday activities. They can
be temporary or permanent. They can be visible and non-visible.
This disability definition is used to aid self-identification via surveys and is aligned to the
global definition developed in partnership with the Disability and Neurodiversity Working
Group based on UN Convention on the Rights of Persons with Disabilities (CRPD) and
externally reviewed by experts, including the Business Disability Forum.
The percentage calculation is based upon those who have responded to the survey, and
have self declared as having a disability. Scope included those in full-time, part-time and
temporary active corporate employment with CCEP. Employees on leave of absence are
able to complete the survey (e.g. maternity leave, long term sick, parental leave). The
surveys are planned to be conducted every two years. The surveys are voluntary and
fully anonymous.
Surveyed data excludes all contractors and Board members as of the date that the survey
was conducted.
The geographical scope of the survey includes all European countries (including Bulgaria(A)),
Australia, Fiji, Indonesia, Papua New Guinea, the Philippines and New Zealand from our APS
region. Samoa has been excluded from this calculation due to its overall size however we
will continuously review and assess the appropriate scope of countries within this
measurement.
Methodologies and boundaries
Calculation = [Total number of employees self-declaring as having a disability (Number of
individuals)] ÷ [Total number of employees responding to voluntary survey (Number of
individuals)]
Based on responses to an inclusion, diversity and equity survey conducted every
other year.
Non-respondents to the survey are fully excluded from the percentage calculation.
Calculated based on the total number of employees responding to our voluntary 2025
inclusion survey (representing 48% of total workforce) and the number of employees self-
declaring as having a disability.
(A) Non-bottling location. Shared service centres only.
Number of people supported in skills development
Support: this refers to resources that CCEP commits in order to support skills development
programmes. If a programme has other funding providers, the number of beneficiaries claimed
by CCEP is directly proportional to the funding provided by CCEP.
Skills development: in-person and online interventions to provide skills development for a
sustainable future. Our programmes focus on three themes:
(1)Skills for work: we support people looking to enter employment or improve their
employability in the labour market through the following skills: awareness of careers and
aspirations, people and employability skills, digital skills, vocational skills, green skills and
early careers.
(2)Skills for business: we support small and medium sized enterprises (SMEs) and
entrepreneurs starting their own micro-business or SME: carbon management skills,
resource efficiency and utility management skills, sustainable procurement and circular
economy skills and entrepreneurial, and digital business skills.
(3)Skills for communities: we support people in communities in our value chain, including
smallholder farmers, rural communities and informal waste collectors: WASH behaviour
skills, waste literacy and plastic recovery skills, community environmental awareness
and green livelihood skills.
Interventions include elements such as virtual events, in-person events, training/upskilling
programmes, vocational training, work experience, apprenticeships, internships/placements, and
mentoring. Each programme delivery partner is responsible for data collection, including details
of registration of individuals enrolled in each programme and evidence to support reach and
impact figure. Data collection can include, but is not limited to, post-event surveys, attendance
lists, proof of completion of online training, register of attendance, schedule/work diary of
beneficiary and signed contracts.
The following groups of individuals do not qualify as beneficiaries in our measurement:
■People who signed up but did not attend/take part in community investment activities.
■People that were sent information but did not engage with the material.
■People indirectly impacted by an activity, e.g. the whole population of a town where a learning
centre has been set up.
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Sustainability metrics methodology
Social and community continued
Methodologies and boundaries
Calculation = Cumulative total number of people supported in skills development since
1 January 2023 (base year)
The number of people supported in skills development (beneficiaries) via active participation
in skills development activities or programmes supported by CCEP since 2023, when CCEP
started the programme. Activities and programmes can include those delivered by either
external community partnerships or via CCEP administered programmes such as the Early
Careers programme, supporting those just starting on their career paths with gaining access
to on the job development (e.g. apprenticeships, internships and graduate schemes).
Total number of volunteering hours
Volunteering hours is the total hours of paid working hours contributed by employees to a
community organisation or activity. The term ‘volunteering’ is often used to describe time
contributions, but it can go beyond this to include any active engagement in community
activity during paid working time.
Examples include:
■Employee volunteering
■Active participation in fundraising activities
■Longer-term secondments to community organisations
■Supervision of work experience placements
Total number of volunteering hours are used as the basis to estimate the cost of employee
time spent volunteering in the community during company time which forms part of our
overall total community investment contribution calculation.
Methodologies and boundaries
Calculation = Total number of volunteering hours during paid working time carried out
through engagements with charitable organisations or activities that extends beyond our
core business activities
The hours of volunteering activities are managed via Human Resources systems across
most markets. Additional survey data is used where Human Resources systems do not
capture volunteering days or hours.
Total number of volunteering hours
CCEP uses the B4SI Framework to measure its total community inputs: cash, time, in-kind
contributions, and management costs.
Data is captured via surveys across all CCEP markets and includes:
Cash contribution: Corporate giving is the gross monetary amount that is paid in support of
a community organisation/programme. Leveraged contributions are excluded. (Total gross
monetary amount (€))
Time contribution: Time contributed by active CCEP employees to a community
organisation or a charitable programme in paid working hours (The cost of the number of
hours of paid employee time, e.g. multiply number of hours volunteered in company time by
average global hourly rate (€))
In-kind contributions: Other non-cash resources contributed to community activities. This
could include donation of products, provision of professional services, use of Company
assets, provision of free advertising space (The cost of in-kind contributions valued at the
cost to the Company and not market value (€))
Management costs: The costs associated with managing community activities. (Number of
hours to manage community activities (hours) multiplied at average global hourly rate (€)).
The value of employee time is measured as both volunteering time and management time,
and is valued at a cost of €33.09 per hour (2024: €31.89 per hour), based on total employee
Opex and Capex costs, on an average day of 8 hours.
Methodologies and boundaries
Measurement of our community investment measures our voluntary engagement with
charitable organisations or activities that extends beyond our core business activities.
Where community partnerships are commercial projects that have a community benefit,
e.g. recycling partnerships with customers, 50% of the contribution is counted.
Excludes investment contributions excluded any leveraged funding received in the
reporting period.
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Statements
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Information
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Sustainability metrics methodology
Drinks
Sugar reduction
Volumes are based on RTD litre sales to CCEP customers and reflect changes for new
product launches and cessation of products as they occur based on sales timings.
Reformulations are captured on a half-yearly basis given the high number of beverage
formulas. Reformulations made in the first-half of the year are reflected in the current
reporting period calculation; reformulations made in the second half of the year are
reflected in the next reporting period.
Note that the data source and methodology on when to apply recipe changes differs
from the calculation of the GHG emissions of our ingredients.
Total sugar quantified by aggregating the sugar content of the total volume of sales
of non‑alcoholic beverages.
Given route to market logistics there will be a delayed impact to final end outlet sales
to the end consumers.
Reduction in average sugar per litre in soft drinks portfolio since 2019.
Methodologies and boundaries
Calculation = Percentage change of ([The total sugar (of included scope) of reporting
period] ÷ [Total volume in litre (of included scope) of reporting period]) versus ([2019 total
sugar (of included scope)] ÷ [2019 Total volume in litre (of included scope)])
European soft drink sales only.
Soft drinks is defined as sparkling soft drinks, non-carbonated drinks and flavoured water
only, and does not include plain water or juice. This definition aligns to the UNESDA
commitment definition.
Reduction in average sugar per litre in NARTD portfolio since 2015
Methodologies and boundaries
Calculation = Percentage reduction in total portfolio wide weighted volume average sugar
content (measured in grams per 100ml) since 2015
Australia, Indonesia and New Zealand NARTD sales only.
NARTD defined as sparkling soft drinks, non-carbonated drinks, water, flavoured water, juice
and dairy, excluding products that contain alcohol.
Percentage of volume sold which is low or no calorie
Low calorie beverages are defined as being less than or equal to 20 kcal/100ml. Zero calorie
beverages are defined as being less than 4 kcal/100 ml.
Volumes are based on unit case sales to CCEP customers and reflect changes for new
product launches, cessation of products and reformulations as they occur based on sales
timings. There will be a delayed impact to final end outlet sales to the end consumers.
A unit case is approximately 5.678 litres or 24 eight ounce servings, a typical volume
measurement unit.
Methodologies and boundaries
Calculation = [Total NATRD sales volume of low or no calorie products (unit cases)] ÷
[Total NARTD sales volume (unit cases)]
NARTD defined as sparkling soft drinks, non-carbonated drinks, water, flavoured water,
juice and dairy.
Calculations do not include coffee, alcohol, beer or Freestyle. For 2025, data includes
Europe, Australia, Indonesia, the Philippines and New Zealand only.
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Incorporation by reference
The following information is incorporated by reference consistent with ESRS standards to other parts of the Annual Report.
Disclosure
Page
ESRS 2 SBM-1 40
Significant markets and/or customer groups served, including changes in the reporting period
ESRS 2 SBM-1 40
Sustainability-related goals
ESRS 2 MDR-T
Targets on material sustainability matters
ESRS 2 SBM-1 40
Significant group of products offered, including changes in the reporting period
13–14
ESRS 2 SBM-1 40
Breakdown of total revenue
ESRS 2 SBM-1 40
Elements of strategy that relate to sustainability matters
ESRS 2 SBM-1 42
Description of the business model and value chain
ESRS 2 SBM-2 45
Interests and views of stakeholders
28–29
ESRS 2 40 b
Total revenue
ESRS S1 SBM-2
Interests and views of own workforce
ESRS 2 GOV-5 36
Risk management and internal controls over sustainability reporting
ESRS 2 GOV-1 20
Roles and responsibilities of administrative, management and supervisory bodies in oversight of process to manage material IROs
ESRS 2 GOV-1 21
Composition and diversity of the members of the administrative, management and supervisory bodies
ESRS 2 GOV-1 21 b
Information about representation of employees and other workers
ESRS 2 GOV-1 21 d
Board’s gender diversity: percentage by gender and other aspects of diversity
ESRS 2 GOV-1 23
Administrative, management and supervisory bodies’ skills and expertise developed to oversee sustainability matters
61, 73–74
ESRS 2 GOV-3
Integration of sustainability-related performance in incentive schemes
95–96, 106, 109
ESRS E1-1 AR 21
Explanation of extent to which ability to implement action depends on availability and allocation of resources
ESRS E1-1 16 g
Undertakings excluded from Paris-aligned benchmarks
ESRS S1-3
How the undertaking tracks and monitors issues raised and addressed, and how it ensures effectiveness of those channels
TCFD statement
UK Listing Rule 6.6.6R(8) – TCFD compliance statement
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Other
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ESRS 2 – Appendix A
Disclosure reference
The following table contains all disclosures in ESRS 2 and our material topical standards. Standards deemed not material are excluded. This table can be used to navigate the
sustainability statement, and to locate ESRS data points located outside the sustainability statement, which have been incorporated by reference (consistent with ESRS standards),
via the following icon throughout the report♦.
Cross cutting standards
Disclosure
Reference
Page
Explanatory notes
ESRS 2 | General disclosures
BP-1
General basis for preparation of the sustainability statement
Basis for preparation and transition
BP-2
Disclosures in relation to specific circumstances
ESRS 2 general information – Our DMA outcomes
GOV-1
The role of the administrative, management and supervisory bodies
Board of Directors, Directors’ biographies, Governance
framework, Training and development, ESG governance
framework, policies and procedures
61, 62–67, 69, 73,
224, 251–252
GOV-2
Information provided to and sustainability matters addressed by the
undertaking’s administrative, management and supervisory bodies
Board-level governance
GOV-3
Integration of sustainability-related performance in incentive schemes
2023 Long-Term Incentive Plan, LTIP, Long-term incentives
94–96, 109
GOV-4
Statement on sustainability due diligence
Statement on due diligence
GOV-5
Risk management and internal controls over sustainability reporting
Internal control procedures and risk management, Risk
management and internal controls 
SBM-1
Strategy, business model and value chain
Our operations, Our business model, Our strategy, 2025
highlights, Portfolio highlights, This is Forward
8–9, 11, 13–14, 26
##
SBM-2
Interests and views of stakeholders
Our stakeholders, Climate stakeholder engagement,
Packaging stakeholder engagement, Water and nature
stakeholder engagement, Own workforce stakeholder
engagement, Communities stakeholder engagement
28–29, 229, 241,
245, 248, 250
SBM-3
Material IROs and their interaction with strategy and business model
Our double materiality assessment, Material ESG-related
impacts and risks
IRO-1
Description of the process to identify and assess material impacts,
risks and opportunities
Our double materiality assessment
IRO-2
ESRS disclosures covered by the undertaking’s sustainability
statement
Incorporation by reference, Appendix A
MDR-P
Policies adopted to manage material sustainability matters
Policies and procedures
MDR-A
Actions and resources in relation to material sustainability matters
E1, E2, E3, E4, E5, S1, S3 – Our actions
228–231, 239–241,
242–245, 246–248,
249–250
MDR-M
Metrics in relation to material sustainability matters
E1, E2, E3, E4, E5, S1, S3 – Metrics and targets, Key performance
data related to ESRS material topics, Methodology
228, 239, 242,
246–247, 249,
MDR-T
Tracking effectiveness of policies and actions through targets
This is Forward – our sustainability action plan
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ESRS 2 – Appendix A
Disclosure reference continued
Cross cutting standards
Disclosure
Reference
Page
Explanatory notes
E1 | Climate change
SBM-3
Material IROs and their interaction with strategy and business model
Material ESG-related impacts and risks, Our risk and impact
IRO-1
Description of the processes to identify and assess material IROs
Our double materiality assessment
E1-1
Transition plan for climate change mitigation
ESG governance framework, Our climate transition plan
E1-2
Policies related to climate change mitigation and adaptation
Policies and procedures
E1-3
Actions and resources in relation to climate change policies
Our climate transition plan, Business planning
E1-4
Targets related to climate change mitigation and adaptation
Metrics and targets, 2030 decarbonisation levers, Key
performance data summary – climate
E1-5
Energy consumption and mix
Key performance data summary – energy consumption and
mix
E1-6
Gross Scope 1, 2 and 3 and total GHG emissions
Key performance data summary – climate, ESRS metrics and
methodology
253–254, 258–265
E1-7
GHG removals and GHG mitigation projects financed through carbon
credits
Residual emissions, Key performance data summary – climate
E1-8
Internal carbon pricing
Our actions
E1-9
Anticipated financial effects from material physical and transition risks
and potential climate-related opportunities
Phase in allowance
applied
E2 | Pollution
SBM-3
Material IROs and their interaction with strategy and business model
Material ESG-related impacts and risks, Our risk and impacts
IRO-1
Description of the processes to identify and assess material IROs
Our double materiality assessment, Supplier risk management
E2-1
Policies related to pollution
Policies and procedures
E2-2
Actions and resources related to pollution
Impacts within our supply chain
E2-3
Targets related to pollution
Supplier compliance requirements, Priority ingredients, Key
performance data
E2-4
Pollution of air, water and soil
Not material
E2-5
Substances of concern and substances of very high concern
Not material
E2-6
Anticipated financial effects from pollution-related risks and
opportunities
Not financially
material
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Information
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ESRS 2 – Appendix A
Disclosure reference continued
Cross cutting standards
Disclosure
Reference
Page
Explanatory notes
E3 | Water and marine resources
SBM-3
Material IROs and their interaction with strategy and business model
Material ESG-related impacts and risks, Our risks and impacts
IRO-1
Description of the processes to identify and assess material IROs
Our double materiality assessment
E3-1
Policies related to water and marine resources
Policies and procedures
E3-2
Actions and resources related to water and marine resources
Our actions, Impacts within our supply chain
E3-3
Targets related to water and marine resources
Our 2030 targets and 2025 progress, Improving water
efficiency
E3-4
Water consumption
Key performance data – water and nature
E3-5
Anticipated financial effects from water and marine-related impacts,
risks and opportunities
Not financially
material
E4 | Biodiversity and ecosystems
SBM-3
Material IROs and their interaction with strategy and business model
Material ESG-related impacts and risks, Our risk and impacts
IRO-1
Description of the processes to identify and assess material IROs
Our double materiality assessment
E4-1
Transition plan and consideration of biodiversity and ecosystems in
strategy and business model
Climate scenario modelling, Climate risk management,
Physical risk
E4-2
Policies related to biodiversity and ecosystems
Policies and procedures
E4-3
Actions and resources related to biodiversity and ecosystems
Impacts within our supply chain
E4-4
Targets related to biodiversity and ecosystems
Priority ingredients
E4-5
Impact metrics related to biodiversity and ecosystem change
Key performance data – water and nature
E4-6
Anticipated financial effects from biodiversity and ecosystem-related
risks and opportunities
Not financially
material
E5 | Resource use and circular economy
SBM-3
Material IROs and their interaction with strategy and business model
Material ESG-related impacts and risks, Our risk and impacts
IRO-1
Description of the processes to identify and assess material IROs
Our double materiality assessment
E5-1
Policies related to resource use and circular economy
Policies and procedures
E5-2
Actions and resources related to resource use and circular economy
Our actions
E5-3
Targets related to resource use and circular economy
Our 2030 targets and 2025 progress
E5-4
Resource inflows
Our actions, Key performance data – packaging
E5-5
Resource outflows
Our actions, Key performance data – packaging
E5-6
Anticipated financial effects from resource use and circular economy-
related impacts, risks and opportunities
Phase in allowance
applied
Strategic
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Governance and
Directors’ Report
Financial
Statements
Sustainability
Statement
Other
Information
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ESRS 2 – Appendix A
Disclosure reference continued
Cross cutting standards
Disclosure
Reference
Page
Explanatory notes
S1 | Own workforce
SBM-3
Material IROs and their interaction with strategy and business model
Material ESG-related impacts and risks, Our impacts
S1-1
Policies adopted to manage impacts on own workforce
Policies and procedures
S1-4
Actions related to material impacts on own workforce
Our actions
S1-5
Targets related to material impacts on own workforce
Our target and 2025 progress
S1-6
Metrics related to own workforce
Key performance data - Own workforce
S1-9
Demographics of own workforce
Key performance data - Own workforce
S1-14
Metrics related to health and safety
Key performance data - Own workforce
S1-17
Metrics related to discrimination
Human rights
S2 | Workers in the value chain
While not a material topic, information about workers in our supply chain can be found in the Great
people section
S3 | Affected communities
SBM-3
Material IROs and their interaction with strategy and business model
Material ESG-related impacts and risks, Our impact
IRO-1
Description of the processes to identify and assess material IROs
Our double materiality assessment
S3-1
Policies related to affected communities
Policies and procedures
S3-2
Processes for engaging with affected communities about impacts
Stakeholder engagement
S3-3
Processes to remediate negative impacts and channels for affected
communities to raise concerns
Human rights
S3-4
Actions related to material impacts on affected communities
Our actions
S3-5
Targets related to managing material negative impacts, advancing
positive impacts, and managing material risks and opportunities
Our 2030 target and 2025 progress
S4 | Consumers and end users
While not a material topic, we do have targets related to consumers that can be found in the further
sustainability information section
While not a material topic, information about our business conduct can be found in the Governance and
Directors’ Report
Strategic
Report
Governance and
Directors’ Report
Financial
Statements
Sustainability
Statement
Other
Information
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ESRS 2 – Appendix B
Data points that derive from other EU legislation
The table below includes all data points that derive from other EU legislation as listed in ESRS 2 – Appendix B. It indicates where the data points can be found in our report and those
deemed non-material.
Disclosure
Data
point
Description
SFDR
reference
Pillar 3
reference
Benchmark
regulation
reference
EU Climate
Law reference
Material
Page
ESRS 2 GOV-1
21 (d)
Board’s gender diversity
x
x
Mandatory
ESRS 2 GOV-1
21 (e)
Percentage of Board members who are independent
x
Mandatory
ESRS 2 GOV-4
30
Statement on due diligence
x
Mandatory
ESRS 2 SBM-1
40 (d) i
Involvement in activities related to fossil fuel activities
x
x
x
Mandatory
N/A CCEP not
involved
ESRS 2 SBM-1
40 (d) ii
Involvement in activities related to chemical production
x
x
Mandatory
N/A CCEP not
involved
ESRS 2 SBM-1
40 (d) iii
Involvement in activities related to controversial weapons
x
x
Mandatory
N/A CCEP not
involved
ESRS 2 SBM-1
40 (d) iv
Involvement in activities related to cultivation and production of tobacco
x
Mandatory
N/A CCEP not
involved
ESRS E1-1
14
Transition plan to reach climate neutrality by 2050
x
Yes
ESRS E1-1
16 (g)
Undertakings excluded from Paris-aligned benchmarks
x
x
Yes
27 (CCEP not
excluded)
ESRS E1-4
34
GHG emissions reduction targets
x
x
x
Yes
ESRS E1-5
38
Energy consumption from fossil sources disaggregated by sources
(only high climate impact sectors)
x
Yes
ESRS E1-5
37
Energy consumption and mix
x
Yes
ESRS E1-5
40-43
Energy intensity associated with activities in high climate impact sectors
x
Yes
ESRS E1-6
44
Gross Scope 1, 2 and 3 and total GHG emissions
x
x
x
Yes
ESRS E1-6
53-55
Gross GHG emissions intensity
x
x
x
Yes
ESRS E1-7
56
GHG removals and carbon credits
x
Yes
ESRS E1-9
66
Exposure of the benchmark portfolio to climate-related physical risks
x
Yes
N/A phase in
allowance applied
ESRS E1-9
66 (a);
66 (c)
Disaggregation of monetary amounts by acute and chronic physical risk;
location of significant assets at material physical risk
x
Yes
N/A phase in
allowance applied
ESRS E1-9
67 (c)
Breakdown of the carrying value of its real estate assets by energy efficiency
classes
x
Yes
N/A phase in
allowance applied
ESRS E1-9
69
Degree of exposure of the portfolio to climate-related opportunities
x
Yes
N/A phase in
allowance applied
Strategic
Report
Governance and
Directors’ Report
Financial
Statements
Sustainability
Statement
Other
Information
Coca-Cola Europacific Partners plc
2025 Annual Report and Form 20-F
283
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ESRS 2 – Appendix B
Data points that derive from other EU legislation continued
Disclosure
Data
point
Description
SFDR
reference
Pillar 3
reference
Benchmark
regulation
reference
EU Climate
Law reference
Material
Page
ESRS E2-4
28
Amount of each pollutant listed in Annex II of the E-PRTR Regulation emitted
to air, water and soil
x
No
N/A
ESRS E3-1
9
Water and marine resources
x
Yes
ESRS E3-1
13
Dedicated policy
x
Yes
ESRS E3-1
14
Sustainable oceans and seas
x
No
N/A
ESRS E3-4
28 (c)
Total water recycled and reused
x
No
N/A
ESRS E3-4
29
Total water consumption in m3 per net revenue on own operations
x
Yes
ESRS 2 SBM 3 – E4
16 (a) i
Activities negatively affecting biodiversity sensitive areas
x
No
N/A
ESRS 2 SBM 3 – E4
16 (b)
Material negative impacts with regards to land degradation, desertification,
or soil sealing
x
No
N/A
ESRS 2 SBM 3 – E4
16 (c)
Operations that negatively affect biodiversity sensitive areas
x
No
N/A
ESRS E4-2
24 (b)
Sustainable land/agriculture practices or policies
x
Yes
ESRS E4-2
24 (c)
Sustainable oceans/seas practices or policies
x
No
N/A
ESRS E4-2
24 (d)
Policies to address deforestation
x
Yes
ESRS E5-5
37 (d)
Non-recycled waste
x
No
N/A
ESRS E5-5
39
Hazardous waste and radioactive waste
x
No
N/A
ESRS 2 SBM 3 – S1
14 (f)
Risk of incidents of forced labour
x
No
N/A
ESRS 2 SBM 3 – S1
14 (g)
Risk of incidents of child labour
x
No
N/A
ESRS S1-1
20
Human Rights Policy commitments
x
No
N/A
ESRS S1-1
21
Due diligence policies on issues addressed by the fundamental International
Labour Organization Conventions 1 to 8
x
No
N/A
ESRS S1-1
22
Processes and measures for preventing trafficking in human beings
x
No
N/A
ESRS S1-1
23
Workplace accident prevention policy or management system
x
No
N/A
ESRS S1-3
32 (c)
Grievance/complaints handling mechanisms
x
No
N/A
ESRS S1-14
88 (b)
and (c)
Number of fatalities and number and rate of work-related accidents
x
x
No
N/A
ESRS S1-14
88 (e)
Number of days lost to injuries, accidents, fatalities or illness
x
No
N/A
Strategic
Report
Governance and
Directors’ Report
Financial
Statements
Sustainability
Statement
Other
Information
Coca-Cola Europacific Partners plc
2025 Annual Report and Form 20-F
284
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ESRS 2 – Appendix B
Data points that derive from other EU legislation continued
Disclosure
Data
point
Description
SFDR
reference
Pillar 3
reference
Benchmark
regulation
reference
EU Climate
Law reference
Material
Page
ESRS S1-16
97 (a)
Unadjusted gender pay gap
x
x
No
N/A
ESRS S1-16
97 (b)
Excessive CEO pay ratio
x
No
N/A
ESRS S1-17
103 (a)
Incidents of discrimination
x
No
N/A
ESRS S1-17
104 (a)
Non-respect of UNGPs on Business and Human Rights and OECD
x
x
No
N/A
ESRS 2 SBM 3 – S2
11 (b)
Significant risk of child labour or forced labour in the value chain
x
No
N/A
ESRS S2-1
17
Human Rights Policy commitments
x
No
N/A
ESRS S2-1
18
Policies related to value chain workers
x
No
N/A
ESRS S2-1
19
Non-respect of UNGPs on Business and Human Rights principles and
OECD guidelines
x
x
No
ESRS S2-1
19
Due diligence policies on issues addressed by the fundamental International
Labour Organization Conventions 1 to 8
x
No
N/A
ESRS S2-4
36
Human rights issues and incidents connected to its upstream and
downstream value chain
x
No
N/A
ESRS S3-1
16
Human Rights Policy commitments
x
No
N/A
ESRS S3-1
17
Non-respect of UNGPs on Business and Human Rights, ILO principles and/or
OECD guidelines
x
x
Yes
ESRS S3-4
36
Human rights issues and incidents
x
No
N/A
ESRS S4-1
16
Policies related to consumers and end-user
x
No
N/A
ESRS S4-1
17
Non-respect of UNGPs on Business and Human Rights and OECD guidelines
x
x
No
N/A
ESRS S4-4
35
Human rights issues and incidents
x
No
N/A
ESRS G1-1
10 (b)
United Nations Convention against Corruption
x
No
N/A
ESRS G1-1
10 (d)
Protection of whistle-blowers
x
No
N/A
ESRS G1-4
24 (a)
Fines for violation of anti-corruption and anti-bribery laws
x
x
No
N/A
ESRS G1-4
24 (b)
Standards of anti-corruption and anti-bribery
x
No
N/A
Strategic
Report
Governance and
Directors’ Report
Financial
Statements
Sustainability
Statement
Other
Information
Coca-Cola Europacific Partners plc
2025 Annual Report and Form 20-F
288
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Strategic
Report
Governance and
Directors’ Report
Financial
Statements
Sustainability
Statement
Other
Information
Coca-Cola Europacific Partners plc
2025 Annual Report and Form 20-F
289
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Risk factors
This section examines the risks Coca-Cola Europacific Partners (CCEP) faces as a business.
These risks may change over time. These risks may/would apply under each jurisdiction
subject to its specific rules and regulations, which differ in scope, application,
consequences and other ways, and nothing should be construed from any reference
to one jurisdiction that implies any less risk in another.
Market
We may not be able to respond successfully to changes in the marketplace.
We operate in the highly competitive beverage industry and face strong competition from
other general and speciality beverage companies. The timing and effectiveness of our
response to continued and increased competitor and customer consolidations and
marketplace competition may result in lower than expected net pricing of our products.
Additionally, the loss of key contracts or customers to our competitors may decrease
our sales volume, revenues and profitability and damage our reputation.
Changes in our relationships with large customers may adversely impact our
financial results.
A significant amount of our volume is sold through large retail chains, including
supermarkets and wholesalers. Many of these customers are consolidating or are
forming buying groups, which increases their purchasing power. They may seek to use
this to improve their profitability through lower prices or harmonised prices across
customers and/or countries, increased emphasis on generic and other private label
brands, or increased promotional programmes and payment of rebates.
Competition from hard discount retailers and online retailers continues to challenge
traditional retail outlets. This can increase the pressure on all customer margins, which may
then be reflected in pressure on suppliers such as CCEP. The increase of B2B platforms
could change the dynamics of our route to market. It could result in weakening our ability
to influence our end customers or having to pay fees to platform owners going forward.
In addition, from time to time, a customer or customers choose(s) to temporarily or
permanently stop selling some of our products as a result of disputes with us.
These factors can have a negative impact on the availability of our products and
our profitability.
Adverse weather conditions could limit the demand for our products.
Our sales are significantly influenced by weather conditions in the countries in which we
operate. In particular, due to the seasonality of our business, cold or wet weather during
the summer months may have a negative impact on the demand for our products and
contribute to lower sales. This could have an adverse effect on our financial results.
Our business is vulnerable to products being imported from outside our territories,
which adversely affects our sales.
Some of the territories in which we operate permit imports of products manufactured by
bottlers from countries outside our territories. When these imports come from members of
the European Economic Area, we are prohibited from taking action to stop such imports.
Economic and tax
The deterioration of global and local economic and political conditions could
adversely affect our business performance and share price.
Our performance is closely tied to global economic cycles and conditions across the
geographies where we operate. Periods of slow growth or economic contraction, reduced
consumer confidence, or rising unemployment typically reduce demand and can drive
down sales. If consumers face lower disposable income or deteriorating economic
conditions, they may switch to lower‑priced private‑label alternatives, reduce discretionary
purchases, or cut back beverage consumption. This would adversely affect our volume,
pricing power, revenue, margins and inventory turns.
Inflationary pressures and higher interest rates may persist or re‑emerge, and monetary
and fiscal policies in major economies can change rapidly and inconsistently. Central bank
actions - including policy tightening or easing - can affect borrowing costs, consumer
demand, foreign exchange rates and financing availability. If inflation increases our input,
manufacturing, distribution or labour costs, or if higher interest rates raise our funding
costs or constrain consumer spending, our profitability, cash flows and capital allocation
could be adversely affected.
Policy shifts, including changes in taxation or government spending, could also create
compliance burdens and reduce operational flexibility. Tariff levels, export controls,
sanctions and trade realignments remain uncertain and can alter sourcing economics,
logistics routes and supplier competitiveness. Elevated tariffs or trade frictions between
major economies can reshape global supply chains and affect our cost base and lead
times. If tariffs increase on goods we source or if trade frictions disrupt our upstream
suppliers, we could face higher input costs, production delays, inventory imbalances and
reduced margin.
A strong U.S. dollar or volatile capital flows in emerging markets can exacerbate foreign
exchange risk, increase hedging costs and adversely affect demand and pricing in
affected countries. Commodity demand weakness or currency depreciation in Australia
and New Zealand could also negatively impact our revenue and earnings reported in our
functional currency.
Strategic
Report
Governance and
Directors’ Report
Financial
Statements
Sustainability
Statement
Other
Information
Coca-Cola Europacific Partners plc
2025 Annual Report and Form 20-F
290
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Risk factors continued
Geopolitical tensions, including armed conflicts and regional instability, raise risks of energy
price spikes, shipping route interruptions, insurance premium increases and port
congestion. Elections in major economies can result in rapid policy changes affecting
tariffs, immigration, fiscal stimulus and regulatory oversight, which in turn influence trade
dynamics, currency markets and consumer sentiment. If geopolitical events or election
outcomes lead to higher energy and transportation costs, restricted shipping lanes or
market volatility, our supply chain reliability, operating costs, demand forecasts and pricing
strategies could be adversely affected.
Such events can also impair supplier solvency, increase counterparty risk, and reduce our
ability to pass through cost increases. Foreign exchange shortages and an overvalued Kina
(PGK) in Papua New Guinea present ongoing risks. Regulatory actions, FX allocation
constraints or currency devaluation can impede local operations and affect translation of
financial results. If PGK undergoes an orderly or disorderly devaluation, or if FX access is
restricted, APS results may be negatively impacted when translating earnings into
Australian dollars. These effects could include reduced reported revenue and income,
higher transaction and hedging costs, and delays in repatriating cash.
The combination of fragile global growth, policy uncertainty, geopolitical tensions, trade
frictions, commodity price volatility, foreign exchange instability and potential supply chain
disruptions creates a complex and unpredictable operating environment. If these factors
materialise singly or simultaneously, they could directly and adversely affect our business
performance, operating results, financial condition, cash flows, liquidity requirements and
share price. They may also require us to adjust capital plans, reduce discretionary spending,
modify hedging strategies, or revise our pricing and product mix to mitigate impacts.
Increases in costs of raw materials could harm our financial results.
We use supplier pricing agreements and derivative financial instruments to manage
volatility and market risk for certain commodities. Generally, these hedging instruments
establish the purchase price before the time of delivery, which may lock us into prices
that are ultimately higher or lower than the actual market price at the time of delivery.
We continue to experience volatility in both commodity prices and foreign‑exchange
markets. FX movements are primarily driven by interest‑rate differentials, monetary‑policy
decisions, macroeconomic conditions, and geopolitical developments, while commodity
price fluctuations reflect changes in global supply-demand dynamics, energy markets,
weather patterns, and trade disruptions. These factors interact in different ways and at
different magnitudes over time, and we expect similar conditions to prevail in 2026.
Changes in interest rates or our debt rating could harm our financial results and
financial position.
We are subject to interest rate risk, and changes in our debt rating could have a material
adverse effect on interest costs and debt financing sources. Our debt rating can be
materially influenced by a range of factors, including our financial performance,
acquisitions and investment decisions, as well as the capital management activities of
The Coca-Cola Company (TCCC) and changes in its debt rating. If our credit rating declines
or interest rates continue to increase, as they have done in recent years, there is no
guarantee that we will be able to access debt financing on favourable terms, or at all.
The deterioration in political unity within the EU could significantly impact our
financial results and reduce our competitiveness in the marketplace.
There are concerns regarding the short- and long-term stability of the euro and British
pound and the euro’s ability to serve as a single currency for a number of individual
countries. These concerns could lead individual countries to revert, or threaten to revert,
to local currencies. In more extreme circumstances, they could exit the EU, and the
Eurozone could be dissolved entirely. Should this occur, the assets we hold in a country
that reintroduces local currency could be subject to significant changes in value when
expressed in euros. Furthermore, the full or partial dissolution of the euro, the exit of one or
more EU member states from the EU or the full dissolution of the EU could cause significant
volatility and disruption to the global economy. This could affect our ability to access
capital at acceptable financing costs, the availability of supplies and materials, and demand
for our products, all of which could adversely impact our financial results.
If it becomes necessary for us to use additional currencies, we would be subjected to
additional earnings volatility as amounts in these currencies would be translated into euros.
Default by or failure of one or more of our counterparty financial institutions could
cause us to incur losses.
We are exposed to the risk of default by, or failure of, the counterparty financial institutions
with which we do business. This risk may be heightened during economic downturns and
periods of uncertainty in the financial markets.
If one of our counterparties became insolvent or filed for bankruptcy, our ability to recover
amounts owed from or held in accounts with the counterparty may be limited. In this event
we could incur losses, which could negatively impact our results and financial condition.
Strategic
Report
Governance and
Directors’ Report
Financial
Statements
Sustainability
Statement
Other
Information
Coca-Cola Europacific Partners plc
2025 Annual Report and Form 20-F
291
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Risk factors continued
Future changes to tax laws in the countries in which we operate could adversely
affect our business.
We are subject to multiple national, state, regional, and local taxes in the jurisdictions
in which we operate, including corporate income tax and sales tax. Tax is a complex and
evolving area, leading to the risk of increased or unexpected tax costs, and/or additional tax
reporting obligations. Tax laws could change on a prospective or retroactive basis. Any such
changes could adversely affect our business and its affiliates, and there is no assurance
that we would be able to maintain a particular Group wide effective tax rate. An increase
in our effective tax rate would negatively impact the results of our operations.
The Pillar Two rules were enacted in the UK under the Finance (No.2) Act 2023 introducing
a global minimum effective tax rate of 15%. The legislation implements a domestic top-up
tax and a multinational top-up tax effective for accounting periods starting on or after
31 December 2023 with the first reporting due in June 2026. The Pillar Two rules have also
been implemented in most of the other countries where we operate.
Additionally, direct or indirect taxes or other charges imposed on the sale of our products
could increase costs or cause consumers to purchase fewer of them. Many countries in
which we operate are looking to implement or increase such taxes. These may relate, for
example, to the use of non-recycled plastic in beverage packaging, or the use of sugar or
other sweeteners in our beverages. Such changes may arise through the raising of an
existing tax or the imposition of a new one.
Additional taxes levied on us could harm our financial results.
Our tax filings for various periods are or may be subject to current or future audit by tax
authorities. These audits have resulted, and may in the future, result in assessments of
additional taxes, as well as interest and/or penalties, and could adversely affect our
financial results. Changes in tax laws, regulations, court rulings, related interpretations,
and tax accounting standards in countries in which we operate, or if we are unsuccessful
in defending our tax positions, may adversely affect our financial results. Additionally,
amounts we may need to repatriate for the payment of dividends, share buybacks, interest
on debt, salaries and other costs may be subject to additional taxation when repatriated.
Packaging
Waste and pollution, and the legal and regulatory responses to these issues,
could adversely impact our business.
Waste and pollution, particularly plastic and packaging waste, is a global issue affecting
our business. Although the vast majority of our packaging is fully recyclable, it is not
always collected for recycling across our territories, and can end up as land or marine
litter. Concerns regarding the environmental impacts of packaging have led to governments
in countries we operate in implementing laws and regulations that aim to increase the
collection and recycling of our packs, reduce packaging waste and litter, including
through limiting the use of single use plastic, mandating extended producer responsibility
schemes and introduce quotas for refillable packaging, as well as specific packaging
design requirements. 
The EU adopted the Packaging and Packaging Waste Regulation which entered into force in
February 2025 and will start applying as at August 2026 across the entire territory of the EU.
In addition to initiatives at the EU level, several countries in which we operate also have or
are planning other legislative or regulatory measures to reduce the use of single use
plastics, including plastic beverage bottles, and/or increases to plastic collection and
recycling. Such measures may include implementing a DRS under which a deposit fee is
added to the consumer price, which is refunded if and when the bottle is returned. Other
measures may include rules on recycled content, requirements to purchase credits (such
as packaging recovery notes (PRN) or collection/waste diversion certificates) to show that
we meet our responsibilities for recycling and recovery of packaging waste, individual
collection or recycling targets, or a plastic tax. At a global level, over 170 countries are
involved in negotiations to establish a Global Treaty to end plastic pollution but there can
be no assurances as to the success of such efforts. Despite stalling in 2025, they are set to
resume in 2026 and some governments have developed a deeper understanding of the
solutions for ending plastic pollution and are motivated to take action. The adoption of new
or more stringent, fragmented rules across multiple markets could increase our costs and
may have a material impact on the cost and efficiency of our operations.
If we fail to sufficiently address stakeholder concerns about packaging and recycling, or
we are not able to adapt our business to new legislation and regulation on a timely or cost
effective basis, or at all, it could result in higher costs through packaging taxes, producer
responsibility reform, regulatory fines, damage to corporate reputation or investor
confidence, and a reduction of consumer acceptance of our products and packaging.
Strategic
Report
Governance and
Directors’ Report
Financial
Statements
Sustainability
Statement
Other
Information
Coca-Cola Europacific Partners plc
2025 Annual Report and Form 20-F
292
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Risk factors continued
Health concerns regarding the contents of our packaging materials, and regulatory
responses to those concerns, could increase our costs and harm our reputation.
We are also subject to regulations governing the contents of our packaging, and may
become subject to more stringent regulations in that regard.
New recycling technologies may not work or may not be developed quickly enough.
We are exploring innovative ways to achieve the packaging targets that we have set
ourselves and those imposed by legislation and regulation, for example by using plastic that
has been recycled via enhanced/chemical recycling technologies. There is a risk that these
new technologies may not be developed quickly enough or may not work as well as intended,
which could limit our ability to mitigate the impact of restrictions on single use plastics.
Also, these technologies may be more expensive than current solutions, potentially reducing
our profitability.
Category evolution
Health concerns could reduce consumer demand for some of our products, impacting
our financial performance.
There is a concern that the public health consequences of obesity, particularly among
young people, are increasing. Health advocates and dietary guidelines suggest that
consumption of sugar sweetened beverages is a cause of increased obesity rates, and
are encouraging consumers to reduce or eliminate consumption of such products.
In addition, governments have introduced stronger regulations around the marketing,
labelling, packaging, or sale of sugar sweetened beverages. These concerns and regulations
could reduce demand for, or increase the cost of, our sugar sweetened beverages.
At the same time, there is additional scrutiny by the World Health Organization, EFSA and
national health authorities on sweeteners, with many studies and impact assessments
on health ongoing. Some of these studies may lead to additional regulatory constraints or
additional tax, like in France, where a soda tax applies to both products with sugar and
those with sweeteners.
Consumer trends have also led to an increased demand for low-calorie soft drinks, water,
enhanced water, isotonics, energy drinks, teas, coffees and beverages with natural
ingredients. If we are unable to meet this demand by providing a broad enough range
of products, our business and financial results could be negatively impacted.
Geopolitical and global
Global or regional catastrophic events could negatively impact our business, financial
results and employee wellbeing. 
Our business may be affected by prolonged internal and/or external disruptive events.
These may include natural disasters such as hurricanes, floods, fires, earthquakes and
health crises such as pandemics, and man-made events such as wars and political turmoil.
Other potential disruptive events include the loss of critical assets and infrastructure,
the loss of (or loss of access to) critical employees through industrial disputes, or through
government interventions that may cause territorial supply constraints and place
limitations on trade such as lockdowns or through additional import duties or new
regulatory obligations. There could be major IT outages due to a cyber incident or similar,
or the failure of third party supplied raw materials, critical services or utilities such as
electricity, gas and water. Recent examples of disruptive events include the current
conflicts between Russia and Ukraine, and Israel and Gaza, the tensions between China
and Taiwan which have directly and indirectly impacted us and our consumers.
Such disruptive events could have a material adverse impact on our sales volume, cost
of sales, earnings, and overall financial condition.
Cyber and IT/Operational Technology (OT) resilience
Cyber attacks, or a deficiency in our cybersecurity or a customer’s or supplier’s
cybersecurity, could negatively impact our business.
As our reliance on IT and the digitalisation and automation of our supply chain increases
and operational technology (OT) systems become more connected and integrated with IT
networks, so will the risks posed to our internal and third party systems from
cyber incidents.
A cyber incident is considered to be any adverse event that threatens the confidentiality,
integrity or availability of our data or information and OT systems. It could involve a
third party gaining unauthorised access to systems, either unintentionally or through an
intentional attack (such as activities due to war, state sponsored cyber terrorism, criminal
attack, hacking or a computer virus), which could disrupt operations, compromise or
corrupt data, damage our brand reputation, pose safety hazards, threaten our Company
or employees and negatively impact our financial results.
Our business processes require high levels of integration between our IT/OT systems and
the systems of third parties (suppliers, customers, business partners, systems providers)
and companies that we invest in or acquire. A cyber incident at any of those entities could
either spread to our systems or indirectly have a negative impact on our ability to operate.
Similarly, cyber attacks in one country might impact our ability to do business in other
countries due to the dependencies on IT/OT systems and applications.
Strategic
Report
Governance and
Directors’ Report
Financial
Statements
Sustainability
Statement
Other
Information
Coca-Cola Europacific Partners plc
2025 Annual Report and Form 20-F
293
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Risk factors continued
Technology failures could disrupt our operations and negatively impact our business.
We rely extensively on IT systems to process, transmit, store and protect electronic
information. For example, our production and distribution facilities and inventory
management all use IT and OT to maximise efficiencies and minimise costs.
Communication between our employees, customers and suppliers also depends,
to a large extent, on IT.
Our IT and OT systems may be vulnerable to interruptions due to implementation of new
systems or systems upgrades (such as our system applications and production in data
processing (SAP) and its modules) and events that may be beyond our control. These
include, but are not limited to, natural disasters, telecommunications failures, power
outages, hardware failures, human error and security issues, such as cyber attacks.
Centralisation of IT systems might increase the impact of a failure of IT applications. We
have IT and OT security controls, processes and disaster recovery plans in place, but they
may not be adequate or implemented effectively enough to ensure that our operations are
not disrupted. If we miscalculate the level of investment needed, our software, hardware
and maintenance practices could become out of date, and this could result in disruptions
to our business. In addition, when we integrate new entities following investments or
acquisitions, the integration of IT/OT systems and applications for those entities will
increase the complexity and the risk level of our IT/OT infrastructure.
Business transformation and digital capability
We may not identify sufficient initiatives to realise our cost saving goals
to stay competitive.
We continue to assess opportunities for improvements as part of the ongoing business
strategy to enable us to remain competitive in the future. This strategic objective
encompasses all the support functions, technology transformation, supply chain and
commercial improvements and working efficiently with our partners and franchisors.
The initiatives are complex due to their multi functional and multi country nature.
Ineffective coordination and control over single initiatives and interdependent initiatives
could result in us failing to realise the expected benefits.
Miscalculation of our need for infrastructure investment could impact our
financial results.
To support revenue growth, we are investing in our infrastructure, including CDE, fleet,
technology, sales force, digital capability and production equipment. There is a risk that
these investments will not generate the projected returns, either because of market or
technological changes, or ineffective adoption of capabilities, or because the projected
requirements of the investments differ from actual levels. This could adversely affect
our financial results.
We may not be able to execute our strategy to pursue suitable acquisitions or may
have difficulty integrating acquired businesses.
Our strategy involves, in part, pursuing disciplined and attractive investments, which are
intended to create shareholder value. Our efforts to execute this strategy require us
to identify suitable acquisition targets (such as Coca-Cola Beverages Philippines, Inc.),
negotiate, and close acquisition and development transactions. Further, to the extent that
we are able to identify suitable investments, negotiations may not proceed as anticipated
and management attention may be diverted by such opportunities. We may also encounter
unexpected difficulties, joint venture partner disputes, cost or delays in restructuring and
integrating acquired businesses or bottling operations into our operating, governance,
sustainability and internal control structures, including extending our Company’s internal
control over financial reporting to newly acquired businesses, which may increase the risk
of failure to prevent misstatements in our consolidated financial statements. There is no
guarantee that these investments will ultimately be accretive, support our growth
or achieve the intended result.
Key supplier
Increases in costs, limitation of supplies, or lower than expected quality of raw
materials could harm our financial results.
The cost of our raw materials, ingredients, packaging materials or energy could increase
over time. If we are unable to pass the increased costs on to our customers in the form
of higher prices, our financial results could be adversely affected.
Our suppliers could be adversely affected by a number of external events causing supply
disruption. These could include war, strikes, adverse weather conditions, speculation, cyber
attack, abnormally high demand, new taxes, national emergencies, natural disasters, health
crises, such as a pandemic, and insolvency. The quality of the materials or finished goods
we receive could be lower than expected. If this happens, we may need to substitute
those items for ones that meet our standards, or replace underperforming suppliers. If we
are unable to find an alternative source for our materials, our cost of sales, revenues, and
ability to manufacture and distribute our products could be adversely affected.
Growing governmental or legal requirements could adversely impact CCEP’s ability to
produce and sell our products or impact CCEP’s reputation in the market place.
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Risk factors continued
Product quality
Our business could be adversely affected if we, TCCC, other franchisors or the
manufacturers (co-packers) of the products we distribute are unable to maintain a
positive brand image as a result of product safety, product quality, food defence or
food fraud issues.
Adequate and effective quality control methods are vital to ensure the safety and integrity
of the products we manufacture. All ingredients, packaging materials and products are
compliant with all applicable regulations. All our employees are responsible for ensuring
we only make, move and sell safe and high quality products and are required to follow all
relevant policy guidelines, procedures and processes at our production facilities and
across our entire supply chain. Factors such as improper handling, storage, or inadequate/
inefficient sanitation practices during the manufacturing process can introduce
contaminants, leading to adverse health effects for our consumers.
Additionally, failure to meet stringent quality standards may result in product recalls,
regulatory fines, legal liabilities and associated costs and loss of profit. Negative publicity
surrounding safety and quality issues may jeopardise our Company’s reputation, as it may
erode consumer trust and loyalty, affecting our market share and long-term profitability.
Health, safety and security
Adverse effects on our people’s health, wellbeing and safety and security could
impact our business.
Failure to adequately manage workplace hazards or comply with our health and safety
policies and guidelines may lead to injuries or fatalities among our people. This, in turn,
could negatively affect employee engagement and productivity.
Increased stress and burnout may also exacerbate mental health challenges and lead to
higher employee absenteeism rates, further impacting business performance. To address
these challenges, wellbeing initiatives require innovative approaches that effectively reach
all employees, particularly during periods of restructuring. Without these efforts, the risk
of long-term absences and diminished productivity may arise.
Financial and political uncertainty may create risks to our business and employees
by increasing operational vulnerabilities and overall complexity. If financial or political
uncertainty leads to disruptions affecting our operations, facilities, or workforce, we could
experience business disruption and reduced employee engagement, which could in turn
negatively affect business continuity and organisational performance.
Climate and water
Water scarcity and additional regulations on water supply or use could adversely
impact our business.
Water is the primary ingredient in most of our products. It is also vital to our manufacturing
processes and is needed to produce the agricultural ingredients that are essential to our
business. Water scarcity or a deterioration in the quality of available water sources in our
territories or in our supply chain, even if temporary, may result in increased production
costs or capacity constraints, negative publicity, and a loss in consumer confidence.
CCEP may be unable to identify, prioritise and execute investments into available
technologies and manufacturing processes that deliver both the economic and water
reduction benefits necessary to achieve our 2030 and 2040 targets. The achievement
of existing water reduction targets may also be impacted by the incorporation of new
businesses and territories.
Climate change, and the legal and regulatory responses, could adversely impact
our business.
Climate change is resulting in global average temperature increases and increasingly
frequent and severe extreme weather conditions around the world, and the effects of this
change appear to be accelerating. More frequent extreme weather events, such as storms
or floods in our territories, could disrupt our facilities and distribution network, further
impacting our business. It may also lead to decreased agricultural productivity in certain
regions of the world that limits the availability or increases the cost of key raw materials
that we use to produce our products. Additional climate laws may affect other areas of our
business, such as production, distribution, packaging or the cost of raw materials.
Concern over climate change has led to more environmental legislative and regulatory
initiatives at an EU and national level. These cover areas such as GHG emissions, water use
and energy efficiency.
Governments and private parties are increasingly filing lawsuits or initiating regulatory
actions based on allegations that certain public statements regarding sustainability-
related matters and practices by companies are greenwashing, i.e. misleading information
or false claims overstating potential benefits. Threat of such actions and the negative
publicity arising from them presents additional uncertainty regarding the extent to
which we may face increased risk of liability stemming from our climate change or
sustainability practices.
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As part of our commitment to addressing our climate change impacts, we are investing
in technologies that improve the energy efficiency of our operations and reduce GHG
emissions related to our packaging, manufacturing, CDE and transportation. In general,
the cost of these investments is greater than investments in less energy efficient
technologies, and the period of return is often longer, and there is a risk that we may
not achieve our desired returns.
Legal, regulatory and compliance
Legislative or regulatory changes that affect our operations, access to raw materials,
products, distribution or packaging could reduce demand for our products or
increase our costs.
Our business model relies on making our products and packages available across multiple
channels, formats, and locations. Laws and regulatory initiatives that restrict our ability to do so,
including those affecting the promotion, marketing or distribution of our products, imposing
levies or taxes on products containing sugar or sweeteners, or limiting packaging formats,
materials or design, may influence consumer choice, market conditions and increase
compliance and operating costs. Such impacts may arise in the short term to medium term as
we adapt to new regulatory requirements and could adversely affect our financial result
(increased costs of compliance, external legal counsel support, external consultancies,
transition to different packaging material types).
Packaging regulation in the EU remains subject to significant change as it is developing its
secondary legislation, and uncertainty time-wise. The Packaging and Packaging Waste Regulation
(PPWR), together with its forthcoming delegated and implementing acts, introduces new
requirements on mandatory recyclability, minimum recycled content, harmonised labelling,
reuse targets for beverages, waste reduction and mandatory DRS set up. The timing,
interpretation and national implementation of certain provisions remain uncertain and may
reduce the time available for adaptation, increase compliance costs, disrupt supply chains,
or require changes to packaging specifications. In certain circumstances, this could result in
additional financial investments needed.
In addition, regulatory scrutiny related to substances in packaging and food contact materials
continues to evolve. The expected European Food Safety Authority (EFSA) scientific opinion on
microplastics anticipated around 2027, could lead to further regulatory requirements and
testing obligations.
EU Circular Economy Act (expected Q3 2026) could potentially require that recycled
polyethylene terephthalate (rPET) used in packaging be produced exclusively or predominantly
within the EU which could materially affect the availability of food-grade rPET and the price,
leading to likely higher prices and therefore directly impact financial planning for the Company.
The Commission has already signalled stricter documentation and controls for recycled plastic
imports in 2026 (including better tracking and audits), driven by concerns about mislabelling of
virgin as recycled and pressure to protect EU recyclers. This can reduce “low-cost” import
availability and increase administrative burden/cost.
Our supply chains depend on third-party suppliers, and we may not always be able to ensure
that they fully comply with applicable environmental, labour or human rights laws. With the delay
for compliance with the EUDR pushed to December 2026, media campaigns and increased
regulatory and customer focus on environmental, social, and governance (ESG) responsibility
could lead to additional costs or reputational risk for us.
Our business and reputation could also be affected by actions from governments, advocacy
groups or other stakeholders challenging our practices or policies, also in the context of rising
Geopolitical tensions and scrutiny of companies based on their location.
Potential legislative and non-legislative developments with regards to B2B rules governing
commercial practices and trading relationships could affect the terms, flexibility and efficiency
of our commercial arrangements, with potential implications for route-to-market execution.
The European Sustainability Reporting Standards (ESRS) will require stricter reporting on ESG
matters. Additionally, the European Corporate Sustainability Due Diligence Directive (CSDDD),
expected to apply from 2027, will introduce further environmental and human rights due
diligence requirements and mandate a climate change transition plan.
Increased focus on ESG practices may lead to higher compliance costs, limit access to capital,
and increase litigation risk, adversely affecting our business and financial condition. Additionally,
our business and reputation could suffer from increased regulations and actions by
governments, advocacy groups, and other stakeholders questioning our practices and policies.
We may be exposed to risks in relation to compliance with anti-corruption, anti-
bribery and other anti-fraud laws and other key regulations and economic sanctions
programmes.
We and our subsidiaries are required to comply with the global and local laws and regulations of
the various countries in which we conduct business, as well as certain laws of other countries,
including the US. In particular, our operations are subject to anti-corruption laws such as the UK
Bribery Act (UKBA), US Foreign Corrupt Practices Act of 1977 (the FCPA) and other key regulations.
We are also subject to economic sanction programmes, including those administered by the
United Nations, the EU and the Office of Foreign Assets Control of the US Department of the
Treasury (OFAC), and regulations set forth under the US Comprehensive Iran Sanctions,
Accountability, and Divestment Act.
Data protection laws apply to CCEP across our geographies and aim to protect individuals’
fundamental rights and freedom. EU and UK personal data transfers to third countries are
subject to significant and evolving compliance requirements. Non-compliance with transfer
requirements would result in a GDPR violation. We continuously maintain and improve our inter-
company personal data transfer arrangements and high standards of protection to enable
global transfers in compliance with applicable laws. Regulatory changes and emerging data
protection laws continue to develop across CCEP jurisdictions such as the coming into force of
the new Indonesian PDP law.
The FCPA and other anti-corruption, anti-bribery and anti-fraud regulations of the countries
in which we operate are aimed at preventing fraudulent behaviour in dealings with local and
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Risk factors continued
foreign entities. These rules are complex and may apply to our interactions with both public
and private sector entities and officials. In our business dealings, we may deal with
governments, state owned business enterprises, and private sector entities.
There is a risk we may not detect or prevent corruption, bribery, or other fraud by those
involved in our business. Violations of anti-corruption, anti-bribery and other anti-fraud laws
and sanctions regulations, and other misconduct by our employees, consultants, agents,
or partners, could have a material adverse effect on our business, reputation, brand,
results of operations and financial condition. In addition, we may be subject to one or more
enforcement actions, investigations, and proceedings by authorities for alleged
infringements of these laws. These proceedings may result in penalties, fines, sanctions,
or other forms of liability and could have a material adverse effect on our reputation,
business, financial condition, and results of operations.
We do not currently operate in jurisdictions that are subject to territorial sanctions
imposed by OFAC or other relevant sanction authorities. However, such economic sanction
programmes restrict our ability to engage or confirm business dealings with certain
sanctioned countries and with sanctioned parties.
Violations of the above, including anti-corruption, data protection laws, economic
sanctions, competition law or other applicable laws and regulations, are punishable by
civil and sometimes criminal penalties for individuals and companies. These penalties can
include fines, denial of export privileges, injunctions, asset seizures, debarment from
government contracts (and termination of existing contracts) to revocations or restrictions
of licences, as well as criminal fines and imprisonment. Any violation within one of these
compliance risk areas could have a negative impact on our reputation and on our ability to
win future business.
Due to the fast pace of change in the statutory and regulatory environment, we cannot
guarantee that our compliance programmes, policies and procedures will be followed at all
times, or that we will always detect and prevent violations of the applicable laws by our
employees, consultants, agents or partners. Implementing new or additional internal
compliance systems or oversights may also increase our operating costs.
Technology maturity on compliance is often lagging behind regulatory requirements, and IT
suppliers are not forced to deliver products including standard data compliance
functionalities. As a result, implementation comes with high complexity and customisation
for detailed data retention and deletion functionalities to meet local regulations and global
company settings.
Legal claims against our suppliers could affect their ability to provide us with
products and services, which could negatively impact our financial results.
Many of our suppliers provide us with products and services that rely on certain
intellectual property rights or other proprietary information, and are subject to other third
party rights, laws and regulations. If these suppliers face legal claims brought by third
parties or regulatory authorities, they could be required to pay large settlements or even
cease providing us with products and services as well as expose us to risk.
These outcomes could require us to change suppliers or develop replacement solutions or
be subject to third party claims. This could result in business inefficiencies, delays or higher
costs, which could negatively impact our financial results.
Litigation or legal proceedings could expose us to significant liabilities and damage
our reputation.
We are a party to various litigation claims and legal proceedings. We evaluate these claims
and proceedings to assess the likelihood of unfavourable outcomes and to estimate, if
possible, the amount of potential losses. Based on these assessments and estimates, we
establish reserves or disclose the relevant claims or proceedings, as appropriate. These
assessments and estimates are based on the information available to management at the
time and involve a significant amount of management judgement. Actual outcomes or
losses may differ materially from those in the current assessments and estimates. Recent
EU legislation has increased the ability to bring claims, including of greenwashing, against
CCEP.
Improper conduct by our employees could damage our reputation or lead to litigation or
legal proceedings that could result in civil or criminal penalties, including substantial
monetary fines, as well as disgorgement of profits.
We may lose our foreign private issuer status, which would then require us to comply
with the Exchange Act’s domestic reporting regime and cause us to incur significant
legal, accounting and other expenses.
We currently qualify as a foreign private issuer (FPI) and therefore we are not required to
comply with all of the periodic disclosure and current reporting requirements of the
Exchange Act applicable to U.S. domestic issuers. On June 4 2025, the SEC issued a
concept release, which is a forerunner to potential SEC rulemaking, seeking public
comment on the definition of FPI. The comment period expired as at 8 September 2025.
However, there is currently no indication of any timing on any related proposed rulemaking.
In order to maintain our current status as an FPI under the current definition, either (i) a
majority of our outstanding voting securities must be directly or indirectly owned of record
by non-residents of the United States or (ii) (a) a majority of our executive officers or
Directors may not be United States citizens or residents, (b) more than 50% of our assets
cannot be located in the United States and (c) our business must be administered
principally outside the United States. If we lose this status as a result of a change in the
definition of FPI or otherwise, we would be required to comply with the Exchange Act
reporting and other requirements applicable to U.S. domestic issuers, which are more
detailed and extensive than the requirements for foreign private issuers, and would require
us to present our financial statements in accordance with U.S. GAAP, which could be time
consuming and costly.
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Risk factors continued
We may also be required to make changes in our corporate governance practices in
accordance with various SEC and stock exchange rules. The regulatory and compliance
costs to us under U.S. securities laws if we are required to comply with the reporting
requirements applicable to a U.S. domestic issuer may be significantly higher than the cost
we would incur as a foreign private issuer. As a result, we expect that a loss of foreign
private issuer status would increase our legal and financial compliance costs and would
make some activities highly time consuming and costly. We also expect that if we were
required to comply with the rules and regulations applicable to U.S. domestic issuers, it may
be more difficult and expensive for us to obtain director and officer liability insurance, and
we may be required to accept reduced coverage or incur substantially higher costs to
obtain coverage. These rules and regulations could also make it more difficult for us to
attract and retain qualified members of our Board of Directors.
Talent and social responsibility
Failure to attract, retain and motivate existing and future employees.
Our ability to achieve our strategic objectives is reliant on having the right talent and
identify a strong succession pipeline. There is a risk that CCEP may not be able to attract,
hire, retain and develop the talent required to execute key business objectives due to the
challenging external recruitment market and the declining availability of labour in the
developed markets. 
An inability to foster a diverse and inclusive workplace and an environment that supports
employees to perform at their best may also negatively impact employee productivity,
engagement, and job satisfaction. If there was a perceived lack of career growth
opportunities within the Company or a failure by CCEP, its subsidiaries and its supply chain
to adhere to global human rights laws and regulations, CCEP may be unable to attract and
retain diverse talent and/or create an inclusive work environment free from discrimination or
comply consistently with varying human rights standards across different jurisdictions. We
recognise that failing to support the communities where we operate could negatively impact
employee engagement and commitment. To mitigate this risk, we invest in local communities
and build strong stakeholder relationships, reinforcing our role as a responsible organisation.
A failure of collective bargaining and negotiated (social plans) agreements between CCEP
and trade unions and/or a failure to consult with the necessary employee bodies in accordance
with the CCEP European Works Council (EWC) Agreement and/or local country legislations
could lead to industrial action or could lead to the Central Arbitration Committee (CAC)
requiring consultation to start again.
Finally, due to the rapid rate of digital change within the technological era, there is a risk that
CCEP may be unable to fully leverage the commercial and productivity opportunities and/or
manage business legal and ethical risks associated with AI due to an inability to keep pace
of up and reskilling the workforce with the right technical and non-technical skills.
Relationship with TCCC and strategic partners
Our business success, including our financial results, depends on our relationship
with TCCC and other strategic partners, for example Monster.
Around 88% of our revenue for the year ended 31 December 2025 was derived from the
distribution of beverages under agreements with TCCC. We make, sell and distribute these
products through bottling agreements with TCCC, which typically include the following
terms:
■We purchase our entire requirement of concentrates and syrups for Coca-Cola
trademark beverages (sparkling beverages bearing the trademark Coca-Cola or the Coke
brand name) and allied beverages (beverages of TCCC or its subsidiaries, but not
Coca-Cola trademark beverages or energy drinks) from TCCC. Prices, terms of payment,
and other terms and conditions of supply are determined from time to time by TCCC at
its sole discretion.
■There are no limits on the prices that TCCC may charge for concentrate.
■Much of the marketing and promotional support that we receive from TCCC is at its
discretion. Programmes may contain requirements, or be subject to conditions,
established by TCCC that we may not be able to achieve or satisfy. The terms of most of
the marketing programmes do not and will not contain an express obligation for TCCC to
participate in future programmes or continue past levels of payments into the future.
■We are obligated to maintain sound financial capacity to perform our duties, as required
and determined by TCCC at its sole discretion. These duties include, but are not limited
to, making certain investments in marketing activities to stimulate the demand for
products in our territories and making infrastructure improvements to ensure our
facilities and distribution network are capable of handling the demand for these
beverages.
■Disagreements with TCCC concerning business issues may lead TCCC to act adversely
to our interests with respect to these relationships, which could have a material adverse
effect on our business, results of operations, business and customer relationships, and
reputation.
Other risks
TCCC and Olive Partners, S.A. (Olive Partners) hold significant shareholdings in
CCEP, and their views may differ from those of our public shareholders.
As at 28 February 2026, the latest practicable date prior to publication, around 17% and 36%
of CCEP’s Shares are owned by European Refreshments (ER, a wholly owned subsidiary of
TCCC) and Olive Partners respectively. Five of our Directors, including the Chairman, were
nominated by Olive Partners, and two of our Directors were nominated by ER. As a result
of their shareholdings and Board seats, TCCC and Olive Partners can influence matters
requiring shareholder and Board approval, subject to our Articles of Association and the
Shareholders’ Agreement. The views and interests of TCCC and Olive Partners may not
always align with each other or those of other shareholders.
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Other Group information
   
Shareholder information
The Company was incorporated in England and Wales on 4 August 2015, as a private
company under the Companies Act 2006 (the Companies Act). On 4 May 2016, the Company
was registered as a public company limited by shares and changed its name from
Coca-Cola European Partners Limited to Coca-Cola European Partners plc. On 10 May 2021,
the Company changed its name from Coca-Cola European Partners plc to Coca-Cola
Europacific Partners plc (CCEP).
It is registered at Companies House, Cardiff, under company number 09717350.
The business address for Directors and senior management is Pemberton House,
Bakers Road, Uxbridge, UB8 1EZ, England.
The Company is resident in the UK for tax purposes. Its primary objective is to make,
sell and distribute ready to drink beverages.
Annual General Meeting
It is intended that the Company’s 2026 Annual General Meeting (AGM) will be held on
28 May 2026. However, shareholders will be notified if the Company is required to make
alternative arrangements.
Registered shareholders will be sent a Notice of AGM, or notice of availability of the Notice
of AGM, closer to the time of the AGM, and will be notified of any change affecting the AGM
through an appropriate channel.
Directors and senior management
Biographies of the Directors and senior management are set out on pages 62–68.
Sol Daurella and Alfonso Líbano Daurella are first cousins.
Service contracts and loss of office arrangements
It is the Remuneration Committee’s policy that there should be no element of reward for
failure. When considering payments in the event of a loss of office, it takes account of the
individual circumstances, including the reason for the loss of office, Group and individual
performance, contractual obligations of both parties as well as share and pension plan
rules.
Service contracts for Executive Directors provide for a notice period of not more than
12 months from CCEP and not more than 12 months from the individual. The standard
Executive Director service contract does not confer any right to additional payments in
the event of termination. However, it does reserve the right for the Group to impose garden
leave (i.e. leave with pay) on the Executive Director during any notice period. In the event
of redundancy, benefits would be paid according to CCEP’s redundancy guidelines for GB
prevailing at that time.
Executive Directors may be eligible for a pro rata bonus for the period served, subject to
performance, but no bonus will be paid in the event of gross misconduct. The treatment of
unvested long-term incentive awards is governed by the rules of the relevant plan and
depends on the reasons for leaving. The cost of legal fees spent on reviewing a settlement
agreement on departure may be provided where appropriate. The Company also reserves
the right to pay for outplacement services as appropriate.
The Non-executive Directors (NEDs), including the Chairman of the Board, do not have
service contracts but have letters of appointment. NEDs are not entitled to compensation
on leaving the Board.
Directors and senior management interest in shares
Other than Sol Daurella, Alfonso Líbano Daurella and José Ignacio Comenge, who indirectly
owned 7.4% (33,385,110 Shares), 1.9% (8,617,967 Shares), and 1.4% (6,201,917 Shares) of
the Shares outstanding as at 28 February 2026, respectively, no Director or member of
senior management individually owned more than 1% of the Company’s Shares as at
28 February 2026.
As at 28 February 2026, there were no share options held by Directors and other members
of senior management.
Insider Trading Policy
CCEP has adopted insider trading policies and procedures that govern the purchase, sale
and other dealings in CCEP securities. These policies and procedures apply to CCEP’s
Directors, senior management and employees and are designed to promote compliance
with applicable insider trading laws, rules and regulations. These policies and procedures
are included in CCEP’s Share Dealing Code, which is filed as Exhibit 11.1 hereto.
Other employee-related matters
Note 18 to the consolidated financial statements provides a breakdown of employees by
main category of activity. As at 31 December 2025, we had around 39,000 employees, of
whom none were located in the US. A number of our employees in Europe and APS are
covered by collectively bargained labour agreements, most of which do not expire.
However, in some countries, wage rates must be renegotiated at various dates throughout
the year. We believe we will be able to renegotiate these wage rates with satisfactory
terms.
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Other Group information continued
Nature of trading market
The Company has one class of ordinary shares. These shares are traded on the Nasdaq
Stock Market (XNAS), London Stock Exchange (LSE), Euronext Amsterdam (AEX) and the
Spanish Stock Exchanges (of which the lead exchange is Madrid (MADX)).
Listing information
Ticker symbol (all exchanges)
CCEP
ISIN code
GB00BDCPN049
Legal entity identifier
549300LTH67W4GWMRF57
CUSIP
G25839104
SEDOL number (XNAS)
BYQQ3P5
SEDOL number (LSE)
BDCPN04
SEDOL number (AEX)
BD4D942
SEDOL number (MADX)
BYSXXS7
Share capital
The Articles of Association of the Company (the Articles) contain no upper limit on the
authorised share capital of the Company. Subject to certain limitations under the
Shareholders’ Agreement, the Board has the authority to offer, allot, grant options over or
otherwise deal with or dispose of shares to such persons, at such times, for such
consideration and upon such terms as the Board may decide, only if approved by ordinary
resolution of our shareholders.
As at 31 December 2025, the Company had 449,086,551 Shares, nominal value €0.01 per
share, issued and fully paid. As at 28 February 2026, the Company had 448,094,349 Shares
issued and fully paid.
Under the Shareholders’ Agreement and the Articles, the Company is permitted to issue, or
grant to any person rights to be issued, securities, in one or a series of related transactions,
in each case representing 20% or more of our issued share capital, only if approved in
advance by special resolution of our shareholders.
Pursuant to this authority, our shareholders have passed resolutions allowing a maximum
of a further 306,762,348 Shares (as at 28 February 2026) to be allotted and issued, subject
to the restrictions set out below:
(1)pursuant to a shareholder resolution passed on 22 May 2025 regarding the authority to
allot new shares, the Board is authorised to allot shares and to grant rights to subscribe
for or convert any security into shares:
a.up to a nominal amount of €1,533,869.79 (representing 153,386,979 Shares; such
amount to be reduced by any allotments or grants made under paragraph 1(b) below in
excess of such sum); and
b.comprising equity securities (as defined in the Companies Act) up to a nominal amount
of €3,067,739.59 (representing 306,773,959 Shares; such amount to be reduced by
any allotments or grants made under paragraph 1(a) above) in connection with an offer
by way of a rights issue:
i.to ordinary shareholders in proportion (as nearly as may be practicable) to their
existing holdings; and
ii.to holders of other equity securities as required by the rights of those securities or
as the Board otherwise considers necessary,
    and so that the Board may impose any limits or restrictions and make any
arrangements which it considers necessary or appropriate to deal with treasury
shares, fractional entitlements, record dates, legal, regulatory or practical problems
in, or under the laws of, any territory or any other matter; and
(2)pursuant to a shareholder resolution passed on 22 May 2025 regarding authority to
disapply pre-emption rights, the Board is authorised to allot equity securities (as defined
in the Companies Act) for cash under the authority given by the shareholder resolution
described in paragraph 1 above and/or to sell shares held by the Company as treasury
shares for cash as if section 561 of the Companies Act did not apply to any such
allotment or sale, such power to be limited:
a.to the allotment of equity securities and sale of treasury shares in connection with an
offer of, or invitation to apply for, equity securities (but in the case of the authority
granted under paragraph 1(b) above, by way of a rights issue only):
i.to ordinary shareholders in proportion (as nearly as may be practicable) to
their existing holdings; and
ii.to holders of other equity securities, as required by the rights of those securities,
or as the Board otherwise considers necessary,
    and so that the Board may impose any limits or restrictions and make any
arrangements which it considers necessary or appropriate to deal with treasury
shares, fractional entitlements, record dates, legal, regulatory or practical problems
in, or under the laws of, any territory or any other matter; and
b.in the case of the authority granted under paragraph 1(a) above and/or in the case of
any sale of treasury shares, to the allotment of equity securities or sale of treasury
shares (otherwise than under paragraph 2(a) above) up to a nominal amount of
€230,080.46 (representing 23,008,046 Shares).
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2025 Annual Report and Form 20-F
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Other Group information continued
Shares not representing capital
None.
Shares held by CCEP
We are not permitted under English law to hold our own Shares unless they are
repurchased by us and held in treasury. At our 2025 AGM, our shareholders passed a
special resolution that allows us to buy back our own Shares in the market as permitted
by the Companies Act. On 14 February 2025, the Board announced a share buyback
programme of up to €1 billion. This buyback programme completed in 2025. On 17 February
2026, the Board announced a further share buyback programme of up to €1 billion. All
Shares repurchased as part of the buyback programmes have been or will be cancelled.
Details of the Shares bought back are provided under Share buyback programmes below.
History of share capital
The table on page 302 sets out the history of our share capital for the period from
1 January 2023 until 28 February 2026.
Share buyback programmes
The table to the right sets out details of our share buyback programmes from 1 January
2025 until 28 February 2026.
US shareholders
To the knowledge of the Company, 393 holders of record with an address in the US held a
total of 448,094,349 Shares (or 99.97% of the total number of issued Shares outstanding)
as at 28 February 2026. However, some Shares are registered in the names of nominees,
meaning that the number of shareholders with registered addresses in the US may not be
representative of the number of beneficial owners of Shares resident in the US.
Share buyback programmes
Period
(a) Total
number of
Shares
purchased(A)
(b) Average price
paid per Share (€)
(c) Total number of Shares
purchased as part of
publicly
announced plans or
programmes(B)
(d) Approximate value of
Shares that may yet be
purchased under the
plans or programmes
(€ million)(B)
1 to 28 February 2025
449,484
82.981150
449,484
963
1 to 31 March 2025
1,109,570
78.415716
1,559,054
876
1 to 30 April 2025
1,076,342
78.052845
2,635,396
792
1 to 31 May 2025
1,038,889
79.164831
3,674,285
709
1 to 30 June 2025
953,320
80.155222
4,627,605
633
1 to 31 July 2025
1,173,035
82.866191
5,800,640
536
1 to 31 August 2025
954,608
78.842156
6,755,248
461
1 to 30 September 2025
1,239,142
76.052956
7,994,390
366
1 to 31 October 2025
2,279,152
76.934732
10,273,542
191
1 to 30 November 2025
1,649,793
78.074268
11,923,335
62
1 to 31 December 2025
794,838
78.208016
12,718,173
0
1 to 31 January 2026
—
—
12,718,173
0
1 to 28 February 2026
1,175,925
90.915690
13,894,098
893
(A)Total number of shares purchased as part of share buyback programmes based on trade date
(B)On 14 February 2025, the Company announced a share buyback programme of up to €1 billion to reduce the
Company’s share capital. This buyback programme was completed in 2025 (the 2025 Programme). All
shares repurchased as part of the 2025 Programme were cancelled. The total number of Shares acquired
under the 2025 Programme was 12,718,173. On 17 February 2026, the Company announced a further share
buyback programme, under which it proposed to reduce share capital by up to €1 billion (the 2026
Programme). As at 28 February 2026, being the last practicable date prior to publication, the total number
of shares acquired under the 2026 Programme was 1,175,925. All shares repurchased as part of the 2026
Programme will be cancelled. The maximum number of Shares authorised for purchase at the 2025 AGM
was 46,016,093 Shares, representing 10% of the issued Shares at 3 April 2025, reduced by the number of
Shares purchased, or agreed to be purchased after 3 April 2025 and before 22 May 2025. The existing
authority to buy back shares will expire at the 2026 AGM. We intend to seek shareholder approval to renew
the authority to buy back shares.
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Other
Information
Coca-Cola Europacific Partners plc
2025 Annual Report and Form 20-F
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Other Group information continued
Share-based payment awards
The table below shows the share-based payment awards outstanding under the
Long‑Term Incentive Plan 2016 (the CCEP 2016 LTIP) and the Long-Term Incentive Plan
2023 (the CCEP LTIP) as at 31 December 2025 and 28 February 2026.
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For more details about the share plans and awards granted see Note 22 to the consolidated financial statements
on pages 194–195
Outstanding share-based payment awards
Plan
Date of award
(dd/mm/yy)
Type of
award(A)
Total number of Shares
awarded to employees
outstanding as at
31 December 2025
Total number of Shares
awarded to employees
outstanding as at 28
February 2026
Price per
Share payable
on exercise/
transfer (US$)
Expiration
date
(dd/mm/yy)
CCEP 2016
LTIP
13/03/23
PSU
676,834
673,066
—
13/03/26
13/03/23
RSU
37,171
36,594
—
13/03/26
10/08/23
PSU
10,072
10,072
—
13/03/26
10/08/23
RSU
1,524
1,524
—
13/03/26
CCEP LTIP
14/03/24
RSU
2,786
—
—
15/01/26
14/03/24
RSU
4,904
—
—
26/02/26
14/03/24
RSU
5,577
5,577
—
15/01/27
14/03/24
RSU
4,905
4,905
—
26/02/27
14/03/24
RSU
4,237
4,237
—
26/02/28
24/05/24
PSU
—
412
—
13/03/26
24/05/24
PSU
617,702
601,402
—
15/03/27
24/05/24
RSU
—
206
—
13/03/26
24/05/24
RSU
1,501
—
—
15/01/26
24/05/24
RSU
3,009
3,009
—
15/01/27
24/05/24
RSU
32,915
31,944
—
15/03/27
23/08/24
PSU
2,966
2,966
—
13/03/26
23/08/24
PSU
17,724
17,724
—
15/03/27
10/12/24
PSU
19,976
19,976
—
15/03/27
10/12/24
RSU
751
751
—
15/09/26
10/12/24
RSU
206
206
—
15/03/27
10/12/24
RSU
752
752
—
15/09/27
Plan
Date of award
(dd/mm/yy)
Type of
award(A)
Total number of Shares
awarded to employees
outstanding as at
31 December 2025
Total number of Shares
awarded to employees
outstanding as at 28
February 2026
Price per
Share payable
on exercise/
transfer (US$)
Expiration
date
(dd/mm/yy)
18/03/25
PSU
—
342
—
13/03/26
18/03/25
PSU
554,592
531,760
—
18/03/28
18/03/25
RSU
—
171
—
13/03/26
18/03/25
RSU
28,286
27,637
—
18/03/28
15/08/25
PSU
34,528
34,528
—
18/03/28
15/08/25
RSU
225
—
—
15/01/26
15/08/25
RSU
2,252
2,252
—
01/08/26
15/08/25
RSU
225
225
—
15/01/27
15/08/25
RSU
2,252
2,252
—
01/08/27
15/08/25
RSU
1,654
1,654
—
15/01/28
15/08/25
RSU
1,539
1,539
—
18/03/28
15/08/25
RSU
4,516
4,516
—
01/08/28
14/11/25
RSU
2,389
2,389
—
01/11/27
14/11/25
RSU
2,389
2,389
—
01/11/28
(A)PSU is performance share unit. RSU is restricted stock unit.
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Other
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Coca-Cola Europacific Partners plc
2025 Annual Report and Form 20-F
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Other Group information continued
Share capital history
Period
Nature of Share issuance
Number
of Shares(A)
Consideration
Cumulative
balance of issued
Shares
at end of period
1 January 2023
Opening balance
457,106,453
N/A
457,106,453
1 January to 31 December 2023
Shares issued in connection with the exercise of stock options
1,323,879
Exercise price per Share ranging from US$31.46 to US$39.00
458,430,332
1 January to 31 December 2023
Shares issued in connection with the fulfilment of RSU and PSU share-based
payment awards
770,486
Nil
459,200,818
1 January to 31 December 2023
Shares cancelled as part of buyback programme
—
—
459,200,818
1 January to 31 December 2024
Shares issued in connection with the exercise of stock options
924,534
Exercise price per Share ranging from US$32.51 to US$39.00
460,125,352
1 January to 31 December 2024
Shares issued in connection with the fulfilment of RSU and PSU share-based
payment awards
821,705
Nil
460,947,057
1 January to 31 December 2024
Shares cancelled as part of buyback programme
—
—
460,947,057
1 January to 31 December 2025
Shares issued in connection with the exercise of stock options
24,000
Exercise price per Share of US$39.00
460,971,057
1 January to 31 December 2025
Shares issued in connection with the fulfilment of RSU and PSU share-based
payment awards
845,391
Nil
461,816,448
1 January to 31 December 2025
Shares cancelled as part of buyback programme
(12,718,173)
€1 billion
449,098,275
1 January to 31 December 2025
Shares cancelled as part of PSU share-based payment award correction
(11,724)
Nil
449,086,551
1 January to 28 February 2026
Shares issued in connection with the exercise of stock options
—
—
449,086,551
1 January to 28 February 2026
Shares issued in connection with the fulfilment of RSU and PSU share-based
payment awards
4,512
Nil
449,091,063
1 January to 28 February 2026
Shares cancelled as part of buyback programme
(996,714)
—
448,094,349
(A)Number of shares purchased and cancelled as part of buyback programme based on settlement date
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Other
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2025 Annual Report and Form 20-F
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Other Group information continued
Marketing
CCEP relies extensively on advertising and sales promotions to market its products. TCCC
and other franchisors advertise in all major media to promote sales in the local areas we
serve. We also benefit from regional, local and global advertising programmes conducted
by TCCC and other franchisors. Certain advertising expenditures by TCCC and other
franchisors are made pursuant to annual arrangements.
TCCC and CCEP invest in marketing and sales investments both Above the Line consumer
related and Below the Line shopper related with an annual plan agreed and reviewed
dynamically as the non-alcoholic ready to drink (NARTD) and alcoholic ready to drink (ARTD)
markets evolve. Marketing support funding programmes entered into with TCCC provide
financial support, principally based on our product sales or on the completion of stated
requirements, to offset a portion of the cost of our marketing programmes. Except in
certain limited circumstances, TCCC has no specified contractual obligation to participate
in expenditures for advertising, marketing and other support in our territories. The terms of
similar programmes TCCC may have with other licensees and the amounts paid by TCCC
under them could differ from CCEP’s arrangements.
We take part in various programmes and arrangements with customers to increase the
sale of products. These include arrangements under which allowances can be earned by
customers for attaining agreed sales levels or for participating in specific marketing
programmes.
Dependence on franchisors
As a franchise business, CCEP’s business success, including its financial results, depends
upon its relationships with TCCC and its other franchisors.
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Read more about our relationships with franchisors, see the Risk factors on pages 289–297
Competition
CCEP competes mainly in the manufacturing, sale and distribution of NARTD beverages
industry and adjacencies, including squashes/cordials, hot beverages and low ARTD
beverages. CCEP competes in the Western Europe and APS segments, and primarily
manufactures, sells and distributes the products of TCCC, as well as those of other
franchisors, such as Monster Energy.
CCEP competes mainly with:
■NARTD and non-alcoholic, non-ready to drink (e.g. squashes/cordials and hot beverages)
brand and private label manufacturers, sellers and distributors.
■Alcoholic beverage manufacturers, sellers and distributors – in the sense that some of
their products may be considered to be substitutes for CCEP’s own products on certain
consumer occasions. More recently, CCEP entered the ARTD segment with Jack Daniel’s
& Coca-Cola RTD, Absolut Vodka & SPRITE and Bacardi & Coca-Cola RTD. 
A small number of such companies may also be contracted by CCEP as manufacturers
(e.g. co-packers) or commercial partners (e.g. on behalf of which CCEP sells and/or
distributes, or which sells and/or distributes on CCEP’s behalf).
CCEP sells and distributes to a wide range of customers, including both physical and online
food and beverage retailers, wholesalers and out of retail customers. The market is highly
competitive, and all CCEP customers and consumers may choose freely between products
of CCEP and its competitors. Many of CCEP’s customers are under increasing competitive
pressure, including with the increasing market share of discounters, the growth of
e‑commerce food and beverage players, increase of private label, growth of Food Service
Aggregators and customer consolidation.
CCEP competes with respect to a wide range of commercial factors, including brand
awareness, product and packaging innovations, supply chain efficacy, customer service,
sales strategy, marketing, and pricing and promotions.
The level of competition faced by CCEP may be affected by, for example; changing
customer and consumer product, brand and packaging preferences, shifts in customers’
industries, competitor strategy shifts, new competitor entrants, supplier dynamics, the
weather and social, economic, political or other external landscape shifts.
Key factors affecting CCEP’s competitive strength include, for example; CCEP’s strategic
choices, investments, partnerships (e.g. with customers, franchisors and suppliers), people
management, asset base (e.g. property, plant, fleet, and equipment), technological
sophistication and processes and systems.
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Financial
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Other
Information
Coca-Cola Europacific Partners plc
2025 Annual Report and Form 20-F
304
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Other Group information continued
Impact of governmental regulation
Our business is sensitive to the economic and political action and conditions in our
countries of operation. The risks these can pose to our business are set out in our Principal
risks on pages 32–42 and in our Risk factors on pages 289–297.
Material contracts
Neither the Company, nor any member of the Group, has entered into any material
contracts, for the two years immediately preceding publication of this report, that are to be
performed in whole or in part at or after the filing of this report, other than contracts
entered into in the ordinary course of business.
Articles of Association
For a summary of certain principal provisions of the Company’s Articles of Association (the
Articles), see Other Information – Other Group information – Articles of Association of the
2018 Annual Report on Form 20-F, filed on 14 March 2019. A copy of the Company’s Articles
has been filed as Exhibit 1 to this Form 20-F.
Documents on display
CCEP is subject to the information requirements of the US Securities Exchange Act of 1934,
as amended (the Exchange Act), applicable to FPIs. In accordance with these
requirements, we file our Annual Report on Form 20-F and other related documents with
the US Securities and Exchange Commission (SEC). It is possible to read and copy
documents that we have filed with the SEC at the SEC’s office. Filings with the SEC are also
available to the public from commercial document retrieval services, and from the website
maintained by the SEC at www.sec.gov.
Our Annual Report on Form 20-F is also available on our website at ir.cocacolaep.com/
financial-reports-and-results/annual-reports. Shareholders may also order a hard copy,
free of charge – see Useful addresses on page 325.
Exchange controls
Other than those individuals and entities subject to economic sanctions that may be
in force from time to time, we are not aware of any other legislative or legal provision
currently in force in the UK, the US, the Netherlands or Spain restricting remittances
to non‑resident holders of CCEP’s Shares or affecting the import or export of capital
for the Company’s use.
Taxation information for shareholders
US federal income taxation to US holders of the ownership and disposition of
CCEP Shares
This section summarises the material US federal income tax consequences of owning
Shares as capital assets for tax purposes. It is not, however, a comprehensive analysis
of all the potential US tax consequences for such holders, and it does not discuss the tax
consequences of members of special classes of holders which may be subject to other
rules, including, but not limited to: tax exempt entities, life insurance companies, dealers
in securities, traders in securities that elect a mark-to-market method of accounting for
securities holdings, holders liable for alternative minimum tax, holders that, directly,
indirectly or constructively, hold 10% or more (by vote or by value) of the Company’s stock,
holders that hold Shares as part of a straddle or a hedging or conversion transaction,
holders that purchase or sell Shares as part of a wash sale for US federal income tax
purposes, or US holders whose functional currency is not the US dollar. In addition, if a
partnership (or an entity treated as a partnership for US federal income tax purposes)
holds Shares, the US federal income tax treatment of a partner will generally depend on
the status of the partner and the tax treatment of the partnership and may not be
described fully below. This summary does not address any aspect of US taxation other
than US federal taxation (such as the estate and gift tax, the Medicare tax on net
investment income or US state or local tax).
Investors should consult their tax advisors regarding the US federal, state, local and other
tax consequences of owning and disposing of Shares in their particular circumstances.
This section is based on the US Internal Revenue Code (IRC), its legislative history, existing
and proposed regulations, published rulings and court decisions, and on the United
Kingdom-United States Tax Treaty (the Treaty), all of which are subject to change, possibly
on a retroactive basis.
A US holder is a beneficial owner of Shares that is, for US federal income tax purposes,
(i) a citizen or individual resident of the US, (ii) a US domestic corporation, (iii) an estate
whose income is subject to US federal income taxation regardless of its source, or (iv) a
trust if (1) a US court can exercise primary supervision over the trust’s administration and
one or more US persons are authorised to control all substantial decisions of the trust or
(2) it was in existence on 20 August 1996 and treated as a US person and has a valid
election in effect under applicable US Treasury regulations to continue to be treated as a
US person. A non-US holder is a beneficial owner of Shares that is neither a US holder nor
a partnership for US federal income tax purposes.
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Other
Information
Coca-Cola Europacific Partners plc
2025 Annual Report and Form 20-F
305
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Other Group information continued
Taxation of dividends
Subject to the passive foreign investment company (PFIC) rules discussed below, a US
holder is subject to US federal income taxation on the gross amount of any dividend paid by
CCEP out of the Company’s current or accumulated earnings and profits (as determined
for US federal income tax purposes). Dividends paid to a non-corporate US holder will
generally constitute “qualified dividend income” and be taxable to the holder at a
preferential rate, provided that (i) CCEP is eligible for the benefits of the Treaty, which CCEP
believes is the case, (ii) CCEP is not a PFIC (as discussed below) for either its taxable year in
which the dividend is paid or the preceding taxable year and (iii) certain minimum holding
period and other requirements are met. US holders should consult their own tax advisors
regarding the availability of the preferential dividend tax rate on dividends paid by CCEP.
For US federal income tax purposes, a dividend must be included in income when the US
holder actually or constructively receives the dividend. Dividends paid by CCEP to
corporate US holders will generally not be eligible for the dividends received deduction.
For foreign tax credit purposes, dividends will generally be income from sources outside
the US and will generally, be “passive” income for purposes of computing the foreign tax
credit allowable to a US holder.
The amount of a dividend distribution (including any UK withholding tax) on Shares that is
paid in a currency other than the US dollar will generally be included in ordinary income in
an amount equal to the US dollar value of the currency received on the date such dividend
distribution is includable in income, regardless of whether the payment is, in fact,
converted into US dollars on such date. Generally, any gain or loss resulting from currency
exchange fluctuations during the period from the date the dividend payment is includable
in income to the date the payment is converted into US dollars will be treated as ordinary
income or loss and will not be eligible for the preferential tax rate on qualified dividend
income. Generally, the gain or loss will be income or loss from sources within the US for
foreign tax credit purposes.
Distributions in excess of CCEP’s earnings and profits, as determined for US federal income
tax purposes, will be treated as a return of capital to the extent of the US holder’s basis in
its Shares and thereafter as capital gain, subject to taxation as described below.
Taxation of capital gains
Subject to the PFIC rules discussed below, a US holder will generally recognise gain or loss
on any sale, exchange, redemption or other taxable disposition of Shares in an amount
equal to the difference between the US dollar value (on the settlement date (in the case of
a cash method taxpayer or an accrual method taxpayer that elects to use the settlement
date) or trade date (in the case of an accrual method taxpayer)) of the amount realised on
the disposition and the US holder’s tax basis, determined in US dollars, in the Shares. Any
such capital gain or loss will generally be a long-term gain or loss, subject to tax at a
preferential rate for a non-corporate US holder, if the US holder’s holding period for such
Shares exceeds one year. Any gain or loss recognised by a US holder on the sale or
exchange of Shares will generally be treated as income or loss from sources within the
US for foreign tax credit limitation purposes. The deductibility of capital losses is subject
to limitations.
PFIC status
A non-US corporation is a PFIC in any taxable year in which, after taking into account the
income and assets of certain subsidiaries, either (i) at least 75% of its gross income is
passive income or (ii) at least 50% of the quarterly average of its assets is attributable to
assets that produce or are held to produce passive income. Currently, we do not believe
that CCEP Shares will be treated as stock of a PFIC for US federal income tax purposes.
However, we review this annually, and therefore this conclusion is subject to change in the
current taxable year or future taxable years. If CCEP were to be treated as a PFIC for any
taxable year (or portion thereof), that is included in the holding period of a US holder, unless
a US holder elects to treat CCEP as a “qualified electing fund” (QEF) or to be taxed annually
on a mark-to-market basis with respect to its Shares, any gain realised on the sale or
exchange of such Shares and any excess distributions, which are distributions received by
US holder in a taxable year that are greater than 125% of the average annual distributions
received during the shorter of the three preceding taxable years or the US holder’s holding
period for Shares, would in general be treated as ordinary income rather than capital gain.
Instead, a US holder would be treated as if he or she had realised such gain and such
excess distributions rateably over the holding period for Shares and generally would be
taxed at the highest tax rate in effect for each such year to which the gain was allocated.
In this case, an interest charge in respect of the tax attributable to each such year would
apply. Certain distributions would be similarly treated if CCEP were treated as a PFIC.
In addition, each US person that is a shareholder of a PFIC may be required to file an
annual report disclosing its ownership of shares in a PFIC and certain other information.
We do not intend to provide to US holders the information required to make a valid QEF
election. Also, if we were a PFIC, a mark-to-market election generally would not be available
with respect to any of our foreign subsidiaries that are also PFICs.
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Coca-Cola Europacific Partners plc
2025 Annual Report and Form 20-F
306
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Information reporting and backup withholding
In general, information reporting requirements will apply to dividends received by US
holders of Shares, and the proceeds received on the disposition of Shares effected within
the US (and, in certain cases, outside the US), in each case, other than US holders that are
exempt recipients (such as corporations).
Backup withholding may apply to such amounts if the US holder fails to provide an accurate
taxpayer identification number (generally on an Internal Revenue Service (IRS) Form W-9
provided to the paying agent or the US holder’s broker) or is otherwise subject to backup
withholding.
Backup withholding is not an additional tax. Any amounts withheld under the backup
withholding rules may be allowed as a refund or credit against a holder’s US federal income
tax liability, if any, provided the required information is given to the IRS on a timely basis.
Certain US holders may be required to report to the IRS on Form 8938 information
relating to their ownership of foreign financial assets, such as the Shares, subject to
certain exceptions (including an exception for Shares held in accounts maintained by
certain financial institutions). US holders should consult their tax advisors regarding the
effect, if any, of these rules on their obligations to file information reports with respect
to the Shares.
US federal income tax consequences to non-US holders of the ownership and
disposition of CCEP Shares
In general, a non-US holder of Shares will not be subject to US federal income tax or,
subject to the discussion below under Information reporting and backup withholding,
US federal withholding tax on any dividends received on Shares or any gain recognised
on a sale or other disposition of Shares including any distribution to the extent it exceeds
the adjusted basis in the non-US holder’s Shares unless:
■The dividend or gain is effectively connected with such non-US holder’s conduct of a
trade or business in the US (and, if required by an applicable tax treaty, is attributable
to a permanent establishment maintained by the non-US holder in the US); or
■In the case of gain only, such non-US holder is a non-resident alien individual present
in the US for 183 days or more during the taxable year of the sale or disposition, and
certain other requirements are met.
Special rules may apply to a non-US holder who was previously a US holder and who again
becomes a US holder in a later year.
A non-US holder that is a corporation may also be subject to a branch profits tax at a rate
of 30% (or such lower rate specified by an applicable tax treaty) on its effectively
connected earnings and profits for the taxable year, as adjusted for certain items.
Information reporting and backup withholding
Dividends with respect to Shares and proceeds from the sale or other disposition of
Shares received in the US or through certain US-related financial intermediaries by a
non‑US holder, may be subject to information reporting and backup withholding unless
such non-US holder provides to the applicable withholding agent the required certification
showing its non-US status, such as a valid IRS Form W-8BEN, IRS Form W-8BEN-E or
IRS Form W-8ECI, or otherwise establishes an exemption, and otherwise complies with
the applicable requirements of the backup withholding rules.
Backup withholding is not an additional tax. Any amounts withheld under the backup
withholding rules may be allowed as a refund or credit against a holder’s US federal income
tax liability, if any, provided the required information is given to the IRS on a timely basis.
UK taxation consequences for US holders
The following summarises certain UK tax consequences of the ownership and disposition
of Shares for US holders who are not resident in the UK for tax purposes and to which split
year treatment does not apply, which do not carry on a trade, profession or vocation
through a permanent establishment or branch or agency in the UK, and which are the
absolute beneficial owners of their Shares and hold such Shares as a capital investment.
This information is a general discussion based on UK tax law and what is understood to be
the practice of His Majesty’s Revenue and Customs (HMRC), all as in effect on the date of
publication, and all of which are subject to differing interpretations and change at any time,
possibly with retroactive effect. It is not a complete analysis of all potential UK tax
considerations that may apply to a US holder. In addition, this discussion neither
addresses all aspects of UK tax law that may be relevant to particular US holders nor takes
into account the individual facts and circumstances of any particular US holder.
Accordingly, it is not intended to be, and should not be construed as, tax advice.
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Coca-Cola Europacific Partners plc
2025 Annual Report and Form 20-F
307
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Distributions on Shares
No UK tax is required to be withheld from cash distributions on Shares paid to US holders.
In addition, US holders will not be subject to UK tax in respect of their receipt of cash
distributions on their Shares.
Sale, exchange, redemption or other dispositions of Shares
US holders will not be subject to UK tax on capital gains in respect of any gain realised by
such US holders on a sale, exchange, redemption or other disposition of their Shares (and
the UK rules relating to non-resident taxation of disposals of shares in “UK property rich”
companies are not expected to apply with respect to the Shares, and would in any event
only apply to a non-UK holder who holds (together with connected persons) 25% or more of
the shares in a relevant “UK property rich” company). Special rules may apply to individual
US holders which have ceased to be resident in the UK for tax purposes and who make a
disposition of their Shares while UK non-resident before becoming once again resident in
the UK for tax purposes within five years from departure.
While Shares are held within the Depository Trust Company (DTC) clearance system, and
provided that DTC satisfies various conditions specified in UK legislation and has not made
an election for the alternative system of charge under Section 97A of the UK Finance Act
1986 which applies to the Shares (a Section 97A Election), electronic book entry transfers
of such Shares should not be subject to UK stamp duty, and agreements to transfer such
Shares should not be subject to Stamp Duty Reserve Tax (SDRT). Confirmation of this
position was obtained by way of formal clearance by HMRC and we are not aware that any
Section 97A Election has been made. Likewise, transfers of, or agreements to transfer, such
Shares from the DTC clearance system into another clearance system (or into a depositary
receipt system) should not, provided that the other clearance system or depositary receipt
system satisfies various conditions specified in UK legislation and that DTC has not made a
Section 97A Election, be subject to UK stamp duty or SDRT.
In the event that Shares have left the DTC clearance system, other than into another
clearance system or depositary receipt system, any subsequent transfer of, or agreement
to transfer, such Shares may, subject to any available exemption or relief, be subject to UK
stamp duty or SDRT at a rate of 0.5% of the consideration for such transfer or agreement
(in the case of UK stamp duty, rounded up to the next multiple of £5). Any such UK stamp
duty or SDRT will generally be payable by the transferee and must be paid (and any
relevant transfer document duly stamped by HMRC) before the transfer can be registered
in the books of the Company. In the event that Shares that have left the DTC clearance
system, other than into another clearance system or depositary receipt system, are
subsequently transferred back into a clearance system or depositary receipt system, such
transfer or agreement may, subject to any available exemption or relief, be subject to UK
stamp duty or SDRT at a rate of 1.5% of the consideration for such transfer (or, where there
is no such consideration, 1.5% of the value of such Shares). Notwithstanding the foregoing
provisions of this paragraph, a transfer of securities may in certain circumstances be
subject to UK stamp duty or SDRT based on the market value of the relevant securities if
this is higher than the amount of the consideration for the relevant transfer.
This summary is not exhaustive of all possible tax consequences. It is not intended as
legal or tax advice to any particular holder of shares and should not be so construed.
Holders of shares should consult their own tax advisor with respect to the tax
consequences applicable to them in their own particular circumstances.
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Other
Information
Coca-Cola Europacific Partners plc
2025 Annual Report and Form 20-F
308
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Selected financial data
The following selected financial data has been extracted from, and should be read in
conjunction with, the consolidated financial statements of the Group and their
accompanying notes.
The financial information presented here has been prepared in accordance with UK-adopted
International Accounting Standards, International Financial Reporting Standards (IFRS) as
adopted by the European Union and International Financial Reporting Standards as issued
by the International Accounting Standards Board (IASB).
The financial results presented herein reflect the acquisitions of Coca-Cola Amatil Limited
on 10 May 2021 and Coca-Cola Beverages Philippines, Inc. on 23 February 2024.
2025
2024
2023
2022
2021
Income statement
€ million
€ million
€ million
€ million
€ million
Revenue
20,901
20,438
18,302
17,320
13,763
Cost of sales
(13,461)
(13,227)
(11,582)
(11,096)
(8,677)
Gross profit
7,440
7,211
6,720
6,224
5,086
Selling and distribution
expenses
(3,349)
(3,345)
(3,178)
(2,984)
(2,496)
Administrative expenses
(1,402)
(1,734)
(1,310)
(1,250)
(1,074)
Other income
104
—
107
96
—
Operating profit
2,793
2,132
2,339
2,086
1,516
Finance income
103
85
65
67
43
Finance costs
(306)
(272)
(185)
(181)
(172)
Total finance costs, net
(203)
(187)
(120)
(114)
(129)
Non-operating items
(21)
(9)
(16)
(15)
(5)
Profit before taxes
2,569
1,936
2,203
1,957
1,382
Taxes
(590)
(492)
(534)
(436)
(394)
Profit after taxes
1,979
1,444
1,669
1,521
988
2025
2024
2023
2022
2021
Statement of financial position
€ million
€ million
€ million
€ million
€ million
Non-current assets
23,793
24,462
22,649
22,770
23,330
Current assets
6,079
6,638
6,605
6,543
5,760
Total assets
29,872
31,100
29,254
29,313
29,090
Non-current liabilities
13,984
13,966
14,000
14,553
15,787
Current liabilities
7,585
8,149
7,278
7,313
6,093
Total liabilities
21,569
22,115
21,278
21,866
21,880
Total equity
8,303
8,985
7,976
7,447
7,210
Total equity and liabilities
29,872
31,100
29,254
29,313
29,090
Capital stock data
Number of Shares (in millions)
449
461
459
457
456
Share capital (in € million)
5
5
5
5
5
Share premium (in € million)
308
307
276
234
220
Per share data
Basic earnings per Share (€)
4.26
3.08
3.64
3.30
2.15
Diluted earnings per Share (€)
4.26
3.08
3.63
3.29
2.15
Dividends per Share (€)
2.04
1.97
1.84
1.68
1.40
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Coca-Cola Europacific Partners plc
2025 Annual Report and Form 20-F
309
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Other Group information continued
Operations review
Revenue
Revenue increased by €0.5 billion, or 2.3%, from €20.4 billion in 2024 to €20.9 billion in 2025.
Refer to the Business and financial review for a discussion of significant factors that
impacted revenue in 2025, as compared to 2024.
2024 vs 2023
Refer to Other Information – Other Group information – Operations review of the 2024
Annual Report on Form 20-F, filed on 21 March 2025.
Volume
Refer to the Business and financial review for a discussion of significant factors that
impacted volume in 2025, as compared to 2024.
2024 vs 2023
Refer to Other Information – Other Group information – Operations review of the 2024
Annual Report on Form 20-F, filed on 21 March 2025.
Cost of sales
On a reported basis, cost of sales increased 1.8%, from €13.2 billion in 2024 to €13.5 billion
in 2025. Refer to the Business and financial review for a discussion of significant factors
that impacted cost of sales in 2025, as compared to 2024.
2024 vs 2023
Refer to Other Information – Other Group information – Operations review of the 2024
Annual Report on Form 20-F, filed on 21 March 2025.
Selling and distribution expenses and administrative expenses
The following table presents selling and distribution expenses and administrative expenses
for the periods presented:
2025
2024
€ million
€ million
Selling and distribution expenses
3,349
3,345
Administrative expenses
1,402
1,734
Total
4,751
5,079
On a reported basis, total operating expenses decreased by 6.5% from €5.1 billion in 2024
to €4.8 billion in 2025.
Selling and distribution expenses increased by €4 million, or 0.1%, versus 2024, primarily
driven by continued inflationary pressures on labour and haulage, as well as optimised
investment in sales marketing to support our top line growth.
Administrative expenses decreased by €332 million, or 19.1%, versus 2024, mainly reflecting
lower business transformation and impairment costs, as well as the benefit of ongoing
efficiency programmes and continuous efforts on discretionary spend optimisation.
2024 vs 2023
Refer to Other Information – Other Group information – Operations review of the 2024
Annual Report on Form 20-F, filed on 21 March 2025.
Other income
During 2025, the Group recognised €30 million of other income related to additional
consideration received from the sale of a property in Germany, and €74 million of other
income related to gains on the sales of properties in Germany and Great Britain.
Finance costs, net
Finance costs, net totalled €203 million and €187 million in 2025 and 2024, respectively.
The following table summarises the primary items impacting our interest expense during
the periods presented:
2025
2024
Average outstanding debt balance (€ million)
11,354
11,459
Weighted average cost of debt during the year
2.1%
2.1%
Fixed rate debt (% of portfolio)
88%
90%
Floating rate debt (% of portfolio)
12%
10%
Non-operating items
Non-operating items represented an expense of €21 million in 2025 and an expense of
€9 million in 2024. Non-operating expenses include remeasurement gains and losses
related to currency exchange rate fluctuations on financing transactions denominated in
a currency other than the subsidiary’s functional currency. Non‑operating items are shown
on a net basis and may reflect the impact of movements in certain derivative instruments
that are not designated as hedging instruments but are utilised to manage various risks.
Non-operating items also include the Group’s share of the profit or loss after tax of equity
accounted investments and impairments.
Tax expense
In 2025, our reported effective tax rate was 23.0%. The decrease from 2024 reflects the
impact of non-UK operations and changes in foreign corporation tax rates enacted during
the year. 
In 2024, our reported effective tax rate was 25.4%. The increase from 2023 is largely due to
the impact of non-UK operations, which is substantially offset by prior period adjustments.
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Coca-Cola Europacific Partners plc
2025 Annual Report and Form 20-F
310
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Other Group information continued
Cash flow and liquidity review
Liquidity and capital resources
Our sources of capital include, but are not limited to, cash flows from operating activities,
public and private issuances of debt and equity securities and bank borrowings. Based on
information currently available, we do not believe we are at significant risk of default by
our counterparties.
The Group satisfies seasonal working capital needs and other financing requirements with
operating cash flows, cash on hand, short-term borrowings and a line of credit.
The following bonds were issued in 2025: €300 million Floating rate Notes due 2027 and
€500 million 3.125% Notes due 2031, both issued in June 2025; €500 million 3.125% Notes
due 2032, issued in September 2025; PHP2 billion 4.7% Loan and PHP500 million 4.35% Loan,
both issued in December 2025 and maturing in 2026.
At 31 December 2025, the Group had €303 million in third party debt maturities outstanding
in the next 12 months, €250 million in the form of Euro denominated notes, €17 million of
Australian dollar denominated notes and €36 million of Philippine peso denominated loans.
No short-term commercial papers were issued as at 31 December 2025. In addition to using
operating cash flows and cash on hand, the Group may repay its short-term obligations by
issuing more debt, which may take the form of commercial paper and/or longer-term debt.
Further details regarding the level of borrowings at the year end are provided in Note 14
of the consolidated financial statements.
In line with our commitments to deliver long-term value to shareholders, in May and
December 2025 the Group paid interim dividends of €0.79 and €1.25 per Share,
respectively, maintaining an annualised dividend payout ratio of approximately 50%.
For the year ended 31 December 2025, dividend payments totalled €927 million.
The total payments under the share buyback programme in 2025 were €1,006 million
(including directly attributable tax and legal costs).
Credit ratings and covenants
The Group’s credit ratings are periodically reviewed by rating agencies.  At the end of 2025,
the Group continued to be rated investment grade. The ratings outlook from Moody’s and
Fitch is stable. Changes in the operating results, cash flows or financial position could
impact the ratings assigned by the various rating agencies. The credit rating can be
materially influenced by a number of factors including, but not limited to, acquisitions,
investment decisions, capital management activities of TCCC and/or changes in the credit
rating of TCCC. Should the credit ratings be adjusted downward, the Group may incur
higher costs to borrow, which could have a material impact on the financial condition and
results of operations.
Summary of cash flow activities
2025
During 2025, our primary sources of cash included: (1) €2,953 million from operating
activities, net of cash payments related to restructuring programmes of €213 million and
contributions to our defined benefit pension plans of €40 million; (2) proceeds from
borrowings, net of issuance costs of €1,327 million; (3) proceeds of €168 million primarily
related to the sales of property, plant and equipment; and (4) proceeds from investments
in short-term financial assets of €92 million.
Our primary uses of cash were: (1) repayments on borrowings of €1,824 million, payments of
principal on lease obligations of €162 million (refer to Financing activities below) and net
interest payments of €175 million; (2) dividend payments of €927 million; (3) spend on
property, plant and equipment of €750 million and software of €200 million; and
(4) purchase of own shares under share buyback programme of €1,006 million.
2024
During 2024, our primary sources of cash included: (1) €3,061 million from operating
activities, net of cash payments related to restructuring programmes of €105 million and
contributions to our defined benefit pension plans of €40 million; (2) proceeds from
borrowings, net of issuance costs of €1,008 million; (3) proceeds of €66 million related to
the settlement of debt-related cross currency swaps; (4) proceeds of €15 million primarily
related to the sales of property; (5) proceeds from investments in short-term financial
assets of €420 million; and (6) proceeds from non-controlling shareholder (Aboitiz Equity
Ventures Inc.) relating to the acquisition of CCBPI of €468 million.
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Coca-Cola Europacific Partners plc
2025 Annual Report and Form 20-F
311
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Our primary uses of cash were: (1) repayments on borrowings of €1,207 million, payments of
principal on lease obligations of €157 million (refer to Financing activities below) and net
interest payments of €175 million; (2) dividend payments of €910 million; (3) spend on
property, plant and equipment of €791 million and software of €148 million; and (4)
acquisition of CCBPI bottling operations, net of cash acquired of €1,524 million.
The discussion of our 2023 cash flow activities has not been included as this can be found
under Other Information – Other Group information – Cash flow and liquidity review of
the 2023 Annual Report on Form 20-F, filed on 15 March 2024.
Operating activities
2025 vs 2024
Our cash derived from operating activities totalled €2,953 million in 2025 versus €3,061 million
in 2024. This decrease reflects timing-related movements within the working capital cycle
that are consistent with normal operating activities.
2024 vs 2023
Refer to Other Information – Other Group information – Cash flow and liquidity review
of the 2024 Annual Report on Form 20-F, filed on 21 March 2025.
Investing activities
2025 vs 2024
During 2025, proceeds related to sales of property, plant and equipment totalled €168 million.
Net inflows related to short-term investments were €92 million.
Capital asset investments represent a primary use of cash in our investing activities.
The following table summarises the capital investments for the periods presented:
2025
2024
€ million
€ million
Supply chain infrastructure
524
587
Cold drink equipment
152
135
Fleet and other
74
69
Total capital asset investments
750
791
Investments in supply chain infrastructure relate to investments in our manufacturing and
distribution facilities. In addition, during 2025, the Group spent €200 million (2024: €148 million)
on capitalised development activity, primarily in relation to the continuation of our business
capability programme and further investments in technology and digitisation.
During 2026, we expect our capital expenditures to be invested in similar categories as those
listed in the table above. While the level of capital expenditure is uncertain, we expect that
our operating cash flows, cash on hand and available short-term capital resources will be
sufficient to fund future capital expenditures.
2024 vs 2023
Refer to Other Information – Other Group information – Cash flow and liquidity review of
the 2024 Annual Report on Form 20-F, filed on 21 March 2025.
Financing activities
2025 vs 2024
Our net cash used in financing activities totalled €2,890 million in 2025. In 2024, net cash
used in financing activities totalled €973 million.
The following table summarises our financing activities related to the issuances of and
payments on debt for the periods presented (in € millions):
Issuances of debt
Maturity date
Rate
2025
2024
€500 million
June 2031
3.125%
495
—
€300 million
June 2027
Floating rate
298
—
€500 million
September 2032
3.125%
495
—
PHP2 billion
December 2026
4.700%
31
—
PHP500 million
February 2026
4.350%
8
—
€600 million
March 2032
3.250%
—
594
PHP Term loan
February 2034
6.5516%(C)
—
382
PHP2.0 billion
December 2025
5.750%
—
32
Total issuances of debt,
net of issuance costs
1,327
1,008
Net issuances of short-term
borrowings
—
(A)
—
—
Total issuances of debt, net
1,327
1,008
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2025 Annual Report and Form 20-F
312
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Payments on debt
Maturity date
Rate
2025
2024
€800 million
September 2025
—%
(800)
—
€350 million
May 2025
2.375%
(350)
—
€600 million
March 2026
1.750%
(600)
—
A$30 million
September 2025
4.166%
(17)
—
A$20 million
December 2025
4.250%
(11)
—
PHP3.5 billion (B)
February 2025
6.000%
(17)
(40)
PHP2 billion
December 2025
5.750%
(29)
—
€500 million
May 2024
1.125%
—
(500)
US$650 million
May 2024
0.800%
—
(606)
A$100 million
April 2024
3.500%
—
(61)
Lease obligations
—
(162)
(157)
Total repayments on third party
borrowings
(1,986)
(1,364)
Net payments of short-term
borrowings
—
(A)
—
—
Total payments on debt
(1,986)
(1,364)
(A)These amounts represent short-term euro commercial paper with varying interest rates. In 2025, changes
in short-term borrowings include €7,658 million of newly issued and €7,658 million of repaid euro
commercial paper. In 2024, changes in short-term borrowings included €10,074 million and €10,074 million
of newly issued and repaid euro commercial paper, respectively.
(B)In 2024, the Group partially repaid PHP2.5 billion related to PHP3.5 billion 6.00% Loan 2025 assumed as part
of the Acquisition. In February 2025, the Group repaid on maturity the remaining outstanding amount
related to the PHP3.5 billion 6.00% Loan.
(C)Interest rate resets after second and fifth year.
Our financing activities during 2025 included dividend payments totalling €927 million,
based on dividend per Share of €0.79 for the first half of 2025 and dividend per Share
of €1.25 for the second half of 2025. In 2024, dividend payments totalled €910 million.
The total payments under the share buyback programme in 2025 were €1,006 million
(including €6 million of directly attributable tax and legal costs). There were no payments
under the share buyback programme in 2024.
The total consideration paid in 2025 for acquisition of treasury shares by the Group was
€40 million. There were no payments for acquisition of treasury shares in 2024.
There were no drawdowns from our credit facility in 2025 and 2024. The facility remained
undrawn as at 31 December 2025 and 31 December 2024, respectively.
Lease obligations
During the year ended 31 December 2025 and 31 December 2024, total cash outflows from
payments of principal on lease obligations were €162 million and €157 million, respectively.
2024 vs 2023
Refer to Other Information – Other Group information – Cash flow and liquidity review of
the 2024 Annual Report on Form 20-F, filed on 21 March 2025.
Raw materials
CCEP purchases concentrates and syrups from TCCC and other franchisors to
manufacture products. In addition, the Group purchases sweeteners, juices, coffee,
mineral waters, finished product, carbon dioxide, fuel, pallets, ocean freight, haulage, virgin
and recycled PET (plastic) preforms, glass, aluminium and plastic bottles, aluminium and
steel cans, pouches, closures, post-mix and packaging materials. The Group generally
purchases raw materials, other than concentrates, syrups and mineral waters, from
multiple suppliers. The product licensing and bottling agreements with TCCC and
agreements with some of our other franchisors provide that all authorised containers,
closures, cases, cartons and other packages, and labels for their products must be
purchased from manufacturers approved by the respective franchisor. The principal
sweetener we use is sugar derived from sugar beets in Europe and sugar cane in APS.
Our sugar purchases are made from multiple suppliers. The Group does not separately
purchase low-calorie sweeteners because sweeteners for low-calorie beverage products
are contained in the concentrates or syrups we purchase.
The Group produces most of its plastic bottle requirements within the production facilities,
approximately 60% from using preforms purchased from multiple suppliers and the
remainder from self-manufactured preforms. The Group believes the self-manufacture
of certain packages serves to ensure supply and to reduce or manage costs. The Group
manages its continuity of materials and supplies closely, although, the supply and price
of specific materials or supplies are, at times, adversely affected by strikes, weather
conditions, speculation, abnormally high demand, governmental controls, new taxes,
national emergencies, natural disasters, price or supply fluctuations of their raw material
components, and currency fluctuations.
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Other Group information continued
Contractual obligations
The following table reflects the Group’s contractual obligations as at 31 December 2025:
Total
Less than 1 year
1 to 3 years
3 to 5 years
More than 5 years
€ million
€ million
€ million
€ million
€ million
Borrowings and
interest
obligations(A)
11,280
517
3,092
2,880
4,791
Lease
obligations(B)
822
211
279
135
197
Purchase
agreements(C)
559
153
242
114
50
12,661
881
3,613
3,129
5,038
(A)These amounts represent the Group’s scheduled debt maturities and estimated interest payments related
to the Group’s borrowings, excluding leases. Refer to Note 14 of the consolidated financial statements for
further details about the borrowings of CCEP. Interest on fixed rate debt has been calculated based on
applicable rates and payment dates. Interest on variable rate debt has been calculated using the forward
interest rate curve. Refer to Note 27 of the consolidated financial statements for further details about
financial risk management within CCEP.
(B)These amounts represent the Group’s future lease payments including amounts representing interest,
obligations related to lease agreements committed to but not yet commenced and lease payments due
under non-cancellable short-term or low value lease agreements.
(C)These amounts represent non-cancellable purchase agreements with various suppliers that are
enforceable and legally binding and that specify a fixed or minimum quantity that we must purchase.
All purchases made under these agreements have standard quality and performance criteria.
In addition to these amounts, the Group has outstanding capital expenditure purchase orders of
approximately €310 million as at 31 December 2025. The Group also has other purchase orders raised
in the ordinary course of business which are settled in a reasonably short period of time. These are
excluded from the table above. The Group expects that the net cash flows generated from operating
activities will be able to meet these liabilities as they fall due.
The above table does not include the impact of contractual obligations related to
derivative financial instruments. A table containing this information is presented in Note 27
of the consolidated financial statements. Furthermore, the exact timing of our tax
provisions is not certain and these have been excluded from the above table.
Refer to Note 21 of the consolidated financial statements for further information.
The above table also does not reflect employee benefit liabilities of €157 million, which
include current liabilities of €7 million and non-current liabilities of €150 million as at
31 December 2025. Refer to Note 16 of the consolidated financial statements for
further information.
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Other Group information continued
Properties
The Group’s principal properties include production facilities, distribution and logistics centres, shared service centres, business unit headquarter offices and corporate offices.
The table below summarises the main properties which the Group uses as at 31 December 2025:
Great Britain
France
Belgium/ Luxembourg
Netherlands
Norway
Sweden
Germany
Iberia
Iceland
Total
Production facilities(A)
Leased
1
—
—
—
—
—
1
1
—
3
Owned
4
4
3
1
1
1
13
10
2
39
Total
5
4
3
1
1
1
14
11
2
42
Distribution and logistics
facilities
Leased
—
—
1
—
1
—
13
3
—
18
Owned
—
—
—
—
—
—
3
4
—
7
Total
—
—
1
—
1
—
16
7
—
25
Corporate offices and
business unit headquarters
Leased
2
1
1
1
—
—
1
3
—
9
Owned
—
—
—
—
—
—
—
—
—
—
Total
2
1
1
1
—
—
1
3
—
9
Australia
New Zealand and Pacific Islands
Indonesia and Papua New Guinea
Philippines
Total
Production facilities(A)(B)
Leased
9
4
—
—
13
Owned
3
6
8
18
35
Total
12
10
8
18
48
Distribution and logistics
facilities
Leased
8
6
4
16
34
Owned
2
1
2
8
13
Total
10
7
6
24
47
Corporate offices and
business unit headquarters
Leased
1
—
—
1
2
Owned
—
1
1
—
2
Total
1
1
1
1
4
(A)All production facilities are a combination of production and warehouse facilities.
(B)Production facilities include NARTD, alcoholic beverage and other production facilities.
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Other Group information continued
The Group operates one integrated shared service organisation, spread across two
locations in Bulgaria, one in Indonesia and one in the Philippines.
The Group’s principal properties cover approximately 4.6 million square metres in the
aggregate of which 0.9 million square metres is leased and 3.7 million square metres is
owned. The Group believes that its facilities are adequately utilised and sufficient to meet
its present operating needs.
At 31 December 2025, the Group operated approximately 12,000 vehicles of various types,
the majority of which are leased. The Group also owned approximately 1.5 million pieces
of cold drink equipment, principally coolers and vending machines.
Disclosure controls and procedures
Evaluation of disclosure controls and procedures
The Group maintains “disclosure controls and procedures”, as defined in Rule 13a-15(e)
under the Exchange Act, which are designed to ensure that information required to be
disclosed in reports filed or submitted under the Exchange Act is recorded, processed,
summarised and reported within the time periods specified in the US SEC’s rules and forms,
and that such information is accumulated and communicated to the Group’s management,
including the Chief Executive Officer (CEO) and Chief Financial Officer (CFO), as appropriate
to allow timely decisions regarding required disclosure. The Group’s management, with
the participation of the CEO and CFO, has evaluated the effectiveness of the Group’s
disclosure controls and procedures pursuant to Exchange Act Rule 13a-15(b) as at
31 December 2025. Based on that evaluation, the Group’s CEO and CFO have concluded
that the Group’s disclosure controls and procedures were effective.
Management’s report on internal control over financial reporting
The Group’s management is responsible for establishing and maintaining adequate internal
control over financial reporting for the Group, as defined in Rule 13a-15(f) under the
Exchange Act. Internal control over financial reporting is a process designed under the
supervision of the principal executive and financial officers to provide reasonable
assurance regarding the reliability of financial reporting and the preparation of the Group’s
consolidated financial statements for external reporting purposes in accordance with IFRS
issued by the IASB. The Group’s internal control over financial reporting includes policies
and procedures that (i) pertain to the maintenance of records that, in reasonable detail,
accurately and fairly reflect the Group’s transactions and dispositions of assets; (ii) are
designed to provide reasonable assurance that transactions are recorded as necessary
to permit the preparation of the Group’s consolidated financial statements in accordance
with IFRS, and that receipts and expenditures are being made only in accordance with
authorisations of management and the Directors of the Group; and (iii) provide reasonable
assurance regarding prevention or timely detection of unauthorised acquisition, use or
disposition of the Group’s assets that could have a material effect on the Group’s
consolidated financial statements. Internal control systems, no matter how well designed,
have inherent limitations and may not prevent or detect misstatements. Also, projections
of any evaluation of effectiveness to future periods are subject to the risk that internal
controls may become inadequate because of changes in conditions, or that the degree
of compliance with the policies or procedures may deteriorate.
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Other Group information continued
Management, with the participation of the CEO and CFO, assessed the effectiveness of
the Group’s internal control over financial reporting as at 31 December 2025, using the
criteria set forth in the Internal Control-Integrated Framework issued by The Committee
of Sponsoring Organizations of the Treadway Commission. Based on this assessment,
management has determined that the Group’s internal control over financial reporting as
at 31 December 2025 was effective. Ernst & Young LLP (EY), the Group’s independent
registered public accounting firm, has issued a report on the Group’s internal control over
financial reporting as at 31 December 2025, which is set out on page 140.
Changes in internal control over financial reporting
There has been no change in the Group’s internal control over financial reporting (as
defined in Rule 13a-15(f) under the Exchange Act) during 2025 that has materially
affected, or is reasonably likely to materially affect, the Group’s internal control over
financial reporting.
Auditor’s fees and services
The Audit Committee of the Company has established policies and procedures for the
engagement of the independent registered public accounting firm, Ernst & Young LLP
(Auditor Firm ID: 1438), to render audit and non-audit services. The policies provide for
pre‑approval by the Audit Committee of non-audit services that are not prohibited by
regulatory or other professional requirements. Ernst & Young are engaged for these
services when its expertise and experience of CCEP are important.
Under the policy, pre-approval is required for all non-audit services including the following
categories: advice on accounting, auditing and financial reporting matters; internal
accounting and risk management control reviews (excluding any services relating to
information systems design and implementation); non-statutory audit; project assurance
and advice on business and accounting process improvement (excluding any services
relating to information systems design and implementation relating to CCEP’s financial
statements or accounting records); due diligence in connection with acquisitions, disposals
and arrangements in which two or more parties have joint control (excluding valuation or
involvement in prospective financial information); income tax and indirect tax compliance
and advisory services; employee tax services (excluding tax services that could impair
independence); provision of, or access to, Ernst & Young publications, workshops,
seminars and other training materials; provision of reports from data gathered on
non‑financial policies and information; and assistance with understanding non-financial
regulatory requirements.
The Audit Committee evaluates the performance of the auditor each year. The audit fees
payable to Ernst & Young are reviewed by the committee in the context of other global
companies for cost effectiveness. The committee keeps under review the scope and
results of audit work and the independence and objectivity of the auditors. External
regulation and CCEP policy require the auditors to rotate their lead audit partner every five
years. Details of fees for services provided by the auditor are provided in Note 18 of the
consolidated financial statements.
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Other
Information
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2025 Annual Report and Form 20-F
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Form 20-F table of cross references
Page
Part I
Item 1
Identity of Directors, Senior Management and Advisors
n/a
Item 2
Offer Statistics and Expected Timetable
n/a
Item 3
Key Information 
B – Capitalisation and indebtedness
n/a
C – Reasons for the offer and use of proceeds
n/a
D – Risk factors
Item 4
Information on the Company
A – History and development of the Company
B – Business overview
3, 12–13, 15, 46–58, 147,
150–152, 308–313
C – Organisational structure
D – Property, plants and equipment
157–160, 314–315
Item 4A
Unresolved Staff Comments
n/a
Item 5
Operating and Financial Review and Prospects
A – Operating results 
48–52, 57–58,   
308–309
B – Liquidity and capital resources 
54–55, 310–312
C – Research and development, patents and licences, etc.
D – Trend information 
3, 12–13, 15, 48–58
E – Critical Accounting Estimates
n/a
Item 6
Directors, Senior Management and Employees
A – Directors and senior management
62–68, 298
B – Compensation
93–119, 188
C – Board practices
61–68, 85–90,
93–119, 298
D – Employees
E – Share ownership
115–116, 194–195, 298,
301
F – Recovery of Erroneously Awarded Compensation
n/a
Item 7
Major Shareholders and Related Party Transactions
A – Major Shareholders
B – Related Party Transactions
C – Interests of experts and counsel
n/a
Page
Item 8
Financial Information
A – Consolidated Statements and Other Financial
Information
B – Significant Changes
Item 9
The Offer and Listing
A – Offer and listing details
B – Plan of distribution
n/a
C – Markets
D – Selling shareholders
n/a
E – Dilution
n/a
F – Expenses of the issue
n/a
Item 10
Additional Information
A – Share capital
n/a
B – Memorandum and articles of association
C – Material contracts
D – Exchange controls
E – Taxation
F – Dividends and paying agents
n/a
G – Statement by experts
n/a
H – Documents on display
I – Subsidiary Information
J - Annual Report to Security Holders
n/a
Item 11
Quantitative and Qualitative Disclosures about
Market Risk
Item 12
Description of Securities Other than Equity Securities
A – Debt Securities
n/a
B – Warrants and Rights
n/a
C – Other Securities
n/a
D – American Depository Shares
n/a
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Statements
Sustainability
Statement
Other
Information
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2025 Annual Report and Form 20-F
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Form 20-F table of cross references continued
Page
Part II
Item 13
Defaults, Dividend Arrearages and Delinquencies
n/a
Item 14
Material Modifications to the Rights of Security Holders
and Use of Proceeds
n/a
Item 15
Controls and Procedures
Item 16A
Audit Committee Financial Expert
Item 16B
Code of Ethics
Item 16C
Principal Accountant Fees and Services
Item 16D
Exemptions from the Listing Standards for Audit
Committee
n/a
Item 16E
Purchases of Equity Securities by the Issuer and
Affiliated Purchasers
Item 16F
Change in Registrant’s Certifying Accountant
n/a
Item 16G
Corporate Governance
Item 16H
Mine Safety Disclosure
n/a
Item 16I
Disclosure Regarding Foreign Jurisdictions that Prevent
Inspections
n/a
Item 16J
Insider Trading Policies
Item 16K
Cybersecurity
41–42
Part III
Item 17
Financial Statements
Item 18
Financial Statements
n/a
Item 19
Exhibits
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Exhibits
The following documents, which form a part of this Annual Report on Form 20-F, have been filed with the US Securities and Exchange Commission (SEC) via its EDGAR system and can be
viewed on the SEC’s website at www.sec.gov.
Articles of Association of CCEP (incorporated by reference to Exhibit 99.1 to CCEP’s Form 6-K filed with the SEC on May 30, 2019).
Description of rights attached to each class of CCEP securities registered under Section 12 of the Exchange Act as at 31 December 2025.
Shareholders’ Agreement by and among the Company, Olive Partners, S.A., European Refreshments, Coca-Cola GmbH and Vivaqa Beteiligungs GmbH & Co. KG 
(incorporated by reference to Annex C to the proxy statement/prospectus contained in CCEP’s Form F-4/A registration statement filed with the SEC on April 11, 2016).
Coca-Cola European Partners plc Long-Term Incentive Plan 2016 (incorporated by reference to Exhibit 4.1 to CCEP’s Form S-8 registration statement filed with the SEC
on June 1, 2016).
Coca-Cola Europacific Partners plc Long-Term Incentive Plan (incorporated by reference to Exhibit 4.1 to the Registrant’s Form 6-K filed with the SEC on April 12, 2023).
Rules of the Coca-Cola Enterprises Belgium/Coca-Cola Enterprises Services Belgian and Luxembourg Share Savings Plan (incorporated by reference to Exhibit 4.3 to
CCEP’s Form S-8 registration statement filed with the SEC on June 1, 2016).
Trust Deed and Rules of Coca-Cola Enterprises UK Share Plan (incorporated by reference to Exhibit 4.2 to the Company’s Form S-8 registration statement filed with the
SEC on June 1, 2016).
The Coca-Cola Enterprises, Inc. 2010 Incentive Award Plan (as amended Effective February 7, 2012) (incorporated by reference to Exhibit 99.1 to Coca-Cola Enterprises,
Inc.’s Current Report on Form 8-K filed on February 9, 2012).
Deed of Assumption and Replacement relating to Equity Awards of Coca-Cola Enterprises, Inc. (incorporated by reference to Exhibit 4.3 to the Company’s Post-Effective
Amendment No. 1 on Form S-8 to Form F-4 registration statement filed with the SEC on June 1, 2016).
List of Subsidiaries of the Company (included in Note 29 of the consolidated financial statements in this Annual Report on Form 20-F).
Insider Trading Policy (as amended 22 May 2025).
Rule 13a-14(a) Certification of Damian Gammell.
Rule 13a-14(a) Certification of Ed Walker.
Rule 13a-14(b) Certifications.
Consent of Ernst & Young LLP, UK.
Coca-Cola Europacific Partners plc Policy on Recoupment of Incentive Compensation (approved by the Board on 18 October 2023) (incorporated by reference to Exhibit
97 to the Registrant’s Form 20-F filed with the SEC on March 15, 2024).
Exhibit 101.INS
XBRL Instance Document.
Exhibit 101.SCH
XBRL Taxonomy Extension Schema Document.
Exhibit 101.CAL
XBRL Taxonomy Extension Calculation Linkbase Document.
Exhibit 101.DEF
XBRL Taxonomy Extension Definition Linkbase Document.
Exhibit 101.LAB
XBRL Taxonomy Extension Label Linkbase Document.
Exhibit 101.PRE
XBRL Taxonomy Extension Presentation Linkbase Document.
The total amount of long-term debt securities issued by the Company or any subsidiary under any one instrument which requires filing consolidated or unconsolidated financial
statements does not exceed 10% of the total assets of the Company and its subsidiaries on a consolidated basis. The Company agrees to furnish a copy of any long-term debt security
instrument which requires filing consolidated or unconsolidated financial statements to the SEC on request.
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2025 Annual Report and Form 20-F
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Signatures
The registrant hereby certifies that it meets all of the requirements for filing on
Form 20-F and that it has duly caused and authorised the undersigned to sign
the Annual Report on Form 20-F on its behalf.
Coca-Cola Europacific Partners plc
/s/ Damian Gammell
Damian Gammell
Chief Executive Officer
13 March 2026
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Glossary
Unless the context otherwise requires, the following terms have the meanings shown below.
AFH
Away from home channel
AGM
Annual General Meeting
AI
Artificial intelligence
APS
Australia, Pacific and South East Asia region and renamed APS
business unit following the Acquisition
ARR
Annual report on remuneration
ARTD
Alcoholic ready to drink
Articles
Articles of Association of Coca-Cola Europacific Partners plc
ATC
Affiliated Transaction Committee
B2B
Business to business
BCP
Business continuity planning
BIER
Beverage Industry Environmental Roundtable
Board
Board of Directors of Coca-Cola Europacific Partners plc
BPF
Business Performance Factor
BU
A business unit of the Group
Capex
Capital expenditure
CCBPI
Coca-Cola Beverages Philippines, Inc.
CCE or Coca-Cola
Enterprises
Coca-Cola Enterprises, Inc.
CCEAP
Coca‑Cola Europacific Aboitiz Philippines, Inc.
CCEG or Coca-Cola
Erfrischungsgetränke
Coca-Cola Erfrischungsgetränke GmbH (which changed its
name to Coca-Cola European Partners Deutschland GmbH
from 22 August 2016)
CCEP or the Group
Coca-Cola Europacific Partners plc (registered in England and
Wales number 09717350) and its subsidiaries and subsidiary
undertakings from time to time
CCIP or Coca-Cola
Iberian Partners
Coca-Cola Iberian Partners, S.A. (which changed its name to
Coca-Cola European Partners Iberia S.L.U. from 1 January 2017)
CCL
Coca-Cola Amatil Limited
CDE
Cold drink equipment
CEO
Chief Executive Officer (of Coca-Cola Europacific Partners plc)
CFO
Chief Financial Officer (of Coca-Cola Europacific Partners plc)
Chairman
The Chairman (of Coca-Cola Europacific Partners plc)
CHP
Combined heat and power
CGU
Cash generating unit
CIO
Chief Information Officer (of Coca-Cola Europacific Partners
plc)
CISO
Chief Information Security Officer (of Coca-Cola Europacific
Partners plc)
CNG
Compressed natural gas
Cobega
Cobega, S.A.
CoC
Code of Conduct
Coca-Cola system
Comprises The Coca-Cola Company and around 200 bottling
partners worldwide
the Code
UK Corporate Governance Code 2024
CODM
Chief operating decision maker
Committee(s)
The five Committees with delegated authority from the Board:
the Audit, Remuneration, Nomination, Environmental, Social and
Governance and Affiliated Transaction Committees
Committee Chairman/
Chairmen or Chair
The Chairman/Chairmen of the Committee(s)
Committee member(s)
Member(s) of the Committees
Companies Act
The UK Companies Act 2006, as amended
Company or Parent
Company
Coca-Cola Europacific Partners plc
CRC
Compliance and Risk Committee, a management committee
chaired by the Chief Compliance Officer
Cumulative operating
profit
The Group’s consolidated operating profit aggregated over the
horizon considered
DESNZ
Department for Energy Security and Net Zero
Director(s)
A (the) Director(s) of Coca-Cola Europacific Partners plc
DMA
Double materiality assessment
DRS
Deposit return scheme(s)
Strategic
Report
Governance and
Directors’ Report
Financial
Statements
Sustainability
Statement
Other
Information
Coca-Cola Europacific Partners plc
2025 Annual Report and Form 20-F
322
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Glossary continued
DTC
Depository Trust Company
DTRs
The Disclosure Guidance and Transparency Rules of the UK
Financial Conduct Authority
EACs
Energy Attribute Certificates
EBITDA
Earnings before interest, tax, depreciation and amortisation
EFSA
European Food Safety Authority
EIR
Effective interest rate
EPR
Extended Producer Responsibility
EPS
Earnings per share
ERA
Enterprise risk assessment
ERM
Enterprise risk management
ESG
Environmental, social and governance
ESPP
Employee Share Purchase Plan
ESRS
European Sustainability Reporting Standards
EU
European Union
European Refreshments
or ER
European Refreshments Unlimited Company, a wholly-owned
subsidiary of TCCC
EWRA
Enterprise Water Risk Assessment
Exchange Act
The US Securities Exchange Act of 1934
Executive Leadership
Team or ELT
The CEO and his senior leadership direct reports
EY
Ernst & Young LLP
FAWVA
Facility Water Vulnerability Assessment
FCPA
US Foreign Corrupt Practices Act of 1977
FLAG
Forest, Land and Agriculture
FMCG
Fast moving consumer goods
FPI
Foreign private issuer, a term that applies to a company under
the rules of the Nasdaq Stock Exchange that is not a domestic
US company
FRC
The Financial Reporting Council
FSC
Forest Stewardship Council
FTE
Full time equivalent
FX
Foreign exchange
GB
Great Britain
GB Scheme
The Great Britain defined benefit pension plan
General Counsel and
Company Secretary
General Counsel and Company Secretary (of Coca-Cola
Europacific Partners plc)
GHG
Greenhouse gas
GoOs
Guarantees of Origin
GRI
Global Reporting Initiative
Group or CCEP
Coca-Cola Europacific Partners plc and its subsidiaries and
subsidiary undertakings from time to time
GWPs
Global Warming Potentials
HMRC
His Majesty’s Revenue and Customs, the UK’s tax authority
HRLs
High risk locations (HRLs) are a subset of CCEP’s production
facilities, which have been identified as having the highest 
water-related risks, based upon the results of The Coca-Cola
Company (TCCC) Facility Water Vulnerability Assessment
(FAWVA).
IAS
International Accounting Standards
IASB
International Accounting Standards Board
IBR
Incremental borrowing rate
ID&E
Inclusion, diversity and equity
IEA
International Energy Agency
IFRS
International Financial Reporting Standards
INEDs
Independent Non-executive Directors (of Coca-Cola
Europacific Partners plc)
IPF
Individual Performance Factor
IRC
The US Internal Revenue Code of 1986, as amended
Strategic
Report
Governance and
Directors’ Report
Financial
Statements
Sustainability
Statement
Other
Information
Coca-Cola Europacific Partners plc
2025 Annual Report and Form 20-F
323
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Glossary continued
IRS
US Internal Revenue Service
ISO 22301
International Standard for Business Continuity Management
Systems 2019
ISS
Integrated Shared Services centre
IT
Information technology
KORE
The Coca-Cola Operating Requirements
KPI
Key performance indicator
LGBTQ+
Pertaining collectively to people who identify as lesbian, gay,
bisexual, or transgender, and to people who identify as queer
or with gender expressions outside perceived societal norms,
including non-binary, intersex and questioning of their gender
identity and/or sexual orientation, along with their allies
LGCs
Large-scale Generation Certificates
LPG
Liquefied petroleum gas
LSE
London Stock Exchange
LTI
Lost time incident
LTIP
Long-term Incentive Plan
LTIR
Lost time incident rate
M&A
Merger and acquisition(s)
Merger
The formation of Coca-Cola European Partners plc on
28 May 2016 through the combination of the businesses of
Coca-Cola Enterprises, Inc., Coca-Cola Iberian Partners, S.A.
and Coca-Cola Erfrischungsgetränke GmbH
NARTD
Non-alcoholic ready to drink
Nasdaq
The Nasdaq Stock Market
Nasdaq Rules
The corporate governance rules of Nasdaq
NEDs
Non-executive Directors (of Coca-Cola Europacific Partners plc)
NGO
Non-governmental organisation
OCI
Other comprehensive income
OFAC
Office of Foreign Assets Control of the US Department of the
Treasury
Olive Partners
Olive Partners, S.A.
Opex
Operating expenditure
OT
Operational technology
Pack mix
The packaging portfolio mix of beverages
Parent Company or
Company
Coca-Cola Europacific Partners plc
Paris Agreement
The agreement on climate change resulting from UN COP21, the
UN Climate Change Conference, also known as the 2015 Paris
Climate Conference
Partnership
The partnership agreement entered into between the Group,
the GB Scheme and CCEP Scottish Limited Partnership to
support a long-term funding arrangement
PEFC
Programme for the Endorsement of Forest Certification
PET
Polyethylene terephthalate
PFIC
Passive foreign investment company
PHEV
Plug-in hybrid electric vehicles
PPAs
Power Purchase Agreements
PPWR
Packaging and Packaging Waste Regulation
PRN
Packaging recovery notes
PSA
Principles for Sustainable Agriculture
PSU
Performance share unit
ROIC
Return on invested capital
Recycled material
Post-consumer materials collected from consumers which are
reused as new raw material in our packaging
REGOs
Renewable Energy Guarantees of Origin
rPET
Recycled PET
RSP
CCEP’s Responsible Sourcing Policy
RTD
Ready to drink
RSU
Restricted stock unit
S&P 500
Standard & Poor’s 500
SBTi
Science Based Targets initiative
SBTN
Science Based Targets Network
SDRT
Stamp Duty Reserve Tax
SEC
Securities and Exchange Commission of the US
Strategic
Report
Governance and
Directors’ Report
Financial
Statements
Sustainability
Statement
Other
Information
Coca-Cola Europacific Partners plc
2025 Annual Report and Form 20-F
324
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Glossary continued
SGP
Supplier Guiding Principles
Shares
Ordinary shares of €0.01 each of Coca-Cola Europacific
Partners plc
SID
Senior Independent Director
SKU
Stock keeping unit
SOX or the Sarbanes-Oxley
Act
The US Sarbanes-Oxley Act of 2002
The Spanish Stock
Exchanges
The Madrid, Barcelona, Bilbao and Valencia Stock Exchanges
SPO
CCEP’s Sustainable Packaging Office
SSC
Sustainability Steering Committee
SSPs
Shared socioeconomic pathways
SVA
Source Water Vulnerability Assessment
TCCC
The Coca-Cola Company
TCCF
The Coca-Cola Foundation
TCFD
Task Force on Climate-related Financial Disclosures
TIGRs
Tradable Instruments for Global Renewables
TIR
Total incident rate
TNFD
Taskforce on Nature-related Financial Disclosures
TSR
Total shareholder return
UK Listing Rules or UKLRs
The listing rules of the UK Financial Conduct Authority
Unit case
Approximately 5.678 litres or 24 eight ounce servings, a typical
volume measurement unit
VAT
Value added tax
VWBA
Volumetric Water Benefit Accounting
WASH
Water, sanitation and hygiene
WBCSD
World Business Council for Sustainable Development
WEEE
EU Directive on Waste from Electrical and Electronic Equipment
WRI
World Resources Institute
WBCSD GHG Protocol or
GHG Protocol
World Business Council for Sustainable Development
Greenhouse Gas Protocol Corporate Standard. The GHG
Protocol is the internationally recognised, standard framework
for measuring GHG emissions from private and public sector
operations and their value chains
Strategic
Report
Governance and
Directors’ Report
Financial
Statements
Sustainability
Statement
Other
Information
Coca-Cola Europacific Partners plc
2025 Annual Report and Form 20-F
325
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Useful addresses
Registered office
Coca-Cola Europacific Partners plc
Pemberton House
Bakers Road
Uxbridge
UB8 1EZ
Registered in England and Wales
Company number: 09717350
+44 (0)1895 231313
Share registration
US shareholders:
Shareholders in Europe and outside the US:
Computershare
150 Royall Street
Canton
MA 02021
1-800-418-4223
Computershare
The Pavilions
Bridgwater Road
Bristol
BS99 6ZZ
+44 (0)370 702 0003
Report ordering
Shareholders who would like a paper copy of the Annual Report, which will be despatched on or around 16 April 2026, can
make their request by post to the General Counsel and Company Secretary, Pemberton House, Bakers Road, Uxbridge UB8
1EZ, United Kingdom or by making a request via ir.cocacolaep.com/financial-reports-and-results/annual-reports or by
sending an email to sendmaterial@proxyvote.com or by making a request via www.proxyvote.com or by phoning (in the US)
1-800-579-1639 or (outside the US) +1-800-579-1639 quoting their 16 digit control number.
Agent for service of process in the US
The Corporation Trust Company
Corporation Trust Center
1209 Orange Street
Wilmington, DE 19801
Strategic
Report
Governance and
Directors’ Report
Financial
Statements
Sustainability
Statement
Other
Information
Coca-Cola Europacific Partners plc
2025 Annual Report and Form 20-F
326
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Forward-looking statements
This document contains statements, estimates or projections that constitute “forward-
looking statements” concerning the financial condition, performance, results, guidance and
outlook, dividends, consequences of mergers, acquisitions, joint ventures, divestitures,
strategy and objectives of Coca-Cola Europacific Partners plc and its subsidiaries (together
CCEP or the Group). Generally, the words “ambition”, “target”, “aim”, “believe”, “expect”,
“intend”, “estimate”, “anticipate”, “project”, “plan”, “seek”, “may”, “could”, “would”, “should”,
“might”, “will”, “forecast”, “outlook”, “guidance”, “possible”, “potential”, “predict”, “objective”
and similar expressions identify forward-looking statements, which generally are not
historical in nature.
Forward-looking statements are subject to certain risks that could cause actual results to
differ materially. Forward-looking statements are based upon various assumptions as well
as CCEP’s historical experience and present expectations or projections. As a result, undue
reliance should not be placed on forward-looking statements, which speak only as of the
date on which they are made. Factors that, in CCEP’s view, could cause such actual results
to differ materially from forward-looking statements include, but are not limited to, those
set forth in the “Risk Factors” section of this 2025 Annual Report on Form 20-F, including,
but not limited to: changes in the marketplace; changes in relationships with large
customers; adverse weather conditions; importation of other bottlers’ products into our
territories; deterioration of global and local economic and political conditions; increases in
costs of raw materials; changes in interest rates or debt rating; deterioration in political
unity within the European Union; defaults of or failures by counterparty financial
institutions; changes in tax law in countries in which we operate; additional levies of taxes;
waste and pollution, health concerns perceptions, and recycling matters related to
packaging; global or regional catastrophic events; cyberattacks against us or our customers
or suppliers; technology failures; initiatives to realise cost savings; calculating
infrastructure investment; executing on our acquisition strategy; costs, limitations of
supplies, and quality of raw materials; maintenance of brand image and product quality;
managing workplace health, safety and security; water scarcity and regulations; climate
change and legal and regulatory responses thereto; other legal, regulatory and compliance
considerations; anti-corruption laws, regulations, and sanction programmes; legal claims
against suppliers; litigation and legal proceedings against us;  legal changes in our status;
attracting, retaining and motivating employees; our relationship with TCCC and other
franchisors; and differing views among our shareholders.
Due to these risks, CCEP’s actual future financial condition, results of operations, and
business activities, including its results, dividend payments, capital and leverage ratios,
growth, including growth in revenue, cost of sales per unit case and operating profit, free
cash flow, market share, tax rate, efficiency savings, achievement of sustainability goals,
including net zero emissions and recycling initiatives and capital expenditures, may differ
materially from the plans, goals, expectations and guidance set out in forward-looking
statements. These risks may also adversely affect CCEP’s share price. CCEP does not
undertake any obligation to publicly update or revise any forward-looking statements,
whether as a result of new information, future events, or otherwise, except as required
under applicable rules, laws and regulations.
CCEP_AR25_Back_Cover_crop.jpg
ANNUAL REPORT AND FORM 20-F — 2025
Registered office
Pemberton House
Bakers Road
Uxbridge UB8 1EZ
Registered in England and Wales
Company number: 09717350
www.cocacolaep.com

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