Highlights
- UK revenue rose 6.5% to €1.697bn in H1 2025, driven by stronger away-from-home sales, better weather, and innovation-led volume growth in brands like Monster, Dr. Pepper, and Diet Coke.
- Revenue per unit case increased, supported by price increases, a favourable brand mix including the launch of Jack Daniel’s & Cherry Coca-Cola, and the impact of a higher sugar tax.
- CCEP reaffirmed its full-year guidance, with group operating profit up 7.2% to €1.4bn and continued investment in AI, innovation, and shareholder returns through dividends and share buybacks.
Coca-Cola Europacific Partners (CCEP) has reported a solid set of financial results for the first half of 2025, with strong momentum in the UK market underpinned by away-from-home (AFH) demand, innovation in product offerings, and effective revenue management.
The company saw UK revenue rise by 6.5 per cent year-on-year to €1.697 billion (£1.47bn), up 5.0 per cent on an currency-neutral basis, reflecting one of the better-performing markets in its European portfolio.
UK volume registered low single-digit growth during the six-month period, with gains supported by better weather in June, a rebound in the AFH channel, and innovation-led demand in key brands such as Monster and Dr. Pepper. The performance of Diet Coke also improved during the half, aided by the ‘This is My Taste’ campaign.
CEO Damian Gammell said the overall results reflected “great brands, great people, great execution and strong relationships with our brand partners and customers.”
“We've continued to grow share ahead of the market, create value for our customers, and deliver solid gains in revenue per unit case through revenue and margin growth management,” Gammell added.
In the UK, the launch of the Jack Daniel’s & Cherry Coca-Cola and new multipack formats contributed to a favourable mix, boosting the average revenue per unit case. Revenue per case was further lifted by a recent increase in the sugar tax and the phasing of headline price increases, which took effect in Q2.
The AFH channel in Europe grew by 1.1 per cent during H1, outperforming the home consumption channel, which remained in decline (-1.1 per cent). In the UK, AFH volume growth helped offset softness in other areas of the business, reinforcing the trend of recovery in out-of-home consumption as social activities resumed post-pandemic disruptions.
CCEP’s European volumes declined marginally by 0.3 per cent overall in H1, though Q2 volumes rebounded by 1.2 per cent, helped by favourable Easter timing and warm weather. Excluding the strategic de-listing of Capri Sun, volume growth would have been stronger.
The company also highlighted the strong performance of its energy drinks category, which saw 14.6 per cent volume growth across CCEP’s footprint in H1, driven by new flavours and variants such as Mango Loco and Rio Punch. In the UK, Monster continued its robust growth trajectory, alongside positive reception for Cherry Crush under the Dr. Pepper brand.
Overall, CCEP reported a 2.5 per cent rise in adjusted comparable revenue, on currency-neutral basis, across all markets in H1 2025, reaching €10.3 billion. Operating profit climbed 7.2 per cent to €1.4 billion, with diluted earnings per share up 3.1 per cent to €2.02 on a comparable basis.
The company reaffirmed its full-year 2025 guidance, forecasting 3 per cent to 4 per cent revenue growth and around 7 per cent growth in operating profit, citing confidence in its commercial plans and continued investment in productivity and AI-driven efficiencies. It also confirmed progress in its €1 billion share buyback programme and declared an interim dividend of €0.79 per share.
“Given our year-to-date performance, strong commercial plans for the balance of the year, continued focus on productivity and a good start to the second half, we are pleased to be reaffirming our full-year profit and cash guidance,” Gammell said.
“While the global macroeconomic environment is volatile, we remain resilient. Our leading market positions in growing categories across our 31 locally driven markets continue to support our performance.”