Aug 4, 2026 earnings call — Reaffirmed full-year guidance after strong H1
Company reaffirmed full-year guidance and reported revenue of EUR 10.7 billion for the first half.
Revenue $12.2B (est $12.2B) · EPS $2.51 (est $2.47)
Key quotes
"Firstly, we're broadening our total portfolio, investing behind faster-growing categories and driving innovation across both established and emerging brands."
"Our investments in the Philippines and Indonesia represent significant long-term opportunities to accelerate growth, and we're encouraged by the progress we're making in both markets."
"We've added more than 80,000 coolers this year, an increase of 5%, more than 10% since last year when we began our accelerated program to expand cold availability and grow instant consumption, which supports mix."
Analyst Q&A 15
Drivers for 2027 growth
Q (Edward Mundy · Jefferies): Analyst asked what 2–3 things management is most excited about for growth in 2027 given strong summers, innovation, Asia and AI.
A: Management said they expect the full-year benefit of 2026 innovation to flow into 2027, they have been preparing for FIFA-related activity next year with Coca-Cola, and they see Indonesia and AI-driven net revenue per case contributing to growth.
"A lot of the innovation that we've brought to market in '26, really we'll see the full year benefit of that in '27." — Damian Gammell (CEO)
Europe revenue per case outlook
Q (Matthew Ford · BNP Paribas): Analyst asked whether softer revenue per case in Europe reflects affordability and large packs and whether revenue per case should improve sequentially; plus Philippines weather update.
A: Management said Europe grew 1.4% revenue per case in the quarter, balanced between rate and mix, while cycling a strong prior year. They also said the Philippines started half 2 well with no repeat of last year's bad weather and momentum continued into Q3.
"So on the revenue per case and looking specifically at Europe, so yes, absolutely, as you said, we grew 1.4% per case in the quarter, and that was quite nicely balanced between rate and mix." — Ed Walker (CFO)
Volume drivers and guidance caution
Q (Bonnie Herzog · Goldman Sachs): Analyst asked how much volume lift came from FIFA and weather, whether Q2 pull-forward occurred, and phasing between Q3 and Q4.
A: Management said there was zero pull-forward into Q3 and the quarter showed broad, balanced volume growth across geographies, channels and packs. They highlighted FIFA and some innovations like Coke Zero Zero and Supercans as upside and said momentum continued into Q3.
"I can say there was zero pull forward or impact on Q3." — Damian Gammell (CEO)
Why H2 guidance is cautious
Q (Simon Hales · Citi): Analyst asked why comparable EBIT growth is expected to slow in H2 despite strong momentum, higher revenue per case, and cost efficiencies—whether cost volatility, especially Middle East, is driving prudence.
A: Management said they view the year as a whole and still have five important months to run, so they stuck with guidance given remaining uncertainty. They noted hedging and pricing positions are good, majority of some costs fall in H2, and the Middle East remains an open item.
"We just felt with 5 months to go, sticking to our guidance is probably the best decision at the moment." — Damian Gammell (CEO)
Indonesia turnaround and supply chain
Q (Andrea Pistacchi · BofA): Analyst asked if Indonesia's improvement is structural beyond easy comps and whether the supply chain faced cost pressure from higher demand.
A: Management said Indonesia progress looks structural: route-to-market changes, distributor model, and innovation are driving sparkling growth, though tea remains weak. On supply chain, they said the team managed the uplift well with tactical prioritisation of SKUs and sufficient inventory buffers.
"I mean we've had to make some, I would say, short-term tactical decisions about prioritizing certain SKUs." — Damian Gammell (CEO)
Pricing strategy into 2027
Q (Christopher Carey · Wells Fargo): Analyst asked if pricing can remain robust into 2027 amid higher inflation and how Europe and APS differ.
A: Management said pricing is a segmented lever alongside mix and volume, and their diverse portfolio and promo tools give confidence for ’26 and into 2027. They expect more focus on affordability in APS markets like Indonesia and the Philippines while using multiple pricing levers across markets.
"I think one of the strong things about CCP is we have many levers to that pricing, whether it's the headline price, a lot of opportunity always to make our promotions work harder and be more efficient." — Ed Walker (CFO)
Share trends and Away-from-Home
Q (Sanjeet Aujla · UBS): Analyst asked how competitiveness and share in Europe evolved through the half and for details on Away-from-Home performance (volumes and lags).
A: Management said share has improved in Europe, with volume share slightly ahead of value share driven by initiatives like large PET and Diet Coke returning to growth in GB. Away-from-Home was broadly consistent with last year, with revenue outpacing volume and seasonality lifting it in June/July.
"Our share has improved, particularly in Europe as the year has progressed." — Damian Gammell (CEO)
Promo and margin growth management
Q (Richard Withagen · Kepler Cheuvreux): Analyst asked to quantify promo spending, whether more optimization is possible, and other focus areas in revenue/margin management.
A: Management said promo optimisation has improved with technology to identify value-creating promos, and they expect promo depth to change in places to support NSR. They also highlighted pack innovation, pack mix, and category growth (sports/powerade) as levers for revenue and margin.
"It's a combination of that price promo optimization, pack mix optimization and better category leverage." — Damian Gammell (CEO)
Cooler placements and ROI
Q (Nadine Sarwat · Bernstein): Analyst asked how the 20,000 new coolers are distributed across geographies/channels and what ROI or sales uplift they generate; also asked single-serve vs multipacks trend.
A: Management corrected that it's 80,000 coolers this year, spread fairly evenly across markets and channels (Home and Away). They said coolers provide strong returns, often within a couple of years if throughput targets are met, and connected coolers give data to optimise placements and assortments.
"So actually, it's 80,000 coolers that we've done this year, and that was building on significant increase as well last year." — Ed Walker (CFO)
KIRA AI examples and benefits
Q (Mitchell Collett · Deutsche Bank): Analyst asked for examples of insights and decisions from KIRA agentic AI and how it will develop.
A: Management said KIRA sits above many data sources (Nielsen, Kantar, EPOS, Coca-Cola Company data) and gives faster insight into consumer response to promos and innovations, enabling quicker prioritisation of resources for space, pricing or innovation decisions. They called it early days but very promising.
"KIRA really is our first big attempt to have an AI agent that sits above a lot of those sources, whether it's Nielsen, Kantar, EPOS information, brand information from the Coca-Cola Company." — Damian Gammell (CEO)
Sparkling volumes and hedging
Q (Eric Serotta · Morgan Stanley): Analyst asked progress on core sparkling volume growth in Europe and current hedging position on commodities.
A: Management said sparkling volumes in Europe have grown, led by zero sugar variants up over 10%, while Coke Classic volumes lag but still grow revenue; they see mini and smaller portions helping. On hedging, they aim to be around 80% covered by year start and build hedges evenly without delaying due to Middle East volatility.
"we have seen sparkling volumes grow in Europe, and I think that's been great." — Damian Gammell (CEO)
Customer wins vs global partnerships
Q (Lauren Lieberman · Barclays): Analyst asked whether 'more customers' is driven by CCEP-specific efforts or global KO partnerships and how process works.
A: Management said most wins are within CCEP's control and mainly local chains, though they leverage global Coca-Cola relationships when possible. They highlighted wins across event space, food-to-go and hotel chains and stressed they focus on local account coverage and productivity of their salesforce.
"We won a lot of new business, both small and large." — Damian Gammell (CEO)
Europe medium-term growth rate
Q (Charlie Higgs · Rothschild & Co Redburn): Analyst asked why Europe guidance is 2%–3% versus higher historical growth and how to think about medium-term Europe growth.
A: Management said Europe has been a strong value creator and the group's midterm framework implies Europe around 2%–3%, which they view as a reasonable steady-state range. They said transition to zeros is factored in and they will review guidance as visibility improves for 2027.
"Within that, we have factored in that transition from classic to more zero." — Damian Gammell (CEO)
FIFA execution learnings and Philippines tax
Q (Robert Ottenstein · Evercore): Analyst asked how FIFA execution has changed compared with prior Cups and asked about a Philippines sugar tax headline.
A: Management said digital and social engagement, and making FIFA a transaction event (e.g., Panini) were bigger this year, enabling faster activation and on-pack engagement; they also noted rapid decision speed like the Spain gold can. On Philippines tax, they said they will review media reports and that an excise tax already exists there.
"So probably the digital tech and social engagement, Robert, would be what I'd call out as being at a very, very high level compared to previous FIFA's." — Damian Gammell (CEO)
How they win more customers now
Q (Carlos Alberto Laboy · HSBC): Analyst asked what changed to improve recruitment of customers—mindset, tools, or portfolio—and whether this can continue.
A: Management said they pursued a bolder Away-from-Home approach with three pillars: customer wins, cooler placements and leveraging consumer assets to drive transactions. They added their broader portfolio across hydration, energy and CSDs makes them a compelling partner and helps win more customers across regions.
"The second pillar, which we talked about was cooler placements, so to drive more availability in that space." — Damian Gammell (CEO)