CCEP's First Half: Winning with Zero, Energy, and Southeast Asia

Strong H1 2026 results reaffirm guidance, with innovation and AI driving growth.

CCEP · Earnings Call · 2026-08-04

Broad-Based Strength

Coca-Cola Europacific Partners delivered a strong first half, with revenue up 6.1% to EUR 10.7 billion, operating profit up 8.1%, and EPS up 10.6%. “We delivered a strong first half” — Damian Gammell, Chief Executive Officer · 2026-08-04 – a sentiment echoed across markets and categories. Volume growth of 5.6% was broad-based, with June the biggest volume month ever. The company reaffirmed its full-year guidance, buoyed by a solid start to H2.

Zero and Energy: The Engines

The portfolio shift toward faster-growing categories is paying off. Coke Zero and the broader Zeros platform saw volumes up 10%, driven by innovations like Coke Zero Zero and Supercans. Energy continues to outperform with volumes up 19%, with Monster growing at roughly twice the category rate. These momentum drivers are complemented by double-digit growth in sports and hydration.

Southeast Asia: A Scaling Growth Engine

Progress in Indonesia and the Philippines is increasingly material. Southeast Asia is becoming a scalable growth engine, with sparkling growing ahead of the category in Indonesia and double-digit volume growth in the Philippines. “Our new launches like Sprite Nipis Mint, Coke Zero Vanilla and Powerade are performing well” — Damian Gammell, Chief Executive Officer · 2026-08-04 in Indonesia, supported by a revamped route-to-market.

World Cup and Customer Wins

The FIFA World Cup was the biggest activation program ever, with over 500,000 displays and 163 million Panini packs. “World Cup 2026 has been our biggest activation program ever” — Damian Gammell, Chief Executive Officer · 2026-08-04 – a global theme echoing across other reporters this quarter. Beyond the tournament, customer wins like Marriott (600 hotels) and Domino's Australia are expanding distribution. World Cup remains a key seasonal driver.

AI and Innovation

Investments in AI are moving from efficiency to growth. The KIRA agentic AI application is providing deeper brand insights and faster decisions. “KIRA really is our first big attempt to have an AI agent” — Damian Gammell, Chief Executive Officer · 2026-08-04 that sits above multiple data sources, helping prioritize resources.

Caution on H2

While momentum continues, management is conservatively guiding for H2, citing 6 fewer selling days and the timing of Middle East cost absorption. CFO Ed Walker noted: “the majority of the costs will fall in the second half” — Ed Walker, Chief Financial Officer · 2026-08-04. The market will watch for progression in revenue per case.

We are winning today, and we are creating an even stronger platform for tomorrow.
Damian Gammell, Chief Executive Officer · 2026-08-04

Prior quarters set the stage: in February, Damian spoke of “a fantastic calendar of activity starting now” — Damian Gammell · 2026-02-17 for the World Cup, and in August 2025 he noted “We have seen volume growth in Q2” — Damian Paul Gammell, Chief Executive Officer (CEO) · 2025-08-06. This year's results confirm that growth is not just weather-driven but structural, with a consistent strategy of portfolio broadening, execution excellence, and now AI leverage.