cce-20251231

Board of Directors

Committee
Chairmen

Company
Secretary

Overview of
discussions at
Committee
meetings

Business
and
commercial
updates

Financial
report

Governance
and
regulatory
updates

Strategic

Report

Governance and

Directors’ Report

Financial

Statements

Sustainability

Statement

Other

Information

Coca-Cola Europacific Partners plc

2025 Annual Report and Form 20-F

In this year’s report


1
Strategic Report
2	Who we are
3	Our performance indicators
4	Chairman’s letter
6	CEO’s letter
8	Our operations
9	Our business model
10	Our market drivers
11	Our strategy
12	– Great brands
16	– Great people
20	– Great execution
24	– Done sustainably
28	Stakeholder engagement
30	Section 172(1) statement from the Directors
32	Principal risks
43	Viability statement
44	Non-financial and sustainability information statement
45	UK Listing Rule 6.6.6R(8) – TCFD compliance statement
46	Business and financial review



Throughout the report look out for these:
	Reference to ESRS-linked disclosure standard number throughout the report.	Reference to other pages within the report.

	Reference to ESRS-linked disclosure located outside the sustainability statement and incorporated by reference consistent with ESRS standards throughout the report.	Reference to sustainability information within the report.

		Reference to web link.


	59
	Governance and Directors’ Report
	60	Chairman’s introduction
	61	Board of Directors
	62	Directors’ biographies
	68	Senior management team
	69	Corporate governance report
	80	Nomination Committee report
	85	Audit Committee report
	91	ESG Committee report
	93	Statement from the Remuneration Committee Chairman
	96	Overview of remuneration policy
	97	Remuneration policy
	106	Remuneration at a glance
	107	Annual report on remuneration
	120	Directors’ report
	124	Directors’ responsibility statement


	125
	Financial Statements
	126	Independent auditor’s report
	141	Consolidated financial statements
	146	Notes to the consolidated financial statements
	209	Company financial statements
	213	Notes to the Company financial statements


	221
	Sustainability Statement
	222	General disclosures
	228	Environment
	246	Social
	251	Policies and procedures
	253	Key performance data related to ESRS material topics
	257	Other entity specific metrics
	258	Sustainability metrics methodology
	277	Incorporation by reference
	278	ESRS 2 – Appendix A
	282	ESRS 2 – Appendix B


	288
	Other Information
	289	Risk factors
	298	Other Group information
	317	Form 20-F table of cross references
	319	Exhibits
	320	Signatures
	321	Glossary
	325	Useful addresses
	326	Forward-looking statements

Strategic

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Statement

Other

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Coca-Cola Europacific Partners plc

2025 Annual Report and Form 20-F

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.



		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:

GREAT

BRANDS

GREAT

PEOPLE

on pages 12–15

on pages 16–19

GREAT

EXECUTION

DONE

SUSTAINABLY

on pages 20–23

on pages 24–27



We are CCEP
Customer and consumer focused	Curious and caring	Empowering	Passionate for growth
Customer and consumer focused	Curious and caring	Empowering	Passionate for growth

CCEP_AR25_OurPerformanceIndicators_Background_Crop_01.jpg

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Coca-Cola Europacific Partners plc

2025 Annual Report and Form 20-F

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


	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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Coca-Cola Europacific Partners plc

2025 Annual Report and Form 20-F

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.


	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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Coca-Cola Europacific Partners plc

2025 Annual Report and Form 20-F

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
	23
	localities reached via GIRA Jóvenes



	>800
	>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
9th
edition of the GIRA Mujeres programme

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Coca-Cola Europacific Partners plc

2025 Annual Report and Form 20-F

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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Coca-Cola Europacific Partners plc

2025 Annual Report and Form 20-F

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.

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

CCEP_AR25_OurOperations_Background_Crop (1).jpg

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Coca-Cola Europacific Partners plc

2025 Annual Report and Form 20-F

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.


	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.



		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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Coca-Cola Europacific Partners plc

2025 Annual Report and Form 20-F

Our business model♦

Driving growth and shared value



	ESRS 2 SBM-1		ESRS





	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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Coca-Cola Europacific Partners plc

2025 Annual Report and Form 20-F

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.

		Read more in Our strategy on page 11
	Consumers opting for low or no calorie options in 2025(B)
	47.6%

(A) Global Data Top Trends in Alcoholic Beverages 2025 | March 2025.

(B) Data includes the Philippines.



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.

	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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Coca-Cola Europacific Partners plc

2025 Annual Report and Form 20-F

Our strategy♦



	ESRS 2 SBM-1		ESRS


A clear focus
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.


	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.


	Read more about our great brands on pages 12–15


	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.


	Read more about our great people on pages 16–19


	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.


	Read more about our great execution on pages 20–23


	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.


	Read more about done sustainably on pages 24–27

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Coca-Cola Europacific Partners plc

2025 Annual Report and Form 20-F

Our strategy continued


	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.


	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.


	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


		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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Coca-Cola Europacific Partners plc

2025 Annual Report and Form 20-F

Our strategy continued



	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.


			Read more about our brands in action online at: www.cocacolaep.com/news-and-stories/

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2025 Annual Report and Form 20-F

Our strategy continued


	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.




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.


		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.

CCEP_Our_People_Accelerate Performance Background.jpg

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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.


	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.


	For more on safety see our sustainability statement on page 246

Image: CCEP Indonesia.

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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.

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
	Gender – Board of Directors♦ 17	29.4%	70.6%

	Gender – Directors of subsidiary companies♦ 99(C)	29	70
	Gender – Directors of subsidiary companies♦ 99(C)	29.3%	70.7%

	Disability – Total workforce represented by people with disabilities*	10.4%
		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.


	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.


	Read our Supplier Guiding Principles at: www.cocacolaep.com/assets/Global/Sustainability/Download- centre/Headline-Commitments/Supply-Chain/Supplier-Guiding- Principles-SGPs-v2.pdf


	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.


	Read our Modern Slavery Statement at: www.cocacolaep.com/who-we-are/governance/

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Our strategy continued


	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.



		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.


		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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2025 Annual Report and Form 20-F

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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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.


	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.


	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.


	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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Our strategy continued


	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.


	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.


		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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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.

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 and nature		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
	Packaging		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.


	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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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


	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




		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.



	Our shareholders		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
	Our franchisors		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
	Our consumers		Our customers
drink the products we make, sell and distribute		sell our products to consumers
	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

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

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.

CCEP_Stakeholder_Engagement_Madrid (1).jpg

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Stakeholder engagement continued♦

Wakefield, Great Britain

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

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

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

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

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.


	For further engagement activities with our people see page 83

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Coca-Cola Europacific Partners plc

2025 Annual Report and Form 20-F

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.
		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
	Great brands	Great people	Great execution	Done sustainably

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2025 Annual Report and Form 20-F

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
	Great brands	Great people	Great execution	Done sustainably

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2025 Annual Report and Form 20-F

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
	3 Performance


	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.


	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”.


	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.


	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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2025 Annual Report and Form 20-F

Principal risks continued


	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.


	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.


	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


		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
	Increased	Stable	Decreased		Great brands	Great people	Great execution	Done sustainably

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2025 Annual Report and Form 20-F

Principal risks continued


	Market			Economic and tax
Trend during 2025		Link to strategic objectives	Trend during 2025		Link to strategic objectives


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
	Increased	Stable	Decreased		Great brands	Great people	Great execution	Done sustainably

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2025 Annual Report and Form 20-F

Principal risks continued


	Packaging				Category evolution(A)
Trend during 2025			Link to strategic objectives	Trend during 2025		Link to strategic objectives


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)

		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
	Increased	Stable	Decreased		Great brands	Great people	Great execution	Done sustainably

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2025 Annual Report and Form 20-F

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


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
	Increased	Stable	Decreased		Great brands	Great people	Great execution	Done sustainably

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2025 Annual Report and Form 20-F

Principal risks continued


	Business transformation and digital capability			Key supplier
Trend during 2025		Link to strategic objectives	Trend during 2025		Link to strategic objectives


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)
U n d e r s t a n d i n g t h e c h a n g e i n t r e n d R i s k d e c r e a s e d i n 2 0 2 4 d u e t o t h e e f f e c t i v e n e s s o f o u r k e y m i t i g a t i o n s i n c o u n t e r i n g a d v e r s e m a r k e t d e v e l o p m e n t s .


Trend during 2025 (on a mitigated basis)				Strategic objectives
	Increased	Stable	Decreased		Great brands	Great people	Great execution	Done sustainably

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2025 Annual Report and Form 20-F

Principal risks continued


	Product quality			Health, safety and security
Trend during 2025		Link to strategic objectives	Trend during 2025		Link to strategic objectives


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
	Increased	Stable	Decreased		Great brands	Great people	Great execution	Done sustainably

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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


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)
		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				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
	Increased	Stable	Decreased		Great brands	Great people	Great execution	Done sustainably

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2025 Annual Report and Form 20-F

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


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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Coca-Cola Europacific Partners plc

2025 Annual Report and Form 20-F

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


	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

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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Coca-Cola Europacific Partners plc

2025 Annual Report and Form 20-F

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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Coca-Cola Europacific Partners plc

2025 Annual Report and Form 20-F

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

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Coca-Cola Europacific Partners plc

2025 Annual Report and Form 20-F

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		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		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		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		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		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		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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2025 Annual Report and Form 20-F

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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2025 Annual Report and Form 20-F

Business and financial review continued

‘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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2025 Annual Report and Form 20-F

Business and financial review continued

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
Revenue In millions of €	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
	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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2025 Annual Report and Form 20-F

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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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2025 Annual Report and Form 20-F

Business and financial review continued


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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2025 Annual Report and Form 20-F

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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
Income tax In millions of €	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

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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 €
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
Adjusted comparable ROIC In millions of €	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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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
Comparable free cash flow In millions of €	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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Business and financial review continued

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
Net debt In millions of €	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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Other

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Coca-Cola Europacific Partners plc

2025 Annual Report and Form 20-F

Business and financial review continued


Comparable EBITDA In millions of € Year ended 31 December
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
Adjusted comparable EBITDA In millions of €	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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Other

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Coca-Cola Europacific Partners plc

2025 Annual Report and Form 20-F

Business and financial review continued

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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Other

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Coca-Cola Europacific Partners plc

2025 Annual Report and Form 20-F

Business and financial review continued

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

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Coca-Cola Europacific Partners plc

2025 Annual Report and Form 20-F

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.


	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.


	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.


	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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Coca-Cola Europacific Partners plc

2025 Annual Report and Form 20-F

Board of Directors♦



	ESRS 2 GOV-1		ESRS

Board at a glance

as at 31 December 2025

Ethnicity/nationality


		Spanish	6
		French	3
		British	2
		American	2
		Irish	1
		Bulgarian	1
		Australian	1
		Dutch	1

Gender


Male		12
	Committee Chairman	3
	Director	9

Female		5
	Chairman/ Committee Chairman	3
	Chairman/ Committee Chairman	3
	Director	2

Position


		Chairman	1
		Executive	1
		Independent Non‑executive Director	9(A)
		Independent Non‑executive Director	9(A)
		Non-executive Director (excluding the Chairman)	6
		Non-executive Director (excluding the Chairman)	6

(A)56% of the Board (excluding the Chairman)

are independent.

Directors’ skills and experience

Strategic planning17

Marketing/public relations/consumer17

Customer/retail17

People17

Sustainability16

Executive experience9

Remuneration13

Bottling industry11

Coca-Cola system10

Audit/risk/finance17

Digital technology11



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
			Chairman	CEO		SID
	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.


	Independent	Nominated by Olive Partners**	Nominated by European Refreshments Unlimited Company (ER)**
**Nominated pursuant to the Articles of Association and terms of the Shareholders’ Agreement.

Key to Committees

Affiliated Transaction Committee

Audit Committee

Environmental, Social and Governance Committee

Nomination Committee

Remuneration Committee

Committee Chairman

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Statements

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Coca-Cola Europacific Partners plc

2025 Annual Report and Form 20-F

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
	Appointed May 2016

Committees

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)
	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
	Appointed May 2016

Committees

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

Affiliated Transaction Committee

Audit Committee

Environmental, Social and Governance Committee

Nomination Committee

Remuneration Committee

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

Directors’ biographies continued



Robert Appleby Independent Non-executive Director
	Appointed May 2025

Committees

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
	Appointed May 2021

Committees

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
	Appointed January 2024

Committees

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

Affiliated Transaction Committee

Audit Committee

Environmental, Social and Governance Committee

Nomination Committee

Remuneration Committee

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

Directors’ biographies continued



John Bryant Independent Non-executive Director
	Appointed January 2021

Committees

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
	Appointed May 2016

Committees

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
	Appointed January 2019

Committees

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

Affiliated Transaction Committee

Audit Committee

Environmental, Social and Governance Committee

Nomination Committee

Remuneration Committee

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

Directors’ biographies continued



Álvaro Gómez-Trénor Aguilar Non-executive Director
	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
	Appointed May 2023

Committees

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
	Appointed May 2016

Committees

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

Affiliated Transaction Committee

Audit Committee

Environmental, Social and Governance Committee

Nomination Committee

Remuneration Committee

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

Directors’ biographies continued



Nicolas Mirzayantz Independent Non-executive Director
	Appointed May 2023

Committees

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
	Appointed May 2019

Committees

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
	Appointed May 2023

Committees

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

Affiliated Transaction Committee

Audit Committee

Environmental, Social and Governance Committee

Nomination Committee

Remuneration Committee

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

Directors’ biographies continued



Mario Rotllant Solá Non-executive Director
	Appointed May 2016

Committees

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
	Appointed May 2020

Committees

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

		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



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.


	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

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.

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.

Executive Leadership Team

Supports the CEO in the day to day management of the business and execution of the agreed strategy.

Strategic

Report

Governance and

Directors’ Report

Financial

Statements

Sustainability

Statement

Other

Information

Coca-Cola Europacific Partners plc

2025 Annual Report and Form 20-F

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.



			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	69
Division of responsibilities	69
Role of the Non-executive Directors	69
Operation of the Board	72–73
Composition, succession and evaluation
Appointments to the Board	81
Board skills, experience and knowledge	61–67
Performance evaluation	76
Audit, risk and internal control
Independence and effectiveness of internal and external auditors	89–90
Fair, balanced and understandable assessment	124
Risk and internal controls	41 and 90
Remuneration
Alignment to purpose, values and long- term success	93–95
Implementation of remuneration policy	96–105
Independent judgement and discretion	93–96

Strategic

Report

Governance and

Directors’ Report

Financial

Statements

Sustainability

Statement

Other

Information

Coca-Cola Europacific Partners plc

2025 Annual Report and Form 20-F

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.


	Read our CoC at: view.pagetiger.com/Code-of-Conduct-Policy

Strategic

Report

Governance and

Directors’ Report

Financial

Statements

Sustainability

Statement

Other

Information

Coca-Cola Europacific Partners plc

2025 Annual Report and Form 20-F

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.



	Nomination Committee
		Read report on page 80


	Audit Committee
		Read report on page 85


	ESG Committee
		Read report on page 91


	Remuneration Committee
		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.


	Read more about Board diversity on page 81
	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:

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.


	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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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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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.


	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.		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.
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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.


	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.

		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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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

	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

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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.


	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.


	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.


	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

	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

	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

	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

	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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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


	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.


	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.


	Detail on Board oversight of ethics and compliance activities during the year is provided on page 75

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2025 Annual Report and Form 20-F

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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.


	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.


	Further examples of stakeholder engagement activities undertaken by the Board during the year can be found on pages 28–29

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2025 Annual Report and Form 20-F

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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2025 Annual Report and Form 20-F

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

	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.

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2025 Annual Report and Form 20-F

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.


	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.


	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.


	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.

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2025 Annual Report and Form 20-F

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

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

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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2025 Annual Report and Form 20-F

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.


	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

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

	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

Strategic

Report

Governance and

Directors’ Report

Financial

Statements

Sustainability

Statement

Other

Information

Coca-Cola Europacific Partners plc

2025 Annual Report and Form 20-F

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

Strategic

Report

Governance and

Directors’ Report

Financial

Statements

Sustainability

Statement

Other

Information

Coca-Cola Europacific Partners plc

2025 Annual Report and Form 20-F

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

	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.


	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%

Strategic

Report

Governance and

Directors’ Report

Financial

Statements

Sustainability

Statement

Other

Information

Coca-Cola Europacific Partners plc

2025 Annual Report and Form 20-F

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.


	Further details are provided on pages 107–108

Strategic

Report

Governance and

Directors’ Report

Financial

Statements

Sustainability

Statement

Other

Information

Coca-Cola Europacific Partners plc

2025 Annual Report and Form 20-F

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).♦


	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.


	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.


	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.

CCEP_Overview_of_rem_policy_background (1).jpg

Strategic

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Statements

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Other

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Coca-Cola Europacific Partners plc

2025 Annual Report and Form 20-F

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
				Annual bonus metrics				LTIP metrics
				Operating profit				EPS
							50%			42.5%
				Revenue				ROIC
						30%				42.5%
				Operating free cash flow
				Operating free cash flow				CO2e♦
					20%				15%
				See ARR for definitions. %s indicate weighting in scorecard
				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

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

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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Coca-Cola Europacific Partners plc

2025 Annual Report and Form 20-F

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.
	Opportunity
	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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2025 Annual Report and Form 20-F

100

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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2025 Annual Report and Form 20-F

101

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				Fixed pay		Bonus		LTIP
						Fixed pay		Bonus		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

102

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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2025 Annual Report and Form 20-F

103

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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2025 Annual Report and Form 20-F

104

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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2025 Annual Report and Form 20-F

105

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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2025 Annual Report and Form 20-F

106

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$)
	CCEP share price(A) (US$)


	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)

Fixed pay

2025 total value

Annual bonus

£9.9m

Current shareholding

LTIP

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.

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)

Comparable ROIC(B) (%)

CO2e reduction per litre (%)♦


	(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


	150%	360%
	(% of salary)


		Target
		Maximum


Long Term Incentive Plan

1	EPS	42.5%
2	ROIC	42.5%
3 .	Reduction in CO2e	15%


	300%	600%
	(% of salary)


		Target
		Maximum

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2025 Annual Report and Form 20-F

107

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
Damian Gammell	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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2025 Annual Report and Form 20-F

108

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.


Competitiveness and productivity plans	2025 plan that was agreed with the Board delivered.


Operational targets relating to specific markets	Transformation plan in Indonesia delivered as planned, including route to market transformation, and network and logistics optimisation.


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.


Link to strategy
	Great brands	Great people	Great execution	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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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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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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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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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

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.

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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
■Competitiveness targets as agreed with the Board
■Operational targets relating to our markets
■Board approved AI and new tech strategy


Link to strategy
	Great brands	Great people	Great execution	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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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
Additional fee for Committee Chairman	Affiliated Transaction, Nomination and ESG Committees	£36,000	£36,725
Additional fee for Committee membership	Audit and Remuneration Committees	£16,500	£16,825
Additional fee for Committee membership	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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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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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.


	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	163, 169–173
Significant events after the reporting period	Note 28 to the consolidated financial statements	202
Information on employment of persons with disabilities	Great people Sustainability statement	19 247
Workforce engagement	Stakeholders engagement Nomination Committee report	28–29 83
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	124

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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.


	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.

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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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.


	For more details, see the Share buyback programme section in Other Group information on page 300

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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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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

137

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

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

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

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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2025 Annual Report and Form 20-F

142

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

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

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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2025 Annual Report and Form 20-F

145

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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2025 Annual Report and Form 20-F

146

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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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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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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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
Revenue:	€ 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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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
Assets:	€ 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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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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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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155

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

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
Cash generating unit	€ 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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158

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

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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160

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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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

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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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2025 Annual Report and Form 20-F

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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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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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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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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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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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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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172

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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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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174

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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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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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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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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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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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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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

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

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

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

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

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

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

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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2025 Annual Report and Form 20-F

188

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

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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2025 Annual Report and Form 20-F

190

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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2025 Annual Report and Form 20-F

191

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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2025 Annual Report and Form 20-F

192

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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2025 Annual Report and Form 20-F

193

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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2025 Annual Report and Form 20-F

194

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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2025 Annual Report and Form 20-F

195

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

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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2025 Annual Report and Form 20-F

197

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

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

199

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

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

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

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

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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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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Notes to the consolidated financial statements continued


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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Notes to the consolidated financial statements continued


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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Notes to the consolidated financial statements continued


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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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.


	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
E1		Climate change
E1		Climate change

	Climate change adaptation			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


	Climate change mitigation			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


				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


				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			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

E2		Pollution
E2		Pollution

	Pollution of water			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	Water and nature


	Pollution of soil			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

E3		Water and marine resources
E3		Water and marine resources

	Consumption of water by CCEP’s operations impacting on water scarcity			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	Water and nature


	Consumption of water in CCEP’s supply chain impacting on water scarcity			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

E4		Biodiversity and ecosystems
E4		Biodiversity and ecosystems
	Impacts on the extent and condition of ecosystems			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	Water and nature

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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
E5		Resource use and circular economy



	Resource inflows, including resource use			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	Packaging


	Resource outflows related to products and services			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			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


				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

S1		Own workforce
S1		Own workforce

	Health and safety			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	Own workforce


	Gender equality			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

S3		Affected communities
S3		Affected communities

	Access to labour markets			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	Communities


	Socioeconomic impact			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.			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


		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%
		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.


	See more on climate-related risks and opportunities on pages 232–237




	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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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			Low <3%			Medium 3%–5%			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				■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

	>4°C No Policy

	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

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Anticipated cumulative operating profit impact			Low <3%			Medium 3%–5%			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				■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

	>4°C No Policy

	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				■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

	>4°C No Policy

	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			Low <3%			Medium 3%–5%			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				■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

	~3.0°C Current Policies

	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				■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

	~3.0°C Current Policies

	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			Low <3%			Medium 3%–5%			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				■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

	~3.0°C Current Policies

	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				■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

	~3.0°C Current Policies

	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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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


	For our TCFD cross references table see page 45


	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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2025 Annual Report and Form 20-F

239

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.


	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.




	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.

			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.


	For full details on our metrics and methodology related to packaging see pages 254 and 269–271

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2025 Annual Report and Form 20-F

242

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


	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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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.

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

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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.


	For full details on our metrics and methodology related to water see pages 255 and 266–268

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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.




	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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2025 Annual Report and Form 20-F

247

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


	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.



	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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2025 Annual Report and Form 20-F

248

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.


	For full details on our metrics and methodology related to our workforce see pages 255–257 and 272–274

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2025 Annual Report and Form 20-F

249

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

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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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.


	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.




	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.

			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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2025 Annual Report and Form 20-F

251

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.	E1 E2 E3 E5 S1
	Click here for policy


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.	S1 S3
	Click here for policy


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	E2 S1 S3
	Click here for policy


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.	E2 S1 S3
	Click here for policy		E2 S1 S3

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2025 Annual Report and Form 20-F

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Policies and procedures continued


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.	S1
	Click here for policy		S1


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.	E1 S1
	Click here for policy		E1 S1


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.	S1
	Click here for policy		S1

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.	E1 E2 E3 E4 E5 S3
	Click here for policy



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.	E1 E2 E3 E4 E5 S3
	Click here for principles



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).	E1 E2 E3 E4 E5 S3
	Click here for principles

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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
		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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Climate (ESRS E1)	Target and ESRS reference	Group
		2025	2024
		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
		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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Water and nature (ESRS E2, E3, E4 and E5)	Target and ESRS reference	Group		Europe	APS
Water and nature (ESRS E2, E3, E4 and E5)	Target and ESRS reference	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
Own workforce (ESRS 2 SBM-1 and S1)	Target and ESRS reference	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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Own workforce (ESRS 2 SBM-1 and S1)	Target and ESRS reference	Group		Europe	APS
Own workforce (ESRS 2 SBM-1 and S1)	Target and ESRS reference	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
Affected communities (ESRS S3)	Target and ESRS reference	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
	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
Drinks	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 and nature		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
	Packaging		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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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

Climate continued

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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Sustainability metrics methodology

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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Sustainability metrics methodology

Climate continued

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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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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2025 Annual Report and Form 20-F

269

Sustainability metrics methodology

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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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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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	8
ESRS 2 SBM-1 40	Sustainability-related goals	26
ESRS 2 MDR-T	Targets on material sustainability matters	26
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	151
ESRS 2 SBM-1 40	Elements of strategy that relate to sustainability matters	11
ESRS 2 SBM-1 42	Description of the business model and value chain	9
ESRS 2 SBM-2 45	Interests and views of stakeholders	28–29
ESRS 2 40 b	Total revenue	3
ESRS S1 SBM-2	Interests and views of own workforce	28-29
ESRS 2 GOV-5 36	Risk management and internal controls over sustainability reporting	41
ESRS 2 GOV-1 20	Roles and responsibilities of administrative, management and supervisory bodies in oversight of process to manage material IROs	69
ESRS 2 GOV-1 21	Composition and diversity of the members of the administrative, management and supervisory bodies	61
ESRS 2 GOV-1 21 b	Information about representation of employees and other workers	84
ESRS 2 GOV-1 21 d	Board’s gender diversity: percentage by gender and other aspects of diversity	19, 84
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	43
ESRS E1-1 16 g	Undertakings excluded from Paris-aligned benchmarks	27
ESRS S1-3	How the undertaking tracks and monitors issues raised and addressed, and how it ensures effectiveness of those channels	90
TCFD statement	UK Listing Rule 6.6.6R(8) – TCFD compliance statement	45


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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	222
	BP-2	Disclosures in relation to specific circumstances	ESRS 2 general information – Our DMA outcomes	222
	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	223, 224
	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	223
	GOV-5	Risk management and internal controls over sustainability reporting	Internal control procedures and risk management, Risk management and internal controls	41, 223
	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	225–227
	IRO-1	Description of the process to identify and assess material impacts, risks and opportunities	Our double materiality assessment	225
	IRO-2	ESRS disclosures covered by the undertaking’s sustainability statement	Incorporation by reference, Appendix A	277, 278–281
	MDR-P	Policies adopted to manage material sustainability matters	Policies and procedures	251–252
	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	26


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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	226, 228
	IRO-1	Description of the processes to identify and assess material IROs	Our double materiality assessment	225
	E1-1	Transition plan for climate change mitigation	ESG governance framework, Our climate transition plan	224, 228–237
	E1-2	Policies related to climate change mitigation and adaptation	Policies and procedures	251–252
	E1-3	Actions and resources in relation to climate change policies	Our climate transition plan, Business planning	228–237
	E1-4	Targets related to climate change mitigation and adaptation	Metrics and targets, 2030 decarbonisation levers, Key performance data summary – climate	230–231, 238, 253
	E1-5	Energy consumption and mix	Key performance data summary – energy consumption and mix	254
	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	229, 254
	E1-8	Internal carbon pricing	Our actions	228
	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	226, 242
	IRO-1	Description of the processes to identify and assess material IROs	Our double materiality assessment, Supplier risk management	225, 243
	E2-1	Policies related to pollution	Policies and procedures	251–252
	E2-2	Actions and resources related to pollution	Impacts within our supply chain	243–244
	E2-3	Targets related to pollution	Supplier compliance requirements, Priority ingredients, Key performance data	243–244, 255
	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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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	226, 242
	IRO-1	Description of the processes to identify and assess material IROs	Our double materiality assessment	225
	E3-1	Policies related to water and marine resources	Policies and procedures	251–252
	E3-2	Actions and resources related to water and marine resources	Our actions, Impacts within our supply chain	242–244
	E3-3	Targets related to water and marine resources	Our 2030 targets and 2025 progress, Improving water efficiency	242–243
	E3-4	Water consumption	Key performance data – water and nature	255
	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	226, 242
	IRO-1	Description of the processes to identify and assess material IROs	Our double materiality assessment	225
	E4-1	Transition plan and consideration of biodiversity and ecosystems in strategy and business model	Climate scenario modelling, Climate risk management, Physical risk	232, 235
	E4-2	Policies related to biodiversity and ecosystems	Policies and procedures	252
	E4-3	Actions and resources related to biodiversity and ecosystems	Impacts within our supply chain	243–244
	E4-4	Targets related to biodiversity and ecosystems	Priority ingredients	244
	E4-5	Impact metrics related to biodiversity and ecosystem change	Key performance data – water and nature	255
	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	227, 239
	IRO-1	Description of the processes to identify and assess material IROs	Our double materiality assessment	225
	E5-1	Policies related to resource use and circular economy	Policies and procedures	251–252
	E5-2	Actions and resources related to resource use and circular economy	Our actions	239–241
	E5-3	Targets related to resource use and circular economy	Our 2030 targets and 2025 progress	239
	E5-4	Resource inflows	Our actions, Key performance data – packaging	239–241, 254
	E5-5	Resource outflows	Our actions, Key performance data – packaging	239–241, 254
	E5-6	Anticipated financial effects from resource use and circular economy- related impacts, risks and opportunities			Phase in allowance applied


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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	227, 246
	S1-1	Policies adopted to manage impacts on own workforce	Policies and procedures	251–252
	S1-4	Actions related to material impacts on own workforce	Our actions	246–247
	S1-5	Targets related to material impacts on own workforce	Our target and 2025 progress	246–247
	S1-6	Metrics related to own workforce	Key performance data - Own workforce	255–256
	S1-9	Demographics of own workforce	Key performance data - Own workforce	255–256
	S1-14	Metrics related to health and safety	Key performance data - Own workforce	256
	S1-17	Metrics related to discrimination	Human rights	248
	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	227, 249
	IRO-1	Description of the processes to identify and assess material IROs	Our double materiality assessment	225
	S3-1	Policies related to affected communities	Policies and procedures	251–252
	S3-2	Processes for engaging with affected communities about impacts	Stakeholder engagement	250
	S3-3	Processes to remediate negative impacts and channels for affected communities to raise concerns	Human rights	248
	S3-4	Actions related to material impacts on affected communities	Our actions	249–250
	S3-5	Targets related to managing material negative impacts, advancing positive impacts, and managing material risks and opportunities	Our 2030 target and 2025 progress	249
	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


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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	61
ESRS 2 GOV-1	21 (e)	Percentage of Board members who are independent			x		Mandatory	61
ESRS 2 GOV-4	30	Statement on due diligence	x				Mandatory	223
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	228–237
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	228
ESRS E1-5	38	Energy consumption from fossil sources disaggregated by sources (only high climate impact sectors)	x				Yes	254
ESRS E1-5	37	Energy consumption and mix	x				Yes	254
ESRS E1-5	40-43	Energy intensity associated with activities in high climate impact sectors	x				Yes	254
ESRS E1-6	44	Gross Scope 1, 2 and 3 and total GHG emissions	x	x	x		Yes	253
ESRS E1-6	53-55	Gross GHG emissions intensity	x	x	x		Yes	253
ESRS E1-7	56	GHG removals and carbon credits				x	Yes	253
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


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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	242
ESRS E3-1	13	Dedicated policy	x				Yes	251–252
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	255
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	252
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	252
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


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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	248
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	248
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

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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.

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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.

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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.

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2025 Annual Report and Form 20-F

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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.

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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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2025 Annual Report and Form 20-F

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Risk factors continued

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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2025 Annual Report and Form 20-F

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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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2025 Annual Report and Form 20-F

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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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2025 Annual Report and Form 20-F

299

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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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 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.


	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 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 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.


	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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2025 Annual Report and Form 20-F

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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 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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Other Group information continued

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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Other Group information continued

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 Group information continued

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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2025 Annual Report and Form 20-F

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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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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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Other Group information continued

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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Other Group information continued


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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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	289–297
Item 4	Information on the Company
	A – History and development of the Company	146, 298, 304, 325
	B – Business overview	3, 12–13, 15, 46–58, 147, 150–152, 308–313
	C – Organisational structure	203–208
	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.	123
	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	185, 298
	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	122
	B – Related Party Transactions	186–188
	C – Interests of experts and counsel	n/a


		Page
Item 8	Financial Information
	A – Consolidated Statements and Other Financial Information	123, 137–208, 308–313
	B – Significant Changes	202
Item 9	The Offer and Listing
	A – Offer and listing details	299
	B – Plan of distribution	n/a
	C – Markets	299
	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	120, 121, 304
	C – Material contracts	304
	D – Exchange controls	304
	E – Taxation	304–307
	F – Dividends and paying agents	n/a
	G – Statement by experts	n/a
	H – Documents on display	304
	I – Subsidiary Information	203–208
	J - Annual Report to Security Holders	n/a
Item 11	Quantitative and Qualitative Disclosures about Market Risk	199–202
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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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.


Exhibit 1	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).
Exhibit 2	Description of rights attached to each class of CCEP securities registered under Section 12 of the Exchange Act as at 31 December 2025.
Exhibit 3	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).
Exhibit 4.1	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).
Exhibit 4.2	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).
Exhibit 4.3	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).
Exhibit 4.4	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).
Exhibit 4.5	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).
Exhibit 4.6	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).
Exhibit 8	List of Subsidiaries of the Company (included in Note 29 of the consolidated financial statements in this Annual Report on Form 20-F).
Exhibit 11.1	Insider Trading Policy (as amended 22 May 2025).
Exhibit 12.1	Rule 13a-14(a) Certification of Damian Gammell.
Exhibit 12.2	Rule 13a-14(a) Certification of Ed Walker.
Exhibit 13	Rule 13a-14(b) Certifications.
Exhibit 15.1	Consent of Ernst & Young LLP, UK.
Exhibit 97	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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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)

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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

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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

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

326

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.




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)


Title of each class	Trading Symbol(s)	Name on each exchange on which registered
Ordinary Shares, nominal value €0.01 each	CCEP	Nasdaq Global Select Market
	CCEP	Euronext Amsterdam
	CCEP	London Stock Exchange
	CCEP	Spanish Stock Exchanges



		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.
	www.cocacolaep.com/investors/financial-reports-and- results/latest-annual-report/



	€3.9bn
	of value generated for retail customers over the last three years(A)


In this section
60		Chairman’s introduction
61		Board of Directors
62		Directors’ biographies
68		Senior management team
69		Corporate governance report
80		Nomination Committee report
85		Audit Committee report
91		ESG Committee report
93		Statement from the Remuneration Committee Chairman
96		Overview of remuneration policy
97		Remuneration policy
106		Remuneration at a glance
107		Annual report on remuneration
120		Directors’ report
124		Directors’ responsibility statement


Inside this section
126		Independent auditor's report
141		Consolidated financial statements
146		Notes to the consolidated financial statements
209		Company financial statements
213		Notes to the Company financial statements


Inside this section
222		ESRS 2 General disclosures
225		– Our double materiality assessment
226		– Material ESG-related impacts and risks
228		Environment
228		– Climate change (E1)
232		– Climate-related risks and opportunities (E1)
239		– Packaging (E5)
242		– Water and nature (E2, E3, E4)
246		Social
246		– Own workforce (S1)
249		– Communities (S3)
251		Policies and procedures
253		Key performance data related to ESRS material topics
257		Other entity specific metrics
258		Sustainability metrics methodology
277		Incorporation by reference
278		ESRS 2 – Appendix A
282		ESRS 2 – Appendix B


		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	140, 315–316
Item 16A	Audit Committee Financial Expert	86
Item 16B	Code of Ethics	71
Item 16C	Principal Accountant Fees and Services	185, 316
Item 16D	Exemptions from the Listing Standards for Audit Committee	n/a
Item 16E	Purchases of Equity Securities by the Issuer and Affiliated Purchasers	122, 300
Item 16F	Change in Registrant’s Certifying Accountant	n/a
Item 16G	Corporate Governance	70-71
Item 16H	Mine Safety Disclosure	n/a
Item 16I	Disclosure Regarding Foreign Jurisdictions that Prevent Inspections	n/a
Item 16J	Insider Trading Policies	298
Item 16K	Cybersecurity	41–42
Part III
Item 17	Financial Statements	137–208
Item 18	Financial Statements	n/a
Item 19	Exhibits	319


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



	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