Preliminary Unaudited Results Q4 & FY 2025

COCA-COLA EUROPACIFIC PARTNERS

Preliminary unaudited results for the full year ended 31 December 2025

Resilient topline & productivity gains underpin strong profit & cash delivery;

announcing further €1bn share buyback*; well placed for 2026 & beyond

DAMIAN GAMMELL, CHIEF EXECUTIVE OFFICER, SAID:

"2025 has been another strong year for CCEP. We continue to refresh our consumers and lead value creation for our customers across beverage categories that are growing strongly. We delivered robust top and bottom-line growth, generated strong free cash flow and again grew shareholder returns. Our consumers continued to enjoy a wonderful portfolio of beverages, our revenue growth reflecting the ongoing demand for value from consumers but also for innovation and premiumisation. Our business continues to become more efficient, our multi-year productivity programmes supporting resilient profit growth and investment for the future.

"We remain resilient in vibrant categories even though the consumer environment remains challenging. We're investing more than ever in growth and greater productivity to drive expanding operating margins. With strong commercial and innovation plans in place, including the 2026 FIFA World Cup, we're excited about what this year will bring to customers and consumers.

"Our guidance, combined with a growing dividend and further €1 billion of share buybacks demonstrate the strength of this great business and our ability to deliver attractive and consistent shareholder value. All whilst continuing to be a great partner for our customers and a great place to work for our fantastic colleagues."

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Note: All footnotes included alongside the 'About CCEP' section

*Buyback programme of up to €1bn from February 2026 subject to further shareholder approval at the 2026 AGM

Comparable volume movements adjust for the impact of selling day movements, with one less in FY25 versus FY24

FY Revenue: Reported +2.3%; Adjusted Comparable FXN +2.8%[4]

• #1 value creator, delivering more revenue growth for retail customers than all FMCG peers[5] - NARTD category grew +6% during FY25

• NARTD YTD value share[5] +20bps (Europe -10bps; APS +90bps)

• Transactions broadly in-line with volumes; ahead in Europe & behind in APS

• Adjusted comparable volume +0.2%[4],[6]

◦ By geography:

▪ Europe -0.2%: Robust overall volume performance particularly in AFH & GB reflecting solid in-market execution & growth in Coca-Cola Zero Sugar & Energy. Greater consumer focus on value contributed to softer volumes, particularly in Germany, with demand in France impacted by the increased sugar tax

▪ APS +1.0% reflecting:

• Australia/Pacific (AP): +2.7% (+4.1% excluding alcohol) solid underlying momentum driven by Australia & PNG

• Southeast Asia (SEA): flat with growth in the Philippines (cycling FY24 +11.0%) offset by double-digit decline in Indonesia reflecting a weaker consumer backdrop

◦ By channel: Away from Home (AFH) +0.4%, Home +0.2%

▪ Europe: AFH +0.7%, Home -0.7%

▪ APS: AFH +0.1%, Home +4.1%

• Adjusted comparable revenue per unit case +2.9%[2],[3],[4] driven by strong mix, positive headline pricing & promotional optimisation

◦ Europe: +3.6% reflecting strong pack & brand mix, headline price increases, promotional optimisation & the impact of the French sugar tax

◦ APS: +1.4% reflecting headline price increases & promotional optimisation offset by exit of Suntory alcohol distribution in Australia (~2% revenue impact)

Q4 Revenue: Reported -0.7%; Adjusted Comparable FXN +2.9%[4]

• Adjusted comparable volume -0.1%[4],[6]

◦ By geography:

▪ Europe -0.9% reflecting greater consumer focus on value

▪ APS +1.4% reflecting:

• AP: +1.8% (+4.9% excluding alcohol) - continued solid underlying momentum driven by Australia & PNG

• SEA: +1.0% reflecting return to growth in Philippines following Q3 impact of flooding, partly offset by moderating decline in Indonesia

◦ By channel: AFH +1.2%, Home -0.9%

▪ Europe: AFH flat, Home -1.6%

▪ APS: AFH +2.4%, Home +1.6%

• Adjusted comparable revenue per unit case +1.5%[2],[3],[4] driven by strong brand mix, positive headline pricing & promotional optimisation

◦ Europe: +2.9% reflecting strong brand mix, headline price increases & promotional optimisation

◦ APS: -1.1% reflecting headline price increases offset by exit of Suntory alcohol distribution (Q3 onwards) in Australia

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VOLUMES NOTE - Year on year volume movements are disclosed on a comparable and adjusted comparable basis which (i) assumes the acquisition of Coca-Cola Beverages Philippines Inc occurred at the beginning of the comparative period & (ii) adjusts for the impact of one less selling day versus FY24

Excluding selling days adjustment, FY25 volumes were CCEP -0.2% (Europe -0.5%, APS +0.5%)

FY25 Highlights

• Operating profit: Reported +31.0%; Adjusted Comparable FXN +7.1%[4]

◦ Adjusted comparable cost of sales per unit case +2.7%[2],[3],[4] reflecting increased revenue per unit case driving higher concentrate costs, inflation in manufacturing & tax increases in France & GB

◦ Adjusted comparable operating profit of €2,808m, +7.1%[3],[4] reflecting topline growth & ongoing productivity & efficiency programmes. Reported operating profit of €2,793m, +31.0% reflecting full year of Philippines profit in FY25, annualisation of prior year impairment of Indonesian business unit & lower business transformation costs

◦ Comparable diluted EPS of €4.11, +6.2%[3] (reported €4.26, +38.3%)

• Comparable free cash flow: €1,836m reflecting solid performance (net cash flows from operating activities of €2,953m), further improvements in working capital & after investing ~€1bn in capex to drive future growth

◦ FY25 year-end net debt: comparable EBITDA at 2.7x (FY24: 2.7x)

• FY dividend per share €2.04 +3.6%, maintains annualised payout ratio of ~50%

• Comparable ROIC of 11.5% (reported 10.9%) up 70 bps[4] driven by the increase in comparable profit after tax & continued focus on capital allocation

• Following transfer of UK listing to the Equity Shares "Commercial Companies" category in 2024, CCEP entered the FTSE UK Index Series in March 2025

• Sustainability:

◦ Retained CDP 'A' List for climate for the 10th consecutive year

◦ New venture investments in HotGreen to develop ultra-efficient heat pumps & in Nova Biochem to explore chemical production from natural sources

FY26 guidance[1]

Outlook for FY26 reflects our current assessment of market conditions. Unless stated otherwise, guidance is on a comparable & FX-neutral basis.

Revenue: growth of 3% to 4%

• Six extra days in Q1, six fewer in Q4 (moving from selling to calendar days)

• Impact from exit of Suntory alcohol distribution in Australia (ended June '25) & NZ (ended Dec '25): FY impact on group revenue ~0.5%

Cost of sales per UC: comparable growth of ~1.5%

• Commodities hedged at ~80% for FY26

• Concentrate directly linked to revenue per UC through incidence pricing

Operating profit: growth of ~7%

Comparable effective tax rate: ~26%

CAPEX: ~5% of revenue (including leases)

Comparable free cash flow: at least €1.7bn

Dividend payout ratio: ~50%[7] based on comparable EPS

Share buyback: CCEP today announces further share buyback programme of €1bn over the course of the year*

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* Buyback programme of up to €1bn subject to further shareholder approval at the 2026 AGM. Separate release with further details on the share buyback programme available via www.cocacolaep.com

All values are unaudited. Volumes are on a comparable basis for Europe and Australia / Pacific, and on an adjusted comparable basis for SEA, total APS and total CCEP. All changes are versus prior year equivalent period unless stated otherwise.

FBN[8]

• FY low single-digit volume decline with growth in Benelux & Nordics, offset by France.

• Double-digit growth of Monster, across the region, supported by innovation & new listings.

• Double-digit growth of Sprite supported by new listings in France.

• Single-digit decline in Coca-Cola with growth of Zero Sugar more than offset by decline of Original Taste in France, following increased sugar tax in Q1 & softer AFH volumes.

• Growth in revenue/UC[10] reflects headline price increases, French sugar tax & positive pack & brand mix from growth of Monster.

Germany

• Low single-digit volume decline in Q4 & FY with strong growth of Coca-Cola Zero & Monster more than offset by decline in Coca-Cola Original Taste, Fanta & Mezzo Mix.

• Volume decline reflecting a deeper consumer focus on affordability & value for money & softer AFH volumes.

• FY revenue/UC[10] growth driven by headline price increases implemented during Q3, supported by positive pack mix from growth of cans & decline of large PET.

Great Britain

• Q4 volumes broadly flat with growth in large multi-packs offset by decline in large PET during Xmas period.

• FY low single-digit volume increase in both channels driven by double-digit increase in Monster, Dr. Pepper & Sprite, supported by growth in Coca-Cola Zero & improved performance from Diet Coke.

• Strong performance in ARTD driven by growth of multipacks in Home channel & innovation.

• FY revenue/UC[10] growth reflects headline price increase during Q2 & positive brand mix from growth of Monster.

Iberia[9]

• Successful transition of Nestea to Fuze Tea, exiting the year as the market leader in the RTD tea category.

• Volume excluding RTD Tea up low single-digit in Q4 & FY, driven by Coca-Cola Zero, Monster & Sprite with Aquarius in Sports & Aquabona in Water all growing strongly.

• BodyArmor Sports & Bang Energy launched towards the end of the year.

• FY revenue/UC[10] growth driven by headline price increases.

Australia / Pacific[11]

• Low single-digit volume increase in Q4 & FY driven by all markets, especially Australia & PNG, more than offsetting the impact of exit of Suntory alcohol distribution in Australia mid-year. Excluding alcohol, volumes & revenue up mid & high single-digit respectively.

• Strong growth in Coca-Cola Zero Sugar & improvement in performance of Diet Coke drove overall growth in Coca-Cola TM volumes. Grinders coffee volume grew double-digit & Fanta volume growth supported by Lemon launch in Australia.

• Energy volumes grew double-digit, supported by innovation (e.g. Ultra Vice Guava) alongside strong growth of original Ultra White.

• New multi-year agreement with Bacardi for distribution of premium spirits & ARTD brands in Australia began towards the end of the year.

• Revenue/UC[10] growth impacted by Suntory exit (~3% impact on FY revenue). Revenue/UC growth excluding alcohol driven by headline price increases & mix benefit from growth of mini cans, small PET & Monster.

Southeast Asia[4],[12]

• Flat FY volumes with growth in the Philippines offset by double-digit decline in Indonesia.

• Philippines FY volumes (cycling FY24 +11.0%) impacted by typhoon related flooding in Q3 returning to growth in Q4 & broadly in line with expectations. Volumes driven by growth of Coca-Cola Original Taste & Wilkins Pure water. Coca-Cola Zero Sugar also performed well though from a small base.

• Indonesia FY volumes declined double-digit, better in H2 versus H1, reflecting a weaker consumer & macroeconomic backdrop. Frestea RTD tea relaunched with new identity & flavours (Blackcurrant now #1 flavoured brand). The transformation of our route to market, designed to be more agile & cost effective & focused on unlocking topline growth was executed by the end of the year.

• Positive revenue/UC[10] largely reflects headline price increases in the Philippines during Q4'24.

All values are unaudited & all references to volumes are on an adjusted comparable basis. All changes are versus prior year equivalent period unless stated otherwise.

Coca-Cola®

Q4: -1.1%; FY: -0.1%

• Great activation & execution of return of 'Share a Coke' campaign & English Premier League campaign & Star Wars collaborations across our markets.

• FY Coca-Cola Original Taste -2.1% supported by new campaigns, with growth in APS driven by the Philippines & PNG offset by Europe.

• FY Coca-Cola Zero Sugar +5.3% driven by Europe & double-digit growth in Australia & the Philippines.

• Improved Diet Coke performance supported by 'This is My Taste' campaign & innovation in GB.

Flavours & Mixers

Q4: -1.8%; FY: -1.3%

• FY Sprite +0.6% supported by new listings & limited editions in GB & FBN, offset by decline in Indonesia.

• Second year of Fanta Halloween horror collection campaign supported volumes in Q4. FY volumes -2.8%, largely driven by decline in Indonesia & Germany.

• Strong double-digit Dr. Pepper growth in GB driven by new Cherry Crush variant.

Water, Sports, RTD Tea & Coffee[13]

Q4: +3.7%; FY: +0.2%

• Water FY +4.6% driven by Wilkins Pure in the Philippines, Aquabona in Iberia & Chaudfontaine in FBN.

• Sports FY +4.5% driven by growth of Aquarius in Spain, supported by launch at start of the year of Red Peach variant. BodyArmor launched in Iberia & NZ in Q4.

• FY RTD Tea & Coffee -13.8% driven by Frestea decline in Indonesia & well executed transition to Fuze Tea in Spain (now the market leader).

Other inc. Energy

Q4: +6.8%; FY: +7.5% (+13.5% ex. Juices)

• Energy FY +18.8% supported by innovation & distribution gains e.g. Lando Norris & Ultra Vice with growth in original variants e.g. White Zero Ultra. Energy share +200bps.

• Juices -10.0% due to Capri Sun strategic de-listing in Europe, now fully annualised.

• ARTD continuing to perform strongly with growing share in Europe, supported by launch of Bacardi & Coke & flavour variants of Jack Daniel's & Coke & Absolut Sprite. Exit of Suntory alcohol distribution in Australia mid-year, making way for TCCC portfolio, with new Bacardi spirits distribution in place from Q4.

• 17 February 2026 at 12:00 GMT, 13:00 CET & 07:00 a.m. EST; accessible via www.cocacolaep.com

• Replay & transcript will be available at www.cocacolaep.com as soon as possible

• Annual Report & Form 20F published: 13 March 2026

• Q1 2026 trading update: 28 April 2026

• Financial calendar available here: https://ir.cocacolaep.com/financial-calendar/

Investor Relations

Sarah Willett Matt Sharff Samina Khan Dimitar Todorchev

[email protected] [email protected] [email protected] [email protected]

Media Relations

[email protected]

Coca-Cola Europacific Partners is one of the world's leading consumer goods companies. We make, move and sell some of the world's most loved brands - serving nearly 600 million consumers and helping over 4 million customers across 31 countries grow.

We combine the strength and scale of a large, multi-national business with an expert, local knowledge of the customers we serve and communities we support.

The Company is currently listed on Euronext Amsterdam, NASDAQ, London Stock Exchange and on the Spanish Stock Exchanges, and a constituent of both the Nasdaq 100 and FTSE 100 indices, trading under the symbol CCEP (ISIN No. GB00BDCPN049)

For more information about CCEP, please visit www.cocacolaep.com & follow CCEP on LinkedIn

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1. Refer to 'Note Regarding the Presentation of Adjusted financial information and Alternative Performance Measures' for further details & to 'Supplementary Financial Information' for a reconciliation of reported to comparable & reported to adjusted comparable results; Change percentages against prior year equivalent period unless stated otherwise

2. A unit case equals approximately 5.678 litres or 24 8-ounce servings

3. Comparable & FX-neutral

4. 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. 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. 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. Refer to 'Note Regarding the Presentation of Adjusted financial information and Alternative Performance Measures' for further details.

5. External data sources: Nielsen & IRI Period FY25

6. Reflects selling day shift with 1 less selling day versus FY'24. Excluding selling days adjustment, FY'25 volumes were CCEP -0.2% (Europe -0.5%, APS +0.5%)

7. Dividends subject to Board approval

8. Includes France, Monaco, Belgium, Luxembourg, the Netherlands, Norway, Sweden & Iceland

9. Includes Spain, Portugal & Andorra

10. Revenue per unit case

11. Includes Australia, New Zealand, the Pacific Islands & Papua New Guinea

12. Includes Philippines & Indonesia

13. RTD refers to ready to drink

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 CCEP's 2024 Annual Report on Form 20-F filed with the SEC on 21 March 2025 and subsequent filings, 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; uncertainty and volatility from the impact and extent of actual and promised tariff adjustments; 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, including tariff adjustments; legal changes in our status; 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; 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, 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.

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 believe 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 unaudited condensed 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.

''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.

Additionally, within this document, 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.

The following provides a summary reconciliation of items impacting comparability for the years ended 31 December 2025 and 31 December 2024:

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[1] Amounts represent restructuring charges related to business transformation activities.

[2] 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'.

[3] Amounts represent accelerated amortisation charges associated with the discontinuation of the relationship between CCEP and Beam Suntory upon expiration of the current contractual agreements.

[4] 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.

[5] Amounts represent cost associated with the acquisition and integration of CCBPI.

[6] Amounts represent the deferred tax impact related to income tax rate and law changes.

[7] 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.

[8] Amounts represent the non-recurring impact of fair value step-up of CCBPI inventories.

[9] 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.

The following provides a summary reconciliation for CCEP's reported results and adjusted comparable financial information for the year ended 31 December 2024:

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[1] Amounts represent items affecting the comparability of CCEP's year over year financial performance.

[2] Amounts represent unaudited results of CCBPI as if the acquisition had occurred on 1 January 2024, 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.

Revenue

[1] Iberia refers to Spain, Portugal & Andorra.

[2] France refers to continental France & Monaco.

Volume

Cost of Sales

[1] Amounts represent restructuring charges related to business transformation activities.

[2] 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.

[3] 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.

[4] 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.

[5] Amounts represent the non-recurring impact of fair value step-up of CCBPI inventories.

For the year ending 31 December 2025, reported cost of sales were €13,461 million, up 1.8% versus 2024.

Comparable and fx-neutral cost of sales for the same period were €13,710 million, up 4.2% versus 2024. Cost of sales per unit case increased by 1.7% on a comparable and fx-neutral basis, reflecting increased revenue per unit case driving higher concentrate costs, inflation in manufacturing and consumption tax increases driven by France and GB.

Operating expenses

[1] Amounts represent restructuring charges related to business transformation activities.

[2] Amounts represent accelerated amortisation charges associated with the discontinuation of the relationship between CCEP and Beam Suntory upon expiration of the current contractual agreements.

[3] 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.

[4] Amounts represent cost associated with the acquisition and integration of CCBPI.

[5] 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.

For the year ending 31 December 2025, reported operating expenses were €4,751 million, down 6.5% versus 2024.

Comparable and fx-neutral operating expenses were €4,708 million for the same period, up 1.9% versus 2024, reflecting the impact of inflation, partially offset by the benefit of ongoing efficiency programmes and our continuous efforts on discretionary spend optimisation.

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 €97 million of operating expenses, primarily related to expected severance payments. This compares with €254 million of restructuring charges within operating expenses incurred in the year ended 31 December 2024, related to various productivity initiatives.

Acquisition and integration related costs of €6 million were recognised within reported operating expenses for the year ended 31 December 2025 associated with the acquisition of CCBPI, primarily system and SOX implementation related costs.

Operating profit

Revenue

[1] 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.

Volume

[1] 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.

Cost of Sales

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[1] 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.

[2] 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.

[3] 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.

[4] Amounts represent restructuring charges related to business transformation activities.

[5] 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.

[6] Amounts represent the non-recurring impact of fair value step-up of CCBPI inventories.

[7] 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 and fx-neutral cost of sales for the year ended 31 December 2025 were €13,710 million, up 2.6% versus 2024.

Cost of sales per unit case increased by 2.7% on an adjusted comparable and fx-neutral basis, driven by an increase in concentrate in line with our incidence model reflecting the improvement in revenue per unit case. There was also upward pressure on manufacturing costs and increased consumption tax driven by France and GB.

Operating Expenses

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[1] 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.

[2] 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.

[3] Amounts represent restructuring charges related to business transformation activities.

[4] Amounts represent accelerated amortisation charges associated with the discontinuation of the relationship between CCEP and Beam Suntory upon expiration of the current contractual agreements.

[5] 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.

[6] Amounts represent cost associated with the acquisition and integration of CCBPI.

[7] 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 and fx-neutral operating expenses for the year ended 31 December 2025 were €4,708 million, up 0.9% versus 2024, reflecting inflation, partially offset by the benefit of on-going efficiency programmes and our continuous efforts on discretionary spend optimisation in areas such as trade marketing, travel and meetings.

Operating Profit

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.

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[1] Amounts represent the tax impact of restructuring charges related to business transformation activities.

[2] 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'.

[3] 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.

[4] 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.

[5] Amounts represent the tax impact of cost associated with the acquisition and integration of CCBPI.

[6] Amounts represent the deferred tax impact arising from income tax rate and law changes.

[7] Amounts represent the tax impact of the non-recurring impact of fair value step-up of CCBPI inventories.

[8] 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.

[1] 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.

If the Acquisition had occurred on 1 January 2024, adjusted comparable free cash flow for the year ended 31 December 2024 is estimated to approximate the comparable free cash flow in the table above.

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[1] 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.

[2] 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.

[3] 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 purchases CCEP shares to satisfy the Group's award obligations under its current and future share-based compensation plans.

[4] 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.

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[1] Amounts represent restructuring charges related to business transformation activities, excluding accelerated depreciation included in the depreciation and amortisation line.

[2] 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'.

[3] 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.

[4] Amounts represent cost associated with the acquisition and integration of CCBPI.

[5] 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.

[6] Amounts represent the non-recurring impact of fair value step-up of CCBPI inventories.

[7] 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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[1] 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.

[2] 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.

[3] 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.

[4] Amounts represent restructuring charges related to business transformation activities, excluding accelerated depreciation included in the depreciation and amortisation line.

[5] Amounts represent cost associated with the acquisition and integration of CCBPI.

[6] Amounts relate to increase in a provision established in connection with an ongoing labour law matter in Germany.

[7] 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.

[8] Amounts represent the non-recurring impact of fair value step-up of CCBPI inventories.

[9] 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.