London, May 1, 2026, 23:05 BST
Barclays bumped its price target on Coca-Cola Europacific Partners up to $108 from $106, sticking with its Overweight call after the company’s first-quarter sales topped expectations and management reaffirmed the 2026 outlook. The move came from analyst Lauren Lieberman on April 30, according to StreetInsider.
It’s a key moment: investors want to see how far major drinks bottlers can boost price and mix before volume takes a real hit. CCEP pointed to pricing, mix, and an earlier Easter as sales drivers, sticking to its forecast for full-year revenue growth of 3% to 4%, and about 7% gain on operating profit.
CCEP logged revenue of €5.00 billion for the first quarter ended April 3, a 6.7% increase from €4.69 billion in the same period last year. Factoring out currency effects, comparable foreign-exchange-neutral revenue hit €5.13 billion, or a 9.4% rise.
Not all of the reported top-line growth came from underlying demand. Volume climbed 8.5%, though that figure was boosted by six extra consumption days. Strip out those days, and comparable volume—based on average daily sales—was up just 1.6%. For reference, a unit case is about 5.7 litres, or 24 servings at eight ounces apiece.
Europe led the pack, pulling in €3.55 billion in revenue—a 9.1% jump on reported numbers, and 9.8% higher once currency swings are stripped out. Over in APS, covering Australia, Pacific and Southeast Asia, revenue landed at €1.45 billion, up just 1.1% reported, but climbing 8.6% when ignoring currency shifts.
Chief Executive Damian Gammell described it as a “good start to the year,” though he stopped short of sounding upbeat. Gammell noted that the consumer environment is still “challenging,” and the “full impact” from the Middle East remains unclear, with the company continuing to watch pricing, promotions, and spending closely. AJ Bell
The company announced a first-half interim dividend of €0.82 per share, set for payment on May 27 to shareholders who are on the books as of May 15. As for buybacks, €1 billion is still the target for this year, with €500 million already wrapped up by April 24. The rest of the planned repurchases will need sign-off from shareholders.
Some of the numbers landed ahead of the Street. CCEP posted 8.5% volume growth and a 9.4% rise in sales, both topping analyst targets of 7.5% and 8.9%, according to Investing.com. Energy drinks surged 21.3%—a standout segment as the company leans further into no- and low-sugar offerings.
The calendar gave CCEP a lift this quarter—six extra days padded the numbers. But that edge disappears later: the fourth quarter loses those same six days, meaning the strong early figures could overstate momentum. CCEP also flagged a roughly 1.5% increase in cost of sales per unit case, even though commodities for 2026 are around 85% hedged.
An upbeat week unfolded for the broader Coca-Cola system, as The Coca-Cola Co lifted its full-year adjusted profit outlook, following a first-quarter earnings beat. Still, the company pointed to rising costs for energy and packaging—plastic and aluminum taking the hit.
CCEP’s London stock barely budged Friday. Barclays’ retail research showed a 6,990p sell and 6,995p buy at 16:35 local, nudging up 0.07% for the session. Over in New York, shares on the Nasdaq last changed hands at $94.18, off 0.46%.
