Coca-Cola Europacific Partners (CCEPC.AS): Q2/H1 to beat and FY guidance is likely to be raised. Stock should re-rate. Buy.

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Coca-Cola Europacific Partners (CCEPC.AS): Q2/H1 to beat and FY guidance is likely to be raised. Stock should re-rate. Buy.

Viewpoint |

01 Jul 2026 07:45:25 ET │ 16 pages

Coca-Cola Europacific Partners

(CCEPC.AS)

Q2/H1 to beat and FY guidance is likely to be raised. Stock should re-

rate. Buy.

CITI'S TAKE Buy

Price (01 Jul 26 08:13) €87.80We expect Q2/H1 results to beat expectations and management to raise

FY26E organic EBIT growth guidance at the August 4th results. Our updated Target price €100.00

+2.3% Q2 OSG is +80bps above consensus and H1 organic EBIT growth Expected share price return 13.9%

+110bps ahead at +7.3%. The higher Q2 momentum reflects strong trading Expected dividend yield 2.5%in June, underpinned by better European weather, World Cup activation and

recent innovations. With FY26E profit delivery now likely to be more Expected total return 16.4%

balanced between H1/H2 and given good weather into early-July and a Market Cap €38,915M

skewing of efficiencies to H2, we think CCEP will raise its FY26E organic

US$44,292MEBIT guidance to “above 7%” (previously c.7%) with the H1 print. The stock

is trading at a small premium to wider Staples. However, we believe the

combination of positive earnings momentum and the return of buyback

support in August should allow the multiple to expand further. We reiterate

our Buy rating and our preference for CCEP over CCH. Price Performance

(RIC: CCEPC.AS, BB: CCEP NA)

Strong June trading like to upside surprise to Q2 consensus volumes and OSG —

Despite the Easter unwind, we expect Q2 trading trends at CCEP to be above current

consensus. We expect solid May trading will be followed by a very strong June, with

the business benefiting from both good weather in Europe, World Cup activation as