Coca-Cola Europacific Partners (CCEPC.AS): We expect a FY guidance raise with H1 results. Valuation premium/YTD stock performance likely to be sustained.

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Coca-Cola Europacific Partners (CCEPC.AS): We expect a FY guidance raise with H1 results. Valuation premium/YTD stock performance likely to be sustained.

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03 Aug 2026 08:03:52 ET │ 15 pages

Coca-Cola Europacific Partners

(CCEPC.AS)

We expect a FY guidance raise with H1 results. Valuation premium/YTD

stock performance likely to be sustained.

CITI'S TAKE Buy

Price (03 Aug 26 09:02) €95.70We expect building sales momentum through the quarter to drive robust

Q2/H1 results and allow management to raise FY26E organic EBIT growth Target price €100.00

guidance with its expected August 4th results. We estimate Q2 OSG +3.1% and Expected share price return 4.5%

H1 organic EBIT growth at +7.3%. The solid Q2 reflects strong trading in June, Expected dividend yield 2.3%underpinned by better European weather, global football tournament

activation and recent innovations. With FY26E profit delivery now likely to be Expected total return 6.8%

more balanced between H1/H2 and given good weather in July and a skewing Market Cap €42,416M

of efficiencies to H2, we expect CCEP to raise its FY26E organic EBIT guidance

US$48,897Mto “above 7%” (previously c.7%) with the H1 print. Although many of these

factors are well-known and perhaps increasingly reflected in the group’s

premium PE multiple (c.21.4x), with easier Q3 comps and CCEP’s track record

of consistent delivery, the stock is likely to hold on to its YTD performance.

Price Performance

Strong June trading should underpin solid Q2 delivery — Despite the Easter (RIC: CCEPC.AS, BB: CCEP NA)

unwind, we expect Q2 trading trends at CCEP to be strong. We expect solid May

trading to have been followed by a very strong June, with the business benefiting

from both good weather in Europe, global football tournament activation as well as