Quick Comment: Solid 1H With High Bar; Reiterated FY26 Guidance

研报英文原文证据摘录

Quick Comment: Solid 1H With High Bar; Reiterated FY26 Guidance

Update

August 4, 2026 11:27 AM GMT

Morgan Stanley & Co. LLCMCoca-Cola Europacific Partners | North America Eric A Serotta, CFA

Equity Analyst

Quick Comment: Solid 1H With Eric.Serotta@morganstanley.comDara Mohsenian, CFA +1 212 761-2370

Dara.Mohsenian@morganstanley.com +1 212 761-6575

High Bar; Reiterated FY26 Patty Kanada, CFA

Patty.Kanada@morganstanley.com +1 212 761-1019

Guidance Kenneth Tan

Research Associate

Kenneth.Tan@morganstanley.com +1 212 761-4954

AlphaSignals Earnings Reaction Josh Haubenstock

Unchanged Modest upside Modest revision higher Josh.Haubenstock@morganstanley.com +1 212 761-1059

Impact to our thesis Financial results versus consensus Direction of next 12-month

consensus EPS

Coca-Cola Europacific Partners (CCEPC.AS, CCEP NA)

Source: Company data, Morgan Stanley Research

Beverages | United States of America

Solid 1H With High Bar: CCEP delivered solid 1H results modestly ahead of Stock Rating Equal-weight

Industry View Attractive

consensus, with a high bar following favorable June weather, the World Cup, and Price target €95.00

Shr price, close (Aug 3, 2026) €94.10

robust results from KO last week. Reported revenue beat by 20 bps, with Mkt cap, curr (mm) €42,324

comparable FX-N revenue (OSG) up +6.1%, slightly ahead of the +5.7% consensus. 52-Week Range €99.90-72.50

1H volumes beat by ~100 bps and increased +5.7% (including the extra selling days

in 1Q), partially offset by lower than expected price/mix of +0.4% vs the +0.9%

consensus. We believe the pricing downside was driven by promo timing in Europe

and an accounting change in Indonesia. Gross profit beat by 2% (60 bps GM upside),

and with SD&A as a % of sales 40 bps ahead of consensus, operating profit beat by

0.9%.