Coca-Cola Europacific Partners reported solid top-line and volume expansion in the first quarter of 2026, with organic volumes rising 8.5% and sales climbing 9.4%, each exceeding analyst forecasts of 7.5% and 8.9% respectively. The company said it would maintain its full-year guidance following the quarter.
Regional performance was strong across Europe and Asia Pacific. In Europe, volumes grew 8.4% and sales increased 9.8%, versus consensus estimates of 7.0% for volumes and 9.5% for sales. The Asia Pacific region delivered volume growth of 8.7% and sales growth of 8.6%, ahead of expectations of 8.3% and 7.4% respectively.
When normalizing for selling-day differences, underlying growth was more moderate: volumes rose 1.6% and sales were up 2.5%. Separately, sales growth adjusted to exclude the impact of the Beam exit reached 3.5%.
The energy category was a standout, with volumes increasing 21.3% and market share expanding by 250 basis points. At the group level the firm has gained 30 basis points in year-to-date non-alcoholic ready-to-drink value share, with Europe contributing a 30 basis point increase and Asia Pacific reported as flat in that metric.
Financial guidance remained unchanged: the company reiterated expectations for full-year revenue growth of 3% to 4% and operating income growth of approximately 7%. Comparable free cash flow is anticipated to be at least c1.7 billion, and capital expenditure is forecast at roughly 5% of revenue.
On cost management, Coca-Cola Europacific Partners said it has hedged about 85% of its commodity exposure, and it expects cost of goods sold on a per unit case basis to increase by around 1.5%.
Shareholder returns progressed through the execution of the company's buyback program: 500 million of the planned 1 billion repurchase has been completed. The remaining 500 million is subject to shareholder approval at the 2026 annual general meeting.
Overall, the quarter combined outperformance of consensus for volumes and sales with continued emphasis on shareholder returns, commodity hedging and targeted category growth, most notably in energy drinks.