Earning Date, Transcript Summary & Report

Strong Year-End Performance: We enjoyed a great finish to a solid year with robust top and bottom line growth.

Geographic Diversification Benefits: We are more geographically diversified with strong performance in higher growth APS markets, helping offset softer volumes in Europe.

Market Share Growth: We grew share ahead of the market and led on value creation for our customers.

Comparable Free Cash Flow: We drove impressive comparable free cash flow of over $1.8 billion.

Shareholder Value Commitment: Our full year 2025 guidance combined with the resumption of our share buybacks demonstrates our ability to deliver continued shareholder value.

Strong Revenue Performance: We delivered a strong top line performance reflecting underlying volume growth with transactions ahead of volume and solid gains in revenue per unit case.

Operating Profit and EPS Growth: Operating profit growth of 8% with operating margin expansion in both Europe and APS, and diluted earnings per share growth of 6.5% on a comparable and FX neutral basis.

Strong Free Cash Flow: We generated impressive comparable free cash flow of $1.8 billion after investing over $1 billion across our business in capacity, technology, and digital.

Dividend and Buyback Initiatives: We delivered healthy dividend growth and announced a new $1 billion share buyback program.

Executive Leadership Development: We continue to build the capabilities of our teams, with over 500 executive leaders upskilled through our partnership with the London Business School.

Top Employer Recognition: CCEP was recognized as a top employer across many of our markets, with record scores in our engagement survey.

FMCG Brand Rankings Europe: Coca Cola trademark remains the biggest FMCG brand in Europe, with Monster being the third fastest growing.

Innovation in Product Development: We delivered innovation across the board through packaging, flavor extensions, and special collaborations.

Value Creation for Retail Customers: We continue to create leading value for our category, adding well over a billion of value to our retail customers.

Sustainability Achievements: We retained our inclusion on CDP's A list for climate for the ninth year and maintained our MSCI AAA ESG rating.

Record Volume and Value Growth: The Philippines delivered double-digit volume growth and nearly 300 basis points of value share gains to a record high.

Market Opportunities in Philippines: We see lots of opportunities in The Philippines, particularly in low and no sugar, energy, and our recently launched AORTD brands.

Projected Revenue Growth: We are confident in our ability to deliver approximately 4% revenue growth in 2025 and beyond, driven by healthy underlying volume and revenue per unit case growth.

European Volume Decline: Softer volumes in Europe due to strategic delistings and adverse weather conditions, with reported volumes down 2.4%.

Geopolitical Challenges Impact: The Indonesian business faced significant challenges due to geopolitical events, leading to a non-impairment charge in the full year results.

Operating Profit Decline: Operating profit declined by nearly 9% on a reported basis, primarily due to higher business transformation costs and a £175 million non-cash impairment charge.

Stagnant Volume Growth: Comparable volumes were flat for the year, indicating stagnation in growth despite revenue increases.

Channel Volume Decline: The away from home channel in Europe experienced weakness, contributing to overall volume declines.

Inflationary Pressures on Profitability: Despite strong revenue growth, the company faced inflationary pressures, particularly in labor costs, which could impact future profitability.

Energy Drinks Growth Slowdown: The company acknowledged that the energy drinks category saw a slowdown in growth compared to previous years, raising concerns about competitive pressures.