Form 6-K - Report of foreign issuer [Rules 13a-16 and 15d-16]

United States

Securities and Exchange Commission

Washington, D.C. 20549

FORM 6-K

Report of Foreign Private Issuer

Pursuant to Rule 13a-16 or 15d-16

under the Securities Exchange Act of 1934

For the period ending 28 June 2024

Commission File Number 001-37791

COCA-COLA EUROPACIFIC PARTNERS PLC

Pemberton House, Bakers Road

Uxbridge, UB8 1EZ, United Kingdom

(Address of principal executive office)

(Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F.)

(Check One) Form 20-F ý Form 40-F D Â

THIS REPORT ON FORM 6-K IS HEREBY INCORPORATED BY REFERENCE INTO THE REGISTRANT’S

• REGISTRATION STATEMENT ON FORM S-8 OF COCA-COLA EUROPACIFIC PARTNERS PLC (REGISTRATION NO. 333-208556);

• REGISTRATION STATEMENT ON FORM S-8 OF COCA-COLA EUROPACIFIC PARTNERS PLC (REGISTRATION NO. 333-233695);

• REGISTRATION STATEMENT ON FORM S-8 OF COCA-COLA EUROPACIFIC PARTNERS PLC (REGISTRATION NO. 333-233697); AND

• REGISTRATION STATEMENT ON FORM S-8 OF COCA-COLA EUROPACIFIC PARTNERS PLC (REGISTRATION NO. 333-211764)

FILED WITH THE SECURITIES AND EXCHANGE COMMISSION, AND SHALL BE A PART THEREOF FROM THE DATE ON WHICH THIS REPORT IS FILED, TO THE EXTENT NOT SUPERSEDED BY DOCUMENTS OR REPORTS SUBSEQUENTLY FILED OR FURNISHED.

THIS REPORT ON FORM 6-K INCLUDES SUBSTANTIALLY THE SAME INFORMATION, EXCEPT FOR INCLUSION OF FULL YEAR GUIDANCE, AS THAT REPORTED IN THE REGISTRANT’S REPORT ON FORM 6-K PREVIOUSLY FURNISHED TO THE SECURITIES AND EXCHANGE COMMISSION ON AUGUST 7, 2024, AND IS BEING FILED SOLELY FOR THE PURPOSE OF INCORPORATING BY REFERENCE INFORMATION INTO THE ABOVE-REFERENCED REGISTRATION STATEMENTS AND ANY FUTURE REGISTRATION STATEMENTS IN WHICH THE REGISTRANT IDENTIFIES THIS REPORT ON FORM 6-K AS BEING INCORPORATED BY REFERENCE


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COCA-COLA EUROPACIFIC PARTNERS

Unaudited results for the six months ended 28 June 2024

Note Regarding the Presentation of Adjusted financial information and Alternative Performance Measures

Adjusted financial information

Non-IFRS adjusted financial information for selected metrics has been provided in order to illustrate the effects of the acquisition of CCBPI on the results of operations of CCEP and to allow for greater comparability of the results of the combined group between periods. The adjusted financial information has been prepared for illustrative purposes only, and because of its nature addresses a hypothetical situation. It does not intend to represent the results had the acquisition occurred at the dates indicated, or project the results for any future dates or periods. It is based on information and assumptions that CCEP believe are reasonable, including assumptions as at 1 January of the period presented relating to provisional transaction accounting adjustments. No cost savings or synergies were contemplated in these provisional adjustments.

The non-IFRS adjusted financial information has not been prepared in accordance with the requirements of Regulation S-X Article 11 of the US Securities Act of 1933 or any generally accepted accounting standards, may not necessarily be comparable to similarly titled measures employed by other companies and should be considered supplemental to, and not a substitute for, financial information prepared in accordance with generally accepted accounting standards.

The acquisition completed on 23 February 2024 and the non-IFRS adjusted financial information provided reflects the inclusion of CCBPI as if the acquisition had occurred at the beginning of the period presented. It has been prepared on a basis consistent with CCEP IFRS accounting policies and includes provisional transaction accounting adjustments for the periods presented.

Alternative Performance Measures

We use certain alternative performance measures (non-IFRS performance measures) to make financial, operating and planning decisions and to evaluate and report performance. We believe these measures provide useful information to investors and as such, where clearly identified, we have included certain alternative performance measures in this document to allow investors to better analyse our business performance and allow for greater comparability. To do so, we have excluded items affecting the comparability of period-over-period financial performance as described below. The alternative performance measures included herein should be read in conjunction with and do not replace the directly reconcilable IFRS measures.

For purposes of this document, the following terms are defined:

‘‘As reported’’ are results extracted from our condensed consolidated interim financial statements.

“Adjusted” includes the results of CCEP as if the CCBPI acquisition had occurred at the beginning of the period presented, including provisional acquisition accounting adjustments, accounting policy reclassifications and the impact of debt financing costs in connection with the acquisition.

"Comparable’’ is defined as results excluding items impacting comparability, which include restructuring charges, net impact related to European flooding, accelerated amortisation charges, expenses related to legal provisions, inventory fair value step up related to acquisition accounting, impairment charges, acquisition and integration related costs, income arising from the ownership of certain mineral rights in Australia and gain on sale of sub-strata and associated mineral rights in Australia. Comparable volume is also adjusted for selling days.

‘‘Adjusted comparable” is defined as adjusted results excluding items impacting comparability, as described above.

‘‘Fx-neutral’’ or "FXN" is defined as period results excluding the impact of foreign exchange rate changes. Foreign exchange impact is calculated by recasting current year results at prior year exchange rates.

‘‘Net Debt’’ is defined as borrowings adjusted for the fair value of hedging instruments and other financial assets/liabilities related to borrowings, net of cash and cash equivalents and short-term investments. We believe that reporting net debt is useful as it reflects a metric used by the Group to assess cash management and leverage

‘‘Dividend payout ratio’’ is defined as dividends as a proportion of comparable profit after tax.


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H1 2024 Total CCEP Key Financial Metrics[1]	As Reported		Comparable [1]	Change vs H1 2023						Adjusted Comparable[4]	Change vs H1 2023
				As Reported		Comparable [1]		Comparable FXN[1]			Adjusted Comparable[4]		Adjusted Comparable FXN[4]
Volume (M UC)[2]	1,856		1,856	13.8	%	13.8	%			1,957	0.6	%
Revenue per UC[2] (€)			5.32					(3.3)	%	5.19			2.9	%
Revenue (€M)	9,828		9,828	9.5	%	9.5	%	10.0	%	10,096	2.9	%	3.5	%
Operating profit (€M)	1,142		1,296	(2.4)	%	11.2	%	11.6	%	1,306	8.7	%	9.0	%
Diluted EPS (€)	1.73		1.97	(6.9)	%	6.7	%	7.0	%
Interim dividend per share (€)		0.74

___________________________

Note: All footnotes included alongside the ‘Volume performance by category’ section


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H1 Financial Summary

H1 2024 Metric[1]	As Reported		Comparable[1]	Change vs H1 2023						Adjusted Comparable[4]	Change vs H1 2023
				As Reported		Comparable [1]		Comparable FXN[1]			Adjusted Comparable[4]		Adjusted Comparable FXN[4]
Total CCEP
Volume (M UC)[2]	1,856		1,856	13.8	%	13.8	%			1,957	0.6	%
Revenue (€M)	9,828		9,828	9.5	%	9.5	%	10.0	%	10,096	2.9	%	3.5	%
Cost of sales (€M)	6,332		6,320	11.0	%	10.9	%	11.4	%	6,534	2.5	%	3.1	%
Operating profit (€M)	1,142		1,296	(2.4)	%	11.2	%	11.6	%	1,306	8.7	%	9.0	%
Profit after taxes (€M)	811		924	(5.0)	%	9.1	%	9.4	%
Diluted EPS (€)	1.73		1.97	(6.9)	%	6.7	%	7.0	%
Revenue per UC[2] (€)			5.32					(3.3)	%	5.19			2.9	%
Cost of sales per UC[2] (€)			3.42					(2.1)	%	3.36			2.5	%

Interim dividend per share* (€)		0.74

Europe
Volume (M UC)[2]	1,270		1,270	(2.8)	%	(2.8)	%			1,270	(2.8)	%
Revenue (€M)	7,279		7,279	2.4	%	2.4	%	2.0	%	7,279	2.4	%	2.0	%
Operating profit (€M)	882		979	(0.6)	%	6.0	%	5.2	%	979	6.0	%	5.2	%
Revenue per UC[2] (€)			5.71					4.9	%	5.71			4.9	%

APS (Australia, Pacific & Southeast Asia)
Volume (M UC)[2]	586		586	80.9	%	80.9	%			687	7.5	%
Revenue (€M)	2,549		2,549	36.2	%	36.2	%	40.6	%	2,817	4.0	%	7.4	%
Operating profit (€M)	260		317	(8.1)	%	31.5	%	36.1	%	327	17.6	%	21.6	%
Revenue per UC[2] (€)			4.49					(22.3)	%	4.24			0.0	%

*First half interim dividend per share of €0.74 (declared at Q1 & paid in May), calculated as 40% of the FY23 dividend


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H1 & Q2 Revenue Highlights[1],[4]

H1 Revenue: Reported +9.5%; Adjusted Comparable +3.5%[3],[4]

•Continue to create value for our customers

•NARTD YTD value share gains[5] across measured channels both in-store (+30bps) & online (+10bps)

•Adjusted comparable volume +0.6%[4],[6]

By geography:

◦Europe -2.8% reflecting great in-market execution offset by adverse weather, strategic de-listings & cycling solid comparables (H1’23 comparable volume +2.5%)

◦APS +7.5% reflecting strong in-market execution:

▪Australia/Pacific (AP): continued solid underlying momentum (excl. strategic bulk water de-listings in Q2 last year)

▪Southeast Asia (SEA): double-digit growth driven by solid demand in the Philippines

By channel: Away from Home (AFH) +1.9%, Home -0.6%

◦Europe: AFH -4.4% cycling strong comparables (H1’23 comparable volume +4.0%), Home -1.9%

◦APS: AFH +8.9%, Home +5.2%

▪Transactions in line with volumes in Europe & ahead in APS

▪Adjusted comparable revenue per unit case +2.9%[2],[3],[4] reflecting positive headline pricing, promotional optimisation & brand mix, partly offset by geographic mix

◦Europe: +4.9% reflecting H1’24 headline price increases & H2‘23 headline pricing in GB & Germany

◦APS: 0.0% reflecting headline price increases & promotional optimisation in Australia, offset by geographic mix driven by strong growth in the Philippines (being at a lower revenue per unit case)

Q2 Revenue: Reported +11.2%; Adjusted Comparable +1.8%[3],[4]

•Adjusted comparable volume -0.7%[4],[6]

By geography:

◦Europe -4.0% reflecting solid in-market execution offset by adverse weather & strategic de-listings

◦APS +6.9% reflecting strong in-market execution:

▪AP: continued solid underlying momentum

▪SEA: double-digit growth driven by solid demand in the Philippines

By channel: AFH +1.2%, Home -2.3%

◦Europe: AFH -4.2%, Home -3.8%

◦APS: AFH +7.7%, Home +5.7%

▪Adjusted comparable revenue per unit case +2.5%[2],[3],[4] reflecting positive headline pricing, promotional optimisation & brand mix, partly offset by geographic mix

◦Europe: +4.4% reflecting H1’24 headline price increases & H2‘23 headline pricing in GB & Germany

◦APS: -0.4% reflecting headline price increases & promotional optimisation, offset by geographic mix driven by strong growth in the Philippines

H1 Operating Profit & Other Highlights [1]

H1 Operating profit: Reported -2.4%; Adjusted Comparable +9.0%[3],[4]

•Adjusted comparable cost of sales per unit case +2.5%[2],[3],[4] reflecting increased revenue per unit case driving higher concentrate costs, inflation in manufacturing & tax increase driven by Netherlands, partially offset by the mix effect from the strong growth in the Philippines

•Adjusted comparable operating profit of €1,306m, +9.0%[3],[4] reflecting top-line growth, our efficiency programmes & continuous efforts on discretionary spend optimisation. Reported operating profit of €1,142m, -2.4% reflecting higher business transformation costs in H1’24

•Comparable diluted EPS of €1.97, +7.0%[3] (reported €1.73, -6.9%)

Other

•Sustainability highlights:

◦Invested in Airhive energy-efficient direct air capture technology

◦Investing €40m in a new production line for refillable glass bottles in Germany


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SECOND QUARTER & FIRST HALF REVENUE PERFORMANCE BY GEOGRAPHY[1]

All values are unaudited and all references to volumes are on a comparable basis for Europe and Australia / Pacific, and on an adjusted comparable basis for SEA, total APS and total CCEP. All changes are versus prior year equivalent period unless stated otherwise.


	Second Quarter					First Half
				Fx-Neutral					Fx-Neutral
	€ million	% change		% change		€ million	% change		% change
FBN[8]	1,383	(0.8)	%	(0.8)	%	2,575	1.5	%	1.7	%
Germany	834	4.4	%	4.4	%	1,540	5.6	%	5.6	%
Great Britain	870	(1.2)	%	(3.1)	%	1,594	1.5	%	(0.9)	%
Iberia[9]	902	1.8	%	1.8	%	1,570	1.9	%	1.9	%
Total Europe	3,989	0.7	%	0.3	%	7,279	2.4	%	2.0	%
Australia / Pacific[11]	758	2.4	%	3.5	%	1,612	0.2	%	3.4	%
Southeast Asia[4],[12]	616	6.8	%	10.1	%	1,205	9.5	%	13.2	%
Total APS[4]	1,374	4.3	%	6.4	%	2,817	4.0	%	7.4	%

Total CCEP[4]	5,363	1.6	%	1.8	%	10,096	2.9	%	3.5	%

FBN[8]

▪H1 moderate volume decline in France, Benelux & Nordics driven by adverse weather & the strategic de-listing of Capri Sun.

▪The Netherlands was also impacted by the consumption tax increase.

▪Sprite, Energy & Powerade outperformed in Q2 & H1. Double-digit H1 volume growth for Fuze Tea in France despite strong comparables.

▪H1 revenue/UC[10] growth driven by headline price increases across the markets (& earlier in France compared to last year).

Germany

•H1 volume broadly flat despite adverse weather & strong comparables in the AFH channel.

•Coca-Cola Zero Sugar & Monster continued to outperform. Double-digit volume growth for Powerade in H1.

•H1 revenue/UC[10] growth driven by headline price increase implemented in Q3 last year.

•Positive pack & brand mix also contributed to the growth e.g. Monster & Powerade.

Great Britain

•H1 moderate volume decline reflects some softness in the AFH channel, adverse weather & the de-listing of Capri Sun.

•Strong volume growth for both Coca-Cola Zero Sugar & Powerade in H1. Monster continued to outperform with high single-digit growth in H1.

•H1 revenue/UC[10] growth driven by headline price increase implemented at the end of the second quarter last year.

•Positive mix also contributed to the growth e.g. Monster & de-listing of Capri Sun.

Iberia[9]

•Slight volume decline driven by adverse weather conditions offset by solid in market execution.

•Sprite, Aquarius, Powerade, Royal Bliss & Tea volumes outperformed in H1.

•H1 revenue/UC[10] growth driven by headline price increase.

•Positive brand mix also contributed to the growth e.g. Monster & Powerade.

Australia / Pacific[11]

•H1 slight volume decline reflects strategic bulk water de-listings in Australia which started in Q2 2023. Excluding de-listings, volume would have been broadly flat in H1 supported by great activation.

•Home channel volume performed slightly ahead of the AFH channel.

•Coca-Cola Zero Sugar, Fanta & Monster performed well in H1 across all markets supported by great execution & innovation, including the launch of Monster Energy Zero Sugar & Fanta Pineapple Zero Sugar in Australia.

•H1 Revenue/UC[10] solid growth driven by headline price increases & promotional optimisation.


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Southeast Asia[12]

•Solid H1 volume driven by double-digit growth in the Philippines, reflecting strong underlying market demand, solid share gains & great execution whilst cycling soft comparables last year.

•This was partially offset by a weaker volume performance in Indonesia impacted by the geopolitical situation in the Middle East. Encouraging sparkling & transaction growth in unaffected areas.

•AFH channel volume grew ahead of the Home channel driven by the Philippines in H1.

•H1 Coke TM in double-digit growth, driven by Coca-Cola Classic & supported by encouraging performance of Coca-Cola Zero Sugar in Indonesia following its recent launch. Sprite continues to perform well.

•H1 Revenue/UC[10] growth driven by headline price increases & promotional optimisation.


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SECOND QUARTER & FIRST HALF VOLUME PERFORMANCE BY CATEGORY[1],[4],[6]

All values are unaudited and all references to volumes are on an adjusted comparable basis. All changes are versus prior year equivalent period unless stated otherwise.


	Second Quarter				First Half
	% of Total		% Change			% of Total		% Change
Coca-Cola®	59.5	%	1.1	%		59.0	%	1.7	%
Flavours & Mixers	21.5	%	(2.8)	%		22.1	%	—	%
Water, Sports, RTD Tea & Coffee[13]	12.0	%	0.6	%		11.7	%	0.8	%
Other inc. Energy	7.0	%	(9.8)	%		7.2	%	(7.3)	%
Total	100.0	%	(0.7)	%		100.0	%	0.6	%

Coca-Cola®

Q2: +1.1%; H1: +1.7%

•H1 Coca-Cola Classic +3.0% driven by continued strong demand in the Philippines, partially offset by adverse weather in Europe.

•Q2 Coca-Cola Zero Sugar +2.8% with growth in both Europe & APS driven by solid execution & innovation.

•Value share gains of Coca-Cola Original Taste +80bps[5], led by the Philippines.

Flavours & Mixers

Q2: -2.8%; H1: Flat

•Sprite H1: +5.9% driven by solid consumer demand & great execution across all key markets.

•Fanta H1 slight decline driven by adverse weather & solid comparables (H1 23: +2.0%[14]) in Europe albeit supported by flavour extensions e.g. Fanta Exotic.

•Royal Bliss continues to perform well with double-digit growth in H1 supported by the launch in Portugal.

Water, Sports, RTD Tea & Coffee[13]

Q2: +0.6%; H1: +0.8%

•H1 water slight decline driven by strategic water de-listings within Europe & Australia.

•H1 Sports +4.8% despite strong comparables (H1’23 +10.5%[14]) with growth in Powerade driven by continued consumer trends in this category, great activation & innovation (e.g. launch of Powerade Mango).

•RTD Tea & Coffee +1.6% driven by Fuze Tea in Europe.

Other inc. Energy

Q2: -9.8% (+5.1% exc. Juices)

H1: -7.3% (+4.6% exc. Juices)

•Strong growth in Energy +7.5% in both Q2 & H1 led by Monster despite strong comparables (H1‘23 +15.0%[14]), continuing to gain distribution (inc. recent category launch in the Philippines) & share through innovation e.g. Monster Green Zero, Bad Apple & Peachy Keen.

•Juices decline resulting from the strategic de-listing of Capri Sun in Europe.

•Encouraging early start for Absolut & Sprite following launch in Europe.


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___________________________

1.Refer to ‘Note Regarding the Presentation of Adjusted financial information and Alternative Performance Measures’ for further details & to ‘Supplementary Financial Information’ for a reconciliation of reported to comparable and reported to adjusted comparable results; Change percentages against prior year equivalent period unless stated otherwise

2.A unit case equals approximately 5.678 litres or 24 8-ounce servings

3.Comparable & FX-neutral

4.Non-IFRS adjusted comparable financial information as if the acquisition of Coca-Cola Beverages Philippines, Inc (CCBPI) occurred at the beginning of the period presented for illustrative purposes only. It does not intend to represent the results had the acquisition occurred at the dates indicated, or project the results for any future dates or periods. Acquisition completed on 23 February 2024. Prepared on a basis consistent with CCEP IFRS accounting policies and includes provisional acquisition accounting adjustments for the period 1 January to 23 February. Refer to ‘Note Regarding the Presentation of Adjusted financial information and Alternative Performance Measures’ for further details.

5.External data sources: Nielsen & IRI Period 6 YTD

6.No selling day shift in H1; CCEP adjusted comparable volume +0.6% in H1

7.Footnote not used

8.Includes France, Monaco, Belgium, Luxembourg, the Netherlands, Norway, Sweden & Iceland

9.Includes Spain, Portugal & Andorra

10.Revenue per unit case

11.Includes Australia, New Zealand, the Pacific Islands & Papua New Guinea

12.Includes Philippines & Indonesia.

13.RTD refers to ready to drink;

14.Excludes Philippines


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Forward-Looking Statements

This document contains statements, estimates or projections that constitute “forward-looking statements” concerning the financial condition, performance, results, guidance and outlook, dividends, consequences of mergers, acquisitions, joint ventures, and divestitures, including the joint venture with Aboitiz Equity Ventures Inc. (AEV) and acquisition of Coca-Cola Beverages Philippines, Inc. (CCBPI), strategy and objectives of Coca-Cola Europacific Partners plc and its subsidiaries (together CCEP or the Group). Generally, the words “ambition”, “target”, “aim”, “believe”, “expect”, “intend”, “estimate”, “anticipate”, “project”, “plan”, “seek”, “may”, “could”, “would”, “should”, “might”, “will”, “forecast”, “outlook”, “guidance”, “possible”, “potential”, “predict”, “objective” and similar expressions identify forward-looking statements, which generally are not historical in nature.

Forward-looking statements are subject to certain risks that could cause actual results to differ materially from CCEP’s historical experience and present expectations or projections. As a result, undue reliance should not be placed on forward-looking statements, which speak only as of the date on which they are made. These risks include but are not limited to:

1. those set forth in the “Risk Factors” section of CCEP’s 2023 Annual Report on Form 20-F filed with the SEC on 15 March 2024 and as updated and supplemented with the additional information set forth in the “Principal Risks and Risk Factors” section of this document;

2. risks and uncertainties relating to the global supply chain, distribution and sales, including impact from war in Ukraine and increasing geopolitical tensions and conflicts including in the Middle East and Asia Pacific region, such as the risk that the business will not be able to guarantee sufficient supply of raw materials, supplies, finished goods, natural gas and oil and increased state-sponsored cyber risks;

3. risks and uncertainties relating to the global economy and/or a potential recession in one or more countries, including risks from elevated inflation, price increases, price elasticity, disposable income of consumers and employees, pressure on and from suppliers, increased fraud, and the perception or manifestation of a global economic downturn;

4. risks and uncertainties relating to potential water use reductions due to regulations by national and regional authorities leading to a potential temporary decrease in production volume; and

5. risks and uncertainties relating to the integration and operation of the joint venture with AEV and acquisition of CCBPI, including the risk that our integration of CCBPI’s business and operations may not be successful or may be more difficult, time consuming or costly than expected.

Due to these risks, CCEP’s actual future financial condition, results of operations, and business activities, including its results, dividend payments, capital and leverage ratios, growth, including growth in revenue, cost of sales per unit case and operating profit, free cash flow, market share, tax rate, efficiency savings, achievement of sustainability goals, including net zero emissions and recycling initiatives, capital expenditures, our agreements relating to and results of the joint venture with AEV and acquisition of CCBPI, and ability to remain in compliance with existing and future regulatory compliance, may differ materially from the plans, goals, expectations and guidance set out in forward-looking statements. These risks may also adversely affect CCEP’s share price. Additional risks that may impact CCEP’s future financial condition and performance are identified in filings with the SEC which are available on the SEC’s website at www.sec.gov. CCEP does not undertake any obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events, or otherwise, except as required under applicable rules, laws and regulations. Any or all of the forward-looking statements contained in this filing and in any other of CCEP’s public statements may prove to be incorrect.


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Supplementary Financial Information - Items impacting comparability - Reported to Comparable

The following provides a summary reconciliation of the items impacting comparability for the six months ended 28 June 2024 and 30 June 2023:


First Six Months 2024
In millions of € except share data which is calculated prior to rounding	Operating profit	Profit after taxes	Diluted earnings per share (€)
As Reported	1,142	811	1.73

Items impacting comparability
Restructuring charges[1]	95	70	0.16
Acquisition and integration related costs[2]	11	9	0.02
European flooding[3]	1	1	—
Inventory step-up[4]	5	3	—
Impairment[5]	12	8	0.02
Litigation[6]	2	2	—
Accelerated amortisation[7]	28	20	0.04
Comparable	1,296	924	1.97


First Six Months 2023
As Reported	1,170	854	1.86

Items impacting comparability
Restructuring charges[1]	51	42	0.09
Coal royalties[8]	(18)	(12)	(0.03)
European flooding[3]	(3)	(2)	—
Sale of sub-strata and associated mineral rights[9]	(35)	(35)	(0.07)
Comparable	1,165	847	1.85

__________________________

[1] Amounts represent restructuring charges related to business transformation activities.

[2] Amounts represent cost associated with the acquisition and integration of CCBPI.

[3] Amounts represent the incremental expense incurred offset by the insurance recoveries collected as a result of the July 2021 flooding events, which impacted the operations of our production facilities in Chaudfontaine and Bad Neuenahr.

[4] Amounts represent the non-recurring impact of provisional fair value step-up of CCBPI inventories.

[5] Amounts represent the impairment in relation to the Feral brand. The Group is in a process of selling the brand, which has been classified as an asset held for sale in the Group’s condensed consolidated interim statement of financial position as of 28 June 2024.

[6] Amounts relate to the increase in a provision established in connection with an ongoing labour law matter in Germany.

[7] Amounts represent accelerated amortisation charges associated with the discontinuation of the relationship between CCEP and Beam Suntory upon expiration of the current contractual agreements.

[8] Amounts represent royalty income arising from the ownership of certain mineral rights in Australia. The royalty income was recognised as “Other income” in our condensed consolidated interim income statement as of the six months ended 30 June 2023.

[9] Amounts represent the considerations received relating to the sale of the sub-strata and associated mineral rights in Australia. The transaction completed in April 2023 and the proceeds were recognised as “Other income” in our condensed consolidated interim income statement as of the six months ended 30 June 2023.


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Supplementary Financial Information - Items impacting comparability - Reported to Adjusted Comparable

The following provides a summary reconciliation for CCEP’s reported results and adjusted comparable financial information for the six months ended 28 June 2024 and 30 June 2023:


First Six Months 2024 (unaudited)
In € millions except per share data which is calculated prior to rounding	Reported	Items impacting comparability[1]	Comparable	Adjusted comparable[2]	Transaction accounting adjustments[3]	Adjusted comparable combined
	CCEP		CCEP	CCBPI	CCEP	CCEP
Revenue	9,828	—	9,828	268	—	10,096
Cost of sales	6,332	(12)	6,320	214	—	6,534
Operating profit	1,142	154	1,296	10	—	1,306
Total finance costs, net	87	—	87	3	—	90
Profit after taxes	811	113	924	5	—	929

Attributable to:
Shareholders	797	110	907	3	—	910
Non-controlling interest	14	3	17	2	—	19
Diluted earnings per share (€)	1.73		1.97			1.98

Diluted weighted average shares outstanding						460


First Six Months 2023 (unaudited)	Reported	Items impacting comparability[1]	Comparable	Adjusted comparable[2]	Transaction accounting adjustments[3]	Adjusted comparable combined
	CCEP		CCEP	CCBPI	CCEP	CCEP
Revenue	8,977	—	8,977	836	—	9,813
Cost of sales	5,707	(6)	5,701	673	—	6,374
Operating profit	1,170	(5)	1,165	37	—	1,202
Total finance costs, net	63	—	63	13	14	90
Profit after taxes	854	(7)	847	18	(11)	854

Attributable to:
Shareholders	854	(7)	847	11	(11)	847
Non-controlling interest	—	—	—	7	—	7
Diluted earnings per share (€)	1.86		1.85			1.85

Diluted weighted average shares outstanding						459

__________________________

[1] Amounts represent items affecting the comparability of CCEP’s year-over-year financial performance.

[2] Amounts represent unaudited results of CCBPI as if the acquisition had occurred on 1 January, including provisional acquisition accounting adjustments, CCEP IFRS accounting policy reclassifications and the impact of debt financing costs in connection with the acquisition, excluding items impacting comparability.

[3] Amounts represent provisional transaction accounting adjustments for the 6 months ending 30 June 2023 as if the acquisition had occurred on 1 January 2023 comprising finance costs from CCEP acquisition financing. Tax rate used is 22%, in line with the Group's effective tax rate for the 6 months ended 30 June 2023. For 2024, these finance costs are included within CCEP reported results. Separate financing adjustment is included within CCBPI Adjusted comparable.


			P a g e \| 12

The table below illustrates the impact of adjustments made to CCBPI in order to present them on a basis consistent with CCEP’s accounting policies and including provisional acquisition accounting adjustments.


First Six Months 2023 (unaudited)
In € millions	Historical CCBPI[1]	Reclassifications[2]	Historical adjusted CCBPI	Transaction accounting adjustments[3]	Items impacting comparability[4]	Adjusted comparable
Revenue	837	—	837	—	(1)	836
Cost of sales	672	(5)	667	12	(6)	673
Operating profit	42	—	42	(20)	15	37
Total finance costs, net	—	(2)	(2)	14	1	13
Profit after taxes	30	2	32	(25)	11	18

[1] Historical unaudited CCBPI results for the period 1 January 2023 to 30 June 2023.

[2] Accounting policy and classification adjustments made to CCBPI in order to present on a basis consistent with CCEP IFRS accounting.

[3] Amounts represent provisional transaction accounting adjustments for the 6 months ending 30 June 2023 as if the acquisition had occurred on 1 January 2023, and mainly include incremental depreciation and amortisation impact relating to provisional fair values for intangibles and property plant and equipment, inventory step up costs, an increase in total finance costs as a result of local financing in the Philippines related to the acquisition and the inclusion of acquisition and integration related costs.

[4] Amounts represent one-time items identified by CCBPI which are not expected to recur, and mainly include inventory step up costs, acquisition and integration related costs and the impact from the reversal of certain provisions.

The following provides a summary reconciliation of CCEP’s reported and adjusted comparable financial information for the full year ended 31 December 2023, assuming the acquisition occurred on 1 January 2023. Following the announcement of the acquisition on 23 February 2024, the adjusted financial information has been updated to reflect changes in the provisional acquisition accounting adjustments.


Full Year 2023 (unaudited)
In € millions except per share data which is calculated prior to rounding	Reported	Items impacting comparability[1]	Comparable	Adjusted comparable[2]	Transaction accounting adjustments[3]	Adjusted comparable combined
	CCEP		CCEP	CCBPI	CCEP	CCEP
Revenue	18,302	—	18,302	1,744	—	20,046
Cost of sales	11,582	(6)	11,576	1,382	—	12,958
Operating profit	2,339	34	2,373	100	—	2,473
Total finance costs, net	120	—	120	28	26	174
Profit after taxes	1,669	32	1,701	51	(19)	1,733

Attributable to:
Shareholders	1,669	32	1,701	31	(19)	1,713
Non-controlling interest	—	—	—	20	—	20
Diluted earnings per share (€)	3.63		3.71			3.73

Diluted weighted average shares outstanding						459

[1] Amounts represent items affecting the comparability of CCEP’s year-over-year financial performance.

[3] Amounts represent provisional transaction accounting adjustments for the 12 months ending 31 December 2023 as if the acquisition had occurred on 1 January 2023 comprising finance costs from CCEP acquisition financing. Tax rate used is 24%, in line with the Group's effective tax rate for the year ended 31 December 2023. Separate financing adjustment is included within CCBPI Adjusted comparable.


			P a g e \| 13

Supplemental Financial Information - Operating Profit - Reported to Comparable

Revenue


Revenue CCEP In millions of €, except per case data which is calculated prior to rounding. FX impact calculated by recasting current year results at prior year rates.	Second Quarter Ended				Six Months Ended
	28 June 2024	30 June 2023	% Change		28 June 2024	30 June 2023	% Change
As reported	5,363	4,823	11.2	%	9,828	8,977	9.5	%
Adjust: Impact of fx changes	11	n/a	n/a		48	n/a	n/a
Fx-neutral	5,374	4,823	11.4	%	9,876	8,977	10.0	%

Revenue per unit case	5.23	5.59	(6.4)	%	5.32	5.51	(3.3)	%


Revenue Europe
As reported	3,989	3,960	0.7	%	7,279	7,105	2.4	%
Adjust: Impact of fx changes	(16)	n/a	n/a		(35)	n/a	n/a
Fx-neutral	3,973	3,960	0.3	%	7,244	7,105	2.0	%

Revenue per unit case	5.78	5.53	4.4	%	5.71	5.44	4.9	%


Revenue APS
As reported	1,374	863	59.2	%	2,549	1,872	36.2	%
Adjust: Impact of fx changes	27	n/a	n/a		83	n/a	n/a
Fx-neutral	1,401	863	62.3	%	2,632	1,872	40.6	%

Revenue per unit case	4.13	5.89	(29.9)	%	4.49	5.78	(22.3)	%


Revenue by Geography In millions of €	Six Months Ended 28 June 2024
	As reported	Reported % change		Fx-Neutral % change

Great Britain	1,594	1.5	%	(0.9)	%
Germany	1,540	5.6	%	5.6	%
Iberia[1]	1,570	1.9	%	1.9	%
France[2]	1,219	1.6	%	1.6	%
Belgium/Luxembourg	526	(2.8)	%	(2.8)	%
Netherlands	380	7.0	%	7.0	%
Norway	204	5.7	%	6.7	%
Sweden	207	—	%	0.5	%
Iceland	39	(2.5)	%	(2.5)	%

Total Europe	7,279	2.4	%	2.0	%
Australia	1,169	0.6	%	3.5	%
New Zealand and Pacific Islands	326	(1.2)	%	1.2	%
Indonesia and Papua New Guinea	352	(7.4)	%	(1.8)	%
Philippines	702	n/a		n/a
Total APS	2,549	36.2	%	40.6	%
Total CCEP	9,828	9.5	%	10.0	%

____________________

[1] Iberia refers to Spain, Portugal & Andorra.

[2] France refers to continental France & Monaco.


			P a g e \| 14

Volume


Comparable Volume - Selling Day Shift CCEP In millions of unit cases, prior period volume recast using current year selling days	Second Quarter Ended				Six Months Ended
	28 June 2024	30 June 2023	% Change		28 June 2024	30 June 2023	% Change
Volume	1,027	863	19.0	%	1,856	1,631	13.8	%
Impact of selling day shift	n/a	n/a	n/a		n/a	n/a	n/a
Comparable volume - Selling Day Shift adjusted	1,027	863	19.0	%	1,856	1,631	13.8	%


Comparable Volume - Selling Day Shift Europe
Volume	688	717	(4.0)	%	1,270	1,307	(2.8)	%
Impact of selling day shift	n/a	n/a	n/a		n/a	n/a	n/a
Comparable volume - Selling Day Shift adjusted	688	717	(4.0)	%	1,270	1,307	(2.8)	%


Comparable Volume - Selling Day Shift APS
Volume	339	146	132.2	%	586	324	80.9	%
Impact of selling day shift	n/a	n/a	n/a		n/a	n/a	n/a
Comparable volume - Selling Day Shift adjusted	339	146	132.2	%	586	324	80.9	%

Cost of Sales


Cost of Sales In millions of €, except per case data which is calculated prior to rounding. FX impact calculated by recasting current year results at prior year rates.	Six Months Ended
	28 June 2024	30 June 2023	% change
As reported	6,332	5,707	11.0	%
Adjust: Total items impacting comparability	(12)	(6)	n/a
Adjust: Restructuring charges[1]	(5)	(9)
Adjust: Litigation[2]	(1)	—
Adjust: European flooding[3]	(1)	3
Adjust: Inventory step-up[4]	(5)	—
Comparable	6,320	5,701	10.9	%
Adjust: Impact of FX changes	30	n/a	n/a
Comparable and Fx-neutral	6,350	5,701	11.4	%

Cost of sales per unit case	3.42	3.50	(2.1)	%

__________________________

[1] Amounts represent restructuring charges related to business transformation activities.

[2] Amounts relate to the increase in a provision established in connection with an ongoing labour law matter in Germany.

[4] Amounts represent the non-recurring impact of provisional fair value step-up of CCBPI inventories.

For the six months ending 28 June 2024, reported cost of sales were €6,332 million, up 11.0% versus 2023. Comparable cost of sales for the same period were €6,320 million, up 10.9% versus 2023. Cost of sales per unit case decreased by 2.1% on a comparable and fx-neutral basis, reflecting the impact of the newly acquired CCBPI operations, partly offset by increased revenue per unit case driving higher concentrate costs, inflation in manufacturing and tax increase driven by the Netherlands.


			P a g e \| 15

Operating expenses


Operating Expenses In millions of €. FX impact calculated by recasting current year results at prior year rates.	Six Months Ended
	28 June 2024	30 June 2023	% Change
As reported	2,354	2,153	9.3	%
Adjust: Total items impacting comparability	(142)	(42)	n/a
Adjust: Restructuring charges[1]	(90)	(42)
Adjust: Acquisition and Integration related costs[2]	(11)	—
Adjust: Impairment[3]	(12)	—
Adjust: Litigation[4]	(1)	—
Adjust: Accelerated amortisation[5]	(28)	—
Comparable	2,212	2,111	4.8	%
Adjust: Impact of FX changes	14	n/a	n/a
Comparable and Fx-neutral	2,226	2,111	5.4	%

__________________________

[1] Amounts represent restructuring charges related to business transformation activities.

[2] Amounts represent cost associated with the acquisition and integration of CCBPI.

[3] Amounts represent the impairment in relation to the Feral brand. The Group is in a process of selling the brand, which has been classified as an asset held for sale in the Group’s condensed consolidated interim statement of financial position as of 28 June 2024.

[4] Amounts relate to the increase in a provision established in connection with an ongoing labour law matter in Germany.

[5] Amounts represent accelerated amortisation charges associated with the discontinuation of the relationship between CCEP and Beam Suntory upon expiration of the current contractual agreements.

For the six months ending 28 June 2024, reported operating expenses were €2,354 million, up 9.3% versus 2023.

Comparable operating expenses were €2,212 million for the same period, up 4.8% versus 2023, reflecting the impact of the newly acquired CCBPI operations, inflation and higher volumes, partially offset by the benefit of ongoing efficiency programmes and our continuous efforts on discretionary spend optimisation.

In November 2022, the Group announced a new efficiency programme to be delivered by the end of 2028. This programme focusses on further supply chain efficiencies, leveraging global procurement and a more integrated shared service centre model, all enabled by next generation technology including digital tools and data and analytics. During the first half of 2024, as part of this efficiency programme, the Group announced restructuring proposals resulting in €90 million of operating expenses primarily related to expected severance payments. This compares to €42 million of restructuring charges within operating expenses incurred in the six month period ending 30 June 2023, related to various productivity initiatives.

Acquisition and integration related costs of €11 million were recognised within reported operating expenses for the six months ending 28 June 2024 associated with the acquisition of CCBPI, primarily brokerage and advisory fees.

Operating profit


Operating Profit CCEP In millions of €. FX impact calculated by recasting current year results at prior year rates.	Six Months Ended
	28 June 2024	30 June 2023	% Change
As reported	1,142	1,170	(2.4)	%
Adjust: Total items impacting comparability	154	(5)	n/a
Comparable	1,296	1,165	11.2	%
Adjust: Impact of fx changes	4	n/a	n/a
Comparable & Fx-neutral	1,300	1,165	11.6	%


Operating Profit Europe
As reported	882	887	(0.6)	%
Adjust: Total items impacting comparability	97	37	n/a
Comparable	979	924	6.0	%
Adjust: Impact of fx changes	(7)	n/a	n/a
Comparable & Fx-neutral	972	924	5.2	%


Operating Profit APS
As reported	260	283	(8.1)	%
Adjust: Total items impacting comparability	57	(42)	n/a
Comparable	317	241	31.5	%
Adjust: Impact of fx changes	11	n/a	n/a
Comparable & Fx-neutral	328	241	36.1	%


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Supplemental Financial Information - Operating Profit - Reported to Adjusted Comparable

Revenue


Adjusted Revenue CCEP In millions of €, except per case data which is calculated prior to rounding. FX impact calculated by recasting current year results at prior year rates.	Second Quarter Ended				Six Months Ended
	28 June 2024	30 June 2023	% Change		28 June 2024	30 June 2023	% Change
As reported	5,363	4,823	11.2	%	9,828	8,977	9.5	%
Add: Adjusted revenue impact[1]	—	455	n/a		268	837	n/a
Adjust: Total items impacting comparability	—	(1)	n/a		—	(1)	n/a
Adjusted Comparable	5,363	5,277	1.6	%	10,096	9,813	2.9	%
Adjust: Impact of fx changes	11	n/a	n/a		56	n/a	n/a
Adjusted Comparable and Fx-neutral	5,374	5,277	1.8	%	10,152	9,813	3.5	%

Adjusted Revenue per unit case	5.23	5.11	2.5	%	5.19	5.04	2.9	%


Adjusted Revenue APS
As reported	1,374	863	59.2	%	2,549	1,872	36.2	%
Add: Adjusted revenue impact[1]	—	455	n/a		268	837	n/a
Adjust: Total items impacting comparability	—	(1)	n/a		—	(1)	n/a
Adjusted Comparable	1,374	1,317	4.3	%	2,817	2,708	4.0	%
Adjust: Impact of fx changes	27	n/a	n/a		91	n/a	n/a
Adjusted Comparable and Fx-neutral	1,401	1,317	6.4	%	2,908	2,708	7.4	%

Adjusted Revenue per unit case	4.13	4.15	(0.4)	%	4.24	4.24	—	%

[1] The adjusted revenue impact reflects the inclusion of Philippines revenue as if the acquisition had occurred at the beginning of the period presented and prepared on a basis consistent with CCEP accounting policies.

Volume


Adjusted Comparable Volume - Selling Day Shift CCEP In millions of unit cases, prior period volume recast using current year selling days	Second Quarter Ended				Six Months Ended
	28 June 2024	30 June 2023	% Change		28 June 2024	30 June 2023	% Change
Volume	1,027	863	19.0	%	1,856	1,631	13.8	%
Impact of selling day shift	n/a	n/a	n/a		n/a	n/a	n/a
Comparable volume - Selling Day Shift adjusted	1,027	863	19.0	%	1,856	1,631	13.8	%
Add: Adjusted volume impact[1]	—	171	n/a		101	315	n/a
Adjusted comparable volume	1,027	1,034	(0.7)	%	1,957	1,946	0.6	%


Adjusted Comparable Volume - Selling Day Shift APS
Volume	339	146	132.2	%	586	324	80.9	%
Impact of selling day shift	n/a	n/a	n/a		n/a	n/a	n/a
Comparable volume - Selling Day Shift adjusted	339	146	132.2	%	586	324	80.9	%
Add: Adjusted volume impact[1]	—	171	n/a		101	315	n/a
Adjusted comparable volume	339	317	6.9	%	687	639	7.5	%

[1] The adjusted volume impact reflects the inclusion of Philippines volume as if the acquisition had occurred at the beginning of the period presented. No selling day shift in Q1 & Q2 2024.


			P a g e \| 17

Cost of Sales


Adjusted Cost of Sales In millions of €, except per case data which is calculated prior to rounding. FX impact calculated by recasting current year results at prior year rates.	Six Months Ended
		28 June 2024	30 June 2023	% Change
As reported		6,332	5,707	11.0	%
Add: Adjusted cost of sales impact[1]		213	667	n/a
Adjust: Acquisition accounting[2]		1	12
Adjust: Total items impacting comparability		(12)	(12)
Adjust: Restructuring charges[3]		(5)	(9)
Adjust: European flooding[4]		(1)	3
Adjust: Inventory step-up[5]		(5)	(5)
Adjust: Litigation[6]		(1)	—
Adjust: Other[7]		—	(1)
Adjusted Comparable		6,534	6,374	2.5	%
Adjust: Impact of fx changes		36	n/a	n/a
Adjusted Comparable & Fx-neutral		6,570	6,374	3.1	%

Adjusted cost of sales per unit case		3.36	3.28	2.5	%

__________________________

[1] Amounts represent unaudited cost of sales of CCBPI as if the acquisition had occurred on 1 January, including provisional acquisition accounting adjustments and CCEP IFRS accounting policy reclassifications.

[2] Amounts represent transaction accounting adjustments as if the acquisition had occurred on 1 January. These include the depreciation impact relating to provisional fair values for property plant and equipment and the non-recurring impact of the provisional fair value step-up of CCBPI finished goods.

[3] Amounts represent restructuring charges related to business transformation activities.

[4] Amounts represent the incremental expense incurred offset by the insurance recoveries collected as a result of the July 2021 flooding events, which impacted the operations of our production facilities in Chaudfontaine and Bad Neuenahr.

[5] Amounts represent the non-recurring impact of provisional fair value step-up of CCBPI inventories.

[6] Amounts relate to the increase in a provision established in connection with an ongoing labour law matter in Germany.

[7] Amounts represent one-time items identified by CCBPI which are not expected to recur, and mainly include the impact from the reversal of certain provisions partially offset by charges related to business transformation activities.

Adjusted comparable cost of sales for the six months ending 28 June 2024 were €6,534 million, up 2.5% versus 2023. Cost of sales per unit case increased by 2.5% on an adjusted comparable and fx-neutral basis, driven by an increase in concentrate in line with our incidence model reflecting the improvement in revenue per unit case. There was also upward pressure on manufacturing costs and increased tax driven by the Netherlands, partially offset by the mix effect from the strong growth in the Philippines.

Operating Expenses


Adjusted Operating Expenses In millions of €. FX impact calculated by recasting current year results at prior year rates.	Six Months Ended
		28 June 2024	30 June 2023	% Change
As reported		2,354	2,153	9.3	%
Add: Adjusted operating expenses impact[1]		43	128	n/a
Adjust: Acquisition accounting[2]		1	8
Adjust: Total items impacting comparability		(142)	(52)
Adjust: Restructuring charges[3]		(90)	(42)
Adjust: Acquisition and Integration related costs[4]		(11)	(11)
Adjust: Litigation[5]		(1)	—
Adjust: Impairment[6]		(12)	—
Adjust: Accelerated amortisation[7]		(28)	—
Adjust: Other[8]		—	1
Adjusted Comparable		2,256	2,237	0.8	%
Adjust: Impact of fx changes		16	n/a	n/a
Adjusted Comparable & Fx-neutral		2,272	2,237	1.6	%

__________________________

[1] Amounts represent unaudited operating expenses of CCBPI as if the acquisition had occurred on 1 January, including provisional acquisition accounting adjustments and CCEP IFRS accounting policy reclassifications.

[2] Amounts represent transaction accounting adjustments as if the acquisition had occurred on 1 January. These include the depreciation and amortisation impact relating to provisional fair values for intangibles and property plant and equipment and acquisition and integration related costs.

[3] Amounts represent restructuring charges related to business transformation activities.


			P a g e \| 18

[4] Amounts represent cost associated with the acquisition and integration of CCBPI.

[5] Amounts relate to the increase in a provision established in connection with an ongoing labour law matter in Germany.

[6] Amounts represent the impairment in relation to the Feral brand. The Group is in a process of selling the brand, which has been classified as an asset held for sale in the Group’s condensed consolidated interim statement of financial position as of 28 June 2024.

[7] Amounts represent accelerated amortisation charges associated with the discontinuation of the relationship between CCEP and Beam Suntory upon expiration of the current contractual agreements.

[8] Amounts represent one-time items identified by CCBPI which are not expected to recur, and mainly include the impact from the reversal of certain provisions partially offset by charges related to business transformation activities.

Adjusted comparable operating expenses for the six months ending 28 June 2024 were €2,256 million, up 0.8% versus 2023, reflecting inflation and higher volumes, partially offset by the benefit of on-going efficiency programmes and our continuous efforts on discretionary spend optimisation in areas such as trade marketing, travel and meetings.

Operating Profit


Adjusted Operating Profit CCEP In millions of €. FX impact calculated by recasting current year results at prior year rates.	Six Months Ended
	28 June 2024	30 June 2023	% Change
As reported	1,142	1,170	(2.4)	%
Add: Adjusted operating profit impact	12	42	n/a
Adjust: Acquisition accounting	(2)	(20)
Adjust: Total items impacting comparability	154	10
Adjusted Comparable	1,306	1,202	8.7	%
Adjust: Impact of fx changes	4	n/a	n/a
Adjusted Comparable & Fx-neutral	1,310	1,202	9.0	%


Adjusted Operating Profit APS
As reported	260	283	(8.1)	%
Add: Adjusted operating profit impact	12	42	n/a
Adjust: Acquisition accounting	(2)	(20)
Adjust: Total items impacting comparability	57	(27)
Adjusted Comparable	327	278	17.6	%
Adjust: Impact of fx changes	11	n/a	n/a
Adjusted Comparable & Fx-neutral	338	278	21.6	%


			P a g e \| 19

Supplemental Financial Information - Effective Tax Rate

The effective tax rate was 22% for the six months ended 28 June 2024 and 30 June 2023, respectively, and 24% for the year ended 31 December 2023.

For the six months ending 28 June 2024, the effective tax rate reflects the impact of having operations outside the UK which are taxed at rates other than the statutory UK rate of 25%, and adjustments made in respect of prior periods.

We expect our full year 2024 comparable effective tax rate to be approximately 25%.


Income tax In millions of €	Six Months Ended
	28 June 2024	30 June 2023
As reported	234	247
Adjust: Total items impacting comparability	41	2
Adjust: Restructuring charges[1]	25	9
Adjust: Acquisition and Integration related costs[2]	2	—
Adjust: Inventory step-up[3]	2	—
Adjust: Impairment[4]	4	—
Adjust: Accelerated amortisation[5]	8	—
Adjust: European flooding[6]	—	(1)
Adjust: Coal royalties[7]	—	(6)
Comparable	275	249

__________________________

[1] Amounts represent the tax impact of restructuring charges related to business transformation activities.

[2] Amounts represent the tax impact of costs associated with the acquisition and integration of CCBPI.

[3] Amounts represent the tax impact of the non-recurring impact of provisional fair value step-up of CCBPI inventories.

[4] Amounts represent the tax impact of the impairment in relation to the Feral brand. The Group is in a process of selling the brand, which has been classified as an asset held for sale in the Group’s condensed consolidated interim statement of financial position as of 28 June 2024.

[5] Amounts represent the tax impact of accelerated amortisation charges associated with the discontinuation of the relationship between CCEP and Beam Suntory upon expiration of the current contractual agreements.

[6] Amounts represent the tax impact of the incremental expense incurred offset by the insurance recoveries collected as a result of the July 2021 flooding events, which impacted the operations of our production facilities in Chaudfontaine and Bad Neuenahr.

[7] Amounts represent the tax impact of royalty income arising from the ownership of certain mineral rights in Australia. The royalty income was recognised as “Other income” in our condensed consolidated interim income statement as of the six months ended 30 June 2023.

Supplemental Financial Information - Borrowings


Net Debt In millions of €	As at
	28 June 2024	31 December 2023
Total borrowings[4]	12,152	11,396
Fair value of hedges related to borrowings[1]	91	28
Other financial assets/liabilities[1]	18	20
Adjusted total borrowings	12,261	11,444
Less: cash and cash equivalents[2],[4]	(1,610)	(1,419)
Less: short term investments[3]	(272)	(568)
Net debt	10,379	9,457

[1] Net debt includes adjustments for the fair value of derivative instruments used to hedge both currency and interest rate risk on the Group’s borrowings. In addition, net debt also includes other financial assets/liabilities relating to cash collateral pledged by/to external parties on hedging instruments related to borrowings.

[2] Cash and cash equivalents as at 28 June 2024 and 31 December 2023 include €78 million and €42 million of cash in Papua New Guinea Kina respectively. Presently, there are government-imposed currency controls which impact the extent to which the cash held in Papua New Guinea can be converted into foreign currency and remitted for use elsewhere in the Group.

[3] Short term investments are term cash deposits held in API and Europe with maturity dates when acquired of greater than three months and less than one year. These short term investments are held with counterparties that are continually assessed with a focus on preservation of capital and liquidity. Short term investments as at 28 June 2024 and 31 December 2023 include €16 million and €33 million of assets in Papua New Guinea Kina respectively, subject to the same currency controls outlined above.

[4] Both borrowings and cash and cash equivalents as at 28 June 2024 and 31 December 2023 include €334 million and €0 million respectively in relation to a notional pooling agreement for which an offsetting agreement is in place which does not meet the criteria for net presentation on the statement of financial position.


			P a g e \| 20

Principal Risks and Risk Factors

The Group faces a number of risks and uncertainties that may have an adverse effect on its operations, performance and future prospects and has a robust risk management programme to assess these and evaluate strategies to manage them. The principal risks and risk factors in our 2023 Integrated Report on Form 20-F for the year ended 31 December 2023 (‘2023 Integrated Report’ pages 68 to 78 and 243 to 251 respectively) continue to represent our risks.

As part of our risk management governance and routines we continuously monitor the risk landscape and discuss with business leaders risk trends every quarter, velocity and actions to be taken, as well as scanning for future risks. Based on that exercise we do not intend to change the principal risk trends included in our 2023 Integrated Report, but we have identified some developments this first half of 2024.

Since the publication of the Integrated Report in March, the macro risk environment remains similar and we believe that the reported key control mitigations continue to be appropriate and effective. If current geopolitical tensions escalate, we foresee that freight disruptions, shortages and sanctions could be the consequences and have a significant impact on global trade.

We continue to monitor the developments of the war in Ukraine, which has impacted the supply of raw materials, supplies, finished goods, gas/oil/energy and increased cyber risks. CCEP has been working to de-risk its supply chain and put in place plans to secure commodities in particular with our Asian Pacific suppliers due to geopolitical tensions in the region. We have noticed a weaker volume performance in Indonesia impacted by the geopolitical situation in the Middle East. We continue to monitor the developments of the situation and any other potential impacts. We monitor and assess potential shifts and changes in regulations and policies as a consequence of the elections in the EU, GB, US and other geographies relevant for CCEP.

The macroeconomic outlook is still very uncertain and volatile although we started seeing inflation easing down in major economies like US, UK, Eurozone, Australia. Central Banks started or are about to start cutting interest rates, but the timing and the pace of it is very data dependent, which is creating volatility. Geopolitical problems and elections in major economies also create uncertainty and keep the volatility high. However, stock markets and financing environment have been very resilient so far which is an indication of a soft rather than a hard landing, and we are cautiously optimistic about the second half of the year since inflation seems to be controlled and growth is still positive.

Water scarcity has been an issue in this first half of the year, in particular in France and Spain, where authorities have issued contingency plans. In addition to strong water management routines, a cross functional team has been using scenario planning to assess the potential impact. We maintain good relations with the local authorities based on the credibility of our water management strategy and the strict discipline our demand planning teams apply for SKU prioritisation and rationalisation.

At CCEP we are embracing the technological advancements made in recent years and are increasing our technical footprint through transformation projects and acquisitions. We have noticed an increase in identity-based attacks through Social Engineering, Phishing or even AI-driven scams. CCEP has responded with increased focus on improving our global Training & Awareness program, increased focus on process- and control harmonisation and continued focus on technological advancements that might impact CCEP.

We continue to be under pressure from customers and authorities to keep prices low despite the increase in costs. Our commercial teams continue to work positively with customers to mitigate this risk.

When it comes to our products, discussions on potential taxes to soft drinks and plastic continue in different countries across our territories including Spain, France, and Indonesia. Based on our experience we engage in open and collaborative discussions with authorities and other stakeholders. We are also evaluating and responding appropriately to recent reports in relation to sweeteners, considering the risk of regulation, litigation and reputational damage, as well as the developments in regard to the implementation of Deposit Return Systems and waste collection solutions.

Accordingly, the information provided about our principal risks and risk factors in the table below and in the Principal Risks and Risk Factors in our 2023 Integrated Report, and any or all of the Principal Risks and Risk Factors contained therein may be exacerbated by developments in the factors identified above and in our Forward-Looking Statements set out on page 9 of this interim management report.

The risks described in this report and in our 2023 Integrated Report are not the only risks facing the Group. Additional risks and uncertainties not currently known to us or that we currently deem to be immaterial may also adversely affect our business, financial condition or future results.


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SUMMARY OF OUR PRINCIPAL RISKS

The table below shows our Principal Risks:

Risk change legend: ↑ Increased ↓ Decreased → Stayed the same

Principal Risk

Description
(What is the risk?)

Causal factors themes (What gives rise to the risk?)

Consequence themes (Potential impact of the risk)

Key control mitigations
(How we manage it)

Change vs. 2023 Integrated Report

Business Disruption

The risk of prolonged, large scale natural and/or man made disruptive events.

• Cyber attack or IT/operational technology system failure
• Pandemics
• Extreme weather events (floods, fires)
• Natural disasters
• Civil unrest, war and terrorism

• Disruption to supply chains/operations
• Safety and wellbeing of our people
• Brand and reputation damage
• Financial impact

• TCCC Business Resilience Framework
• CCEP BCR Governance Framework
• CCEP Incident Management and Crisis Response (IMCR) process

→

Packaging

The risks relating to packaging waste and plastic pollution, and

single use plastic.

• Stakeholder concern about the environmental impacts of single use plastic packaging, litter and packaging waste

• Brand and reputation damage from not keeping up with community/customer expectations
• Financial impact from increased taxes and on the costs of doing business
• Regulatory and compliance impacts
• Increased potential for activism and litigation

• rPET roadmap
• Advocacy to support container deposit and return schemes
• Test, trial and learn approach to refillable packaging in multiple markets
• Innovation on dispensed delivery solutions
• Packaging design and innovation
• CCEP Ventures investment in new recycling technologies
• Industry collaboration

→

Legal, Regulatory and Tax

The risks associated with new or changing legal, regulatory or tax, legislative environment and subsequent obligations and compliance requirements.

• Increased regulation on business activities
• Use of regulated ingredients
• Increased packaging regulation
• Commercial and marketing restrictions on sugar, sweeteners and energy ingredients
• Labelling requirements
• Distribution and sale regulations
• Employment regulation
• Sugar & low and no calorie sweetener, energy drinks ingredients, packaging and carbon taxes
• Regulation of new technology including AI

• Financial impact from new or higher taxes
• Stricter sales and marketing controls impacting margins and market share
• Punitive action from regulators or other legislative bodies
• Increase to the cost of compliance to meet stricter or new regulatory requirements • Brand and reputation damage

• Continuous monitoring, assessment and appropriate implementation of new or changing laws and regulations
• Dialogue with government representatives and input to public consultations on new or changing regulations and in anticipation of potential regulatory pressures on drinks, carbon and packaging
• Development of compliance processes and training programmes for employees

→


			P a g e \| 22

Principal Risk

Description
(What is the risk?)

Causal factors themes (What gives rise to the risk?)

Consequence themes (Potential impact of the risk)

Key control mitigations
(How we manage it)

Change vs. 2023 Integrated Report

Cyber and IT Resilience

The risks related to the protection of information systems and data from unauthorised access, misuse, disruption, modification, or destruction.

• External attackers seeking to ransom or disrupt systems and data
• Dependency on third parties
• Internal misuse (malicious or accidental)
• Security and maintenance of IT infrastructure and applications
• Change programmes

• Financial impact from disruption to operations or fines
• Safety and wellbeing of employees, customers or business partners who may have their personal information stolen
• Brand and reputation damage

• Cyber strategy
• Information Security Policy
• Information security and data privacy training and awareness
• BCP and disaster recovery programmes
• Threat vulnerability management and threat intelligence
• Hardware lifecycle programme
• Global Security Operations Centre
• Third party risk assessments
• Data Privacy Programme
• IT change management process

→

Economic and political conditions

The risks associated with operating in volatile and challenging macroeconomic and geopolitical conditions.

• Low economic growth or recession
• High currency and commodity price volatility
• High inflation
• Political instability/conflict
• Civil unrest

• Financial impact from reduced demand from consumers and an increasing cost base
• Disruption to supply chains from sanctions or impact on shipping/trade routes

• Hedging Policy
• Keeping a strong level of liquidity and backup credit lines at all times for working capital purposes as well as unexpected changes in cash flow
• Supply risk and contingency process
• Risk sensing technology
• Cross Enterprise Procurement Group (CEPG) to leverage global collaboration

→

Market

The risks to maintaining the relationships with our customers and consumers to meet their changing demands, needs and expectations.

• New distribution channels and platforms
• Changing customer and consumer habits
• Changes in the competitive landscape
• Legislative and regulatory changes

• Financial impact from reduced demand from consumers
• Decreasing margins and market share
• Inability to meet strategic objectives
• Brand and reputation damage

• Shopper insights
• Pack and product innovation
• International marketing service agreement guidelines
• Affordability plan
• Business development plans aligned with our customers
• Key account development and category planning
• New route to market opportunities, for example eB2B and platforms/direct to consumer

→


			P a g e \| 23

Principal Risk

Description
(What is the risk?)

Causal factors themes (What gives rise to the risk?)

Consequence themes (Potential impact of the risk)

Key control mitigations
(How we manage it)

Change vs. 2023 Integrated Report

Climate change and water

The risks and opportunities associated with managing the impacts of climate change and water scarcity across our value chain.

• GHG emissions across our value chain, including emissions from our production facilities, CDE, the transportation of our products, packaging and the ingredients that we use, and storage of our products
• Scarcity of water and water quality issues related to water sources we and our suppliers rely upon
• Regulatory and legislative initiatives aimed at reducing GHG emissions
• Water usage restrictions that may be mandatory at a local level during scarcity peaks
• Changing consumer and investor preferences

• Brand and reputation damage from not meeting sustainability targets
• Financial impacts from future carbon taxes and the transition costs to low GHG emissions
• Regulatory and compliance impacts related to TCFD disclosures
• The disruption of water supply to our production sites and key suppliers

• Target and roadmap to reduce GHG emissions by 30% versus 2019 and reach Net Zero emissions by 2040
• Climate transition plan
• CCEP ventures - investment platform for sustainability initiatives
• Supplier GHG emissions reduction targets and engagement programme
• Investment in renewable and low-carbon energy projects
• Packaging GHG emission reduction initiatives
• Responsible Sourcing Policy
• Transport GHG emission reduction initiatives
• CDE emission reduction initiatives
• Customer and stakeholder engagement
• Enterprise water risk assessment
• The Coca-Cola Company’s Facility Risk Assessment and - Source Vulnerability Assessments
• Water efficiency and replenishment initiatives
• Investment in wastewater treatment technology
• ISO14001 certification

→

Changes in customer and consumer buying trends
and category
perception

The risks relating to our ability to effectively adapt and respond to changes in consumer preferences and behaviour towards our products.

• Legislative changes driven by government or lobby groups
• External marketing campaigns towards alternative ingredients/products
• Publication of guidelines or recommendations related to sugar consumption, energy drinks or additives by WHO or other health authorities
• Increased media scrutiny and social media coverage impacting consumer perception on ingredients and packaging
• Viability of alternatives to sugar, sweeteners and other ingredients within our product portfolio
• Consumer lifestyle

• Financial impacts from decline in sales volumes and market share (delisting, demand decrease)
• Increased regulatory scrutiny
• Commercial, marketing and labelling restrictions
• Increased taxes on our products
• Damage to brand and reputation

• Support TCCC, EU or national associations on strong advocacy regarding low and no calorie sweeteners and processed food as well as in innovation efforts

→


			P a g e \| 24

Principal Risk

Description
(What is the risk?)

Causal factors themes (What gives rise to the risk?)

Consequence themes (Potential impact of the risk)

Key control mitigations
(How we manage it)

Change vs. 2023 Integrated Report

Business transformation, integration and digital capability

The risks relating to the execution of our strategic and continuous improvement initiatives.

• Digital transformation
• Identification and execution of supply chain improvements
• Relationships with our partners and franchisors
• Ineffective coordination between BUs and central functions
• Change management failure
• Diversion of management's focus away from our core business

• Damage to brand and reputation
• Financial impacts from a decline in our share price arising from not realising the value creation from these initiatives
• Industrial action and disruption to our operations

• Competitiveness Steering Committee and governance model for enterprise wide transformation
• CCEP project management methodology and dedicated programme management office
• Analysis and review of acquisition-related activities including enterprise valuation and capital allocation, acquisition due diligence, business performance risk indicators and integration planning

→

People and wellbeing

The risks relating to the identification, attraction, development, and retention of talent. Also risks relating to the wellbeing of our people (including human rights and modern slavery).

• Job design and working conditions
• Reward and recognition
• Misconduct by third parties relating to human rights

• Damage to brand and reputation
• Financial impacts from a decline in employee engagement and productivity
• Industrial action and disruption to our operations
• Punitive action from regulators or other legislative bodies and potential for litigation

• Community investment programmes
• Employee volunteering policy
• Business for societal impact framework
• Anti-harassment and ID&E Policy
• Recruitment: Candidate Charter
• Employee development
• Wellbeing strategy
• Safety strategy
• Annual Modern Slavery Statement and country specific human rights risk assessments in Germany and Norway
• CoC
• ESPP

→

Relationships with TCCC and other franchisors

The risk of misaligned incentives or strategy with TCCC and/or other franchisors.

• Lack of effective engagement, communication and/or discussion with franchisors

• Damage to brand and reputation
• Financial impacts, including as a result of TCCC or other franchisors acting adversely to our interests with respect to our business relationship

• Clear agreements govern the relationships
• Long range planning and annual business planning processes
• Routine meetings between CCEP and franchisors

→

Product quality

The risks relating to ensuring the wide range of products we produce are safe for consumption and adhere to strict food safety and quality requirements.

• A failure in food safety, food quality, food defence or food fraud processes

• Consumer health and safety concerns
• Reputation damage and loss of consumer trust
• Regulatory and legal consequences
• Financial losses

• Franchisor standards and governance
• ISO 9001 and FSSC 22000 Certification
• Customer and consumer complaint management
• Incident management and crisis resolution

→

*Change vs 2023 Integrated Report may be as a result of a change in likelihood or impact.


			P a g e \| 25

Related Parties

Related party disclosures are presented in Note 12 of the Notes to the condensed consolidated interim financial statements contained in this interim management report.


Liquidity

Liquidity risk is actively managed to ensure we have sufficient funds to satisfy our commitments as they fall due. Our sources of capital include, but are not limited to, cash flows from operations, public and private issuances of debt securities and bank borrowings. We believe our operating cash flow, cash on hand and available short-term and long-term capital resources are sufficient to fund our working capital requirements, scheduled borrowing payments, interest payments, capital expenditures, benefit plan contributions, income tax obligations and dividends to shareholders. Counterparties and instruments used to hold cash and cash equivalents are continuously assessed, with a focus on preservation of capital and liquidity.

We have amounts available for borrowing under a €1.8 billion multi-currency credit facility with a syndicate of 12 banks. This credit facility matures in 2029 and is for general corporate purposes and supporting our working capital needs. Our current credit facility contains no financial covenants that would impact our liquidity or access to capital. As at 28 June 2024, we had no amounts drawn under this credit facility.


Capital Management

The primary objective of our capital management strategy is to ensure strong credit ratings and to maintain appropriate capital ratios in order to support our business and maximise shareholder value. Our credit ratings are periodically reviewed by rating agencies. Currently, our long-term ratings from Moody’s and Fitch are Baa1 and BBB+ respectively. The ratings outlook from Moody’s and Fitch are stable. Changes in the operating results, cash flows or financial position could impact the ratings assigned by the various rating agencies. We regularly assess debt and equity capital levels against our stated policy for capital structure. Our capital structure is managed and, as appropriate, adjusted in light of changes in economic conditions and our financial policy. See Note 10 of the Notes to the condensed consolidated interim financial statements contained in this interim management report for more information regarding our borrowings.


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Coca-Cola Europacific Partners plc

Condensed Consolidated Interim Income Statement (Unaudited)


		Six Months Ended
			28 June 2024	30 June 2023
	Note		€ million	€ million
Revenue	3		9,828	8,977
Cost of sales			(6,332)	(5,707)
Gross profit			3,496	3,270
Selling and distribution expenses			(1,610)	(1,522)
Administrative expenses			(744)	(631)
Other income	15		—	53
Operating profit			1,142	1,170
Finance income			42	31
Finance costs			(129)	(94)
Total finance costs, net			(87)	(63)
Non-operating items			(10)	(6)
Profit before taxes			1,045	1,101
Taxes	13		(234)	(247)
Profit after taxes			811	854

Profit attributable to shareholders			797	854
Profit attributable to non-controlling interests			14	—
Profit after taxes			811	854

Basic earnings per share (€)	4		1.73	1.86
Diluted earnings per share (€)	4		1.73	1.86

The accompanying notes are an integral part of these condensed consolidated interim financial statements.


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Coca-Cola Europacific Partners plc

Condensed Consolidated Interim Statement of Comprehensive Income (Unaudited)


	Six Months Ended
		28 June 2024	30 June 2023
		€ million	€ million
Profit after taxes		811	854
Components of other comprehensive income/(loss):
Items that may be subsequently reclassified to the income statement:
Foreign currency translations:
Pretax activity, net		44	(280)
Tax effect		—	—
Foreign currency translation, net of tax		44	(280)




Cash flow hedges:
Pretax activity, net		35	(38)
Tax effect		(8)	7
Cash flow hedges, net of tax		27	(31)
Other reserves:
Pretax activity, net		(6)	13
Tax effect		2	(3)
Other reserves, net of tax		(4)	10
Items that may be subsequently reclassified to the income statement		67	(301)
Items that will not be subsequently reclassified to the income statement:
Pension plan remeasurements:
Pretax activity, net		23	13
Tax effect		(6)	(4)
Pension plan adjustments, net of tax		17	9
Items that will not be subsequently reclassified to the income statement:		17	9
Other comprehensive income/(loss) for the period, net of tax		84	(292)
Comprehensive income for the period		895	562

Comprehensive income attributable to shareholders		882	562
Comprehensive income attributable to non-controlling interests		13	—
Comprehensive income for the period		895	562

The accompanying notes are an integral part of these condensed consolidated interim financial statements.


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Coca-Cola Europacific Partners plc

Condensed Consolidated Interim Statement of Financial Position (Unaudited)


		28 June 2024	31 December 2023
	Note	€ million	€ million
ASSETS
Non-current:
Intangible assets	5	12,889	12,395
Goodwill	5	4,791	4,514
Property, plant and equipment	6	6,382	5,344
Investment property	7	76	—
Non-current derivative assets	9	91	100
Deferred tax assets		1	1
Other non-current assets		353	295
Total non-current assets		24,583	22,649
Current:
Current derivative assets	9	87	161
Current tax assets		54	58
Inventories		1,914	1,356
Amounts receivable from related parties	12	129	123
Trade accounts receivable		2,954	2,547
Other current assets		455	351
Assets held for sale	8	43	22
Short term investments		272	568
Cash and cash equivalents		1,610	1,419
Total current assets		7,518	6,605
Total assets		32,101	29,254
LIABILITIES
Non-current:
Borrowings, less current portion	10	10,131	10,096
Employee benefit liabilities		188	191
Non-current provisions	14	69	45
Non-current derivative liabilities	9	194	169
Deferred tax liabilities		3,565	3,378
Non-current tax liabilities		19	75
Other non-current liabilities		48	46
Total non-current liabilities		14,214	14,000
Current:
Current portion of borrowings	10	2,021	1,300
Current portion of employee benefit liabilities		7	8
Current provisions	14	174	114
Current derivative liabilities	9	60	99
Current tax liabilities		310	253
Amounts payable to related parties	12	450	270
Trade and other payables		5,856	5,234
Total current liabilities		8,878	7,278
Total liabilities		23,092	21,278
EQUITY
Share capital		5	5
Share premium		287	276
Merger reserves		287	287
Other reserves		(770)	(823)
Retained earnings		8,717	8,231
Equity attributable to shareholders		8,526	7,976
Non-controlling interest	11	483	—
Total equity		9,009	7,976
Total equity and liabilities		32,101	29,254

The accompanying notes are an integral part of these condensed consolidated interim financial statements.


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Coca-Cola Europacific Partners plc

Condensed Consolidated Interim Statement of Cash Flows (Unaudited)


		Six Months Ended
		28 June 2024	30 June 2023
	Note	€ million	€ million
Cash flows from operating activities:
Profit before taxes		1,045	1,101
Adjustments to reconcile profit before tax to net cash flows from operating activities:
Depreciation	6	360	324
Amortisation of intangible assets	5	88	53
Impairment		12	—
Share-based payment expense		20	29
Gain on sale of sub-strata and associated mineral rights	15	—	(35)


Finance costs, net		87	63
Income taxes paid		(243)	(212)
Changes in assets and liabilities:
Increase in trade and other receivables		(347)	(385)
Increase in inventories		(338)	(353)
Increase in trade and other payables		308	564
Increase in net payable receivable from related parties		113	223
Increase/(decrease) in provisions		42	(18)
Change in other operating assets and liabilities		(25)	(47)
Net cash flows from operating activities		1,122	1,307
Cash flows from investing activities:
Acquisition of bottling operations, net of cash acquired	2	(1,528)	—
Purchases of property, plant and equipment		(390)	(264)
Purchases of capitalised software		(42)	(40)
Proceeds from sales of property, plant and equipment		2	9
Proceeds from sales of intangible assets		—	37
Proceeds from the sale of sub-strata and associated mineral rights	15	—	35

Investments in equity instruments		(3)	(1)

Net proceeds/(payments) of short term investments		296	(638)
Interest received		37	—
Other investing activity, net		6	1
Net cash flows used in investing activities		(1,622)	(861)
Cash flows from financing activities:
Proceeds from borrowings, net	10	382	—

Proceeds received from a non-controlling shareholder relating to the acquisition of bottling operations	2	468	—
Changes in short-term borrowings	10	1,133	543
Settlement of debt-related cross currency swaps		66	—
Repayments on third party borrowings	10	(1,167)	(706)

Payments of principal on lease obligations		(77)	(74)
Interest paid		(125)	(88)

Dividends paid	11	(343)	(308)

Exercise of employee share options		11	31


Acquisition of non-controlling interest		—	(282)
Other financing activities, net		(16)	(9)
Net cash flows used in financing activities		332	(893)
Net change in net cash and cash equivalents		(168)	(447)
Net effect of currency exchange rate changes on cash and cash equivalents		25	(16)
Net cash and cash equivalents at beginning of period		1,419	1,387
Net cash and cash equivalents at end of period		1,276	924

Net cash and cash equivalents consist of:
Cash and cash equivalents		1,610	1,112
Bank overdrafts	10	(334)	(188)
Net cash and cash equivalents at end of period		1,276	924

The accompanying notes are an integral part of these condensed consolidated interim financial statements.


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Coca-Cola Europacific Partners plc

Condensed Consolidated Interim Statement of Changes in Equity (Unaudited)


		Share capital	Share premium	Merger reserves	Other reserves	Retained earnings	Total	Non-controlling interest	Total equity
	Note	€ million	€ million	€ million	€ million	€ million	€ million	€ million	€ million
Balance as at 31 December 2022		5	234	287	(507)	7,428	7,447	—	7,447
Profit after taxes		—	—	—	—	854	854	—	854
Other comprehensive income		—	—	—	(301)	9	(292)	—	(292)
Total comprehensive income		—	—	—	(301)	863	562	—	562
Issue of shares during the period		—	31	—	—	—	31	—	31
Equity-settled share-based payment expense		—	—	—	—	29	29	—	29
Dividends	11	—	—	—	—	(309)	(309)	—	(309)


Balance as at 30 June 2023		5	265	287	(808)	8,011	7,760	—	7,760


Balance as at 31 December 2023		5	276	287	(823)	8,231	7,976	—	7,976
Profit after taxes		—	—	—	—	797	797	14	811
Other comprehensive income		—	—	—	68	17	85	(1)	84
Total comprehensive income		—	—	—	68	814	882	13	895
Non-controlling interest established in connection with the Acquisition	11	—	—	—	—	—	—	468	468
Non-controlling interest as part of Acquisition	2	—	—	—	—	—	—	2	2
Cash flow hedge (gains)/losses transferred to goodwill relating to business combination		—	—	—	2	—	2	—	2
Cash flow hedge (gains)/losses transferred to cost of inventories		—	—	—	(24)	—	(24)	—	(24)
Tax effect on cash flow hedge (gains)/losses transferred to cost of inventories		—	—	—	7	—	7	—	7
Issue of shares during the period		—	11	—	—	—	11	—	11
Purchase of own shares during the period		—	—	—	—	(8)	(8)	—	(8)
Equity-settled share-based payment expense		—	—	—	—	20	20	—	20
Share-based payments tax effects		—	—	—	—	1	1	—	1
Dividends	11	—	—	—	—	(341)	(341)	—	(341)


Balance as at 28 June 2024		5	287	287	(770)	8,717	8,526	483	9,009

The accompanying notes are an integral part of these condensed consolidated interim financial statements.


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Notes to the Condensed Consolidated Interim Financial Statements

Note 1

GENERAL INFORMATION AND BASIS OF PREPARATION

Coca-Cola Europacific Partners plc (the Company) and its subsidiaries (together CCEP, or the Group) are a leading consumer goods group in Western Europe and the Asia Pacific region, making, selling and distributing an extensive range of primarily non-alcoholic ready to drink beverages.

On 23 February 2024, the Group together with Aboitiz Equity Ventures Inc. (AEV) jointly acquired 100% of Coca-Cola Beverages Philippines, Inc. (CCBPI) (the Acquisition), a wholly owned subsidiary of The Coca-Cola Company (TCCC). Refer to Note 2 for further details about the acquisition of CCBPI.

The Company has ordinary shares with a nominal value of €0.01 per share (Shares). CCEP is a public company limited by shares, incorporated under the laws of England and Wales with the registered number in England of 9717350. The Group’s Shares are listed and traded on Euronext Amsterdam, the NASDAQ Global Select Market, London Stock Exchange and on the Spanish Stock Exchanges. The address of the Company’s registered office is Pemberton House, Bakers Road, Uxbridge, UB8 1EZ, United Kingdom.

These condensed consolidated interim financial statements do not constitute statutory accounts as defined by Section 434 of the Companies Act 2006 (the Act). They have been reviewed but not audited by the Group’s auditor. The statutory accounts for the Company for the year ended 31 December 2023, which were prepared in accordance with U.K. adopted International Accounting Standards, International Financial Reporting Standards (IFRS) as adopted by the European Union and International Financial Reporting Standards as issued by the International Accounting Standards Board (IASB), have been delivered to the Registrar of Companies for England and Wales. The auditor’s opinion on those accounts was unqualified and did not contain a statement made under section 498 (2) or 498 (3) of the Companies Act 2006.

Basis of Preparation and Accounting Policies

The condensed consolidated interim financial statements of the Group have been prepared in accordance with the U.K. adopted International Accounting Standard 34, "Interim Financial Reporting" and the Disclosure Guidance and Transparency Rules of the United Kingdom’s Financial Conduct Authority, the International Accounting Standard 34, "Interim Financial Reporting" as adopted by the European Union, the International Accounting Standard 34, "Interim Financial Reporting" as issued by the International Accounting Standards Board and should be read in conjunction with our 2023 consolidated financial statements. The annual financial statements of the Group for the year ended 31 December 2024 will be prepared in accordance with U.K. adopted International Accounting Standards, International Financial Reporting Standards (IFRS) as adopted by the European Union and International Financial Reporting Standards as issued by the International Accounting Standards Board (IASB).

The accounting policies applied in these interim condensed consolidated financial statements are consistent with those followed in the preparation of the Group’s consolidated financial statements as at and for the year ended 31 December 2023. The Group has not early adopted any amendments to accounting standards that have been issued but are not yet effective. The policy for recognising income taxes in the interim period is consistent with that applied in previous interim periods and is described in Note 13.

Several amendments apply for the first time in 2024, but do not have a material impact on the condensed consolidated interim financial statements of the Group.

The condensed consolidated interim financial statements have been prepared on a going concern basis.

Reporting periods

Results are presented for the interim period from 1 January 2024 to 28 June 2024.

The Group’s financial year ends on 31 December. For half-yearly reporting convenience, the first six month period closes on the Friday closest to the end of the interim calendar period. There is no change in selling days between the six months ended 28 June 2024 versus the six months ended 30 June 2023, and there will be two more selling days in the second six months of 2024 versus the second six months of 2023 (based upon a standard five-day selling week).

The following table summarises the number of selling days, for the half/full years ended 31 December 2024 and 31 December 2023 (based on a standard five-day selling week):


	Half year	Full year
2024	130	262
2023	130	260
Change	—	2


			P a g e \| 32

Comparability

Operating results for the first half of 2024 may not be indicative of the results expected for the year ended 31 December 2024 as sales of the Group’s products are seasonal. In Europe, the second and third quarters typically account for higher unit sales of the Group’s products than the first and fourth quarters. In the Group’s Asia Pacific territories, the fourth quarter would typically reflect higher sales volumes in the year. The seasonality of the Group’s sales volume, combined with the accounting for fixed costs such as depreciation, amortisation, rent and interest expense, impacts the Group’s results for the first half of the year. Additionally, year over year shifts in holidays, selling days and weather patterns can impact the Group’s results on an annual or half yearly basis.

Exchange rates

The Group’s reporting currency is the Euro. CCEP translates the income statements of non-Euro functional currency subsidiary operations to the Euro at average exchange rates and the balance sheets at the closing exchange rate as at the end of the period.

The principal exchange rates used for translation purposes in respect of one Euro were:


	Average for the six month period ended		Closing as at
		28 June 2024	30 June 2023	28 June 2024	31 December 2023
British pound		1.169	1.140	1.182	1.151
US dollar		0.925	0.925	0.935	0.905
Norwegian krone		0.087	0.089	0.088	0.089
Swedish krona		0.088	0.088	0.088	0.090
Icelandic krona		0.007	0.007	0.007	0.007
Australian dollar		0.609	0.626	0.622	0.615
Indonesian rupiah[1]		0.058	0.061	0.057	0.059
New Zealand dollar		0.563	0.578	0.570	0.571
Papua New Guinean kina		0.245	0.262	0.243	0.243
Philippine peso[2]		0.016	n/a	0.016	n/a

[1] Indonesian Rupiah is shown as 1000 IDR versus 1 EUR.

[2] For the six month period ended 28 June 2024, the Philippine peso average rate is calculated as average from 23 February 2024 to 28 June 2024.

Note 2

BUSINESS COMBINATIONS

In November 2023, the Group together with Aboitiz Equity Ventures Inc. (AEV) entered into a definitive agreement with The Coca-Cola Company (TCCC) to jointly acquire 100% of CCBPI, a wholly owned subsidiary of TCCC.

The Acquisition was effected through the establishment of a special purpose vehicle, CCEP Aboitiz Beverages Philippines, Inc. (CABPI), which is owned and funded 60% by CCEP and 40% by AEV, commensurate with the effective 60:40 ownership structure of CCBPI.

On 23 February 2024, CABPI acquired 100% of the beneficial ownership of Coca-Cola Beverages Philippines, Inc. (CCBPI) for a total consideration of US$1.68 billion (€1.55 billion), all of which was settled in cash upon completion. CABPI is determined to have economic substance and is identified as the accounting acquirer of CCBPI.

CCBPI is the authorised bottler and distributor of The Coca-Cola Company’s (TCCC) beverage brands in the Philippines. The Acquisition is a further step for the Group to create a more diverse footprint within its existing Australia, Pacific and Indonesia business segment. The transaction is aligned with the Group’s aim of driving sustainable growth through diversification and building scale.

The transaction is being accounted for under IFRS 3, “Business Combinations”, using the acquisition method. The initial accounting for the Acquisition is provisional at the end of the current reporting period. The Group is in a process of finalising the fair values for certain acquired assets, and is still gathering information about certain assumed liabilities based on facts that existed as at the date of acquisition. Accordingly, the Group has recognised provisional amounts for these items. During the measurement period, which will not extend beyond 22 February 2025, the Group will adjust the provisional amounts recognised at the acquisition date to reflect new information obtained about facts and circumstances that existed as at the acquisition date that, if known, would have affected the measurement of the amounts recognised as at that date.

The following table details the Euro equivalent consideration and provisional fair values of assets acquired and liabilities assumed:


			P a g e \| 33


						Total
						€ million
Intangible assets						478
Property, plant and equipment						1,089
Investment property						46


Other non-current assets						47


Inventories						228
Amounts receivable from related parties						22
Trade accounts receivable						75
Other current assets						58
Cash and cash equivalents						19
Borrowings, less current portion						(7)
Employee benefit liabilities						(15)
Non-current provisions						(16)
Deferred tax liabilities						(173)
Other non-current liabilities						(17)
Current portion of borrowings						(61)

Current provisions						(29)

Current tax liabilities						(27)
Amounts payable to related parties						(55)
Trade and other payables						(383)
Net identifiable assets acquired						1,279
Non-controlling interest						(2)

Goodwill						270
Fair value of consideration						1,547

Intangible assets include both indefinite life and finite life intangible assets. Indefinite life intangible assets consist of the bottling agreement with TCCC (€440 million), which provide the Company with the exclusive rights to prepare, package, distribute and sell TCCC branded products in the territories in which it operates. Finite life intangible assets are comprised primarily of customer relationships.

The bottling agreement with TCCC and customer relationships have been provisionally valued using a multi-period excess earnings model, whereby the value of a specific intangible asset is estimated from the excess earnings after fair returns on all other assets employed have been deducted from the business’s after-tax operating earnings.

Goodwill of €270 million has been recognised in connection with the Acquisition, representing the excess of consideration transferred over the provisional fair values of the net identifiable assets acquired.

The goodwill is attributable to new growth opportunities, workforce and synergies of the combined business operations, and it is not expected to be deductible for tax purposes.

Property, plant and equipment has been provisionally valued using a variety of valuation techniques depending on the local market and considering the highest and best use of each asset. These techniques include capitalisation of comparable net market income, depreciated replacement cost and sales comparison approach. Included within Property, plant and equipment are right of use assets which have been provisionally valued at €9 million. A corresponding lease liability of €10 million is included within Borrowings.

The fair value of acquired trade accounts receivable, net is €75 million. The gross contractual amount related to these receivables is €77 million, of which €2 million is expected to be uncollectible.

From acquisition, CCBPI contributed revenue of €702 million and profit before tax of €41 million to the Group for the period to 28 June 2024. If the Acquisition had taken place at the beginning of the year, adjusted comparable revenue and profit before tax for CCEP for the six months ended 28 June 2024 would have been €970 million and €48 million, respectively.

Deal and integration costs of €11 million are included in administrative expenses in the Condensed Consolidated Interim Income Statement for the six months ended 28 June 2024. Cash payments for deal and integration costs are included in operating cash flows in the Condensed Consolidated Interim Statement of Cash Flows.


			P a g e \| 34

Note 3

OPERATING SEGMENTS

Description of segments and principal activities

Following the acquisition of CCBPI, the Group reevaluated its segment reporting under IFRS 8, “Operating Segments”. The Group continues to derive its revenues through a single business activity, which is making, selling and distributing an extensive range of primarily non-alcoholic ready to drink beverages. The acquisition of CCBPI has broadened the Group’s geographic footprint which now includes the Philippines, within its existing API business segment, from now on renamed APS (Australia, Pacific & South East Asia). The Group’s Board continues to be its Chief Operating Decision Maker (CODM), which allocates resources and evaluates performance of its operating segments based on volume, revenue and comparable operating profit. Comparable operating profit excludes items impacting the comparability of period over period financial performance.

The following table provides a reconciliation between reportable segment operating profit and consolidated profit before tax:


	Six Months Ended 28 June 2024			Six Months Ended 30 June 2023
	Europe	APS	Total	Europe	APS	Total
	€ million	€ million	€ million	€ million	€ million	€ million
Revenue	7,279	2,549	9,828	7,105	1,872	8,977


Comparable operating profit[1]	979	317	1,296	924	241	1,165

Items impacting comparability[2]			(154)			5
Reported operating profit			1,142			1,170
Total finance costs, net			(87)			(63)
Non-operating items			(10)			(6)
Reported profit before tax			1,045			1,101

[1] Comparable operating profit includes comparable depreciation and amortisation of €290 million and €123 million for Europe and APS respectively, for the six months ended 28 June 2024. Comparable depreciation and amortisation charges for the six months ended 30 June 2023 totalled €272 million and €101 million, for Europe and APS respectively.

[2] Items impacting the comparability of period-over-period financial performance for 2024 primarily include restructuring charges of €95 million, €11 million of deal and integration costs related to the Acquisition, impairment charges of €12 million, and accelerated amortisation charges of €28 million. Items impacting the comparability for 2023 primarily include €53 million of other income related to the royalties arising from the ownership of certain mineral rights in Australia (€18 million) and the proceeds from the sale of sub-strata and associated mineral rights (€35 million), partially offset by restructuring charges of €51 million.

No single customer accounted for more than 10% of the Group’s revenue during the six months ended 28 June 2024 and 30 June 2023.


			P a g e \| 35

Revenue by geography

The following table summarises revenue from external customers by geography, which is based on the origin of the sale:


	Six Months Ended
		28 June 2024	30 June 2023
Revenue		€ million	€ million
Great Britain		1,594	1,570
Germany		1,540	1,458
Iberia[1]		1,570	1,541
France[2]		1,219	1,200
Belgium/Luxembourg		526	541
Netherlands		380	355
Norway		204	193
Sweden		207	207
Iceland		39	40
Total Europe		7,279	7,105
Australia		1,169	1,162
New Zealand and Pacific Islands		326	330
Indonesia and Papua New Guinea		352	380

Philippines		702	—
Total APS		2,549	1,872
Total CCEP		9,828	8,977

[1] Iberia refers to Spain, Portugal & Andorra.

[2] France refers to continental France & Monaco.

Note 4

EARNINGS PER SHARE

Basic earnings per share is calculated by dividing profit after taxes by the weighted average number of Shares in issue and outstanding during the period. Diluted earnings per share is calculated in a similar manner, but includes the effect of dilutive securities, principally share options, restricted stock units and performance share units. Share-based payment awards that are contingently issuable upon the achievement of specified market and/or performance conditions are included in the diluted earnings per share calculation based on the number of Shares that would be issuable if the end of the period was the end of the contingency period.

The following table summarises basic and diluted earnings per share calculations for the periods presented:


	Six Months Ended
		28 June 2024	30 June 2023
Profit after taxes attributable to equity shareholders (€ million)		797	854
Basic weighted average number of Shares in issue[1] (million)		460	458
Effect of dilutive potential Shares[2] (million)		—	1
Diluted weighted average number of Shares in issue[1] (million)		460	459
Basic earnings per share (€)		1.73	1.86
Diluted earnings per share (€)		1.73	1.86

[1] As at 28 June 2024 and 30 June 2023, the Group had 460,371,583 and 458,846,191 Shares, respectively, in issue and outstanding.

[2] For the six months ended 28 June 2024 and 30 June 2023, there were no outstanding options to purchase Shares excluded from the diluted earnings per share calculation. The dilutive impact of the remaining options outstanding, unvested restricted stock units and unvested performance share units was included in the effect of dilutive securities.


			P a g e \| 36

Note 5

INTANGIBLE ASSETS AND GOODWILL

The following table summarises the movement in net book value for intangible assets and goodwill during the six months ended 28 June 2024:


	Intangible assets	Goodwill
	€ million	€ million
Net book value as at 31 December 2023	12,395	4,514
Acquisition of CCBPI	478	270
Additions	68	—
Amortisation expense	(88)	—

Impairment	(10)	—
Transfers and reclassifications	(5)	—
Currency translation adjustments	51	7
Net book value as at 28 June 2024	12,889	4,791

During the first half of 2024, the Group recognized €10 million of impairment in relation to the Feral brand. The Group is in the process of selling the brand, which has been classified as an asset held for sale in the Group’s condensed consolidated interim statement of financial position as of 28 June 2024. The sale is expected to be consummated before the end of the year.

As part of its half year impairment indicators review, the Group reassessed the value in use assumptions for the Indonesia CGU. The Group estimates that a 1.1% reduction in the terminal growth rate or a 0.8% increase in the discount rate in this CGU, each in isolation, would eliminate existing headroom.

Note 6

PROPERTY, PLANT AND EQUIPMENT

The following table summarises the movement in net book value for property, plant and equipment during the six months ended 28 June 2024:


						Total
						€ million
Net book value as at 31 December 2023						5,344
Acquisition of CCBPI						1,089
Additions						388
Disposals						(7)
Impairment						(2)
Transfers to assets held for sale						(19)
Transfers to investment property						(33)
Depreciation expense						(360)
Other transfers and reclassifications						5
Currency translation adjustments						(23)
Net book value as at 28 June 2024[1]						6,382

[1] The net book value of property, plant and equipment includes right of use assets of €680 million of which €9 million was acquired as

part of the Acquisition.

Note 7

INVESTMENT PROPERTY

Investment property consists of land and buildings held primarily for earning rental income, capital appreciation, or both. These properties are not used by the Group in the ordinary course of business. The Group applies the cost model for measuring investment property. Under the cost model, investment properties are initially recognized at cost. Subsequently, they are depreciated on a straight-line basis over their useful life (consistent with owner-occupied property).


			P a g e \| 37

The following table summarises the movement in net book value for investment property during the six months ended 28 June 2024:


						Total
						€ million
Net book value as at 31 December 2023						—
Acquisition of CCBPI						46
Transfers from property, plant and equipment						33
Currency translation adjustments						(3)
Net book value as at 28 June 2024						76

As of 28 June 2024, and 31 December 2023, investment property values were €76 million and nil, respectively. The increase is primarily due to the properties acquired as part of the CCBPI business combination transaction (€46 million) and the transfer of some properties in APS and Great Britain from Property, plant & equipment to Investment property (€33 million).

No impairments were recognized during the first half of 2024.

Note 8

ASSETS HELD FOR SALE

Assets classified as held for sale as at 28 June 2024 and 31 December 2023 were €43 million and €22 million, respectively. These assets primarily consist of properties expected to be sold in the near future.

Note 9

FAIR VALUES AND FINANCIAL RISK MANAGEMENT

Fair Value Measurements

All assets and liabilities for which fair value is measured or disclosed in the condensed consolidated interim financial statements are categorised in the fair value hierarchy as described in our 2023 consolidated financial statements.

The fair values of the Group’s cash and cash equivalents, short term investments, trade accounts receivable, amounts receivable from related parties, trade and other payables, and amounts payable to related parties approximate their carrying amounts due to their short-term nature.

The fair values of the Group’s borrowings are estimated based on borrowings with similar maturities and credit quality and current market interest rates. These are categorised in Level 2 of the fair value hierarchy as the Group uses certain pricing models and quoted prices for similar liabilities in active markets in assessing their fair values. The total fair value of borrowings as at 28 June 2024 and 31 December 2023, was €11.2 billion and €10.6 billion, respectively. This compared to the carrying value of total borrowings as at 28 June 2024 and 31 December 2023 of €12.2 billion and €11.4 billion, respectively. Refer to Note 10 for further details regarding the Group’s borrowings.

The Group’s derivative assets and liabilities are carried at fair value, which is determined using a variety of valuation techniques, depending on the specific characteristics of the hedging instrument taking into account credit risk. The fair value of our derivative contracts (including forwards, options, cross-currency swaps and interest rate swaps) is determined using standard valuation models. The significant inputs used in these models are readily available in public markets or can be derived from observable market transactions and, therefore, the derivative contracts have been classified as Level 2. Inputs used in these standard valuation models include the applicable spot, forward, and discount rates. The standard valuation model for the option contracts also includes implied volatility, which is specific to individual options and is based on rates quoted from a widely used third-party resource. As at 28 June 2024 and 31 December 2023, the total value of derivative assets was €178 million and €261 million, respectively. As at 28 June 2024 and 31 December 2023, the total value of derivative liabilities was €254 million and €268 million, respectively. During the period, €35 million of gains have been recorded within Other Comprehensive Income, primarily related to changes in fair value of commodity hedging instruments.

For assets and liabilities that are recognised in the condensed consolidated interim financial statements on a recurring basis, the Group determines whether transfers have occurred between levels in the hierarchy by re-assessing categorisation at the end of each reporting period. There have been no transfers between levels during the periods presented.

Financial Instruments Risk Management Objectives and Policies

The Group’s activities expose it to several financial risks including market risk, credit risk, and liquidity risk. Financial risk activities are governed by appropriate policies and procedures to minimise the uncertainties these risks create over the Group’s future cash flows. Such policies are developed and approved by the Group’s Treasury and Commodities Risk Committee through the authority provided to it by the Group’s Board of Directors. There have been no changes in the risk management policies since the year end.


			P a g e \| 38

Note 10

BORROWINGS AND LEASES

Borrowings Outstanding

The following table summarises the carrying value of the Group’s borrowings as at the dates presented:


	28 June 2024	31 December 2023
	€ million	€ million
Non-current:
Euro denominated bonds[4]	8,076	8,428
Foreign currency bonds (swapped into Euro)[1]	466	451
Australian dollar denominated bonds	340	338
Foreign currency bonds (swapped into Australian dollar or New Zealand dollar)[1], [4]	328	337
PHP Term loan due 2034[5]	373	—
Lease obligations	548	542
Total non-current borrowings	10,131	10,096

Current:
Euro denominated bonds[2]	350	500
Foreign currency bonds (swapped into Euro)[1], [3]	—	588
Australian dollar denominated bonds	—	62

PHP 3.5 billion 6% Loan 2025[6]	56	—
Euro commercial paper[7]	1,133	—
Bank overdrafts[8]	334	—
Lease obligations	148	150
Total current borrowings	2,021	1,300

[1] Cross currency swaps are used by the Group to swap foreign currency bonds into the required local currency.

[2] In May 2024, the Group repaid on maturity the outstanding amount related to the €500 million 1.125% Notes 2024.

[3] In May 2024, the Group repaid on maturity the outstanding amount related to the $650 million 0.8% Notes due 2024.

[4] Some bonds are designated in full or partially in a fair value hedge relationship.

[5] In February 2024, in connection with the Acquisition, the Group entered into a term loan facility agreement with the Bank of Philippine Islands. A term loan facility in an aggregate amount of US$500 million was made available under the agreement to be utilised in PHP. On 20 February 2024, the Group drew down a PHP 23.5 billion (US$420 million) loan under the facility with a maturity date of 20 February 2034. The vast majority of the balance (90% of the total principal amount) is repayable in full upon maturity. In April 2024, the remaining undrawn portion of this facility was subsequently cancelled.

[6] Included within the Group's borrowings as at 28 June 2024 is a short term loan denominated in PHP assumed as part of the Acquisition.

[7] During the 6 month period ending 28 June 2024, the Group issued €4,778 million and repaid €3,645 million Euro commercial paper. During the 6 month period ending 30 June 2023, the Group issued €3,914 million and repaid €3,371 million Euro commercial paper. The issuance net of repayments of Euro commercial paper is presented as changes in short-term borrowings in our condensed consolidated interim statement of cash flows.

[8] Included within bank overdrafts is €334 million in relation to a notional pooling arrangement for which an offsetting agreement is in place but does not meet the criteria for net presentation on the condensed consolidated interim statement of financial position. A corresponding amount is also shown in cash and cash equivalents.

Note 11

EQUITY

Share Capital

As at 28 June 2024, the Company had issued and fully paid 460,371,583 Shares. Shares in issue have one voting right each and no restrictions related to dividends or return of capital. The share capital increased during the six months ended 28 June 2024 from the issue of 1,170,765 Shares, following the exercise of share-based payment awards.

Dividends

During the first six months of 2024, the Board declared a first half dividend of €0.74 per share, which was paid on 23 May 2024. During the first six months of 2023, the Board declared a first half dividend of €0.67 per share, which was paid on 25 May 2023.


			P a g e \| 39

Non-controlling interests

Non-controlling interests are primarily comprised of the following event:

A non-controlling interest (NCI) of €468 million has been recognized in connection with Aboitiz Equity Ventures Inc. (AEV) 40% ownership of CCEP Aboitiz Beverages Philippines, Inc. (CABPI), the accounting acquirer of CCBPI (refer to Note 2 for further details). The Group measured the non-controlling interest in CABPI based on their proportionate share of net assets. The Group recognises changes in NCI based upon post-Acquisition results of the year and movements in reserves.

Note 12

RELATED PARTY TRANSACTIONS

For the purpose of these condensed consolidated interim financial statements, transactions with related parties mainly comprise transactions between subsidiaries of the Group and the related parties of the Group.

Transactions with The Coca-Cola Company (TCCC)

The principal transactions with TCCC are for the purchase of concentrate, syrup and finished goods. The following table summarises the transactions with TCCC that directly impacted the condensed consolidated interim income statement for the periods presented:


	Six Months Ended
	28 June 2024	30 June 2023
	€ million	€ million
Amounts affecting revenue[1]	68	68
Amounts affecting cost of sales[2]	(2,332)	(2,099)
Amounts affecting operating expenses[3]	(1)	5

Total net amount affecting the consolidated income statement	(2,265)	(2,026)

[1] Amounts principally relate to fountain syrup and packaged product sales.

[2] Amounts principally relate to the purchase of concentrate, syrup, mineral water and juice as well as funding for marketing programmes.

[3] Amounts principally relate to certain costs associated with new product development initiatives and reimbursement of certain marketing expenses.

The following table summarises the transactions with TCCC that impacted the consolidated statement of financial position as at the dates presented:


	28 June 2024	31 December 2023
	€ million	€ million
Amount due from TCCC	116	101
Amount payable to TCCC	415	229

Acquisition of Coca-Cola Beverages Philippines, Inc. (CCBPI)

On 23 February 2024, the joint acquisition of CCBPI was successfully consummated for a total consideration of US$1.68 billion (€1.55 billion), all of which was settled in cash upon completion. The Group’s share of the total consideration was US$1.0 billion (€930 million), commensurate with the effective 60:40 ownership structure of CCBPI. The transaction has been accounted for under IFRS 3 “Business Combinations”, using the acquisition method of accounting. Refer to Note 2 for further detail on the acquisition of CCBPI.

Refer to Note 14 for details regarding commitments made to TCCC.


			P a g e \| 40

Transactions with Cobega companies

The principal transactions with Cobega are for the purchase of juice concentrate and packaging materials. The following table summarises the transactions with Cobega that directly impacted the condensed consolidated interim income statement for the periods presented:


	Six Months Ended
	28 June 2024	30 June 2023
	€ million	€ million
Amounts affecting revenues[1]	1	1
Amounts affecting cost of sales[2]	(35)	(40)
Amounts affecting operating expenses[3]	(6)	(9)
Total net amount affecting the consolidated income statement	(40)	(48)

[1] Amounts principally relate to packaged product sales.

[2] Amounts principally relate to the purchase of packaging materials.

[3] Amounts principally relate to maintenance and repair services and transportation.

The following table summarises the transactions with Cobega that impacted the consolidated statement of financial position as at the dates presented:


	28 June 2024	31 December 2023
	€ million	€ million
Amount due from Cobega	8	16
Amount payable to Cobega	25	22

Transactions with Other Related Parties

For the six months ended 28 June 2024 and 30 June 2023 the Group recognised charges in cost of sales of €104 million and €88 million, respectively, in connection with transactions that have been entered into with joint ventures, associates and other related parties predominantly for the purchase of resin as well as container deposit scheme charges in Australia.

Transactions with joint ventures, associates and other related parties that impacted the condensed consolidated interim statement of financial position as at 28 June 2024 include €5 million in amounts receivable from related parties and €10 million in amounts payable to related parties, respectively. As at 31 December 2023 amounts receivable from related parties and amounts payable to related parties included €6 million and €19 million respectively related to transactions with joint ventures, associates and other related parties.

Following CCBPI acquisition, there are two post-employment defined benefit plan entities (Coca-Cola Bottlers Philippines, Inc. Retirement plan and Philippine Beverage Partners, Inc. Retirement Plan) that are considered related parties to the Group. There are no material transactions for the six months ended 28 June 2024 and no material balances as at as at 28 June 2024.

Note 13

TAXES

Income Tax expense

Taxes on income in interim periods are accrued using the tax rate that would be applicable to the expected total annual profit or loss.

The effective tax rate (ETR) was 22% for the six months ended 28 June 2024 and 30 June 2023, respectively, and 24% for the year ended 31 December 2023. The ETR has been calculated by applying the weighted average annual ETR, excluding discrete items, of 27% and 25% to the profit before tax for the six months ended 28 June 2024 and 30 June 2023, respectively.

The ETR of 22% which is lower than statutory UK rate of 25% reflects the impact of having operations outside the UK which are taxed at rates other than the statutory UK rate and adjustments made in respect of prior periods.


			P a g e \| 41

The following table summarises the major components of income tax expense for the periods presented:


	28 June 2024	30 June 2023

	€ million	€ million
Current income tax:
Current income tax charge	289	278
Adjustment in respect of current income tax from prior periods	(47)	(9)
Total current tax	242	269
Deferred tax:

Relating to the origination and reversal of temporary differences	(12)	(2)
Adjustment in respect of deferred income tax from prior periods	—	(20)
Relating to changes in tax rates or the imposition of new taxes	4	—
Total deferred tax	(8)	(22)
Income tax charge per the consolidated income statement	234	247

Tax Provisions

The Group is routinely under audit by tax authorities in the ordinary course of business. Due to their nature, such proceedings and tax matters involve inherent uncertainties including, but not limited to, court rulings, settlements between affected parties and/or governmental actions. The probability of outcome is assessed and accrued as a liability and/or disclosed, as appropriate. The Group maintains provisions for uncertainty related to these tax matters that it believes appropriately reflect its risk. As at 28 June 2024, €240 million (31 December 2023: €175 million) of these provisions is included in current tax liabilities and the remainder is included in non-current tax liabilities.

The Group reviews the adequacy of these provisions at the end of each reporting period and adjusts them based on changing facts and circumstances. Due to the uncertainty associated with tax matters, it is possible that at some future date, liabilities resulting from audits or litigation could vary significantly from the Group’s provisions. When an uncertain tax liability is regarded as probable, it is measured on the basis of the Group’s best estimate.

The Group has received tax assessments in certain jurisdictions for potential tax related to the Group’s purchases of concentrate. The value of the Group’s concentrate purchases is significant, and therefore, the tax assessments are substantial. The Group strongly believes the application of tax has no technical merit based on applicable tax law, and its tax position would be sustained. Accordingly, the Group has not recorded a tax liability for these assessments and is vigorously defending its position against these assessments.

Global Minimum Top-Up Tax

On 12 May 2023, the International Accounting Standards Board (“the IASB”) issued International Tax Reform - Pillar Two Model Rules – Amendments to IAS 12 (“the Amendments“). The Amendments introduce a mandatory temporary exception from the recognition and disclosure of deferred taxes arising from the implementation of the OECD’s Pillar Two Model Rules.

Pillar Two legislation was enacted in the UK on 11 July 2023, under Finance (No 2) Act 2023, and was effective from 1 January 2024.

The Group has applied the exception under the IAS 12 amendment to recognising and disclosing information about deferred tax assets and liabilities related to top-up tax in preparing its condensed consolidated interim financial statements as of the six-month period ended 28 June 2024.

The Group is in scope of the Pillar Two tax legislation and expects to be subject to top-up tax in relation to its operations in a few countries. Based on a preliminary assessment, no material liability has been recognised in these financial statements.


			P a g e \| 42

Note 14

PROVISIONS, COMMITMENTS AND CONTINGENCIES

The following table summarises the movement of provisions for the periods presented:


	Restructuring Provision	Other Provisions[1]	Total
	€ million	€ million	€ million
Balance as at 31 December 2023	116	43	159
Acquisition of CCBPI	3	42	45
Charged/(credited) to profit or loss:
Additional provisions recognised	80	5	85
Unused amounts reversed	(3)	(4)	(7)
Utilised during the period	(36)	(3)	(39)


Balance as at 28 June 2024	160	83	243

[1] Other provisions primarily relate to decommissioning provisions, property tax assessment provisions and legal reserves.

Restructuring programmes

During the first half of 2024, as part of this efficiency programme, the Group announced restructuring proposals resulting in €95 million of recognised costs primarily related to expected severance payments.

Guarantees

As of 28 June 2024, the Group has issued guarantees to third parties of €875 million (31 December 2023: €1,164 million), primarily relating to ongoing litigations and tax matters in certain territories. No significant additional liabilities in the accompanying condensed consolidated interim financial statements are expected to arise from the guarantees issued.

Commitments

As a result of the Acquisition, the Group assumed €27 million related to non-cancellable purchase agreements with various suppliers that are enforceable and legally binding, and that specify a fixed or minimum quantity that we must purchase. In addition, the Group also assumed outstanding capital expenditure purchase orders of approximately €29 million related to the Acquisition.

During the first half of 2024, the Group made a commitment to TCCC to invest €167 million with Microsoft for Azure cloud migration services over a 6 years term. A further €25 million has been committed to Infosys, who will act as a supporting partner. In addition, the Group committed to €141 million of third party warehouse logistics investment in GB.

There have been no other significant changes in commitments since 31 December 2023.

Contingencies

As a result of the Acquisition, the Group recognised a provision of €42 million related to various legal proceedings, measured on a provisional basis.

There have been no other significant changes in contingencies since 31 December 2023.

Refer to Note 22 of the 2023 consolidated financial statements for further details about the Group’s guarantees, commitments and contingencies.

Note 15

OTHER INCOME

For the six months ended 28 June 2024 and 30 June 2023, other income totalled nil and €53 million, respectively.

During the first half of 2023, the Group recognised €18 million of royalty income arising from the ownership of mineral rights in Queensland, Australia. On 7 March 2023, the Group entered into an agreement to sell the sub-strata and associated mineral rights. Upon regulatory approval, the transaction was consummated in April 2023. The total consideration approximated €35 million.

SIGNATURE

Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorised.


	COCA-COLA EUROPACIFIC PARTNERS PLC
		(Registrant)
Date: 7 August 2024	By:	/s/ Ed Walker
	Name:	Ed Walker
	Title:	Chief Financial Officer

Cover	6 Months Ended
Cover	Jun. 28, 2024
Cover [Abstract]
Document type	6-K
Document period end date	Jun. 28, 2024
Entity registrant name	COCA-COLA EUROPACIFIC PARTNERS PLC
Entity central index key	0001650107
Amendment flag	false
Current fiscal year end date	--12-31
Document fiscal year focus	2024
Document fiscal period focus	Q2

Condensed Consolidated Interim Income Statement (Unaudited) - EUR (€) € in Millions	6 Months Ended
	Jun. 28, 2024	Jun. 30, 2023
Profit or loss [abstract]
Revenue	€ 9,828	€ 8,977
Cost of sales	(6,332)	(5,707)
Gross profit	3,496	3,270
Selling and distribution expenses	(1,610)	(1,522)
Administrative expenses	(744)	(631)
Other income	0	53
Operating profit	1,142	1,170
Finance income	42	31
Finance costs	(129)	(94)
Total finance costs, net	(87)	(63)
Non-operating items	(10)	(6)
Profit before taxes	1,045	1,101
Taxes	(234)	(247)
Profit after taxes	811	854
Profit attributable to shareholders	797	854
Profit attributable to non-controlling interests	€ 14	€ 0
Basic earnings per share (in EUR per share)	€ 1.73	€ 1.86
Diluted earnings per share (in EUR per share)	€ 1.73	€ 1.86

Condensed Consolidated Interim Statement of Comprehensive Income (Unaudited) - EUR (€) € in Millions	6 Months Ended
	Jun. 28, 2024	Jun. 30, 2023
Statement of comprehensive income [abstract]
Profit after taxes	€ 811	€ 854
Foreign currency translations:
Pretax activity, net	44	(280)
Tax effect	0	0
Foreign currency translation, net of tax	44	(280)
Cash flow hedges:
Pretax activity, net	35	(38)
Tax effect	(8)	7
Cash flow hedges, net of tax	27	(31)
Other reserves:
Pretax activity, net	(6)	13
Tax effect	2	(3)
Other reserves, net of tax	(4)	10
Items that may be subsequently reclassified to the income statement	67	(301)
Pension plan remeasurements:
Pretax activity, net	23	13
Tax effect	(6)	(4)
Pension plan adjustments, net of tax	17	9
Items that will not be subsequently reclassified to the income statement:	17	9
Other comprehensive income/(loss) for the period, net of tax	84	(292)
Total comprehensive income	895	562
Comprehensive income attributable to shareholders	882	562
Comprehensive income attributable to non-controlling interests	€ 13	€ 0

Condensed Consolidated Interim Statement of Financial Position (Unaudited) - EUR (€) € in Millions	Jun. 28, 2024	Dec. 31, 2023
Non-current:
Intangible assets	€ 12,889	€ 12,395
Goodwill	4,791	4,514
Property, plant and equipment	6,382	5,344
Investment property	76	0
Non-current derivative assets	91	100
Deferred tax assets	1	1
Other non-current assets	353	295
Total non-current assets	24,583	22,649
Current:
Current derivative assets	87	161
Current tax assets	54	58
Inventories	1,914	1,356
Amounts receivable from related parties	129	123
Trade accounts receivable	2,954	2,547
Other current assets	455	351
Assets held for sale	43	22
Short term investments	272	568
Cash and cash equivalents	1,610	1,419
Total current assets	7,518	6,605
Total assets	32,101	29,254
Non-current:
Borrowings, less current portion	10,131	10,096
Employee benefit liabilities	188	191
Non-current provisions	69	45
Non-current derivative liabilities	194	169
Deferred tax liabilities	3,565	3,378
Non-current tax liabilities	19	75
Other non-current liabilities	48	46
Total non-current liabilities	14,214	14,000
Current:
Current portion of borrowings	2,021	1,300
Current portion of employee benefit liabilities	7	8
Current provisions	174	114
Current derivative liabilities	60	99
Current tax liabilities	310	253
Amounts payable to related parties	450	270
Trade and other payables	5,856	5,234
Total current liabilities	8,878	7,278
Total liabilities	23,092	21,278
EQUITY
Share capital	5	5
Share premium	287	276
Merger reserves	287	287
Other reserves	(770)	(823)
Retained earnings	8,717	8,231
Equity attributable to shareholders	8,526	7,976
Non-controlling interest	483	0
Total equity	9,009	7,976
Total equity and liabilities	€ 32,101	€ 29,254

Condensed Consolidated Interim Statement of Cash Flows (Unaudited) - EUR (€) € in Millions	6 Months Ended
	Jun. 28, 2024	Jun. 30, 2023
Cash flows from operating activities:
Profit before taxes	€ 1,045	€ 1,101
Adjustments to reconcile profit before tax to net cash flows from operating activities:
Depreciation	360	324
Amortisation of intangible assets	88	53
Impairment	12	0
Share-based payment expense	20	29
Gain on sale of sub-strata and associated mineral rights	0	(35)
Finance costs, net	87	63
Income taxes paid	(243)	(212)
Changes in assets and liabilities:
Increase in trade and other receivables	(347)	(385)
Increase in inventories	(338)	(353)
Increase in trade and other payables	308	564
Increase in net payable receivable from related parties	113	223
Increase/(decrease) in provisions	42	(18)
Change in other operating assets and liabilities	(25)	(47)
Net cash flows from operating activities	1,122	1,307
Cash flows from investing activities:
Acquisition of bottling operations, net of cash acquired	(1,528)	0
Purchases of property, plant and equipment	(390)	(264)
Purchases of capitalised software	(42)	(40)
Proceeds from sales of property, plant and equipment	2	9
Proceeds from sales of intangible assets	0	37
Proceeds from the sale of sub-strata and associated mineral rights	0	35
Investments in equity instruments	(3)	(1)
Net proceeds/(payments) of short term investments	296	(638)
Interest received	37	0
Other investing activity, net	6	1
Net cash flows used in investing activities	(1,622)	(861)
Cash flows from financing activities:
Proceeds from borrowings	382	0
Proceeds received from a non-controlling shareholder relating to the acquisition of bottling operations	468	0
Changes in short-term borrowings	1,133	543
Settlement of debt-related cross currency swaps	66	0
Repayments on third party borrowings	(1,167)	(706)
Payments of principal on lease obligations	(77)	(74)
Interest paid	(125)	(88)
Dividends paid	(343)	(308)
Exercise of employee share options	11	31
Acquisition of non-controlling interest	0	(282)
Other financing activities, net	(16)	(9)
Net cash flows used in financing activities	332	(893)
Net change in net cash and cash equivalents	(168)	(447)
Net effect of currency exchange rate changes on cash and cash equivalents	25	(16)
Net cash and cash equivalents at beginning of period	1,419	1,387
Net cash and cash equivalents at end of period	1,276	924
Cash and cash equivalents	1,419
Bank overdrafts	(334)	(188)
Net cash and cash equivalents at end of period	€ 1,276	€ 924

Condensed Consolidated Interim Statement of Changes in Equity Statement (Unaudited) - EUR (€) € in Millions	Total	Total equity	Share capital	Share premium	Merger reserves	Other reserves	Retained earnings	Non-controlling interest
Equity beginning balance at Dec. 31, 2022	€ 7,447	€ 7,447	€ 5	€ 234	€ 287	€ (507)	€ 7,428	€ 0
Profit after taxes	854	854					854	0
Other comprehensive income	(292)	(292)				(301)	9	0
Total comprehensive income	562	562				(301)	863	0
Issue of shares during the period	31	31		31
Equity-settled share-based payment expense	29	29					29
Dividends	(309)	(309)					(309)
Equity ending balance at Jun. 30, 2023	7,760	7,760	5	265	287	(808)	8,011	0
Equity beginning balance at Dec. 31, 2023	7,976	7,976	5	276	287	(823)	8,231	0
Profit after taxes	811	797					797	14
Other comprehensive income	84	85				68	17	(1)
Total comprehensive income	895	882				68	814	13
Non-controlling interest established in connection with the Acquisition	468							468
Non-controlling interest as part of Acquisition	2							2
Cash flow hedge (gains)/losses transferred to goodwill relating to business combination	2	2				2
Cash flow hedge (gains)/losses transferred to cost of inventories	(24)	(24)				(24)
Tax effect on cash flow hedge (gains)/losses transferred to cost of inventories	7	7				7
Issue of shares during the period	11	11		11
Purchase of own shares during the period	(8)	(8)					(8)
Equity-settled share-based payment expense	20	20					20
Share-based payments tax effects	1	1					1
Dividends	(341)	(341)					(341)
Equity ending balance at Jun. 28, 2024	€ 9,009	€ 8,526	€ 5	€ 287	€ 287	€ (770)	€ 8,717	€ 483

GENERAL INFORMATION AND BASIS OF PREPARATION

6 Months Ended

Jun. 28, 2024

Corporate information and statement of IFRS compliance [abstract]

GENERAL INFORMATION AND BASIS OF PREPARATION

Basis of Preparation and Accounting Policies

Several amendments apply for the first time in 2024, but do not have a material impact on the condensed consolidated interim financial statements of the Group.

The condensed consolidated interim financial statements have been prepared on a going concern basis.

Reporting periods

Results are presented for the interim period from 1 January 2024 to 28 June 2024.

The following table summarises the number of selling days, for the half/full years ended 31 December 2024 and 31 December 2023 (based on a standard five-day selling week):


	Half year	Full year
2024	130	262
2023	130	260
Change	—	2

Comparability

Exchange rates

The principal exchange rates used for translation purposes in respect of one Euro were:


	Average for the six month period ended		Closing as at
		28 June 2024	30 June 2023	28 June 2024	31 December 2023
British pound		1.169	1.140	1.182	1.151
US dollar		0.925	0.925	0.935	0.905
Norwegian krone		0.087	0.089	0.088	0.089
Swedish krona		0.088	0.088	0.088	0.090
Icelandic krona		0.007	0.007	0.007	0.007
Australian dollar		0.609	0.626	0.622	0.615
Indonesian rupiah[1]		0.058	0.061	0.057	0.059
New Zealand dollar		0.563	0.578	0.570	0.571
Papua New Guinean kina		0.245	0.262	0.243	0.243
Philippine peso[2]		0.016	n/a	0.016	n/a

[1] Indonesian Rupiah is shown as 1000 IDR versus 1 EUR.

[2] For the six month period ended 28 June 2024, the Philippine peso average rate is calculated as average from 23 February 2024 to 28 June 2024.

BUSINESS COMBINATIONS

6 Months Ended

Jun. 28, 2024

Business combinations [Abstract]

BUSINESS COMBINATIONS

The following table details the Euro equivalent consideration and provisional fair values of assets acquired and liabilities assumed:


						Total
						€ million
Intangible assets						478
Property, plant and equipment						1,089
Investment property						46


Other non-current assets						47


Inventories						228
Amounts receivable from related parties						22
Trade accounts receivable						75
Other current assets						58
Cash and cash equivalents						19
Borrowings, less current portion						(7)
Employee benefit liabilities						(15)
Non-current provisions						(16)
Deferred tax liabilities						(173)
Other non-current liabilities						(17)
Current portion of borrowings						(61)

Current provisions						(29)

Current tax liabilities						(27)
Amounts payable to related parties						(55)
Trade and other payables						(383)
Net identifiable assets acquired						1,279
Non-controlling interest						(2)

Goodwill						270
Fair value of consideration						1,547

The goodwill is attributable to new growth opportunities, workforce and synergies of the combined business operations, and it is not expected to be deductible for tax purposes.

OPERATING SEGMENTS

6 Months Ended

Jun. 28, 2024

Operating Segments [Abstract]

OPERATING SEGMENTS

Description of segments and principal activities

The following table provides a reconciliation between reportable segment operating profit and consolidated profit before tax:


	Six Months Ended 28 June 2024			Six Months Ended 30 June 2023
	Europe	APS	Total	Europe	APS	Total
	€ million	€ million	€ million	€ million	€ million	€ million
Revenue	7,279	2,549	9,828	7,105	1,872	8,977


Comparable operating profit[1]	979	317	1,296	924	241	1,165

Items impacting comparability[2]			(154)			5
Reported operating profit			1,142			1,170
Total finance costs, net			(87)			(63)
Non-operating items			(10)			(6)
Reported profit before tax			1,045			1,101

No single customer accounted for more than 10% of the Group’s revenue during the six months ended 28 June 2024 and 30 June 2023.

Revenue by geography

The following table summarises revenue from external customers by geography, which is based on the origin of the sale:


	Six Months Ended
		28 June 2024	30 June 2023
Revenue		€ million	€ million
Great Britain		1,594	1,570
Germany		1,540	1,458
Iberia[1]		1,570	1,541
France[2]		1,219	1,200
Belgium/Luxembourg		526	541
Netherlands		380	355
Norway		204	193
Sweden		207	207
Iceland		39	40
Total Europe		7,279	7,105
Australia		1,169	1,162
New Zealand and Pacific Islands		326	330
Indonesia and Papua New Guinea		352	380

Philippines		702	—
Total APS		2,549	1,872
Total CCEP		9,828	8,977

[1] Iberia refers to Spain, Portugal & Andorra.

[2] France refers to continental France & Monaco.

EARNINGS PER SHARE

6 Months Ended

Jun. 28, 2024

Earnings per share [abstract]

EARNINGS PER SHARE

The following table summarises basic and diluted earnings per share calculations for the periods presented:


	Six Months Ended
		28 June 2024	30 June 2023
Profit after taxes attributable to equity shareholders (€ million)		797	854
Basic weighted average number of Shares in issue[1] (million)		460	458
Effect of dilutive potential Shares[2] (million)		—	1
Diluted weighted average number of Shares in issue[1] (million)		460	459
Basic earnings per share (€)		1.73	1.86
Diluted earnings per share (€)		1.73	1.86

[1] As at 28 June 2024 and 30 June 2023, the Group had 460,371,583 and 458,846,191 Shares, respectively, in issue and outstanding.

INTANGIBLE ASSETS AND GOODWILL

6 Months Ended

Jun. 28, 2024

Intangible Assets [Abstract]

INTANGIBLE ASSETS AND GOODWILL

The following table summarises the movement in net book value for intangible assets and goodwill during the six months ended 28 June 2024:


	Intangible assets	Goodwill
	€ million	€ million
Net book value as at 31 December 2023	12,395	4,514
Acquisition of CCBPI	478	270
Additions	68	—
Amortisation expense	(88)	—

Impairment	(10)	—
Transfers and reclassifications	(5)	—
Currency translation adjustments	51	7
Net book value as at 28 June 2024	12,889	4,791

PROPERTY, PLANT AND EQUIPMENT

6 Months Ended

Jun. 28, 2024

Property, plant and equipment [abstract]

PROPERTY, PLANT AND EQUIPMENT

The following table summarises the movement in net book value for property, plant and equipment during the six months ended 28 June 2024:


						Total
						€ million
Net book value as at 31 December 2023						5,344
Acquisition of CCBPI						1,089
Additions						388
Disposals						(7)
Impairment						(2)
Transfers to assets held for sale						(19)
Transfers to investment property						(33)
Depreciation expense						(360)
Other transfers and reclassifications						5
Currency translation adjustments						(23)
Net book value as at 28 June 2024[1]						6,382

[1] The net book value of property, plant and equipment includes right of use assets of €680 million of which €9 million was acquired as

part of the Acquisition.

INVESTMENT PROPERTY

6 Months Ended

Jun. 28, 2024

INVESTMENT PROPERTY [Abstract]

INVESTMENT PROPERTY

The following table summarises the movement in net book value for investment property during the six months ended 28 June 2024:


						Total
						€ million
Net book value as at 31 December 2023						—
Acquisition of CCBPI						46
Transfers from property, plant and equipment						33
Currency translation adjustments						(3)
Net book value as at 28 June 2024						76

No impairments were recognized during the first half of 2024.

ASSETS HELD FOR SALE	6 Months Ended
ASSETS HELD FOR SALE	Jun. 28, 2024
Non-current assets or disposal groups classified as held for sale or as held for distribution to owners [abstract]
ASSETS HELD FOR SALE	ASSETS HELD FOR SALE Assets classified as held for sale as at 28 June 2024 and 31 December 2023 were €43 million and €22 million, respectively. These assets primarily consist of properties expected to be sold in the near future.

FAIR VALUES AND FINANCIAL RISK MANAGEMENT	6 Months Ended
FAIR VALUES AND FINANCIAL RISK MANAGEMENT	Jun. 28, 2024
Fair Value Measurement [Abstract]
FAIR VALUES AND FINANCIAL RISK MANAGEMENT	FAIR VALUES AND FINANCIAL RISK MANAGEMENT Fair Value Measurements All assets and liabilities for which fair value is measured or disclosed in the condensed consolidated interim financial statements are categorised in the fair value hierarchy as described in our 2023 consolidated financial statements. The fair values of the Group’s cash and cash equivalents, short term investments, trade accounts receivable, amounts receivable from related parties, trade and other payables, and amounts payable to related parties approximate their carrying amounts due to their short-term nature. The fair values of the Group’s borrowings are estimated based on borrowings with similar maturities and credit quality and current market interest rates. These are categorised in Level 2 of the fair value hierarchy as the Group uses certain pricing models and quoted prices for similar liabilities in active markets in assessing their fair values. The total fair value of borrowings as at 28 June 2024 and 31 December 2023, was €11.2 billion and €10.6 billion, respectively. This compared to the carrying value of total borrowings as at 28 June 2024 and 31 December 2023 of €12.2 billion and €11.4 billion, respectively. Refer to Note 10 for further details regarding the Group’s borrowings. The Group’s derivative assets and liabilities are carried at fair value, which is determined using a variety of valuation techniques, depending on the specific characteristics of the hedging instrument taking into account credit risk. The fair value of our derivative contracts (including forwards, options, cross-currency swaps and interest rate swaps) is determined using standard valuation models. The significant inputs used in these models are readily available in public markets or can be derived from observable market transactions and, therefore, the derivative contracts have been classified as Level 2. Inputs used in these standard valuation models include the applicable spot, forward, and discount rates. The standard valuation model for the option contracts also includes implied volatility, which is specific to individual options and is based on rates quoted from a widely used third-party resource. As at 28 June 2024 and 31 December 2023, the total value of derivative assets was €178 million and €261 million, respectively. As at 28 June 2024 and 31 December 2023, the total value of derivative liabilities was €254 million and €268 million, respectively. During the period, €35 million of gains have been recorded within Other Comprehensive Income, primarily related to changes in fair value of commodity hedging instruments. For assets and liabilities that are recognised in the condensed consolidated interim financial statements on a recurring basis, the Group determines whether transfers have occurred between levels in the hierarchy by re-assessing categorisation at the end of each reporting period. There have been no transfers between levels during the periods presented. Financial Instruments Risk Management Objectives and Policies The Group’s activities expose it to several financial risks including market risk, credit risk, and liquidity risk. Financial risk activities are governed by appropriate policies and procedures to minimise the uncertainties these risks create over the Group’s future cash flows. Such policies are developed and approved by the Group’s Treasury and Commodities Risk Committee through the authority provided to it by the Group’s Board of Directors. There have been no changes in the risk management policies since the year end.

BORROWINGS AND LEASES

6 Months Ended

Jun. 28, 2024

Financial Instruments [Abstract]

BORROWINGS AND LEASES

Borrowings Outstanding

The following table summarises the carrying value of the Group’s borrowings as at the dates presented:


	28 June 2024	31 December 2023
	€ million	€ million
Non-current:
Euro denominated bonds[4]	8,076	8,428
Foreign currency bonds (swapped into Euro)[1]	466	451
Australian dollar denominated bonds	340	338
Foreign currency bonds (swapped into Australian dollar or New Zealand dollar)[1], [4]	328	337
PHP Term loan due 2034[5]	373	—
Lease obligations	548	542
Total non-current borrowings	10,131	10,096

Current:
Euro denominated bonds[2]	350	500
Foreign currency bonds (swapped into Euro)[1], [3]	—	588
Australian dollar denominated bonds	—	62

PHP 3.5 billion 6% Loan 2025[6]	56	—
Euro commercial paper[7]	1,133	—
Bank overdrafts[8]	334	—
Lease obligations	148	150
Total current borrowings	2,021	1,300

[1] Cross currency swaps are used by the Group to swap foreign currency bonds into the required local currency.

[2] In May 2024, the Group repaid on maturity the outstanding amount related to the €500 million 1.125% Notes 2024.

[3] In May 2024, the Group repaid on maturity the outstanding amount related to the $650 million 0.8% Notes due 2024.

[4] Some bonds are designated in full or partially in a fair value hedge relationship.

[6] Included within the Group's borrowings as at 28 June 2024 is a short term loan denominated in PHP assumed as part of the Acquisition.

EQUITY	6 Months Ended
EQUITY	Jun. 28, 2024
Share Capital, Reserves And Other Equity Interest [Abstract]
EQUITY	EQUITY Share Capital As at 28 June 2024, the Company had issued and fully paid 460,371,583 Shares. Shares in issue have one voting right each and no restrictions related to dividends or return of capital. The share capital increased during the six months ended 28 June 2024 from the issue of 1,170,765 Shares, following the exercise of share-based payment awards. Dividends During the first six months of 2024, the Board declared a first half dividend of €0.74 per share, which was paid on 23 May 2024. During the first six months of 2023, the Board declared a first half dividend of €0.67 per share, which was paid on 25 May 2023. Non-controlling interests Non-controlling interests are primarily comprised of the following event: A non-controlling interest (NCI) of €468 million has been recognized in connection with Aboitiz Equity Ventures Inc. (AEV) 40% ownership of CCEP Aboitiz Beverages Philippines, Inc. (CABPI), the accounting acquirer of CCBPI (refer to Note 2 for further details). The Group measured the non-controlling interest in CABPI based on their proportionate share of net assets. The Group recognises changes in NCI based upon post-Acquisition results of the year and movements in reserves.

RELATED PARTY TRANSACTIONS

6 Months Ended

Jun. 28, 2024

Related Party [Abstract]

RELATED PARTY TRANSACTIONS

Transactions with The Coca-Cola Company (TCCC)


	Six Months Ended
	28 June 2024	30 June 2023
	€ million	€ million
Amounts affecting revenue[1]	68	68
Amounts affecting cost of sales[2]	(2,332)	(2,099)
Amounts affecting operating expenses[3]	(1)	5

Total net amount affecting the consolidated income statement	(2,265)	(2,026)

[1] Amounts principally relate to fountain syrup and packaged product sales.

[2] Amounts principally relate to the purchase of concentrate, syrup, mineral water and juice as well as funding for marketing programmes.

[3] Amounts principally relate to certain costs associated with new product development initiatives and reimbursement of certain marketing expenses.

The following table summarises the transactions with TCCC that impacted the consolidated statement of financial position as at the dates presented:


	28 June 2024	31 December 2023
	€ million	€ million
Amount due from TCCC	116	101
Amount payable to TCCC	415	229

Acquisition of Coca-Cola Beverages Philippines, Inc. (CCBPI)

Refer to Note 14 for details regarding commitments made to TCCC.

Transactions with Cobega companies


	Six Months Ended
	28 June 2024	30 June 2023
	€ million	€ million
Amounts affecting revenues[1]	1	1
Amounts affecting cost of sales[2]	(35)	(40)
Amounts affecting operating expenses[3]	(6)	(9)
Total net amount affecting the consolidated income statement	(40)	(48)

[1] Amounts principally relate to packaged product sales.

[2] Amounts principally relate to the purchase of packaging materials.

[3] Amounts principally relate to maintenance and repair services and transportation.

The following table summarises the transactions with Cobega that impacted the consolidated statement of financial position as at the dates presented:


	28 June 2024	31 December 2023
	€ million	€ million
Amount due from Cobega	8	16
Amount payable to Cobega	25	22

Transactions with Other Related Parties

TAXES

6 Months Ended

Jun. 28, 2024

Income Tax [Abstract]

TAXES

Income Tax expense

Taxes on income in interim periods are accrued using the tax rate that would be applicable to the expected total annual profit or loss.

The following table summarises the major components of income tax expense for the periods presented:


	28 June 2024	30 June 2023

	€ million	€ million
Current income tax:
Current income tax charge	289	278
Adjustment in respect of current income tax from prior periods	(47)	(9)
Total current tax	242	269
Deferred tax:

Relating to the origination and reversal of temporary differences	(12)	(2)
Adjustment in respect of deferred income tax from prior periods	—	(20)
Relating to changes in tax rates or the imposition of new taxes	4	—
Total deferred tax	(8)	(22)
Income tax charge per the consolidated income statement	234	247

Tax Provisions

Global Minimum Top-Up Tax

Pillar Two legislation was enacted in the UK on 11 July 2023, under Finance (No 2) Act 2023, and was effective from 1 January 2024.

PROVISIONS, COMMITMENTS AND CONTINGENCIES

6 Months Ended

Jun. 28, 2024

Other Provisions, Contingent Liabilities And Contingent Assets [Abstract]

PROVISIONS, COMMITMENTS AND CONTINGENCIES

The following table summarises the movement of provisions for the periods presented:


	Restructuring Provision	Other Provisions[1]	Total
	€ million	€ million	€ million
Balance as at 31 December 2023	116	43	159
Acquisition of CCBPI	3	42	45
Charged/(credited) to profit or loss:
Additional provisions recognised	80	5	85
Unused amounts reversed	(3)	(4)	(7)
Utilised during the period	(36)	(3)	(39)


Balance as at 28 June 2024	160	83	243

[1] Other provisions primarily relate to decommissioning provisions, property tax assessment provisions and legal reserves.

Restructuring programmes

Guarantees

Commitments

There have been no other significant changes in commitments since 31 December 2023.

Contingencies

As a result of the Acquisition, the Group recognised a provision of €42 million related to various legal proceedings, measured on a provisional basis.

There have been no other significant changes in contingencies since 31 December 2023.

Refer to Note 22 of the 2023 consolidated financial statements for further details about the Group’s guarantees, commitments and contingencies.

OTHER INCOME	6 Months Ended
OTHER INCOME	Jun. 28, 2024
Disclosure of other income [Abstract]
OTHER INCOME	OTHER INCOME For the six months ended 28 June 2024 and 30 June 2023, other income totalled nil and €53 million, respectively. During the first half of 2023, the Group recognised €18 million of royalty income arising from the ownership of mineral rights in Queensland, Australia. On 7 March 2023, the Group entered into an agreement to sell the sub-strata and associated mineral rights. Upon regulatory approval, the transaction was consummated in April 2023. The total consideration approximated €35 million.

GENERAL INFORMATION AND BASIS OF PREPARATION (Policies)	6 Months Ended
GENERAL INFORMATION AND BASIS OF PREPARATION (Policies)	Jun. 28, 2024
Corporate information and statement of IFRS compliance [abstract]
Basis of Preparation and Accounting Policies	Basis of Preparation and Accounting Policies The condensed consolidated interim financial statements of the Group have been prepared in accordance with the U.K. adopted International Accounting Standard 34, "Interim Financial Reporting" and the Disclosure Guidance and Transparency Rules of the United Kingdom’s Financial Conduct Authority, the International Accounting Standard 34, "Interim Financial Reporting" as adopted by the European Union, the International Accounting Standard 34, "Interim Financial Reporting" as issued by the International Accounting Standards Board and should be read in conjunction with our 2023 consolidated financial statements. The annual financial statements of the Group for the year ended 31 December 2024 will be prepared in accordance with U.K. adopted International Accounting Standards, International Financial Reporting Standards (IFRS) as adopted by the European Union and International Financial Reporting Standards as issued by the International Accounting Standards Board (IASB). The accounting policies applied in these interim condensed consolidated financial statements are consistent with those followed in the preparation of the Group’s consolidated financial statements as at and for the year ended 31 December 2023. The Group has not early adopted any amendments to accounting standards that have been issued but are not yet effective. The policy for recognising income taxes in the interim period is consistent with that applied in previous interim periods and is described in Note 13. Several amendments apply for the first time in 2024, but do not have a material impact on the condensed consolidated interim financial statements of the Group. The condensed consolidated interim financial statements have been prepared on a going concern basis.
Reporting periods	Reporting periods Results are presented for the interim period from 1 January 2024 to 28 June 2024. The Group’s financial year ends on 31 December. For half-yearly reporting convenience, the first six month period closes on the Friday closest to the end of the interim calendar period. There is no change in selling days between the six months ended 28 June 2024 versus the six months ended 30 June 2023, and there will be two more selling days in the second six months of 2024 versus the second six months of 2023 (based upon a standard five-day selling week).
Exchange rates	Exchange rates The Group’s reporting currency is the Euro. CCEP translates the income statements of non-Euro functional currency subsidiary operations to the Euro at average exchange rates and the balance sheets at the closing exchange rate as at the end of the period.

GENERAL INFORMATION AND BASIS OF PREPARATION (Tables)

6 Months Ended

Jun. 28, 2024

Corporate information and statement of IFRS compliance [abstract]

Schedule of number of selling days by quarter

The following table summarises the number of selling days, for the half/full years ended 31 December 2024 and 31 December 2023 (based on a standard five-day selling week):


	Half year	Full year
2024	130	262
2023	130	260
Change	—	2

Schedule of exchange rates

The principal exchange rates used for translation purposes in respect of one Euro were:


	Average for the six month period ended		Closing as at
		28 June 2024	30 June 2023	28 June 2024	31 December 2023
British pound		1.169	1.140	1.182	1.151
US dollar		0.925	0.925	0.935	0.905
Norwegian krone		0.087	0.089	0.088	0.089
Swedish krona		0.088	0.088	0.088	0.090
Icelandic krona		0.007	0.007	0.007	0.007
Australian dollar		0.609	0.626	0.622	0.615
Indonesian rupiah[1]		0.058	0.061	0.057	0.059
New Zealand dollar		0.563	0.578	0.570	0.571
Papua New Guinean kina		0.245	0.262	0.243	0.243
Philippine peso[2]		0.016	n/a	0.016	n/a

[1] Indonesian Rupiah is shown as 1000 IDR versus 1 EUR.

[2] For the six month period ended 28 June 2024, the Philippine peso average rate is calculated as average from 23 February 2024 to 28 June 2024.

BUSINESS COMBINATIONS (Tables)

6 Months Ended

Jun. 28, 2024

Business combinations [Abstract]

Schedule of net assets acquired

The following table details the Euro equivalent consideration and provisional fair values of assets acquired and liabilities assumed:


						Total
						€ million
Intangible assets						478
Property, plant and equipment						1,089
Investment property						46


Other non-current assets						47


Inventories						228
Amounts receivable from related parties						22
Trade accounts receivable						75
Other current assets						58
Cash and cash equivalents						19
Borrowings, less current portion						(7)
Employee benefit liabilities						(15)
Non-current provisions						(16)
Deferred tax liabilities						(173)
Other non-current liabilities						(17)
Current portion of borrowings						(61)

Current provisions						(29)

Current tax liabilities						(27)
Amounts payable to related parties						(55)
Trade and other payables						(383)
Net identifiable assets acquired						1,279
Non-controlling interest						(2)

Goodwill						270
Fair value of consideration						1,547

OPERATING SEGMENT (Tables)

6 Months Ended

Jun. 28, 2024

Operating Segments [Abstract]

Disclosure of operating segments

The following table provides a reconciliation between reportable segment operating profit and consolidated profit before tax:


	Six Months Ended 28 June 2024			Six Months Ended 30 June 2023
	Europe	APS	Total	Europe	APS	Total
	€ million	€ million	€ million	€ million	€ million	€ million
Revenue	7,279	2,549	9,828	7,105	1,872	8,977


Comparable operating profit[1]	979	317	1,296	924	241	1,165

Items impacting comparability[2]			(154)			5
Reported operating profit			1,142			1,170
Total finance costs, net			(87)			(63)
Non-operating items			(10)			(6)
Reported profit before tax			1,045			1,101

The following table summarises revenue from external customers by geography, which is based on the origin of the sale:


	Six Months Ended
		28 June 2024	30 June 2023
Revenue		€ million	€ million
Great Britain		1,594	1,570
Germany		1,540	1,458
Iberia[1]		1,570	1,541
France[2]		1,219	1,200
Belgium/Luxembourg		526	541
Netherlands		380	355
Norway		204	193
Sweden		207	207
Iceland		39	40
Total Europe		7,279	7,105
Australia		1,169	1,162
New Zealand and Pacific Islands		326	330
Indonesia and Papua New Guinea		352	380

Philippines		702	—
Total APS		2,549	1,872
Total CCEP		9,828	8,977

[1] Iberia refers to Spain, Portugal & Andorra.

[2] France refers to continental France & Monaco.

EARNINGS PER SHARE (Tables)

6 Months Ended

Jun. 28, 2024

Earnings per share [abstract]

Earnings per share

The following table summarises basic and diluted earnings per share calculations for the periods presented:


	Six Months Ended
		28 June 2024	30 June 2023
Profit after taxes attributable to equity shareholders (€ million)		797	854
Basic weighted average number of Shares in issue[1] (million)		460	458
Effect of dilutive potential Shares[2] (million)		—	1
Diluted weighted average number of Shares in issue[1] (million)		460	459
Basic earnings per share (€)		1.73	1.86
Diluted earnings per share (€)		1.73	1.86

[1] As at 28 June 2024 and 30 June 2023, the Group had 460,371,583 and 458,846,191 Shares, respectively, in issue and outstanding.

INTANGIBLE ASSETS AND GOODWILL (Tables)

6 Months Ended

Jun. 28, 2024

Intangible Assets [Abstract]

Summary of carrying amounts of intangible assets and goodwill

The following table summarises the movement in net book value for intangible assets and goodwill during the six months ended 28 June 2024:


	Intangible assets	Goodwill
	€ million	€ million
Net book value as at 31 December 2023	12,395	4,514
Acquisition of CCBPI	478	270
Additions	68	—
Amortisation expense	(88)	—

Impairment	(10)	—
Transfers and reclassifications	(5)	—
Currency translation adjustments	51	7
Net book value as at 28 June 2024	12,889	4,791

PROPERTY, PLANT AND EQUIPMENT (Tables)

6 Months Ended

Jun. 28, 2024

Property, plant and equipment [abstract]

Disclosure of detailed information about property, plant and equipment

The following table summarises the movement in net book value for property, plant and equipment during the six months ended 28 June 2024:


						Total
						€ million
Net book value as at 31 December 2023						5,344
Acquisition of CCBPI						1,089
Additions						388
Disposals						(7)
Impairment						(2)
Transfers to assets held for sale						(19)
Transfers to investment property						(33)
Depreciation expense						(360)
Other transfers and reclassifications						5
Currency translation adjustments						(23)
Net book value as at 28 June 2024[1]						6,382

[1] The net book value of property, plant and equipment includes right of use assets of €680 million of which €9 million was acquired as

part of the Acquisition.

INVESTMENT PROPERTY (Tables)

6 Months Ended

Jun. 28, 2024

INVESTMENT PROPERTY [Abstract]

Disclosure of detailed information about investment property

The following table summarises the movement in net book value for investment property during the six months ended 28 June 2024:


						Total
						€ million
Net book value as at 31 December 2023						—
Acquisition of CCBPI						46
Transfers from property, plant and equipment						33
Currency translation adjustments						(3)
Net book value as at 28 June 2024						76

BORROWINGS AND LEASES (Tables)

6 Months Ended

Jun. 28, 2024

Financial Instruments [Abstract]

Disclosure of borrowings

The following table summarises the carrying value of the Group’s borrowings as at the dates presented:


	28 June 2024	31 December 2023
	€ million	€ million
Non-current:
Euro denominated bonds[4]	8,076	8,428
Foreign currency bonds (swapped into Euro)[1]	466	451
Australian dollar denominated bonds	340	338
Foreign currency bonds (swapped into Australian dollar or New Zealand dollar)[1], [4]	328	337
PHP Term loan due 2034[5]	373	—
Lease obligations	548	542
Total non-current borrowings	10,131	10,096

Current:
Euro denominated bonds[2]	350	500
Foreign currency bonds (swapped into Euro)[1], [3]	—	588
Australian dollar denominated bonds	—	62

PHP 3.5 billion 6% Loan 2025[6]	56	—
Euro commercial paper[7]	1,133	—
Bank overdrafts[8]	334	—
Lease obligations	148	150
Total current borrowings	2,021	1,300

[1] Cross currency swaps are used by the Group to swap foreign currency bonds into the required local currency.

[2] In May 2024, the Group repaid on maturity the outstanding amount related to the €500 million 1.125% Notes 2024.

[3] In May 2024, the Group repaid on maturity the outstanding amount related to the $650 million 0.8% Notes due 2024.

[4] Some bonds are designated in full or partially in a fair value hedge relationship.

[6] Included within the Group's borrowings as at 28 June 2024 is a short term loan denominated in PHP assumed as part of the Acquisition.

RELATED PARTY TRANSACTIONS (Tables)

6 Months Ended

Jun. 28, 2024

Related Party [Abstract]

Disclosure of transactions between related parties

The following table summarises the transactions with TCCC that directly impacted the condensed consolidated interim income statement for the periods presented:


	Six Months Ended
	28 June 2024	30 June 2023
	€ million	€ million
Amounts affecting revenue[1]	68	68
Amounts affecting cost of sales[2]	(2,332)	(2,099)
Amounts affecting operating expenses[3]	(1)	5

Total net amount affecting the consolidated income statement	(2,265)	(2,026)

[1] Amounts principally relate to fountain syrup and packaged product sales.

[2] Amounts principally relate to the purchase of concentrate, syrup, mineral water and juice as well as funding for marketing programmes.

[3] Amounts principally relate to certain costs associated with new product development initiatives and reimbursement of certain marketing expenses.

The following table summarises the transactions with TCCC that impacted the consolidated statement of financial position as at the dates presented:


	28 June 2024	31 December 2023
	€ million	€ million
Amount due from TCCC	116	101
Amount payable to TCCC	415	229

The following table summarises the transactions with Cobega that directly impacted the condensed consolidated interim income statement for the periods presented:


	Six Months Ended
	28 June 2024	30 June 2023
	€ million	€ million
Amounts affecting revenues[1]	1	1
Amounts affecting cost of sales[2]	(35)	(40)
Amounts affecting operating expenses[3]	(6)	(9)
Total net amount affecting the consolidated income statement	(40)	(48)

[1] Amounts principally relate to packaged product sales.

[2] Amounts principally relate to the purchase of packaging materials.

[3] Amounts principally relate to maintenance and repair services and transportation.

The following table summarises the transactions with Cobega that impacted the consolidated statement of financial position as at the dates presented:


	28 June 2024	31 December 2023
	€ million	€ million
Amount due from Cobega	8	16
Amount payable to Cobega	25	22

TAXES (Tables)

6 Months Ended

Jun. 28, 2024

Income Tax [Abstract]

Disclosure of income tax expense

The following table summarises the major components of income tax expense for the periods presented:


	28 June 2024	30 June 2023

	€ million	€ million
Current income tax:
Current income tax charge	289	278
Adjustment in respect of current income tax from prior periods	(47)	(9)
Total current tax	242	269
Deferred tax:

Relating to the origination and reversal of temporary differences	(12)	(2)
Adjustment in respect of deferred income tax from prior periods	—	(20)
Relating to changes in tax rates or the imposition of new taxes	4	—
Total deferred tax	(8)	(22)
Income tax charge per the consolidated income statement	234	247

PROVISIONS, COMMITMENTS AND CONTINGENCIES (Tables)

6 Months Ended

Jun. 28, 2024

Other Provisions, Contingent Liabilities And Contingent Assets [Abstract]

Disclosure of provisions

The following table summarises the movement of provisions for the periods presented:


	Restructuring Provision	Other Provisions[1]	Total
	€ million	€ million	€ million
Balance as at 31 December 2023	116	43	159
Acquisition of CCBPI	3	42	45
Charged/(credited) to profit or loss:
Additional provisions recognised	80	5	85
Unused amounts reversed	(3)	(4)	(7)
Utilised during the period	(36)	(3)	(39)


Balance as at 28 June 2024	160	83	243

[1] Other provisions primarily relate to decommissioning provisions, property tax assessment provisions and legal reserves.

GENERAL INFORMATION AND BASIS OF PREPARATION - Narrative (Details)	6 Months Ended
	Jun. 28, 2024 € / shares
Disclosure of changes in reporting period [Line Items]
Number of days in selling week	5 days
Ordinary shares
Disclosure of changes in reporting period [Line Items]
Par value per share (in EUR per share)	€ 0.01

GENERAL INFORMATION AND BASIS OF PREPARATION - Schedule of Number of Selling Days (Details) - day	6 Months Ended		12 Months Ended
	Jun. 28, 2024	Jun. 30, 2023	Dec. 31, 2024	Jun. 30, 2024	Dec. 31, 2023
Disclosure of changes in reporting period [Line Items]
Number of days in selling week	5 days
Number of selling days in period	130	130			260
Change				0
Forecast
Disclosure of changes in reporting period [Line Items]
Number of selling days in period			262
Change			2

GENERAL INFORMATION AND BASIS OF PREPARATION - Exchange Rates (Details)	6 Months Ended
	Jun. 28, 2024 IDR (Rp)	Jun. 30, 2023	Dec. 31, 2023
British pound
Disclosure of Exchange Rates [Line Items]
Average foreign exchange rate	1.169	1.140
Closing foreign exchange rate	1.182		1.151
US dollar
Disclosure of Exchange Rates [Line Items]
Average foreign exchange rate	0.925	0.925
Closing foreign exchange rate	0.935		0.905
Norwegian krone
Disclosure of Exchange Rates [Line Items]
Average foreign exchange rate	0.087	0.089
Closing foreign exchange rate	0.088		0.089
Swedish krona
Disclosure of Exchange Rates [Line Items]
Average foreign exchange rate	0.088	0.088
Closing foreign exchange rate	0.088		0.090
Icelandic krona
Disclosure of Exchange Rates [Line Items]
Average foreign exchange rate	0.007	0.007
Closing foreign exchange rate	0.007		0.007
Australian dollar
Disclosure of Exchange Rates [Line Items]
Average foreign exchange rate	0.609	0.626
Closing foreign exchange rate	0.622		0.615
Indonesian Rupiah
Disclosure of Exchange Rates [Line Items]
Average foreign exchange rate	0.058	0.061
Closing foreign exchange rate	0.057		0.059
Foreign exchange rate, amount of currency obtained in exchange	Rp 1,000
New Zealand dollar
Disclosure of Exchange Rates [Line Items]
Average foreign exchange rate	0.563	0.578
Closing foreign exchange rate	0.570		0.571
Papua New Guinean kina
Disclosure of Exchange Rates [Line Items]
Average foreign exchange rate	0.245	0.262
Closing foreign exchange rate	0.243		0.243
Philippine peso
Disclosure of Exchange Rates [Line Items]
Average foreign exchange rate	0.016
Closing foreign exchange rate	0.016

BUSINESS COMBINATIONS - NARRATIVE (Details) € in Millions, $ in Millions			1 Months Ended	4 Months Ended	6 Months Ended
	Feb. 23, 2024 EUR (€)	Feb. 23, 2024 USD ($)	Nov. 30, 2023	Jun. 28, 2024 EUR (€)	Jun. 28, 2024 EUR (€)	Dec. 31, 2023 EUR (€)
Disclosure of detailed information about business combination [line items]
Goodwill				€ 4,791	€ 4,791	€ 4,514
Right-of-use assets	€ 9
Acquisition-related costs for transaction recognised separately from acquisition of assets and assumption of liabilities in business combination					11
Joint ventures \| COCA COLA BEVERAGES PHILIPPINES
Disclosure of detailed information about business combination [line items]
Proportion of ownership interest in joint operation			60.00%
Aboitiz Equity Ventures Inc. and Coca-Cola Europacific Partners plc \| Joint ventures \| COCA COLA BEVERAGES PHILIPPINES
Disclosure of detailed information about business combination [line items]
Proportion of ownership interest in joint venture			100.00%
Coca-Cola Europacific Partners Plc \| Joint ventures \| COCA COLA BEVERAGES PHILIPPINES
Disclosure of detailed information about business combination [line items]
Proportion of ownership interest in joint venture			100.00%
Aboitiz Equity Ventures Inc. (AEV) \| Joint ventures \| COCA COLA BEVERAGES PHILIPPINES
Disclosure of detailed information about business combination [line items]
Proportion of ownership interest in joint operation			40.00%
COCA COLA BEVERAGES PHILIPPINES
Disclosure of detailed information about business combination [line items]
Consideration paid (received)	930	$ 1,000
Identifiable intangible assets	478
Goodwill	270
Right-of-use assets	9
Lease liabilities	10
Fair value of acquired receivables, net	75
Gross contractual amounts receivable for acquired receivables	77
Gross contractual amount, expected to be uncollectible	2
Revenue of acquiree since acquisition date				702
Profit (loss) of acquiree since acquisition date				€ 41
Revenue of combined entity as if combination occurred at beginning of period					970
Profit (loss) of combined entity as if combination occurred at beginning of period					€ 48
COCA COLA BEVERAGES PHILIPPINES \| Franchise intangible
Disclosure of detailed information about business combination [line items]
Identifiable intangible assets	€ 440
COCA COLA BEVERAGES PHILIPPINES \| Aboitiz Equity Ventures Inc. and Coca-Cola Europacific Partners plc
Disclosure of detailed information about business combination [line items]
Percentage of voting equity interests acquired	100.00%
Consideration paid (received)	€ 1,550	$ 1,680

BUSINESS COMBINATIONS (Details) - EUR (€) € in Millions	Jun. 28, 2024	Feb. 23, 2024	Dec. 31, 2023
Disclosure of detailed information about business combination [line items]
Goodwill	€ 4,791		€ 4,514
COCA COLA BEVERAGES PHILIPPINES
Disclosure of detailed information about business combination [line items]
Intangible assets		€ 478
Property, plant and equipment		1,089
Investment property		46
Other non-current assets		47
Inventories		228
Amounts receivable from related parties		22
Trade accounts receivable		75
Other current assets		58
Cash and cash equivalents		19
Borrowings, less current portion		(7)
Employee benefit liabilities		(15)
Non-current provisions		(16)
Deferred tax liabilities		(173)
Other non-current liabilities		(17)
Current portion of borrowings		(61)
Current provisions		(29)
Current tax liabilities		(27)
Amounts payable to related parties		(55)
Trade and other payables		(383)
Net identifiable assets acquired		1,279
Non-controlling interest		(2)
Goodwill		270
Fair value of consideration		€ 1,547

OPERATING SEGMENTS - Schedule of Operating Results and Consolidated Profit Before Tax (Details) - EUR (€) € in Millions	6 Months Ended
	Jun. 28, 2024	Jun. 30, 2023
Disclosure of disaggregation of revenue from contracts with customers [line items]
Revenue	€ 9,828	€ 8,977
Comparable operating profit	1,296	1,165
Items impacting comparability	(154)	5
Operating profit	1,142	1,170
Total finance costs, net	(87)	(63)
Non-operating items	(10)	(6)
Profit before taxes	1,045	1,101
Cost of restructuring	95	51
Integration costs related to the Acquisition	11
Impairment loss (reversal of impairment loss) recognised in profit or loss	12
Accelerated amortization expense	28
Other income		53
Royalty income		18
Proceeds from the sale of sub-strata and associated mineral rights		35
Europe
Disclosure of disaggregation of revenue from contracts with customers [line items]
Revenue	7,279	7,105
Comparable operating profit	979	924
Depreciation and amortisation expense	290	272
APS
Disclosure of disaggregation of revenue from contracts with customers [line items]
Revenue	2,549	1,872
Comparable operating profit	317	241
Depreciation and amortisation expense	€ 123	€ 101

OPERATING SEGMENTS - Schedule of Revenue by Geography (Details) - EUR (€) € in Millions	6 Months Ended
	Jun. 28, 2024	Jun. 30, 2023
Disclosure of disaggregation of revenue from contracts with customers [line items]
Revenue from contracts with customers	€ 9,828	€ 8,977
Great Britain
Disclosure of disaggregation of revenue from contracts with customers [line items]
Revenue from contracts with customers	1,594	1,570
Germany
Disclosure of disaggregation of revenue from contracts with customers [line items]
Revenue from contracts with customers	1,540	1,458
Iberia
Disclosure of disaggregation of revenue from contracts with customers [line items]
Revenue from contracts with customers	1,570	1,541
France
Disclosure of disaggregation of revenue from contracts with customers [line items]
Revenue from contracts with customers	1,219	1,200
Belgium/Luxembourg
Disclosure of disaggregation of revenue from contracts with customers [line items]
Revenue from contracts with customers	526	541
Netherlands
Disclosure of disaggregation of revenue from contracts with customers [line items]
Revenue from contracts with customers	380	355
Norway
Disclosure of disaggregation of revenue from contracts with customers [line items]
Revenue from contracts with customers	204	193
Sweden
Disclosure of disaggregation of revenue from contracts with customers [line items]
Revenue from contracts with customers	207	207
Iceland
Disclosure of disaggregation of revenue from contracts with customers [line items]
Revenue from contracts with customers	39	40
Total Europe
Disclosure of disaggregation of revenue from contracts with customers [line items]
Revenue from contracts with customers	7,279	7,105
Australia
Disclosure of disaggregation of revenue from contracts with customers [line items]
Revenue from contracts with customers	1,169	1,162
New Zealand and Pacific Islands
Disclosure of disaggregation of revenue from contracts with customers [line items]
Revenue from contracts with customers	326	330
Indonesia and Papua New Guinea
Disclosure of disaggregation of revenue from contracts with customers [line items]
Revenue from contracts with customers	352	380
Philippines
Disclosure of disaggregation of revenue from contracts with customers [line items]
Revenue from contracts with customers	702	0
Total APS
Disclosure of disaggregation of revenue from contracts with customers [line items]
Revenue from contracts with customers	€ 2,549	€ 1,872

EARNINGS PER SHARE - Summary of Basic and Diluted Earnings Per Ordinary Share (Details) - EUR (€) € / shares in Units, € in Millions	6 Months Ended
	Jun. 28, 2024	Jun. 30, 2023
Earnings per share [abstract]
Profit after taxes attributable to equity shareholders (million) (in shares)	€ 797	€ 854
Basic weighted average number of ordinary Shares in issue (million) (in shares)	460,000,000	458,000,000
Effect of dilutive potential Shares (million) (in shares)	0	1,000,000
Diluted weighted average number of shares in issue (in shares)	460,000,000	459,000,000
Basic earnings per share (in EUR per share)	€ 1.73	€ 1.86
Diluted earnings per share (in EUR per share)	€ 1.73	€ 1.86
Number of shares issued and fully paid (in shares)	460,371,583	458,846,191
Number of shares outstanding (in shares)	460,371,583	458,846,191
Number of potential ordinary shares that are antidilutive in period presented (in shares)	0	0

INTANGIBLE ASSETS AND GOODWILL - Summary of the Carrying Amounts of Intangible Assets and Goodwill (Details) € in Millions	6 Months Ended
	Jun. 28, 2024 EUR (€)
Intangible assets
Disclosure of reconciliation of changes in intangible assets and goodwill [line items]
Balance at beginning of period	€ 12,395
Acquisition of CCBPI	478
Additions	68
Amortisation expense	(88)
Impairment	(10)
Transfers and reclassifications	(5)
Currency translation adjustments	51
Balance at end of period	12,889
Goodwill
Disclosure of reconciliation of changes in intangible assets and goodwill [line items]
Balance at beginning of period	4,514
Acquisition of CCBPI	270
Additions	0
Amortisation expense	0
Impairment	0
Transfers and reclassifications	0
Currency translation adjustments	7
Balance at end of period	€ 4,791

INTANGIBLE ASSETS AND GOODWILL - NARRATIVE (Details) - Indonesia Cash Generating Units	Jun. 28, 2024
Financial forecast of cash inflows (outflows) for cash-generating unit, measurement input
Disclosure of information for cash-generating units [line items]
Amount by which value assigned to key assumption must change in order for unit's recoverable amount to be equal to carrying amount	(0.011)
Discount rate, measurement input
Disclosure of information for cash-generating units [line items]
Amount by which value assigned to key assumption must change in order for unit's recoverable amount to be equal to carrying amount	0.008

PROPERTY, PLANT AND EQUIPMENT - Summary of Movement (Details) - EUR (€) € in Millions	6 Months Ended
	Jun. 28, 2024	Feb. 23, 2024
Property, plant and equipment [abstract]
Net book value as at 31 December 2023	€ 5,344
Acquisition of CCBPI	1,089
Additions	388
Disposals	(7)
Impairment	(2)
Transfers to assets held for sale	(19)
Transfers to investment property	(33)
Depreciation expense	(360)
Other transfers and reclassifications	5
Currency translation adjustments	(23)
Net book value as at 28 June 2024	6,382
Right of Use Asset	€ 680
Right-of-use assets recognized as of acquisition date		€ 9

INVESTMENT PROPERTY - Movement of investment property (Details) - EUR (€) € in Millions		6 Months Ended
	Feb. 23, 2024	Jun. 28, 2024
Reconciliation of changes in investment property [abstract]
Investment property at beginning of period		€ 0
Acquisition of CCBPI	€ 46	46
Transfers from property, plant and equipment	€ 33	33
Currency translation adjustments		(3)
Investment property at end of period		€ 76

INVESTMENT PROPERTY (Details) - EUR (€) € in Millions		6 Months Ended
INVESTMENT PROPERTY (Details) - EUR (€) € in Millions	Feb. 23, 2024	Jun. 28, 2024	Dec. 31, 2023
INVESTMENT PROPERTY [Abstract]
Investment property		€ 76	€ 0
Acquisitions through business combinations, investment property	€ 46	46
Impairment loss recognised in profit or loss, investment property		€ 0

ASSETS HELD FOR SALE (Details) - EUR (€) € in Millions	Jun. 28, 2024	Dec. 31, 2023
Non-current assets or disposal groups classified as held for sale or as held for distribution to owners [abstract]
Assets held for sale	€ 43	€ 22

FAIR VALUES AND FINANCIAL RISK MANAGEMENT - Narrative (Details) - EUR (€) € in Millions	6 Months Ended
	Jun. 28, 2024	Jun. 30, 2023	Dec. 31, 2023
Disclosure of fair value measurement of assets [line items]
Borrowings	€ 12,200		€ 11,400
Total assets	32,101		29,254
Liabilities	23,092		21,278
Pretax activity, net	35	€ (38)
Level 2 \| Fair value
Disclosure of fair value measurement of assets [line items]
Borrowings	11,200		10,600
Level 2 \| Recurring \| Derivative liability
Disclosure of fair value measurement of assets [line items]
Liabilities	254		268
Level 2 \| Recurring \| Derivative asset
Disclosure of fair value measurement of assets [line items]
Total assets	€ 178		€ 261

BORROWINGS AND LEASES - Schedule of Borrowings Outstanding (Details) ₱ in Millions, € in Millions, $ in Millions			6 Months Ended
	Feb. 20, 2024 PHP (₱)	Feb. 20, 2024 USD ($)	Jun. 28, 2024 EUR (€)	Jun. 30, 2023 EUR (€)	Jun. 28, 2024 PHP (₱)	May 31, 2024 EUR (€)	May 31, 2024 USD ($)	Dec. 31, 2023 EUR (€)
Non-current:
Total non-current borrowings			€ 10,131					€ 10,096
Current:
Total current borrowings			2,021					1,300
Proceeds from borrowings			382	€ 0
Current commercial papers issued and current portion of non-current commercial papers issued			4,778	3,914
Euro denominated bonds
Non-current:
Total non-current borrowings			8,076					8,428
Current:
Total current borrowings			350					500
Foreign currency bonds (swapped into Euro)
Non-current:
Total non-current borrowings			466					451
Current:
Total current borrowings			0					588
Australian dollar denominated bonds
Non-current:
Total non-current borrowings			340					338
Current:
Total current borrowings			0					62
Foreign currency bonds (swapped into Australian dollar or New Zealand dollar)
Non-current:
Total non-current borrowings			328					337
PHP Loan
Non-current:
Total non-current borrowings			373					0
Current:
Total current borrowings			€ 56					0
Notional amount \| ₱					₱ 3,500
Borrowings, interest rate			6.00%		6.00%
Lease obligations
Non-current:
Total non-current borrowings			€ 548					542
Euro commercial paper
Current:
Total current borrowings			1,133					0
Repayments of current borrowings			3,645	€ 3,371
Bank overdrafts
Current:
Total current borrowings			334					0
Lease obligations
Current:
Total current borrowings			€ 148					€ 150
1.125 Percent Notes Due2024
Current:
Notional amount						€ 500
Borrowings, interest rate						1.125%	1.125%
0.8 Percent Notes Due2024
Current:
Notional amount \| $							$ 650
Borrowings, interest rate						0.80%	0.80%
Term Loan
Current:
Line of credit maximum borrowing capacity \| $		$ 500
Proceeds from borrowings	₱ 23,500	$ 420
Borrowings, percentage payable upon maturity		90.00%

EQUITY - Narrative (Details) - EUR (€) € / shares in Units, € in Millions			1 Months Ended	6 Months Ended
	May 23, 2024	May 25, 2023	Nov. 30, 2023	Jun. 28, 2024	Feb. 23, 2024	Dec. 31, 2023	Jun. 30, 2023
Disclosure of classes of share capital [line items]
Number of shares outstanding (in shares)				460,371,583			458,846,191
Number of shares issued and fully paid (in shares)				460,371,583			458,846,191
Dividend rate (in euros per share)	€ 0.74	€ 0.67
Non-controlling interest as part of Acquisition				€ 2
Non-controlling interest				€ 483	€ 468	€ 0
Aboitiz Equity Ventures Inc. and Coca-Cola Europacific Partners plc \| COCA COLA BEVERAGES PHILIPPINES \| Joint ventures
Disclosure of classes of share capital [line items]
Proportion of ownership interest in joint venture			100.00%
Ordinary shares
Disclosure of classes of share capital [line items]
Number of shares issued (in shares)				1,170,765

RELATED PARTY TRANSACTIONS - Schedule of Transactions with TCCC (Details) - TCCC - Entities with joint control or significant influence over entity - EUR (€) € in Millions	6 Months Ended
	Jun. 28, 2024	Jun. 30, 2023	Dec. 31, 2023
Disclosure of transactions between related parties [line items]
Amounts affecting revenue	€ 68	€ 68
Amounts affecting cost of sales	(2,332)	(2,099)
Amounts affecting operating expenses	(1)	5
Total net amount affecting the consolidated income statement	(2,265)	€ (2,026)
Amounts receivable, related party transactions	116		€ 101
Amounts payable, related party transactions	€ 415		€ 229

RELATED PARTY TRANSACTIONS - Narrative (Details) € in Millions, $ in Millions			1 Months Ended	6 Months Ended
	Feb. 23, 2024 USD ($)	Feb. 23, 2024 EUR (€)	Nov. 30, 2023	Jun. 28, 2024 EUR (€) benefitPlan	Jun. 30, 2023 EUR (€)	Dec. 31, 2023 EUR (€)
Disclosure of transactions between related parties [line items]
Number of post employment defined benefit plan \| benefitPlan				2
COCA COLA BEVERAGES PHILIPPINES
Disclosure of transactions between related parties [line items]
Consideration paid (received)	$ 1,000	€ 930
COCA COLA BEVERAGES PHILIPPINES \| Aboitiz Equity Ventures Inc. and Coca-Cola Europacific Partners plc
Disclosure of transactions between related parties [line items]
Consideration paid (received)	$ 1,680	€ 1,550
Other related parties
Disclosure of transactions between related parties [line items]
Amounts affecting cost of sales				€ 104	€ 88
Joint ventures, associates and other related parties
Disclosure of transactions between related parties [line items]
Amounts receivable, related party transactions				5		€ 6
Amounts payable, related party transactions				€ (10)		€ (19)
Joint ventures \| COCA COLA BEVERAGES PHILIPPINES
Disclosure of transactions between related parties [line items]
Proportion of ownership interest in joint operation			60.00%
Joint ventures \| Aboitiz Equity Ventures Inc. (AEV) \| COCA COLA BEVERAGES PHILIPPINES
Disclosure of transactions between related parties [line items]
Proportion of ownership interest in joint operation			40.00%

RELATED PARTY TRANSACTIONS - Schedule of Transactions with Cobega Companies (Details) - Cobega Companies - Entities with joint control or significant influence over entity - EUR (€) € in Millions	6 Months Ended
	Jun. 28, 2024	Jun. 30, 2023	Dec. 31, 2023
Disclosure of transactions between related parties [line items]
Amounts affecting revenue	€ 1	€ 1
Amounts affecting cost of sales	(35)	(40)
Amounts affecting operating expenses	(6)	(9)
Total net amount affecting the consolidated income statement	(40)	€ (48)
Amounts receivable, related party transactions	8		€ 16
Amounts payable, related party transactions	€ 25		€ 22

TAXES - Narrative (Details) - EUR (€) € in Millions	6 Months Ended		12 Months Ended
TAXES - Narrative (Details) - EUR (€) € in Millions	Jun. 28, 2024	Jun. 30, 2023	Dec. 31, 2023
Income Tax [Abstract]
Effective tax rate	22.00%	22.00%	24.00%
Discrete items excluded from average effective tax rate	27.00%	25.00%
Current tax liabilities, audit provision	€ 240		€ 175

TAXES - Components of Income Tax (Details) - EUR (€) € in Millions	6 Months Ended
	Jun. 28, 2024	Jun. 30, 2023
Current income tax:
Current income tax charge	€ 289	€ 278
Adjustment in respect of current income tax from prior periods	(47)	(9)
Total current tax	242	269
Deferred tax:
Relating to the origination and reversal of temporary differences	(12)	(2)
Adjustment in respect of deferred income tax from prior periods	0	(20)
Relating to changes in tax rates or the imposition of new taxes	4	0
Total deferred tax	(8)	(22)
Income tax charge per the consolidated income statement	€ 234	€ 247

PROVISIONS, COMMITMENTS AND CONTINGENCIES - Disclosure of Provisions (Details) € in Millions	6 Months Ended
	Jun. 28, 2024 EUR (€)
Reconciliation of changes in other provisions [abstract]
Beginning balance	€ 159
Charged/(credited) to profit or loss:
Acquisition of CCBPI	45
Additional provisions recognised	85
Unused amounts reversed	(7)
Utilised during the period	(39)
Ending balance	243
Restructuring Provision
Reconciliation of changes in other provisions [abstract]
Beginning balance	116
Charged/(credited) to profit or loss:
Acquisition of CCBPI	3
Additional provisions recognised	80
Unused amounts reversed	(3)
Utilised during the period	(36)
Ending balance	160
Other Provisions
Reconciliation of changes in other provisions [abstract]
Beginning balance	43
Charged/(credited) to profit or loss:
Acquisition of CCBPI	42
Additional provisions recognised	5
Unused amounts reversed	(4)
Utilised during the period	(3)
Ending balance	€ 83

PROVISIONS, COMMITMENTS AND CONTINGENCIES - Narrative (Details) - EUR (€) € in Millions	6 Months Ended
	Jun. 28, 2024	Dec. 31, 2023
Disclosure of other provisions [line items]
Restructuring charge	€ 95
Purchase commitments	27
Contractual capital commitments	29
Warehouse Logistics
Disclosure of other provisions [line items]
Contractual capital commitments during the period	141
Financial guarantee contracts
Disclosure of other provisions [line items]
Exposure to credit risk on loan commitments and financial guarantee contracts	875	€ 1,164
TCCC \| Cloud migration services
Disclosure of other provisions [line items]
Contractual capital commitments during the period	€ 167
Contractual capital commitments, period	6 years
Infosys \| Cloud migration services
Disclosure of other provisions [line items]
Contractual capital commitments during the period	€ 25

OTHER INCOME (Details) € in Millions	6 Months Ended
OTHER INCOME (Details) € in Millions	Jun. 30, 2023 EUR (€)
Disclosure of other income [Abstract]
Other income	€ 53
Royalty income	18
Proceeds from the sale of sub-strata and associated mineral rights	€ 35