CCEP +6.1% While Barely Touching Price.
That Is the Harder Way to Grow, and It Is Working.
H1 2026: FX-neutral revenue up 6.1%. Days-adjusted volume up 2.2%. Revenue per unit case up just 0.4%. Almost the entire top line came from selling more, not charging more.
That is a genuinely unusual growth profile for a bottler coming out of three inflationary years. Most of the sector is still leaning on price and mix to do the heavy lifting. CCEP’s H1 2026 numbers show a business that chose volume as its primary growth lever, yet margins still expanded.
The headline numbers
Total reported revenue reached €10,724 million, up 4.4% reported and 6.1% FX-neutral. Operating profit grew 6.9% reported to €1,458 million, with comparable FX-neutral operating profit up 8.1% to €1,481 million. Diluted comparable EPS rose 10.6% to €2.20.
Group unit case volume hit 2,041 million cases, up 5.6% reported. Strip out six extra consumption days in the period and days-adjusted volume growth was 2.2%. The second quarter showed the pattern accelerating on a like-for-like basis. FX-neutral revenue rose 3.3%, days-adjusted volume rose 3.2%, and revenue per case stayed essentially flat at plus 0.1%.
Cost discipline is what converted that volume into margin. Cost of sales per unit case grew just 0.6% in H1, well under management’s roughly 1.5% full-year guidance. That gap is the entire operating profit story. Free cash flow reached €435 million in H1, tracking toward a full-year target of at least €1.7 billion. Capital returns continued alongside it: a €0.82 interim dividend and a €1 billion buyback programme, €593 million of which was already executed by 31 July.
