Usama Tariq

Usama Tariq inquired about CCEP's stance on accretive M&A opportunities, seeking clarification on the scale and preferred geographies (APS or Europe, small or large) to gauge the company's current level of interest.

Answer

CEO Damian Gammell clarified that CCEP's position on M&A remains unchanged, consistently maintaining a balance sheet and free cash flow to consider value-accretive opportunities, as demonstrated by past acquisitions like the Philippines and Amatil. He stated that there's nothing significantly different in their M&A outlook for 2026, primarily due to a lack of available quality assets in the near term. The focus remains on delivering value from existing markets, and while curious, M&A is not a near-term priority.

Usama Tariq sought clarification on CCEP's interest in M&A opportunities, asking about the scale and preferred geography (APS or Europe, small or big), given a perceived more positive tone regarding M&A.

Answer

CEO Damian Gammell clarified that CCEP's position on M&A has not changed; it has always been open to value-accretive opportunities with a strong balance sheet. He stated that there is nothing significantly different in the near term due to a lack of available quality assets, and the current focus remains on delivering value from the Philippines, improving Indonesia, and driving quality top-line growth in other markets. He reiterated that if a good quality M&A opportunity arises, CCEP has the balance sheet to consider it.

Usama Tariq of ABN AMRO – ODDO BHF BV asked about the decline in H1 free cash flow and whether there was a risk to the full-year guidance.

Answer

CFO Ed Walker explained that the H1 decline was purely a working capital phasing issue related to the calendar. He reaffirmed confidence in the full-year guidance of at least €1.7 billion, noting that H2 is seasonally stronger and Indonesia does not pose a material risk to cash flow.

Usama Tariq of ABN AMRO – ODDO BHF BV asked about the year-on-year decline in H1 free cash flow, questioning if it was working capital related and if it posed a risk to the full-year guidance.

Answer

CFO Ed Walker confirmed the H1 decline was 'purely a phasing item' related to working capital and the timing of the half-year end. He expressed confidence in reaffirming the full-year free cash flow guidance of at least €1.7 billion, noting that H2 is seasonally stronger and Indonesia is not a significant cash drain.