Coca Cola Europacific Partners : 2023 Integrated Report - Forward on society

We are growing faster together by combining the strength and scale of our large multinational business with an expert, local knowledge of the customers we serve and communities we support.

Our success is built on three pillars: great brands, great people and great execution. Done sustainably.

In this year's report

Visit our online Integrated Report at cocacolaep.com/investors/ financial-reports-and-results/latest-integrated-report

None of the websites referred to in this Annual Report on Form 20-F for the year ended 31 December 2023 (the Form 20-F), including where a link is provided, nor any of the information contained on such websites, are incorporated by reference in the Form 20-F.

Coca-Cola Europacific Partners plc

Registered in England & Wales

Company number 09717350

Strategic

Report

Who we are

Governance and Directors' Report

Financial Statements

Further Sustainability Information

Other Information

Coca-Cola Europacific Partners is one of the world's leading consumer goods companies - making, moving and selling some of the world's most loved drinks.

We make, move and sell the world's most loved drinks to millions of consumers, customers and communities every day.

Everything we do is built on three strategic pillars: great brands, great people and great execution. Done sustainably.

And our success is defined by the passion, hard work and commitment of the 32,000(A) people who work here at Coca-Cola Europacific Partners (CCEP).

Performance indicators

Financial Statements

Further Sustainability Information

Other Information

Financial

Reported revenue

€18.3bn

Comparable and FX neutral revenue

€18.7bn

Reported revenue increased by 5.5%, or 8.0% on a comparable and FX neutral basis. Volumes were down 0.5%(A) and revenue per unit case increased by 8.5%(B). Volume remained resilient despite macroeconomic impacts on consumer spend and strategic SKU rationalisation, with strong underlying volume performance. Revenue per case growth reflected positive headline price and continued focus on promotional optimisation and revenue growth management initiatives.

Reported operating profit

€2.3bn

Reported operating profit increased by 12.0%, or 13.5% on a comparable and fx neutral basis, reflecting strong revenue growth, as well as the benefit of ongoing efficiency programmes and continuous efforts on discretionary spend optimisation.

Reported diluted earnings per share (EPS)

€3.63

Comparable diluted earnings per share

€3.71

Net cash flows from operating activities

€2.8bn

Comparable free cash flow

€1.7bn

Return on invested capital (ROIC)

9.5%

Comparable return on invested capital

10.3%

1. On a comparable basis, No selling day shift in FY23.
2. On a comparable and foreign exchange (FX) neutral basis.

Comparable volume, comparable and FX neutral revenue and revenue per unit case, comparable operating profit, comparable diluted EPS, comparable free cash flow, ROIC and comparable ROIC are non-IFRS performance measures. Refer to "Note regarding the presentation of alternative performance measures" on pages 81-82 for the definition of our non-IFRS performance measures and pages 83-90 for a reconciliation of reported to comparable results. Comparable free cash flow excludes net of tax cash proceeds of €89 million in connection with the royalty income arising from the ownership of certain mineral rights in Australia.

Strategic Report

Governance and Directors' Report

Financial Statements

Further Sustainability Information

Other Information

Sustainability

Safety

Group: total incident rate

Number per 100 full time0.84 equivalent employees

Our target

Reduce our total incident rate (TIR) to below 1 by 2025

We are working towards world class safety standards and our Health, Safety and Mental Wellbeing policy is helping to ensure that we are adopting best practices.

Climate

Group: percentage greenhouse gas

(GHG) emissions reduction across 16.7% our entire value chain versus 2019

Our targets

Reduce emissions across our entire value chain by 30% by 2030 (versus 2019)

Our short- and long-term targets to reduce emissions by 30% by 2030, and to reach Net Zero by 2040, were approved by the Science Based Targets initiative (SBTi) as being in line with climate science.

Water

Group: water replenished

as a percentage of total98.7% sales volume

Our target

Replenish 100% of water we use in our beverages

Together with The Coca-Cola Company (TCCC) and The Coca-Cola Foundation (TCCF), we continue to support replenishment programmes across our territories. In 2023, we supported 27 water replenishment projects in Europe and 9 in API.

Drinks

Percentage sugar per litre reduction

Packaging

Group: percentage of rPET used 54.6%

Our target

50% recycled plastic in our PET bottles by 2023 (Europe) and 2025 (API)

We continued to exceed our target to use >50% recycled PET (rPET), reaching 54.6% across the Group in 2023. We also increased our use of rPET in Europe again, reaching 59.2%(C). In API 41.5% of the plastic we used in our PET bottles was rPET.

Note: Our 2023 data was subject to independent limited assurance. A copy of our 2023 assurance statement, and assurance statements for prior years can be found on cocacolaep.com/sustainability/download-centre. See detail regarding restatement of our baseline GHG figures in our methodology statement on page 237.

1. Sparkling soft drinks, non-carbonated soft drinks and flavoured water only. Does not include plain water or juice.
2. Non-alcoholicready to drink (NARTD) portfolio, including dairy. Does not include coffee, alcohol, beer or Freestyle.
3. In 2019, we announced enhanced packaging targets for Europe, bringing forward the deadline to use at least 50% rPET from 2025 to 2023. Since 2021, our rPET use in Europe has been >50%.

For more about our sustainability commitments and progress see pages 14-47

Our portfolio

Great brands, innovation and value for customers

Other Information

We work with our partners to offer consumers a wide range of quality drinks for every taste and occasion.

We continue to expand our portfolio by growing our core brands, while launching and scaling new products in categories like alcohol and coffee.

Our frontline sales force delivers execution and activation of our brands to support and create value for our customers throughout the year, particularly during key selling moments like Halloween, Christmas and the summer.

We are reducing the environmental impact of our manufacturing, distribution and packaging, as well as delivering on our commitment to reduce sugar across our portfolio and offering more low or no calorie drinks.

2023 volume by brand category

Coca-Cola®

Our Coca-Cola brands come in a range of flavours and a great choice of packs, with or without sugar.

More flavours and innovation In 2023, we provided even more flavour extensions and innovation with a number of limited editions including Coca-Cola®Y3000 Zero Sugar, co-createdwith human and artificial intelligence (AI), and Coca-ColaMovement.

Supermodel Gigi Hadid fronted a new global brand campaign, A Recipe for Magic, pairing Coca-Cola with special meal moments.

We also marked the FIFA Women's World Cup 2023 with promotions, limited edition pack designs and in store displays across our channels. This activity focused on attracting consumers and engaging

fans across our markets.

We ended the year with engaging Christmas campaigns and promotions to mark the holiday season, which is an important selling moment for CCEP.

Key product 2023

Coca-Cola Zero Sugar continued to perform in 2023 and saw volume growth of

+4.0%

All references to volumes are on a comparable basis. All changes are versus 2022 equivalent period unless stated otherwise. Non-IFRS performance measure. Refer to "Note regarding the presentation of alternative performance measures" on pages 81-82 for the definition of our non-IFRS performance measures and to pages 83-90 for a reconciliation of reported to comparable results.

Read more in Great brands on pages 16-19

Our portfolio continued

Great brands, innovation and value for customers

Other Information

Flavours, mixers and energy

Our flavours, mixers and energy category is driving growth for our business and providing a range of great tasting drinks for consumers.

2023 energy volume Strong volume growth supported by continued distribution

gains and

exciting innovation such as Monster Zero Sugar.

New flavours, more low or no calorie options, and engaging activation

In partnership with Monster Energy, we launched new products including Monster Zero Sugar, Monster Juiced Aussie Lemonade, Monster Ultra Rosa and Monster Ultra Peachy Keen.

Fanta continued to grow. What The Fanta Zero Sugar returned with a new colour and mystery flavour, supported by on and off shelf execution. The brand celebrated Halloween, supported by marketing, promotions and in store and online execution.

Royal Bliss launched new flavours including Aromatic Berry in several markets.

RTD tea, coffee, juices and other

Ready to drink (RTD) remains an important category for our business, with ongoing innovation and quality brands introduced to new markets.

Hydration

Our hydration category provides consumers with a range of beverage choices for any occasion. It includes waters, flavoured waters, functional waters and isotonic drinks.

Growing our portfolio with alcohol ready to drink (ARTD)

We further grew our portfolio in the ARTD category in several European markets. We also announced the creation of Absolut Vodka and Sprite in 2024.

2023 key product Jack Daniel's & Coca-Colais the number 1 ARTD value brand in Great Britain.(A)

#1

Category performance

Sports drinks volumes were up 11.3% and continue to be popular in both Europe and API, with growth in Powerade across all markets. To mark the FIFA Women's World Cup, we launched a new Powerade flavour, Powerade Fever Pitch.

Strategic Report

Governance and Directors' Report

Financial Statements

Further Sustainability Information

Other Information

Remaining close to our customers, communities and stakeholders gives us unique knowledge of our markets, enabling us to deliver great brands and great execution, done sustainably.

Our markets

Location of our shared service centres

1. Revenue shown is percentage of total reported revenue as at 31 December 2023.
2. Number of employees as at 31 December 2023.
3. Shared service centres.

Our business model How we do what we do

Financial Statements

Further Sustainability Information

Other Information

From developing close relationships with TCCC and other franchisors to sourcing raw materials, our great people make, move and sell great tasting drinks with great execution, all done sustainably.

Great brands

Great people

Great execution

Done sustainably

We partner

We operate under bottler agreements with TCCC and other franchisors, and purchase the concentrates, beverage bases and syrups to make, sell and distribute packaged beverages to our customers and vending partners.

Associated risks: 2 8 9 11

We source

We use ingredients such as water, sugar, coffee, juices and syrup to make our drinks. We also rely on materials like glass, aluminium, PET, pulp and paper to produce packaging. On average in 2023, 84% of our spend was with suppliers based in our countries of operation.

Associated risks: 1 3 4 7 12

We make

Our production facilities make and bottle our wide range of drinks. Over 90% of the drinks we sell are produced in the country in which they are consumed.

Associated risks: 3 4 7 9 10 12

For a better shared future Creating value and driving sustainable returns for our:

We recycle

Although 99.1% of our bottles and cans are recyclable, they don't always end up being recycled. That needs to change. We're determined to lead the way towards a circular economy for our packaging where, working with partners, we encourage packaging collection so that materials are recycled and reused.

Associated risks: 1 2 7

We sell

Our nearly 11,600 strong commercial team works with a wide range of customers, from small local shops, supermarkets and wholesalers to restaurants, bars and sports stadiums, so consumers can enjoy our great beverages. We also provide cold drink equipment (CDE) and supply vending machines.

Associated risks: 2 3 4 5 6 8 10

We distribute

We distribute our products to customers and vending partners directly, by working closely with logistics partners.

Associated risks: 1 3 6 10