Record Financial Year Across Key Metrics
Full-year 2025 revenue of EUR 20.9 billion (+2.8% comparable), operating profit of EUR 2.8 billion (+7.1%), operating margin 13.4% (expansion ~50 bps), and adjusted EPS EUR 4.11 (+6.2%).
Strong Free Cash Flow and Capital Returns
Generated free cash flow just over EUR 1.8 billion after CapEx of ~EUR 1 billion; returned ~EUR 1.9 billion to shareholders (dividend EUR 2.04 per share plus EUR 1.0 billion buyback completed) and announced a further EUR 1.0 billion buyback for 2026.
Revenue Mix and Pricing Progress
Revenue per unit case growth of +2.9% with over one-third of that from brand and pack mix; company targeting roughly a one-third split of volume / mix / price for 2026 revenue growth.
Category and Brand Momentum
NARTD category value growth ~6% (Europe +2%, APS +5%); Energy volumes (Monster) up nearly 20% with share gains >200 bps; Zeros grew ~6%; ARTD category value growth ~10%.
Regional Standouts — GB & APS
Great Britain: revenue growth ~6% with volume gains in both channels and strong away-from-home wins. APS (Australia Pacific & SEA) top-line excluding alcohol +7%, share gains in sparkling, energy and sports.
Productivity, Balance Sheet and ROIC
OpEx as % of revenue improved to 22.1% (40 bps improvement); productivity program on track to deliver EUR 350–400 million savings by 2028; net debt/EBITDA just below 2.7x (within 2.5–3x guidance); ROIC up 70 bps to 11.5%.
Sustainability and Capability Investments
Remained on CDP Climate A list for 10th year; progressing packaging collection (DRS launch in Portugal, GB preparation); invested heavily in digital, AI and SAP S/4HANA and opened a new shared service center in Manila.
Strategic Portfolio Execution
Portfolio changes largely completed (e.g., Philippines transaction, Suntory transition underway) and management reiterates midterm targets and FY26 guidance (revenue +3–4%, profit +7%).