-- CFRA, an independent research provider, has providedwith the following research alert. Analysts at CFRA have summarized their opinion as follows:
CCEP reported Q1 2026 revenue of EUR5.00B, in line with consensus of EUR4.99B. FXN revenue growth of 9.4% was led by strong reported volume growth of 8.5%, though comparable volume growth of 1.6% after adjusting for six additional consumption days provides a more accurate demand picture. Revenue per unit case growth was moderate at 0.8%, with Europe posting 1.3% expansion while APS declined 0.3% due to the Suntory alcohol exit impact. The energy category delivered exceptional 21.3% volume growth from Monster brand distribution gains. However, we do not expect sustainable outperformance given potential consumer choice overload from excessive innovation. Management reaffirmed 2026 targets of 3-4% FXN revenue growth and ~7% comparable operating profit growth, which compare well with consensus estimates. However, we maintain a grounded view given the challenging consumer environment with an ongoing focus on value and affordability, which limits price growth potential and necessitates sustained promotions.