Shares in FTSE 100-listed Coca-Cola Europacific Partners PLC (LSE:CCEP, NASDAQ:CCEP) and Coca Cola HBC AG (LSE:CCH) dropped sharply on Wednesday after the drinks bottlers both reported interim results that highlighted revenue growth but raised concerns over volume momentum and regional profitability.
Coca-Cola Europacific reported 4.5% revenue growth in the first half of 2025 and reaffirmed its full-year profit and cash guidance.
However, adjusted comparable volume growth was just 0.3%, and revenue per unit case rose a modest 1.1%, potentially disappointing investors looking for stronger underlying momentum.
The company also flagged a weaker consumer backdrop in Indonesia, a key market for its Asia Pacific segment.
At Coca-Cola HBC, organic revenue rose 9.9%, with volume up 2.6%. However, EBIT declined 7.2% in the established and 0.6% in developing segments due to higher marketing investment and tough comparatives, despite strength in emerging markets.
While HBC raised its guidance to the top end of its range, this appeared insufficient to offset market reaction to the segmental margin pressure.
Both companies announced increased shareholder returns, including a €0.79 interim dividend at CCEP and free cash flow growth at HBC.