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Investing.com -- Coca-Cola European Partners (BME:CCEP) PLC (NASDAQ:CCEP) shares fell 8.06% on Wednesday after the bottling company lowered its full-year revenue growth guidance to 3-4% from its previous target of around 4%, despite posting first-half results that largely met expectations.
The guidance cut primarily reflects ongoing weakness in Indonesia, where volumes declined by double digits amid a challenging consumer environment.
The company reported first-half adjusted comparable volume growth of 0.3%, slightly ahead of consensus expectations of -0.4%, while revenue grew 2.5% on an FX-neutral basis, just below the 2.6% analysts had forecast.
Adjusted comparable revenue per unit case increased 3.8%, driven by positive pricing, promotional optimization, and favorable pack mix.
Europe showed signs of recovery with volumes returning to growth in the second quarter, up 1.2%, helped by later Easter timing and improved weather conditions.
However, the company’s Asia Pacific segment was weighed down by Indonesia’s performance, despite continued growth in Australia and the Philippines.
"We’re pleased to have delivered a solid first half performance," said CEO Damian Gammell. "We’ve continued to grow share ahead of the market, create value for our customers, and deliver solid gains in revenue per unit case through revenue and margin growth management."
Despite lowering revenue expectations, CCEP maintained its full-year operating profit growth guidance of approximately 7% and free cash flow target of at least €1.7 billion.
The company reported first-half comparable operating profit of €1,390 million, up 7.2% on an FX-neutral basis, and comparable diluted earnings per share of €2.02, a 3.1% increase.
The company declared an interim dividend of €0.79 per share and confirmed it has completed approximately €460 million of its €1 billion share buyback program announced in February 2025.