This document contains statements, estimates or projections that constitute "forward-looking statements" concerning the financial condition, performance, results, guidance and outlook, dividends, consequences of mergers, acquisitions, joint ventures, and divestitures, including the joint venture with Aboitiz Equity Ventures Inc. (AEV) and acquisition of Coca-Cola Beverages Philippines, Inc. (CCBPI), strategy and objectives of Coca-Cola Europacific Partners plc and its subsidiaries (together CCEP or the Group). Generally, the words "ambition", "target", "aim", "believe", "expect", "intend", "estimate", "anticipate", "project", "plan", "seek", "may", "could", "would", "should", "might", "will", "forecast", "outlook", "guidance", "possible", "potential", "predict", "objective" and similar expressions identify forward-looking statements, which generally are not historical in nature.

Forward-looking statements are subject to certain risks that could cause actual results to differ materially from CCEP's historical experience and present expectations or projections. As a result, undue reliance should not be placed on forward-looking statements, which speak only as of the date on which they are made. These risks include but are not limited to:

1. those set forth in the "Risk Factors" section of CCEP's 2023 Annual Report on Form 20-F filed with the SEC on 15 March 2024 and as updated and supplemented with the additional information set forth in the "Principal Risks and Risk Factors" section of this document;

2. risks and uncertainties relating to the global supply chain, distribution and sales, including impact from war in Ukraine and increasing geopolitical tensions and conflicts including in the Middle East and Asia Pacific region, such as the risk that the business will not be able to guarantee sufficient supply of raw materials, supplies, finished goods, natural gas and oil and increased state-sponsored cyber risks;

3. risks and uncertainties relating to the global economy and/or a potential recession in one or more countries, including risks from elevated inflation, price increases, price elasticity, disposable income of consumers and employees, pressure on and from suppliers, increased fraud, and the perception or manifestation of a global economic downturn;

4. risks and uncertainties relating to potential water use reductions due to regulations by national and regional authorities leading to a potential temporary decrease in production volume; and

5. risks and uncertainties relating to the integration and operation of the joint venture with AEV and acquisition of CCBPI, including the risk that our integration of CCBPI's business and operations may not be successful or may be more difficult, time consuming or costly than expected.

Due to these risks, CCEP's actual future financial condition, results of operations, and business activities, including its results, dividend payments, capital and leverage ratios, growth, including growth in revenue, cost of sales per unit case and operating profit, free cash flow, market share, tax rate, efficiency savings, achievement of sustainability goals, including net zero emissions and recycling initiatives, capital expenditures, our agreements relating to and results of the joint venture with AEV and acquisition of CCBPI, and ability to remain in compliance with existing and future regulatory compliance, may differ materially from the plans, goals, expectations and guidance set out in forward-looking statements. These risks may also adversely affect CCEP's share price. Additional risks that may impact CCEP's future financial condition and performance are identified in filings with the SEC which are available on the SEC's website at www.sec.gov. CCEP does not undertake any obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events, or otherwise, except as required under applicable rules, laws and regulations. Any or all of the forward-looking statements contained in this filing and in any other of CCEP's public statements may prove to be incorrect.

Adjusted financial information

Non-IFRS adjusted financial information for selected metrics has been provided in order to illustrate the effects of the acquisition of CCBPI on the results of operations of CCEP and to allow for greater comparability of the results of the combined group between periods. The adjusted financial information has been prepared for illustrative purposes only, and because of its nature addresses a hypothetical situation. It does not intend to represent the results had the acquisition occurred at the dates indicated, or project the results for any future dates or periods. It is based on information and assumptions that CCEP believe are reasonable, including assumptions as at 1 January of the period presented relating to provisional transaction accounting adjustments. No cost savings or synergies were contemplated in these provisional adjustments.

The non-IFRS adjusted financial information has not been prepared in accordance with the requirements of Regulation S-X Article 11 of the US Securities Act of 1933 or any generally accepted accounting standards, may not necessarily be comparable to similarly titled measures employed by other companies and should be considered supplemental to, and not a substitute for, financial information prepared in accordance with generally accepted accounting standards.

The acquisition completed on 23 February 2024 and the non-IFRS adjusted financial information provided reflects the inclusion of CCBPI as if the acquisition had occurred at the beginning of the period presented. It has been prepared on a basis consistent with CCEP IFRS accounting policies and includes provisional transaction accounting adjustments for the periods presented.

Alternative Performance Measures

We use certain alternative performance measures (non-IFRS performance measures) to make financial, operating and planning decisions and to evaluate and report performance. We believe these measures provide useful information to investors and as such, where clearly identified, we have included certain alternative performance measures in this document to allow investors to better analyse our business performance and allow for greater comparability. To do so, we have excluded items affecting the comparability of period-over-period financial performance as described below. The alternative performance measures included herein should be read in conjunction with and do not replace the directly reconcilable IFRS measures.

For purposes of this document, the following terms are defined:

''As reported'' are results extracted from our condensed consolidated interim financial statements.

"Adjusted" includes the results of CCEP as if the CCBPI acquisition had occurred at the beginning of the period presented, including provisional acquisition accounting adjustments, accounting policy reclassifications and the impact of debt financing costs in connection with the acquisition.

"Comparable'' is defined as results excluding items impacting comparability, which include restructuring charges, net impact related to European flooding, accelerated amortisation charges, expenses related to legal provisions, inventory fair value step up related to acquisition accounting, impairment charges, acquisition and integration related costs, income arising from the ownership of certain mineral rights in Australia and gain on sale of sub-strata and associated mineral rights in Australia. Comparable volume is also adjusted for selling days.

''Adjusted comparable" is defined as adjusted results excluding items impacting comparability, as described above.

''Fx-neutral'' or "FXN" is defined as period results excluding the impact of foreign exchange rate changes. Foreign exchange impact is calculated by recasting current year results at prior year exchange rates.

''Capex'' or "Capital expenditures'' is defined as purchases of property, plant and equipment and capitalised software, plus payments of principal on lease obligations, less proceeds from disposals of property, plant and equipment. Capex is used as a measure to ensure that cash spending on capital investment is in line with the Group's overall strategy for the use of cash.

''Comparable free cash flow'' is defined as net cash flows from operating activities less capital expenditures (as defined above) and net interest payments, adjusted for items that are not reasonably likely to recur within two years, nor have occurred within the prior two years. Comparable free cash flow is used as a measure of the Group's cash generation from operating activities, taking into account investments in property, plant and equipment, non-discretionary lease and net interest payments while excluding the effects of items that are unusual in nature to allow for better period over period comparability. Comparable free cash flow reflects an additional way of viewing our liquidity, which we believe is useful to our investors, and is not intended to represent residual cash flow available for discretionary expenditures.

''Comparable EBITDA'' is calculated as Earnings Before Interest, Tax, Depreciation and Amortisation (EBITDA), after adding back items impacting the comparability of period over period financial performance. Comparable EBITDA does not reflect cash expenditures, or future requirements for capital expenditures or contractual commitments. Further, comparable EBITDA does not reflect changes in, or cash requirements for, working capital needs, and although depreciation and amortisation are non-cash charges, the assets being depreciated and amortised are likely to be replaced in the future and comparable EBITDA does not reflect cash requirements for such replacements.

''Net Debt'' is defined as borrowings adjusted for the fair value of hedging instruments and other financial assets/liabilities related to borrowings, net of cash and cash equivalents and short-term investments. We believe that reporting net debt is useful as it reflects a metric used by the Group to assess cash management and leverage. In addition, the ratio of net debt to comparable EBITDA is used by investors, analysts and credit rating agencies to analyse our operating performance in the context of targeted financial leverage.

''Dividend payout ratio'' is defined as dividends as a proportion of comparable profit after tax.

Additionally, within this document, we provide certain forward-looking non-IFRS financial information, which management uses for planning and measuring performance. We are not able to reconcile forward-looking non-IFRS measures to reported measures without unreasonable efforts because it is not possible to predict with a reasonable degree of certainty the actual impact or exact timing of items that may impact comparability throughout year.

The  following  provides  a  summary reconciliation of  the  items  impacting  comparability  for the six months ended 28 June 2024 and 30 June 2023:

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^[1] Amounts represent restructuring charges related to business transformation activities.

^[2]  Amounts represent cost associated with the acquisition and integration of CCBPI.

^[3] Amounts represent the incremental expense incurred offset by the insurance recoveries collected as a result of the July 2021 flooding events, which impacted the operations of our production facilities in Chaudfontaine and Bad Neuenahr.

^[4] Amounts represent the non-recurring impact of provisional fair value step-up of CCBPI inventories.

^[5] Amounts represent the impairment in relation to the Feral brand. The Group is in a process of selling the brand, which has been classified as an asset held for sale in the Group's condensed consolidated interim statement of financial position as of 28 June 2024.

^[6]  Amounts relate to the increase in a provision established in connection with an ongoing labour law matter in Germany.

^[7] Amounts represent accelerated amortisation charges associated with the discontinuation of the relationship between CCEP and Beam Suntory upon expiration of the current contractual agreements.

^[8] Amounts represent royalty income arising from the ownership of certain mineral rights in Australia. The royalty income was recognised as "Other income" in our condensed consolidated interim income statement as of the six months ended 30 June 2023.

^[9] Amounts represent the considerations received relating to the sale of the sub-strata and associated mineral rights in Australia. The transaction completed in April 2023 and the proceeds were recognised as "Other income" in our condensed consolidated interim income statement as of the six months ended 30 June 2023.

The following provides a summary reconciliation for CCEP's reported results and adjusted comparable financial information for the six months ended 28 June 2024 and 30 June 2023:

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^[1] Amounts represent items affecting the comparability of CCEP's year-over-year financial performance.

^[2] Amounts represent unaudited results of CCBPI as if the acquisition had occurred on 1 January, including provisional acquisition accounting adjustments, CCEP IFRS accounting policy reclassifications and the impact of debt financing costs in connection with the acquisition, excluding items impacting comparability.

^[3] Amounts represent provisional transaction accounting adjustments for the 6 months ending 30 June 2023 as if the acquisition had occurred on 1 January 2023 comprising finance costs from CCEP acquisition financing. Tax rate used is 22%, in line with the Group's effective tax rate for the 6 months ended 30 June 2023. For 2024, these finance costs are included within CCEP reported results. Separate financing adjustment is included within CCBPI Adjusted comparable.

The table below illustrates the impact of adjustments made to CCBPI in order to present them on a basis consistent with CCEP's accounting policies and including provisional acquisition accounting adjustments.

^[1] Historical unaudited CCBPI results for the period 1 January 2023 to 30 June 2023.

^[2] Accounting policy and classification adjustments made to CCBPI in order to present on a basis consistent with CCEP IFRS accounting.

^[3] Amounts represent provisional transaction accounting adjustments for the 6 months ending 30 June 2023 as if the acquisition had occurred on 1 January 2023, and mainly include incremental depreciation and amortisation impact relating to provisional fair values for intangibles and property plant and equipment, inventory step up costs, an increase in total finance costs as a result of local financing in the Philippines related to the acquisition and the inclusion of acquisition and integration related costs.

^[4] Amounts represent one-time items identified by CCBPI which are not expected to recur, and mainly include inventory step up costs, acquisition and integration related costs and the impact from the reversal of certain provisions.

The following provides a summary reconciliation of CCEP's reported and adjusted comparable financial information for the full year ended 31 December 2023, assuming the acquisition occurred on 1 January 2023. Following the announcement of the acquisition on 23 February 2024, the adjusted financial information has been updated to reflect changes in the provisional acquisition accounting adjustments.

^[1] Amounts represent items affecting the comparability of CCEP's year-over-year financial performance.

^[2] Amounts represent unaudited results of CCBPI as if the acquisition had occurred on 1 January, including provisional acquisition accounting adjustments, CCEP IFRS accounting policy reclassifications and the impact of debt financing costs in connection with the acquisition, excluding items impacting comparability.

^[3]  Amounts represent provisional transaction accounting adjustments for the 12 months ending 31 December 2023 as if the acquisition had occurred on 1 January 2023 comprising finance costs from CCEP acquisition financing. Tax rate used is 24%, in line with the Group's effective tax rate for the year ended 31 December 2023. Separate financing adjustment is included within CCBPI Adjusted comparable.

Revenue

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^[1] Iberia refers to Spain, Portugal & Andorra.

^[2] France refers to continental France & Monaco.

Volume

Cost of Sales

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^[1] Amounts represent restructuring charges related to business transformation activities.

^[2] Amounts relate to the increase in a provision established in connection with an ongoing labour law matter in Germany.

^[3] Amounts represent the incremental expense incurred offset by the insurance recoveries collected as a result of the July 2021 flooding events, which impacted the operations of our production facilities in Chaudfontaine and Bad Neuenahr.

^[4] Amounts represent the non-recurring impact of provisional fair value step-up of CCBPI inventories.

For the six months ending 28 June 2024, reported cost of sales were €6,332 million, up 11.0% versus 2023. Comparable cost of sales for the same period were €6,320 million, up 10.9% versus 2023. Cost of sales per unit case decreased by 2.1% on a comparable and fx-neutral basis, reflecting the impact of the newly acquired CCBPI operations, partly offset by increased revenue per unit case driving higher concentrate costs, inflation in manufacturing and tax increase driven by the Netherlands.

Operating expenses

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^[1] Amounts represent restructuring charges related to business transformation activities.

^[2]  Amounts represent cost associated with the acquisition and integration of CCBPI.

^[3] Amounts represent the impairment in relation to the Feral brand. The Group is in a process of selling the brand, which has been classified as an asset held for sale in the Group's condensed consolidated interim statement of financial position as of 28 June 2024.

^[4] Amounts relate to the increase in a provision established in connection with an ongoing labour law matter in Germany.

^[5] Amounts represent accelerated amortisation charges associated with the discontinuation of the relationship between CCEP and Beam Suntory upon expiration of the current contractual agreements.

For the six months ending 28 June 2024, reported operating expenses were €2,354 million, up 9.3% versus 2023.

Comparable operating expenses were €2,212 million for the same period, up 4.8% versus 2023, reflecting the impact of the newly acquired CCBPI operations, inflation and higher volumes, partially offset by the benefit of ongoing efficiency programmes and our continuous efforts on discretionary spend optimisation.

In November 2022, the Group announced a new efficiency programme to be delivered by the end of 2028. This programme focusses on further supply chain efficiencies, leveraging global procurement and a more integrated shared service centre model, all enabled by next generation technology including digital tools and data and analytics. During the first half of 2024, as part of this efficiency programme, the Group announced restructuring proposals resulting in €90 million of operating expenses primarily related to expected severance payments. This compares to €42 million of restructuring charges within operating expenses incurred in the six month period ending 30 June 2023, related to various productivity initiatives.

Acquisition and integration related costs of €11 million were recognised within reported operating expenses for the six months ending 28 June 2024 associated with the acquisition of CCBPI, primarily brokerage and advisory fees.

Operating profit

Revenue

^[1] The adjusted revenue impact reflects the inclusion of Philippines revenue as if the acquisition had occurred at the beginning of the period presented and prepared on a basis consistent with CCEP accounting policies.

Volume

^[1] The adjusted volume impact reflects the inclusion of Philippines volume as if the acquisition had occurred at the beginning of the period presented. No selling day shift in Q1 & Q2 2024.

Cost of Sales

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^[1] Amounts represent unaudited cost of sales of CCBPI as if the acquisition had occurred on 1 January, including provisional acquisition accounting adjustments and CCEP IFRS accounting policy reclassifications.

^[2] Amounts represent transaction accounting adjustments as if the acquisition had occurred on 1 January. These include the depreciation impact relating to provisional fair values for property plant and equipment and the non-recurring impact of the provisional fair value step-up of CCBPI finished goods.

^[3] Amounts represent restructuring charges related to business transformation activities.

^[4] Amounts represent the incremental expense incurred offset by the insurance recoveries collected as a result of the July 2021 flooding events, which impacted the operations of our production facilities in Chaudfontaine and Bad Neuenahr.

^[5] Amounts represent the non-recurring impact of provisional fair value step-up of CCBPI inventories.

^[6] Amounts relate to the increase in a provision established in connection with an ongoing labour law matter in Germany.

^[7] Amounts represent one-time items identified by CCBPI which are not expected to recur, and mainly include the impact from the reversal of certain provisions partially offset by charges related to business transformation activities.

Adjusted comparable cost of sales for the six months ending 28 June 2024 were €6,534 million, up 2.5% versus 2023. Cost of sales per unit case increased by 2.5% on an adjusted comparable and fx-neutral basis, driven by an increase in concentrate in line with our incidence model reflecting the improvement in revenue per unit case. There was also upward pressure on manufacturing costs and increased tax driven by the Netherlands, partially offset by the mix effect from the strong growth in the Philippines.

Operating Expenses

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^[1] Amounts represent unaudited operating expenses of CCBPI as if the acquisition had occurred on 1 January, including provisional acquisition accounting adjustments and CCEP IFRS accounting policy reclassifications.

^[2] Amounts represent transaction accounting adjustments as if the acquisition had occurred on 1 January. These include the depreciation and amortisation impact relating to provisional fair values for intangibles and property plant and equipment and acquisition and integration related costs.

^[3] Amounts represent restructuring charges related to business transformation activities.

^[4]  Amounts represent cost associated with the acquisition and integration of CCBPI.

^[5] Amounts relate to the increase in a provision established in connection with an ongoing labour law matter in Germany.

^[6] Amounts represent the impairment in relation to the Feral brand. The Group is in a process of selling the brand, which has been classified as an asset held for sale in the Group's condensed consolidated interim statement of financial position as of 28 June 2024.

^[7] Amounts represent accelerated amortisation charges associated with the discontinuation of the relationship between CCEP and Beam Suntory upon expiration of the current contractual agreements.

^[8] Amounts represent one-time items identified by CCBPI which are not expected to recur, and mainly include the impact from the reversal of certain provisions partially offset by charges related to business transformation activities.

Adjusted comparable operating expenses for the six months ending 28 June 2024 were €2,256 million, up 0.8% versus 2023, reflecting inflation and higher volumes, partially offset by the benefit of on-going efficiency programmes and our continuous efforts on discretionary spend optimisation in areas such as trade marketing, travel and meetings.

Operating Profit

The effective tax rate was 22% for the six months ended 28 June 2024 and 30 June 2023, respectively, and 24% for the year ended 31 December 2023.

For the six months ending 28 June 2024, the effective tax rate reflects the impact of having operations outside the UK which are taxed at rates other than the statutory UK rate of 25%, and adjustments made in respect of prior periods.

We expect our full year 2024 comparable effective tax rate to be approximately 25%.

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^[1] Amounts represent the tax impact of restructuring charges related to business transformation activities.

^[2]  Amounts represent the tax impact of costs associated with the acquisition and integration of CCBPI.

^[3] Amounts represent the tax impact of the non-recurring impact of provisional fair value step-up of CCBPI inventories.

^[4] Amounts represent the tax impact of the impairment in relation to the Feral brand. The Group is in a process of selling the brand, which has been classified as an asset held for sale in the Group's condensed consolidated interim statement of financial position as of 28 June 2024.

^[5] Amounts represent the tax impact of accelerated amortisation charges associated with the discontinuation of the relationship between CCEP and Beam Suntory upon expiration of the current contractual agreements.

^[6] Amounts represent the tax impact of the incremental expense incurred offset by the insurance recoveries collected as a result of the July 2021 flooding events, which impacted the operations of our production facilities in Chaudfontaine and Bad Neuenahr.

^[7] Amounts represent the tax impact of royalty income arising from the ownership of certain mineral rights in Australia. The royalty income was recognised as "Other income" in our condensed consolidated interim income statement as of the six months ended 30 June 2023.

^[1] During the six months ended 30 June 2023, the Group received net of tax cash proceeds of €89 million in connection with the royalty income arising from the ownership of certain mineral rights in Australia. During the six months ended 28 June 2024, the Group paid a further €12 million of cash taxes in connection with those proceeds. The cash impacts associated with those specific events have been included within the Group's net cash flows from operating activities for the six months ended 28 June 2024 and 30 June 2023, respectively. Given the unusual nature and to allow for better period to period comparability, our comparable free cash flow measure excludes the cash impact related to those items.

If the Acquisition had occurred on 1 January 2024, adjusted comparable free cash flow for the six months ended 28 June 2024 is estimated to approximate the comparable free cash flow in the table above.