During Q3, CCEP saw 1.5% year-on-year revenue growth, despite volumes falling by 4.5%. This equates to €4.8bn (£4.2bn) in revenue for the quarter.
Increased revenues were mainly driven by the Europe region, which saw a 3.5% increase during Q3. Volumes, meanwhile, fell by 4%.
However, the API region, which includes Australia, New Zealand, the Pacific Islands, Indonesia and Papua New Guinea, experienced an 8% decline in revenue, with volumes down 7%.
For the year-to-date, revenue reached €13.8bn (£11.95bn) which is a 6% year-on-year increase. Overall volumes are down 1% year-on-year, with Europe flat and API posting a 6% decline.
CCEP reaffirming full-year guidance
Damian Gammell, CCEP chief executive, said that 2023 has been a “strong year” to date driven by the group’s price and promotion strategy.
"Transactions outpaced volume and we grew both share and household penetration across our markets,” Gammell explained.
“Given our strong year to date performance, we are reaffirming our full year guidance and declaring a full year dividend up almost 10% on last year. This demonstrates the strength of our business and ability to continue to deliver shareholder value.”
Reflecting on Q3 in particular, Gammell added: “We delivered top line growth despite mixed summer weather across Europe and the ongoing execution of our long-term transformation strategy in Indonesia.”
Looking to next year, Gammell said that the group is "on track" to complete the proposed acquisition of Coca-Cola Beverages Philippines (CCBPI) by early next year and will share more in "due course".
CCEP signalled its intent to purchase CCBPI in a deal worth $1.8bn (£1.45bn) in August of this year. If completed, it would make CCEP the largest bottler of Coca-Cola in the world.
The proposal was made in partnership with Philippines-based firm Aboitiz Equity Ventures, with the two parties agreeing to a 60:40 ownership split.
"We have been working closely with The Coca-Cola Company and Aboitiz on the proposed acquisition of CCBPI, aligned with our aim of driving sustainable and stronger growth through diversification and scale," Gammell concluded.