Coca-Cola Europacific Partners plc (CCEP) is the second-largest bottling partner in the Coca-Cola system by volume, behind Coca-Cola Femsa, with operations primarily focused on developed markets in Europe, Australasia, and Southeast Asia. In 2025, CCEP sold 3.9 billion unit cases of beverages, which we estimate represented about 9% of total global Coca-Cola system volume. The Coca-Cola Company (TCCC) holds a 19% equity stake in CCEP, Olive Partners, a holding company for bottling operations, owns an additional 36%, and the remaining 45% is publicly traded.