Energy drinks were the fastest-growing category highlighted in Coca-Cola Europacific Partners (LSE:CCEP)' third quarter, outpacing the rest of the portfolio by a wide Margin at a time when management described consumers as under pressure.

Among all the drinks that Coca-Cola Europacific Partners (LSE:CCEP) bottles and distributes, one category stood apart in the three months to 2 October 2026. Energy drink volumes rose 17.3%, according to the company's third-quarter trading update published on Tuesday 3 November. Over the first nine months of the year, energy volumes were up 18.1%.

To put that in perspective, CCEP's total Volume grew 3.6% in the quarter. Energy drinks were therefore growing several times faster than the Business as a whole. The FTSE 100 company's Revenue reached €5,764m, up 6.5% reported and 5.8% FX-neutral, and Investing.com reported that the figure beat forecasts.

The shares nonetheless closed 2.1% lower, Reuters reported, after CCEP flagged cost pressures for next year. The wider FTSE 100 fell 1.14% to 10,638.43 on the same day.

Where energy sits in the portfolio

The third quarter's category figures show a clear ranking:

Energy:volume up 17.3%.

Water:volume up 10.8%.

Coca-Cola Zero Sugar:volume up 9.7%.

Fanta:volume down 1.5%.

Total company:volume up 3.6% (3.5% days-adjusted), at 1,048m unit cases.

A unit case is an industry measure of volume, used so that drinks sold in different pack sizes can be added together on a comparable basis. When volume in one category grows much faster than the total, it means that category is taking up a larger share of what the company sells.

The source material does not give the size of the energy category relative to the rest of the portfolio, so it is not possible to calculate precisely how many percentage points of total growth it contributed. What can be said is that energy, water and Zero Sugar all grew well ahead of the company average, while Fanta went backwards.

Why energy drinks matter for revenue

Volume is only one part of the revenue story. The other is how much the company earns on each unit it sells. CCEP's revenue per unit case rose 2.2% to €5.46 in the quarter.

Revenue per unit case can rise for a number of reasons: higher prices, a shift towards smaller or more premium packs, or a change in the mix of products sold. Categories that typically sell at a higher price per litre, or in single-serve formats, can lift the average when they grow faster than the rest. CCEP did not attribute a specific portion of its revenue per case growth to energy drinks in the figures available, so the exact contribution cannot be stated. But in general terms, rapid growth in a category like energy can support the overall price and mix picture alongside any price increases.

The combination of volume growth of 3.6% and revenue per unit case growth of 2.2% helps explain how the company reached FX-neutral revenue growth of 5.8%.

The energy surge stands out more because of the backdrop. Chief executive Damian Gammell said the consumer environment "remains challenging", and added that the geopolitical situation had affected operating costs.

That combination, growth in specific categories alongside a cautious view of consumers overall, is a pattern seen across many consumer goods companies. Shoppers under pressure may cut back in some areas while continuing to spend on particular products they value. For a bottler, having categories that keep growing in a difficult environment can help offset weakness elsewhere.

Regionally, growth was broad but uneven. Europe's revenue rose 5.2% FX-neutral to €4,436m, with volume up 2.3%. The APS region grew revenue 7.8% FX-neutral to €1,328m. Great Britain was a standout within Europe, with revenue up 8.0% to €1,003m, while Germany grew only 1.9% to €848m after a September customer dispute that management said had normalised by October.

The year so far and what comes next

Energy's 18.1% year-to-date volume growth suggests the third quarter was not a one-off. Over nine months, CCEP's total revenue reached €16,488m, up 6.0% FX-neutral.

The company reaffirmed its 2026 guidance in full: revenue growth of 3% to 4%, operating profit growth of around 7%, comparable free Cash Flow of at least €1.7bn and a Dividend payout of about 50% of comparable earnings per share. It also declared a second-half Interim Dividend of €1.42 per share, with a Record Date of Friday 20 November.

The cautious note concerned 2027. Management expects cost headwinds next year to be higher than this year's, although chief financial officer Ed Walker said they were "nowhere near the levels that we saw back in 2022 or 2023". Commodities make up about 25% of total cost of goods, and the company's Commodity needs are more than 95% hedged for 2026. No 2027 guidance will be given until the full-year results in February.

For a category growing as quickly as energy, the interplay between Demand and costs will be worth following. volume growth can help absorb rising input costs by spreading fixed overheads over more units, but it does not make a business immune to them.

Key dates to watch

Thu 5 Nov:Bank of England MPC decision, with a 25bp rise to 4% widely expected; Diageo also issues its Q1 trading statement, another read on drinks demand.

Thu 12 Nov:ONS first quarterly GDP estimate for July–September 2026 (7:00am), a gauge of UK consumer conditions.

Fri 20 Nov:CCEP record date for the €1.42 interim dividend.

Thu 3 Dec:CCEP €1.42 interim dividend payment date.

February 2027:CCEP full-year results, with first 2027 guidance.

The bottom line

A 17.3% rise in energy drink volumes was the standout feature of CCEP's third quarter, well ahead of total volume growth of 3.6% and supported by showings from water and Coca-Cola Zero Sugar. Together with a 2.2% increase in revenue per unit case, that category strength helped the company beat revenue forecasts and stick to its full-year guidance.

The share price reaction showed that investors were also looking past the quarter to higher expected costs in 2027. Whether energy drinks can maintain growth of this kind, and how much that helps cushion rising costs, may become clearer when CCEP sets out its first 2027 guidance in February.