Strong financial performance and strategic progress in volatile and challenging environment
PRESS RELEASE
Amsterdam, February 24, 2026
Key items1
- Organic sales up +15.3%, driven by 19.5% price and -4.3% volume/mix; Reported sales up 12.3%
- Organic adjusted EBIT up +1.2% to EUR 1.3 billion
- Free cash flow of EUR 1,130 million; Net leverage at 2.3x
- Underlying EPS EUR 2.46 (up +1.7% to EUR 1.84 excluding fair value change in equity derivatives); Reported EPS of EUR 1.64
- Strong progress made in the roll-out of the brand-led Reignite the Amazing strategy
- KDP offer launched with closing expected early in the second quarter of 2026, subject to the satisfaction or waiver of the closing conditions
A message from Rafa Oliveira, CEO of JDE Peet's
"2025 was a very good year for JDE Peet's. Despite unprecedented green coffee inflation, we delivered strong top-line growth, increased our operational profit, and generated cash in excess of 1.1 billion euro.
A major highlight was the launch of our new brand-led strategy, Reignite the Amazing, to drive sustainable value creation- and it is already delivering tangible results. The strategy is centred around three Big Bets-- Peet's, L'OR and Jacobs, alongside a portfolio of nine local icons- providing clear strategic direction, focussed priorities, and compelling opportunities for long-term growth. Since its launch, we have made good progress in simplifying our organisation, advancing our 500 million euro cost savings programme, and adopting a more selective and disciplined approach to capital and resource allocation to support targeted growth investments.
Throughout 2025, we also launched a series of exciting new products including Dubai Chocolate, rolled out across 22 countries; Peet's Popping Pearls and Peet's ready-to-drink Cold Brew Coffee; as well as the L'OR Barista Absolu capsule machine, offering 18 hot or iced creations. These innovations demonstrate our ability to move with speed, delight our consumers in new and exciting ways, and keep JDE Peet's at the heart of the global coffee conversation.
I would like to thank our dedicated and passionate colleagues, who worked incredibly hard to navigate the dynamic operating environment, while simultaneously making strong progress on our new strategy.
Based on our strong performance in 2025 and the momentum behind our strategic priorities, we enter 2026 from a position of strength. What's next is even more exciting as we prepare to build the world's best coffee company together with KDP and enter a new era of growth and innovation."
Reignite the Amazing strategy: strategic and productivity initiatives well underway
At its Capital Markets Day on July 1, 2025, JDE Peet's introduced its new strategy, Reignite the Amazing, aimed at driving sustainable value creation. This brand-led strategy is centred around three Big Bets: Peet's, L'OR and Jacobs, alongside a portfolio of nine local icons, designed to drive long-term growth and strengthen market relevance.
Since then, the company has made solid progress in simplifying its organisation, advancing its EUR 500 million cost savings programme, and adopting a more selective and disciplined approach to capital and resource allocation to drive targeted growth investments.
During the year, the company
- developed a new company-wide programme to accelerate the development of bigger, higher-impact innovations, in line with its ambition to substantially increase the value of its innovation pipeline and reduce time-to-scale;
- streamlined and simplified the organisation by reducing European clusters, establishing shared service centres, and selectively outsourcing support functions;
- transitioned a significant portion of Peet's U.S. commercial route-to-market from Direct Store Delivery (DSD) to an asset-light direct central distribution model, with the remaining transition completed by June;
- reduced complexity of its appliance park by 15% and reduced its cross-sell SKUs by more than 50% in its European Out-of-Home business;
- divested or discontinued various non-core businesses and assets, including its tea business in Turkey, its low-margin Food Ingredients (B2B) business in Asia, and three factories in the U.K., Brazil and the U.S.;
- transitioned nine of its long-tail brands and is well on track to transition another thirteen long-tail brands in 2026;
- delivered EUR 70 million of incremental productivity savings across COGS and SG&A through strategic focus, simplification and more effective A&P allocation, in line with the company's EUR 500 million productivity target by 2032, with 50% to be achieved by the end of 2027 and half of the total savings to be reinvested into the business.
Significant cost inflation in 2025
Green coffee price developments remained volatile and continued their upward trend in 2025. Coupled with other cost inflation, this resulted in a total cost inflation of EUR 1.6 billion. To mitigate the impact of this unprecedented cost increase, the company continued to implement a range of measures, including productivity and efficiency initiatives, passing on cost increases to consumers only where unavoidable, while maintaining affordability. As a category leader, JDE Peet's remains committed to creating value across the entire supply chain- supporting coffee farmers in adopting sustainable practices while delivering innovative, high-quality, and enjoyable coffee products to consumers and retailers.
KDP transaction on track to close in early Q2 25
On 25 August 2025, Keurig Dr Pepper (KDP) and JDE Peet's jointly announced they had reached conditional agreement under which KDP intends to acquire JDE Peet's in an all-cash transaction. Since then, good progress has been made. All competition clearances that constitute conditions to the Offer have been obtained. In addition, positive advice has been received from JDE Peet's Dutch Works Council, and the European Works Council has satisfactorily been informed of the transaction in accordance with the European works council agreement.
On 16 January 2026, Kodiak BidCo B.V., a subsidiary of KDP, launched a recommended public cash offer for all outstanding shares in JDE Peet's at a price of EUR 31.85 per share. JDE Peet's Board of Directors fully supports, and unanimously recommends, the o?er to all shareholders for acceptance. Acorn Holdings B.V. and all members of the Board of JDE Peet's, together representing approximately 69% of the issued and outstanding shares of JDE Peet's, have irrevocably undertaken to tender their shares under the o?er. Closing of the offer is expected early in the second quarter of 2026, subject to the satisfaction or waiver of the closing conditions.
Dividend
In light of the ongoing acquisition process, the Board of Directors does not propose a dividend for financial year 2025. The net result for the year will be appropriated to the Company's reserves.
FINANCIAL REVIEW FULL-YEAR 2025
in EUR m (unless otherwise stated)
| | FY 2025 | FY 2024 | Organic change | Reported change |
| Sales | 9,921 | 8,837 | 15.3 % | 12.3 % |
| Adjusted EBITDA 1 | 1,592 | 1,587 | - | 0.3 % |
| Adjusted EBIT 1 | 1,295 | 1,277 | 1.2 % | 1.4 % |
| Operating profit | 757 | 1,056 | -28.7 % | -28.3 % |
| Underlying profit for the period 1 | 1,196 | 729 | - | 64.1 % |
| Profit for the period | 803 | 543 | - | 47.9 % |
| Underlying EPS (EUR) 1,2,3 | 2.46 | 1.50 | - | 64.0 % |
| Basic EPS (EUR) 2 | 1.64 | 1.15 | - | 42.6 % |
| 1 Alternative Performance Measure. Refer to Reconciliation of non-IFRS measures | ||||
| 2 Based on the weighted average number of shares outstanding | ||||
| 3 Underlying earnings (per share) exclude adjusting items (net of tax) | ||||
Total reported sales increased by 12.3% to EUR 9,921 million. Excluding a -2.7% effect related to foreign exchange and a -0.3% related to scope, sales increased by 15.3% on an organic basis. Organic sales growth was driven by a price effect of 19.5% and a volume/mix effect of -4.3%. All categories contributed to the organic sales growth with double-digit growth in Roast & Ground, Beans and Instants and mid-single-digit growth in Capsules.
Adjusted EBIT increased organically by 1.2%, as disciplined pricing and productivity programmes were able to offset nearly EUR 1.6 billion of incremental inflation in FY 25.
Profit for the period increased by 47.9%. Underlying profit - excluding all adjusting items net of tax - increased by 64.1% to EUR 1,196 million. This performance was mainly driven by a favourable non-cash, tax-exempt impact of EUR 301 million from a fair value change in the company's equity derivatives, due to the increase in the company's share price in 2025. Excluding this fair value change, the underlying effective tax rate would have been around 26%, underlying profit would have been EUR 895 million, and underlying EPS would have increased by 1.7% to EUR 1.84 in FY 25.
Net debt decreased by EUR 611 million to EUR 3.7 billion on 31 December 2025. As a result, net leverage decreased by 0.4x to 2.3x net debt to adjusted EBITDA on 31 December 2025.
For the full and original version of the press release click here
1 This press release contains Alternative Performance Measures (APMs), which are not recognised measures of financial performance under IFRS. For a reconciliation of these APMs to the most directly comparable IFRS financial measures, refer to Reconciliation of non-IFRS measures.
ENQUIRIES
| Media |
| Moustapha Echahbouni Media@JDEPeets.com +31 6 2139 1762 |
| Investors & Analysts |
| Robin Jansen IR@JDEPeets.com +31 6 1594 4569 |
About JDE Peet's
JDE Peet's is the world's leading pure-play coffee company, with a presence in more than 100 markets. Guided by its Reignite the Amazing strategy, the company is focused on brand-led growth across three big bets: Peet's, L'OR, and Jacobs, alongside a collection of 9 local icons. In 2025, JDE Peet's generated total sales of EUR 9.9 billion and employed a global workforce of more than 21,000 employees. Discover more about our journey to deliver a coffee for every cup and a brand for every heart at www.jdepeets.com.
IMPORTANT INFORMATION
Market Abuse Regulation
This press release contains information within the meaning of Article 7(1) of the EU Market Abuse Regulation.
Presentation
The condensed consolidated unaudited financial statements of JDE Peet's N.V. (the "Company") and its consolidated subsidiaries (the "Group") are prepared in accordance with IFRS Accounting Standards as endorsed for use in the European Union by the European Commission and in conformity with the Dutch Civil Code ("IFRS"). In preparing the financial information in these materials, except as otherwise described, the same accounting principles are applied as in the consolidated financial statements of the Group as of, and for, the year ended 31 December 2024 and the related notes thereto. All figures in these materials are unaudited. In preparing the financial information included in these materials, most numerical figures are presented in millions of euro. Certain figures in these materials, including financial data, have been rounded. In tables, negative amounts are shown in parentheses. Otherwise, negative amounts are shown by "-" or "negative" before the amount.
Forward-looking statements
These materials contain forward-looking statements as defined in the United States Private Securities Litigation Reform Act of 1995 concerning the financial condition, results of operations and businesses of the Group. These forward-looking statements and other statements contained in these materials regarding matters that are not historical facts and involve predictions. No assurance can be given that such future results will be achieved. Actual events or results may differ materially as a result of risks and uncertainties facing the Group. Such risks and uncertainties could cause actual results to vary materially from the future results indicated, expressed or implied in such forward-looking statements. There are a number of factors that could affect the Group's future operations and could cause those results to differ materially from those expressed in the forward-looking statements including (without limitation): (a) competitive pressures and changes in consumer trends and preferences as well as consumer perceptions of its brands; (b) fluctuations in the cost of green coffee, including premium Arabica coffee beans, tea or other commodities, and its ability to secure an adequate supply of quality or sustainable coffee and tea; (c) global and regional economic and financial conditions, as well as political and business conditions or other developments; (d) interruption in the Group's manufacturing and distribution facilities; (e) its ability to successfully innovate, develop and launch new products and product extensions and on effectively marketing its existing products; (f) actual or alleged non-compliance with applicable laws or regulations and any legal claims or government investigations in respect of the Group's businesses; (g) difficulties associated with successfully completing acquisitions and integrating acquired businesses; (h) the loss of senior management and other key personnel; and (i) changes in applicable environmental laws or regulations. The forward-looking statements contained in these materials speak only as of the date of these materials. The Group is not under any obligation to (and expressly disclaim any such obligation to) revise or update any forward-looking statements to reflect events or circumstances after the date of these materials or to reflect the occurrence of unanticipated events. The Group cannot give any assurance that forward-looking statements will prove correct and investors are cautioned not to place undue reliance on any forward-looking statements. Further details of potential risks and uncertainties affecting the Group are described in the Company's public filings with the Netherlands Authority for the Financial Markets (Stichting Autoriteit Financiële Markten) and other disclosures.
Market and industry data
All references to industry forecasts, industry statistics, market data and market share in these materials comprise estimates compiled by analysts, competitors, industry professionals and organisations, of publicly available information or of the Group's own assessment of its markets and sales. Rankings are based on revenue, unless otherwise stated.
Attachment
- jde-peets-full-year-results-2025-report
