The effective tax rate (ETR) was 26% and 22% for the six months ended 27 June 2025 and 28 June 2024, respectively, and 25% for the year ended 31 December 2024. The ETR has been calculated by applying the weighted average annual ETR, excluding discrete items, of 26% and 27% to the profit before tax for the six months ended 27 June 2025 and 28 June 2024, respectively.

The ETR of 26% which is higher than statutory UK rate of 25% reflects the impact of having operations outside the UK which are taxed at rates other than the statutory UK rate and adjustments made in respect of prior periods.

The following table summarises the major components of income tax expense for the periods presented:


	27 June 2025	28 June 2024

	€ million	€ million
Current income tax:
Current income tax charge	303	289
Adjustment in respect of current income tax from prior periods	(1)	(47)
Total current tax	302	242
Deferred tax:

Relating to the origination and reversal of temporary differences	22	(12)
Adjustment in respect of deferred income tax from prior periods	1	—
Relating to changes in tax rates or the imposition of new taxes	(2)	4
Total deferred tax	21	(8)
Income tax charge per the consolidated income statement	323	234

The Group is routinely under audit by tax authorities in the ordinary course of business. Due to their nature, such proceedings and tax matters involve inherent uncertainties including, but not limited to, court rulings, settlements between affected parties and/or governmental actions. The probability of outcome is assessed and accrued as a liability and/or disclosed, as appropriate. The Group maintains provisions for uncertainty related to these tax matters that it believes appropriately reflect its risk. As at 27 June 2025, €295 million (31 December 2024: €267 million) of these provisions is included in current tax liabilities and the remainder is included in non-current tax liabilities.

The Group reviews the adequacy of these provisions at the end of each reporting period and adjusts them based on changing facts and circumstances. Due to the uncertainty associated with tax matters, it is possible that at some future date, liabilities resulting from audits or litigation could vary significantly from the Group’s provisions. When an uncertain tax liability is regarded as probable, it is measured on the basis of the Group’s best estimate.

The Group has received tax assessments in certain jurisdictions for potential tax related to the Group’s purchases of concentrate. The value of the Group’s concentrate purchases is significant, and therefore, the tax assessments are substantial. The Group strongly believes the application of tax has no technical merit based on applicable tax law, and its tax position would be sustained. Accordingly, the Group has not recorded a tax liability for these assessments and is vigorously defending its position against these assessments.

The Group is in scope of the Pillar Two tax legislation and is subject to global minimum top-up taxes in relation to its operations in several countries.

No material liability has been recognised in the Group’s condensed consolidated interim financial statements as of the six-month period ended 27 June 2025.

In preparing these condensed consolidated interim financial statements, the Group has applied the mandatory exception under the IAS 12 amendment to recognising and disclosing information about deferred tax assets and liabilities related to top-up tax.