2025 marked Refresco’s 25th anniversary — a milestone year defined by strong operational delivery, continued category expansion and ongoing investment in our global footprint. Throughout the year, we advanced our strategy with focus and resilience, further strengthening our position as a leading independent beverage solutions provider. With motivated teams and a clear direction, we continue building a business designed for sustainable, long‑term growth.
Refresco operates across Europe, North America and Australia, giving us a balanced, diversified presence and the scale to serve customers wherever they grow. Our global network provides flexibility, category expertise and production capabilities across nearly every beverage format, enabling us to meet demand reliably and support partners in dynamic markets.
An overview of the most important
results of the Refresco Group
2025 was a transformative year for Refresco. We sharpened our operational performance, expanded capabilities across key beverage categories and strengthened our partnerships with customers around the world. With solid foundations and a unified global team, we are entering the next phase of our journey with confidence, ambition and a strong commitment to excellence.
Dear stakeholder,
2025 marked Refresco’s 25th anniversary – a
milestone that reflects our journey from a regional
bottler to the world’s largest independent beverage
solutions provider. Today, we stand on a strong
foundation of scale and resilience.
I stepped into the role of Chief Executive Officer in
August, proud to lead our committed and passionate
team and continue our growth journey in the years
ahead.
This year was one of ambition amid market volatility.
While further diversifying our business, we also
strengthened our internal culture and deepened
alignment with our customers’ evolving needs.
Looking ahead, our opportunity lies in unlocking
more value from within by driving operational
excellence and continuing to expand through
strategic acquisitions.
Growth is in our DNA, and with energized teams and
a clear strategy, we are entering the next chapter of
Refresco with bold ambition. I am excited about what
we will build together.
The year in brief
2025 was marked by continued macroeconomic volatility and shifting global trade dynamics. Consumer financial pressure impacted overall beverage volumes, driving stronger demand for retailer brands globally. Inflation remained elevated in key markets, interest rates fluctuated and consumer demand remained uneven. In North America, the reintroduction of tariffs created significant cost pressure and pricing volatility. Across Europe, price sensitivity and changing consumption patterns added complexity to an already competitive landscape. Refresco responded with agility and operational focus. We worked closely with our customers to minimize operational disruptions associated with ongoing input cost volatility and, consistent with prior years, passed elevated operating and inflationary costs through to end customers. Our procurement teams diversified sourcing origins and strengthened supplier relationships to ensure supply security of high-quality ingredients. Across all regions, we prioritized operational efficiency and continuously improved our service levels, while keeping our employees safe. Internally, we advanced long-term improvements by embedding the Refresco Manufacturing System (RMS), expanding digitalization and automation, and rolling out plant master plans – all aimed at further improving our operations and enhancing efficiency and scalability across the network. Sustainability was further embedded into our ways of working, reinforcing its role as a source of resilience and differentiation amid evolving regulations. We focused on reducing water and energy use, minimizing waste and improving safety – supporting customers in meeting their sustainability goals while ensuring compliance with regional requirements.
Growth built on resilience
In 2025, Refresco delivered resilient growth through a combination of category momentum, operational agility and strategic investments. Despite volume pressures in certain segments, the Group achieved solid performance by focusing on high-demand categories, strengthening customer partnerships and enhancing operational capabilities. Growth was led by strong demand in water, plant-based beverages, energy drinks and functional soft drinks, including innovations with prebiotics and probiotics. In Europe, we increased water production following the integration of the Grüneberg site, and high-growth categories such as plant-based, energy and functional beverages continued to scale. In North America, growth in these categories was similarly strong, with energy and functional soft drinks driving momentum throughout the year. Operational efficiencies and early pricing actions helped deliver strong profitability. Integration efforts across newly acquired sites progressed well. The Modesto facility in California, which we acquired in 2024, added premium beverage and canning capacity, improving service levels and flexibility. In Europe, we completed the acquisition of Telemark Kildevann Holding AS in Norway in July of 2025. With its two manufacturing sites, we added incremental volumes in soft drinks and mineral waters, as we integrated the business to align to Refresco’s operational standards. The late 2024 acquisition of Frías Nutrición in Spain also continued to integrate throughout 2025. The site has already contributed to volume growth and expanded Refresco’s category offering in plant-based beverages, a segment where demand remains strong. Investments are in progress to further increase production capacity, reinforcing the Group’s ability to serve both branded and retail customers in this fast-growing category. Operational excellence remained central to Refresco’s strategy. The continued rollout of the Refresco Manufacturing System and implementation of plant master plans supported consistent performance improvements across the network. Investments in automation, including high-bay warehouses in Spain and Italy, enhanced logistics efficiency and customer service.
In Europe, we increased water production following the integration of the Grüneberg site, and high-growth categories such as plant-based, energy and functional beverages continued to scale. In North America, growth in these categories was similarly strong, with energy and functional soft drinks driving momentum throughout the year. New customer wins in these segments helped drive growth, even as total volumes across the Group remained flat amid pricing pressures. Operational efficiencies and early pricing actions helped deliver strong profitability.
Sustainability was further embedded across Refresco’s operations, supporting both operational efficiency and the broader people and workplace agenda. In 2025, the Group continued to meet and anticipate legislative requirements while helping customers achieve their own sustainability goals. Investments in energy and water efficiency continued across Europe and North America, contributing to improved resource management.
Refresco increased global rPET usage, consistently surpassing regulatory requirements and aligning with customer demand, while packaging innovations like lightweighting and laserbased heating technology improved material efficiency. The global Lost Time Incident Ratio was reduced to well below industry benchmarks, reflecting a strong commitment to workplace safety.
In addition, Refresco strengthened its focus on building a strong learning culture, ensuring employees have the knowledge and support to continuously maintain a safe workplace. The Group’s people strategy continued to mature, with 2025 focused on embedding leadership behaviors and strengthening talent development. Initiatives such as the Plant Manager Academy and Maintenance Apprenticeship programs supported capability building across regions. Several business units achieved Great Place to Work® certification and the “You Said, We Did” campaign led to tangible improvements in workplace experience, including upgraded facilities and increased community involvement.
Achieving together
I want to sincerely thank every Refresco colleague for your dedication, resilience and drive. Your contributions have been the engine behind our progress and the foundation of our success. I’m equally grateful to our customers, suppliers, shareholders and partners for your continued trust and collaboration. Together, we’ve built something strong and as we look to the future, I’m confident that the next 25 years will be even more impactful. With our shared and bold ambition, moving with speed, the best is yet to come.