JDE Peet's faced significant volume declines in Europe during 2025 as retailers pushed back against a 20% price increase, the company reported Tuesday. The Amsterdam-listed coffee giant saw organic sales grow 15.3% to €9.92 billion, but volumes fell 4.3% across the business as price hikes failed to fully offset green coffee inflation.

European retailers particularly resisted the price increases in the second half of the year, leading to a 7.9% drop in regional volumes despite a 16.2% price increase. The company's largest segment, Europe generated €5.12 billion in sales but saw adjusted EBIT fall 4.6% organically to €993 million. The volume pressure contrasted sharply with Latin America, Russia, Middle East and Africa, where organic sales grew 39.7% with prices up 39.8% and volumes nearly flat.

Despite the volume challenges, JDE Peet's maintained disciplined pricing and productivity programs that offset nearly €1.6 billion in incremental cost inflation. The company generated free cash flow of €1.13 billion and reduced net debt by €611 million to €3.72 billion. However, the board proposed no dividend for 2025, citing the ongoing acquisition process by Keurig Dr Pepper, which has secured commitments from shareholders representing approximately 69% of outstanding shares.