Coca-Cola Bottlers Japan Holdings (2579) Q2 2025 earnings summary

Executive summary

• First half 2025 business income increased by JPY 4.3 billion year-on-year, progressing ahead of plan and marking the first first-half profitability since 2019.

• Full-year business income forecast revised upward to JPY 23 billion, 15% above the original plan, despite a significant non-cash impairment loss in the vending business.

• Launched Vision 2030, targeting business income of over JPY 80 billion and ROIC of 10%+ by 2030, with enhanced shareholder return programs.

• Announced the largest share buyback in company history, totaling JPY 150 billion by 2030.

• Net loss attributable to owners expanded to JPY 65.9 billion, mainly due to a large non-cash impairment in the vending business.

Financial highlights

• Revenue for the first half rose 1.6% year-on-year to JPY 417,942 million, driven by price revisions and higher wholesale revenue per case.

• EBITDA grew 20.3% year-on-year to JPY 24.2 billion.

• Business income improved by JPY 4.3 billion year-on-year, supported by top-line growth and cost savings.

• Net income declined by JPY 65.6 billion year-on-year due to the JPY 88.1 billion non-cash impairment loss in vending assets.

• Non-recurring expenses included an 88,939 million yen impairment loss, 3,234 million yen in special retirement allowances, and 2,108 million yen in restructuring costs.

Outlook and guidance

• Full-year business income forecast raised to JPY 23 billion, 15% above the original plan.

• Full-year revenue forecast is JPY 906,100 million, up 1.5% year-on-year.

• Vision 2030 targets over JPY 1 trillion in revenue, JPY 80 billion+ business income, and double-digit ROIC by 2030.

• Net income expected to remain negative due to impairment, but no cash outflow.

• Dividend forecast unchanged at 57 yen per share for FY2025.