Coca-Cola Bottlers Japan Holdings (2579) Q3 2025 earnings summary

Executive summary

• Q3 YTD business income reached ¥24.5 billion, 1.7 times higher than last year and above the revised plan, driven by profitability-focused strategies and transformation initiatives.

• Revenue for the nine months ended September 30, 2025, increased 1.0% year-over-year to ¥683.5 billion, despite a 1% decline in sales volume, outperforming the overall market.

• Shareholder returns expanded with a 10% dividend increase, cancellation of 6.5% of total shares, and a new ¥30 billion share buyback announced.

• Operating income turned to a loss of ¥70.1 billion due to a non-cash impairment loss in the vending business and other transformation-related costs.

Financial highlights

• Gross profit increased by YTD ¥2.4 billion year-on-year, despite higher commodity and utility costs.

• Business income rose by YTD ¥9.8 billion year-on-year, with transformation benefits totaling YTD ¥4.6 billion.

• EBITDA rose to ¥55.6 billion (+13.8% YoY).

• Net loss attributable to owners was ¥48.7 billion, reflecting the wider operating loss from impairment.

• Basic loss per share was ¥(282.35), compared to earnings per share of ¥55.79 in the prior year.

Outlook and guidance

• Full-year business income forecast raised to ¥24.0 billion, double last year and 20% above the original plan.

• Full-year revenue projected at ¥887.9 billion, a 0.5% decrease year-on-year, reflecting volume declines and channel mix.

• Net loss for FY2025 is projected at ¥49.4 billion, with basic loss per share of ¥(288.59).

• Additional price increases for green tea products planned by Q1 2026 to offset rising tea leaf costs.

• October sales volume increased by mid-single digits (preliminary).