Kofola CeskoSlovensko (KOFOL) Q2 2025 earnings summary

Executive summary

• Second quarter of 2025 saw continued declines in sales and profitability, with group revenues at CZK 2.97 billion and EBITDA down 14.2% year-over-year, mainly due to cold weather and new taxes, especially in Czech and Slovak regions.

• Revenue for 6M 2025 was CZK 5.07 billion, down 1.1% year-over-year, and EBITDA at CZK 673.8 million, a 21.1% decrease compared to 6M 2024.

• Profit for the period fell 47.7% year-over-year to CZK 148.2 million, with net income attributable to shareholders at CZK 125.2 million.

• Subsidiaries Radenska Adriatic, LEROS, and UGO achieved year-over-year revenue growth, exceeding targets.

• The group remains a market leader in Central and Eastern Europe, with 87% of revenue from countries where it holds a top-two market position.

Financial highlights

• Revenue growth guidance for 2025 reduced to 1.5% from previously stated 3%.

• Q2 2025 group revenues were CZK 2.97 billion, with EBITDA down 14.2% year-over-year.

• Gross margin slightly decreased to 45.3% from 45.6% year-over-year.

• Net debt increased to CZK 4.7 billion, with a net debt/LTM adjusted EBITDA ratio of 2.82x.

• Free cash flow for 6M 2025 was CZK -528.6 million, with a cash balance of CZK 777.9 million at period end.

Outlook and guidance

• Full-year EBITDA is forecasted at CZK 1.9 billion, with guidance narrowed to the lower end of CZK 1.9–2.0 billion.

• Revenue and volume in July and August 2025 are expected to decline by 8–12% year-over-year.

• Second half guidance implies 9–10% revenue growth and over 20% EBITDA increase, driven by cost savings, normalized weather, and new acquisitions.

• Dividend per share for 2025 is set at CZK 21, with an advance payment of CZK 7.50 already distributed.

• Dividend policy set as a floor at CZK 13.5 per share, with final decision after full-year results.