Coca-Cola Bottlers Japan Holdings (2579) investor relations material

Executive summary

• Q1 2026 business income exceeded targets, growing by JPY 3.8 billion year-over-year and achieving over one-third of the full-year profit goal of JPY 35 billion.

• Revenue rose 3.6% year-over-year to JPY 196.5 billion, driven by a 4% increase in sales volume and improved wholesale revenue per case from price revisions.

• Profitability improved due to transformation initiatives, price revisions, cost savings, and strong performance in vending and core categories.

• Marketing campaigns, product innovations, and the upcoming Monster Energy launch in vending machines are expected to further boost value share and profitability.

• Operating and net losses narrowed significantly year-over-year, aided by higher revenue, cost savings, and a non-recurring gain on asset sales.

Financial highlights

• Revenue: JPY 196.5 billion, up 3.6% year-over-year, with gross profit increasing 5.2% to JPY 87.4 billion.

• EBITDA rose 12.4% to JPY 5.4 billion.

• Business income rose by JPY 3.8 billion year-over-year; operating loss improved to JPY 240 million from JPY 10.1 billion loss year-over-year.

• Net loss attributable to owners improved to JPY 922 million from JPY 6.5 billion loss in Q1 2025.

• Net cash generated from operating activities was JPY 8,757 million, up from JPY 340 million in Q1 2025.

Outlook and guidance

• Full-year 2026 guidance is unchanged: revenue of JPY 902.7 billion, business income of JPY 35 billion, and net income of JPY 22.5 billion.

• Annual dividend forecast raised to JPY 72.00 per share.

• April sales volume grew over 2% year-over-year; Monster Energy vending launch and further price actions planned to sustain growth.

• Additional cost increases from the Middle East situation estimated at JPY 2–4 billion for 2026, expected to be absorbed through cost savings and price revisions.

• No change to full-year profit guidance; Vision 2030 and mid- to long-term targets remain on track.