Kofola CeskoSlovensko (KOFOL) investor relations material

Executive summary

• Q2 2025 revenues reached CZK 2.97 billion, with EBITDA down 14.2% year-over-year due to cold weather and tax impacts; 6M 2025 revenue was CZK 5.07 billion, down 1.1%, and EBITDA was CZK 673.8 million, a 21.1% decrease.

• 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.

• Negative financial trends persisted in Czech and Slovak markets, mainly due to the Slovak sugar tax, end of a major cooperation, and negative consumer sentiment.

• Management remains confident in reaching the lower end of the EBITDA guidance interval for the year.

• 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

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

• Q2 2025 group revenues were CZK 2.97 billion; 6M 2025 revenue was CZK 5.07 billion, down 1.1% year-over-year.

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

• Net debt to EBITDA ratio is now expected to be slightly above 2.5x, with net debt at CZK 4.7 billion and a 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

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

• H2 guidance implies a 9–10% revenue increase and over 20% EBITDA growth, driven by cost reductions, normalized weather, and consolidation of new investments.

• Slight increase in sweetener prices expected for 2026, but no major raw material price shocks anticipated.

• Maximum CAPEX set at 3% of EBITDA, with a net debt/EBITDA target of 2.1x.

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