Suntory Beverage & Food (2587) investor relations material

Executive summary

• 9M revenue rose 9.8% to ¥1,403.7bn (+4.3% currency-neutral); operating income rose 2.9% to ¥130.3bn, while organic-basis operating income increased 4.6% to ¥135.2bn.

• Owner-attributable profit rose 2.2% to ¥77.0bn, but fell 5.0% currency-neutral; Middle East-related costs weighed on earnings.

• FY2026 revenue guidance rose ¥40.0bn to ¥1,866.0bn, while organic-basis operating income guidance fell ¥6.0bn to ¥157.0bn.

Financial highlights

• 9M organic-basis operating income increased 4.6% including currency effects and declined 2.9% currency-neutral; reported operating income declined 4.2% currency-neutral.

• 9M profit before tax was ¥129.7bn (+3.8%); profit for the period was ¥94.2bn (+2.7%).

• Gross profit rose to ¥518.4bn from ¥485.9bn; SG&A increased to ¥383.1bn from ¥357.2bn. Basic EPS increased to ¥249.28 from ¥243.90.

Outlook and guidance

• FY2026 revenue forecast is ¥1,866.0bn, up 8.8% YoY and ¥40.0bn (+2.2%) versus initial guidance; currency-neutral growth is 4.5%.

• FY2026 operating income forecast is ¥147.5bn, down ¥7.5bn versus initial guidance; organic-basis operating income is ¥157.0bn, down ¥6.0bn (3.7%) versus initial guidance.

• FY2026 organic-basis operating income is forecast to rise 0.2% YoY including currency effects and fall 5.7% currency-neutral; net income is forecast at ¥82.5bn, down 7.0% YoY.

• The organic operating income bridge includes +¥5.1bn from sales volume and -¥16.3bn from Middle East impacts; excluding those impacts, the revised forecast is ¥173.3bn.

• FY2026 basic EPS forecast is ¥266.99; Q4 priorities are proactive marketing and thorough cost management.