Kofola CeskoSlovensko (KOFOL) Q2 2025 earnings summary

Executive summary

• Revenue for 6M 2025 was CZK 5.07 billion, down 1.1% year-over-year, with EBITDA at CZK 673.8 million, a 21.1% decrease, mainly due to lower volumes, sugar tax in Slovakia, and adverse weather conditions.

• Profit for the period fell 47.7% year-over-year to CZK 136.8 million, with net income attributable to shareholders at CZK 125.2 million.

• 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.

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

• The Czechoslovak segment saw a notable sales decline, especially in Slovakia, due to a new excise tax on sweetened beverages.

Financial highlights

• Revenue: CZK 5,064.6 million (down 1.1% year-over-year); Q2 2025 group revenues were CZK 2.97 billion.

• Adjusted EBITDA: CZK 673.8 million (down 21.1%); EBITDA margin: 13.3% (down from 16.7%).

• Net profit: CZK 136.8 million (down 47.7%).

• Net debt increased to CZK 4,704.0 million; net debt/LTM EBITDA at 2.82.

• 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

• 2025 EBITDA guidance narrowed to the lower end of CZK 1.9–2.0 billion, with revenue growth guidance reduced to 1.5%.

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

• Cost-saving measures and reduced marketing spend expected to support profitability in H2.

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

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