Coca-Cola Bottlers Japan Holdings (2579): FY2025 Results Summary — Business Income More Than Doubles to 24.5 Billion Yen

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Coca-Cola Bottlers Japan Holdings Inc. (CCBJH) reported results for FY2025, the fiscal year ended December 31, 2025, in its Full-Year 2025 Earnings Presentation dated February 16, 2026. Business income reached 24.5 billion yen, more than double the prior year, exceeding a plan that was revised upward twice during the period and bringing the cumulative increase in business income over the past three years to 39 billion yen. The company also announced its new strategic business plan, Vision 2030, in August 2025, a dividend increase during the fiscal year and cancellation of treasury shares in October, and commenced a 30 billion yen share buyback in November for the second consecutive year.

Consolidated Results (Full-Year Actual)

Revenue was 893,805 million yen, up 1,124 million yen (+0.1%) year on year, with sales volume of 501 million cases roughly flat (-0.1%). SG&A declined 4.1% to 373,475 million yen, and business income rose 103.6% to 24,525 million yen through price revisions and transformation benefits. Against the revised plan, business income came in 525 million yen higher (+2.2%). The company posted an operating loss of (72,385) million yen and a net loss attributable to owners of parent of (50,763) million yen; the presentation refers to an impairment of the vending (VM) business as a special factor in connection with lower depreciation expenses. EBITDA (business income plus depreciation) increased 11.6% to 64,181 million yen.

Item (Million JPY)	FY2025 Actual	FY2024 Actual	Change YoY	YoY
Revenue	893,805	892,681	+1,124	+0.1%
Sales Volume (Million cases)	501	501	-0	-0.1%
COGS	494,501	490,231	+4,270	+0.9%
Gross Profit	399,304	402,450	-3,146	-0.8%
SG&A	373,475	389,534	-16,060	-4.1%
Business Income	24,525	12,046	+12,480	+103.6%
Operating Income (Loss)	(72,385)	13,390	-85,775	–
Net Income (Loss) Attributable to Owners of Parent	(50,763)	7,309	-58,072	–
EBITDA	64,181	57,506	+6,675	+11.6%

Segment Results

OTC and Food Service drove revenue growth, while Vending led profit growth. Vending revenue declined 2.7% to 399,880 million yen but segment income more than doubled (+117.1%) to 11,266 million yen. Over the Counter (OTC) revenue rose 1.7% to 417,949 million yen while segment income fell 5.3% to 46,975 million yen. Food Service revenue increased 8.3% to 45,323 million yen with segment income up 27.5% to 8,775 million yen. By category, sparkling volume rose 5% and juice 6%, while water declined 10%; wholesale revenue per case improved across all channels with the benefit of price revisions implemented in May (juice) and October (major categories).

Segment	Metric (Million JPY)	FY2025 Actual	FY2024 Actual	YoY
Vending	Revenue	399,880	410,954	-2.7%
Over the Counter (OTC)	Revenue	417,949	410,852	+1.7%
Food Service	Revenue	45,323	41,867	+8.3%
Others	Revenue	30,652	29,008	+5.7%
Vending	Segment Income	11,266	5,189	+117.1%
Over the Counter (OTC)	Segment Income	46,975	49,625	-5.3%
Food Service	Segment Income	8,775	6,884	+27.5%
Others	Segment Income (Loss)	(42,491)	(49,652)	–
Total (Business Income)	Segment Income	24,525	12,046	+103.6%

FY2026 Forecast

For FY2026 (the fiscal year ending December 2026), CCBJH plans revenue of 902,700 million yen (+1.0%) and business income of 35,000 million yen (+42.7%), marking a fourth consecutive year of profit growth exceeding 10 billion yen. Operating income is planned at 36,000 million yen and net income attributable to owners of parent at 22,500 million yen, returning to profit. By segment, Vending segment income is planned to rise 82.8% to 20,600 million yen through accelerated transformation, with OTC at 49,500 million yen (+5.4%) and Food Service at 9,100 million yen (+3.7%). The 2026 targets also include ROIC of over 4% and transformation benefits of 6 billion yen, and green tea price revisions take effect for shipments starting March 1, 2026, with a revision rate of +6.3~12.1% covering about 10% of overall sales volume.

Item (Million JPY)	FY2026 Plan	FY2025 Actual	Change YoY	YoY
Revenue	902,700	893,805	+8,895	+1.0%
Sales Volume (Million cases)	493	501	-8	-1.5%
Business Income	35,000	24,525	+10,475	+42.7%
Operating Income (Loss)	36,000	(72,385)	+108,385	–
Net Income (Loss) Attributable to Owners of Parent	22,500	(50,763)	+73,263	–
EBITDA	70,100	64,181	+5,919	+9.2%

Shareholder Returns

The dividend per share was 60 yen for 2025 (+13% from 53 yen in 2024), and the 2026 dividend is forecast at 72 yen per share, a 20% increase year on year, based on a progressive dividend policy. The company completed a 30 billion yen share buyback for the 2025 portion (acquisition period November 11, 2024 to October 31, 2025) and is implementing another 30 billion yen buyback for the second consecutive year for the 2026 portion (November 1, 2025 to October 31, 2026), to be completed by October; for 2027, an amount of 30 billion yen equivalent or more is shown with details currently under review. ROIC improved from 1.4% in 2024 to 3.2% in 2025 (+1.8pts), with an FY2026 target of over 4%.

Item	2024	2025	2026 Plan
Dividend per share (JPY)	53	60 (+13%)	72 (+20%)
ROIC	1.4%	3.2% (+1.8pts)	Over 4% (Over +1pts)
EBITDA (B JPY)	57.5	64.2 (+12%)	70.1 (+9%)

Medium-Term Plan / Topics

Under Vision 2030, the strategic business plan announced in August 2025, CCBJH targets business income of 80+ billion yen, ROIC of 10%+, a dividend per share of 140~150 yen, and cumulative share buybacks of 150 billion yen by 2030. The company positions 2026 as the crucial first year of Vision 2030, focusing on earnings growth and enhanced shareholder returns. Strategic priorities for 2026 include commercial excellence through business unit-specific operating models, further transformation across supply chain, back office, and IT — including a new Integrated Distribution Center in the Kanto area, a new aseptic manufacturing line at the Saitama Plant, and preparation for a new core ERP system — and strengthening the financial foundation to improve capital efficiency.

In FY2025, total channel value share increased year on year (+0.2pts, with volume share +0.5pts), and the company’s products maintained a price premium versus the market average, with small PET retail prices +7.4 yen and large PET +32.5 yen versus the market average. The presentation also highlights ESG initiatives, including a CDP Top A List ranking for Water Security for the third consecutive year and achieving the 2025 target of 10% female representation in management ahead of schedule in March 2025.

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