Coca-Cola Bottlers Japan Holdings: 26/12 Q2 results: Tougher-than-expected business conditions Quick Note

研报英文原文证据摘录

Coca-Cola Bottlers Japan Holdings: 26/12 Q2 results: Tougher-than-expected business conditions Quick Note

Global Markets Research

31 July 2026Coca-Cola Bottlers Japan Holdings

2579.T 2579 JP / EQUITY: JAPAN FOOD, BEVERAGES & TOBACCO

26/12 Q2 results: Tougher-than-expected business Rating Reduceconditions

Target price JPY 3,000Quick Note

Closing price

30 July 2026 JPY 4,491First impression negative: Earnings hit by consumers tightening their purse strings

and fiercer competition (Note: Quick Note reports are not a

The company announced 26/12 Q2 results on 30 July. Our impression of the results is vehicle for changes to ratings, target

negative. We think the company is facing tougher-than-expected business conditions. Q2 prices, or earnings forecasts)

business profits were lower than we had expected, and when excluding the impact of

lower depreciation costs resulting from factors including changes to useful life and

impairments, profits were down. The negative impact of consumers tightening their purse

strings and fiercer competition has started to materialize, and we expect cost increases

Research Analystsfrom the situation in the Middle East (¥2.0bn–4.0bn) to move into full swing from Q3. While

26/12 business profit guidance of ¥35.0bn looks achievable depending on additional cost Japan food

savings, we regard the 27/12 company targets of ¥45.0bn–50.0bn as challenging. Makoto Morita - NSC

makoto.morita@nomura.com

The company announced a share buyback of up to ¥40.0bn, but said it did not envision +81 3 6703 1211

any change to its total buyback plan of ¥150.0bn for 2026–30. While this is higher than our

27/12 share buyback assumption of ¥30.0bn, we see no need to change our medium-term

outlook.

Q2 business profits came in at ¥10.8bn (up 35% y-y).