Acceleration in the second half is needed to achieve full-year operating profit of ¥36,000 million after a sharp first-half recovery

Revenue in FY2026-H1 was ¥423,191 million, up 1.3% year on year. Operating profit was ¥9,098 million, ordinary profit was ¥8,763 million and profit attributable to owners of the parent was ¥4,778 million, with all three turning profitable from substantial losses in the same period of the previous year. Sales volume increased 1.5% to 234 million cases, supported by improved selling prices per case following price revisions, strengthening core categories, expanded shelf space, marketing and cost reductions through transformation. First-half business profit also increased by ¥6,602 million from ¥1,535 million to ¥8,137 million.

The full-year forecasts remain unchanged at revenue of ¥902,700 million, operating profit of ¥36,000 million, ordinary profit of ¥34,700 million and profit attributable to owners of the parent of ¥22,500 million. First-half progress was 46.9% for revenue and 25.3% for operating profit, meaning profit was substantially behind the simple six-month benchmark of 50%. To meet the full-year forecast, the company needs second-half revenue of ¥479,509 million and operating profit of ¥26,902 million. Dividing the required second-half operating profit by required revenue gives approximately 5.6%, meaning operating margin must rise substantially from approximately 2.2% in the first half.

Because beverage demand is concentrated in summer, it would not be appropriate to judge a shortfall solely from the simple first-half progress rate. However, the extent to which cumulative Q3 revenue approaches the simple 75% benchmark of ¥677,025 million and operating profit approaches ¥27,000 million will provide a guide to the reliability of the full-year forecast. In Q3, it will be necessary to separately assess whether sales volume remains positive year on year, whether higher selling prices after price revisions are taking hold, whether OTC and food service are growing, and whether vending-business profit is being maintained. As part of the first-half improvement reflects the rebound from substantial losses in the same period of the previous year, it is particularly important to see whether standalone Q3 business profit and operating profit both exceed the prior-year period.