Coca-Cola Bottlers Japan Holdings Announces Comprehensive Shareholder Return Program and Upward Revision of Full-Year Forecast
Advancing “Vision 2028” with Focus on Profitability and Capital Efficiency for Mid-to Long-Term Shareholder Value

Coca-Cola Bottlers Japan Holdings Inc. (Representative President: Calin Dragan, hereinafter “Coca-Cola Bottlers Japan Holdings”), has announced the implementation of a comprehensive shareholder return program based on Strategic Business Plan, “Vision 2028.” Additionally, the company has revised its full-year earnings forecast for the fiscal year ending December 31, which was previously announced on February 14, 2024.

Comprehensive Shareholder Return Measures

Over the past few years, Coca-Cola Bottlers Japan Holdings has prioritized stable dividend payments to maximize shareholder returns, despite net income loss in a challenging business environment. Following this period, the company announced its Strategic Business Plan “Vision 2028,” in August 2023 and is now working toward sustainable business growth, targeting a business income margin of 5% or more and a return on invested capital (ROIC) of 5% or more by 2028. In light of the recent upward revision to the 2024 full-year earnings forecast, Coca-Cola Bottlers Japan Holdings has decided to implement comprehensive shareholder return measures ahead of schedule, aligned with “Vision 2028.” These measures include revising the dividend policy to incorporate an ambitious dividend increase plan through 2028, conducting a share buyback of up to 30 billion yen or 20 million shares of own shares, and canceling 23 million treasury shares. Additionally, the company has announced an upward revision to the 2024 dividend forecast. Through comprehensive efforts combining these multiple shareholder return measures, the company aims to increase shareholder value over the mid- to long-term, in line with the goals of “Vision 2028.”

(Note 1) Period of share repurchase: November 11, 2024, to October 31, 2025.
(Note 2) Scheduled implementation date of share cancellation: November 11, 2024. The cancellation of treasury stock is for treasury stock held as of today.

Upward Revision of Full Year Forecast 
Coca-Cola Bottlers Japan Holdings saw sales volume grow beyond expectations in the cumulative third quarter (January 1 to September 30, 2024), driven by new product launches, effective commercial measures, and increased demand due to the summer heat wave and a sustained recovery in traffic. Additionally, accelerated initiatives such as efforts to improve manufacturing efficiency during peak demand contributed to revenue and profits exceeding initial expectations. For the fourth quarter (October 1 to December 31, 2024), Coca-Cola Bottlers Japan Holdings factored in the benefit of the price revision implemented on October 1, contributing to improved profitability reflected in the revised forecast. As a result, the company has announced an upward revision of its full-year forecast, initially issued on February 14, 2024.
The company has revised its full-year business income target to 11.5 billion yen, setting a goal 5.7 times higher than last year’s, for the important first year of the “Vision 2028” Strategic Business Plan.

※Please note that the information contained in this news release is current as of the date of release. Certain information may have changed since the date of release.