Third Quarter 2025 Earnings Presentation
October 31, 2025
Coca-Cola Bottlers Japan Holdings Inc.
Calin Dragan, President
Bjorn Ivar Ulgenes, Vice President & CFO
(Posted to CCBJH website Oct 31, 2025)
Coca-Cola Bottlers Japan Holdings Inc. (CCBJH)
Third Quarter 2025 Earnings Presentation
Q3 YTD 2025 Results
Commercial Initiatives Update
2025 Full-Year Earnings Revision, Enhanced Shareholder Returns
Journey so far - Highest profits* since the consolidationReported Business Income (B JPY)
+39B yen24.0
Positive shift ('21 vs. '25)
in reported business income
12.0
2.0
-14.7
-14.4
2021 2022 2023 2024 2025
With adjustment for externally-driven costs, 2025 is projected to achieve the highest profit* since the 2017 consolidation, surpassing 50B yen. The enterprise turnaround is delivering results.
*After added back for external cost factors (uncontrollable drivers, such as FX/Commodities/Utilities, etc.,)
Accelerating expansion of shareholder returnsForecast for capital efficiency and shareholder return metrics
ROIC, %
1 | 2 | 3 | ・・・ | 7+ | ・・・ | ||
50 | 53 | 60 57 | ・・・ | 90~100 | ・・ ・ | 14 | |
0 | 5 | 30 | ・・・ | ・・ ・ | |||
2023 | 2024 | 2025 | 2026 | 2028 | |||
10+
Announced comprehensive shareholder return measures in November 2024
Updated dividend policies and shifted to progressive dividends
Share buybacks of 30 B JPY
Dividend per share, JPY
Share buyback (cumulative), B JPY
Plan
Plan
0~150
150
2030
Plan
Vision 2030 accelerates existing initiatives and plan for
largest shareholder return measures in our corporate history
Dividend per share in 2030:
- 140~150 JPY
Share buybacks
30 B JPY from November 2025
Cumulative 150 B JPY by 2030
4
4
Today's Highlights
Q3 YTD business income reached 24.5 billion yen, 1.7 times greater than last year.
Progress exceeded upwardly revised plan announced in August.
Earnings exceeded plan during peak-demand Q3 period, driven by profitability-focused commercial activities and transformation initiatives, contributed to YTD business income surpassing plan. Sales volume trends remained strong in Q3, outperforming overall market growth rate.
With strong earnings performance, full-year business income has been further revised upward to 24 billion yen, double last year's result and 20% above initial plan.
In line with our Vision 2030 policy to enhance shareholder value, we have also decided to expand shareholder returns. As new measures, we will cancel treasury shares equivalent to 6.5% of total shares issued and raise the year-end dividend by 10% compared with the initial plan. To further enhance shareholder value, share buyback will continue from November, targeting 30 billion yen.
5
Q3 YTD 2025 ResultsQ3 YTD Results (vs 2024)
Improved profitability led to continued revenue growth and BI increasing by a larger amountUnit: Million JPY
Q3 YTD 2025 Actual | Q3 YTD 2024 Actual | Change YoY | YoY | |
Revenue | 683,523 | 676,612 | +6,911 | +1.0% |
Sales Volume (million cases) | 381 | 385 | -4 | -1% |
NARTD (Non-alcoholic ready to drink) Beverage Volume (million cases) | 378 | 381 | -3 | -1% |
COGS | 377,567 | 373,090 | +4,477 | +1.2% |
Gross Profit | 305,957 | 303,523 | +2,434 | +0.8% |
SG&A | 281,215 | 288,536 | -7,321 | -2.5% |
Business Income | 24,459 | 14,690 | +9,769 | +66.5% |
Operating Income (Loss) | (70,060) | 17,592 | -87,653 | - |
Net Income (Loss) Attributable to Owners of Parent | (48,734) | 10,017 | -58,751 | - |
EBITDA* | 55,586 | 48,852 | +6,734 | +13.8% |
*EBITDA = Business Income + Depreciation Please refer to appendix for Q3 (Jul - Sep) results.
7
Q3 YTD Business Income Drivers (vs 2024)
BI increased to 24.5B yen, 1.7 times previous year, driven by revenue growth and transformation benefitsQ3 YTD 2024 | Volume, Price & | Transformation | DME | Manufacturing | Others | Commodity & | Q3 YTD 2025 |
Actual | Mix*1 | (Direct Marketing Expense, fixed only) | (excl. Utility Costs) | Utility Costs | Actual |
Wholesale revenue per case improved with price revisions
-1% volume decrease impact
Changes in consumer trends impacting channel mix
Commercial and supply chain delivered greatest benefits
Back-office and IT also delivering benefits
-1.2
14.7
24.5
+6.9
+4.6
Targeted marketing investments with focus on ROI accounting for market dynamic
During peak demand periods, enhanced activities to capture demand and secure shelf space with future price revisions in mind
+1.7
Effect of cost-saving measures at manufacturing sites such as reduced energy and water consumption
Review of material procurement process improved procurement costs
-0.7
Decrease in labor costs, but increase in outsourcing fees, logistics, and other costs (excluding transformation benefit)
Includes special factors such as lower depreciation expenses from VM business impairment and impact from change in Coca-Cola Japan Company marketing investment methods
-1.5
Major impact from commodity price rise
(Unit: B JPY) | Q3 YTD Actual | vs PY |
Capex*2 | 15.7 | -2.2 |
Depreciation | 31.1 | -3.0 |
Unit: B JPY
(Rounded to nearest unit)
*1 Includes changes in marginal profit, variable cost, IFRS sales reduction, and others.
*2 Capex for real estate rental properties under IFRS 16 not included in above amount 8
Q3 YTD NARTD Sales Trend (vs 2024)
Sales volume decreased 1% with series of price revisions and high hurdle of Q3 last year, but exceeded overall market growth rate.
Wholesale revenue per case continued to improve across all channels from price revisions.
SM decline primarily in large PET for tea and water from price revisions and cycling of special demand in Q3 last year. CVS and VM impacted by water and coffee volume decrease from price revisions. R&F volume grew with new business acquisitions and strengthened sparking sales. Online continued strong growth, supported by channel exclusive products.
Sparkling driven by Coca-Cola and Coca-Cola Zero. Tea saw a contribution from KochaKaden, despite cycling of last year's Ayataka full renewal. Sports and water declined from price revisions and other factors. Coffee remained flat with medium PET contributing, despite impact from price revisions and rebate controls.
Effective commercial activities drove volume to exceed the market, wholesale revenue per case continues to improve
Sales Volume: -1%
7%
21%
19%
17%
20%
14%
7%
26%
19%
11%
24%
9%
Channel | Volume | Wholesale revenue per case (JPY) | |
Supermarket (SM) | -4% | +65 | |
Drug & Discounter (D&D) | -1% | +71 | |
Convenience Store (CVS) | -5% | +63 | |
Vending (VM) | -5% | +98 | |
Retail & Food Service (R&F) | +6% | +14 | |
Online | +17% | +26 | |
Category | Volume | |
Sparkling | +3% | |
Tea | Flat | |
Sports | -4% | |
Water | -12% | |
Coffee | Flat | |
Juice | +5% | |
Note: Volume excludes alcohol. Wholesale revenue per case excludes DFR (deduction from revenue). Some
inconsistencies with volume data provided in past presentations may be present due to standardization of volume and revenue calculation.
Please refer to appendix for sales volume by package.
Please refer to appendix for Q3 (Jul - Sep) sales volume. 9
Q3 YTD Market Share and OTC Retail Price Trends (vs 2024)
Profitability-focused commercial activities contributed to value share growth and sustained price premiumsTotal channel value share grew year on year. Despite challenging competitive environment, sales volume continued to outperform the market, volume share increasing year over year contributed to overall value share growth.
Vending saw a slight decline in value share due to challenging market conditions following the price revisions, while maintaining a year-on-year increase in volume share. In OTC Channel, volume decreased due to price revisions, and channel/package mix also impacted value share.
Our products maintain a price premium compared to the market average. Retail prices of both small PET and large PET increased year on year following the price revision in October last year. In particular, the improvement for large PET expanded in Q3.
OTC Retail Price (January to September, JPY per bottle) | vs Market Average | vs 2024 |
Small PET | +7.4 | +4.5 |
Large PET | +32.6 | +6.8 |
Source: Coca-Cola Japan Internal Estimate (All Japan)
Source: Intage SRI+ soft drink market Small PET (351~650ml), Large PET products (1.251L~) CCBJH Area January - September 2025
Market Share (January to September, vs PY, Pts) | Value | Volume |
Total | +0.1 | +0.4 |
Of Which Vending | -0.1 | +0.3 |
Of Which Over the Counter (OTC) | -0.4 | -0.1 |
Market Ave: CCBJH avg. retail price (bottles) / market avg. retail price (bottles) YoY: CCBJH retail price (bottles) / previous year actuals
Commercial Initiatives UpdateQ3 YTD Commercial Initiative Update
Implemented profitability-focused commercial strategy while laying the foundation for future growth
Q3 volume outperformed
overall market growth rate
Targeted summer demand initiatives elevated overall
sales volume
Strengthened sales of sparkling and tea, core categories, effectively leveraged marketing programs appealing to drinking occasions and digital promotions to maximize in-
Generating price revision benefits
Steady progress in initiatives to build a foundation
leading to further profit growth
Focus on maintaining shipment prices after price revisions.
Benefits contributing to improved profitability as planned.
Thorough preparations for smooth implementation of October price revisions.
Aim to implement additional price revisions for green tea products by Q1 2026
store exposure.
Ayataka limited cycling impact of previous year's full
renewal by strengthening new Ayataka Koi Ryokucha.
To further expand sales areas, focused on developing packaging tailored to consumer needs.
Strengthened growth strategies tailored to channel characteristics. Online sales volume increased through channel specific products, while food service sales volume
grew through new business acquisition activities.
Growth investment and cost optimization
Implemented ROI-focused marketing activities with mid- to long-term perspective. Q3 executed growth investments at appropriate levels.
Strengthening customer engagement
Enhancing strategic partnerships with key customers.
Vending transformation implementation
Leveraging new algorithms to advance profit-based assortment optimization. Strengthening initiatives to achieve revenue growth and operational efficiency.
Q3 YTD Marketing Initiative Review
Grew revenue & value share through strong campaigns & activations
Ayataka Café
Green Tea Lemonade
FANTA Amazuppai Lemon
& FANTA Fruit Punch
INNOVATIONS
Sokenbicha
Full-Renewal
Yakan Barley Tea
Summer Campaign
# CoChiLu Promotion &
Coca-Cola x Star Wars
CORE
Coke -2℃ Vending Machine
Coke "Muchu-Zenkai" Campaign
with Under-The-Cap promotion
MARKETING EXPERIENCE
Q4 Marketing Initiative Highlights
Further strengthen CORE through campaigns & innovations
FANTA
Golden Apple
Kochakaden
CRAFTEA Grape mix tea
INNOVATIONS
Georgia
Fall/Winter Campaign
Coca-Cola
Winter Campaign
CORE
Ayataka Winter Campaign
with Under-The-Cap promotion
Samurai Japan Portfolio Promotion
via Coke ON JAN code-scan
MARKETING
EXPERIENCE
2025 Full-Year Earnings Revision, Enhanced Shareholder Returns
2025 Full-Year Earnings Revision
Announced second full-year earnings forecast revision of the year, with BI further revised upwardReflecting robust profit progress through July. Transformation and cost control contributed more than expected to profits. Sales volume and revenue trended below plan, but this is not yet reflected in plans as it is before the summer season.
Factors such as the impairment of fixed assets in the vending business and changes in Coca-Cola Japan Company's marketing investment methods, reflecting evolving market dynamics, have been incorporated into the plan.
Previously Revised Plan
BI : 23 billion yen
(+3 B yen vs. initial plan)
Newly Revised Plan BI : 24 billion yen (+4 B yen vs. initial plan) | Q3 business income exceeded plans, leading to an upward revision of full-year business income target to 24 billion yen. Sales volume and revenue targets were adjusted to reflect current consumer environment. In Q4, focus on achieving revised plan while strengthening initiatives for profit growth beyond 2026. Focus on October price revisions, mid- to long- term marketing investments, and building foundations through transformation. Preparations are underway to implement additional price revisions for green tea products by Q1 2026. October sales volume increased by mid-single digit % (preliminary figures). While trends require close monitoring, we continue to outperform the market. |
2025 Full-Year Revised Plan (vs 2024, vs Initial Plan)
BI revised upward by 20% from initial plan to 24B yen, double last year's levelUnit: Million JPY
FY2025 Revised Plan | Change YoY | YoY | Change vs Initial Plan*1 | Vs Initial Plan*1 | ||||
Revenue | 887,900 | -4,781 | -0.5% | -18,200 | -2.0% | |||
Sales Volume (million cases) | 494 | -7 | -1.4% | -9 | -1.9% | |||
NARTD (Non-alcoholic ready to drink) Beverage Volume (million cases) | 490 | -6 | -1.2% | -8 | -1.7% | |||
COGS | 490,400 | +169 | +0.0% | -1,500 | -0.3% | |||
Gross Profit | 397,500 | -4,950 | -1.2% | -16,700 | -4.0% | |||
SG&A | 372,700 | -16,834 | -4.3% | -20,300 | -5.2% | |||
Business Income | 24,000 | +11,954 | +99.2% | +4,000 | +20.0% | |||
Operating Income (Loss) | (71,000) | -84,390 | - | -89,000 | - | |||
Net Income (Loss) Attributable to Owners of Parent | (49,400) | -56,709 | - | -60,400 | - | |||
EBITDA*2 | 63,700 | +6,194 | +10.8% | -2,200 | -3.3% |
*1 Comparison vs Full-Year Guidance (Initial Plan) announced on February 13, 2025
*2 EBITDA = Business Income + Depreciation
2025 Full-Year Revised Plan, Drivers of Business Income (vs 2024)
Commercial activities focused on profitability and transformation to achieve significant profit increase of 12 B yen vs last year2024 | Volume, Price & | Transformation | DME | Manufacturing | Others | Commodity & | 2025 |
Actual | Mix*1 | (Direct Marketing | (excl. Utility Costs) | Utility Costs | Revised Plan |
Expense, fixed only)
24.0
+6.7
-0.8
Targeted marketing
+1.3
Lower production
-2.6 -1.3
Increased expenses
+8.7
12.0
Improved wholesale revenue per case driven by price revisions reflected in profit growth
Current market trends influencing volume and channel mix reflected
Progress exceeding initial plan. Vending transformation benefit surpassed initial expectations
Supply chain, back-office and IT also delivering benefits
investments with focus on ROI accounting for market environment
Significantly reduced compared to initial plan. Q4 will follow policy of strategic control
volumes expected to impact unit manufacturing costs, but cost savings measures in manufacturing sites and procurement expected to materialize
related to activities for future profit growth
Logistic cost increase (excluding transformation benefit)
Include special factors such as a decrease in depreciation expenses due to impairment in VM business and impact from changes in Coca-Cola Japan's marketing investment methods
Major impact from commodity price rise.
Lower vs initial plan
Unit: B JPY
(Rounded to
nearest unit)
(Unit: B JPY) | Revised Plan | vs PY | vs Initial Plan*2 |
Capex*3 | 34.2 | +4.5 | -0.8 |
Depreciation | 39.8 | -5.7 | -6.1 |
*1 Includes changes in marginal profit, variable cost, IFRS sales reduction and others.
*2 Comparison to plan announced on February 13, 2025
*3 Capex for real estate rental properties under IFRS 16 not included in above amount.
Enhanced Shareholder Return
Expansion of shareholder returns in line with shareholder value enhancement strategies of Vision 2030Cancellation of
Treasury Shares
12 million treasury shares canceled in November, equivalent to 6.5% of
total shares issued
Dividend Forecast Revised Upward
Year-end dividend revised upward by +10% compared to initial plan. Annual dividend increased by 7 yen year on year to 60 yen per share
Continued
Share Buyback
Completed 30 B yen share buyback in October, followed by an additional 30 B yen buyback starting in November
Realizing a positive cycle of improved earnings and enhanced shareholder returns
SummaryBusiness income improving at a pace exceeding upwardly revised August plan
Profitability-focused commercial activities and cost savings from transformation contributed to increased profits. Sales volume outperformed the market while realizing price revision benefits.
Full-year business income target raised to 24 billion yen, double last year's level
Reflects solid underlying performance. Q4 focus on building foundations for continued profit growth and a strong 2026 start.
Aim to implement additional price revisions for green tea products by Q1 2026.
Linking improved earnings to enhanced shareholder returns
Based on improved earnings, decided to cancel treasury shares and revise dividend forecast upward. Alongside continuing share buyback, we will pursue measures to further enhance shareholder value.
Driven by our strong business execution and earnings performance, we remain committed to improving earnings further and enhancing shareholder returns
THANK YOU
Investor Relations
Coca-Cola Bottlers Japan Holdings Inc.
ir@ccbji.co.jp
https://en.ccbj-holdings.com/ir/
Appendix
Q3 QTD (Jul - Sep) Results (vs 2024)
Unit: Million JPY
Q3 2025 Actual | Q3 2024 Actual | Change YoY | YoY | |
Revenue | 265,581 | 265,158 | +423 | +0.2% |
Sales Volume (million cases) | 151 | 153 | -2 | -1% |
NARTD (Non-alcoholic ready to drink) Beverage Volume (million cases) | 150 | 152 | -2 | -1% |
COGS | 143,038 | 142,839 | +199 | +0.1% |
Gross Profit | 122,543 | 122,319 | +224 | +0.2% |
SG&A | 99,616 | 104,565 | -4,948 | -4.7% |
Business Income | 22,924 | 17,481 | +5,443 | +31.1% |
Operating Income | 22,109 | 16,386 | +5,723 | +34.9% |
Net Income Attributable to Owners of Parent | 17,158 | 10,314 | +6,844 | +66.4% |
EBITDA* | 31,433 | 28,778 | +2,656 | +9.2% |
*EBITDA = Business Income + Depreciation
Segment Results (vs 2024)Unit: Million JPY
Q3 YTD 2025 Actual | Change YoY | YoY | Q3 QTD 2025 Actual | Change YoY | YoY | ||
Vending business | 305,696 | -5,022 | -1.6% | 116,036 | -2,474 | -2.1% | |
OTC business*1 | 321,260 | +7,730 | +2.5% | 127,087 | -75 | -0.1% | |
Food Service business | 33,301 | +2,562 | +8.3% | 13,468 | +1,796 | +15.4% | |
Others*2 | 23,267 | +1,640 | +7.6% | 8,991 | +1,176 | +15.1% | |
Total Revenue | 683,523 | +6,911 | +1.0% | 265,581 | +423 | +0.2% | |
Vending business | 8,310 | +3,055 | +58.1% | 9,699 | +2,915 | +43.0% | |
OTC business | 40,478 | +2,445 | +6.4% | 19,475 | -553 | -2.8% | |
Food Service business | 6,343 | +1,381 | +27.8% | 3,493 | +769 | +28.2% | |
Others*3 | (30,673) | +2,888 | - | (9,742) | +2,312 | - | |
Total Business Income | 24,459 | +9,769 | +66.5% | 22,924 | +5,443 | +31.1% |
*1 Refers to business activities in the OTC Channel such as supermarkets, drug stores & discounter, convenience stores, and online.
*2 Represents revenue generated from business activities not attributable to any reportable segment, including sales transactions to other Coca-Cola bottlers in Japan.
*3 Includes profits arising from business activities not attributable to reportable segments and corporate overhead expenses.
2025 Full-Year Revised Plan (vs Previously Revised Plan)Unit: Million JPY
FY2025 Revised Plan | Previously Revised Plan*1 | Change YoY | YoY | |
Revenue | 887,900 | 906,100 | -18,200 | -2.0% |
Sales Volume (million cases) | 494 | 503 | -9 | -1.9% |
NARTD (Non-alcoholic ready to drink) Beverage Volume (million cases) | 490 | 498 | -8 | -1.7% |
COGS | 490,400 | 491,100 | -700 | -0.1% |
Gross Profit | 397,500 | 415,000 | -17,500 | -4.2% |
SG&A | 372,700 | 390,800 | -18,100 | -4.6% |
Business Income | 24,000 | 23,000 | +1,000 | +4.3% |
Operating Income (Loss) | (71,000) | (67,100) | -3,900 | - |
Net Income (Loss) Attributable to Owners of Parent | (49,400) | (48,500) | -900 | - |
EBITDA*2 | 63,700 | 63,900 | -200 | -0.3% |
*1 Revised Earnings Plan Announced on August 1, 2025
*2 EBITDA = Business Income + Depreciation
NARTD Sales Trend by Channel / Category / Package (vs 2024)Q3 QTD (July to Sep) Sales Volume -1%
Channel | Volume | Wholesale revenue per case (Yen) | |
Supermarket (SM) | -8% | +72 | |
Drug & Discounter (D&D) | -4% | +78 | |
Convenience Store (CVS) | -6% | +74 | |
Vending (VM) | -4% | +89 | |
Retail & Food Service (R&F) | +11% | -10 | |
Online | +18% | +21 | |
By Channel
7%
22%
18%
19%
19%
13%
Category | Volume | |
Sparkling | +5% | |
Tea | -4% | |
Sports | -4% | |
Water | -16% | |
Coffee | +4% | |
Juice | +5% | |
By Category
By Package
3%
12%
42%
11%
20%
4%
Package | Volume | |
S-PET | Flat | |
M-PET | +35% | |
L-PET | -11% | |
Can | +2% | |
Bottle Can | -9% | |
Syrup | +7% | |
Powder | +4% | |
Q3 YTD (Jan to Sep)
4%
3%
12%
42%
11%
21%
Package | Volume | |
S-PET | Flat | |
M-PET | +30% | |
L-PET | -15% | |
Can | +5% | |
Bottle Can | -16% | |
Syrup | +13% | |
Powder | +11% | |
Q3 QTD (July to Sep)
3%
7%
26%
16%
11%
24%
12%
Note: Volume excludes alcohol. Wholesale revenue per case excludes deduction from revenue (DFR). Some inconsistencies with the volume data provided in past presentations may be expected as a result of standardization of volume and revenue calculation.
4% S-PET: Below 700ml / L-PET: Above 1.5L
Q3 ESG Initiatives------------------------------------------------------------------ Major Initiatives ---------------------------------------------------------------
--------------Values--------------
A pilot program for next-generation "Renewable Diesel" biofuel, contributing
decarbonization, was launched in September. The project is progressing smoothly.
An initiative was launched in collaboration with the Fukuoka SoftBank Hawks and Vissel Kobe sports teams at their stadiums to recycle used PET bottles into new beverage containers.
An International Coastal Cleanup event was held at Hamaoka Sand Dunes in Omaezaki City,
working together with the community to address marine debris issues.
Environmental & Local Community Initiatives
Business Expansion
To foster an environment in which diverse employees can fully demonstrate their abilities, we have | |||
Enhancing Human | introduced financial support for several forms of treatment. These included hormone therapy for menopausal symptoms in women, hormone treatment for ageing men, and hormone therapy to support gender transition and ease gender dysphoria. In addition, we are offering support for medications used | ||
Capital & Promoting | to relieve menstrual-related symptoms in female employees. | ||
DE&I | building and financial well-being. | ||
radiation and improve safety. |
Reduce Environmental Impact
Repeatedly selected as a Constituent of the FTSE4Good Index Series, FTSE Blossom Japan Index, and the FTSE Blossom Japan Sector Relative Index.
Coca-Cola Bottlers Japan's Water Source Forest Houki in Tottori Prefecture is now registered as a Nationally Certified Sustainably Managed Natural Site under the Act on the Promotion of Activities for Enhancing Regional Biodiversity.
External Evaluation
Community Development
Forward-looking Statements
The plans, performance forecasts, and strategies appearing in this material are based on the assumptions and judgment of the management of Coca-Cola Bottlers Japan Holdings Inc. (CCBJH or Company) in view of data obtained as of the date this material was released. These forecasts may differ materially from actual performance due to risks and uncertain factors such as those listed below.
Risks and uncertain factors are not limited to the items listed below. They are also included in our annual securities report, or "Yuka Shoken Houkokusho".
Agreements with The Coca-Cola Company and Coca-Cola (Japan) Company Limited.
The quality and safety of products
Market competition
Natural environment, such as climate, disaster, water resources, etc.
Legal environment
Leakage or loss of information
Change of economic conditions, such as personal consumption, currency exchange rates, prices of raw materials, fair value of assets, etc.
Business integration, streamlining and optimization of business processes, etc.
Uncertain factors other than those above
The information in this presentation is provided for informational purposes and should not be construed as a solicitation of an investment in our securities.
CCBJH undertakes no duty to update any statement in light of new information or future events. You should rely on your own independent examination of us before investing in any securities issued by our company.
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Coca-Cola Bottlers Japan Holdings Inc. published this content on October 31, 2025, and is solely responsible for the information contained herein. Distributed via Public Technologies (PUBT), unedited and unaltered, on October 31, 2025 at 06:50 UTC.
