Asahi Group Holdings Ltd · TSE:2502
Asahi — H1 2025 Earnings Presentation
30 slides from Asahi's earnings presentation, Aug 7, 2025
Slide 1: H1 2025 Financial Results Presentation
H1 2025 FINANCIAL RESULTS PRESENTATION H1 OVERVIEW AND FUTURE MANAGEMENT DIRECTION August 7, 2025
Slide 2: Content (Links)
Content (Links) 1. Executive Summary 14. Reference: Impact of Regional Headquarters 2. Planned Share Buybacks Reorganization 3. Reference: Key Indicator Guidelines and Financial 15. Financial Highlights (Revenue and Core Operating Policy (2025-2030) Profit) 4. Reference: Capital Allocation Policy 16
Slide 3: Executive Summary
Executive Summary ◆ Overview of H1 2025 ➢ Core Operating Profit (constant currency basis) decreased by 3.2%, but total profit exceeded our plan, driven by steadily increasing profits in Japan & East Asia* and Europe segments, along with a smaller-than- expected profit decline in the Asia Pacific* se
Slide 4: Planned Share Buybacks
Planned Share Buybacks ➢ Pursue management that is conscious of capital cost and stock price and implement share buybacks to support the delivery of the Key Indicator Guidelines and Financial Policy through 2030 ➢ From 2026 onward, continue with the buyback of shares (equivalent to approximately 150
Slide 5: Reference: Key Indicator Guidelines and Financial Policy (2025-2030)
Reference: Key Indicator Guidelines and Financial Policy (2025-2030) ➢ Focus on EPS CAGR for profitability indicators because it reflects profit growth and capital policy. Commit to achieve EPS CAGR in the high single digits or low double-digits ➢ Urgent need to improve capital efficiency. Add new R
Slide 6: Reference: Capital Allocation Policy
Reference: Capital Allocation Policy ➢ Aim for sustainable growth by expanding organic strategic investments and investing to realize the ideal business portfolio ➢ Seek to increase corporate value over the medium- to long-term by allocating capital to improve capital efficiency and enhance sharehol
Slide 7: Premium Strategy Progress
Premium Strategy Progress ⚫ Beer and Beer-like Beverages + Non-alcohol Adult Beverages (Beer Taste) Categories H1 2025 Results (YoY) Japan & Europe Asia Pacific Total East Asia Increase in unit sales price (excluding liquor tax) +4.3% +1.5% −1.1% +2.0% Revenue +1.1% −2.0% −2.2% −1.2% Sales volume −3
Slide 8: Japan & East Asia: H1 Overview and Future Direction
Japan & East Asia: H1 Overview and Future Direction 2025 Vs Initial H1 2025 Change YoY Revised Change YoY Forecast (JPY billion) Forecast Revenue 649.1 11.2 1.8% 1,423.7 45.6 3.3% 10.9 Core OP 56.8 0.8 1.4% 140.4 7.4 5.5% 3.2 H1 2025 Overview ⚫ Japan’s Non-alcohol Beverages and Food fell short of pl
Slide 9: Japan & East Asia: Key Topics
Japan & East Asia: Key Topics ⚫ Revival of the Beer Trend in Japan ⚫ Stimulating Beer Demand Canned beer market by category Asahi Super Dry THE BITTER-IST Peroni 70% Beer Can New Genre Happoshu 60% 50% 40% 30% 20% Source: Intage SRI+ data for composition of canned beer, happoshu and new genre produc
Slide 10: Europe: H1 Overview and Future Direction
Europe: H1 Overview and Future Direction 2025 Vs Initial H1 2025 Change YoY Revised Change YoY Forecast (JPY billion) Forecast Revenue 356.4 - 10.0 - 2.7% 748.6 - 5.1 - 0.7% - 25.5 Core OP 47.1 1.1 2.3% 107.0 3.3 3.2% 0.9 * The YoY change (constant currency basis) figures are calculated by convertin
Slide 11: Europe: Key Topics
Europe: Key Topics ⚫ H1 2025 Growth Rate by Segment ⚫ H1 2025 Non-alcohol Adult Beverages Sales Volume Net Sales (excl. liquor tax) (Beer Taste) Increase in unit sales price +2% +1% +2% (YoY) 0% Premium Mainstream Total Sales volume +5% Revenue +6% -5% ⚫ Boosting Asahi Super Dry Growth ⚫ Earnings St
Slide 12: Asia Pacific: H1 Overview and Future Direction
Asia Pacific: H1 Overview and Future Direction 2025 Vs Initial H1 2025 Change YoY Revised Change YoY Forecast (JPY billion) Forecast Revenue 346.2 7.2 2.0% 767.8 34.4 4.4% - 6.7 Core OP 37.4 - 1.6 - 4.0% 104.7 2.5 2.3% - 2.1 * YoY changes are calculated by converting foreign currency amounts for the
Slide 13: Asia Pacific: Key Topics
Asia Pacific: Key Topics ⚫ Australian Beer Performance ⚫ Key Initiatives to Stimulate Beer Category Great Northern Carlton Dry 3.5% First-ever owned hospitality venue, Using medium-strength beer to tap into Northern Grounds, opens on northern beaches moderate drinking trends of Brisbane, Australia ⚫
Slide 14: Sustainability
Sustainability Main Initiatives ⚫ Initiatives toward Achieving the Group’s 2030 Targets • Further refinement of action plans and acceleration of implementation – Environment : Reduction of GHG emissions (Scope 1,2,3) / Sustainable packaging – Responsible Drinking • Further acceleration toward decarb
Slide 15: Information Disclosure Framework
Information Disclosure Framework ⚫ Position the integrated report as our primary report to provide an overview of corporate value ⚫ Use secondary reports to comprehensively supplement information on a variety of topics Primary Report Integrated Report Overview The integrated report is a communicatio
Slide 16: Summary of H1 2025 Financial Results and Full Year Forecasts
Summary of H1 2025 Financial Results and Full Year Forecasts
Slide 17: Reference: Impact of Regional Headquarters Reorganization
Reference: Impact of Regional Headquarters Reorganization ⚫ Key Changes to Reporting Segments ⚫ Scale of Transferred Business Old Segments New Segments Revenue Core Operating Profit 1. Approx. JPY 19 billion Approx. JPY −1 billion Japan Japan & East Asia Approx. JPY 1.5 Approx. JPY −1 billion 1 2. b
Slide 18: Financial Highlights (Revenue and Core Operating Profit)
Financial Highlights (Revenue and Core Operating Profit) H1 Results (Constant Currency Basis) (Constant Currency Basis) 2025 Vs Initial ➢ Revenue: +0.6% YoY. While revenue (JPY Billion) H1 2025 Change YoY Revised Change YoY declined in Europe, total revenue increased Forecast Forecasts year on year
Slide 19: Operating Profit/Profit Attributable to Owners of Parent
Operating Profit/Profit Attributable to Owners of Parent (Actual Currency Basis) (Actual Currency Basis) H1 Results 2025 Vs Initial ➢ Operating profit: −11.4% YoY. Business (JPY Billion) H1 2025 Change YoY Revised Change YoY Forecasts Forecast integration-related expenses declined but Revenue 1,359.
Slide 20: Statement of Financial Position, Statement of Cash Flow and Various Indicators
Statement of Financial Position, Statement of Cash Flow and Various Indicators 2025 H1 Results Vs Initial (JPY billion) H1 2025 Change YoY Revised Change YoY Forecast Forecast ➢ B/S: Total assets increased by JPY 28.9 billion compared to end December 2024 due to Euro Total assets 5,432.3 28.9 0.5% 5
Slide 21: Japan & East Asia
Japan & East Asia 2025 H1 Results Vs Initial (JPY Billion) H1 2025 Change YoY Revised Change YoY Forecasts Forecast ➢ Revenue: +1.8% YoY overall. Fueled by higher revenue in all businesses following Revenue 649.1 11.2 1.8% 1,423.7 45.6 3.3% 10.9 successful price revisions Core Operating Profit 56.8
Slide 22: Europe
Europe 2025 Vs Initial （EUR Million） H1 2025 Change YoY Revised Change YoY Forecast Forecasts Revenue 2,197 - 61 -2.7% 4,564 - 31 -0.7% - 164 H1 Results ➢ Revenue: −2.7% YoY due to soft demand in Core Operating Profit 290 7 2.3% 652 20 3.2% 6 some markets and unfavorable weather ➢ Core Operating Pro
Slide 23: Asia Pacific
Asia Pacific 2025 Vs Initial (AUD Million) H1 2025 Change YoY Change YoY Forecasts Forecast Revenue 3,680 71 2.0% 8,168 344 4.4% -69 H1 Results Core Operating Profit 398 -16 -4.0% 1,114 25 2.3% -21 ➢ Revenue: +2.0% YoY. While alcohol beverage sales declined primarily in Oceania, Non-alcohol Beverage
Slide 24: Reference
Reference
Slide 25: FX Impact (H1 Results)
FX Impact (H1 Results) Exchange Rate Trends (Actual Currency Basis) (Constant Currency Basis) H1 2025 H1 2024 (JPY) (JPY billion) H1 2025 Prev. Year Change YoY FX Impact Change YoY Results Results EUR 162.3 164.7 Japan and East Asia 649.1 637.9 11.2 1.8% - 11.2 1.8% AUD 94.1 100.3 Europe 356.4 370.3
Slide 26: FX Impact (2025 Revised Annual Forecasts)
FX Impact (2025 Revised Annual Forecasts) Exchange Rate Trends (Actual Currency Basis) (Constant Currency Basis) 2025 2025 2024 (JPY) Revised (JPY billion) Revised Prev. Year Change YoY FX Impact Change YoY Results Forecasts Forecasts EUR 164.0 164.1 Japan and East Asia 1,423.7 1,378.1 45.6 3.3% - 4
Slide 27: Japan & East Asia (Japan Alcohol Beverages: Revenue/Sales Volume)
Japan & East Asia (Japan Alcohol Beverages: Revenue/Sales Volume) (JPY Billion) 2025 Vs Initial *Before rebate deduction H1 2025 Change YoY Revised Change YoY Forecast Forecasts Beer and beer-like beverages 261.3 - 5.2 - 2.0% 595.5 2.7 0.5% - 4.1 Whiskey and spirits 35.7 1.8 5.4% 77.1 4.3 6.0% 4.2 R
Slide 28: Japan & East Asia (Japan Non-alcohol Beverages: Sales Volume)
Japan & East Asia (Japan Non-alcohol Beverages: Sales Volume) 2025 Vs Initial (Millions of cases) H1 2025 Change YoY Revised Change YoY Forecast Forecasts Sales Volume 121.46 - 0.50 - 0.4% 256.30 - 1.24 - 0.5% - 4.30 MITSUYA CIDER 17.85 - 1.65 - 8.4% 38.70 - 2.52 - 6.1% - 2.60 WILKINSON 15.28 - 0.57
Slide 29: Quarterly Results
Quarterly Results (Constant Currency Basis) (Constant Currency Basis) (JPY Billion) Q1 2025 Change YoY Q2 2025 Change YoY H1 2025 Change YoY Japan and East Asia 308.5 22.5 7.9% 340.6 - 11.3 - 3.2% 649.1 11.2 1.8% Europe 139.2 - 1.7 - 1.2% 217.2 - 8.2 - 3.6% 356.4 - 10.0 - 2.7% Asia Pacific 179.0 - 2
Slide 30: Information in this material is not intended to solicit the sale or purchase of
Information in this material is not intended to solicit the sale or purchase of shares in Asahi Group Holdings. The views, estimates and other information included in this document are based on the company's judgment at the time of publication, and no guarantees are provided regarding the accuracy o