Asahi Group Holdings Ltd TSE:2502
Asahi : Q3 2025 Financial Results （354 KB）
Source: MarketScreener
Asahi Group Holdings, Ltd.
Consolidated Financial Results |
for the Nine Months Ended September 30, 2025 |
(Under IFRS) |
NOTE: |
All information has been prepared in accordance with International Financial Reporting Standards (IFRS). Amounts shown in |
this accounting report and in the attached materials have been rounded down to omit fractions less than one million yen. This |
document is a partial English translation of the Japanese Financial Statement which was filed at Tokyo Stock Exchange on |
March 10, 2026. |
This translation was made for reference purposes only. In the event of any discrepancy between this translation and the |
Japanese original, the original shall prevail. |
Summary Report of Financial Results |
(for the Nine Months Ended September 30, 2025) |
Securities code: |
Listing: |
Head Office: |
Contact: |
Tel: |
US GAAP: |
2502 |
Prime Market of Tokyo Stock Exchange |
Tokyo |
Sasana Nemoto, Head of Corporate Communications |
+81 3 5608 5126 (https://www.asahigroup-holdings.com/en/) |
Not applicable |
- Consolidated financial results for the nine months ended September 30, 2025 (from January 1, 2025 to September 30, 2025)
(Yen amounts are rounded down to the million)
- Consolidated financial results (cumulative) (Percentages indicate year-on-year changes)
Revenue
(Millions of yen) (%)
Core Operating Profit
(Millions of yen) (%)
Operating profit
(Millions of yen) (%)
Profit for the period
(Millions of yen) (%)
Nine months ended September 30, 2025
2,154,824
(0.6)
202,432
(5.5)
158,712
(18.0)
103,956
(26.0)
Nine months ended September 30, 2024
2,167,952
7.2
214,233
7.3
193,480
2.2
140,423
4.5
Profit attributable to owners of parent
(Millions of yen) (%)
Total comprehensive income
(Millions of yen) (%)
Basic earnings per share
(yen)
Diluted earnings per share
(yen)
Nine months ended September 30, 2025
102,801
(26.2)
226,314
21.3
68.40
68.38
Nine months ended September 30, 2024
139,318
4.7
186,606
(53.5)
91.66
91.64
(Reference)
・Profit before tax:
Nine months ended September 30, 2025
151,773 millions of yen (20.5%)
Nine months ended September 30, 2024
190,850 millions of yen 3.0%
・Adjusted profit attributable to owners of parent:
Nine months ended September 30, 2025
126,556 millions of yen (9.9%)
Nine months ended September 30, 2024
140,446 millions of yen 5.1%
・Constant Currency Basis (Amounts calculated by converting foreign currency for the year to yen using the exchange rate of previous year) Nine months ended September 30, 2025 Revenue 0.6% YoY Core Operating Profit (4.6%) YoY
*Core Operating Profit is the reference index for normalized business performance. Core Operating Profit = Revenue - (COGS + general administrative cost) Core Operating Profit is not the index defined in IFRS. We think this index is useful to users of our financial statements so that we disclose it spontaneously.
*Adjusted profit attributable to owners of parent
= Profit attributable to owners of parent - One-off special factors including business portfolio restructuring and impairment loss
*Asahi Group Holdings, Ltd (The Company) conducted a 3-for-1 common stock split on October 1, 2024. “Basic earnings per share” and “Diluted earnings per share” are calculated as if the stock split had occurred at the beginning of the previous fiscal year.
- Consolidated financial Condition
Total assets
(Millions of yen)
Total equity
(Millions of yen)
Equity attributable to
owners of parent (Millions of yen)
Equity ratio attributable to owners of parent
(%)
As of September 30, 2025
5,577,923
2,815,820
2,811,184
50.4
As of December 31, 2024
5,403,405
2,674,051
2,668,801
49.4
- Consolidated financial results (cumulative) (Percentages indicate year-on-year changes)
Cash dividends
Annual dividends per share
Q1
(yen)
Q2
(yen)
Q3
(yen)
Year-end
(yen)
Total
(yen)
Fiscal year ended December 31, 2024
—
66.00
—
27.00
—
Fiscal year ended December 31, 2025 － 26.00 －
Fiscal year ended December 31, 2025 (forecast)
26.00 52.00
Note: Changes to the latest dividend forecast announced: No
The Company conducted a 3-for-1 common stock split on October 1, 2024. The above FY2024 Q2 dividend per share are based on a number of shares prior to the stock split. The total annual dividend per share for the fiscal year ended December 31, 2024 is not presented because the total of the interim dividend and the year-end dividend cannot be calculated due to effect of the stock split. Without taking the stock split into account, the year-end dividend per share for the fiscal year ended December 31, 2024 would be 81 yen and the total annual dividend per share for the fiscal year ended December 31, 2024 would be 147 yen.
- Forecast for fiscal year ended December 31, 2025
(Percentages indicate year-on-year changes)
Revenue (Millions of yen) (%) | Core Operating Profit (Millions of yen) (%) | Operating profit (Millions of yen) (%) | Profit (Millions of yen) (%) |
Proft attributable to owners of parent (Millions of yen) (%) | Basic earnings per share (yen) |
Fiscal year ended December 31, 2025
Fiscal year ended December 31, 2025
2,950,000 0.4 290,000 1.7
167,500 (12.8) 112.74
255,000 (5.2)
169,000 (12.5)
(Reference)
・Profit before tax: Fiscal year ended December 31, 2025 (forecast) 242,000 million yen (9.4%)
・Adjusted profit attributable to owners of parent: Fiscal year ended December 31, 2025 (forecast) 177,500 million yen (3.0%)
・Constant Currency Basis (Amounts calculated by converting foreign currency for the year to yen using the exchange rate of previous year) Fiscal year ended December 31, 2025 (forecast) Revenue 2.4% YoY Core Operating Profit 4.1％ YoY
*Adjusted profit attributable to owners of parent
= Profit attributable to owners of parent - One-off special factors including business portfolio restructuring and impairment loss
NotesChanges in status of material subsidiaries during the period (changes in specified subsidiaries due to changes in the scope of consolidation): Yes New: 5 companies (Leiber GmbH and other 4 companies), Excluded: - company ( - )
Changes in accounting policies, or changes in accounting estimates
Changes in accounting policies required by IFRS: No
Changes in accounting policies other than item (1) above: No
Changes in accounting estimates: No
Number of shares (common stock):
Issued share at period-end (including treasury shares): As of September 30, 2025
As of December 31, 2024
Treasury shares at period-end: As of September 30, 2025
As of December 31, 2024
Average number of outstanding shares during the period: Nine months ended September 30, 2025
Nine months ended September 30, 2024
1,521,010,086 shares
1,521,010,086 shares
17,972,444 shares
18,158,038 shares
1,502,955,929 shares
1,520,032,018 shares
(Note) The treasury shares which are excluded from calculations of the number of treasury shares at the end of the period and
the average number of shares during the period under review include the Company's shares held by Custody Bank of Japan, Ltd. as trust property of the performance-lined stock compensation system for the Directors.
(Nine months ended September 30, 2025: 209,427 shares, Fiscal year ended December 31, 2024: 397,515 shares, Nine months ended September 30, 2024: 397,515 shares)
*The Company conducted a 3-for-1 common stock split on October 1, 2024. “Issued share at period-end“, “Treasury shares at period-end“ and “Average number of outstanding shares during the period“ are calculated as if the stock split had occurred at the beginning of the previous fiscal year.
*Review of the Japanese-language originals of the attached consolidated quarterly financial statements by certified public accountants or an audit firm: None
* Forward-looking statements and other special instructionsThe forward-looking statements that reflect Asahi’s forecasts for consolidated and unconsolidated results in this document are based on information available at the time of the release of these materials and reasonable assumptions made by Asahi.
Certain risks and uncertainties could cause the results of Asahi to differ materially from any projections presented herein.
4. Consolidated Financial Statements |
(1) Consolidated Statement of Financial Position (As of December 31, 2024 and As of September 30, 2025) |
(Millions of yen) |
As of As of |
December 31, 2024 September 30, 2025 |
(Ass ets) | ||
Current assets | ||
Cash and cash equivalents | 83,961 | 84,948 |
Trade and other receivables | 440,335 | 420,644 |
Inventories | 271,430 | 305,988 |
Income tax receivables | 4,844 | 2,615 |
Other financial assets | 17,079 | 10,734 |
Other current assets | 40,237 | 45,323 |
Total current assets | 857,891 | 870,254 |
Non-current assets | ||
Property, plant and equipment | 935,441 | 960,929 |
Goodwill and intangible assets | 3,353,896 | 3,445,551 |
Investments accounted for using equity method | 11,369 | 11,858 |
Other financial assets | 143,540 | 176,649 |
Deferred tax assets | 41,469 | 42,034 |
Net defined benefit assets | 44,100 | 43,472 |
Other non-current assets | 15,694 | 27,173 |
Total non-current assets | 4,545,514 | 4,707,668 |
Total assets | 5,403,405 | 5,577,923 |
(Liabilities and Equity) | ||
(Liabilities) | ||
Current liabilities | ||
Trade and other payables | 720,870 | 664,015 |
Bonds and borrowings | 451,129 | 623,447 |
Income tax payables | 31,280 | 34,439 |
Provisions | 21,381 | 23,498 |
Other financial liabilities | 135,634 | 104,654 |
Other current liabilities | 150,012 | 136,647 |
Total current liabilities | 1,510,308 | 1,586,702 |
Non-current liabilities | ||
Bonds and borrowings | 828,047 | 783,741 |
Net defined benefit liabilities | 14,394 | 12,802 |
Deferred tax liabilities | 238,593 | 238,509 |
Other financial liabilities | 129,642 | 132,470 |
Other non-current liabilities | 8,367 | 7,875 |
Total non-current liabilities | 1,219,044 | 1,175,399 |
Total liabilities | 2,729,353 | 2,762,102 |
(Equity) | ||
Issued capital | 220,044 | 220,044 |
Share premium | 162,216 | 162,141 |
Retained earnings | 1,418,660 | 1,445,154 |
Treasury shares | (31,214) | (30,943) |
Other components of equity | 899,094 | 1,014,787 |
Total equity attributalble to owners of parent | 2,668,801 | 2,811,184 |
Non-controlling interests | 5,250 | 4,636 |
Total equity | 2,674,051 | 2,815,820 |
Total liabilities and equity | 5,403,405 | 5,577,923 |
(2) Consolidated Statement of Profit or Loss and Comprehensive Income |
(From January 1 to September 30, 2024 and 2025) |
(Millions of yen) | ||
Previous year (From January 1 to September 30,2024) | Current year (From January 1 to September 30,2025) | |
Revenue | 2,167,952 | 2,154,824 |
Cost of sales | (1,352,608) | (1,341,764) |
Gross Profit | 815,343 | 813,060 |
Selling, general and administrative expenses | (601,110) | (610,627) |
Other operating income | 3,661 | 4,105 |
Other operating expense | (24,414) | (47,825) |
Operating Profit | 193,480 | 158,712 |
Finance income | 12,322 | 15,940 |
Finance costs | (15,352) | (22,675) |
Share of profit (loss) of investments accounted for using equity method | 399 | (204) |
Profit before tax | 190,850 | 151,773 |
Income tax expense | (50,427) | (47,816) |
Profit for the period | 140,423 | 103,956 |
Attributable to: | ||
Owners of parent | 139,318 | 102,801 |
Non-controlling interests | 1,104 | 1,155 |
Total | 140,423 | 103,956 |
Basic earnings per share (Yen) |
Diluted earnings per share (Yen) |
91.66 | 68.40 |
91.64 | 68.38 |
(Millions of yen) | ||
Previous year (From January 1 to September 30,2024) | Current year (From January 1 to September 30,2025) | |
Profit for the period | 140,423 | 103,956 |
Other comprehensive income | ||
Items that will not be reclassified to profit or loss | ||
Changes in fair value of financial instruments measured at fair value through other comprehensive income | 3,406 | 11,602 |
Items that might be reclassified to profit or loss | ||
Cash flow hedges | 3,965 | 1,117 |
Costs of hedging | 79 | 866 |
Translation differences on foreign operations | 38,664 | 108,903 |
Share of other comprehensive income of entities accounted for using equity method | 67 | (131) |
Total other comprehensive income | 46,183 | 122,357 |
Total comprehensive income | 186,606 | 226,314 |
Total comprehensive income attributable to: | ||
Owners of parent | 185,505 | 225,649 |
Non-controlling interests | 1,101 | 665 |
(3) Condensed Consolidated Statement of Changes in Equity |
Previous year (from January 1 to September 30, 2024) |
(Millions of yen)
Equity attributable to owners of parent | ||||||
Issued capital | Share premium | Retained earnings | Treasury shares | Other components of equity | ||
Changes in fair value of financial instruments measured at fair value through OCI | Cash flow hedges | |||||
Balance as of January 1, 2024 | 220,044 | 161,867 | 1,282,432 | (1,190) | 49,086 | 224 |
Comprehensive income | 139,318 | 3,406 | 3,970 | |||
Profit | ||||||
Other comprehensive income | ||||||
Total comprehensive income | — | — | 139,318 | — | 3,406 | 3,970 |
Transfer to non-financial assets | (1,648) | |||||
Transactions with owners | (1,176) | |||||
Dividends | (66,374) | |||||
Purchase of treasury shares | (19) | |||||
Disposal of treasury shares | 0 | 0 | ||||
Changes through sales of consolidated subsidiaries | 289 | |||||
Share-based payment transaction | 105 | |||||
Transfer from other components of equity to retained earnings | 1,176 | |||||
Total contributions by owners and distribution to owners | — | 394 | (65,198) | (19) | (1,176) | — |
Total transactions with owners | — | 394 | (65,198) | (19) | (1,176) | — |
Balance as of September 30, 2024 | 220,044 | 162,262 | 1,356,553 | (1,210) | 51,316 | 2,546 |
Equity attributable to owners of parent | Non-controlling interests | Total equity | ||||
Other components of equity | Total equity attributable to owners of parent | |||||
Costs of hedging | Translation difference on foreign operations | Total other components of equity | ||||
Balance as of January 1, 2024 | (425) | 748,508 | 797,393 | 2,460,548 | 5,233 | 2,465,781 |
Comprehensive income | 79 | 38,730 | ||||
Profit | — | 139,318 | 1,104 | 140,423 | ||
Other comprehensive income | 46,186 | 46,186 | (3) | 46,183 | ||
Total comprehensive income | 79 | 38,730 | 46,186 | 185,505 | 1,101 | 186,606 |
Transfer to non-financial assets | (1,648) | (1,648) | (1,648) | |||
Transactions with owners | (1,176) | (1,112) | ||||
Dividends | (66,374) | (67,487) | ||||
Purchase of treasury shares | (19) | (19) | ||||
Disposal of treasury shares | 0 | 0 | ||||
Changes through sales of consolidated subsidiaries | 289 | 289 | ||||
Share-based payment transaction | 105 | 105 | ||||
Transfer from other components of equity to retained earnings | — | — | ||||
Total contributions by owners and distribution to owners | — | — | (1,176) | (65,999) | (1,112) | (67,111) |
Total transactions with owners | — | — | (1,176) | (65,999) | (1,112) | (67,111) |
Balance as of September 30, 2024 | (345) | 787,238 | 840,755 | 2,578,405 | 5,222 | 2,583,628 |
Current year (from January 1 to September 30, 2025)
(Millions of yen)
Equity attributable to owners of parent | ||||||
Issued capital | Share premium | Retained earnings | Treasury shares | Other components of equity | ||
Changes in fair value of financial instruments measured at fair value through OCI | Cash flow hedges | |||||
Balance as of January 1, 2025 | 220,044 | 162,216 | 1,418,660 | (31,214) | 50,929 | 10,738 |
Comprehensive income | 102,801 | 11,602 | 1,111 | |||
Profit | ||||||
Other comprehensive income | ||||||
Total comprehensive income | — | — | 102,801 | — | 11,602 | 1,111 |
Transfer to non-financial assets | (3,807) | |||||
Transactions with owners | (3,348) | |||||
Dividends | (79,655) | |||||
Purchase of treasury shares | (4) | |||||
Disposal of treasury shares | (0) | 276 | ||||
Changes through sales of consolidated subsidiaries | ||||||
Share-based payment transaction | (75) | |||||
Transfer from other components of equity to retained earnings | 3,348 | |||||
Total contributions by owners and distribution to owners | — | (75) | (76,307) | 271 | (3,348) | — |
Total transactions with owners | — | (75) | (76,307) | 271 | (3,348) | — |
Balance as of September 30, 2025 | 220,044 | 162,141 | 1,445,154 | (30,943) | 59,183 | 8,043 |
Equity attributable to owners of parent | Non-controlling interests | Total equity | ||||
Other components of equity | Total equity attributable to owners of parent | |||||
Costs of hedging | Translation difference on foreign operations | Total other components of equity | ||||
Balance as of January 1, 2025 | (492) | 837,917 | 899,094 | 2,668,801 | 5,250 | 2,674,051 |
Comprehensive income | 866 | 109,268 | 122,848 | |||
Profit | 102,801 | 1,155 | 103,956 | |||
Other comprehensive income | 122,848 | (490) | 122,357 | |||
Total comprehensive income | 866 | 109,268 | 122,848 | 225,649 | 665 | 226,314 |
Transfer to non-financial assets | (3,807) | (3,807) | (3,807) | |||
Transactions with owners | (3,348) | (1,278) | ||||
Dividends | (79,655) | (80,934) | ||||
Purchase of treasury shares | (4) | (4) | ||||
Disposal of treasury shares | 276 | 276 | ||||
Changes through sales of consolidated subsidiaries | — | — | ||||
Share-based payment transaction | (75) | (75) | ||||
Transfer from other components of equity to retained earnings | — | — | ||||
Total contributions by owners and distribution to owners | — | — | (3,348) | (79,460) | (1,278) | (80,738) |
Total transactions with owners | — | — | (3,348) | (79,460) | (1,278) | (80,738) |
Balance as of September 30, 2025 | 374 | 947,185 | 1,014,787 | 2,811,184 | 4,636 | 2,815,820 |
(4) Consolidated Statement of Cash Flows |
(From January 1 to September 30, 2024 and 2025) |
(Millions of yen) | ||
Previous year (From January 1 to September 30,2024) | Current year (From January 1 to September 30,2025) | |
Cash flows from (used in ) operating activities Profit before tax | 190,850 | 151,773 |
Depreciation and amortization expenses | 119,750 | 119,006 |
Impairment losses | 1,612 | 25,282 |
Interest and dividend income | (5,713) | (6,138) |
Interest expenses | 13,205 | 17,537 |
Share of loss (profit) of investments accounted for using equity method | (399) 204 | |
Loss (gain) on sales of shares of associates | (1,604) | — |
Loss (gain) on sales and disposals of property, plant and equipment | 1,753 | 924 |
Decrease (increase) in trade receivables | 47,899 | 24,289 |
Decrease (increase) in inventories | (10,690) | (27,584) |
Increase (decrease) in trade and other payables | (34,477) | (24,746) |
Increase (decrease) in accrued alcohol tax | (6,594) | (14,104) |
Increase (decrease) in net defined benefit assets and liabilities | 277 | (2,211) |
Increase (decrease) in other liabilities | (45,140) | (35,256) |
Other | 16,515 | 7,493 |
Subtotal | 287,242 | 236,471 |
Interest and dividends received | 9,600 | 6,772 |
Inrerest paid | (12,180) | (14,960) |
Income tax paid | (62,523) | (79,920) |
Net cash flows from (used in ) operating activities | 222,138 | 148,363 |
(Continued)
(Millions of yen) |
Previous year Current year (From January 1 (From January 1 to September 30,2024) to September 30,2025) |
Cash flows from (used in ) investing activities | ||
Purchase of property, plant and equipment | (83,500) | (91,971) |
Proceeds from sales of property, plant and equipment | 4,219 | 4,234 |
Purchase of intangible assets | (16,526) | (19,590) |
Purchase of investment securities | (2,062) | (744) |
Proceeds from sales of investment securities | 2,848 | 7,651 |
Purchase of subsidiaries and others relating to the change of scope of consolidation | (21,397) | (45,520) |
Proceeds from sales of shares of subsidiaries and others resulting in change in scope of consolidation | 485 | — |
Payments for contingent consideration | — | (5,849) |
Other | (26) | (1,507) |
Net cash flows from (used in) investing activities | (115,960) | (153,297) |
Cash flows from (used in) financing activities | ||
Increase (decrease) in short-term borrowings | 48,169 | 135,360 |
Payments of lease liabilities | (21,806) | (20,494) |
Proceeds from long-term borrowings | — | 50,000 |
Repayment of long-term borrowings | (43,016) | (38,962) |
Proceeds from issuance of bonds | 165,002 | 50,000 |
Redemption of bonds | (201,760) | (104,700) |
Purchase of treasury shares | (19) | (4) |
Dividends paid | (66,374) | (79,655) |
Other | (2,402) | (773) |
Net cash flows from (used in) financing activities | (122,207) | (9,230) |
Effect of exchange rate changes on cash and cash equivalents | 2,285 | 15,150 |
Net increase (decrease) in cash and cash equivalents | (13,744) | 986 |
Cash and cash equivalents at the beginning of period | 59,945 | 83,961 |
Cash and cash equivalents at the end of period | 46,201 | 84,948 |
(5) Notes to the Condensed Consolidated Financial Statements
(Segment Information)
As of April 1, 2025, Asahi Group shifted from a four RHQ structure, covering Japan, Europe, Oceania, and Southeast Asia, to a three RHQ structure that integrates the Oceania and Southeast Asia RHQs. As a result, the Group's reporting segments, which were previously Japan, Europe, Oceania, and Southeast Asia, will be changed to Japan & East Asia, Europe, and Asia Pacific from the current period.
Previous year (January 1 to September 30, 2024) (Millions of yen)
Japan & East Asia | Europe | Asia Pacific | Other | Segment Total | Adjustments | Consolidated total | |
Revenue | |||||||
External customers | 1,011,113 | 593,287 | 543,172 | 20,378 | 2,167,952 | — | 2,167,952 |
Intersegment | 3,804 | 2,111 | 1,371 | 0 | 7,287 | (7,287) | — |
Total | 1,014,917 | 595,399 | 544,543 | 20,379 | 2,175,240 | (7,287) | 2,167,952 |
Segment profit (loss) | 92,272 | 65,471 | 43,115 | 3,513 | 204,372 | (10,891) | 193,480 |
Adjustment to segment profit (loss) of (10,891) million includes overhead costs of (17,861) million, which are not allocated to the reportable segments, and the elimination of intersegment transactions, etc. of 6,970 million. Overhead costs are primarily group strategy and management expenses incurred at the Company that is a pure holding company and Asahi Global Procurement Pte.Ltd. Elimination of intersegment transactions include the amount of consolidated eliminations relating to transactions between subsidiaries that are not included in any operating segment and each operating segment. The price in intersegment transactions is in accordance with the transaction price with external customers.
Current year (January 1 to September 30, 2025) (Millions of yen)
Japan & East Asia | Europe | Asia Pacific | Other | Segment Total | Adjustments | Consolidated total | |
Revenue | |||||||
External customers | 1,024,140 | 580,711 | 529,843 | 20,128 | 2,154,824 | — | 2,154,824 |
Intersegment | 4,384 | 1,878 | 1,442 | 0 | 7,705 | (7,705) | — |
Total | 1,028,524 | 582,590 | 531,286 | 20,128 | 2,162,530 | (7,705) | 2,154,824 |
Segment profit (loss) | 73,463 | 69,395 | 24,294 | 3,893 | 171,046 | (12,334) | 158,712 |
Adjustment to segment profit (loss) of (12,334) million includes overhead costs of (22,205) million, which are not allocated to the reportable segments, and the elimination of intersegment transactions, etc. of 9,871 million.Overhead costs are primarily group strategy and management expenses incurred at the Company that is a pure holding company and Asahi Global Procurement Pte.Ltd. Elimination of intersegment transactions include the amount of consolidated eliminations relating to transactions between subsidiaries that are not included in any operating segment and each operating segment. The price in intersegment transactions is in accordance with the transaction price with external customers.