Asahi Group Holdings Ltd TSE:2502

Asahi : Q3 2025 Financial Results Presentation （821 KB）

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Source: MarketScreener

‌Q3 2025 FINANCIAL RESULTSPRESENTATION

March 10, 2026

‌Content (Links)‌

  1. Executive Summary

  2. Financial Highlights (Revenue and Core Operating Profit)

  3. Operating Profit/Profit Attributable to Owners of Parent

  4. Japan &East Asia

  5. Europe

  6. Asia Pacific

  7. Premium Strategy Progress

  8. FXImpact (9M Results)

  9. FXImpact (2025 Forecast)

  10. Japan & East Asia (Japan Alcohol Beverages: Revenue/ Sales Volume)

  11. Japan & East Asia (Japan Non-alcohol Beverages: Sales Volume)

  12. Quarterly Results

‌Executive Summary‌

  • Status of 2025 Corporate Results Disclosure

    H1 2025

    Q3 2025

    2025 Full Year

    Q1 2026

    Timely Disclosure of Business Updates

    ー

    November 2025

    February 2026

    TBD

    Results Announcements

    August 2025

    March 10, 2026

    TBD

    TBD

  • Q1-Q3 2025 Corporate Results (Jan - Sep): Key Points

    • Our Europe and Asia Pacific segments, which were not impacted by the system disruption, reported lower-than-anticipated revenue. However, Core Operating Profit performed in line with plan (Europe: +1.0% YoY, APAC: −0.9% YoY)

    • Japan & East Asia fell short of expectations due to system disruptions from September 29. Revenue: +1.3% YoY, Core Operating Profit: −3.1% YoY

    • Consolidated operating profit contracted by 18.0% YoY due to impairment losses from the alcohol beverages business in East Asia and Southeast Asia and expenses related to the system disruptions

    • Profit attributable to owners of parent contracted by 26.2% YoY due in part to the decline in operating profit and a deterioration in our financial account balance in the face of rising interest rates

ⒸASAHI GROUP HOLDINGS. All rights reserved. 1

Revenue

⮚ +0.6% YoY: Sales in Europe declined due to unseasonal weather. However, sales in Japan and East Asia increased driven by price revisions, and revenue from non-alcohol beverages in Asia Pacific also increased.

  • Overall progress fell short of plan not only due to the impact of the system disruption in Japan, but also to lower-than-anticipated demand in Europe

    Core Operating Profit

  • −4.6% YoY: Cost efficiencies boosted profits from Europe. However, profits from Japan & East Asia declined due to the system disruption, and companywide business expenses also increased

  • Overall progress was slower than planned. While Europe and theAsia Pacific performed to plan, Japan & East Asia underperformed

‌(Constant Currency Basis) (Constant Currency Basis)‌

(JPY Billion) 9M 2025 Change YoY 2025

Forecast

Change YoY

Japan and East Asia

1,028.5

13.6

1.3%

Europe

582.6

-

18.0

-

3.0%

Asia Pacific

531.3

16.7

3.1%

Other

20.1

0.7

3.3%

Adjustment

(corporate and elimination)

-

7.7

- 0.5

-

Revenue

2,154.8

12.5

0.6%

1,423.7

45.6

3.3%

748.6

- 5.1

-

0.7%

767.8

34.4

4.4%

26.3

0.9

3.5%

-

16.3

- 5.6

-

2,950.0

70.2

2.4%

Japan and East Asia

100.0

- 3.2

- 3.1%

Europe

91.8

0.9

1.0%

Asia Pacific

59.5

- 0.6

- 0.9%

Other

3.9

0.3

7.7%

Adjustment

-

23.3

- 7.1

-

(corporate and elimination)

Amortization of acquisition-related

-

29.5

- 0.2

-

intangible assets

Core Operating Profit

202.4

- 9.9

- 4.6%

140.4

7.4

5.5%

107.0

3.3

3.2%

104.7

2.5

2.3%

4.2

0.2

5.5%

-

27.9

- 1.6

-

-

38.4

- 0.0

-

290.0

11.8

4.1%

Financial Highlights (Revenue and Core Operating Profit)

Announced in August 2025

Operating profit

  • −18.0% YoY: While business integration expenses decreased, Core Operating Profit also decreased. Furthermore, changes to our business segmentation generated impairment losses from the East Asia and Southeast Asia alcohol beverages business and system disruption-related expenses swelled costs under the Others category

    Profit attributable to owners of parent

  • −26.2% YoY: As a result of the contraction in operating profit and a deterioration in the financial account in the face of rising interest rates

  • Progress on both operating profit and adjusted profit attributable to owners of parent is trending below plan

‌(Actual Currency Basis) (Actual Currency Basis)‌

(JPY Billion) 9M 2025 Change YoY 2025

Forecast

Change YoY

Revenue

2,154.8

- 13.1

- 0.6%

Core Operating Profit

202.4

- 11.8

- 5.5%

Adjustment item *1

- 43.7

- 23.0

-

Gain (loss) on sales and retirement

of non current assets

- 0.9

0.8 -

Business integration expenses

- 8.7

7.7 -

Impairment loss

- 25.3

- 23.7

-

Others

- 8.9

- 7.8

-

Operating profit

158.7

- 34.8

- 18.0%

Finance income or loss

- 11.4

- 3.9

-

Share of profit (loss) of investments accounted for

using equity method

- 0.2

- 0.6

-

Others

4.7

0.2

4.6%

Profit before tax

151.8

- 39.1

- 20.5%

Income tax expense

- 47.8

2.6 -

Profit

104.0

- 36.5

- 26.0%

Profit attributable to owners of parent

102.8

- 36.5

- 26.2%

Profit attributable to non-controlling interests

1.2

0.1

4.6%

2,950.0

10.6

0.4%

290.0

4.9

1.7%

-

35.0

- 18.9

-

-

-

-

-

-

-

-

-

-

-

-

-

255.0

- 14.1

- 5.2%

- 16.9

- 6.0

-

- 0.1

- 0.7

-

4.0

- 4.3

- 51.7%

242.0

- 25.0

- 9.4%

- 73.0

0.8 -

169.0

- 24.2

- 12.5%

167.5

- 24.6

- 12.8%

1.5

0.4

36.2%

177.5

Adjusted profit attributable to

owners of parent*

126.6

- 13.9 - 9.9%

- 5.5 - 3.0%

*1 The breakdown of the adjustment items for Core Operating Profit item will only include actual results from 2025 onward.

*2 Profit attributable to owners of parent, excluding one-off factors such as business portfolio restructuring and impairment loss.

Operating Profit/Profit Attributable to Owners of Parent

Announced in August 2025

‌(JPY Billion) 9M 2025 Change YoY 2025‌

Forecast

Change YoY

Revenue

1,028.5

13.6 1.3%

Core Operating Profit

100.0

- 3.2 - 3.1%

1,423.7

45.6 3.3%

140.4

7.4 5.5%

Revenue breakdown of Japan

Alcohol Beverages Business

597.1

6.7 1.1%

Non-Alcohol Beverages Business

302.0

6.5 2.2%

Food Business

104.7

7.8 8.0%

835.4

20.4 2.5%

404.5

15.5 4.0%

150.0

15.4 11.4%

9M: Profit Increase/Decrease Factors

JPY -3.2 billion

6

ⒸASAHI GROUP HOLDINGS. All rights reserved. 4

Japan & East Asia

Announced in August 2025

Revenue

⮚ +1.3% YoY: As a result of effective price revisions in each business as well as growth in RTDs and non-alcohol adult beverages (beer taste) in the alcohol beverages business

  • Segment performance tracked below plan overall due to the impact of the system disruption (approximately JPY 5.0 billion), which resulted in lower-than-expected performances across all businesses

    Core Operating Profit

  • −3.1% YoY: While price and product mixes improved due to effective price revisions, variable costs and fixed costs such as advertising and promotion expenses rose

  • Progress tracked below plan due to the system disruption impact (approximately JPY 2.0 billion) and a lower-than-expected performance from the non-alcohol beverages business

‌（EUR Million） 9M 2025 Change YoY 2025‌

Forecast

Change YoY

Revenue

3,516

- 109 - 3.0%

Core Operating Profit

554

5 1.0%

4,564

- 31 - 0.7%

652

20 3.2%

Revenue

(excl. liquor tax)

2,908

- 106 - 3.5%

3,753

- 56 - 1.5%

  • Excluding the impact of translating local currencies into Euro.

  • YoY comparison compared with the previous year rate. Forecasts compared to the forecast rate.

    9M: Profit Increase/Decrease Factors

    EUR +5 million

    7

    5

    Europe

    Announced in

    August 2025

Revenue

  • −3.0% YoY: Decreased due to soft demand in Poland and unfavorable weather in the Czech Republic

  • Overall revenue performance came in below plan. While the UK and some other markets delivered firm results, ongoing unfavorable weather dampened sales volumes in Poland and the Czech Republic

    Core Operating Profit

    ⮚ +1.0% YoY: While sales volumes declined, active earnings structure reforms helped generate greater variable and fixed cost efficiencies

  • Performed to plan as variable and fixed cost efficiencies helped offset the shortfall in sales volumes

‌(AUD Million) 9M 2025 Change YoY 2025‌

Forecast

Change YoY

Revenue

5,599

167 3.1%

Core Operating Profit

627

- 6 - 0.9%

8,168

344 4.4%

1,114

25 2.3%

Revenue (excl. liquor tax)

3,850

53 1.4%

Oceania Total

3,307

3 0.1%

(Alcohol Beverages)

2,128

- 29 - 1.4%

(Non-Alcohol Beverages)

1,179

32 2.8%

5,669

245

4.5%

4,930

189

4.0%

3,220

87

2.8%

1,710

100

6.2%

*Revenue (excl. liquor tax) excludes container deposits in Australia and New Zealand.

9M: Profit Increase/Decrease Factors

AUD -6 million

8

6

Asia Pacific

Announced in August 2025

Revenue

⮚ +3.1% YoY: While Oceania sales of alcohol beverages declined, non-alcohol beverage sales increased in Oceania and Southeast Asia

  • Progress tracked slightly below plan due to a slower-than-anticipated recovery in demand in the Oceania market

    Core Operating Profit

  • −0.9% YoY: While product and price mixes in the alcohol and non-alcohol beverage businesses improved due to price revisions, alcohol beverage sales volumes declined and personnel and other fixed costs increased

  • The segment performed in line with plan, supported by higher-than-expected performances from Southeast and South Asia and tighter variable costs in Oceania

ⒸASAHI GROUP HOLDINGS. All rights reserved.

‌Reference

‌Premium Strategy Progress‌

    • Beer & Beer-like Beverages + Non-alcohol Adult Beverages (Beer Taste) Categories 9M 2025 Results (YoY)

Japan & East Asia

Europe

Asia Pacific

Total

Increase in Unit Sales Price

(Excluding Liquor Tax)

+5.8%+1.2%−0.3%+2.4%

Revenue

+1.5%

−2.8%

−1.7%

−1.3%

Sales Volume −4.0% −3.9%

−1.4%

−3.6%

*Japan & East Asia represents the actual results for the Japan Alcohol Beverages Business. Asia Pacific represents the Oceania category results

Sales Volume for Global Brands

(YoY)

Asahi Super Dry

+13%

*Based on sales volume excluding home markets

Peroni Nastro Azzurro

+5%

Total for

BAC* (YoY)

3 Regions

−1%

*Beer adjacent categories include non-alcohol adult beverages, RTDs, and adult soft drinks

ⒸASAHI GROUP HOLDINGS. All rights reserved. 7

‌FX Impact (9M Results)‌

(Actual Currency Basis) (Constant Currency Basis)

Japan and East Asia

1,028.5

1,014.9

13.6

1.3%

Europe

582.6

595.4

- 12.8

- 2.2%

Asia Pacific

531.3

544.5

- 13.3

- 2.4%

Other

20.1

20.4

- 0.3

- 1.2%

Adjustment

-

7.7

- 7.3

- 0.4

-

(corporate and elimination)

Revenue

2,154.8

2,168.0

- 13.1

- 0.6%

Japan and East Asia

100.0

103.1

- 3.2

- 3.1%

Europe

91.8

89.7

2.2

2.4%

Asia Pacific

59.5

63.4

- 3.9

- 6.2%

Other

3.9

3.8

0.1

2.6%

Adjustment

-

23.3

- 16.2

- 7.1

-

(corporate and elimination)

Amortization of acquisition-

-

29.5

- 29.6

0.2

-

related intangible assets

Core Operating Profit

202.4

214.2

- 11.8

- 5.5%

-

13.6

1.3%

5.2

- 18.0

- 3.0%

- 30.0

16.7

3.1%

- 0.9

0.7

3.3%

0.1

- 0.5

-

- 25.6

12.5

0.6%

-

- 3.2

- 3.1%

1.3

0.9

1.0%

- 3.4

- 0.6

- 0.9%

- 0.2

0.3

7.7%

- 0.0

- 7.1

-

0.3

- 0.2

-

- 1.9

- 9.9

- 4.6%

(JPY)

9M 2025

Results

9M 2024

Results

EUR

165.7

164.6

AUD

94.9

100.2

(JPY billion) 9M 2025 Prev. Year Change YoY FX Impact Change YoY

Exchange Rate Trends

‌(Actual Currency Basis) (Constant Currency Basis)‌

Exchange Rate Trends

(JPY billion) 2025

Forecast

Prev. Year Change YoY FX Impact Change YoY

(JPY)

2025

Forecast

2024

Results

-

45.6

3.3%

EUR

164.0

164.1

- 9.1

- 5.1

- 0.7%

AUD

94.0

100.1

- 49.4

34.4

4.4%

- 1.1

0.9

3.5%

Japan and East Asia

1,423.7

1,378.1

45.6

3.3%

Europe

748.6

762.8

-

14.3

-

1.9%

Asia Pacific

767.8

782.8

-

15.0

-

1.9%

Other

26.3

26.5

- 0.2

-

0.7%

Adjustment

-

16.3

- 10.7

- 5.6

-

(corporate and elimination)

Revenue

2,950.0

2,939.4

10.6

0.4%

- - 5.6 -

- 59.6 70.2 2.4%

Exchange Rate Sensitivity for 2025

(JPY Billion) Revenue Core OP

Japan and East Asia

140.4

133.0

7.4

5.5%

Europe

107.0

104.6

2.4

2.2%

Asia Pacific

104.7

109.0

-

4.3

-

3.9%

Other

4.2

4.2

0.0

0.1%

Adjustment

-

27.9

- 26.3

-

1.6

-

(corporate and elimination)

Amortization of acquisition-

-

38.4

- 39.4

1.0

-

related intangible assets

Core Operating Profit

290.0

285.1

4.9

1.7%

-

7.4

5.5%

EUR

±4.6

±0.7

- 1.0

3.3

3.2%

AUD

±8.2

±1.1

- 6.7

2.5

2.3%

- 0.2

0.2

5.5%

-

- 1.6

-

1.0

- 0.0 -

- 6.9

11.8

4.1%

  • Impact of JPY 1 movement (full year)

  • Figures do not include FX impacts on amortization of intangible assets

  • FX impact represents the impact of converting results based on local currency into yen (excluding the trade impact)

    FX Impact (2025 Forecast)

    Announced in August 2025

‌(JPY Billion)‌

*Before rebate deduction

9M 2025 Change YoY

2025 Change YoY Forecast

Beer and beer-like beverages

422.3

-

7.2

- 1.7%

Whiskey and spirits

54.9

2.9

5.6%

RTD

39.4

6.2

18.7%

Wine

31.1

-

0.4

- 1.2%

Shochu

13.8

-

1.1

- 7.1%

Non-alcohol beer/ Non-alcohol RTD

42.8

4.4

11.5%

595.5

2.7

0.5%

77.1

4.3

6.0%

55.2

8.3

17.7%

46.4

0.8

1.9%

18.7

-

1.9

- 9.2%

56.4

3.7

7.1%

(Millions of cases)

9M 2025 Change YoY 2025

Super Dry

50.09

- 2.50 - 4.8%

70.15

- 3.19 - 4.3%

Style Free

8.44

- 0.40 - 4.5%

11.75

- 0.34 - 2.8%

Clear Asahi

8.40

- 0.84 - 9.1%

11.25

- 1.21 - 9.7%

Forecast

Change YoY

9M 2025

(Ref.) Beer and beer-like beverages market

(YoY)

*Volume basis

Bottle

Can

Keg

(YoY)

*Volume basis

9M 2025

2025 Forecast

Beer and beer-like beverages

-6％

-5％

-3％

Beer and beer-like beverages

-4~5%

Approx.-6%

Beer

-6％

-3％

-3％

Beer

-1~2%

-2~3%

Happoshu+New Genre

-8~9%

Approx.-10%

Japan & East Asia (Japan Alcohol Beverages: Revenue/Sales Volume)

Announced in August 2025

‌Japan & East Asia (Japan Non-alcohol Beverages: Sales Volume)‌

Announced in August 2025

(Millions of cases) 9M 2025 Change YoY 2025

Forecast

Change YoY

Sales Volume

195.98

- 2.54 - 1.3%

256.30

- 1.24 - 0.5%

MITSUYA CIDER

29.94

-

3.39

- 10.2%

WILKINSON

25.07

-

1.18

- 4.5%

CALPIS®

26.25

-

1.65

- 5.9%

WONDA

19.04

0.75

4.1%

JUROKUCHA

16.29

1.61

10.9%

OISIIMIZU

15.73

1.17

8.0%

38.70

- 2.52 - 6.1%

32.70

- 0.99 - 2.9%

33.60

- 1.65 - 4.7%

25.60

0.45 1.8%

20.30

1.49 7.9%

19.30

0.79 4.3%

(YoY) By container (YoY) (Ref) Market

*Volume basis

9M 2025

*Volume basis

9M 2025 2025

Forecast

Can

-4.0%

Total

Approx. -3% Approx. -2%

PET total

+0.0%

Large PET

+0.8%

Small PET

-0.2%

‌Quarterly Results‌

(Constant Currency Basis) (Constant Currency Basis)

(JPY Billion) H1 2025 Change YoY Q3 2025 Change YoY 9M 2025 Change YoY

Japan and East Asia

649.1

11.2

1.8%

Europe

356.4

- 10.0

- 2.7%

Asia Pacific

346.2

7.2

2.0%

Other

12.4

- 0.2

- 1.3%

Adjustment

- 4.6

- 0.0

-

(corporate and elimination)

Revenue

1,359.6

8.2

0.6%

379.4

2.4

0.6%

226.2

- 8.0

- 3.6%

185.1

9.5

5.2%

7.7

0.8

11.9%

- 3.1

- 0.5

-

795.3

4.3

0.5%

1,028.5

13.6

1.3%

582.6

- 18.0

- 3.0%

531.3

16.7

3.1%

20.1

0.7

3.3%

- 7.7

- 0.5

-

2,154.8

12.5

0.6%

Japan and East Asia

56.8

0.8

1.4%

43.2

- 4.0

- 8.4%

100.0

- 3.2

- 3.1%

Europe

47.1

1.1

2.3%

44.7

- 0.2

- 0.4%

91.8

0.9

1.0%

Asia Pacific

37.4

- 1.6

- 4.0%

22.1

1.1

4.9%

59.5

- 0.6

- 0.9%

Other

2.3

- 0.5

- 18.3%

1.7

0.8

93.0%

3.9

0.3

7.7%

Adjustment

- 14.7

- 3.3

-

- 8.6

- 3.8

-

- 23.3

- 7.1

-

(corporate and elimination)

Amortization of acquisition-

- 19.2

- 0.1

-

- 10.3

- 0.1

-

- 29.5

- 0.2

-

related intangible assets

Core Operating Profit

109.7

- 3.7

- 3.2%

92.8

- 6.1

- 6.3%

202.4

- 9.9

- 4.6%

  • The figures in the “Change” and “YoY” columns for H1 and 9M of the current business year are calculated by converting foreign currency amounts into yen using the exchange rates for the H1 and 9M periods in the previous business year.

  • The actual Q3 data are calculated by subtracting the H1 data from the 9M data.

‌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 of such information. This information is subject to change without notice. The company and its officers and representatives accept no responsibility or liability for any damage or inconvenience that may be caused by or in conjunction with any part of these materials.

ⒸASAHI GROUP HOLDINGS. All rights reserved.