Asahi Group Holdings Ltd TSE:2502
Asahi : Q3 2025 Supplementary Information （163 KB）
Source: MarketScreener
FY2025 Q3 Consolidated Financial Results Highlight
Financial Results Highlight (Billions of yen)
9M 2025
9M 2024
YoY
Remarks
Revenue
2,154.8
2,168.0
-13.1
-0.6%
＋0.6% YoY at
Constant Currency Basis
Revenue excluding liquor tax
1,718.8
1,728.3
-9.5
-0.5%
＋0.6% YoY at
Constant Currency Basis
Core Operating Profit *1
202.4
214.2
-11.8
-5.5%
-4.6% YoY at
Constant Currency Basis
Operating profit
158.7
193.5
-34.8
-18.0%
EBITDA *2
304.3
315.9
-11.7
-3.7%
Profit before tax
151.8
190.9
-39.1
-20.5%
Profit for the period
104.0
140.4
-36.5
-26.0%
Profit attributable to owners of parent
102.8
139.3
-36.5
-26.2%
Adjusted profit attributable to owners of parent *3
126.6
140.4
-13.9
-9.9%
*1 Core Operating Profit is the reference index for normalized business performance.
Core Operating Profit = Revenue - (COGS + general administrative cost)
*2 EBITDA = Core Operating Profit + amortization of intangible assets + depreciation
*3 Adjusted profit attributable to owners of parent
= Profit attributable to owners of parent - one off special factors including business portfolio restructuring and impairment loss
Including liquor tax
9M 2025
9M 2024
YoY
Japan & East Asia *1
9.7%
10.2%
-0.5%
Europe *1
15.8%
15.1%
0.7%
Asia Pacific *1
11.2%
11.6%
-0.4%
Core Operating Profit margin
9.4%
9.9%
-0.5%
EBITDA margin
14.1%
14.6%
-0.5%
Reference Data
Excluding liquor tax
9M 2025
9M 2024
YoY
12.1%
12.8%
-0.7%
19.1%
18.1%
1.0%
14.9%
15.3%
-0.4%
11.8%
12.4%
-0.6%
17.7%
18.3%
-0.6%
*1 The 9M 2024 results reflect changes in the method for recording some Group operating expenses (Asahi Group Holdings and AGPRO operating expenses) in Q4 2024.
Summary of Statement of Profit or Loss
(Billions of yen)
9M 2025 | 9M 2024 | Inc./Dec. | YoY | Remarks | ||
Japan & East Asia *1 | 1,028.5 | 1,014.9 | 13.6 | 1.3% | ||
Europe *1 | 582.6 | 595.4 | - 12.8 | - 2.2% | -3.0% YoY at Constant Currency Basis | |
Asia Pacific *1 | 531.3 | 544.5 | - 13.3 | - 2.4% | ＋3.1% YoY at Constant Currency Basis | |
Other Business | 20.1 | 20.4 | - 0.3 | - 1.2% | ＋3.3% YoY at Constant Currency Basis | |
Adjustments (corporate and elimination) *1 | - 7.7 | - 7.3 | - 0.4 | - | ||
Revenue | 2,154.8 | 2,168.0 | - 13.1 | - 0.6% | ＋0.6% YoY at Constant Currency Basis | |
Japan & East Asia *1,2 | 100.0 | 103.1 | - 3.2 | - 3.1% | ||
Europe *1,2 | 91.8 | 89.7 | 2.2 | 2.4% | ＋1.0% YoY at Constant Currency Basis | |
Asia Pacific *1,2 | 59.5 | 63.4 | - 3.9 | - 6.2% | -0.9% YoY at Constant Currency Basis | |
Other Business *2 | 3.9 | 3.8 | 0.1 | 2.6% | ＋7.7% YoY at Constant Currency Basis | |
Adjustments (corporate and elimination) | - 23.3 | - 16.2 | - 7.1 | - | ||
Amortization of acquisition-related intangible assets | - 29.5 | - 29.6 | 0.2 | - | ||
Core Operating Profit | 202.4 | 214.2 | - 11.8 | - 5.5% | -4.6% YoY at Constant Currency Basis | |
Adjustment item Loss (gain) on sales and retirement of non current assets Business integration expenses Impairment loss Others | - 43.7 | - 20.8 | - 23.0 | - | ||
- 0.9 | - 1.8 | 0.8 | - | |||
- 8.7 | - 16.3 | 7.7 | - | |||
- 25.3 | - 1.6 | - 23.7 | - | |||
- 8.9 | - 1.0 | - 7.8 | - | |||
Operating profit | 158.7 | 193.5 | - 34.8 | - 18.0% | ||
Finance income or loss | - 11.4 | - 7.5 | - 3.9 | - | ||
Share of profit (loss) of investments accounted for using equity method | - 0.2 | 0.4 | - 0.6 | - | ||
Others | 4.7 | 4.5 | 0.2 | 4.6% | ||
Profit before tax | 151.8 | 190.9 | - 39.1 | - 20.5% | ||
Income tax expense | - 47.8 | - 50.4 | 2.6 | - | ||
Profit | 104.0 | 140.4 | - 36.5 | - 26.0% | ||
Profit attributable to owners of parent | 102.8 | 139.3 | - 36.5 | - 26.2% | ||
Profit attributable to non-controlling interests | 1.2 | 1.1 | 0.1 | 4.6% | ||
Adjusted profit attributable to owners of parent | 126.6 | 140.4 | - 13.9 | - 9.9% | ||
*1 Effective from the current interim consolidated accounting period, our group has revised its reporting segments.
The previous classifications of "Japan," "Europe," "Oceania," and "Southeast Asia" have been restructured into "Japan & East Asia," "Europe," and "Asia Pacific." Year-on-year comparisons are made using figures from the same period of the previous fiscal year, restated to reflect the new segment classifications.
*2 9M 2024 results reflect changes in the method for recording some Group operating expenses (Asahi Group Holdings and AGPRO operating expenses) in Q4 2024.
Summary of Statement of Financial Position
30-Sep-25 | 31-Dec-24 | Comparison with 2024 | Remarks | |
Total assets | 5,577.9 | 5,403.4 | 174.5 | |
Total equity | 2,815.8 | 2,674.1 | 141.8 | |
Total equity attributable to owners of parent | 2,811.2 | 2,668.8 | 142.4 | |
Interest-bearing debt | 1,407.2 | 1,279.2 | 128.0 |
(Billions of yen)
Others
-
Capital expenditures/Depreciation (Billions of yen)
9M 2025
9M 2024
YoY
Remarks
Capital expenditures *1
Depreciation *1
78.0
72.3
71.6
72.1
6.4
0.3
*1 Capital expenditures and depreciation do not include lease assets or trademarks at the time of acquisition of subsidiaries.
-
Details of amortization of intangible assets (Billions of yen)
9M 2025
9M 2024
YoY
Remarks
Japan & East Asia
- 1.7
- 1.5
- 0.1
Europe
- 17.9
- 17.6
- 0.3
Asia Pacific
- 10.0
- 10.5
0.5
Other Business
-
-
-
Total
- 29.5
- 29.6
0.2
-
Exchange Rates (Yen)
9M 2025
(Average)
9M 2024
(Average)
Euro
165.7
164.6
Australian dollar
94.9
100.2
US dollar
148.1
151.5
Consolidated Financial Results Forecast Highlight
Financial Results Highlight (Billions of yen)
2025
Forecast
2024
YoY
Remarks
Revenue
2,950.0
2,939.4
10.6
0.4%
＋2.4% YoY at
Constant Currency Basis
Revenue excluding liquor tax
2,330.0
2,323.7
6.3
0.3%
＋2.6% YoY at
Constant Currency Basis
Core Operating Profit *1
290.0
285.1
4.9
1.7%
＋4.1% YoY at
Constant Currency Basis
Operating profit
255.0
269.1
-14.1
-5.2%
EBITDA *2
431.4
419.0
12.4
3.0%
Profit before tax
242.0
267.0
-25.0
-9.4%
Profit for the period
169.0
193.2
-24.2
-12.5%
Profit attributable to owners of parent
167.5
192.1
-24.6
-12.8%
Adjusted profit attributable to owners of parent *3
177.5
183.0
-5.5
-3.0%
*1 Core Operating Profit is the reference index for normalized business performance.
Core Operating Profit = Revenue - (COGS + general administrative cost)
*2 EBITDA = Core Operating Profit + amortization of intangible assets + depreciation
*3 Adjusted profit attributable to owners of parent
= Profit attributable to owners of parent - one off special factors including business portfolio restructuring and impairment loss
2025
Forecast
2024
YoY
EPS (yen)
112.7
126.7
-13.9
Adjusted EPS (yen) *4
119.5
120.7
-1.2
ROIC *5
6.9%
6.9%
- %
ROE
6.4%
7.5%
-1.1%
Adjusted ROE *6
10.0%
10.7%
-0.7%
DOE
3.0%
2.9%
0.1%
Adjusted DOE *7
4.3%
4.3%
0.0%
Dividend payout ratio
46.1%
38.7%
7.4%
Net Debt EBITDA Ratio *8
3.11
2.49
0.62
Net Debt Equity Ratio *8, 9
0.52
0.37
0.15
Cash flows from (used in) operating activities
291.0
403.7
-112.7
Free Cash Flow (FCF) *10
130.0
306.0
-176.0
*4 Calculated based on Adjusted profit attributable to owners of parent
*5 ROIC
= Net Core Operating Profit / (Net interest-bearing debt + Equity attributable to owners of the parent
(after the deduction of translation difference on foreign operations and Changes in fair value of financial instruments measured at fair value through other comprehensive income))
*6 Adjusted ROE
= Adjusted profit attributable to owners of parent / Equity attributable to owners of parent
(after the deduction of translation difference on foreign operations and Changes in fair value of financial instruments measured at fair value through other comprehensive income)
*7 Adjusted DOE
= Total dividend amount / Equity attributable to owners of parent
(after the deduction of translation difference on foreign operations and Changes in fair value of financial instruments measured at fair value through other comprehensive income)
*8 The 2024 actual results are calculated by deducting 50% of the outstanding subordinated bonds (300 billion yen) from Net Debt.
*9 The 2024 actual results are calculated by adding 50% of the outstanding subordinated bonds (300 billion yen) to the equity.
*10 Free cash flow (FCF) = Operating cash flow minus Investing cash flow, excluding the impact of business restructuring such as M&A.
Including liquor tax
2025
Forecast
2024
YoY
Japan & East Asia
9.9%
9.7%
0.2%
Europe
14.3%
13.7%
0.6%
Asia Pacific
13.6%
13.9%
-0.3%
Core Operating Profit margin
9.8%
9.7%
0.1%
EBITDA margin
14.6%
14.3%
0.4%
Reference Data
Excluding liquor tax
2025
Forecast
2024
YoY
12.3%
12.2%
0.1%
17.4%
16.6%
0.8%
18.4%
18.5%
-0.2%
12.4%
12.3%
0.2%
18.5%
18.0%
0.5%
Summary of Statement of Profit or Loss (Forecast)
(Billions of yen)
2025 Forecast | 2024 | Inc./Dec. | YoY | Remarks | ||
Japan & East Asia *1 | 1,423.7 | 1,378.1 | 45.6 | 3.3% | ||
Europe *1 | 748.6 | 762.8 | - 14.3 | - 1.9% | -0.7% YoY at Constant Currency Basis | |
Asia Pacific *1 | 767.8 | 782.8 | - 15.0 | - 1.9% | ＋4.4% YoY at Constant Currency Basis | |
Other Business | 26.3 | 26.5 | - 0.2 | - 0.7% | ＋3.5% YoY at Constant Currency Basis | |
Adjustments (corporate and elimination) *1 | - 16.3 | - 10.7 | - 5.6 | - | ||
Revenue | 2,950.0 | 2,939.4 | 10.6 | 0.4% | ＋2.4% YoY at Constant Currency Basis | |
Japan & East Asia *1 | 140.4 | 133.0 | 7.4 | 5.5% | ||
Europe *1 | 107.0 | 104.6 | 2.4 | 2.2% | ＋3.2% YoY at Constant Currency Basis | |
Asia Pacific *1 | 104.7 | 109.0 | - 4.3 | - 3.9% | ＋2.3% YoY at Constant Currency Basis | |
Other Business | 4.2 | 4.2 | 0.0 | 0.1% | ＋5.5% YoY at Constant Currency Basis | |
Adjustments (corporate and elimination) | - 27.9 | - 26.3 | - 1.6 | - | ||
Amortization of acquisition-related intangible assets | - 38.4 | - 39.4 | 1.0 | - | ||
Core Operating Profit | 290.0 | 285.1 | 4.9 | 1.7% | ＋4.1% YoY at Constant Currency Basis | |
Adjustment item *2 Loss (gain) on sales and retirement of non current assets Business integration expenses Impairment loss Others | - 35.0 | - 16.1 | - 18.9 | - | ||
- | 15.4 | - | - | |||
- | - 22.4 | - | - | |||
- | - 6.8 | - | - | |||
- | - 2.2 | - | - | |||
Operating profit | 255.0 | 269.1 | - 14.1 | - 5.2% | ||
Finance income or loss | - 16.9 | - 10.9 | - 6.0 | - | ||
Share of profit (loss) of investments accounted for using equity method | - 0.1 | 0.5 | - 0.7 | - | ||
Others | 4.0 | 8.3 | - 4.3 | - 51.7% | ||
Profit before tax | 242.0 | 267.0 | - 25.0 | - 9.4% | ||
Income tax expense | - 73.0 | - 73.8 | 0.8 | - | ||
Profit | 169.0 | 193.2 | - 24.2 | - 12.5% | ||
Profit attributable to owners of parent | 167.5 | 192.1 | - 24.6 | - 12.8% | ||
Profit attributable to non-controlling interests | 1.5 | 1.1 | 0.4 | 36.2% | ||
Adjusted profit attributable to owners of parent | 177.5 | 183.0 | - 5.5 | - 3.0% | ||
*1 Effective from the current interim consolidated accounting period, our group has revised its reporting segments.
The previous classifications of "Japan," "Europe," "Oceania," and "Southeast Asia" have been restructured into "Japan & East Asia," "Europe," and "Asia Pacific." Year-on-year comparisons are made using figures from the same period of the previous fiscal year, restated to reflect the new segment classifications.
*2 From 2025, only actual results will be disclosed for the breakdown of "Adjustment item"
Summary of Statement of Financial Position (Forecast)
2025 Forecast | 2024 | YoY | Remarks | |
Total assets | 5,437.0 | 5,403.4 | 33.6 | |
Total equity | 2,564.0 | 2,674.1 | - 110.1 | |
Total equity attributable to owners of parent | 2,559.0 | 2,668.8 | - 109.8 | |
Interest-bearing debt | 1,403.0 | 1,279.2 | 123.8 |
(Billions of yen)
Others
-
Capital expenditures/Depreciation (Billions of yen)
2025
Forecast
2024
YoY
Remarks
Capital expenditures *1
Depreciation *1
178.5
103.0
136.8
94.4
41.7
8.6
*1 Capital expenditures and depreciation do not include lease assets or trademarks at the time of acquisition of subsidiaries.
-
Details of amortization of intangible assets (Billions of yen)
2025
Forecast
2024
YoY
Remarks
Japan & East Asia
- 2.1
- 2.1
0.0
Europe
- 23.2
- 23.4
0.2
Asia Pacific
- 13.2
- 14.0
0.8
Other Business
-
-
-
Total
- 38.4
- 39.4
1.0
- Exchange Rates (Yen)
2025 Forecast (Average) | 2024 (Average) | |
Euro | 164.0 | 164.1 |
Australian dollar | 94.0 | 100.1 |
US dollar | 146.0 | 151.7 |
Consolidated Statement of Cash Flows Forecast
(Billions of yen)
2025 Forecast | 2024 | Inc./Dec. | Remarks | ||
Cash flows from (used in) operating activities | 291.0 | 403.7 | - 112.7 | ||
(Profit before tax) | 242.0 | 267.0 | - 25.0 | ||
(Depreciation) *1 | 103.0 | 94.4 | 8.6 | ||
(Amortization of acquisition-related intangible assets) | 38.4 | 39.4 | - 1.0 | ||
(Income tax paid) | - 96.7 | - 75.6 | - 21.1 | ||
Cash flows from (used in) investing activities | - 213.0 | - 118.7 | - 94.3 | ||
(Income from sales of tangible and intangible fixed assets) | 2.5 | 32.9 | - 30.4 | ||
(Acquisition of stock of subsidiaries) | - 45.3 | - 21.4 | - 23.9 | ||
(Capital expenditure) *1 | - 178.5 | - 136.8 | - 41.7 | ||
(Payments for contingent consideration) | - 6.0 | - | - 6.0 | ||
Cash flows from (used in) financing activities | - 102.0 | - 272.8 | 170.8 | ||
(Financial obligations - borrowings and repayment) *2 | 77.0 | - 162.3 | 239.3 | ||
(Acquisition of treasury shares) | - 70.0 | - 30.0 | - 40.0 | ||
(Dividends paid) | - 80.0 | - 66.4 | - 13.6 | ||
Translation difference | - | 11.7 | - 11.7 | ||
Increase (decrease) of cash and cash equivalents | - 24.0 | 24.0 | - 48.0 | ||
*1 Capital expenditures and depreciation do not include lease assets or trademarks at the time of acquisition of subsidiaries.
*2 "Financial obligations - borrowings and repayment" refers to borrowing proceeds and repayment expenditure as well as proceeds and redemption related to bond issuance.
Segment Information
2025 forecast (Billions of yen)
Japan & East Asia
Europe
Asia Pacific
Other
Adjustments
(corporate/ elimination)
Amortization of intangible assets
Total
Revenue
1,423.7
748.6
767.8
26.3
- 16.3
-
2,950.0
Core Operating Profit
140.4
107.0
104.7
4.2
- 27.9
- 38.4
290.0
Depreciation *1
43.0
38.9
18.8
0.8
1.5
-
103.0
Amortization of acquisition-related intangible assets
2.1
23.2
13.2
-
-
-
38.4
EBITDA *2
183.4
145.9
123.5
5.0
-
-
431.4
Capital expenditure *1
69.6
61.0
38.5
1.3
8.1
-
178.5
*1 Capital expenditures and depreciation do not include lease assets or trademarks at the time of acquisition of subsidiaries.
*2 consolidated EBITDA = Core Operating Profit + amortization of acquisition-related intangible assets + depreciation each business EBITDA = Core Operating Profit + depreciation
2024 (Billions of yen)
Japan & East Asia
Europe
Asia Pacific
Other
Adjustments
(corporate/ elimination)
Amortization of intangible assets
Total
Revenue
1,378.1
762.8
782.8
26.5
- 10.7
-
2,939.4
Core Operating Profit
133.0
104.6
109.0
4.2
- 26.3
- 39.4
285.1
Depreciation *1
39.4
34.4
18.2
0.5
1.8
-
94.4
Amortization of acquisition-related intangible assets
2.1
23.4
14.0
-
-
-
39.4
EBITDA *2
172.4
139.0
127.2
4.7
-
-
419.0
Capital expenditure *1
52.6
55.4
25.8
0.9
2.1
-
136.8
Increase / Decrease (Billions of yen)
Japan & East Asia | Europe | Asia Pacific | Other | Adjustments (corporate/ elimination) | Amortization of intangible assets | Total | |
Revenue | 45.6 | - 14.3 | - 15.0 | - 0.2 | - 5.6 | - | 10.6 |
Core Operating Profit | 7.4 | 2.4 | - 4.3 | 0.0 | - 1.6 | 1.0 | 4.9 |
Depreciation *1 | 3.6 | 4.5 | 0.6 | 0.3 | - 0.3 | - | 8.6 |
Amortization of acquisition-related intangible assets | - 0.0 | - 0.2 | - 0.8 | - | - | - | - 1.0 |
EBITDA *2 | 11.0 | 6.9 | - 3.7 | 0.3 | - | - | 12.5 |
Capital expenditure *1 | 17.0 | 5.6 | 12.7 | 0.4 | 6.0 | - | 41.7 |