Asahi Group (2502) investor relations material

Executive summary

• Core Operating Profit (constant currency) decreased 3.2% YoY, but total profit exceeded plan due to strong Japan & East Asia and Europe segments, and a smaller-than-expected decline in Asia Pacific.

• Sales for the quarter ended June 2025 were ¥1,359,551 million, down 1.4% year-over-year.

• Operating profit declined 11.4% to ¥92,269 million compared to the same quarter last year.

• Profit attributable to owners of parent dropped 23.1% year-over-year to ¥58,725 million.

• Management aims to achieve upgraded Core Operating Profit target (+4.1% YoY) by investing in growth and accelerating earning structure reforms.

Financial highlights

• H1 2025 revenue rose 0.6% YoY to JPY 1,359.6 billion (constant currency), with Core Operating Profit down 3.2% YoY to JPY 109.7 billion.

• Operating profit fell 11.4% YoY due to impairment losses from business segment changes; profit attributable to owners of parent declined 23.1% YoY.

• Adjusted profit attributable to owners of parent was down 11.7% YoY, excluding one-off factors.

• Interim dividend increased by JPY 4; annual dividend forecast to rise by JPY 3.

• Basic earnings per share for the quarter were ¥39.07, down from ¥50.24 a year ago.

Outlook and guidance

• Full-year revenue forecast revised down to +2.4% YoY; Core Operating Profit forecast revised up to +4.1% YoY.

• Full-year sales forecast for 2025 is ¥2,950,000 million, a 0.4% increase year-over-year.

• Operating profit and profit attributable to owners of parent revised down due to impairment losses and financial account deterioration.

• Operating profit is projected at ¥255,000 million, down 5.2% from the previous year.

• Management targets EPS CAGR in high single to low double digits and ROE of 11%+ through 2030.