Asahi Group (2502) investor relations material

Executive summary

• 9M sales were ¥2,308.6bn, up 7.1% on an actual-currency basis but down 0.3% constant-currency; operating profit rose 44.8% to ¥229.9bn.

• 9M core operating profit fell 6.5% constant-currency amid softer demand in Europe and Asia Pacific, Japan & East Asia disruption impacts, and Middle East-related cost pressures.

• Japan & East Asia exceeded plan, while Europe and Asia Pacific fell short; global brand sales continued to grow in China, Europe, and North America.

• Constant-currency business profit grew 6.5%; business profit is a defined measure.

Financial highlights

• 9M core operating profit was ¥207.1bn, up 2.3% actual-currency but down 6.5% constant-currency.

• Profit attributable to owners was ¥159.5bn, up 55.2%; basic EPS was ¥109.07 versus ¥68.40.

• Adjusted profit attributable to owners was ¥136.0bn, up 7.4%, excluding temporary portfolio restructuring and impairment factors.

• 9M profit before tax was ¥221.1bn, up 45.7%; income tax expense was ¥60.0bn.

Outlook and guidance

• FY2026 forecasts: sales ¥3,220.0bn (+11.2%), operating profit ¥297.0bn (+59.8%), profit ¥195.6bn (+59.3%), and parent-attributable profit ¥194.0bn (+59.6%).

• Constant-currency FY2026 outlook: revenue +5.4% and core operating profit +3.2%; adjusted profit attributable to owners is forecast at ¥168.0bn, up 14.3%.

• Cost efficiencies and growth investments aim to offset challenging Europe and Asia Pacific conditions and improve profitability from FY2027 onward.

• Plans target closing the East Africa business acquisition by end-2026, with post-merger integration preparations underway.

• Financial policies, earnings-structure reforms, and deeper medium- to long-term growth strategy are planned to improve capital efficiency and support financial indicator guidelines.