Asahi Group (2502) Q1 2026 earnings summary

Executive summary

• Q1 2026 revenue was ¥647.1 billion, up 2.6% year-over-year on an actual currency basis but down 4.4% on a constant currency basis, mainly due to lower sales in Japan & East Asia and Europe, while Asia Pacific saw modest growth.

• Core operating profit declined 14.3% year-over-year on a constant currency basis and 6.9% on an actual currency basis, with declines in Japan & East Asia and Europe offsetting gains in Asia Pacific.

• Operating profit decreased 3.1% year-over-year to ¥32.9 billion.

• Profit attributable to owners of parent was nearly flat at -0.4% year-over-year to ¥21.4 billion, while adjusted profit attributable to owners of parent was ¥19.9 billion, down 7.7% year-over-year.

• Adjusted profit attributable to owners of parent was also reported as ¥29.96 billion, up 5.8% year-over-year.

Financial highlights

• Q1 2026 revenue: ¥647.1 billion, down ¥27.7 billion (-4.4%) year-over-year on a constant currency basis, but up 2.6% on an actual currency basis.

• Core operating profit: ¥35.1 billion, down ¥5.4 billion (-14.3%) year-over-year on a constant currency basis, and down 6.9% on an actual currency basis.

• Operating profit: ¥32.9 billion, down ¥1.1 billion (-3.1%) year-over-year.

• Profit attributable to owners of parent: ¥21.4 billion, down 0.4% year-over-year.

• Gross profit increased to ¥233.0 billion from ¥222.9 billion year-over-year.

• Basic earnings per share rose to ¥14.65 from ¥14.32 year-over-year.

• Total assets as of March 31, 2026, were ¥5,984.4 billion, with total equity at ¥3,054.8 billion.

• Net cash from operating activities was ¥50.4 billion, a significant improvement from a ¥151.5 billion outflow in the prior year.

Outlook and guidance

• Full-year 2026 revenue forecast: ¥3,220.0 billion, up 5.4% year-over-year on a constant currency basis and up 11.2% on an actual currency basis.

• Core operating profit forecast: ¥291.0 billion, up 3.2% year-over-year on a constant currency basis and up 10.6% on an actual currency basis.

• Profit attributable to owners of parent is expected to increase 59.6% to ¥194.0 billion.

• Adjusted profit attributable to owners of parent is forecast at ¥168.0 billion, up 14.3% year-over-year.

• Both operating profit and adjusted profit attributable to owners of parent are tracking above plan.