Suntory Beverage & Food (2587) Q3 2025 earnings summary

Executive summary

• Revenue for Q3 YTD FY2025 was ¥1,278.1 billion, flat year-over-year and up 0.4% on a currency neutral basis, with moderate recovery in APAC and solid performance in Europe, but income declined and results missed expectations.

• Operating income declined 9.2% year-over-year to ¥126.6 billion, with net income down 9.5% to ¥75.4 billion, impacted by lower sales volumes in APAC and Japan and increased marketing investments.

• Revenue growth in Europe offset declines in Asia Pacific and flat performance in Japan and the Americas.

• Operating income decreased in all segments except Europe, mainly due to higher costs and lower Asia Pacific revenue.

Financial highlights

• Revenue: ¥1,278.1 billion, up 0.0% year-over-year (currency neutral +0.4%).

• Operating income: ¥126.6 billion, down 9.2% year-over-year (currency neutral -9.0%).

• Net income: ¥75.4 billion, down 9.5% year-over-year (currency neutral -8.8%).

• Gross profit for the period was ¥485.9 billion, down from ¥492.5 billion year-over-year.

• Basic earnings per share for the nine months was ¥243.90, down from ¥269.45 in the prior year.

Outlook and guidance

• Full-year revenue forecast revised down to ¥1,721.0 billion, a 4.2% decrease from the original forecast but up 1.6% year-over-year (currency neutral).

• Full-year operating income forecast revised down to ¥147.0 billion, an 8.7% decrease from the original forecast and down 8.2% year-over-year (currency neutral).

• Net income forecast revised to ¥84.5 billion, down 6.1% from the original forecast and down 9.6% year-over-year, with basic EPS of ¥273.46.

• Forecast revision reflects sluggish Asia Pacific macroeconomics, intensified competition, and rising costs.