Asahi Group Holdings, Ltd. (TSE: 2502), the Tokyo-based brewer and beverage group whose brands span Asahi Super Dry, Peroni Nastro Azzurro, Pilsner Urquell and Schweppes, reported results for the full year ended December 31, 2025 under IFRS. Revenue fell 1.5% to ¥2,894.7 billion, business profit — the group's preferred measure of underlying performance — fell 7.8% to ¥263.0 billion, operating profit fell 30.9% to ¥185.9 billion, and net profit attributable to owners of the parent fell 36.7% to ¥121.6 billion. Basic earnings per share were ¥81.29, down from ¥126.66.
Cyberattack disrupts the fourth quarter
The results were dominated by a cyberattack that struck on September 29, 2025, halting ordering, shipping and other systems in Japan and constraining product supply. The company said the disruption led to a sharp fall in fourth-quarter sales and profit and forced it to delay its earnings announcement. Management stressed that the impact was confined to systems managed in Japan; the European and Asia Pacific businesses were unaffected. Adjusted profit attributable to owners — which strips out one-off items such as portfolio restructuring and impairment — fell 19.6% to ¥147.0 billion, a smaller decline than headline profit. Pre-tax profit dropped 32.9% to ¥179.3 billion, weighed down by ¥82.5 billion of other operating expenses including impairment.
Europe grows as Japan slips
By segment, Japan & East Asia revenue fell 3.7% to ¥1,327.2 billion and business profit dropped 16.1% to ¥111.6 billion, hit by the system outage, rising raw-material costs and the exit from the restaurant business. Europe was the bright spot: revenue rose 0.7% to ¥768.2 billion and business profit climbed 8.1% to ¥113.1 billion, helped by premium beers and higher unit prices, with brands such as Pilsner Urquell, Peroni and Asahi Super Dry advancing. Asia Pacific revenue edged up 0.1% to ¥783.2 billion while business profit slipped 1.4% to ¥107.5 billion on higher logistics and labour costs plus currency effects. On a constant-currency basis, group revenue was down 1.4% and business profit down 7.8%.
Balance sheet, cash flow and dividend
Total assets rose to ¥6,028.4 billion from ¥5,403.4 billion, lifted by foreign-currency translation of goodwill and intangibles, while the ratio of equity attributable to owners edged up to 49.8%. Operating cash flow fell sharply to ¥104.8 billion from ¥403.7 billion. Asahi raised its full-year dividend by ¥3 to ¥52.00 per share (¥26 interim plus ¥26 year-end), for a consolidated payout ratio of 64.0%.
Outlook: double-digit growth guided for 2026
For the year ending December 2026, Asahi guides revenue up 11.2% to ¥3,220.0 billion, business profit up 10.6% to ¥291.0 billion, operating profit up 59.8% to ¥297.0 billion and net profit attributable to owners up 59.6% to ¥194.0 billion, implying EPS of ¥129.71. Adjusted profit is seen rising 14.3% to ¥168.0 billion. The company plans to raise the annual dividend by a further ¥5 to ¥57.00 and said it is implementing recurrence-prevention measures following the cyberattack, with continuous monitoring and improved resilience.
| Metric | FY12/25 | FY12/24 | YoY |
|---|---|---|---|
| Revenue (¥bn) | 2,894.7 | 2,939.4 | −1.5% |
| Business profit (¥bn) | 263.0 | 285.1 | −7.8% |
| Operating profit (¥bn) | 185.9 | 269.1 | −30.9% |
| Net profit attrib. (¥bn) | 121.6 | 192.1 | −36.7% |
| EPS (¥) | 81.29 | 126.66 | −35.8% |
| Equity ratio | 49.8% | 49.4% | +0.4pp |
| Dividend (¥, FY) | 52.00 | 49.00 | +6.1% |
JapanStockPulse provides informational content only and does not constitute investment advice. Figures are taken from the company's published earnings short report and may be subject to subsequent revision.