Asahi Group Holdings: F12/26 1Q Business Progress Briefing

Research evidence excerpt

Asahi Group Holdings: F12/26 1Q Business Progress Briefing

Update

May 22, 2026 12:32 PM GMT

Morgan Stanley MUFG Securities Co., Ltd.+MAsahi Group Holdings (2502) | Japan Haruka Miyake

Equity Analyst

F12/26 1Q Business Progress Haruka.Miyake@morganstanleymufg.comJully Ussui +81 3 6836-5421

Research Associate

Jully.Akina.Ussui.Nakao@morganstanleymufg.com +81 3 6836-5408

Briefing Tomonobu Tsunoyama

Tomonobu.Tsunoyama@morganstanleymufg.com +81 3 6836-8936

Key Takeaways Seki Li

Neutral impression. With the shares still looking undervalued we see plenty of Seki.Li@morganstanleymufg.com +81 3 6836-8934

room for rerating, but there are lingering uncertainties, such as consumption

trends in response to the situation in the Middle East. Share price movement

could pause following events on July 8-9.

Asahi is to announce F12/25 results on July 8 and will hold a briefing on July 9. We

expect F12/26 guidance will finally be disclosed, and the potential impact from Asahi Group Holdings (2502.T, 2502 JT)

the Middle East situation will become clearer. The company is also likely to take a Beverages | Japan

proactive approach to F12/26 dividends. Stock Rating Overweight

Industry View Attractive

Our impression of progress in overseas business during 1Q is neutral. While sales Price target ¥2,300

Shr price, close (May 22, 2026) ¥1,564

look somewhat weaker than we anticipated in both Europe and Australia, the Mkt cap, curr, basic (bn) ¥2,350.0

company's market share is rising so we do not think its competitiveness is a Avg daily trading value (bn) ¥11.4

concern.

The company puts the increase in overall costs related to the situation in the

Middle East at around ¥10-15bn for F12/26. 70-90% of this year's materials costs

are already hedged. Consumption trends will need to be watched.