25/12 results: Growth strategy unclear, but we see no new negatives Quick Note

Research evidence excerpt

25/12 results: Growth strategy unclear, but we see no new negatives Quick Note

Global Markets Research

8 July 2026Asahi Group Holdings

2502.T 2502 JP / EQUITY: JAPAN FOOD, BEVERAGES & TOBACCO

25/12 results: Growth strategy unclear, but we see Rating Neutralno new negatives

Target price JPY 1,800Quick Note

Closing price

8 July 2026 JPY 1,660.5First impression in line: Business profit guidance in line with our forecast

On 8 July, Asahi Group Holdings announced results for 25/12, which had been pushed (Note: Quick Note reports are not a

back because of IT system disruption. vehicle for changes to ratings, target

prices, or earnings forecasts)We take a neutral view of the results as the company’s business profit guidance for 26/12

of ¥291.0bn (up 11% y-y, up 3% on a forex-neutral basis) is on a par with our forecast of

¥295.0bn. That said, management drew up its projections at the start of the year, and they

do not appear to reflect current business conditions. It has not factored in the increase in

costs caused by the conflict in the Middle East and weak sales in Asia Pacific that it spoke Research Analysts

about at its 26/12 Q1 business update briefing, but we do not see any fresh negatives. Japan food

Management expects business profit growth in 26/12 on a forex-neutral basis to be driven Makoto Morita - NSC

by higher sales in Japan & East Asia, thanks to a smaller impact from last year's makoto.morita@nomura.com

+81 3 6703 1211cyberattack, and by restructuring benefits in Asia Pacific. For Japan & East Asia, it

assumes ongoing dents to sales from the cyberattack, primarily in Q1, and is factoring in a

rise in IT-related costs and a certain increase in sales promotion costs to ensure a

recovery in sales volumes.