Asahi Group (2502.T): Briefing takeaways: Reiterates commitment to achieving EPS guidelines

Research evidence excerpt

Asahi Group (2502.T): Briefing takeaways: Reiterates commitment to achieving EPS guidelines

Equity Research

9 July 2026 | 8:04PM JST

Asahi Group (2502.T): Briefing takeaways: Reiterates commitment to

achieving EPS guidelines

Asahi Group Holdings held its FY12/25 results briefing on July 9. Management Takashi Miyazaki

+81(3)4587-9896 |

recognizes that its sluggish P/B ratio is mainly due to declines in profit growth and takashi.miyazaki@gs.com

Goldman Sachs Japan Co., Ltd.

capital efficiency, as well as uncertainty surrounding the achievement of its

Megumi Taniguchi

guidelines, including on EPS CAGR and ROE. Addressing this, the company reiterated +81(3)4587-9877 |

its commitment to generating high-single-digit to double-digit (%) EPS CAGR for the megumi.taniguchi@gs.comGoldman Sachs Japan Co., Ltd.

2025-2030 period, which is plans to achieve with the support of flexible share

buybacks. We summarize the key takeaways below. We are Not Rated on Asahi

Group.

Key takeaways (company comments unless otherwise noted)

n Europe: While economic conditions in Poland and Romania are not particularly

strong at present, the company is preparing for the recovery. Even under

challenging conditions, Asahi intends to continue to reinforce its strategies

focused on premiumization, global brands and BAC (Beer Adjacent Categories)

expansion.

n Australia: Inflationary pressures have mounted, and three interest rate hikes

have already been implemented in 2026. While discretionary consumption is

weak, particularly for alcoholic beverages, management believes the trend has

now bottomed. The company believes the competitive environment is returning

to normal.

n Shareholder returns: DPS guidance for FY12/26 is ¥57. Based on the company’s