Asahi Group Holdings (2502): 1Q weak, no surprises; July 8 guidance disclosure in focus (notes attached)

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Asahi Group Holdings (2502): 1Q weak, no surprises; July 8 guidance disclosure in focus (notes attached)

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Asahi Group Holdings (2502)

1Q weak, no surprises; July 8 guidance

disclosure in focus (notes attached)

Maintain Rating: NEUTRAL | PO: 1,700 JPY | Price: 1,564 JPY

22 May 2026

1Q results: Weak but no surprises Equity

Asahi Group Holdings has postponed its financial results disclosure due to the impact of

a cyberattack and has instead created opportunities to explain business progress, Manabu Sumoge >>

primarily focusing on overseas operations. The Company released presentation materials Research Analyst BofAS Japan

at 11:30 on May 22 and held the corresponding briefing at 15:30. FY2026 (ending +81 3 6225 8855

December) 1Q business progress appears to be slightly behind guidance, but overall, manabu.sumoge@bofa.com

there are no surprises. Overseas volumes were down 2% in Europe and slightly up in YuxiResearchDai >>Analyst

alcoholic beverages in Australia (our forecast: Europe -1%, Australia flat). In Europe, BofAS Japan

yuxi.dai@bofa.com

volume declines in Poland, Romania, and the Czech Republic weighed on performance,

with macro-driven weakness in the total market continuing in all countries except the

Czech Republic. Cost increases related to the Middle East situation are estimated at

approximately JPY10–15bn for FY2026, which appears relatively limited. As 70–90% of Stock Data

this year’s key raw materials are hedged, the main cost pressures are expected to come Price 1,564 JPY

from logistics and related expenses.

Price Objective 1,700 JPY

FY2025 results and FY2026 plan to be announced on July 8 Date Established 19-Mar-2026

Investment Opinion B-2-7

Asahi Group Holdings announced that it will disclose FY2025 (ending December) full-