Asahi Group Holdings: Announces Downward Revision to F12/25 Earnings Guidance

研报英文原文证据摘录

Asahi Group Holdings: Announces Downward Revision to F12/25 Earnings Guidance

Update

June 11, 2026 08:07 PM GMT

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

Equity Analyst

Announces Downward Revision Haruka.Miyake@morganstanleymufg.comJully Ussui +81 3 6836-5421

Research Associate

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

to F12/25 Earnings Guidance Tomonobu Tsunoyama

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

Key Takeaways Seki Li

Announced after the close on June 11. We view the stock price implication as Seki.Li@morganstanleymufg.com +81 3 6836-8934

neutral. The company is scheduled to formally release its delayed F12/25 results

on July 8, and this announcement effectively serves as a preliminary disclosure of

the earnings overview.

In our view, market focus has already shifted to the outlook from F12/26 onward,

with investors waiting for greater visibility on whether higher costs stemming Asahi Group Holdings (2502.T, 2502 JT)

from Middle East tensions and potential changes in consumer behavior will Beverages | Japan

materialize. Stock Rating Overweight

Industry View Attractive

We also think it likely that signs of deteriorating consumer sentiment in Australia Price target ¥2,300

Shr price, close (Jun 11, 2026) ¥1,545

are being viewed with caution. However, these risks also appear to be already Mkt cap, curr, basic (bn) ¥2,322.2

recognized by the market. Avg daily trading value (bn) ¥11.6

We think further clarification in the F12/26 company plan to be presented on July

8 (or in the subsequent briefing on July 9) could serve as a catalyst for the stock

to bottom out.

• Summary of F12/25 earnings guidance revision: Asahi now expects full-year

business profit to be ¥260bn (down ¥30bn vs.