Business Progress Update in View of the Delayed FY2025 Results Announcement
Following the system disruption caused by a cyberattack on September 29, 2025, Asahi Group Holdings, Ltd. (the “Company”) delayed the announcement of its financial results for fiscal 2025, originally scheduled for February 10, 2026, and the date on which those results will be formally announced is yet to be determined.
Since the impact of the above-mentioned disruption is limited to systems managed in Japan, the Company is providing this overview of current progress and future outlooks for each of its regional headquarters (RHQ) that operate primarily in international markets.
With regard to fiscal 2025 financial results, the date for the announcement of those results will be disclosed as soon as it has been confirmed.
Progress Report and Full-year Outlook for Each Business Segment (Constant currency basis)
Europe
Revenue from the Europe segment contracted by 2.5% year on year in fiscal 2025, which was below plan. While unit sales prices increased, overall revenue declined due to unseasonable weather in Central and Eastern Europe and a persistently sluggish consumption environment in Poland and other markets, which adversely impacted sales volumes.
While declining sales volumes did have an impact, Core Operating Profit performed in line with plan, recording a low single-digit year-on-year increase in fiscal 2025 that was supported by improved product and price mixes and lower variable and fixed costs.
With regard to the forecast for fiscal 2026, the Company aims to generate mid-single-digit year-on-year growth in revenue by improving unit sales prices in each market and expanding the non-alcohol adult beverages (beer taste) and global brands categories.
The Company also aims to achieve low single-digit year-on-year growth in Core Operating Profit in fiscal 2026. While stronger investment is planned to help drive a recovery in demand and variable and fixed costs are expected to increase, ongoing efforts to improve product and price mixes and promote earnings structure reforms are expected to drive a rise in overall profit.
Asia Pacific
In fiscal 2025, while revenue did expand compared to the previous year in Oceania and in Southeast & South Asia, the 3.7% year-on-year increase in revenue for the overall segment fell short of plan due to a slower-than-expected recovery in demand primarily in Oceania markets.
Core Operating Profit recorded a low single-digit year-on-year increase in fiscal 2025, which was in line with plan. While fixed costs increased, product and price mixes in both the Alcohol Beverages and Non-alcohol Beverages businesses improved and variable costs also declined.
With regard to the forecast for fiscal 2026, the Company aims to generate a low single-digit year-on-year increase in full-year revenue driven by continued growth momentum in Oceania and Southeast & South Asia.
The Company also aims to generate a mid-single-digit year-on-year increase in Core Operating Profit in fiscal 2026. While fixed costs are expected to increase, active efforts to improve product and price mixes and promote earnings structure reforms are expected to support the anticipated profit increase.
Japan and East Asia
The Company is unable to determine accurate revenue and Core Operating Profit data for the Japan & East Asia segment for fiscal 2025 due to the system disruption experienced since September 29. However, a cumulative October-to-December overview of core Japanese operating companies was published in the Asahi Group Sales Performance Overview for December 2025 dated January 15, 2026. As a result of this impact, full-year revenue is expected to decline, and Core Operating Profit is also expected to decrease accordingly.
Reference: Sales Data for Three Core Operating Companies in Japan for October-to-December 2025
・Asahi Group Foods : Roughly 90% YoY
The fiscal 2026 plan is currently being determined and will be disclosed along with the announcement of the fiscal 2025 full-year results. The aim is to inspire a recovery in performance by systematically strengthening existing brands in each business, introducing new brands, and enhancing advertising and sales promotions.
■ Comment from Company President and Group CEO Atsushi Katsuki
Fiscal 2025 Core Operating Profit from the Japan & East Asia segment is expected to come in below plan due to the impact of the recent system disruptions. Meanwhile, profit from the Europe and Asia Pacific segments has increased broadly in line with our plan, supported by improved unit sales prices and ongoing earnings structure reforms.
In 2026, we will strive to fully restore all our systems in Japan. Furthermore, as distribution systems normalize from February onward, we will focus on restoring lost sales opportunities, accounts, and other measures to help generate a solid corporate performance. In addition, we will aim to steadily expand our business performance in Europe and the Asia Pacific, while also rigorously strengthening our business portfolio, including the recent acquisition of shares in Diageo plc’s East Africa businesses that was agreed in December 2025.
The 2025 system disruption and our East Africa business acquisitions will have a temporary impact on various financial indicators and cash flow allocations. However, we do not intend to make any changes to our Key Indicator Guidelines and Financial Policy through 2030. Our ultimate aim is, as before, to increase corporate value over the medium to long term through an appropriate allocation of capital designed to ensure financial soundness and improve capital efficiency.
We kindly ask for and sincerely appreciate your continued support.
Since the impact of the above-mentioned disruption is limited to systems managed in Japan, the Company is providing this overview of current progress and future outlooks for each of its regional headquarters (RHQ) that operate primarily in international markets.
With regard to fiscal 2025 financial results, the date for the announcement of those results will be disclosed as soon as it has been confirmed.
Progress Report and Full-year Outlook for Each Business Segment (Constant currency basis)
Europe
Revenue from the Europe segment contracted by 2.5% year on year in fiscal 2025, which was below plan. While unit sales prices increased, overall revenue declined due to unseasonable weather in Central and Eastern Europe and a persistently sluggish consumption environment in Poland and other markets, which adversely impacted sales volumes.
While declining sales volumes did have an impact, Core Operating Profit performed in line with plan, recording a low single-digit year-on-year increase in fiscal 2025 that was supported by improved product and price mixes and lower variable and fixed costs.
With regard to the forecast for fiscal 2026, the Company aims to generate mid-single-digit year-on-year growth in revenue by improving unit sales prices in each market and expanding the non-alcohol adult beverages (beer taste) and global brands categories.
The Company also aims to achieve low single-digit year-on-year growth in Core Operating Profit in fiscal 2026. While stronger investment is planned to help drive a recovery in demand and variable and fixed costs are expected to increase, ongoing efforts to improve product and price mixes and promote earnings structure reforms are expected to drive a rise in overall profit.
Asia Pacific
In fiscal 2025, while revenue did expand compared to the previous year in Oceania and in Southeast & South Asia, the 3.7% year-on-year increase in revenue for the overall segment fell short of plan due to a slower-than-expected recovery in demand primarily in Oceania markets.
Core Operating Profit recorded a low single-digit year-on-year increase in fiscal 2025, which was in line with plan. While fixed costs increased, product and price mixes in both the Alcohol Beverages and Non-alcohol Beverages businesses improved and variable costs also declined.
With regard to the forecast for fiscal 2026, the Company aims to generate a low single-digit year-on-year increase in full-year revenue driven by continued growth momentum in Oceania and Southeast & South Asia.
The Company also aims to generate a mid-single-digit year-on-year increase in Core Operating Profit in fiscal 2026. While fixed costs are expected to increase, active efforts to improve product and price mixes and promote earnings structure reforms are expected to support the anticipated profit increase.
Japan and East Asia
The Company is unable to determine accurate revenue and Core Operating Profit data for the Japan & East Asia segment for fiscal 2025 due to the system disruption experienced since September 29. However, a cumulative October-to-December overview of core Japanese operating companies was published in the Asahi Group Sales Performance Overview for December 2025 dated January 15, 2026. As a result of this impact, full-year revenue is expected to decline, and Core Operating Profit is also expected to decrease accordingly.
Reference: Sales Data for Three Core Operating Companies in Japan for October-to-December 2025
・Asahi Breweries : Low 80% YoY
・Asahi Soft Drinks : Roughly 70% YoY・Asahi Group Foods : Roughly 90% YoY
The fiscal 2026 plan is currently being determined and will be disclosed along with the announcement of the fiscal 2025 full-year results. The aim is to inspire a recovery in performance by systematically strengthening existing brands in each business, introducing new brands, and enhancing advertising and sales promotions.
■ Comment from Company President and Group CEO Atsushi Katsuki
Fiscal 2025 Core Operating Profit from the Japan & East Asia segment is expected to come in below plan due to the impact of the recent system disruptions. Meanwhile, profit from the Europe and Asia Pacific segments has increased broadly in line with our plan, supported by improved unit sales prices and ongoing earnings structure reforms.
In 2026, we will strive to fully restore all our systems in Japan. Furthermore, as distribution systems normalize from February onward, we will focus on restoring lost sales opportunities, accounts, and other measures to help generate a solid corporate performance. In addition, we will aim to steadily expand our business performance in Europe and the Asia Pacific, while also rigorously strengthening our business portfolio, including the recent acquisition of shares in Diageo plc’s East Africa businesses that was agreed in December 2025.
The 2025 system disruption and our East Africa business acquisitions will have a temporary impact on various financial indicators and cash flow allocations. However, we do not intend to make any changes to our Key Indicator Guidelines and Financial Policy through 2030. Our ultimate aim is, as before, to increase corporate value over the medium to long term through an appropriate allocation of capital designed to ensure financial soundness and improve capital efficiency.
We kindly ask for and sincerely appreciate your continued support.
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