Asahi Group Holdings, Ltd.
2502・Prime Market・Foods
Business
Asahi Group Holdings is a pure holding company overseeing 194 consolidated subsidiaries and 33 affiliated companies, manufacturing and selling alcoholic beverages (beer, whisky, RTD, etc.), soft drinks (carbonated beverages, lactic acid bacteria beverages, etc.), and food products (baby food, supplements, etc.) across four regions: Japan, Europe, Oceania, and Southeast Asia. Domestically, Asahi Breweries, Asahi Soft Drinks, Asahi Group Foods, and others lead core operations, while overseas the group holds strong brands such as Pilsner Urquell and Peroni Nastro Azzurro (Europe), and Victoria Bitter and Great Northern (Oceania). Revenue for FY2024 (ended December 2024) reached ¥2,939,422 million, and the group pursues growth through a dual-axis strategy of global brands and regional local brands.
Business Model
By investing in advertising and promotion for core brands and pursuing premiumization, the company aims to raise average selling prices, simultaneously expanding revenue and improving profit margins. The four-region structure—Japan (revenue-to-business-profit margin of 9.9%), Europe (13.0%), Oceania (15.2%), and Southeast Asia (2.8%)—reduces regional concentration risk, with each regional holding company combining local and global brands in its rollout. Continued capital expenditure of ¥161,687 million and R&D spending of ¥18,004 million will maintain and strengthen brand value and the manufacturing base.
Company Strengths
The global 5 brands, centered on Asahi Super Dry and Peroni Nastro Azzurro, achieved a 5% year-on-year increase in sales volume in 2024. Leveraging global sports partnerships such as the Rugby World Cup (extended through the 2029 tournament) and Formula 1's Scuderia Ferrari, Europe revenue reached ¥781,005 million, up 13.4% year on year.
Revenue grew for five consecutive fiscal years, rising from ¥2,027,762 million in FY2020 to ¥2,939,422 million in FY2024. Operating profit expanded roughly twofold over the same period, from ¥135,167 million to ¥269,052 million. Price revision effects and various cost efficiency measures drove margin improvement, and profit attributable to owners of parent in FY2024 rose 17.1% year on year to ¥192,080 million.
Operating cash flow in FY2024 was ¥403,723 million (up ¥56,175 million year on year). By prioritizing free cash flow for debt reduction, Net Debt/EBITDA improved to 2.49x (against a guideline of around 3x), strengthening financial soundness. The company achieved a dividend payout ratio of 40.6% and DOE of 2.9%, and under its progressive dividend policy raised the dividend per share to ¥49 (split-adjusted).
ENVALITH's Perspective
Performance Trend
Revenue was ¥2,894,676 million (down 1.5% year on year), marking the first revenue decline in five periods. Business profit came to ¥262,997 million (down 7.8%), operating profit was ¥185,870 million (down 30.9%), and profit attributable to owners of the parent was ¥121,574 million (down 36.7%), with profit deteriorating sharply at every stage. The main cause was the suspension of Japan's order-receiving and shipping systems following the cyberattack on September 29, 2025, which had a concentrated impact in the fourth quarter. Europe, meanwhile, remained solid, with business profit up 8.1% year on year. Adjusted profit attributable to owners of the parent was ¥147,038 million (down 19.6%), confirming that underlying performance also deteriorated after excluding one-off special factors. For FY2026 (ending December 2026), the company forecasts revenue of ¥3,220,000 million (up 11.2% year on year) and operating profit of ¥297,000 million (up 59.8%), anticipating a significant recovery.
Growth Strategy
Aiming to enhance corporate value through four pillars: premium strategy, BAC expansion, DX, and strengthened cybersecurity
Promoting brand awareness through sports partnerships such as Arsenal, City Football Group, and Scuderia Ferrari, centered on Asahi Super Dry and Peroni Nastro Azzurro. Accelerating expansion into new markets including neighboring countries and North America, aiming to maintain and improve the European business's operating profit margin of 14.7%.
Strengthening investment in BAC categories such as non-alcoholic beverages, RTD, and adult soft drinks. Promoting smart drinking domestically through products such as Asahi Zero and Wilkinson Tansan Tagu Sober, while expanding drinking occasions overseas through new product launches such as Great Northern Light and Hard Rated Alcoholic Orange.
Steadily implementing the recurrence prevention measures formulated in February 2026 and transitioning to a system of continuous monitoring and improvement. Working on recurrence prevention from both technical and governance perspectives, while advancing profitability recovery and strengthening of existing areas within the Japan/East Asia segment, along with a review of the business structure.
Continuing progressive dividends targeting a DOE of 4% or more, based on the financial policy updated in February 2025. Planning an annual dividend of ¥52 for FY2025 (ending December 2025) (up ¥3 year on year) and ¥57 for FY2026 (ending December 2026) (up ¥5). Conducted share buybacks of ¥70,006 million in FY2025 (ending December 2025), also working to improve capital efficiency.
Transferred the Hakata plant site (area of 126,200.96 ㎡) of Asahi Breweries, Ltd. to Kyushu Railway Company and others (April 27, 2026). Aimed at improving production and logistics efficiency, enabling flexible response to multi-product production, and improving energy efficiency; expected to record approximately ¥35,000 million as gain on sale of fixed assets under other operating revenue in FY2026 (ending December 2026).
Last updated: July 17, 2026