Reported Earnings • Jul 13
Full year 2025 earnings: EPS misses analyst expectations Full year 2025 results: EPS: JP¥81.29 (down from JP¥127 in FY 2024). Revenue: JP¥2.89t (down 1.5% from FY 2024). Net income: JP¥121.6b (down 37% from FY 2024). Profit margin: 4.2% (down from 6.5% in FY 2024). Revenue was in line with analyst estimates. Earnings per share (EPS) missed analyst estimates by 13%. Revenue is forecast to grow 3.7% p.a. on average during the next 3 years, compared to a 2.5% growth forecast for the Beverage industry in Japan. Over the last 3 years on average, earnings per share has remained flat whereas the company’s share price has fallen by 4% per year. Announcement • Jul 09
Asahi Group Holdings, Ltd. Provides Consolidated Earnings Guidance for the Year Ending December 2026 Asahi Group Holdings, Ltd. provided consolidated earnings guidance for the year ending December 2026. For the year, the company expects sales of JPY 3,220,000 million, operating profit of JPY 297,000 million, Profit of JPY 195,600 million, Profit attributable to owners of parent of JPY 194,000 million, Basic earnings per share of JPY 129.71 per share. Announcement • Jul 08
Asahi Group Holdings, Ltd. Provides Dividend Guidance for the Second Quarter of Fiscal Year Ending December 2026 Asahi Group Holdings, Ltd. provided dividend guidance for the second quarter of fiscal year ending December 2026. For the second quarter, the company expects to pay dividend of JPY 26.00 per share compared to JPY 26.00 per share a year ago. Upcoming Dividend • Jun 22
Upcoming dividend of JP¥26.00 per share Eligible shareholders must have bought the stock before 29 June 2026. Payment date: 01 September 2026. Payout ratio is a comfortable 51% and this is well supported by cash flows. Trailing yield: 3.4%. Lower than top quartile of Japanese dividend payers (3.9%). Higher than average of industry peers (2.7%). Live News • Jun 19
Asahi Group Stock Eyes Growth With CALPIS Brand Launch in India Asahi Group Holdings has entered a business alliance with Varun Beverages Limited to franchise its CALPIS brand in India. The partnership will introduce a ready-to-drink, non-alcohol, non-carbonated dairy-based CALPIS beverage in Original and Mango flavors. Product launch in India is planned for the second half of 2026 or later, marking Asahi Group’s first move into India’s non-alcohol and non-carbonated beverage market.
This new alliance gives Asahi Group Holdings access to Varun Beverages’ established manufacturing and distribution network in India, which could support broader brand visibility for CALPIS once sales begin.
Investors may want to watch how Asahi manages execution risk around product positioning, consumer acceptance and regulatory requirements in a large and diverse market like India. Announcement • Jun 13
Asahi Group Holdings, Ltd. Revises Consolidated Earnings Guidance for the Fiscal Year Ended December 31, 2025 Asahi Group Holdings, Ltd. revised consolidated earnings guidance for the fiscal year ended December 31, 2025. For the year, the company revised revenue of JPY 2,890,000 million compared to previous guidance of JPY 2,950,000 million. Core operating profit of JPY 260,000 million compared to previous guidance of JPY 290,000 million. Operating profit of JPY 185,000 million compared to JPY 255,000 million. Profit attributable to owners of parent of JPY 120,000 million compared to previous guidance of JPY 167,500 million. Basic earnings per share of JPY 80.24 per share compared to previous guidance of JPY 112.74 per share. Reasons for the Revision: Regarding the consolidated financial results for the fiscal year ended December 31, 2025, revenue is expected to fall short of projections due to factors such as system failures caused by cyberattacks on the Company's Japanese operations. Furthermore, in addition to the impact of lower revenue and higher-than-expected raw material costs, the occurrence of impairment losses and expenses related to system disruptions has led to a projection that profits will also fall short of expectations. For these reasons, the Company has decided to revise the financial results forecasts originally announced. Declared Dividend • May 25
Dividend of JP¥26.00 announced Shareholders will receive a dividend of JP¥26.00. Ex-date: 29th June 2026 Payment date: 1st September 2026 Dividend yield will be 3.5%, which is higher than the industry average of 2.1%. Sustainability & Growth Dividend is covered by both earnings (51% earnings payout ratio) and cash flows (42% cash payout ratio). The dividend has increased by an average of 13% per year over the past 10 years and has been stable with no material reductions to payments, indicating a long track record of dividend growth and stability. EPS is expected to grow by 42% over the next 3 years, which should provide support to the dividend and adequate earnings cover. Announcement • May 22
Asahi Group Holdings, Ltd. to Report Fiscal Year 2025 Results on Jul 08, 2026 Asahi Group Holdings, Ltd. announced that they will report fiscal year 2025 results at 3:00 PM, Tokyo Standard Time on Jul 08, 2026 Reported Earnings • Mar 11
Third quarter 2025 earnings: EPS misses analyst expectations Third quarter 2025 results: EPS: JP¥29.33 (down from JP¥41.42 in 3Q 2024). Revenue: JP¥795.3b (flat on 3Q 2024). Net income: JP¥44.1b (down 30% from 3Q 2024). Profit margin: 5.5% (down from 8.0% in 3Q 2024). Revenue was in line with analyst estimates. Earnings per share (EPS) missed analyst estimates by 28%. Revenue is forecast to grow 3.3% p.a. on average during the next 4 years, compared to a 2.6% growth forecast for the Beverage industry in Japan. Over the last 3 years on average, earnings per share has increased by 5% per year whereas the company’s share price has increased by 1% per year. Announcement • Feb 23
Asahi Group Holdings, Ltd., Annual General Meeting, Mar 24, 2026 Asahi Group Holdings, Ltd., Annual General Meeting, Mar 24, 2026, at 13:00 Tokyo Standard Time. Upcoming Dividend • Dec 22
Upcoming dividend of JP¥26.00 per share Eligible shareholders must have bought the stock before 29 December 2025. Payment date: 27 March 2026. Payout ratio is a comfortable 46% and this is well supported by cash flows. Trailing yield: 3.2%. Lower than top quartile of Japanese dividend payers (3.6%). Higher than average of industry peers (2.6%). Announcement • Sep 18
Asahi Group Holdings, Ltd. to Report Q3, 2025 Results on Nov 12, 2025 Asahi Group Holdings, Ltd. announced that they will report Q3, 2025 results on Nov 12, 2025 Declared Dividend • Sep 02
First half dividend of JP¥26.00 announced Shareholders will receive a dividend of JP¥26.00. Ex-date: 29th December 2025 Payment date: 27th March 2026 Dividend yield will be 2.7%, which is higher than the industry average of 2.1%. Sustainability & Growth Dividend is well covered by both earnings (46% earnings payout ratio) and cash flows (49% cash payout ratio). The dividend has increased by an average of 13% per year over the past 10 years and has been stable with no material reductions to payments, indicating a long track record of dividend growth and stability. EPS is expected to grow by 35% over the next 3 years, which should provide support to the dividend and adequate earnings cover. Reported Earnings • Aug 08
First half 2025 earnings: EPS misses analyst expectations First half 2025 results: EPS: JP¥39.07 (down from JP¥50.24 in 1H 2024). Revenue: JP¥1.36t (down 1.4% from 1H 2024). Net income: JP¥58.7b (down 23% from 1H 2024). Profit margin: 4.3% (down from 5.5% in 1H 2024). Revenue was in line with analyst estimates. Earnings per share (EPS) missed analyst estimates by 26%. Revenue is forecast to grow 1.5% p.a. on average during the next 3 years, compared to a 1.9% growth forecast for the Beverage industry in Japan. Over the last 3 years on average, earnings per share has increased by 9% per year whereas the company’s share price has increased by 7% per year. Announcement • Aug 07
Asahi Group Holdings, Ltd. (TSE:2502) announces an Equity Buyback for 45,000,000 shares, representing 2.99% for ¥70,000 million. Asahi Group Holdings, Ltd. (TSE:2502) announces a share repurchase program. Under the program, the company will repurchase up to 45,000,000 shares, representing 2.99% of its total shares outstanding excluding treasury shares, for a total of ¥70,000 million. The purpose of repurchase program is to enhance shareholder returns and improve capital efficiency. The repurchase program is valid till December 23, 2025. As of June 30, 2025, the company had 1,503,247,484 shares outstanding excluding treasury shares and had 17,762,602 shares in treasury. Upcoming Dividend • Jun 20
Upcoming dividend of JP¥26.00 per share Eligible shareholders must have bought the stock before 27 June 2025. Payment date: 02 September 2025. Payout ratio is a comfortable 39% and this is well supported by cash flows. Trailing yield: 2.7%. Lower than top quartile of Japanese dividend payers (4.0%). In line with average of industry peers (2.6%). Announcement • Jun 18
Asahi Group Holdings, Ltd. to Report Q2, 2025 Results on Aug 07, 2025 Asahi Group Holdings, Ltd. announced that they will report Q2, 2025 results on Aug 07, 2025 Reported Earnings • May 13
First quarter 2025 earnings: EPS exceeds analyst expectations First quarter 2025 results: EPS: JP¥14.32 (down from JP¥15.68 in 1Q 2024). Revenue: JP¥630.4b (up 2.2% from 1Q 2024). Net income: JP¥21.5b (down 9.7% from 1Q 2024). Profit margin: 3.4% (down from 3.9% in 1Q 2024). The decrease in margin was driven by higher expenses. Revenue was in line with analyst estimates. Earnings per share (EPS) surpassed analyst estimates by 1.8%. Revenue is forecast to grow 1.3% p.a. on average during the next 3 years, compared to a 1.9% growth forecast for the Beverage industry in Japan. Over the last 3 years on average, earnings per share has increased by 12% per year whereas the company’s share price has increased by 13% per year. Declared Dividend • Apr 11
Final dividend of JP¥26.00 announced Shareholders will receive a dividend of JP¥26.00. Ex-date: 27th June 2025 Payment date: 2nd September 2025 Dividend yield will be 2.8%, which is higher than the industry average of 2.1%. Sustainability & Growth Dividend is well covered by both earnings (39% earnings payout ratio) and cash flows (29% cash payout ratio). The dividend has increased by an average of 13% per year over the past 10 years and has been stable with no material reductions to payments, indicating a long track record of dividend growth and stability. EPS is expected to grow by 21% over the next 3 years, which should provide support to the dividend and adequate earnings cover. Announcement • Mar 19
Asahi Group Holdings, Ltd. to Report Q1, 2025 Results on May 12, 2025 Asahi Group Holdings, Ltd. announced that they will report Q1, 2025 results on May 12, 2025 Board Change • Feb 18
High number of new directors There are 6 new directors who have joined the board in the last 3 years. Independent Outside Director Mari Matsunaga was the last director to join the board, commencing their role in 2023. The company’s lack of board continuity is considered a risk according to the Simply Wall St Risk Model. Announcement • Dec 19
Asahi Group Holdings, Ltd. to Report Fiscal Year 2024 Results on Feb 14, 2025 Asahi Group Holdings, Ltd. announced that they will report fiscal year 2024 results on Feb 14, 2025 New Risk • Sep 26
New minor risk - Dividend sustainability The dividend is not well covered by cash flows. Cash payout ratio: 96% Dividend yield: 7.3% This is considered a minor risk. Dividends are ultimately paid out of the company's available cash reserves. Companies that pay out too much of their cash flow are at risk of having to reduce or cut their dividend in future. If cash flow growth slows or cash flows fall, then there may not be enough cash reserves to maintain the same dividend. Or in extreme cases, companies may opt to take on debt to maintain the dividend. This risk is mitigated by the fact the dividend is covered by earnings, however, cash flows are generally more important. For dividend paying companies, any reduction in the dividend can significantly impact the share price. Currently, the following risks have been identified for the company: Minor Risks High level of debt (50% net debt to equity). Dividend is not well covered by cash flows (96% cash payout ratio). Announcement • Sep 25
Asahi Group Holdings, Ltd. to Report Q3, 2024 Results on Nov 14, 2024 Asahi Group Holdings, Ltd. announced that they will report Q3, 2024 results on Nov 14, 2024 Reported Earnings • Aug 10
Second quarter 2024 earnings: EPS exceeds analyst expectations Second quarter 2024 results: EPS: JP¥104 (up from JP¥90.45 in 2Q 2023). Revenue: JP¥762.4b (up 9.4% from 2Q 2023). Net income: JP¥52.5b (up 15% from 2Q 2023). Profit margin: 6.9% (up from 6.6% in 2Q 2023). The increase in margin was driven by higher revenue. Revenue was in line with analyst estimates. Earnings per share (EPS) surpassed analyst estimates by 2.9%. Revenue is forecast to grow 1.2% p.a. on average during the next 3 years, compared to a 2.1% growth forecast for the Beverage industry in Japan. Over the last 3 years on average, earnings per share has increased by 8% per year but the company’s share price has only increased by 1% per year, which means it is significantly lagging earnings growth. Declared Dividend • Aug 09
Dividend of JP¥75.00 announced Shareholders will receive a dividend of JP¥75.00. Ex-date: 27th December 2024 Payment date: 27th March 2025 Dividend yield will be 2.7%, which is higher than the industry average of 2.1%. Sustainability & Growth Dividend is well covered by both earnings (37% earnings payout ratio) and cash flows (31% cash payout ratio). The dividend has increased by an average of 12% per year over the past 10 years and has been stable with no material reductions to payments, indicating a long track record of dividend growth and stability. EPS is expected to grow by 26% over the next 3 years, which should provide support to the dividend and adequate earnings cover. Valuation Update With 7 Day Price Move • Aug 05
Investor sentiment deteriorates as stock falls 18% After last week's 18% share price decline to JP¥4,654, the stock trades at a forward P/E ratio of 11x. Average forward P/E is 16x in the Beverage industry in Japan. Negligible returns to shareholders over past three years. Announcement • Jul 27
Onodera Group Co., Ltd. agreed to acquire Nadaman Co., Ltd. from Asahi Group Holdings, Ltd. (TSE:2502). Onodera Group Co., Ltd. agreed to acquire Nadaman Co., Ltd. from Asahi Group Holdings, Ltd. (TSE:2502) on July 10, 2024.
The expected completion of the transaction is September 1, 2024. Announcement • Jun 15
Asahi Group Holdings, Ltd. to Report Q2, 2024 Results on Aug 07, 2024 Asahi Group Holdings, Ltd. announced that they will report Q2, 2024 results on Aug 07, 2024 Reported Earnings • May 18
First quarter 2024 earnings: EPS and revenues exceed analyst expectations First quarter 2024 results: EPS: JP¥47.03 (up from JP¥39.41 in 1Q 2023). Revenue: JP¥616.6b (up 11% from 1Q 2023). Net income: JP¥23.8b (up 19% from 1Q 2023). Profit margin: 3.9% (up from 3.6% in 1Q 2023). The increase in margin was driven by higher revenue. Revenue exceeded analyst estimates by 2.8%. Earnings per share (EPS) also surpassed analyst estimates by 13%. Revenue is forecast to grow 1.5% p.a. on average during the next 3 years, compared to a 2.6% growth forecast for the Beverage industry in Japan. Over the last 3 years on average, earnings per share has increased by 9% per year whereas the company’s share price has increased by 5% per year. Declared Dividend • Apr 11
Final dividend of JP¥66.00 announced Shareholders will receive a dividend of JP¥66.00. Ex-date: 27th June 2024 Payment date: 2nd September 2024 Dividend yield will be 2.4%, which is higher than the industry average of 2.1%. Sustainability & Growth Dividend is well covered by both earnings (34% earnings payout ratio) and cash flows (28% cash payout ratio). The dividend has increased by an average of 12% per year over the past 10 years and has been stable with no material reductions to payments, indicating a long track record of dividend growth and stability. EPS is expected to grow by 26% over the next 3 years, which should provide support to the dividend and adequate earnings cover. Announcement • Mar 17
Asahi Group Holdings, Ltd. to Report Q1, 2024 Results on May 14, 2024 Asahi Group Holdings, Ltd. announced that they will report Q1, 2024 results on May 14, 2024 Reported Earnings • Feb 14
Full year 2023 earnings: Revenues exceed analysts expectations while EPS lags behind Full year 2023 results: EPS: JP¥324 (up from JP¥299 in FY 2022). Revenue: JP¥2.77t (up 10% from FY 2022). Net income: JP¥164.1b (up 8.3% from FY 2022). Profit margin: 5.9% (down from 6.0% in FY 2022). The decrease in margin was driven by higher expenses. Revenue exceeded analyst estimates by 1.7%. Earnings per share (EPS) missed analyst estimates by 3.9%. Revenue is forecast to stay flat during the next 3 years compared to a 2.5% growth forecast for the Beverage industry in Japan. Over the last 3 years on average, earnings per share has increased by 12% per year but the company’s share price has only increased by 5% per year, which means it is significantly lagging earnings growth. Upcoming Dividend • Dec 21
Upcoming dividend of JP¥59.00 per share at 2.2% yield Eligible shareholders must have bought the stock before 28 December 2023. Payment date: 29 March 2024. Payout ratio is a comfortable 34% and this is well supported by cash flows. Trailing yield: 2.2%. Lower than top quartile of Japanese dividend payers (3.5%). In line with average of industry peers (2.2%). Announcement • Dec 15
Asahi Group Holdings, Ltd. to Report Fiscal Year 2023 Results on Feb 13, 2024 Asahi Group Holdings, Ltd. announced that they will report fiscal year 2023 results on Feb 13, 2024 Announcement • Nov 17
Asahi Group Holdings, Ltd. has filed a Follow-on Equity Offering. Asahi Group Holdings, Ltd. has filed a Follow-on Equity Offering.
Security Name: Common Stock
Security Type: Common Stock
Securities Offered: 33,479,200
Transaction Features: Rule 144A; Subsequent Direct Listing Reported Earnings • Nov 11
Third quarter 2023 earnings: EPS and revenues exceed analyst expectations Third quarter 2023 results: EPS: JP¥133 (up from JP¥113 in 3Q 2022). Revenue: JP¥770.0b (up 10% from 3Q 2022). Net income: JP¥67.2b (up 17% from 3Q 2022). Profit margin: 8.7% (up from 8.2% in 3Q 2022). The increase in margin was driven by higher revenue. Revenue exceeded analyst estimates by 6.9%. Earnings per share (EPS) also surpassed analyst estimates by 20%. Revenue is forecast to grow 1.4% p.a. on average during the next 3 years, compared to a 2.3% growth forecast for the Beverage industry in Japan. Over the last 3 years on average, earnings per share has increased by 12% per year whereas the company’s share price has increased by 13% per year. Announcement • Sep 17
Asahi Group Holdings, Ltd. to Report Q3, 2023 Results on Nov 10, 2023 Asahi Group Holdings, Ltd. announced that they will report Q3, 2023 results on Nov 10, 2023 Reported Earnings • Aug 10
Second quarter 2023 earnings: EPS and revenues exceed analyst expectations Second quarter 2023 results: EPS: JP¥90.45 (down from JP¥104 in 2Q 2022). Revenue: JP¥696.7b (up 6.4% from 2Q 2022). Net income: JP¥45.8b (down 13% from 2Q 2022). Profit margin: 6.6% (down from 8.0% in 2Q 2022). The decrease in margin was driven by higher expenses. Revenue exceeded analyst estimates by 4.2%. Earnings per share (EPS) also surpassed analyst estimates by 11%. Revenue is forecast to grow 1.5% p.a. on average during the next 3 years, compared to a 2.2% growth forecast for the Beverage industry in Japan. Over the last 3 years on average, earnings per share has increased by 11% per year whereas the company’s share price has increased by 15% per year. Upcoming Dividend • Jun 22
Upcoming dividend of JP¥56.00 per share at 2.0% yield Eligible shareholders must have bought the stock before 29 June 2023. Payment date: 01 September 2023. Payout ratio is a comfortable 34% and this is well supported by cash flows. Trailing yield: 2.0%. Lower than top quartile of Japanese dividend payers (3.5%). In line with average of industry peers (2.1%). Announcement • Jun 16
Asahi Group Holdings, Ltd. to Report Q2, 2023 Results on Aug 09, 2023 Asahi Group Holdings, Ltd. announced that they will report Q2, 2023 results on Aug 09, 2023 Reported Earnings • May 14
First quarter 2023 earnings: EPS exceeds analyst expectations First quarter 2023 results: EPS: JP¥39.41 (up from JP¥8.58 in 1Q 2022). Revenue: JP¥556.3b (up 12% from 1Q 2022). Net income: JP¥20.0b (up 360% from 1Q 2022). Profit margin: 3.6% (up from 0.9% in 1Q 2022). The increase in margin was driven by higher revenue. Revenue was in line with analyst estimates. Earnings per share (EPS) surpassed analyst estimates by 48%. Revenue is forecast to grow 1.6% p.a. on average during the next 3 years, compared to a 2.4% growth forecast for the Beverage industry in Japan. Over the last 3 years on average, earnings per share has increased by 7% per year but the company’s share price has increased by 14% per year, which means it is tracking significantly ahead of earnings growth. Reported Earnings • Apr 01
Full year 2022 earnings: EPS in line with analyst expectations despite revenue beat Full year 2022 results: EPS: JP¥299 (down from JP¥303 in FY 2021). Revenue: JP¥2.51t (up 12% from FY 2021). Net income: JP¥151.6b (down 1.3% from FY 2021). Profit margin: 6.0% (down from 6.9% in FY 2021). The decrease in margin was driven by higher expenses. Revenue exceeded analyst estimates by 1.1%. Earnings per share (EPS) were mostly in line with analyst estimates. Revenue is forecast to grow 2.2% p.a. on average during the next 3 years, compared to a 2.4% growth forecast for the Beverage industry in Japan. Over the last 3 years on average, earnings per share has increased by 2% per year but the company’s share price has increased by 14% per year, which means it is tracking significantly ahead of earnings growth. Reported Earnings • Feb 15
Full year 2022 earnings: EPS in line with analyst expectations despite revenue beat Full year 2022 results: EPS: JP¥299 (down from JP¥303 in FY 2021). Revenue: JP¥2.51t (up 12% from FY 2021). Net income: JP¥151.6b (down 1.3% from FY 2021). Profit margin: 6.0% (down from 6.9% in FY 2021). The decrease in margin was driven by higher expenses. Revenue exceeded analyst estimates by 1.1%. Earnings per share (EPS) were mostly in line with analyst estimates. Revenue is forecast to grow 2.0% p.a. on average during the next 3 years, compared to a 2.4% growth forecast for the Beverage industry in Japan. Over the last 3 years on average, earnings per share has increased by 2% per year whereas the company’s share price has fallen by 3% per year. Upcoming Dividend • Dec 22
Upcoming dividend of JP¥56.00 per share Eligible shareholders must have bought the stock before 29 December 2022. Payment date: 28 March 2023. Payout ratio is a comfortable 39% and this is well supported by cash flows. Trailing yield: 2.7%. Lower than top quartile of Japanese dividend payers (3.8%). Higher than average of industry peers (2.4%). Announcement • Dec 14
Asahi Group Holdings, Ltd. to Report Fiscal Year 2022 Results on Feb 14, 2023 Asahi Group Holdings, Ltd. announced that they will report fiscal year 2022 results on Feb 14, 2023 Reported Earnings • Nov 16
Third quarter 2022 earnings: EPS and revenues exceed analyst expectations Third quarter 2022 results: EPS: JP¥113 (up from JP¥89.32 in 3Q 2021). Revenue: JP¥698.6b (up 19% from 3Q 2021). Net income: JP¥57.5b (up 27% from 3Q 2021). Profit margin: 8.2% (up from 7.7% in 3Q 2021). The increase in margin was driven by higher revenue. Revenue exceeded analyst estimates by 5.6%. Earnings per share (EPS) also surpassed analyst estimates by 11%. Revenue is forecast to grow 2.4% p.a. on average during the next 3 years, compared to a 2.1% growth forecast for the Beverage industry in Japan. Over the last 3 years on average, earnings per share has fallen by 3% per year whereas the company’s share price has fallen by 7% per year. Board Change • Nov 16
Less than half of directors are independent Following the recent departure of a director, there are only 3 independent directors on the board. The company's board is composed of: 3 independent directors. 5 non-independent directors. Independent Outside Director Tetsuji Ohashi was the last independent director to join the board, commencing their role in 2022. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. Reported Earnings • Nov 12
Third quarter 2022 earnings: EPS and revenues exceed analyst expectations Third quarter 2022 results: EPS: JP¥113 (up from JP¥89.32 in 3Q 2021). Revenue: JP¥698.6b (up 19% from 3Q 2021). Net income: JP¥57.5b (up 27% from 3Q 2021). Profit margin: 8.2% (up from 7.7% in 3Q 2021). The increase in margin was driven by higher revenue. Revenue exceeded analyst estimates by 5.6%. Earnings per share (EPS) also surpassed analyst estimates by 11%. Revenue is forecast to grow 2.3% p.a. on average during the next 3 years, compared to a 2.2% growth forecast for the Beverage industry in Japan. Over the last 3 years on average, earnings per share has fallen by 3% per year whereas the company’s share price has fallen by 6% per year. Reported Earnings • Aug 12
Second quarter 2022 earnings: EPS and revenues exceed analyst expectations Second quarter 2022 results: EPS: JP¥104 (up from JP¥91.02 in 2Q 2021). Revenue: JP¥654.5b (up 13% from 2Q 2021). Net income: JP¥52.7b (up 14% from 2Q 2021). Profit margin: 8.0% (in line with 2Q 2021). Revenue exceeded analyst estimates by 15%. Earnings per share (EPS) also surpassed analyst estimates by 27%. Over the next year, revenue is forecast to grow 7.0%, compared to a 6.6% growth forecast for the industry in Japan. Over the last 3 years on average, earnings per share has fallen by 7% per year but the company’s share price has remained flat, which means it is well ahead of earnings. Upcoming Dividend • Jun 22
Upcoming dividend of JP¥55.00 per share Eligible shareholders must have bought the stock before 29 June 2022. Payment date: 01 September 2022. Payout ratio is a comfortable 44% and this is well supported by cash flows. Trailing yield: 2.5%. Lower than top quartile of Japanese dividend payers (3.8%). In line with average of industry peers (2.3%). Board Change • Apr 27
Less than half of directors are independent Following the recent departure of a director, there are only 3 independent directors on the board. The company's board is composed of: 3 independent directors. 5 non-independent directors. Independent Outside Director Tetsuji Ohashi was the last independent director to join the board, commencing their role in 2022. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. Reported Earnings • Apr 02
Full year 2021 earnings: EPS exceeds analyst expectations Full year 2021 results: EPS: JP¥303 (up from JP¥197 in FY 2020). Revenue: JP¥2.24t (up 10% from FY 2020). Net income: JP¥153.5b (up 65% from FY 2020). Profit margin: 6.9% (up from 4.6% in FY 2020). The increase in margin was driven by higher revenue. Revenue was in line with analyst estimates. Earnings per share (EPS) surpassed analyst estimates by 1.1%. Over the next year, revenue is forecast to grow 8.2%, compared to a 5.7% growth forecast for the industry in Japan. Over the last 3 years on average, earnings per share has fallen by 9% per year but the company’s share price has only fallen by 2% per year, which means it has not declined as severely as earnings. Reported Earnings • Feb 16
Full year 2021 earnings: EPS exceeds analyst expectations Full year 2021 results: EPS: JP¥303 (up from JP¥197 in FY 2020). Revenue: JP¥2.24t (up 10% from FY 2020). Net income: JP¥153.5b (up 65% from FY 2020). Profit margin: 6.9% (up from 4.6% in FY 2020). The increase in margin was driven by higher revenue. Revenue was in line with analyst estimates. Earnings per share (EPS) surpassed analyst estimates by 1.1%. Over the next year, revenue is forecast to grow 7.2%, compared to a 4.9% growth forecast for the industry in Japan. Over the last 3 years on average, earnings per share has fallen by 9% per year but the company’s share price has increased by 2% per year, which means it is well ahead of earnings. Upcoming Dividend • Dec 22
Upcoming dividend of JP¥55.00 per share Eligible shareholders must have bought the stock before 29 December 2021. Payment date: 26 March 2022. Payout ratio is a comfortable 39% and this is well supported by cash flows. Trailing yield: 2.4%. Lower than top quartile of Japanese dividend payers (3.3%). In line with average of industry peers (2.4%). Reported Earnings • Nov 11
Third quarter 2021 earnings released: EPS JP¥89.32 (vs JP¥106 in 3Q 2020) The company reported a poor third quarter result with weaker earnings, revenues and profit margins. Third quarter 2021 results: Revenue: JP¥586.7b (down 1.7% from 3Q 2020). Net income: JP¥45.3b (down 8.3% from 3Q 2020). Profit margin: 7.7% (down from 8.3% in 3Q 2020). The decrease in margin was driven by lower revenue. Over the last 3 years on average, earnings per share has fallen by 13% per year but the company’s share price has only fallen by 2% per year, which means it has not declined as severely as earnings. Reported Earnings • Aug 13
Second quarter 2021 earnings released: EPS JP¥91.02 (vs JP¥47.72 in 2Q 2020) The company reported a strong second quarter result with improved earnings, revenues and profit margins. Second quarter 2021 results: Revenue: JP¥576.9b (up 24% from 2Q 2020). Net income: JP¥46.1b (up 111% from 2Q 2020). Profit margin: 8.0% (up from 4.7% in 2Q 2020). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has fallen by 14% per year but the company’s share price has increased by 1% per year, which means it is well ahead of earnings. Upcoming Dividend • Jun 22
Upcoming dividend of JP¥54.00 per share Eligible shareholders must have bought the stock before 29 June 2021. Payment date: 01 September 2021. Trailing yield: 2.1%. Lower than top quartile of Japanese dividend payers (3.1%). In line with average of industry peers (2.1%). Reported Earnings • May 19
First quarter 2021 earnings released: EPS JP¥65.50 (vs JP¥18.19 in 1Q 2020) The company reported a strong first quarter result with improved earnings, revenues and profit margins. First quarter 2021 results: Revenue: JP¥456.7b (up 12% from 1Q 2020). Net income: JP¥33.2b (up 298% from 1Q 2020). Profit margin: 7.3% (up from 2.0% in 1Q 2020). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has fallen by 15% per year but the company’s share price has only fallen by 4% per year, which means it has not declined as severely as earnings. Reported Earnings • Mar 31
Full year 2020 earnings released: EPS JP¥197 (vs JP¥310 in FY 2019) The company reported a poor full year result with weaker earnings, revenues and profit margins. Full year 2020 results: Revenue: JP¥2.03t (down 2.9% from FY 2019). Net income: JP¥92.8b (down 35% from FY 2019). Profit margin: 4.6% (down from 6.8% in FY 2019). Over the last 3 years on average, earnings per share has fallen by 13% per year but the company’s share price has only fallen by 6% per year, which means it has not declined as severely as earnings. 
