Asahi Group (2502) Q3 2024 earnings summary

Executive summary

• Revenue for Q3 FY2024 rose 7.2% year-over-year to ¥2,167,952 million, with core operating profit up 7.3% to ¥214,233 million and profit attributable to owners of parent up 4.7% to ¥139,318 million.

• Achieved 2.2% revenue growth and 2.3% Core Operating Profit growth year-over-year on a constant currency basis, with strong performances in Japan and Europe offsetting declines in Oceania.

• Basic earnings per share increased to ¥91.66 from ¥87.52 year-over-year.

• A 3-for-1 common stock split was conducted on October 1, 2024.

Financial highlights

• Revenue reached ¥2,168.0 billion, up 2.2% year-over-year; Core Operating Profit was ¥214.2 billion, up 2.3% year-over-year (constant currency).

• Operating profit increased 2.2% year-over-year to ¥193.5 billion; profit attributable to owners of parent rose 4.7% year-over-year to ¥139.3 billion.

• Gross profit for Q3 FY2024 was ¥815,343 million, up from ¥737,679 million in the prior year.

• Total assets as of September 30, 2024, were ¥5,298,434 million, with total equity at ¥2,583,628 million and an equity ratio of 48.7%.

• Cash flows from operating activities for the first nine months were ¥222,138 million, down from ¥254,571 million year-over-year.

Outlook and guidance

• FY2024 full-year revenue is forecast at ¥2,950,000 million, up 6.5% year-over-year, with core operating profit expected to rise 8.8% to ¥287,000 million.

• Profit attributable to owners of parent is projected at ¥193,000 million, a 17.6% increase year-over-year.

• FY2024 targets maintained: 2.7% revenue growth and 4.3% Core Operating Profit growth (constant currency).

• Basic earnings per share for FY2024 is forecast at ¥126.94.

• Despite ongoing challenges in Oceania, the group aims to achieve its overall plan.