Sapporo Breweries (2501) Q3 2025 earnings summary

Executive summary

• Revenue for 2025Q3 was ¥382.6bn, down 0.8% year-over-year, while core operating profit rose 43.8% to ¥20.1bn, driven by strong Japan Alcoholic Beverages and cost management.

• Net profit declined 5.3% year-over-year to ¥10.9bn due to foreign exchange losses from yen appreciation.

• Structural reforms and growth initiatives continued, with strong domestic beer and real estate revenue offsetting declines in food and soft drinks.

• Upward revision to full-year profit forecast, with a higher year-end dividend and a five-for-one stock split announced.

Financial highlights

• Consolidated revenue for 2025Q3: ¥382.6bn (down 0.8% YoY); core operating profit: ¥20.1bn (up 43.8% YoY); operating profit: ¥19.6bn (up 10.8% YoY).

• EBITDA: ¥36.3bn (up 19.5% YoY).

• Overseas revenue declined 5.8% YoY; profit attributable to owners: ¥10.9bn (down 5.3% YoY).

• Net debt decreased by ¥27.1bn to ¥163.8bn, with a net debt-to-equity ratio of 0.8.

• Total assets declined by ¥31.0bn to ¥636.4bn, while total equity increased by ¥7.8bn to ¥208.4bn.

Outlook and guidance

• Full-year 2025 revenue forecast revised down to ¥523.0bn, but core operating profit forecast raised to ¥29.5bn (+20.4% vs. initial plan).

• Operating profit forecast more than doubled to ¥27.8bn, and profit attributable to owners of parent is expected to rise 113.9% to ¥16.5bn.

• Year-end dividend forecast increased to ¥90 per share (pre-split basis); five-for-one stock split effective January 1, 2026.

• Basic EPS forecast at ¥211.62 (pre-stock split basis).

• Real estate business capital injection process on track for conclusion within the year.