Sapporo cuts sales forecast – but predicts higher profits

Sapporo Holdings has lowered its forecast for yearly gross but raised its guidance for profits.

The brewer present anticipates gross of Y523bn ($3.38bn) successful 2025, down 1.7% from its February estimate.

In contrast, profitability metrics person been upgraded: halfway operating nett is projected astatine Y29.5bn, up 20.4% from the anterior forecast; operating nett is expected to scope Y27.8bn, a 39% increase; and nett net is forecast astatine Y16.5bn, up astir 49.6%.

Profit attributable to owners of the genitor is besides acceptable astatine Y16.5bn, a 50% uplift, with basal net per stock revised to Y211.62 from Y141.16.

In a statement, the Sapporo brewer said gross from its beverage-alcohol concern successful Japan should emergence owed to “strong income of brew and the interaction of terms revisions” but wide gross volition autumn abbreviated of anterior forecasts owed to weaker overseas income measurement and yen appreciation.

Core operating nett and operating nett are apt to autumn from anterior levels due to the fact that of weaker overseas alcoholic beverage income but should inactive bushed earlier forecasts due to the fact that of stronger Japan intoxicant income and gains successful the existent property business, it added.

The Japanese company, which besides sells Yebisu beer, updated its dividend program too.

The erstwhile guidance issued connected envisaged a year-end outgo of Y60. Under the caller forecast, Sapporo plans dividends of Y90 astatine the twelvemonth end.

The revisions accompanied nine-month results.

Revenue for the play came successful astatine Y382.58bn, down 0.8% from a twelvemonth earlier.

Operating nett roseate 10.8% to Y19.57bn, portion nett for the play declined 5.7% to Y10.86bn.

Basic net per stock were Y139.72 and diluted EPS Y139.64, compared with Y147.66 and Y147.56, respectively, successful the aforesaid play of 2024.

Alcoholic Beverages remained the largest contributor successful the 9 months to 30 September 2025, with gross of Y283.82bn, up 0.8% twelvemonth connected year.

Core operating nett roseate 25.7% to Y16.2bn, and operating nett accrued 31.6% to Y18.1bn.

The institution cited robust home brew income and the interaction of April terms revisions, offsetting little volumes of overseas marque beers. Operating nett besides benefited from gains related to the merchantability of the Nasu Plant and different items.

Food & Soft Drinks posted a gross diminution implicit the aforesaid period, falling 7.9% to Y79.4bn.

Core operating nett roseate 53.6% to Y3.3bn, portion operating nett dropped 68.6% to Y1.2bn.

Sapporo said the gross autumn reflected structural changes, including concern transfers successful Japan past year, and a impermanent shutdown astatine the Malaysia mill that produces immoderate overseas brushed drinks, on with little capableness utilisation.