Sapporo Holdings has lowered its forecast for annual revenue but raised its guidance for profits.
The brewer now anticipates revenue of Y523bn ($3.38bn) in 2025, down 1.7% from its February estimate.
Go deeper with GlobalData
Discover B2B Marketing That Performs
Combine business intelligence and editorial excellence to reach engaged professionals across 36 leading media platforms.
In contrast, profitability metrics have been upgraded: core operating profit is projected at Y29.5bn, up 20.4% from the prior forecast; operating profit is expected to reach Y27.8bn, a 39% increase; and net profit is forecast at Y16.5bn, up about 49.6%.
Profit attributable to owners of the parent is also set at Y16.5bn, a 50% uplift, with basic earnings per share revised to Y211.62 from Y141.16.
In a statement, the Sapporo brewer said revenue from its beverage-alcohol business in Japan should rise due to “strong sales of beer and the impact of price revisions” but overall revenue will fall short of prior forecasts due to weaker overseas sales volume and yen appreciation.
Core operating profit and operating profit are likely to fall from prior levels because of weaker overseas alcoholic beverage sales but should still beat earlier forecasts because of stronger Japan alcohol sales and gains in the real estate business, it added.
US Tariffs are shifting - will you react or anticipate?
Don’t let policy changes catch you off guard. Stay proactive with real-time data and expert analysis.
By GlobalDataThe Japanese company, which also sells Yebisu beer, updated its dividend plan too.
The previous guidance issued on envisaged a year-end payment of Y60. Under the new forecast, Sapporo plans dividends of Y90 at the year end.
The revisions accompanied nine-month results.
Revenue for the period came in at Y382.58bn, down 0.8% from a year earlier.
Operating profit rose 10.8% to Y19.57bn, while profit for the period declined 5.7% to Y10.86bn.
Basic earnings per share were Y139.72 and diluted EPS Y139.64, compared with Y147.66 and Y147.56, respectively, in the same period of 2024.
Alcoholic Beverages remained the largest contributor in the nine months to 30 September 2025, with revenue of Y283.82bn, up 0.8% year on year.
Core operating profit rose 25.7% to Y16.2bn, and operating profit increased 31.6% to Y18.1bn.
The company cited robust domestic beer sales and the impact of April price revisions, offsetting lower volumes of overseas brand beers. Operating profit also benefited from gains related to the sale of the Nasu Plant and other items.
Food & Soft Drinks posted a revenue decline over the same period, falling 7.9% to Y79.4bn.
Core operating profit rose 53.6% to Y3.3bn, while operating profit dropped 68.6% to Y1.2bn.
Sapporo said the revenue fall reflected structural changes, including business transfers in Japan last year, and a temporary shutdown at the Malaysia factory that produces some overseas soft drinks, along with lower capacity utilisation.
The rise in core operating profit was attributed to cost structure reforms despite higher raw material costs.
Operating profit decreased due to impairment losses tied to agreements to transfer shares in Shinsyu-ichi Miso Co., Ltd. and related receivables, and the absence of gains booked a year earlier from reversing impairment losses on fixed assets and land sales, the group added.
