Asahi Group Holdings – Unusually Large Dividend Increase of 21.5% in 2025
Decades of steady dividend growth continue as Asahi accelerates payouts despite a weak share-price history
Asahi Group Holdings (TSE:2502) announced a 21.5% dividend increase for fiscal year 2025, an unusually large step for a global beer and alcoholic-beverage producer. While the share price has lagged in recent years, Asahi has continued to raise its dividend steadily for decades. The 2025 increase fits into a longer-term pattern: the company’s 10-year dividend CAGR stands at 12.6%, with several sizeable hikes already recorded in recent years.
Key Points
FY2025 dividend raised 21.5% to ¥49 per share
10-year dividend CAGR: 12.6%
Dividend yield around 3.1% at ¥1,700 share price
Market cap approx. ¥2.6 trillion (USD 16.3 billion)
Asahi Group Holdings is a Japan-based global beverage group active in beer, alcoholic beverages, soft drinks and food products. The group owns well-known brands such as Asahi Super Dry and operates across Japan, Europe, Oceania and Southeast Asia. Asahi has expanded internationally over the past decade through acquisitions, particularly in Europe, and positions itself as a premium beverage producer with a focus on brand strength and operational efficiency.
The company’s market capitalization is approximately ¥2.6 trillion (around USD 16.3 billion).
Dividend
For FY2025, Asahi declared a full-year dividend of ¥49 per share, representing a 21.5% increase versus the previous year. In addition, the interim dividend for FY2026 was raised from ¥22 to ¥26, signalling continued dividend growth into the next fiscal year.
At a share price of around ¥1,700, the dividend yield stands at approximately 3.1%. In 2024, Asahi paid out roughly ¥58 billion in dividends against free cash flow of ¥258 billion, indicating ample coverage. Asahi is known for its strong dividend track record, just like Dividend Aristocrat Brown-Forman. The difference is that the yield is higher and the dividend growth is better for the company from Japan.
Financial Performance & Valuation
Asahi’s revenue grew 6.2% in 2024 to ¥2,939 billion, supported by price adjustments and overseas operations. For 2025, analysts expect flat revenue, reflecting a more stable demand environment.
The shares currently trade at an estimated P/E of around 12 for 2026 based on analyst forecasts. After a difficult period for the stock, Asahi rose 9.4% in 2025 and is up 3.7% so far in 2026.
Market View
Analyst sentiment remains broadly constructive, with 1 Strong Buy, 9 Buy and 4 Hold ratings. The average price target is ¥2,260, implying a substantial gap versus the current share price.
Summary
Asahi Group Holdings combines a relatively high dividend yield of 3.1% with double-digit dividend growth in 2025, a combination that stands out within the global beverage sector. The company’s long dividend history, moderate valuation, and strong cash-flow generation provide a factual basis for continued dividend capacity, while revenue growth is expected to remain stable in the near term.
At DividendJapan, we aim to highlight these opportunities and uncover hidden gems that may not yet be on your radar. Stay tuned as we explore Japan’s dividend growth stories and the next generation of market leaders! Investing in Japan isn’t for everyone, given its unique trading hours, large price swings, currency fluctuations, lot size requirements, and limited analyst coverage — yet the country also offers some of the world’s best dividend growth opportunities, with countless hidden gems waiting to be discovered.
Disclaimer: The information provided here is for informational purposes only and should not be considered financial advice. Investors should conduct their own research or consult with a financial advisor before making any investment decisions.