How do Asahi’s dealcoholization COGS for Asahi Super Dry 0.0 compare to Heineken’s?

This query investigates the exact margin comparisons and Cost of Goods Sold (COGS) between asahi-super-dry-0-0 and heineken-0-0.

Given that heineken-nv has successfully executed a “High-Margin Model” by leveraging massive global volume to absorb the fixed costs of dealcoholization machinery, it is critical to understand if Asahi has achieved a similar economy of scale.

Key Investigation Areas:

1. Equipment and Capex: What specific dealcoholization technology (e.g., vacuum distillation vs. reverse osmosis) is Asahi using compared to Heineken, and how do the energy and thermal processing costs differ?
2. Margin Expansion: Do Asahi’s earnings calls reveal a similar margin expansion driven by excise-tax-savings that offsets the high production costs, as seen in Heineken’s 2024-2025 financial disclosures?
3. Scale Divide: Is Asahi experiencing any under-absorption-of-fixed-costs in specific regional markets where 0.0% volume has not yet reached the critical mass required to make the dealcoholization process highly profitable?