Sapporo Holdings Limited · TSE:2501

Sapporo — FY2025 Earnings Presentation

58 slides from Sapporo's earnings presentation, Feb 13, 2026

  1. Slide 1: Sapporo Group Business Results for FY2025 and Management Plan for FY2026

    Sapporo Group Business Results for FY2025 and Management Plan for FY2026 February 13, 2026 Sapporo Holdings Limited (2501) URL: https://www.sapporoholdings.jp/en/ Copyright, 2026 SAPPORO HOLDINGS LTD. All rights reserved. 1/58

  2. Slide 2: Contents

    Contents 1. Summary ・・・P.3~P.4 2. Review of the Medium-Term Management Plan (2023–26) and Formulation of the next Medium-Term Management Plan (2027–30) ・・・P.5~P.13 3. Financial Strategies to Enhance Medium- to Long-Term Corporate Value and Strengthening of Management and Governance Systems ・・・P.14~P

  3. Slide 3: 1. Summary

    1. Summary Copyright, 2026 SAPPORO HOLDINGS LTD. All rights reserved. 3/58

  4. Slide 4: Summary

    Summary FY2025 Financial Results* FY2026 Management Plan* Profit attributable to Profit attributable to Core operating profit owners of parent ROE Core operating profit owners of parent ROE YoY YoY FY2024 YoY FY2025 YoY ¥25.0billion +¥8.2bn ¥19.5 billion +¥11.8bn 9.4% Result 4.1% ¥22.0 billion (¥3.0

  5. Slide 5: 2. Review of the Medium-Term Management Plan (2023–26) and Formulation of the next Plan

    2. Review of the Medium-Term Management Plan (2023–26) and Formulation of the next Medium-Term Management Plan (2027–30) *This Review of the Medium-Term Management Plan (2023-26) will focus on financial aspects, and a comprehensive review including non-financial aspects is scheduled to be at the tim

  6. Slide 6: Review of the Medium-Term Management Plan (2023–2026): Summary

    Review of the Medium-Term Management Plan (2023–2026) : Summary ≫ Addressing capital efficiency and low profitability exit to drive the Medium-Term Management Plan. ≫ The 8% ROE financial target set for FY2026 was achieved one year ahead of schedule (FY2025 actual ROE: 9.4%). Financial review (core

  7. Slide 7: Review of the Medium-Term Management Plan: Status of each business

    Review of the Medium-Term Management Plan (2023–2026) : Status of each business ≫ Japan Alcoholic Beverages grew through strengthened beer initiatives, and Restaurants and Japan Food & Beverages improved profitability through structural reforms. ≫ Meanwhile, Overseas Alcoholic Beverages fell short o

  8. Slide 8: Review of the Mid-Term Plan: Alcoholic Beverages (Japan)

    Review of the Medium-Term Management Plan (2023–2026) : Alcoholic Beverages (Japan) ≫ The strategy to strengthen beer sales has been successful, leading to a significant increase in profitability. We will continue to work on further enhancing profitability beyond FY2026. Financial review (core opera

  9. Slide 9: Regarding future growth (Alcoholic Beverages (Japan))

    Regarding future growth (Alcoholic Beverages (Japan)) ≫ Accelerating growth by leveraging the October 2026 liquor tax revision to increase investment in core beer brands. Increase Beer Sales ▌Profit Growth(Image) ▌Beer Growth(Image) Share to over *2 Execute "Bonds with Community × Healthier Choice"

  10. Slide 10: Review of the Mid-Term Plan: Alcoholic beverages (Overseas)

    Review of the Medium-Term Management Plan (2023–2026): Alcoholic beverages (Overseas) ≫ The Sapporo brand continues to grow steadily. However, due to challenges in North America, sales and core operating profit are expected to fall short of the Mid-Term Plan targets. Efforts will be made to achieve

  11. Slide 11: Formulation of the next Medium-Term Management Plan (2027–2030)

    Formulation of the next Medium-Term Management Plan (2027–2030) based on the medium- to long-term policies and strategies ≫ During the Medium-Term Plan period, initiatives to enhance corporate value over the medium-to long term were advanced with a view beyond the current plan. Growth will be pursue

  12. Slide 12: One SAPPORO Management

    One SAPPORO Management Leveraging Group's Strengths and Working as One to Maximize Value Realizing the Company’s corporate philosophy 【Long-Term Financial Targets】 Enhancement of Corporate Value - ROE ：10% or higher Achieving sustainable long-term growth for the Sapporo Group / Achievement of the Ma

  13. Slide 13: (Reference) Upcoming Schedule

    (Reference) Upcoming Schedule ≫ The injection of external capital into the Real Estate business was decided, and the Medium-Term Management Plan targets were achieved one year ahead of schedule. ≫ The Company is currently formulating the next Medium-Term Management Plan (2027-30), and plans to annou

  14. Slide 14: 3. Financial Strategies and Strengthening of Management and Governance Systems

    3. Financial Strategies to Enhance Medium- to Long-Term Corporate Value and Strengthening of Management and Governance Systems Copyright, 2026 SAPPORO HOLDINGS LTD. All rights reserved. 14/58

  15. Slide 15: Financial Scenarios to Enhance Medium- to Long-Term Corporate Value

    Financial Scenarios to Enhance Medium- to Long-Term Corporate Value ≫ To achieve our long-term ROE target of 10% or more, we will strategically invest the funds raised through the injection of external capital into the Real Estate business into growth initiatives in the Alcoholic Beverages business,

  16. Slide 16: Policy for Allocation of Cash Raised Through Injection of External Capital into Real Estate

    Policy for Allocation of Cash Raised Through Injection of External Capital into Real Estate Business ≫ Cash raised through injection of external capital into the Real Estate business will be allocated primarily to growth investments. In addition, based on our view of the appropriate future balance s

  17. Slide 17: Strengthening of Management and Governance Systems

    Strengthening of Management and Governance Systems (Changes from FY2026 Onward) ≫ Throughout the Medium-Term Management Plan period, both the executive structure and the Board of Directors’ oversight structure have been continuously strengthened. As future growth investments are executed, these stru

  18. Slide 18: Supplementary Explanation of the Scheme for the Injection of External Capital in Real Estate

    Supplementary Explanation of the Scheme for the Injection of External Capital in the Real Estate Business Overview of the Transaction Examples of SRE assets subject to the Transactions  Maintain discussions with multiple candidates until the final stage of the process to  70% of YGP%*3 foster and

  19. Slide 19: 4. Financial results for FY2025

    4. Financial results for FY2025 Copyright, 2026 SAPPORO HOLDINGS LTD. All rights reserved. 19/58

  20. Slide 20: FY2025 Financial Highlights (Consolidated)

    FY2025 Financial Highlights (Consolidated)* ≫ Improved core operating profit, which reflects the profitability of our core business, contributed to a significant increase in profit attributable to owners of the parent. We also achieved our Medium-Term Management Plan target of 8% ROE. ≫ Profit also

  21. Slide 21: FY2025 Financial Highlights (by Segment)

    FY2025 Financial Highlights (by Segment)* ≫ Although revenue declined in the Overseas Alcoholic Beverages and Food & Beverages, profit increased thanks to strong profitability growth in Japan Alcoholic Beverages. ≫ All segments achieved profit growth compared to the revised plan announced in Decembe

  22. Slide 22: FY2025 Financial Highlights (Revenue)

    FY2025 Financial Highlights (Revenue) ≫ Japan Alcoholic Beverages saw increased revenue, but overall revenue decreased by ¥5.6 billion due to the impact of market conditions and exchange rates of Overseas Alcoholic Beverages, as well as reduced revenue in the Japan Food & Beverages business. - Japan

  23. Slide 23: FY2025 Financial Highlights (Core Operating Profit)

    FY2025 Financial Highlights (Core Operating Profit) ≫ Japan Alcoholic Beverages drives significant profit growth (+¥8.2 billion,+48.6%) - Japan Alcoholic Beverages saw increased profits, driven by strengthened brand investment centered on beer and the effect of price revisions. - Revenue declined in

  24. Slide 24: FY2025 Financial Highlights: Balance Sheet

    FY2025 Financial Highlights: Balance Sheet ≫ Through promoting business portfolio management and selling cross-shareholdings ((¥9.1billion)), total assets decreased by ¥11.3 billion compared to the previous period. ≫ Following the classification of the Real Estate Business as a discontinued operatio

  25. Slide 25: 5. Management Plan for FY2026

    5. Management Plan for FY2026 Copyright, 2026 SAPPORO HOLDINGS LTD. All rights reserved. 25/58

  26. Slide 26: FY2026 Group Management Plan: Key Assumptions

    FY2026 Group Management Plan: Key Assumptions ≫ FY2026 is positioned as a transition period toward medium- to long-term growth, with plans formulated incorporating the growth investments and structural reforms necessary for growth.  Having achieved our Mid-Term Plan financial targets ahead of sched

  27. Slide 27: FY2026 Group Management Plan (Consolidated)

    FY2026 Group Management Plan (Consolidated)* ≫ Core operating profit and operating profit are planned to decline, factoring in growth investments and structural reforms aimed at medium- to long-term growth. Meanwhile, profit attributable to owners of parent is planned to increase significantly, driv

  28. Slide 28: FY2026 Group Management Plan (by Segment)

    FY2026 Group Management Plan (by Segment)* ≫ Japan Alcoholic Beverages is positioned as an investment phase in preparation for the unification of liquor tax, while the Overseas Alcoholic Beverages is positioned as a period to further accelerate cost structural reforms in the U.S. While profit is exp

  29. Slide 29: FY2026 Group Management Plan (Revenue)

    FY2026 Group Management Plan (Revenue) ≫ Japan Alcoholic Beverages are expected to increase revenue, but overall sales are expected to remain flat year-on-year due to the impact of structural reforms in Japan Food & Beverages. - Japan Alcoholic Beverages expected to increase revenue due to increased

  30. Slide 30: FY2026 Group Management Plan (Core Operating Profit)

    FY2026 Group Management Plan (Core Operating Profit) ≫ While profit is expected to increase on a combined domestic and overseas business basis, consolidated profit is expected to decline due to the inclusion of growth investments, including IT infrastructure enhancement, in corporate expenses. - Jap

  31. Slide 31: FY2026 Group Management Plan (Financial indicators, Core operating profit margin)

    FY2026 Group Management Plan (Financial indicators, Core operating profit margin)* Financial indicators Core operating profit margin FY2025 Result FY2026 Plan FY2025 Result FY2026 Plan ROE 9.4% 83.4% Alcoholic Beverages (Japan) 9.0% 8.8% Core operating profit ¥25.0 billion yen ¥22.0 billion yen Rest

  32. Slide 32: Business Strategies: Action Plan

    On slides after p.33, we have included further explanations for action plan numbers (1-1) through (10) Business Strategies: Action Plan The action plan numbers follow those used when the Mid-Term Plan was formulated to ensure continuity. 2023 to 2024 2025 2026 Alcoholic Increase beer sales (1-1) ★ l

  33. Slide 33: Business Strategies: Action Plan KPI

    Business Strategies: Action Plan KPI ≫ KPIs tied to the Mid-Term Plan will be completed by FY2025, and new targets will be set for FY2026 as KPIs for achieving the financial plan. 2025 Plan 2025 Result 2026 Plan Alcoholic Reinforcement of Beer / Improving Profitability of Beer-type Bev. Beverages In

  34. Slide 34: Domestic Business - Alcoholic Beverages (Japan) Financial Reviews

    Business Strategies: Domestic Business - Alcoholic Beverages (Japan) Financial Reviews Financial Information Action Plan KPI FY2025 FY2026 FY2025 FY2025 FY2026 (\bn) YoY *1 YoY *2 Result Plan Plan Result Plan Revenue 281.5 +11.8(+4.2%) 284.0 +2.5(＋0.9%) Reinforcement of Beer / share of beer sales 83

  35. Slide 35: Alcoholic Beverages (Japan) Key Highlights: Increase beer sales

    Business Strategies: Domestic Business - Alcoholic Beverages (Japan) Key Highlights ▌Increase beer sales (strengthen core brands) (1-1) FY2025 Key Initiatives and Results  Achieved sales growth and increased market share in our key beer category (+3% YoY), outperforming a weak market (nearly (1%)).

  36. Slide 36: Alcoholic Beverages (Japan) Key Highlights: Beer and RTD initiatives

    Business Strategies: Domestic Business - Alcoholic Beverages (Japan) Key Highlights ▌Increase beer sales (Key Initiatives of Bonds with Community×Healthier Choice) ▌Increase RTD sales (1-2) FY2026 Key Initiatives FY2025 Key Initiatives and Results  Black Label & Yebisu experience hub opens at Ginza

  37. Slide 37: Domestic Business - Food & Beverages (Japan) Financial Review

    Business Strategies: Domestic Business - Food & Beverages (Japan) Financial Review Financial Information Action Plan KPI FY2025 FY2026 FY2025 FY2025 FY2026 (\bn) YoY YoY Result Plan Plan Result Plan Revenue 80.9 (9.8)((10.9%)) 75.5 (5.4)((6.7%)) Cost Structure Reforms (2025~) \0.6bn(vs.2024) \0.9bn(

  38. Slide 38: Food & Beverages (Japan) Key Highlights: Fundamental structural reforms

    Business Strategies: Domestic Business - Food & Beverages (Japan) Key Highlights ▌Fundamental structural reforms (5-1) Key Initiatives through FY2025 FY2026 Key Initiatives  Implement cost structure reforms and business structure reforms during  For further enhancement of profitability, we will co

  39. Slide 39: Overseas Business - Alcoholic Beverages (Overseas) Financial Review

    Business Strategies: Overseas Business - Alcoholic Beverages (Overseas) Financial Review Financial Information Action Plan KPI FY2025 FY2026 FY2025 (\bn) YoY *1 YoY *2 FY2025 Result FY2026 Plan Result Plan Plan Revenue 97.2 (6.6) ((0.7)%) 97.0 (0.2) ((0.2)%) SPB Growth Sapporo brand volume 9.57mn ca

  40. Slide 40: Alcoholic Beverages (Overseas) Key Highlights: Sapporo Brand Growth

    Business Strategies: Overseas Business - Alcoholic Beverages (Overseas) Key Highlights ▌Sapporo Brand Growth ▌Overview by Area (Outlook for FY2026) *1 YoY comparison is based on sales volume FY2025 Key Initiatives and Results*1 North America (the U.S. and Canada)*1  Achieved the Mid-Term Plan sales

  41. Slide 41: Financial Strategy: Shareholder Returns

    Financial Strategy: Shareholder Returns ≫ The dividend for FY2025 is expected to be 18 yen, marking the third consecutive year of dividend increases, and for FY2026, it is projected to be 40 yen with an increase of 22 yen. ≫ Starting from FY2026, interim dividends will be implemented to enhance shar

  42. Slide 42: Appendix

    Appendix Copyright, 2026 SAPPORO HOLDINGS LTD. All rights reserved. 42/58

  43. Slide 43: (Ref.) Financial Highlights 2025 (Consolidated)

    (Ref.) Financial Highlights 2025 (Consolidated)* (￥bn) FY2024 FY2025 Change YoY Revenue 530.8 528.5 (2.3) (0.4%) Revenue (excluding liquor tax) 394.6 391.1 (3.6) (0.9%) Overseas revenue 128.5 122.9 (5.6) (4.4%) EBITDA 44.0 53.9 +9.9 +22.4% Core operating profit (Revenue-Cost of sales-SG&A exp.) 22.0

  44. Slide 44: (Ref.) Financial Highlights 2025 (by Segment)

    (Ref.) Financial Highlights 2025 (by Segment)* Revenue Core Operating Profit (￥bn) FY2024 FY2025 Change YoY FY2024 FY2025 Change YoY Alcoholic Beverages 388.2 393.9 +5.7 +1.5% 18.7 26.1 +7.3 +39.1% Japan 273.0 284.7 +11.7 +4.3% 16.4 23.8 +7.4 +45.3% Overseas 94.3 87.7 (6.6) (7.0%) 0.4 0.2 (0.2) (57.

  45. Slide 45: Management and Governance Structure: Board of Directors Structure

    This will be the structure following approval as originally proposed at the 102nd Annual General Meeting of Shareholders in March 2026. Management and Governance Structure: Board of Directors Structure ◆Skill Matrix (New Framework) ◆Board Structure *3 Figures in parentheses represent the 2025 status

  46. Slide 46: Change in reportable segment (from FY2026 onwards)

    Change in reportable segment (from FY2026 onwards) ≫ In anticipation of transitioning to a business holding company structure, changes to reporting segments have been implemented. Disclosure under the new segments is scheduled to commence in FY2026. ≫ The export business of Sapporo Breweries Limited

  47. Slide 47: Sustainability Management Initiatives

    Sustainability Management Initiatives Implementation of specific actions in line with priority issues set from the perspective of relevance to each business, degree of impact on society and the environment, and degree of impact on the Company's finances. Contributing to the wellbeing of people and c

  48. Slide 48: Sustainability Management Initiatives

    Sustainability Management Initiatives Harmony with the environment Co-prosperity with society We have launched the development of a new, highly winter-hardy beer Held "Make Your Toasts Even More Delicious: barley variety to enable cultivation in cold regions while avoiding summer Responsible Drinkin

  49. Slide 49: Balance Sheets

    Balance Sheets (billions of yen) Total assets End of 2024 End of 2025 change Total liabilities and equity End of 2024 End of 2025 change Cash and cash equivalents 24.1 22.4 (1.8) Trade payables 38.0 36.4 (1.6) Trade receivables 99.5 94.5 (4.9) Short-term financial liabilities 57.0 51.4 (5.6) Invento

  50. Slide 50: Status of Each Cash Flow

    Status of Each Cash Flow （billions of yen） 2024 2025 Change Change(%) CF from operating activities 36.1 44.6 8.5 23.5% ＜Investment total（①＋②）＞ billion CF from investing activities (5.8) (3.0) 2.9 ー Free CF 30.3 41.6 11.3 37.5% CF from financing activities (25.4) (42.3) (16.9) ー ➀ Capital expenditure

  51. Slide 51: Domestic Business Data

    Domestic Business Data ※1: Following the agreement of the Brewers Association of Japan, Alcoholic Beverages(Japan) The sales volume for the first half and end of the fiscal year shall be disclosed. (10,000 cases) YoY YoY Sales Volume:Beer (Japan) (※1) 2024 2025 2026 Plan Change(%) Change(%) ①Beer (t

  52. Slide 52: Domestic Business Data

    Domestic Business Data Alcoholic Beverages(Japan) (billions of yen) ＜ Jan - Dec sales revenue ＞ (billions of yen) YoY Sales:Beer (Japan) 2024 2025 Change(%) Beer 170.8 182.0 6.6% Happoshu (include happoshu (2)) 37.8 32.9 (12.9%) Beer-type beverages 208.6 214.9 3.0% RTD 28.2 31.5 11.5% Domestic wines

  53. Slide 53: Domestic Business Data: Liquor tax changes

    Domestic Business Data Alcoholic Beverages(Japan) ＜Changes in the amount of liquor tax per 350 ml＞ 77yen Beer 70yen 63.35yen 54.25yen Beer-type beverages 46.99yen Will be integrated yen Happoshu into” Beer-type beverages” 37.8yen Integrated into "Happoshu" 35yen RTD 円 Happoshu(2) 28yen RTD October 2

  54. Slide 54: Domestic Business Data: Restaurants

    Domestic Business Data Restaurants ＜Composition of Restaurants by Format＞ YoY Restaurants 2024 2025 Change(%) Revenue （billions on yen） 20.9 21.5 3.0% Number of Restaurants 127 128 0.8% 128Outlets <Trend in Revenue of Restaurants Business and Number of Restaurants> (Jan-Dec) (billions of yen) (Resta

  55. Slide 55: Domestic Business Data: Food & Beverages (Japan)

    Domestic Business Data Food & Beverages (Japan) (billions of yen) YoY YoY Sales:Food & Beverages (Japan) (※1) 2024 2025 2026 Plan Change(%) Change(%) Lemon (Lemon Drinks・Lemon Food) 33.5 35.5 6.0% 38.8 9.2% Drinks (excluding lemon drinks), etc. 49.2 39.3 (20.2%) 33.5 (14.6%) ※1：Only domestic sales (

  56. Slide 56: Overseas Business Data

    Overseas Business Data Alcoholic Beverages (10,000 cases) YoY YoY Sales Volume:Beer (International) 2024 2025 2026 Plan Change(%) Change(%) Overseas brand (※1) 1,493 1,361 (8.8%) 1,291 (5.1%) Sapporo brand 479 501 4.6% 540 7.7% ①North America 1,972 1,862 (5.5%) 1,831 (1.7%) Sapporo brand 404 554 37.

  57. Slide 57: IR Reference Information Links

    IR Reference Information Links Investor Relations https://www.sapporoholdings.jp/en/ir/ Integrated Report https://www.sapporoholdings.jp/en/ir/library/factbook/ FACTBOOK https://www.sapporoholdings.jp/en/ir/library/factbook/ Sustainability Book https://www.sapporoholdings.jp/en/sustainability/su

  58. Slide 58: As an intrinsic part of people's lives, Sapporo will contribute to the evolution of

    As an intrinsic part of people's lives, Sapporo will contribute to the evolution of creative, enriching and rewarding lifestyles. This document was prepared for the purpose of providing information to serve as a reference for investors in making investment decisions and not for the solicitation of i

Sapporo Holdings — FY2025 Earnings Presentation on 6ix