SRS Holdings Co.,Ltd. · TSE:8163

SRS Holdings Co.,Ltd — H1 FY3/2027 Earnings Presentation

53 slides from SRS Holdings Co.,Ltd's earnings presentation, Nov 9, 2026

1. Slide 1: H1 & Q2 FY3/2027 Financial Results

   H1 & Q2 FY3/2027 Financial Results November 9, 2026 SRS HOLDINGS CO., LTD. (TSE Prime: 8163) © SRS HOLDINGS CO., LTD. All rights reserved.

2. Slide 2: Agenda

   01 H1 & Q2 FY3/27 Results Overview 3 02 Performance Trends by Major Brand 12 03 Key Topics 15 04 Full-Year Outlook 24 05 Appendix 29 © SRS HOLDINGS CO., LTD. All rights reserved. 2

3. Slide 3: H1 & Q2 FY3/27 Results Overview

   01 H1 & Q2 FY3/27 Results Overview 3 02 Performance Trends by Major Brand 12 03 Key Topics 15 04 Full-Year Outlook 24 05 Appendix 29 © SRS HOLDINGS CO., LTD. All rights reserved. 3

4. Slide 4: Consolidated Financial Highlights

   Consolidated Financial Highlights Net Sales Operating Profit Ordinary Profit Net Profit ¥41,694mn ¥1,088mn ¥1,017mn ¥2,090mn Up 12.0% YoY Down 32.6% YoY Down 36.5% YoY Up 143.0% YoY Number of Restaurants Performance Overview ◼ Net sales up YoY on M&A, new openings, and higher average spend per custo

5. Slide 5: H1 FY3/27 Consolidated Profit and Loss (YoY Change)

   H1 FY3/27 Consolidated Profit and Loss (YoY Change) ◼ Net sales up 12.0% YoY, mainly on restaurant additions through M&A ◼ Operating margin, operating profit, and ordinary profit down YoY: same-store sales below initial expectations amid adverse weather, failing to absorb higher personnel and other

6. Slide 6: H1 FY3/27 Consolidated Balance Sheet

   H1 FY3/27 Consolidated Balance Sheet ◼ Current assets down: lower cash and cash equivalents more than offset higher accounts receivable ◼ Non-current assets up: mainly recognition of buildings, land, and other assets acquired with KYOTARU ◼ Current liabilities up: mainly due to the KYOTARU acquisiti

7. Slide 7: H1 FY3/27 Consolidated Cash Flows

   H1 FY3/27 Consolidated Cash Flows ◼ Operating cash flow down: mainly lower H1 profit before income taxes, excluding the gain on bargain purchase ◼ Investing cash flow down: mainly payments for shares acquired through M&A and purchases of non-current assets ◼ Financing cash flow up: mainly an increas

8. Slide 8: H1 FY3/27 YoY Changes in Consolidated Net Sales

   H1 FY3/27 YoY Changes in Consolidated Net Sales ◼ Net sales up on M&A in the previous and current fiscal years (Sushi Benkei and KYOTARU), new restaurants, and sales growth at existing restaurants*3 ◼ Q2 openings: 10 in Japan (including 6 directly managed), 5 overseas; Q2 closures: 12 (1 directly ma

9. Slide 9: H1 FY3/27 YoY Changes in Consolidated Net Sales by Business

   H1 FY3/27 YoY Changes in Consolidated Net Sales by Business ◼ Washoku Sato and gourmet sushi brands (Nigiri Chojiro and Amino sushi) all exceeded prior-year sales ◼ Kaiten Sushi Hokkaido/Sushi Benkei, acquired in the prior fiscal year, contributed throughout the period; Kaiten Sushi Misaki and Kyota

10. Slide 10: H1 FY3/27 YoY Changes in Consolidated Operating Profit

    H1 FY3/27 YoY Changes in Consolidated Operating Profit ◼ Higher gross profit in existing businesses and M&A contributions insufficient to offset increased SG&A, mainly personnel expenses (Millions of yen) (525) H1 Gross profit Q2 M&A Personnel Renovation Supplies Rent Depreciation Utilities Other H1

11. Slide 11: Q2 FY3/27 Quarterly Results

    Q2 FY3/27 Quarterly Results ◼ Q2 net sales up YoY on growth at Washoku Sato and gourmet sushi brands during the Obon*, summer, and September holiday periods, plus KYOTARU’s September contribution ◼ Ordinary profit down YoY: H1 sales growth below expectations amid adverse weather, failing to absorb h

12. Slide 12: Performance Trends by Major Brand

    01 H1 & Q2 FY3/27 Results Overview 3 02 Performance Trends by Major Brand 12 03 Key Topics 15 04 Full-Year Outlook 24 05 Appendix 29 © SRS HOLDINGS CO., LTD. All rights reserved. 12

13. Slide 13: Q2 FY3/27 Same-Store Performance by Major Brand

    Q2 FY3/27 Same-Store Performance by Major Brand ◼ Washoku Sato: sales at approx. 105% of prior-year levels in July and August; remained above the prior year at approx. 103% in September despite frequent rain ◼ Nigiri Chojiro: July sales up on the 25th anniversary campaign and other promotions; Augus

14. Slide 14: Q2 FY3/27 Same-Store Performance by Major Brand

    Q2 FY3/27 Same-Store Performance by Major Brand ◼ Washoku Sato: average spend per customer up over 5% YoY on menu initiatives; customer traffic down YoY partly due to menu price revisions, despite support from longer business hours and late-night discounts ◼ Nigiri Chojiro: July traffic sharply up o

15. Slide 15: Key Topics

    01 H1 & Q2 FY3/27 Results Overview 3 02 Performance Trends by Major Brand 12 03 Key Topics 15 04 Full-Year Outlook 24 05 Appendix 29 © SRS HOLDINGS CO., LTD. All rights reserved. 15

16. Slide 16: Washoku Sato: Strong Sales After Renovations and After 9 p.m.

    Washoku Sato: Strong Sales After Renovations and After 9 p.m. ◼ Establishing Washoku Sato as a national brand, one of the key strategies of the Medium-term Business Plan: continued strong sales in new markets (Okayama and Hiroshima); customer experience improvements also advancing at existing restau

17. Slide 17: Progress at Nigiri Chojiro and Umai Sushikan

    Progress at Nigiri Chojiro and Umai Sushikan ◼ Working to increase customer traffic and establish brands in new markets to achieve the overwhelming No. 1 position in gourmet sushi Nigiri Chojiro Umai Sushikan ◼ All three new restaurants opened since March 2026 continued ◼ Yutorogi Ota Iizuka, the se

18. Slide 18: KYOTARU Acquisition Accelerates Growth and Medium-term Plan Delivery

    KYOTARU Acquisition Accelerates Growth and Medium-term Plan Delivery KYOTARU CO., LTD. Overview M&A Structure and Schedule Locations Overview of M&A Structure Head office: 2-7-5 Nihonbashi Ningyocho, Chuo-ku, Tokyo <Transaction completed before the share transfer> Plant: 24-10 Takasecho, Funabashi-s

19. Slide 19: KYOTARU Acquisition Accelerates Growth and Medium-term Plan Delivery

    KYOTARU Acquisition Accelerates Growth and Medium-term Plan Delivery ◼ KYOTARU acquisition aligns with our strategies and priorities: strengthen gourmet sushi, home-meal replacement, and the Greater Tokyo presence, and acquire a manufacturing plant; pursue synergies Achieving the Overwhelming No. 1

20. Slide 20: KYOTARU Acquisition Accelerates Growth and Medium-term Plan Delivery

    KYOTARU Acquisition Accelerates Growth and Medium-term Plan Delivery Achieving the Overwhelming No. 1 Position in Gourmet Sushi Tohoku 19 ⇒ 20 ◼ Complementary footprints of existing SRS Group Brand No. gourmet sushi brands and Kaiten Sushi Misaki Umai Sushikan 19 Gourmet Sushi Restaurants (Sep. 30,

21. Slide 21: KYOTARU Acquisition Accelerates Growth and Medium-term Plan Delivery

    KYOTARU Acquisition Accelerates Growth and Medium-term Plan Delivery Strengthening Home-Meal Replacement Maximizing Plant Utilization and to Build the Third and Fourth Earnings Pillars Strengthening Headquarters Functions ◼ Combine Kyotaru’s brand recognition and home-meal ◼ KYOTARU’s manufacturing

22. Slide 22: Strengthening Group Functions Through DX

    Strengthening Group Functions Through DX *11 ◼ Use DX to strengthen Group functions supporting ¥100bn in net sales; dramatically grow existing businesses and build a new earnings base to become the unrivaled No. 1 Japanese restaurant chain group Higher Productivity for Better Customer Experience Sha

23. Slide 23: FY3/27 Restaurant Opening Progress by Brand

    FY3/27 Restaurant Opening Progress by Brand ◼ Contracts secured for all planned FY3/27 openings at Washoku Sato and Nigiri Chojiro ◼ Kaiten Sushi Misaki and Kyotaru restaurants added to the Group through the KYOTARU acquisition FY3/27 Restaurants *12 Planned Opening No. of restaurants As of end of w

24. Slide 24: Full-Year Outlook

    01 H1 & Q2 FY3/27 Results Overview 3 02 Performance Trends by Major Brand 12 03 Key Topics 15 04 Full-Year Outlook 24 05 Appendix 29 © SRS HOLDINGS CO., LTD. All rights reserved. 24

25. Slide 25: FY3/27 Business Plan (Revised)

    FY3/27 Business Plan (Revised) ◼ Net sales expected above initial plan following the acquisition of all KYOTARU shares and its consolidation ◼ Operating and ordinary profit expected below initial plan: H1 sales at existing businesses fell short amid adverse weather, failing to absorb higher costs ◼

26. Slide 26: H1 FY3/27 Progress Against Plan

    H1 FY3/27 Progress Against Plan ◼ Net sales ahead of the H1 plan ◼ YoY declines in operating and ordinary profit narrowed from Q1 Progress against full-year plan*13 Initial: ¥83,000mn Net sales (Plan) ¥42,603mn Revised: ¥94,300mn (Results) ¥41,694mn (Plan) Initial: ¥3,200mn Operating profit ¥1,379mn

27. Slide 27: Dividend Results and Forecast

    Dividend Results and Forecast Dividend Results and Forecast Dividends Per Share and Consolidated Payout Ratio ◼ Our basic policy is to use a consolidated dividend (Yen) payout ratio of at least 20% as a guideline for determining dividends. We maintain a flexible dividend policy that reflects earning

28. Slide 28: Shareholder Returns

    Shareholder Returns ■ Lower eligibility threshold to 100 shares and enhanced benefits for holdings of 1,000+ and 2,000+ shares to deepen business understanding and investment appeal ■ Shareholder benefit vouchers now also accepted at Kaiten Sushi Misaki and Kyotaru restaurants*14 Annual shareholder

29. Slide 29: Appendix

    01 H1 & Q2 FY3/27 Results Overview 3 02 Performance Trends by Major Brand 12 03 Key Topics 15 04 Full-Year Outlook 24 05 Appendix 29 © SRS HOLDINGS CO., LTD. All rights reserved. 29

30. Slide 30: Management Initiatives Focused on Cost of Capital

    Management Initiatives Focused on Cost of Capital Policy Specific initiatives KPIs • Improve existing-business profitability Maintain ROE above 8% Improve ROE • Provide appropriate shareholder returns FY3/30 target: above 12% • Eliminate negative-EBITDA restaurants; strictly apply opening/closure cr

31. Slide 31: H1 FY3/27 Financial Results Briefing

    H1 FY3/27 Financial Results Briefing ◼ Financial results briefings held for institutional investors and analysts at the semi-annual and full-year results ◼ Next semi-annual briefing scheduled for November 25, 2026 (Wed.), from 13:30 H1 FY3/27 Financial Results Briefing Details Date and time: Wednesd

32. Slide 32: About SRS Holdings (Company Profile)

    About SRS Holdings (Company Profile) Characteristics of the SRS Group • Operates restaurants in Japan and overseas, focusing Established Share Capital on Japanese cuisine As of March 31, 2026 • Expands from its Kansai base into Greater Tokyo and the Chugoku and Shikoku regions • Operates mainly dire

33. Slide 33: Corporate and Management Philosophy

    About SRS Holdings Corporate Philosophy We contribute to society through food. Management Philosophy Together with our partners, we We share the joy with our I love my community and aim to realize our dreams. customers. I live alongside people. © SRS HOLDINGS CO., LTD. All rights reserved. 33

34. Slide 34: Company History

    Company History We have continually pursued great taste and offered a wide range of Japanese dining options, striving to become an essential part of everyday life. As of Sept. 30, 2026 1958 1993 1994 2004 2005 2013 2014 2026 Launching a Restaurant Chain Focusing Exclusively on Japanese Dining Struct

35. Slide 35: SRS Group Major Brands

    SRS Group Major Brands ■ Japanese Family Restaurants ■ Washoku Sato Japan’s largest Japanese family restaurant chain by restaurant count Popular all-you-can-eat menus: Sato Shabu, Sato Suki, and Sato Style Yakiniku ■ Gourmet Sushi ■ Katsugyo Kaiten Sushi Nigiri Chojiro Gourmet kaiten sushi prepared

36. Slide 36: SRS Group Major Brands

    SRS Group Major Brands ■ Gourmet Sushi ■ Kaiten Sushi Hokkaido & Sushi Benkei Popular in San’in for fresh sushi with generous toppings Fresh fish sourced daily from ports nationwide, including Sakai Port, one of Japan’s leading fishing ports ■ Kaiten Sushi Misaki Gourmet sushi with seasonal seafood

37. Slide 37: SRS Group Major Brands

    SRS Group Major Brands ■ Rice Bowls, Set Meals and Others ■ Tendon Tempura Honpo Santen Authentic tendon and tempura under the concept “Quick, Great Value and Piping Hot” Tendon and tempura specialist committed to authentic flavor ■ Miyamoto Munashi Energizing, exciting meals under the concept “Solo

38. Slide 38: SRS Group Major Brands

    SRS Group Major Brands ■ Rice Bowls, Set Meals and Others ■ Tamagoyaki and Dashi Himawari Signature tamagoyaki (akashiyaki) recreating authentic Akashi flavor Carefully cooked in-store to order for a fluffy texture ■ Meoto Zenzai Traditional Osaka specialty cherished as good luck for couples since i

39. Slide 39: Summary of the Medium-term Business Plan SRS VISION 2030

    Summary of the Medium-term Business Plan SRS VISION 2030 Entertain with heartwarming Japanese cuisine, from Japan to the world. Bring affordable, casual, approachable Japanese cuisine across Japan and continue expanding globally, aiming to become essential food infrastructure for people worldwide Ma

40. Slide 40: Summary of the Medium-term Business Plan

    Summary of the Medium-term Business Plan <Basic Policy> Dramatically grow existing businesses and establish a new earnings base to become the unrivaled No. 1 Japanese restaurant chain group <Key Strategy I > <Key Strategy II > <Key Strategy III > Establishing Washoku Sato Achieving Overwhelming No.

41. Slide 41: SRS VISION 2030 Consolidated Numerical Targets

    SRS VISION 2030 Consolidated Numerical Targets ◼ Implement four key strategies to increase sales and profits and improve profit margins and return on capital Implement four key strategies <Existing restaurants> Key Strategy I Improve profitability <<Financial impact>> Establishing Washoku Sato as a

42. Slide 42: SRS VISION 2030 Consolidated Numerical Targets

    SRS VISION 2030 Consolidated Numerical Targets (Millions of yen) Net sales (Millions of yen) Ordinary profit 115,000 103,000 targets Over 2.4x 92,000 83,000 6,000 76,000 67,478 4,700 3,600 CAGR 3,000 2,800 over 11% 2,539 FY3/25 results FY3/26 FY3/27 FY3/28 FY3/29 FY3/30 FY3/25 results FY3/26 FY3/27

43. Slide 43: Sustainability Initiatives

    Sustainability Initiatives • Basic Policy on Sustainability Guided by our philosophy, “Contributing to society through providing food services,” the SRS Group seeks to grow with customers, employees, business partners, shareholders, investors, and communities, addressing social issues and creating v

44. Slide 44: Sustainability Initiatives: Governance

    Sustainability Initiatives Key themes FY2025 initiatives Rating Applicable SDGs Corporate governance and management Stronger corporate Strengthened audit and oversight through the Audit and Supervisory Committee, with a majority of outside directors Excellent governance Corporate governance and risk

45. Slide 45: Sustainability Initiatives: ENJOY

    Sustainability Initiatives Key themes FY2025 initiatives Rating Applicable SDGs We share the joy with our customers. Continued year-round food-poisoning prevention Excellent Conducted norovirus testing with closer monitoring of employee health Excellent ENJOY Strengthened prevention of contamination

46. Slide 46: Sustainability Initiatives: LOVE

    Sustainability Initiatives Key themes FY2025 initiatives Rating Applicable SDGs I love my community and I live alongside people. Continued SDD (STOP! DRUNK DRIVING) and promote designated drivers Excellent Continued cooperating with disaster support stations for people returning home Excellent Commi

47. Slide 47: Sustainability Initiatives: Reducing Food Waste

    Sustainability Initiatives Reducing Food Waste 〇What is mottECO? • Selected in the Ministry of the Environment’s October 2020 New Doggy Bag Ideas Contest as the name for taking home restaurant leftovers by mutual agreement between customers and restaurants • The name conveys “more eco-friendly” and

48. Slide 48: New Restaurants Opened in FY3/27

    New Restaurants Opened in FY3/27 SATO don Future Park Rangsit, Thailand SATO don Central Pattaya Beach, Thailand Washoku Sato Hiroshima Kanonshinmachi, Opened April 1, 2026 Opened May 1, 2026 Hiroshima Opened May 22, 2026 Torisho Atsuta Ichiban, Aichi Nigiri Chojiro Nagahama, Shiga SATO don Central

49. Slide 49: New Restaurants Opened in FY3/27

    New Restaurants Opened in FY3/27 Katsuya Nara Tenri, Nara Torisho Kawaguchi Maekawa, Saitama Washoku Sato Eat & Go ITC BSD, Indonesia Opened June 26, 2026 Opened June 29, 2026 Opened July 8, 2026 Tokutoku Uozumi, Hyogo Katsuya Kyoto Kitayamadori, Kyoto Katsuya Osaka Bentencho, Osaka Opened July 14,

50. Slide 50: New Restaurants Opened in FY3/27

    New Restaurants Opened in FY3/27 Nigiri Chojiro Gifu Jotodori, Gifu SATO don Central Marina Pattaya, Thailand Tokutoku Tomio Minami, Nara Opened July 30, 2026 Opened August 1, 2026 Opened August 1, 2026 Tokutoku Kita Tatsumi, Osaka SATO don Central Nakhon Pathom, Thailand SATO don Central Plaza Sala

51. Slide 51: New Restaurants Opened in FY3/27

    New Restaurants Opened in FY3/27 Torisho Nonoichi, Ishikawa Torisho Ina, Saitama Umai Sushikan Yutorogi Ota Iizuka, Gunma Opened September 14, 2026 Opened September 17, 2026 Opened September 18, 2026 Karayama Itami Noma, Hyogo SATO don Central Westgate, Thailand Opened September 25, 2026 Opened Sept

52. Slide 52: IR Information

    IR Information ■ Official Website (IR Section) ■ Shared Research Information for shareholders and investors, including Shared Research, a Japan-based equity research provider, monthly reports and other IR materials publishes a sponsored research report with detailed information on SRS. https://srsho

53. Slide 53: Contact Information

    Contact Information SRS HOLDINGS CO., LTD. IR & Public Relations Department Contacts: Sasaki and Kamitani TEL: +81-6-7410-5067 Email: srsir@srsholdings.com Note: Email address has changed The Group’s plans, estimates, forecasts, strategies, policies, targets, and other forward-looking information di

SRS Holdings — H1 FY3/2027 Earnings Presentation on 6ix