Sapporo Holdings Limited · TSE:2501

Sapporo — H1 2026 Earnings Presentation

36 slides from Sapporo's earnings presentation, Aug 7, 2026

Slide 1: Sapporo Group Business Results Presentation for the Six Months Ended June 30, 2026
Sapporo Group Business Results Presentation for the Six Months Ended June 30, 2026 August 7, 2026 Sapporo Breweries Limited (2501) URL: https://www.sapporobreweries.com/en/ Copyright, 2026 SAPPORO BREWERIES LTD. All rights reserved. 1/36
Slide 2: Contents
Contents Summary - P3 2. Business Strategies - P10 Summary - P11 Domestic Business (Alcoholic Beverages (Japan)) - P12-13 Domestic Business (Food & Beverages (Japan)) - P14 1. Financial Highlights & Topics - P4 Overseas Business Consolidated - P5 (Alcoholic Beverages (Overseas) , Overseas Beverages)
Slide 3: Summary
Summary Business Results for 2026Q2 and Full-Year Earnings Forecast for FY2026 <2026Q2 Financial Results> Consolidated (Result)  While revenue were on par with the previous year, core operating profit increased 37% due to strong performance in the Alcoholic Beverages (Japan), particularly in beer.
Slide 5: Financial Highlights 2026Q2 (Consolidated)
Financial Highlights 2026Q2 (Consolidated) ≫ Although sales remained on par with the previous year, core operating profit performed well, particularly in the Alcoholic Beverages (Japan), resulting in an increase of 37% in profit. While operating profit decreased due to the impact of structural refor
Slide 6: 2026Q2 Financial Highlights (by segment)
2026Q2 Financial Highlights (by segment) ≫ Although revenue from Food & Beverages (Japan) declined due to the impact of structural reforms, revenue increased overall, driven primarily by Alcoholic Beverages (Japan), resulting in revenue on par with the previous year. Core operating profit increased
Slide 7: Financial Highlights 2026Q2 (Change in Revenue)
Financial Highlights 2026Q2 (Change in Revenue) ≫ Although revenue from Food & Beverages (Japan) declined due to the impact of structural reforms, revenue increased primarily from Alcoholic Beverages (Japan), resulting in overall revenue on par with the previous year (+0.6 billion yen). - Alcoholic
Slide 8: Financial Highlights 2026Q2 (Change in Core Operating Profit)
Financial Highlights 2026Q2 (Change in Core Operating Profit) ≫ Profit increased by 37% (+¥1.8billion) overall, driven by growth in domestic beer sales in the Alcoholic Beverages (Japan) and the effects of cost structure reforms in the Food & Beverages (Japan) and Alcoholic Beverages (Overseas). - A
Slide 9: Initiatives Regarding Shareholder Policies
Initiatives Regarding Shareholder Policies ≫ Beginning in 2025, shareholder initiatives were strengthened through a revision to the dividend policy, a stock split, and the introduction of interim dividends. ≫ With the aim of further expanding shareholder returns and improving capital efficiency, the
Slide 11: Business Strategies: Summary
Business Strategies: Summary ≫ Through “Bonds with Community,” Sapporo Group will drive the premiumization of its existing businesses, with beer business at the core. At the same time, the Group will strengthen its medium- to long-term earnings capacity by expanding its “Healthier Choice” offerings,
Slide 12: Business Strategies: Domestic Business (Alcoholic Beverages (Japan))
Business Strategies: Domestic Business (Alcoholic Beverages (Japan)) ≫ Revenue and profit increased due to strong sales of beer—led by Black Label—and the impact of price revisions. Reasons for changes in core Financial Information (¥bn) operating profit (\bn) 2026Q2 Change YoY 2.1 0.1 0.1 Revenue 1
Slide 13: Business Strategies: Domestic Business (Alcoholic Beverages (Japan))
Business Strategies: Domestic Business (Alcoholic Beverages (Japan)) Key Initiatives to Strengthen Beer Sales ≫ Expand customer touchpoints by further strengthening our brand experience centers. This will lead to an expansion of our fan base and the creation of customer value. Expanding the fan base
Slide 14: Business Strategies: Domestic Business (Food & Beverages (Japan))
Business Strategies: Domestic Business (Food & Beverages (Japan)) ≫ Revenue fell due to the effect of structural reforms such as business transfers, but core operating profit increased due to the effects of price revision and cost structure reforms. Reasons for changes in core Financial Information
Slide 15: Business Strategies: Overseas Business (Alcoholic Beverages, Overseas Beverages)
Business Strategies: Overseas Business (Alcoholic Beverages(Overseas), Overseas Beverages) ≫ Revenue and core operating profit increased due to the growth of the Sapporo Brand in North America, APAC and Europe, as well as the effects of cost structure reforms in the U.S. Reasons for changes in core
Slide 16: Business Strategies: Overseas Business (Alcoholic Beverages (Overseas))
Business Strategies: Overseas Business (Alcoholic Beverages(Overseas)) Initiatives to Grow the Sapporo Brand ≫ Sustainable growth in priority markets will be pursued through marketing that balances brand consistency with local market adaptability. North America APAC and Europe  Despite overall dema
Slide 17: Business Strategies: Action Plan KPI
Business Strategies: Action Plan KPI 2025Q2 2026Q2 2026Plan Alcoholic Beverages Reinforcement of Beer / Improving Profitability of Beer-type Bev. Increase beer sales: share of beer sales 80% 83% 86% (Japan) RTD Business Growth and Production Streamlining, Etc. RTD growth: RTD(cans) sales amount YoY
Slide 18: (For Reference) Business Strategies: Action Plan
(For Reference) Business Strategies: Action Plan The business strategy slides give extra notes by action plan number. (The same action plan numbers are used from fiscal year 2023 for consistency.) 2023 to 2024 2025 2026 Alcoholic Increase beer sales (1-1) ★ liquor tax revisions ★ liquor tax revision
Slide 20: Transfer of Assets and Restructure of Production Structure in the U.S. Business (1/3)
Supplementary Explanatory Material for Timely Disclosure on April 21, 2026 (Reprint) Transfer of Assets and Restructure of Production Structure in the U.S. Business (Alcoholic Beverages (Overseas))(1/3) ≫ Despite declining demand in the U.S. beer market, sales of the Sapporo brand (SPB) have continu
Slide 21: Transfer of Assets and Restructure of Production Structure in the U.S. Business (2/3)
Supplementary Explanatory Material for Timely Disclosure on April 21, 2026 (Reprint) Transfer of Assets and Restructure of Production Structure in the U.S. Business (Alcoholic Beverages (Overseas))(2/3) ≫ The Company expects improved profitability in the U.S. business as a result of its decision. It
Slide 22: Transfer of Assets and Restructure of Production Structure in the U.S. Business (3/3)
Supplementary Explanatory Material for Timely Disclosure on April 21, 2026 (Reprint) Transfer of Assets and Restructure of Production Structure in the U.S. Business (Alcoholic Beverages (Overseas))(3/3) ≫ Use of the RVA plant in Eastern U.S. with supplement use of four Sleeman Breweries plants in Ca
Slide 23: Initiatives Addressing Key Sustainability Issues (Overview)
Initiatives Addressing Key Sustainability Issues (Overview) 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. ★Top priority issues Ha
Slide 24: Initiatives Addressing Key Sustainability Issues and External Evaluations
Initiatives Addressing Key Sustainability Issues and External Evaluations Harmony with the environment Co-prosperity with society For the first time, “Regenova,” a malt grown Sapporo Breweries and Tokyo Metropolitan University Have Officially using regenerative agriculture that reduces Launched a Jo
Slide 25: Financial Indicators & Core Operating Profit Margin
Financial Indicators & Core Operating Profit Margin Financial Indicators Core Operating Profit Margin Q2 Result Full Year Q2 Result Full Year 2025Q2 2026Q2 2025 2026 Plan 2025Q2 2026Q2 2025 2026 Plan Alcoholic ROE - - 9.4% 83.4% Beverages 6.1% 7.6% 9.0% 8.8% (Japan) Core Operating 4.9 6.8 25.0 22.0
Slide 26: Balance Sheet
Balance Sheet (¥bn) Total assets End of 2025 2026Q2 change Total liabilities and equity End of 2025 2026Q2 change Cash and cash equivalents 22.4 77.1 54.7 Trade payables 36.4 33.5 (2.9) Trade receivables 94.5 77.9 (16.6) Short-term financial liabilities 51.4 28.5 (22.9) Inventories 45.7 46.2 0.5 Lia
Slide 27: Cash Flow
Cash Flow （¥bn） 2025Q2 2026Q2 Change Change(%) CF from operating activities 10.5 3.4 (7.1) (67.4%) ＜Investment total（①＋②）＞ billion CF from investing activities (3.6) 113.6 117.2 ー Free CF 6.9 117.0 110.1 ー ➀ Capital expenditure (payment basis)： billion CF from financing activities (9.8) (62.5) (52.7
Slide 28: Domestic Business Data
Domestic Business Data Alcoholic Beverages(Japan) (10,000 cases) YoY Sales Volume:Beer (Japan) (※) 2025Q2 2026Q2 Change(%) ①Beer (total) 1,421 1,487 4.6% Sapporo Draft Beer Black Label (total) 815 830 1.8% YEBISU (total) 253 251 (0.8%) ②Happoshu (include happoshu (2)) 364 301 (17.3%) Beer-type bever
Slide 29: Domestic Business Data
Domestic Business Data Alcoholic Beverages(Japan) ＜Jan – June sales revenue＞ (¥bn） (¥bn） YoY Sales:Alcoholic Beverages(Japan) 2025Q2 2026Q2 Change(%) 84.7 Beer 79.2 84.7 7.0% Happoshu (include happoshu (2)) 16.0 13.7 (14.5%) 75.7 79.2 70.8 Beer-type beverages 95.2 98.4 3.4% 60.9 RTD 15.9 14.9 (6.2%)
Slide 30: 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
Slide 31: Domestic Business Data: Beer Category Names
Domestic Business Data Alcoholic Beverages(Japan) <Reference: Approach to Domestic Beer Category Names> Shift from tax-classification-based categories to value-based categories. Define each brand by value, independent of tax classification or product type. * Multiple product types, such as beer and
Slide 32: Domestic Business Data: Restaurants
Domestic Business Data Restaurants ＜Composition of Restaurants by Format> YoY GINZA LION Restaurants 2025Q2 2026Q2 Change(%) 35 28 Revenue （billions on yen） 10.1 10.3 2.0% LEO Number of Restaurants 128 125 (2.3%) YEBISU BAR 125Outlets 8 Osakaou ＜Trend in Revenue of Restaurants Business and Number of
Slide 33: Domestic Business Data: Food & Beverages (Japan)
Domestic Business Data Food & Beverages (Japan) (¥bn） YoY Sales:Food & Beverages (Japan) (※1) 2025Q2 2026Q2 Change(%) Lemon (Lemon Drinks・Lemon Food) 16.1 16.4 2.5% Drinks (excluding lemon drinks), etc. 18.5 15.3 (17.3%) ※1：Only domestic sales (Before Rebate subtracted from sales) ＜Trends in Sales R
Slide 34: Overseas Business Data
Overseas Business Data Alcoholic Beverages (10,000 cases) YoY Sales Volume:Beer (International) 2025Q2 2026Q2 Change(%) Overseas brand 675 603 (10.7%) Sapporo brand 236 267 13.2% ①North America 912 870 (4.5%) Sapporo brand 253 295 16.8% ②APAC and Europe(including Vietnam),etc. 253 295 16.8% Sapporo
Slide 35: IR Reference Information Links
IR Reference Information Links Investor Relations https://www.sapporobreweries.com/en/ir/ Integrated Report & FACTBOOK * https://www.sapporobreweries.com/en/ir/library/factbook/ Sustainability https://www.sapporobreweries.com/en/sustainability/ * FACTBOOK is a document that summarizes our group o
Slide 36: Pioneering the legacy of tomorrow
Pioneering the legacy of tomorrow 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 investment or any other similar such actions. The earnings forecasts and forward-looking statemen

Sapporo Holdings — H1 2026 Earnings Presentation on 6ix

Sapporo — H1 2026 Earnings Presentation

Slide 1: Sapporo Group Business Results Presentation for the Six Months Ended June 30, 2026

Slide 2: Contents

Slide 3: Summary

Slide 4: 1. Financial Highlights & Topics

Slide 5: Financial Highlights 2026Q2 (Consolidated)

Slide 6: 2026Q2 Financial Highlights (by segment)

Slide 7: Financial Highlights 2026Q2 (Change in Revenue)

Slide 8: Financial Highlights 2026Q2 (Change in Core Operating Profit)

Slide 9: Initiatives Regarding Shareholder Policies

Slide 10: 2. Business Strategies

Slide 11: Business Strategies: Summary

Slide 12: Business Strategies: Domestic Business (Alcoholic Beverages (Japan))

Slide 13: Business Strategies: Domestic Business (Alcoholic Beverages (Japan))

Slide 14: Business Strategies: Domestic Business (Food & Beverages (Japan))

Slide 15: Business Strategies: Overseas Business (Alcoholic Beverages, Overseas Beverages)

Slide 16: Business Strategies: Overseas Business (Alcoholic Beverages (Overseas))

Slide 17: Business Strategies: Action Plan KPI

Slide 18: (For Reference) Business Strategies: Action Plan

Slide 19: Appendix

Slide 20: Transfer of Assets and Restructure of Production Structure in the U.S. Business (1/3)

Slide 21: Transfer of Assets and Restructure of Production Structure in the U.S. Business (2/3)

Slide 22: Transfer of Assets and Restructure of Production Structure in the U.S. Business (3/3)

Slide 23: Initiatives Addressing Key Sustainability Issues (Overview)

Slide 24: Initiatives Addressing Key Sustainability Issues and External Evaluations

Slide 25: Financial Indicators & Core Operating Profit Margin

Slide 26: Balance Sheet

Slide 27: Cash Flow

Slide 28: Domestic Business Data

Slide 29: Domestic Business Data

Slide 30: Domestic Business Data: Liquor Tax Changes

Slide 31: Domestic Business Data: Beer Category Names

Slide 32: Domestic Business Data: Restaurants

Slide 33: Domestic Business Data: Food & Beverages (Japan)

Slide 34: Overseas Business Data

Slide 35: IR Reference Information Links

Slide 36: Pioneering the legacy of tomorrow