Sapporo Holdings Limited · TSE:2501

Sapporo — Q3 2025 Earnings Presentation

33 slides from Sapporo's earnings presentation, Nov 12, 2025

  1. Slide 1: Sapporo Group Business Results Presentation for the Nine Months Ended September 30, 2025

    Sapporo Group Business Results Presentation for the Nine Months Ended September 30, 2025 November 12, 2025 *In this document, the name abbreviations are used: SH: Sapporo Holdings Limited SB: Sapporo Breweries Ltd. SLN: Sapporo Lion Limited. Sapporo Holdings Limited (2501) PS: Pokka Sapporo Food & B

  2. Slide 2: Contents

    Contents 1. Summary ・・・ P.3~P.4 2. Revision of FY2025 Earnings Forecast, Revision of Dividend Forecast, and Stock Split ・・・ P.5~P.9 3. 2025Q3 Financial Results ・・・ P.10~P.19 4. Appendix ・・・ P.20~P.32 Copyright, 2025 SAPPORO HOLDINGS LTD. All rights reserved. 2/33

  3. Slide 3: 1. Summary

    1. Summary Copyright, 2025 SAPPORO HOLDINGS LTD. All rights reserved. 3/33

  4. Slide 4: 2025Q3 Summary

    2025Q3 Summary ≫ Revenue decreased while core operating profit increased. Upward revision to full-year profit forecast driven by solid performance in Japan Alcoholic Beverages. ≫ Revised year-end dividend forecast following upward revision to profit forecast. Q3 Financial Summary Main Topics ◆ Alcoh

  5. Slide 5: 2. Revision of FY2025 Earnings Forecast, Revision of Dividend Forecast, and Stock Split

    2. Revision of FY2025 Earnings Forecast, Revision of Dividend Forecast, and Stock Split Copyright, 2025 SAPPORO HOLDINGS LTD. All rights reserved. 5/33

  6. Slide 6: FY2025 Earnings Forecast Revision (Consolidated)

    FY2025 Earnings Forecast Revision (Consolidated) ≫ Taking into account progress against the full-year plan, the revenue forecast has been revised downward, while the profit forecast has been revised upward. 2025 2025 Revised 2024 Change (￥bn) Initial Plan Revised Plan Amount Result Amount [A] [B] [B

  7. Slide 7: FY2025 Earnings Forecast Revision (Revenue)

    FY2025 Earnings Forecast Revision (Revenue) ≫ As for the revenue forecast, while Japan Alcoholic Beverages have been revised upward, the overall forecast has been revised downward to reflect progress in Overseas Alcoholic Beverages and the Food & Soft Drinks business. 2025 2025 Revised 2024 Change R

  8. Slide 8: FY2025 Earnings Forecast Revision (Core operating profit)

    FY2025 Earnings Forecast Revision (Core operating profit) ≫ As for the core operating profit forecast, while Overseas Alcoholic Beverages have been revised downward due to external factors, the overall forecast has been revised upward, driven mainly by solid performance in Japan Alcoholic Beverages.

  9. Slide 9: Revision of Dividend Forecast, and Stock Split

    Revision of Dividend Forecast, and Stock Split ≫ Reflecting the upward revision to the profit forecast, the year-end dividend forecast has been revised upward from ¥60 to ¥90 per share (before the stock split basis). ≫ The stock split (a five-for-one) is scheduled to take place January. Details rega

  10. Slide 10: 3. 2025Q3 Financial Results

    3. 2025Q3 Financial Results Copyright, 2025 SAPPORO HOLDINGS LTD. All rights reserved. 10/33

  11. Slide 11: 2025Q3 Financial Highlights (Consolidated)

    2025Q3 Financial Highlights (Consolidated) ≫ Although net profit declined due to factors such as the rebound from the previous year’s asset sales and foreign exchange losses from yen appreciation, core operating profit—reflecting the underlying earning power of the business—continued to improve stea

  12. Slide 12: 2025Q3 Financial Highlights (by Segment)

    2025Q3 Financial Highlights (by Segment) ≫ Although revenue declined in the Overseas Alcoholic Beverages and Food & Soft Drinks businesses, profit increased thanks to strong revenue growth in Japan Alcoholic Beverages and effective cost management. Revenue Core Operating Profit (￥bn) 2024Q3 2025Q3 C

  13. Slide 13: 2025Q3 Financial Highlights (Revenue)

    2025Q3 Financial Highlights (Revenue) ≫ Although Japan Alcoholic Beverages remained strong, overall revenue declined by ¥3.0 billion (0.8%) due to lower revenue in Overseas Alcoholic Beverages and the Food & Soft Drinks business. - Japan Alcoholic Beverages saw revenue growth despite a decline in ha

  14. Slide 14: 2025Q3 Financial Highlights (Core Operating Profit)

    2025Q3 Financial Highlights (Core Operating Profit) ≫ All business segments—Alcoholic Beverages, Food & Soft Drinks, and Real Estate—recorded profit growth (+¥6.1 billion, +43.8%). - Profit in Japan Alcoholic Beverages increased due to revenue growth and effective cost management. - Although revenue

  15. Slide 15: Business Strategies: Action Plan

    Business Strategies: Action Plan On slides after p.16, we have included further explanations for action plan numbers (1-1) through (10) Details of the action plan will be disclosed appropriately . 2023 to 2024 2025 2026 Alcoholic Increase beer sales (1-1) ★ Alcohol tax revisions ★ Alcohol tax revisi

  16. Slide 16: Business Strategies: Alcoholic Beverages (Japan/Restaurants)

    Business Strategies: Alcoholic Beverages (Japan/Restaurants) Japan <Reasons for changes in core operating profit (YoY, ¥bn)> ▌ Revenue: ¥202.4 bn (YoY+¥7.4 bn,+3.8%) ▌ Core Operating Profit: ¥14.8 bn (YoY+¥3.8 bn,+34.5%) ≫ Increased revenue and profit, with beer—a key focus of strengthening efforts—

  17. Slide 17: Business Strategies: Alcoholic Beverages (Overseas)

    Business Strategies: Alcoholic Beverages (Overseas) Overseas <Reasons for changes in core operating profit (YoY, ¥bn)> ▌ Revenue: ¥65.3 bn (YoY(¥5.8) bn,(8.1%)） Decrease in exports ▌ Core Operating Profit: (¥0.1) bn (YoY(¥0.4) bn) to North America ≫ Although SPB has continued to grow steadily, profi

  18. Slide 18: Business Strategies: Food & Soft Drinks (Japan/Overseas) / Real Estate

    Business Strategies: Food & Soft Drinks (Japan/Overseas) / Real Estate Japan Overseas ▌ Revenue: ¥60.4 bn (YoY(¥5.5) bn,(8.4%)) ▌ Revenue: ¥19.0 bn (YoY(¥1.3) bn, (6.3%)） ▌ Core Operating Profit: ¥2.2 bn (YoY+¥0.8 bn,＋61.7%) ▌ Core Operating Profit: ¥1.0 bn (YoY+¥0.3 bn,＋38.2%） ≫ Although revenue de

  19. Slide 19: Business Strategies: Action Plan KPI

    Business Strategies: Action Plan KPI ※1 Forex assumption: ¥130 2026 Medium- Q3 Results Full Year ※2 Local currency basis (Singapore dollar) Term Plan 2022Q3 2024Q3 2025Q3 2022 2024 2025 Plan target Alcoholic Reinforcement of Beer / Improving Profitability of Beer-type Bev. Beverages Increase beer sa

  20. Slide 20: 4. Appendix

    4. Appendix Copyright, 2025 SAPPORO HOLDINGS LTD. All rights reserved. 20/33

  21. Slide 21: Financial Indicator

    Financial Indicator ※1 Targets for 2026 have not been changed since the Medium-Term Business Plan was formulated. ※2 Approximation for achieving financial targets. Financial Targets Medium-Term Plan Q3 Result Full year target 2025 ※1 2022 Q3 2024 Q3 2025 Q3 2022 2024 2026 Target Revised plan ROE - -

  22. Slide 22: Financial Indicator

    Financial Indicator ※1 Latest forecast as of February 2025. ※2 The 2026 Medium-Term Plan target remains unchanged from the time of formulation. Target for core operating profit margin Medium -Term Q3 Result Full year Plan target 2025 ※1 ※2 2022 Q3 2024 Q3 2025 Q3 2022 2024 Outlook for 2026 2026 Targ

  23. Slide 23: Balance Sheet

    Balance Sheet (billions of yen) Total assets End of 2024 2025Q3 change Total liabilities and equity End of 2024 2025Q3 change Cash and cash equivalents 24.1 22.6 (1.6) Trade payables 38.0 36.2 (1.8) Trade receivables 99.5 74.6 (24.8) Short-term financial liabilities 57.0 61.2 4.2 Inventories 58.1 61

  24. Slide 24: Status of Each Cash Flow

    Status of Each Cash Flow (billions of yen) 2024Q3 2025Q3 Change YoY CF from operating activities 29.5 30.8 1.3 4.6% CF from investing activities (8.7) (5.8) (2.9) ー ＜Investment total（①＋②）＞ (¥5.8) billion Free CF 20.7 25.0 4.3 20.7% ➀ Capital expenditure (payment basis） ： (¥13.8) billion CF from fina

  25. Slide 25: Alcoholic Beverages Data

    Alcoholic Beverages Data ※1: Following the agreement of the Brewers Association of Japan, Japan The sales volume for the first half and end of the fiscal year shall be disclosed. (10,000 cases) YoY Sales Volume:Beer (Japan) (※1) 2024Q3 2025Q3 Change(%) ①Beer (total) ー ー 3.3% Sapporo Draft Beer Black

  26. Slide 26: Alcoholic Beverages Data

    Alcoholic Beverages Data Japan ＜ Jan - Sep sales revenue ＞ (billions of yen) (billions of yen) YoY Sales:Beer (Japan) 2024Q3 2025Q3 Change(%) Beer 119.7 127.2 6.3% Happoshu (include happoshu (2)) 28.5 24.4 (14.3%) Beer-type beverages 148.2 151.7 2.3% RTD 20.2 23.6 17.0% Domestic wines 1.4 0.8 (47.7%

  27. Slide 27: Alcoholic Beverages Data

    Alcoholic Beverages Data Japan ＜Changes in the amount of liquor tax per 350 ml＞ （yen） 77 70 63.35 Beer ✓ Beer-type 54.25 beverages Happoshu Happoshu(2) 46.99 54.25yen RTD 37.8 ✓ RTD 35 28 35yen 2020 2023 2026 （year） Copyright, 2025 SAPPORO HOLDINGS LTD. All rights reserved. 27/33

  28. Slide 28: Alcoholic Beverages Data

    Alcoholic Beverages Data Overseas (10,000 cases) YoY Sales Volume:Beer (International) 2024Q3 2025Q3 Change(%) Overseas brand (※1) 1,139 1,034 (9.2%) Sapporo brand 347 370 6.7% ①North America 1,486 1,404 (5.5%) Sapporo brand 300 390 30.2% ②Other areas 300 390 30.2% Sapporo brand Total 647 760 17.6%

  29. Slide 29: Alcoholic Beverages Data

    Alcoholic Beverages Data Restaurants ＜Composition of Restaurants by Format＞ YoY Restaurants 2024Q3 2025Q3 Change(%) Revenue (billions on yen) 15.7 16.1 2.9% Number of Restaurants 128 128 0.0% <Trend in Revenue of Restaurants Business 128Outlets and Number of Restaurants> (Jan-Sep) (billions of yen)

  30. Slide 30: Food & Soft Drinks Data

    Food & Soft Drinks Data Japan (billions of yen) YoY Sales:Food & Soft Drinks (Japan) (※1) 2024Q3 2025Q3 Change(%) Lemon (Lemon Drinks・Lemon Food) 24.3 26.3 8.1% Drinks (excluding lemon drinks), etc. 35.5 28.4 (19.8%) ※1：Only domestic sales (Before Rebate subtracted from sales) ＜Trends in Sales Reven

  31. Slide 31: Real Estate Data

    Real Estate Data Real Estate <Major rental properties & occupancy rates:（Averages for 2025Q3)> <Information about Investment property> (billions of yen) Average Site area Floor area Occupancy 500.0 No. of floors （㎡） （㎡） rate （%） 400.0 40 floors above ground, Yebisu Garden Place（1） 56,943 298,007 90

  32. Slide 32: 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 *FACTBOOK is a document that summarizes our group overview, medium-term management plan, business overview & data, etc. https:/

  33. Slide 33: 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 — Q3 2025 Earnings Presentation on 6ix