Sapporo Holdings Limited · TSE:2501

Sapporo — Q1 2026 Earnings Presentation

35 slides from Sapporo's earnings presentation, May 14, 2026

  1. Slide 1: Sapporo Group Business Results Presentation for the Three Months Ended March 31, 2026

    Sapporo Group Business Results Presentation for the Three Months Ended March 31, 2026 May 14, 2026 Sapporo Holdings Limited (2501) URL: https://www.sapporoholdings.jp/en/ Copyright, 2026 SAPPORO HOLDINGS LTD. All rights reserved. 1/35

  2. Slide 2: Contents

    Contents Summary - P3 3. Business Strategies - P15 Action Plan - P16 Summary - P17 1. Topics - P4 Structural Reform of the Beverage Business Domestic Business (Alcoholic Beverages (Japan)) - P18-19 (Food & Soft Drinks (Japan)) - P5 Domestic Business (Food & Beverages (Japan)) - P20 Transfer of Asset

  3. Slide 3: Summary

    Summary Business Results for the First Three Months Ended March 31, 2026 and Full-Year Earnings Forecast for FY2026  FY2026 is positioned as a “transition period toward medium- to long-term (￥bn) 2025Q1 2026Q1 Change YoY growth,” and initiatives are being advanced. As the final phase of the structu

  4. Slide 4: 1. Topics

    1. Topics Copyright, 2026 SAPPORO HOLDINGS LTD. All rights reserved. 4/35

  5. Slide 5: Structural Reform of the Beverage Business (Food & Soft Drinks (Japan))

    Structural Reform of the Beverage Business (Food & Soft Drinks (Japan)) ≫ Following structural reforms in the beverage business, a decision has been made to transfer the vending machine business. ≫ Going forward, the Company will focus on the “Healthier Choice” strategy centered on lemon products an

  6. Slide 6: 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

  7. Slide 7: 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

  8. Slide 8: 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

  9. Slide 9: Global Expansion of the Sapporo Brand (Alcoholic Beverages (Overseas))

    Global Expansion of the Sapporo Brand (Alcoholic Beverages (Overseas)) ≫ Expansion of BEER (SPB) to over 60 countries worldwide. In addition to North America (US/Canada), the brand has experienced significant growth, particularly in Asia, in the past few years, with the aim of achieving sustainable

  10. Slide 10: 2. Financial Highlights

    2. Financial Highlights Copyright, 2026 SAPPORO HOLDINGS LTD. All rights reserved. 10/35

  11. Slide 11: Financial Highlights 2026Q1 (Consolidated)

    Financial Highlights 2026Q1 (Consolidated) ≫ Revenue declined, but profit increased. Core operating profit, which reflects the business’s profitability, rose significantly due to the effects of cost structure reforms and other factors, marking the first profit in Q1 since the adoption of IFRS in FY2

  12. Slide 12: Financial Highlights 2026Q1 (by Segment)

    Financial Highlights 2026Q1 (by Segment) ≫ Revenue declined, primarily in the domestic business, due to a decline in demand following the rush demand in March of the previous year ahead of the price revisions, as well as the impact of structural reforms. ≫ Core operating profit increased significant

  13. Slide 13: Financial Highlights 2026Q1 (Change in Revenue)

    Financial Highlights 2026Q1 (Change in Revenue) ≫ Revenue declined (down ¥4.9 billion), primarily in the domestic business, due to a decline in demand following the rush of purchases ahead of the previous year’s price revisions, as well as the impact of structural reforms. - Alcoholic Beverages (Jap

  14. Slide 14: Financial Highlights 2026Q1 (Change in Core Operating Profit)

    Financial Highlights 2026Q1 (Change in Core Operating Profit) ≫ Core operating profit increased significantly (+1.6 billion yen) due to cost structure reforms in Food & Beverages (Japan) and Alcoholic Beverages(Overseas). Achieved positive Q1 core operating profit for the first time since adopting I

  15. Slide 15: 3. Business Strategies

    3. Business Strategies Copyright, 2026 SAPPORO HOLDINGS LTD. All rights reserved. 15/35

  16. Slide 16: Business Strategies: Action Plan

    On slides after page 18, we have included further explanations for action plan numbers (1-1) through (10) Business Strategies: Action Plan To ensure continuity, the same action plan numbers have been used since FY2023. 2023 to 2024 2025 2026 Alcoholic Increase beer sales (1-1) ★ liquor tax revisions

  17. Slide 17: Business Strategies: Summary

    Business Strategies: Summary ≫ Based on the “Bonds with Community” and “Healthier Choice” strategies, focusing on Beer & Lemon category in Japan and Sapporo brand in overseas. Domestic Business Overseas Business Alcoholic Beverages (Japan) Food & Beverages (Japan) Alcoholic Beverages (Overseas) By e

  18. Slide 18: Business Strategies: Domestic Business (Alcoholic Beverages (Japan))

    Business Strategies: Domestic Business (Alcoholic Beverages (Japan)) ≫ Profit increased as the company offset the impact of increased brand investment ahead of the liquor tax reform and a decline in demand following the previous year’s rush ahead of price revisions, through the effects of price revi

  19. Slide 19: Business Strategies: Domestic Business (Alcoholic Beverages (Japan))

    Business Strategies: Domestic Business (Alcoholic Beverages (Japan)) Key Initiatives to Strengthen Beer Sales ≫ With Black Label and Yebisu as core brands, the Company is making its largest-ever investment. It aims to increase its customer base and maximize customer touchpoints by focusing on the cu

  20. Slide 20: Business Strategies: Domestic Business (Food & Beverages (Japan))

    Business Strategies: Domestic Business (Food & Beverages (Japan)) ≫ Revenue declined due to the impact of structural reforms, including business transfers, while core operating profit increased due to the effects of price revisions and cost structure reforms. *1 *2 Reasons for changes in core Financ

  21. Slide 21: Business Strategies: Overseas Business (Alcoholic Beverages(Overseas), Overseas Beverages)

    Business Strategies: Overseas Business(Alcoholic Beverages(Overseas), Overseas Beverages) ≫ Revenue and core operating profit for Alcoholic Beverages(Overseas) increased due to the growth of the Sapporo brand and the effects of cost structure reforms in the U.S., among other factors. Revenue and cor

  22. Slide 22: Business Strategies: Overseas Business (Alcoholic Beverages (Overseas))

    Business Strategies : Overseas Business (Alcoholic Beverages (Overseas)) ≫ In FY2026, continue marketing initiatives to drive sustainable growth of the Sapporo brand, centered on SPB. Products Promotions Products × (Brand experiences / Promotions advertising) Launch and expansion of new SKUs Experie

  23. Slide 23: Business Strategies: Action Plan KPI

    Business Strategies: Action Plan KPI 2025Q1 2026Q1 2026Plan Alcoholic Beverages Reinforcement of Beer / Improving Profitability of Beer-type Bev. Increase beer sales: share of beer sales 77% 82% 86% (Japan) RTD Business Growth and Production Streamlining, Etc. RTD growth: RTD(cans) sales amount YoY+

  24. Slide 24: Appendix

    Appendix Copyright, 2026 SAPPORO HOLDINGS LTD. All rights reserved. 24/35

  25. Slide 25: Financial Indicators

    Financial Indicators Financial Indicators Core Operating Profit Margin Q1 Result Full Year Q1 Result Full Year 2025Q1 2026Q1 2025 2026 Plan 2025 Q1 2026 Q1 2025 2026 Plan ROE - - 9.4% 83.4% Alcoholic Beverages 4.5% 5.0% 9.0% 8.8% (Japan) Core Operating (1.0) 0.6 25.0 22.0 Profit Restaurants 3.7% 2.1

  26. Slide 26: Balance Sheets

    Balance Sheets (billions of yen) Total assets End of 2025 2026Q1 change Total liabilities and equity End of 2025 2026Q1 change Cash and cash equivalents 22.4 21.3 (1.1) Trade payables 36.4 33.2 (3.3) Trade receivables 94.5 68.7 (25.8) Short-term financial liabilities 51.4 61.6 10.2 Inventories 45.7

  27. Slide 27: Cash Flow

    Cash Flow （billions of yen） 2025Q1 2026Q1 Change Change(%) CF from operating activities 5.3 (1.9) (7.1) ー ＜Investment total（①＋②）＞ billion CF from investing activities (3.3) (1.0) 2.4 ー Free CF 1.9 (2.9) (4.8) ー ➀ Capital expenditure (payment basis)： billion （Property, plant and equipment, intangible

  28. Slide 28: Domestic Business Data

    Domestic Business Data Alcoholic Beverages(Japan) (10,000 cases) YoY Sales Volume:Beer (Japan) (※1) 2025Q1 2026Q1 Change(%) ①Beer (total) ― ― (6.8%) Sapporo Draft Beer Black Label (total) ― ― (10.9%) YEBISU (total) ― ― (11.7%) ②Happoshu (include happoshu (2)) ― ― (32.7%) Beer-type beverages（total ①+

  29. Slide 29: Domestic Business Data

    Domestic Business Data Alcoholic Beverages(Japan) (billions of yen) ＜ Jan - Mar sales revenue ＞ (billions of yen) YoY Sales:Beer (Japan) 2025Q1 2026Q1 Change(%) Beer 39.0 38.0 (2.6%) Happoshu (include happoshu (2)) 9.1 6.5 (28.7%) Beer-type beverages 48.1 44.5 (7.6%) RTD 8.4 7.1 (15.2%) Domestic win

  30. Slide 30: Domestic Business Data

    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

  31. Slide 31: Domestic Business Data: Restaurants

    Domestic Business Data Restaurants ＜Composition of Restaurants by Format＞ YoY Restaurants 2025Q1 2026Q1 Change(%) Revenue （billions on yen） 4.8 5.0 3.4% Number of Restaurants 126 126 0.0% <Trend in Revenue of Restaurants Business 126Outlets and Number of Restaurants> (Jan - Mar) (billions of yen) (R

  32. Slide 32: Domestic Business Data: Food & Beverages (Japan)

    Domestic Business Data Food & Beverages (Japan) (billions of yen) YoY Sales:Food & Beverages (Japan) (※1) 2025Q1 2026Q1 Change(%) Lemon (Lemon Drinks・Lemon Food) 7.1 7.4 3.8% Drinks (excluding lemon drinks), etc. 9.2 7.6 (17.0%) ※1：Only domestic sales (Before Rebate subtracted from sales) ＜Trends in

  33. Slide 33: Overseas Business Data

    Overseas Business Data Alcoholic Beverages (10,000 cases) YoY Sales Volume:Beer (International) 2025Q1 2026Q1 Change(%) Overseas brand (※1) 296 275 (7.1%) Sapporo brand 104 118 13.4% ①North America 401 393 (1.8%) Sapporo brand 108 137 26.7% ②Other areas 108 137 26.7% Sapporo brand Total 213 255 20.2

  34. Slide 34: 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/s

  35. Slide 35: 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 — Q1 2026 Earnings Presentation on 6ix