Sapporo Holdings Limited · TSE:2501

Sapporo — Q1 2025 Earnings Presentation

30 slides from Sapporo's earnings presentation, May 13, 2025

  1. Slide 1: Sapporo Group Business Results Presentation for the Three Months Ended March 31, 2025

    Sapporo Group Business Results Presentation for the Three Months Ended March 31, 2025 *In this document, the name abbreviations are used: May 13, 2025 SH: Sapporo Holdings Limited SB: Sapporo Breweries Ltd. SLN: Sapporo Lion Limited. URL https://www.sapporoholdings.jp/en/ PS: Pokka Sapporo Food & Be

  2. Slide 2: Contents

    Contents 1. Summary ・・・ P.3~P.6 2. Financial results ・・・ P.7~P.17 3. Appendix ・・・ P.18~P.30 Copyright, 2025 SAPPORO HOLDINGS LTD. All rights reserved. 2/30

  3. Slide 3: 1. Summary

    1. Summary Copyright, 2025 SAPPORO HOLDINGS LTD. All rights reserved. 3/30

  4. Slide 4: Summary

    Summary Revenue and core operating profit both increased. Net profit declined but remained in line with the plan. ⚫ Revenue and core operating profit increased, mainly 2024Q1 2025Q1 Result Result YoY driven by the alcoholic beverages (Japan) and real (billions of yen) estate businesses. +5.9 Revenue

  5. Slide 5: Progress Toward Implementing the Group's Medium- to Long-Term Growth Strategy: Management Plan Toward 2030

    Progress Toward Implementing the Group’s Medium- to Long-Term Growth Strategy Sapporo Group’s Medium- to Long-Term Growth Strategy * As announced on February 14, 2025 To realize the formulated medium- to long-term vision, we will focus management resources on the alcoholic beverages business based o

  6. Slide 6: Transition to a Business Holding Company Structure

    Progress Toward Implementing the Group’s Medium- to Long-Term Growth Strategy 2. Transition to a Business Holding Company Structure ⚫ We are planning to transition to a business holding company structure in July 2026, organized into three divisions: domestic business, overseas business, and corporat

  7. Slide 7: 2. Financial results

    2. Financial results Copyright, 2025 SAPPORO HOLDINGS LTD. All rights reserved. 7/30

  8. Slide 8: Financial Highlights 2025Q1

    Financial Highlights 2025Q1 2024Q1 2025Q1 YoY changes YoY changes （¥bn） Result Result (amount) (%) Revenue 112.8 118.7 +5.9 +5.2% Revenue（Excluding liquor tax） 88.6 91.4 +2.8 +3.1% Overseas revenue 28.5 26.6 (1.9) (6.8%) EBITDA 1.3 4.6 +3.3 +255.9% Core operating profit (3.8) (0.9) +2.9 - (Revenue -

  9. Slide 9: Financial Highlights 2025Q1: Results by Segment

    Financial Highlights 2025Q1 YoY YoY YoY YoY 2024Q1 2025Q1 2024Q1 2025Q1 （¥ bn） changes changes （¥ bn） changes changes Result Result Result Result (amount) (%) (amount) (%) Core Operating Profit Revenue by Segment 112.8 118.7 +5.9 +5.2% by Segment (3.8) (0.9) +2.9 - Alcoholic Beverages 80.6 88.0 +7.4

  10. Slide 10: Financial Highlights 2025Q1: Revenue Changes

    Financial Highlights 2025Q1 Overall revenue increased by 5.9 billion yen (+5.2%) due to higher revenue from alcoholic beverages (Japan) and real estate businesses. - Alcoholic beverages (Japan) includes last-minute demand ahead of price revisions, mainly for beer and RTD Alcoholic Beverages Food & S

  11. Slide 11: Financial Highlights 2025Q1: Core Operating Profit Changes

    Financial Highlights 2025Q1 Overall core operating income increased by 2.9 billion yen, driven by increased sales in the alcoholic beverages (Japan) and real estate businesses. - Q1 progressed in-line with plan - Other・General corporate and intercompany eliminations increased due to reversal of IT i

  12. Slide 12: Business Strategies: Action Plan

    Business Strategies: Action Plan On slides after p.13, 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

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

    Business Strategies: Alcoholic Beverages (Japan) Japan Reasons for changes in core operating profit (¥ bn) ■Revenue: ¥64.4 bn (YoY+¥8.7 bn, +15.6%) ■Core operating profit: ¥2.9 bn (YoY+¥2.3 bn, +414.6%) Beer-type Beer-type Wine, spirits, non- Sales promotion beverages sales beverages RTD alcoholic b

  14. Slide 14: Business Strategies: Alcoholic Beverages (Overseas/Restaurants)

    Business Strategies: Alcoholic Beverages (Overseas/Restaurants) Overseas Reasons for changes in core operating profit (¥ bn) ■Revenue: ¥18.7 bn (YoY (¥1.6) bn, (7.7%)) ■Core operating profit: (¥1.6) bn (YoY (¥0.7) bn) Consolidated Canada U.S. Vietnam adjustments & others Revenue declined in Canada a

  15. Slide 15: Business Strategies: Food & Soft Drinks (Japan/Overseas)

    Business Strategies: Food & Soft Drinks (Japan/Overseas) Food & Soft Drinks (Japan) Reasons for changes in core operating profit (¥ bn) Price revisions etc. ■Revenue: ¥18.3 bn (YoY (¥1.5) bn, (7.5%)) ■Core operating profit: (¥0.7) bn (YoY +¥0.0 bn) Sales promotion Sales volume Marginal profit Fixed

  16. Slide 16: Business Strategies: Real Estate Business

    Business Strategies: Real Estate Business Real Estate Reasons for changes in core operating profit (¥ bn) ■Revenue: ¥6.3 bn (YoY+¥0.8 bn, +15.2%) Improvement of occupancy rate, ■Core operating profit: ¥0.3 bn (YoY+¥0.5 bn) etc. ■EBITDA: 1.9 bn (YoY ¥0.6 bn, +45.6%) YGP Sapporo Others Revenue and pro

  17. Slide 17: Business Strategies: Action Plan KPI

    Business Strategies : Action Plan KPI ※1 Forex assumption: ¥130 2026 Medium- Q1 Results Full Year ※2 Local currency basis (Singapore dollar) Term Plan 2022Q1 2024Q1 2025Q1 2022 2024 2025 Plan target Alcoholic Reinforcement of Beer / Improving Profitability of Beer-type Bev. Beverages Increase beer s

  18. Slide 18: Appendix

    Appendix Copyright, 2025 SAPPORO HOLDINGS LTD. All rights reserved. 18/30

  19. Slide 19: Financial Indicator: Financial Targets

    Financial Indicator Financial Targets medium-term Q1 result Full year plan Target Targets for 2026 have not been changed since the Medium-Term Business Plan was formulated 2022 Q1 2024 Q1 2025 Q1 2022 2024 2025 plan 2026 Target ROE - - - 3.3% 4.1% 5.5% 8.0% (Approximation) (6.4) (3.8) (0.9) 9.3 22.0

  20. Slide 20: Financial Indicator: Target for core operating profit margin

    Financial Indicator Target for core operating profit margin medium-term Q1 result Full year plan Target *1 *2 2022 Q1 2024 Q1 2025 Q1 2022 2024 2025 plan Outlook for 2026 2026 Target Japan alcoholic (6.2)% 1.0% 4.5% 3.5% 6.0% 7.0% 7.5% 5.7% beverages Overseas alcoholic (1.0)% (4.7)% (8.6)% (0.4)% 0.

  21. Slide 21: Balance Sheets

    Balance Sheets （billions of yen） Total assets End of 2024 2025Q1 change Total liabilities and equity End of 2024 2025Q1 change Cash and cash equivalents 24.1 22.4 (1.7) Trade payables 38.0 33.9 (4.1) Trade receivables 99.5 77.1 (22.3) Short-term financial liabilities 57.0 70.8 13.8 Inventories 58.1

  22. Slide 22: Status of Each Cash Flow

    Status of Each Cash Flow （billions of yen） 2024Q1 2025Q1 Change Change (%) CF from operating activities 1.7 5.3 3.6 217.9 CF from investing activities (10.8) (3.3) 7.4 ー Free CF (9.1) 1.9 11.1 ー ＜Investment total（①＋②）＞ (¥3.3) billion CF from financing activities 8.5 (2.4) (10.8) ー ➀ Capital expendit

  23. Slide 23: Alcoholic Beverages Data

    Alcoholic Beverages Data Japanese ※1: Following the agreement of the Brewers Association of 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) 2024Q1 2025Q1 Change(%) ①Beer (total) - - 19.4% Sapporo Draft Beer B

  24. Slide 24: Alcoholic Beverages Data

    Alcoholic Beverages Data Japanese ＜ Jan – Mar sales revenue ＞ (billions of yen) （billions of yen） YoY Sales:Beer (Japan) 2024Q1 2025Q1 39.0 Change(%) Beer 32.7 39.0 19.2% Happoshu (include happoshu (2)) 9.0 9.1 0.8% 32.7 Beer-type beverages 30.1 41.7 48.1 15.2% RTD 5.9 8.4 43.7% 23.4 23.5 Domestic w

  25. Slide 25: Alcoholic Beverages Data: Changes in Liquor Tax

    Alcoholic Beverages Data Japanese ＜Changes in the amount of liquor tax per 350 ml＞ （yen） 77 70 63.35 Beer ✓ Beer-type 54.25 Happoshu beverages Happoshu(2) 46.99 54.25yen RTD 37.8 35 ✓ RTD 28 35yen 2020 2023 2026 （year） Copyright, 2025 SAPPORO HOLDINGS LTD. All rights reserved. 25/30

  26. Slide 26: Alcoholic Beverages Data: Overseas

    Alcoholic Beverages Data Overseas (10,000 cases) YoY Sales Volume:Beer (International) 2024 2025 Change(%) Overseas brand (※1) 327 297 (9.1%) Sapporo brand 107 103 (4.0%) ①North America 434 401 (7.8%) Sapporo brand 85 108 27.4% ②Other areas 85 108 27.4% Sapporo brand Total 192 211 9.9% Total（①＋②） 51

  27. Slide 27: Alcoholic Beverages Data: Restaurants

    Alcoholic Beverages Data Restaurants ＜Composition of Restaurants by Format＞ YoY GINZA LION Restaurants 2024Q1 2025Q1 Change(%) 30 Revenue （billions on yen） 4.6 4.8 4.5% 38 LEO Number of Restaurants 128 126 (1.6%) YEBISU BAR ＜Trend in Revenue of Restaurants Business 126Outlets 6 Osakaou and Number of

  28. Slide 28: Food & Soft Drinks Data

    Food & Soft Drinks Data Japanese （billions of yen） YoY Sales:Food & Soft Drinks (Japan) (※1) 2024Q1 2025Q1 Change(%) Lemon (Lemon Drinks・Lemon Food) 6.5 7.1 10.0% Drinks (excluding lemon drinks), etc. 11.1 9.2 (17.6%) ※1：Only domestic sales (Before Rebate subtracted from sales) ＜Trends in Sales Reve

  29. Slide 29: Real Estate Data

    Real Estate Data Real Estate ＜ Information about Investment property ＞ (billions of yen) ＜ Major rental properties & occupancy rates：（Averages for 2025 Q1)> 500.0 Average Site area Floor area Occupancy 400.0 rate No. of floors （㎡） （㎡） （%） 300.0 40 floors above ground, Yebisu Garden Place（1） 56,943 2

  30. Slide 30: Disclaimer and closing statement

    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

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