Sapporo Holdings Limited · TSE:2501

Sapporo — H1 2025 Earnings Presentation

31 slides from Sapporo's earnings presentation, Aug 7, 2025

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

    Sapporo Group Business Results Presentation for the Six Months Ended June 30, 2025 August 7, 2025 *In this document, the name abbreviations are used: Sapporo Holdings Limited (2501) SH: Sapporo Holdings Limited SB: Sapporo Breweries Ltd. SLN: Sapporo Lion Limited. PS: Pokka Sapporo Food & Beverage L

  2. Slide 2: Contents

    Contents 1. Summary ・・・ P.3~P.5 2. Financial Results ・・・ P.6~P.15 3. Appendix ・・・ P.16~P.30 Copyright, 2025 SAPPORO HOLDINGS LTD. All rights reserved. 2/31

  3. Slide 3: 1. Summary

    1. Summary Copyright, 2025 SAPPORO HOLDINGS LTD. All rights reserved. 3/31

  4. Slide 4: 2025Q2 Summary (Message from the President)

    2025Q2 Summary (Message from the President) Hiroshi Tokimatsu President and Representative Director of Sapporo Holdings Limited, President and Representative Director of Sapporo Breweries Limited Oct.1991 Joined the Company (former Sapporo Breweries Limited) Mar.2015 Director (Member of the Board),

  5. Slide 5: 2025Q2 Summary

    2025Q2 Summary ≫ Revenue decreased while core operating profit increased. Progressing in line with the profit plan. Q2 Financial Summary Main Topics Consolidated (Result)  Alcoholic beverages (Japan): Amid soft market conditions due to the reaction to price revisions and a sense of uncertainty abou

  6. Slide 6: 2. Financial Results

    2. Financial Results Copyright, 2025 SAPPORO HOLDINGS LTD. All rights reserved. 6/31

  7. Slide 7: 2025Q2 Financial Highlights (Consolidated)

    2025Q2 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

  8. Slide 8: 2025Q2 Financial Highlights (by Segment)

    2025Q2 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 domestic alcoholic beverages and effective cost management. Revenue Core Operating Profit (\bn) 2024Q2 2025Q

  9. Slide 9: 2025Q2 Financial Highlights (Revenue)

    2025Q2 Financial Highlights (Revenue) ≫ Although Japan alcoholic beverages remained strong, overall revenue declined by ¥3.0 billion (1.2%) 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

  10. Slide 10: 2025Q2 Financial Highlights (Core Operating Profit)

    2025Q2 Financial Highlights (Core Operating Profit) ≫ All business segments—alcoholic beverages, food & soft drinks, and real estate—recorded profit growth (YoY+¥3.4 billion). - Profit in Japan alcoholic beverages increased due to revenue growth and effective cost management. - Although revenue in t

  11. Slide 11: Business Strategies: Action Plan

    Business Strategies: Action Plan On slides after p.12, 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

  12. Slide 12: Business Strategies: Alcoholic Beverages (Japan/Restaurants)

    Business Strategies: Alcoholic Beverages (Japan/Restaurants) Japan <Reasons for changes in core operating profit (YoY, ¥bn)> ▌ Revenue: ¥128.8 bn (YoY+¥3.8 bn, +3.0%) ▌ Core Operating Profit: ¥7.3 bn (YoY+¥2.0 bn, +38.7%) ≫ Revenue and profit both increased, with sales of beer and RTD products excee

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

    Business Strategies: Alcoholic Beverages (Overseas) Overseas <Reasons for changes in core operating profit (YoY, ¥bn)> ▌ Revenue: ¥42.0 bn (YoY(¥4.1) bn, (8.8%)） Decrease in exports to North America ▌ Core Operating Profit: (¥1.0) bn (YoY(¥0.3) bn) ≫ Although SPB has continued to grow steadily, prof

  14. Slide 14: Business Strategies: Food & Soft Drinks (Japan/Overseas)/Real Estate Business

    Business Strategies: Food & Soft Drinks (Japan/Overseas)/Real Estate Business Japan Overseas ▌ Revenue: ¥38.9 bn (YoY(¥3.1) bn, (7.4%)) ▌ Revenue: ¥12.3 bn (YoY(¥1.0) bn, (7.6%)） ▌ Core Operating Profit: ¥0.3 bn (YoY+¥0.4 bn) ▌ Core Operating Profit: ¥0.6 bn (YoY+¥0.3bn, +83.3%） ≫ Although revenue d

  15. Slide 15: Business Strategies: Action Plan KPI

    Business Strategies: Action Plan KPI ※1 Forex assumption: ¥130 Q2 Results Full Year 2026 Medium- ※2 Local currency basis (Singapore dollar) Term Plan 2022Q2 2024Q2 2025Q2 2022 2024 2025 Plan target Alcoholic Reinforcement of Beer / Improving Profitability of Beer-type Bev. Beverages Increase beer sa

  16. Slide 16: 3. Appendix

    3. Appendix Copyright, 2025 SAPPORO HOLDINGS LTD. All rights reserved. 16/31

  17. Slide 17: Financial Indicator Financial Targets

    Financial Indicator Financial Targets Q2 Result Full year Medium-Term Plan target Targets for 2026 have not been changed since the Medium-Term Business Plan was formulated 2022 Q2 2024 Q2 2025 Q2 2022 2024 2025 plan 2026 Target ROE - - - 3.3% 4.1% 5.5% 8.0% (Approximation) ※ (2.2) 3.5 7.0 9.3 22.0 2

  18. Slide 18: Financial Indicator Target for core operating profit margin

    Financial Indicator Target for core operating profit margin Q2 Result Full year Medium-Term Plan target *1 *2 2022 Q2 2024 Q2 2025 Q2 2022 2024 2025 plan Outlook for 2026 2026 Target Japan alcoholic beverages 0.1% 4.2% 5.6% 3.5% 6.0% 7.0% 7.5% 5.7% Overseas alcoholic 0.7% (1.5%) (2.3%) (0.4%) 0.4% 0

  19. Slide 19: (Reference) Group Management Plan 2025 (by Segment)

    (Reference) Group Management Plan 2025 (by Segment) Revenue Core Operating Profit FY2024 FY2025 FY2024 FY2025 (\bn) Change YoY Change YoY Result Plan Result Plan Alcoholic Beverages 388.2 393.5 +5.3 +1.4% 18.8 21.9 +3.1 +16.5% Japanese 273.0 277.0 +4.0 +1.5% 16.4 19.5 +3.1 +18.9% Overseas 94.3 95.0

  20. Slide 20: Balance Sheets

    Balance Sheets （billions of yen） Total assets End of 2024 2025Q2 Change Total liabilities and equity End of 2024 2025Q2 Change Cash and cash equivalents 24.1 19.6 (4.5) Trade payables 38.0 35.4 (2.6) Trade receivables 99.5 77.6 (21.8) Short-term financial liabilities 57.0 64.3 7.3 Inventories 58.1 6

  21. Slide 21: Status of Each Cash Flow

    Status of Each Cash Flow (billions of yen) 2024Q2 2025Q2 Change YoY CF from operating activities 11.1 10.5 (0.6) (5.2%) CF from investing activities (10.9) (3.6) 7.3 ー ＜Investment total（①＋②）＞ billion Free CF 0.2 6.9 6.8 4,491.8% CF from financing activities 0.3 (9.8) (10.1) ー ➀ Capital expenditure (

  22. Slide 22: Alcoholic Beverages Data

    Alcoholic Beverages Data Japan ※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) 2024Q2 2025Q2 Change(%) ①Beer (total) 1,384 1,421 2.7% Sapporo Draft Be

  23. Slide 23: Alcoholic Beverages Data

    Alcoholic Beverages Data Japan （billions of yen） ＜ Jan – Jun sales revenue ＞ (billions of yen) YoY Sales:Beer (Japan) 2024Q2 2025Q2 Change(%) Beer 75.7 79.2 4.7% Happoshu (include happoshu (2)) 18.9 16.0 (15.4%) Beer-type beverages 94.5 95.2 0.7% RTD 12.5 15.9 26.8% Domestic wines 1.1 0.5 (54.2%) Im

  24. Slide 24: 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 Happoshu beverages 46.99 yen Happoshu(2) RTD 37.8 35  RTD 28 yen 2020 2023 2026 （year） Copyright, 2025 SAPPORO HOLDINGS LTD. All rights reserved. 24/31

  25. Slide 25: Alcoholic Beverages Data

    Alcoholic Beverages Data Overseas (10,000 cases) YoY Sales Volume:Beer (International) 2024Q2 2025Q2 Change(%) Overseas brand (※1) 738 675 (8.5%) Sapporo brand 226 236 4.4% ①North America 964 912 (5.5%) Sapporo brand 193 253 31.2% ②Other areas 193 253 31.2% Sapporo brand Total 419 489 16.7% Total（①＋

  26. Slide 26: Alcoholic Beverages Data

    Alcoholic Beverages Data Restaurants ＜Composition of Restaurants by Format＞ YoY Restaurants 2024Q2 2025Q2 Change(%) Revenue （billions on yen） 9.8 10.1 2.7% Number of Restaurants 128 128 0.0% <Trend in Revenue of Restaurants Business 128Outlets and Number of Restaurants> （Jan-Jun） （billions of yen） （

  27. Slide 27: Food & Soft Drinks Data

    Food & Soft Drinks Data Japan （billions of yen） YoY Sales:Food & Soft Drinks (Japan) (※1) 2024Q2 2025Q2 Change(%) Lemon (Lemon Drinks・Lemon Food) 14.9 16.1 7.8% Drinks (excluding lemon drinks), etc. 22.9 18.5 (19.1%) ※1：Only domestic sales (Before Rebate subtracted from sales) ＜Trends in Sales Reven

  28. Slide 28: Real Estate Data

    Real Estate Data Real Estate (billions of yen) <Information about Investment property> <Major rental properties & occupancy rates：（Averages for 2025Q2)> 500.0 Average Site area Floor area Occupancy 400.0 No. of floors （㎡） （㎡） rate （%） 300.0 40 floors above ground, 200.0 Yebisu Garden Place（1） 56,943

  29. Slide 29: Sustainability Management Initiatives

    Sustainability Management Initiatives Sustainability Material Issues Harmony with the Environment We have identified sustainability material issues and are advancing Sapporo Holdings selected as a “Supplier Engagement Leader”, the initiatives accordingly (Partially updated in January 2025) highest r

  30. Slide 30: 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:/

  31. Slide 31: 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

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