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Copyright, 2026 SAPPORO HOLDINGS LTD. All rights reserved. 1/58 URL: https://www.sapporoholdings.jp/en/ February 13, 2025 Sapporo Holdings Limited (2501) Sapporo Group Business Results for FY2025 and Management Plan for FY2026
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Copyright, 2026 SAPPORO HOLDINGS LTD. All rights reserved. 2/58 1. Summary ・・・P.3~P.4 2. Review of the Medium-Term Management Plan (2023–26) and Formulation of the next Medium-Term Management Plan (2027–30) ・・・P.5~P.13 3. Financial Strategies to Enhance Medium- to Long-Term Corporate Value and Strengthening of Management and Governance Systems ・・・P.14~P.18 4. Financial results for FY2025 ・・・P.19~P.24 5. Management Plan for FY2026 ・・・P.25~P.41 Appendix ・・・P.42~P.57 Contents *In this document, the name abbreviations and terms are used: SH: Sapporo Holdings Limited SB: Sapporo Breweries Ltd. SLN: Sapporo Lion Limited. PS: Pokka Sapporo Food & Beverage Ltd. SRE: Sapporo Real Estate Co., Ltd. YGP: Yebisu Garden Place SPB: Sapporo Premium Beer Mid-Term Plan: Medium-Term Management Plan (2023-26) next Mid-Term Plan: next Medium-Term Management Plan (2027-30) Beer-type beverages: Beer and Happoshu (include happoshu(2)) Beer: Beer within beer-type beverages CAGR: Compound Annual Growth Rate
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Copyright, 2026 SAPPORO HOLDINGS LTD. All rights reserved. 3/58 1. Summary
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Copyright, 2026 SAPPORO HOLDINGS LTD. All rights reserved. 4/58 Summary FY2025 Financial Results* FY2026 Management Plan* Core operating profit Profit attributable to owners of parent ROE ¥25.0billion YoY +¥8.2bn +49% FY2024 Result 4.1% Core operating profit Profit attributable to owners of parent ROE YoY (¥3.0)bn (12%) YoY ＋276.5bn YoY +¥11.8bn +153% Based on our policy of a DOE of 3% or higher, the dividend for FY2025 has been set at 18 yen. With the goal of achieving a DOE of 4% or higher for FY2030, the Company plans to increase dividends for FY2026 significantly to 40 yen per share. An interim dividend will also be implemented to enhance shareholder returns. Review of the Mid-Term Plan and Formulation of next Mid-Term Plan (2027-2030) Shareholder return (Dividends are stated on a post-stock- split basis as of December 2025) Following the ahead-of-schedule achievement of our Mid-Term Plan financial targets, a review of the current Medium-Term Management Plan (2023–2026) is being announced, along with the status of considerations toward the formulation of the next Medium-Term Management Plan (2027-2030). Core operating profit increased across all segments, driven by improved profitability in each business, particularly Japan Alcoholic Beverages. Due to the increase in core operating profit, profit attributable to owners of parent rose significantly. Following the adoption of IFRS in FY2018, core operating profit, operating profit, and profit attributable to owners of parent all reached record highs ROE achieved the FY2026 financial target of 8% set in the Medium-Term Management Plan (2023–2026) one year ahead of schedule. Having achieved our Mid-Term Plan financial targets ahead of schedule and aim to transform into a company centered on the alcoholic beverages business, we position FY2026 as a transition period toward medium- to long-term growth. Core operating profit is expected to decline as investment costs will be incorporated for medium- to long-term growth, and operating profit is also planned to decrease due to structural reforms expenses. Meanwhile, profit attributable to owners of parent is expected to increase significantly, driven by gains from the injection of external capital into the real estate business. In Japan Alcoholic Beverages, the Company will invest in its business amidst the unification of liquor taxe rates for beer-type beverages. In Overseas Alcoholic Beverages (U.S.), structural reforms will be accelerated and initiatives will be driven forward. *Figures after classification of Real Estate business as discontinued operation ¥19.5billion 9.4% ¥22.0billion ¥296.0billion 83.4% FY2025 Result 9.4%
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Copyright, 2026 SAPPORO HOLDINGS LTD. All rights reserved. 5/58 2. Review of the Medium-Term Management Plan (2023–26) and Formulation of the next Medium-Term Management Plan (2027–30) *This Review of the Medium-Term Management Plan (2023-26) will focus on financial aspects, and a comprehensive review including non-financial aspects is scheduled to be at the time of the announcement of the next Medium-Term Management Plan (2027-30).
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Copyright, 2026 SAPPORO HOLDINGS LTD. All rights reserved. 6/58 9.3 15.6 22.0 32.1 3.3% 5.0% 4.1% 9.4% 0.0% 3.0% 6.0% 9.0% 12.0% 0.0 5.0 10.0 15.0 20.0 25.0 30.0 35.0 FY2022 FY2023 FY2024 FY2025 Review of the Medium-Term Management Plan (2023–2026) : Summary *1: For comparability with prior years, core operating profit and EBITDA CAGR are presented before the classification of the real estate business as a discontinued operation. *2: Equity: Total equity attributable to owners of parent 9.4% Promoted business portfolio management through the dual approaches of “Structural reform” and “trengthening/growth.” While challenges regarding the profitability foundation of overseas operations remain, profitability significantly improved, primarily driven by domestic operations, and FY2025 core operating profit increased to more than three times compared to FY2022. Steady execution of balance sheet reform contributed to improved capital efficiency. - Reduction of cross-shareholdings: Approximately ¥34.0 billion was sold over three years, reducing the ratio to equity *2 to 14% as of the end of FY2025 (28% as of the end of FY2022). Formulated mid-to-long-term management policies and strategies aimed at enhancing corporate value over the medium to long term and decided to inject external capital into the real estate business. FY2025 Results FY2026 Targets (Initial Plan） ROE EBITDA CAGR*1 Overseas Revenue CAGR ≫ Addressing capital efficiency and low profitability exit to drive the Medium-Term Management Plan. ≫ The 8% ROE financial target set for FY2026 was achieved one year ahead of schedule (FY2025 actual ROE: 9.4%). Financial target for the Mid-Term Plan (2023–2026) 8% or higher About 10% About 10% 21.7% 6.3% < < < Key Initiatives and Results Structural reforms Strengthening/Growth Development of Mid-to-Long-Term Policies and Strategies Financial review (core operating profit*1 and ROE) Core operating profit (billions of yen) Core operating profit More than 3x vs.2022 *3 Figures after classification of the Real Estate business as a discontinued operation ROE [25.0]*３
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Copyright, 2026 SAPPORO HOLDINGS LTD. All rights reserved. 7/58 FY2022 Result FY2023 Result FY2024 Result FY2025 Result FY2026 Target ( Medium-Term Plan target) Alcoholic Beverages(Japan) 3.5% 5.3% 6.0% 9.0% 5.7% Alcoholic Beverages(Overseas) (0.4%) (0.3%) 0.4% 1.1% 6.2% Restaurants (3.3%) 10.5% 9.3% 9.5% 5.0% Food & Beverages (Japan) 0.9% 2.3% 2.5% 3.8% 3.8% Overseas Beverages 3.6% (2.2%) 4.3% 4.6% 5.0% Review of the Medium-Term Management Plan (2023–2026) : Status of each business ≫ Japan Alcoholic Beverages grew through strengthened beer initiatives, and Restaurants and Japan Food & Beverages improved profitability through structural reforms. ≫ Meanwhile, Overseas Alcoholic Beverages fell short of targets, and turnaround efforts to strengthen the earnings base continue, particularly in North America. Core operating profit margin* *FY2025 core operating profit and core operating profit margin are presented after the classification of the Real Estate business as a discontinued operation (after the partial transfer of certain real estate assets from the Real Estate business to Japan Alcoholic Beverages), and after the transfer of the export business of SB (for APAC and Europe) from Japan Alcoholic Beverages to Overseas Alcoholic Beverages.
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Copyright, 2026 SAPPORO HOLDINGS LTD. All rights reserved. 8/58 8.5 25.43.5% 9.0% 0% 2% 4% 6% 8% 10% 0.0 10.0 20.0 30.0 FY2022 FY2025 Core operating profit Core opetrating profit margin(%) Review of the Medium-Term Management Plan (2023–2026) : Alcoholic Beverages (Japan) ≫ The strategy to strengthen beer sales has been successful, leading to a significant increase in profitability. We will continue to work on further enhancing profitability beyond FY2026. Financial review (core operating profit) Profitability improved significantly throughout the Mid-Term Plan period. The core operating profit margin largely exceeded the FY2026 Mid-Term Plan target of 5.7%. In addition to beer reinforcement, cost structure reforms such as base reorganization (Sendai, Nasu) and wine business review also contributed to improved profitability. Further strengthening beer sales by leveraging the October 2026 liquor tax revision, while enhancing the profitability of low- margin businesses and driving medium- to long-term growth in RTD (ready-to-drink) and non-alcoholic beverages. Initiatives under the Mid-Term Plan Key Achievements and Future Challenges • Core operating profit margin: FY2026 Mid-Term Plan target: 5.7% ⇒ FY2025 actual result: 9.0%. <Beer sales volume> 2,677 3,220 2,000 2,500 3,000 3,500 2022 2023 2024 2025 +20% compared to FY2022 (Market : +9%) <Share of beer sales > FY2022: 68% ⇒ FY2025: 81% (Market :57%) • Our core Beer business captured new demand through marketing that highlights the brand's worldview and experiences. Significant growth, outpacing the market • The sales mix of higher-margin beer also improved significantly. (10.000 cases)(billions of yen) *1: FY2025 core operating profit and core operating profit margin are presented after the classification of the Real Estate business as a discontinued operation (after the partial transfer of certain real estate assets from the Real Estate business to Japan Alcoholic Beverages), and after the transfer of the export business of SB (for APAC and Europe) from Japan Alcoholic Beverages to Overseas Alcoholic Beverages. *2: Overall demand (market) is estimated by SH *3 Proportion of beer within beer-type beverages *1 *2 *2 *3
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Copyright, 2026 SAPPORO HOLDINGS LTD. All rights reserved. 9/58 Regarding future growth (Alcoholic Beverages (Japan)) ≫ Accelerating growth by leveraging the October 2026 liquor tax revision to increase investment in core beer brands. • Countering cost increases through continuous cost reduction and efficiency initiatives • Accelerating growth by leveraging the October 2026 liquor tax revision to strengthen investment in core beer brands, such as Black Label and YEBISU. FY2025 (Result) FY2030 (Target) Profit Drivers (Composition) ¥25.4 billion 9.0% 10% or higher RTD/ Non- Alcoholic Beverages Beer (including strengthening brand experience and community engagement） Cost Structural reforms ▌Profit Growth(Image) FY2030 target +20% or higher (Sales volume basis, vs.2025 Results) Black Label Brand Yebisu Brand Unit: Core operating profit (billion yen), core operating profit margi n(%)*1 FY2030 (Target) <Beer sales volume> FY2026 (Plan) FY2025 (Result) <Strengthening core brands> ▌Beer Growth(Image) Execute "Bonds with Community × Healthier Choice" Business Strategy Increase Beer Sales Share to over 90% by FY2030 • Strengthen the RTD/non-alcoholic beverages, which is expected to grow in the future, including collaboration with Japan Food & Beverages. • Planning to launch non-alcoholic new products from FY2027 onwards. *1: FY2025 core operating profit and core operating profit margin are presented after the classification of the Real Estate business as a discontinued operation (after the partial transfer of certain real estate assets from the Real Estate business to Japan Alcoholic Beverages), and after the transfer of the export business of SB (for APAC and Europe) from Japan Alcoholic Beverages to Overseas Alcoholic Beverages. *2 Proportion of beer within beer-type beverages 3,220 3,351 (10.000 cases) *2
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Copyright, 2026 SAPPORO HOLDINGS LTD. All rights reserved. 10/58 Review of the Medium-Term Management Plan (2023–2026): Alcoholic beverages (Overseas) ≫ The Sapporo brand continues to grow steadily. However, due to challenges in North America, sales and core operating profit are expected to fall short of the Mid-Term Plan targets.Efforts will be made to achieve an early turnaround of the North American business, potentially including additional cost structural reforms, while strengthening the earnings base in other regions. FY2025 Results Overseas brand (Stone, Sleeman, etc.) (7%) (vs.2022) Sapporo Brand +60% (vs.2022) • The Sapporo brand has achieved steady growth not only in North America but also in APAC and Europe, achieving the FY2026 Mid-Term Plan target (global sales of 10 million cases) one year ahead of schedule. • On the other hand, our overseas brands (Stone, Sleeman, etc.) faced challenges, which was one factor behind the deterioration in profitability. The Sapporo Brand (SPB) is growing steadily globally. However, affected by deteriorating market conditions due to inflation and other factors, the North American business profit margin is expected to fall short of the FY2026 Mid-Term Plan target. Furthermore, the U.S. tariffs are expected to prolong the soft beer market conditions. We will advance the early recovery of our North American business, considering additional cost structural reforms. To strengthen the management capabilities of our overseas operations, we will utilize external talent with extensive overseasexperience and build a unified management foundation integrating local operations and headquarters through the International Management Committee (starting January 2025). We will further strengthen our organizational structure, including Overseas Beverage operations. • Core operating profit margin FY2026 Mid-Term Plan target: 6.2% ⇒ FY2025 actual result: 1.1%. Key Achievements and Future Challenges Initiatives under the Mid-Term Plan <Sales Volume of Alcoholic Beverages(Overseas)> (10.000 cases) *1: Core operating profit and margin for FY2025 are presented after the transfer of the export business of SB (for APAC and Europe) from Japan Alcoholic Beverages to Overseas Alcoholic Beverages. (0.3) 1.1 (0.4%) 1.1% (4.0%) (2.0%) 0.0% 2.0% 4.0% (0.4) 0.0 0.4 0.8 1.2 FY2022 FY2025 Core operating profit Core opetrating profit margin Financial review (core operating profit)*1 (billions of yen)
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Copyright, 2026 SAPPORO HOLDINGS LTD. All rights reserved. 11/58 Formulation of the next Medium-Term Management Plan (2027–2030) based on the medium- to long-term policies and strategies ● Group Strategy Review Committee (Sep. 2023 to Feb. 2024) ● Medium - to - Long - Term Strategy Project (Apr. 2024 to Nov. 2024) ● Next Mid - Term Plan Project (Jun. 2025 to public announcement) Medium-to-Long- Term Management Policies (February 2024) Initiatives for Medium - to Long - Term Growth ・ Synergy between Alcoholic Beverages and Beverages ・ Transition to a Business Holding Company Structure ・ Decision of Injection of External Capital into the Real Estate BusinessMedium-to-Long-Term Growth Strategy (February 2025) Steadily advancing the initiatives outlined in the Mid - Term Plan Medium - to long - term initiatives to enhance corporate value are being advanced in parallel, with a view beyond the current plan and toward the next Mid - Term Plan. Transform into a portfolio centered on the alcoholic beverages business FY2023 FY2024 FY2025 For medium - to - long - term growth, implementing growth investments and structural reforms and . The next Mid - Term Plan will be formulated by progressively building upon our medium - to long - term policies and strategies and is scheduled to be announced in 2026. FY2026 Domestic Business Advancing business portfolio management Balance sheet reforms - structural reform : Completion and policy determination by the end of FY2024. - strengthening/growth : Profitability significantly improved, primarily driven by Alcoholic Beverages (Japan). - Steady execution of reduction of cross - shareholdings , etc. ≫ During the Medium-Term Plan period, initiatives to enhance corporate value over the medium-to long term were advanced with a view beyond the current plan. Growth will be pursued by concentrating management resources on core domestic and overseas alcoholic beverage businesses. ≫ The next Medium-Term Management Plan (2027–2030) is planned to be formulated by progressively building upon our existing medium- to long-term policies and strategies. ・Vision for the Future - Decided on further transformation of the business portfolio set out in the Mid- Term Plan. - By injecting external capital to the Real Estate business and concentrating management resources on the alcoholic beverages business ・Medium- to Long-Term Vision ・5 main points of the strategy Bonds with Community, Healthier Choice etc. FY2025 ROE achieved the financial target of 8% set in the Mid-Term Plan one year ahead of schedule. FY2026 Transitional period for medium-to-long-term growth/ Formulation of next Mid-Term Plan Alcoholic Beverages Food & Beverages Real Estate Alcoholic Beverages (Japan) Alcoholic Beverages (Overseas) Overseas Beverages Food & Beverages (Japan) Overseas Business
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Copyright, 2026 SAPPORO HOLDINGS LTD. All rights reserved. 12/58 One SAPPORO Management 【Long-Term Financial Targets】 - ROE ：10% or higher Leveraging Group's Strengths and Working as One to Maximize Value Environmental Analysis External Environment (Market & Competition) External Evaluation Evaluation by Capital Markets Customer Evaluation Sustainability Rating Internal Evaluation Employee Evaluation Strategy Review Enhancement of Corporate Value Realizing the Company’s corporate philosophy Achieving sustainable long-term growth for the Sapporo Group / Achievement of the Management Plan Bonds with Community × Healthier Choice One SAPPORO Management Integration of Business Strategy and Sustainability Business Holding Company Structure Market growth potential Sapporo Group profitability Overseas Beer Japan Beer Restaurant RTD Lemon Foods & Beverages NEW Non - Alcohol Overseas Beverage Bonds with Community Provide value via customer touchpoints Healthier Choice Offer a wide range of healthier choice 0% 100% 5%～ Expansion into sectors offering New forms Of value Internal Environment (Company)
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Copyright, 2026 SAPPORO HOLDINGS LTD. All rights reserved. 13/58 FY2026 Jan. Feb. Mar. Apr. May Jun. Jul. Aug. Sep. Oct. Nov. Dec. Items 1H 2H 1H 2H 1H 2H 1H 2H 1H 2H 1H 2H 1H 2H 1H 2H 1H 2H 1H 2H 1H 2H 1H 2H Major Events Next Mid-Term Plan (2027-30) Transition to a Business Holding Company Structure Injection of External Capital into Real Estate Business Bonds with Community Healthier Choice General Meetings of Shareholders ▼ Liquor Tax Revisions ▼ Announcement of Q1 2026 Financial Results ▼ Announcement of Q2 2026 Financial Results ▼ Announcement of Q3 2026 Financial Results ▼ Financial Disclosure Under the New Segment Structure ▼ Implementation of the Stock Split ▼ Announcement of 2025 Financial Results ▼ First Closing ▼ Renovation of the Sapporo Beer Museum ▼ Black Label THE BAR OSAKA ▼ Experience hub opens at Ginza Lion Building ▼ SAPPORO PREMIUM BEER 150th Anniversary Commemorative Design Can Launch in Japan ▼ Super Star Limited Release in the Kansai Region ▼ Sapporo Premium Cocktail Lemon Sour Launch in Canada ▼ ≫ The injection of external capital into the Real Estate business was decided, and the Medium-Term Management Plan targets were achieved one year ahead of schedule. ≫ The Company is currently formulating the next Medium-Term Management Plan (2027-30), and plans to announce it within 2026. Transition to a Business Holding Company Structure (from July 1) Announcement of the New Medium-Term Management Plan (Reference) Upcoming Schedule
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Copyright, 2026 SAPPORO HOLDINGS LTD. All rights reserved. 14/58 3. Financial Strategies to Enhance Medium- to Long-Term Corporate Value and Strengthening of Management and Governance Systems
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Copyright, 2026 SAPPORO HOLDINGS LTD. All rights reserved. 15/58 Financial Scenarios to Enhance Medium- to Long-Term Corporate Value ≫ To achieve our long-term ROE target of 10% or more, we will strategically invest the funds raised through the injection of external capital into the Real Estate business into growth initiatives in the Alcoholic Beverages business, accelerating earnings growth and strengthening medium- to long-term cash generation to enhance overall group corporate value. ≫ In addition, appropriate capital management will be pursued through higher dividend levels and flexible share buybacks. The cash (¥470 billion) raised through injection of external capital into the Real Estate business will primarily be allocated to ¥300–400 billion in growth investments and ¥100 billion in shareholder returns. Core operating profit (billion yen) Equity* (billion yen) ROE Plan & Outlook TargetActual 9.4% 8% or higher 10% or higher FY2025 FY2026 - FY2029 FY2030 Long-Term 25.0 22.0 Deliver profit growth Aiming for further profitability growth 218.9 About 500 Maintain appropriate level of shareholders’ equity ROE will decline as equity increase following the injection of external capital into the Real Estate business. Appropriate capital management Achieve revenue growth through growth investments (including M&A) and organic growth Equity increase via injection of external capital into the Real Estate business 83.4% Maintain appropriate level of shareholders’ equity Increase in Expenses Due to Structural Reforms and Growth Investments Interest-bearing debt (billion yen) 170.6 Utilize financial leverage for investment opportunities, while maintaining an A credit rating Repayment of interest- bearing debt related to Real Estate business Strategic Investment in the Alcoholic Beverages Business Net D/E ratio 0.5 times or less Net D/E ratio 0.5 times or lessAbout 75 *Total equity attributable to owners of parent When growth investment opportunities are not identified, we will consider additional shareholder returns to achieve an 8% ROE.
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Copyright, 2026 SAPPORO HOLDINGS LTD. All rights reserved. 16/58 Shareholder returns (total value of returns until FY2030) Approx. 100 billion yen Growth investments (including M&A, etc.) Approx. 300–400 billion yen Debt repayment (repayment of temporary debt) Approx. 100 billion yen • The Company will increase capital efficiency by repaying the debt related to the Real Estate business, as well as considering additional repayment of debt during the period before making growth investments. • The Company will use financial leverage as required at each stage of growth investment, taking care to retain its “A” rating. (Financial security aims: Control at Net D/E ratio of 0.5 times or less and Net D/EBITDA ratio of 3.0 times or less) • The Company will aim for a DOE of 3% or higher, targeting 4% or higher by 2030. • The Company will consider timely share buybacks aimed at increasing ROE and EPS. The Company plans to disclose a more detailed policy, including cash from operations, in the next Medium-Term Management Plan (for 2027–2030). Priority sectors for investment Capture the next generation of beer drinker Strengthen overseas beer business Strengthen RTD sector Acquire new capabilities with the aim of generating innovation Strengthen non-alcohol and soft-drink capabilities • When making major investments including M&A, the Company will set hurdle rates for each business and area (Japan: 7%; overseas*: 10%) and make comprehensive decisions before investing. • If attractive investment opportunities are unlikely before FY2030, the Company will consider additional shareholder returns. Policy for Allocation of Cash Raised Through Injection of External Capital into Real Estate Business * North America 10%, etc. ≫ Cash raised through injection of external capital into the Real Estate business will be allocated primarily to growth investments. In addition, based on our view of the appropriate future balance sheet, we will strategically optimize shareholders’ equity a nd appropriately utilize financial leverage to enhance capital efficiency and ultimately increase corporate value. ≫ To provide stable and sustainable shareholder returns, our dividend policy targets a DOE of 3% or higher as a guideline, with the aim of achieving 4% or higher by 2030. In addition, from the perspective of improving capital efficiency, we will also consider share buybacks.
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Copyright, 2026 SAPPORO HOLDINGS LTD. All rights reserved. 17/58 Board of Directors Executive Structure Background and Purpose Recognizing the challenges identified from past overseas M&A and other initiatives, the organizational framework will be strengthened to ensure the reliable execution of future growth investments and the achievement of results. The skills matrix of Directors, which has been enhanced to date, will be further expanded, and execution capability will be further improved by strengthening not only structural aspects but also operational execution. + Further Strengthening of the Board of Directors’ Structure and Operations(Details on p45) ≫ Throughout the Medium-Term Management Plan period, both the executive structure and the Board of Directors’ oversight structure have been continuously strengthened. As future growth investments are executed, these structures will be further enhanced to improve their effectiveness. Strengthening skills in global management, M&A and business turnaround, and BtoC marketing (with the appointment of new members planned). A Board structure in which independent outside directors constitute a majority (7 of 11 members) will be maintained. An outside Director with expertise in finance and accounting is scheduled to be appointed as Chair of the Audit and Supervisory Committee, a position previously held by an internal Director. As a result, all three committee chairs—including those of the Nomination and Compensation Committees—are expected to be independent outside Directors. In the Board of Directors’ investment process, sufficient time for deliberation will be ensured in each phase—(1) pre-investment analysis and evaluation, (2) review and approval for execution, and (3) post-investment monitoring—both in terms of quality and quantity, thereby strengthening the effectiveness of investment decision-making and the Board’s oversight function. Struct ure Enhancement of Expertise Strengthen governance Investment Review Process Opera tions Strengthening the Selection and Execution Functions for Growth Investments Transition to a Business Holding Company Structure Through the transition to a business holding company structure, growth investment decision-making will be strengthened under the “Bonds with Community” and “Healthier Choice” strategies, supporting business growth, particularly in alcoholic beverages. Strengthening M&A Capabilities Establishment of a new specialized department for M&A and alliances under the direct supervision of the responsible executive officer. Composed mainly of highly specialized external professionals, the organization will centrally manage domestic and overseas projects to accelerate and enhance decision-making. Struct ure and Operat ions Oversight Reporting For investments such as M&A, we will continue to establish hurdle rates by business and by region, and make overall investment decisions before proceeding with execution. Strengthening of Management and Governance Systems (Changes from FY2026 Onward)
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Copyright, 2026 SAPPORO HOLDINGS LTD. All rights reserved. 18/58 Examples of SRE assets subject to the Transactions 70% of YGP%*3 Sapporo Factory etc Overview of the Transaction Maintain discussions with multiple candidates until the final stage of the process to foster and sustain a competitive environment and maximize shareholder value and corporate value*1. *3 The percentage of quasi-co-ownership interest in trust beneficiary rights *4 Lots/areas including the Sapporo Beer Museum and Sapporo Beer Garden, etc. *5 Includes synergies such as brand communication effects *1 Confirmed through the selection process that a staged transfer would not result in a lower share price compared with a lump- sum transfer. *2 Net interest-bearing debt, etc. includes loan collections from SRE. In addition, the value of the transaction may change as it will be adjusted in line with the amount recorded in the balance sheet just prior to closing. ＜Assets currently owned by SRE that are excluded＞ Assets to be utilized for the alcoholic beverages business will be retained within the Group (scheduled to be transferred to SB in March 2026). 30% of YGP*3 Part of Sapporo Garden Park*4 Ginza Place ＜Supplementary Information on Transaction Stages＞ <Transaction Price (Enterprise Value Basis)> Corporate value (1) ¥477.0 billion Net Interest-Bearing Debt, etc. (2) ¥102.4 billion Equity Value ((1) − (2)) ¥374.6 billion <Key Financial Impacts> 2026 Gain on Loss of Control of a Subsidiary: Approximately ¥330 billion (Estimated after-tax profit: approximately ¥290 billion) Transaction Amount and Loan Repayment Proceeds: approximately ¥290 billion Through FY2029 (cumulative) Total Cash Inflow Based on the Transaction Ratio: approximately ¥470 billion (including approximately ¥30 billion in interest equivalent to the Company’s cost of capital) <Schedule> First Closing: June 2026 – 51% (Full repayment of shareholder loans) Second Closing: June 2028 – 29% Third Closing: June 2029 – 20% Realization of phased monetization • We anticipate that growth investments in the alcoholic beverages business (including M&A) will require a certain amount of time for evaluation and completion. • Phased cash inflows will enable flexible cash management aligned with the growth scenario of the alcoholic beverages business, and contribute to improved asset efficiency. • The share price is fixed across all three closings to ensure the realization of certain cash proceeds. In addition, taking into account the time value of cash, for the second and third closings, an amount equivalent to the Company’s cost of capital (6% per annual) will be added to the share transaction price. Achieving a smooth separation • We place importance on maintaining relationships with SRE’s existing business partners, employees, and other stakeholders. By remaining a minority shareholder until 2029, we aim to ensure a smooth transition. With future monetization in view • 20% of YGP and Ginza Place are expected to offer further value enhancement and value realization. In light of the growth stage of the alcoholic beverages business, we will continue to consider the realization and monetization of real estate value. Quantitatively measure capital efficiency • For assets that contribute to the alcoholic beverages business—such as brand communication hubs and experiential venues in locations associated with the brand’s origins—we assess their contribution to business growth *5 by comparing property-level ROIC with the WACC of our domestic alcoholic business, and will continue to monitor this regularly. Supplementary Explanation of the Scheme for the Injection of External Capital in the Real Estate Business
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Copyright, 2026 SAPPORO HOLDINGS LTD. All rights reserved. 19/58 4. Financial results for FY2025
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Copyright, 2026 SAPPORO HOLDINGS LTD. All rights reserved. 20/58 FY2025 Financial Highlights (Consolidated)* *The FY2025 results classify the real estate business as discontinued operations, and the comparative FY2024 results have been reclassified accordingly. ≫ Improved core operating profit, which reflects the profitability of our core business, contributed to a significant increase in profit attributable to owners of the parent. We also achieved our Medium-Term Management Plan target of 8% ROE. ≫ Profit also increased compared with the revised plan announced in December 2025. Since the adoption of IFRS in FY2018, we achieved record-high profit at every level of profit. (￥bn) FY2024 [A] FY2025 [B] Change [B-A] YoY [B/A] FY2025 Revised Plan [C] Change [B-C] YoY [B/C] Revenue 512.4 506.9 (5.6) (1.1%) 501.8 +5.0 +1.0% EBITDA 34.1 42.0 +7.9 +23.2% 40.0 +2.0 +4.9% Core operating profit (Revenue-Cost of sales-SG&A exp.) 16.8 25.0 +8.2 +48.6% 22.5 +2.5 +11.1% (Core operating profit margin) 3.3% 4.9% - - 4.5% - - Other operating income (exp.) (11.2) (0.6) +10.6 - (1.4) +0.9 - Operating profit 5.6 24.4 +18.8 +332.9% 21.1 +3.4 +16.0% Finacial income (exp.)/ Equity in net income of affiliates 1.6 (1.7) (3.3) - (2.9) +1.2 - Profit before tax 7.2 22.7 +15.5 +214.6% 18.2 +4.6 +25.1% Profit from continuing operation 2.8 15.1 +12.3 +446.7% 12.2 +2.9 +23.7% Profit from discontinued operation 5.0 4.4 (0.6) (11.3%) 4.3 +0.1 +3.4% Profit attributable to owners of parent 7.7 19.5 +11.8 +152.8% 16.5 +3.0 +18.2% ROE 4.1% 9.4% - - 8.0% - -
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Copyright, 2026 SAPPORO HOLDINGS LTD. All rights reserved. 21/58 FY2025 Financial Highlights (by Segment)* ≫ Although revenue declined in the Overseas Alcoholic Beverages and Food & Beverages, profit increased thanks to strong profitability growth in Japan Alcoholic Beverages. ≫ All segments achieved profit growth compared to the revised plan announced in December 2025. *The FY2025 results classify the Real Estate business as discontinued operations, and Japan Alcoholic Beverages results reflect the transfer of certain real estate assets from the real estate business. The FY2024 comparative results have been reclassified accordingly. (￥bn) FY2024 FY2025 Change YoY FY2024 [A] FY2025 [B] Change [B-A] YoY [B/A] FY2025 Revised Plan [C] Change [B-C] YoY [B/C] Alcoholic Beverages 394.4 400.2 +5.9 +1.5% 21.4 28.5 +7.1 +33.1% 26.9 +1.6 +6.1% Japan 279.2 291.0 +11.8 +4.2% 19.0 26.3 +7.3 +38.3% 25.0 +1.4 +5.5% Overseas 94.3 87.7 (6.6) (7.0%) 0.4 0.2 (0.2) (57.5%) 0.0 +0.2 - Restaurants 20.9 21.5 +0.6 +3.0% 1.9 2.0 +0.1 +5.6% 2.0 +0.1 +5.1% Food & Beverages 118.0 106.6 (11.3) (9.6%) 3.4 4.2 +0.8 +23.3% 4.2 +0.1 +1.9% Japan 90.7 80.9 (9.8) (10.9%) 2.2 3.0 +0.8 +35.5% 2.9 +0.2 +6.9% Overseas 27.2 25.7 (1.5) (5.5%) 1.2 1.2 (0.0) (1.0%) 1.3 (0.1) (9.9%) Other/Other・Adjustment (corporate and elimination) 0.1 0.0 (0.1) - (8.0) (7.8) +0.3 - (8.5) +0.8 - Total 512.4 506.9 (5.6) (1.1%) 16.8 25.0 +8.2 +48.6% 22.5 +2.5 +11.1% Core Operating ProfitRevenue
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Copyright, 2026 SAPPORO HOLDINGS LTD. All rights reserved. 22/58 FY2025 Financial Highlights (Revenue) ≫ Japan Alcoholic Beverages saw increased revenue, but overall revenue decreased by ¥5.6 billion due to the impact of market conditions and exchange rates of Overseas Alcoholic Beverages, as well as reduced revenue in the Japan Food & Beverages business. - Japan Alcoholic Beverages saw increased revenue due to higher volumes of beer and RTD and the effect of price revisions. - Overseas Alcoholic Beverages experienced decreased revenue despite continued growth in North American SPB, due to market conditions and exchange rate impacts. - Food＆Beverage Business experienced a decline in revenue due to structural reforms and related factors. = Decrease = Increase Alcoholic Beverages FY2024 Result Alcoholic Beverages (Japan) Alcoholic Beverages (Overseas) RTD+3.3/ Wine etc.(0.6) Food & Beverages (Japan) Beer sales volume＋3.2% (¥bn)<Reasons for changes in sales revenue> Happoshu sales volume (16.5%) SPB in North America sales volume+4.6%/ Overseas brands sales volume (8.8)% Food & Beverages Structural reforms (business transfer, product lineup changes) FY2025 Result Export +2.3
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Copyright, 2026 SAPPORO HOLDINGS LTD. All rights reserved. 23/58 ≫ Japan Alcoholic Beverages drives significant profit growth (+¥8.2 billion,+48.6%) - Japan Alcoholic Beverages saw increased profits, driven by strengthened brand investment centered on beer and the effect of price revisions. - Revenue declined in the Food and Beverages Business, but profit increased due to price revisions and cost structure reforms. FY2025 Financial Highlights (Core Operating Profit) = Decrease = Increase Food & BeveragesAlcoholic Beverages Alcoholic Beverages (Japan) FY2024 Result FY2025 Result Food &Beverages (Japan) <Reasons for changes in core operating profit> Sales volume （0.8) Price revisions etc+6.8 Cost structure reforms +0.9 RTD＋1.8/ Wine etc. +2.3 Sales promotion Investment(3.1) Sales volume (2.1) Price revisions etc+1.1 (¥bn) Details of the factors behind the changes are shown on the business strategy page from p.34 onward
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Copyright, 2026 SAPPORO HOLDINGS LTD. All rights reserved. 24/58 Capital: ＋ ¥ 23.0 billion ・ Retained Earnings: ＋ ¥ 20.4 billion ・ Other components of equity: ＋ ¥ 2.3 billion ・ Exclusion of Shinsyu - ichi Miso Co. Ltd and other subsidiaries from consolidation: ( ¥ 7.8)billion ・ Sale of cross - shareholdings:( ¥ 9.1)billion (reduced holdings of 23 stocks) FY2025 Financial Highlights: Balance Sheet ≫ Through promoting business portfolio management and selling cross-shareholdings ((¥9.1billion)), total assets decreased by ¥11.3 billion compared to the previous period. ≫ Following the classification of the Real Estate Business as a discontinued operation, assets of the Real Estate Business were reclassified as assets held for sale. Assets Liabilities Capital Current assets (assets held for sale and others) Non-current assets (other financial assets and others) Financial liabilities Other liabilities Retained earnings Other components of equity Liabilities: ( ¥ 34.2)billion Total assets: ( ¥ 11.3)billion *1: Amount of cross-shareholdings sold (only stocks held by SH and SB) *2: Equity: Total equity attributable to owners of parent The decrease factors by segment are mainly due to the reclassification of Real Estate business assets as assets held for sale ・ Assets held for sale: + ¥ 167.9 billion ・Due to the injection of external capital into the Real Estate business, the total equity attributable to owners of the parent company is expected to increase, leading to a change in the target ◆Target by 2026: Less than 5% of equity *2 (Less than 10% of equity prior to the change) ◆Planned sale amount for 2026: 8 billion yen or more Review of reduction cross-shareholdings targets ¥467.8 billion at the end of the previous term → ¥433.6 billion at the end of the term under review Financial liabilities: (¥34.5) billion ¥197.2 billion at the end of the previous term → ¥220.1 billion at the end of the term under review - Net profit , dividend paid ： +¥15.4 billion - Transfer from other components of equity (gains/losses on sales of investment securities, etc.) : +¥5.5 billion - Foreign currency translation adjustments: +¥1.8 billion - Valuation adjustment: ¥0.5 billion (Valuation adjustment +¥6.0 billion, Transfer to retained earnings (¥5.5) billion) ¥665.0 billion at the end of the previous term → ¥653.7 billion at the end of the term under review
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Copyright, 2026 SAPPORO HOLDINGS LTD. All rights reserved. 25/58 5. Management Plan for FY2026
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Copyright, 2026 SAPPORO HOLDINGS LTD. All rights reserved. 26/58 FY2026 Group Management Plan: Key Assumptions Having achieved our Mid-Term Plan financial targets ahead of schedule and aim to transform into a company centered on the alcoholic beverages business, we position FY2026 as a transition period toward medium- to long-term growth. For FY2026, formulated plans incorporating the growth investments and structural reforms necessary for medium- to long-term growth. Key Assumptions Regarding operating profit, we will pursue further strengthening of profitability while also actively advancing investments for growth, including brand investments for beer and temporary costs related to IT infrastructure enhancement, the transition to a business holding company structure, and the real estate separation. Operating profit is also expected to decline due to the inclusion of structural reform costs in Overseas Alcoholic Beverages and Japan Food & Beverages, as well as expenses related to the Real Estate separation. Meanwhile, profit attributable to owners of parent is projected to increase significantly due to the recognition of gains associated with the injection of external capital into the real estate business. Profit Plan Reportable Segment Revision for New Structure (Details on p46) As announced in the timely disclosure on December 24, 2025, we plan to transition to a business holding company structure in July 2026. Restructured to a management approach-based portfolio system with 'Domestic' and 'Overseas' segments to support sustainable, overall alcohol-focused growth. The export business of SB (for APAC and Europe), formerly in 'Alcoholic Beverages,' are now in 'Overseas Business' in line with the above. ≫ FY2026 is positioned as a transition period toward medium- to long-term growth, with plans formulated incorporating the growth investments and structural reforms necessary for growth.
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Copyright, 2026 SAPPORO HOLDINGS LTD. All rights reserved. 27/58 FY2026 Group Management Plan (Consolidated)* *1 *1(￥bn) FY2025 Result FY2026 Plan Change YoY Revenue 506.9 505.0 (1.8) (0.4%) EBITDA 42.0 38.6 (3.3) (8.0%) Core operating profit (Revenue-Cost of sales-SG&A exp.) 25.0 22.0 (3.0) (12.0%) (Core opetrating profit margin) 4.9% 4.4% - - Other operating income (exp.) (0.6) (16.0) (15.4) - Operating profit 24.4 6.0 (18.4) (75.4%) Finacial income (exp.)/Equity in net income of affiliates (1.7) 5.2 +6.9 - Profit before tax 22.7 11.2 (11.5) (50.9%) Profit from continuing operation 15.1 6.0 (9.1) (60.0%) Profit from discontinued operation 4.4 290.0 +285.6 - Profit attributable to owners of parent 19.5 296.0 +276.5 - ROE 9.4% 83.4% - - ≫ Core operating profit and operating profit are planned to decline, factoring in growth investments and structural reforms aimed at medium- to long-term growth. Meanwhile, profit attributable to owners of parent is planned to increase significantly, driven by gains recognized from injection of external capital into the Real Estate business. *The FY2026 plan reflects the segment changes. The FY2025 comparative results have been reclassified accordingly.
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Copyright, 2026 SAPPORO HOLDINGS LTD. All rights reserved. 28/58 FY2026 Group Management Plan (by Segment)* *The FY2026 plan reflects the segment changes with the export business of SB (for APAC and Europe) transferred from Japan Alcoholic Beverages to Overseas Alcoholic Beverages. The FY2025 comparative results have been reclassified accordingly. (￥bn) FY2025 Result FY2026 Plan Change YoY FY2025 Result FY2026 Plan Change YoY Domestic Business 383.9 381.5 (2.4) (0.6%) 30.5 30.1 (0.4) (1.4%) Alcoholic Beverages 281.5 284.0 +2.5 +0.9% 25.4 25.0 (0.4) (1.7%) Restaurants 21.5 22.0 +0.5 +2.4% 2.0 2.0 (0.0) (1.9%) Food &Beverages 80.9 75.5 (5.4) (6.7%) 3.0 3.1 +0.1 +1.7% Overseas Business 122.9 123.5 +0.6 +0.5% 2.2 3.4 +1.2 +51.9% Alcoholic Beverages 97.2 97.0 (0.2) (0.2%) 1.1 2.0 +0.9 +88.1% Beverages 25.7 26.5 +0.8 +3.0% 1.2 1.4 +0.2 +19.2% Other/Other・Adjustment (corporate and elimination) - - - - (7.8) (11.5) (3.7) - Total 506.9 505.0 (1.8) (0.4%) 25.0 22.0 (3.0) (12.0%) Revenue Core Operating Profit ≫ Japan Alcoholic Beverages is positioned as an investment phase in preparation for the unification of liquor tax, while the Overseas Alcoholic Beverages is positioned as a period to further accelerate cost structural reforms in the U.S. While profit is expected to increase on a combined domestic and overseas business basis, consolidated profit is expected to decline due to growth investments incorporated into corporate expenses.
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Copyright, 2026 SAPPORO HOLDINGS LTD. All rights reserved. 29/58 Overseas BusinessDomestic Business FY2025 Result Alcoholic Beverages(Overseas) RTD+2.6/ Wine etc. (1.4) Food &Beverages(Japan) Beer sales Volume +4.1% ≫ Japan Alcoholic Beverages are expected to increase revenue, but overall sales are expected to remain flat year-on-year due to the impact of structural reforms in Japan Food & Beverages. - Japan Alcoholic Beverages expected to increase revenue due to increased volume of beer and RTD and the effect of price revisions. - Japan Food & Beverages expect to decrease revenue due to the impact of structural reforms such as the business transfer of Shinsyu-ichi Miso Co., Ltd. in the previous year. - While SPB continues to grow, Overseas Alcoholic Beverages are expected to remain largely flat year-on-year, as continued growth in SPB is offset by exchange rate impacts. Happoshu sales volume (25.5%) FY2026 Plan Impact of liquor tax revisions(2.8) Business transfer of Shinsyu-ichi Miso Co. Ltd = Decrease = Increase (¥bn)<Reasons for changes in sales revenue> Alcoholic Beverages(Japan) FY2026 Group Management Plan (Revenue)
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Copyright, 2026 SAPPORO HOLDINGS LTD. All rights reserved. 30/58 ≫ While profit is expected to increase on a combined domestic and overseas business basis, consolidated profit is expected to decline due to the inclusion of growth investments, including IT infrastructure enhancement, in corporate expenses. - Japan Alcoholic Beverages: This fiscal year is positioned as an investment phase toward the unification of the liquor tax. While brand investment in beer will be strengthened, profit is expected to remain at approximately the same level as the previous year. - Overseas Alcoholic Beverages: Profit is expected to increase due to the effects of cost structure reforms in the US. Overseas BusinessDomestic Business Alcoholic Beverages(Japan) FY2025 Result FY2026 Plan Food &Beverages(Japan) Sales volume(1.1) Price revisions etc. +2.4 Details of the factors behind the changes are shown on the business strategy page from p.34 onward RTD＋1.0 Sales promotion Investment (1.9)/Real estate separation costs (0.5) Sales volume(1.2) Price revisions etc.+0.7 IT infrastructure strengthening, business holding company transition costs, etc. = Decrease = Increase <Reasons for changes in core operating profit>(¥bn) FY2026 Group Management Plan (Core Operating Profit) Structural reforms (business transfer, product lineup changes)
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Copyright, 2026 SAPPORO HOLDINGS LTD. All rights reserved. 31/58 FY2026 Group Management Plan (Financial indicators, Core operating profit margin)* Financial indicators ROE Core operating profit EBITDA Overseas revenue FY2025 Result FY2026 Plan FY2025 Result FY2026 Plan Alcoholic Beverages (Japan) Food & Beverages (Japan) Restaurants Overseas Beverages Alcoholic Beverages (Overseas) Core operating profit margin 9.4% ¥25.0 billion yen 83.4% 9.0% 9.5% 8.8% 9.1% 3.8% 4.1% 4.6% 5.3% 1.1% 2.1% ¥22.0 billion yen ¥42.0 billion yen ¥38.6 billion yen ¥122.9 billion yen ¥123.5 billion yen *The FY2026 plan reflects the segment changes with the export business of SB (for APAC and Europe) transferred from Japan Alc oholic Beverages to Overseas Alcoholic Beverages. The FY2025 comparative results have been reclassified accordingly.
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Copyright, 2026 SAPPORO HOLDINGS LTD. All rights reserved. 32/58 Overseas Beverages Business Strategies: Action Plan 2023 to 2024 2025 2026 Fundamental structural reforms （5） Reduce unprofitable restaurants(4-1) Strengthen existing stores (improve customer experience value) and shift focus to new formats (4-2) Alcoholic Beverages (Japan) Restaurants Food & Beverages (Japan) Increase beer sales (1-1) Increase sales in countries with room for growth (6) Increase RTD sales (1-2) Reorganize RTD production locations (2) Entire group Generate Group synergies around brand and connections with customers and communities (10) ★ ★ Fundamentally reshuffle business portfolio (9) Comp leted Comp leted Fundamental structural reforms (5-1) Strengthening lemon products (5-2) Comp leted Execute structural reforms based on policies established in 2024 Review the portfolio every year liquor tax revisions liquor tax revisions On slides after p.33, we have included further explanations for action plan numbers (1-1) through (10) The action plan numbers follow those used when the Mid-Term Plan was formulated to ensure continuity. Generate synergies through function integration (3-1) Optimize global production and logistics(3-3) Alcoholic Beverages (Overseas) Begin producing SPB in the U.S.(3-2) Comp leted Fundamental structural reforms (U.S. business)（3-4）
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Copyright, 2026 SAPPORO HOLDINGS LTD. All rights reserved. 33/58 2025 Result 2026 Plan 81％ ＋43％(vs.2022) 98％ - ¥0.9bn(vs.2024) 10.55 mn cases ＄16M(vs.2022) (8.6％)(vs.2022) ＋19％(vs.2022) ＄10M(vs.2022) ＋6％(vs.2024) Business Strategies: Action Plan KPI ※1 Forex assumption: ¥130 ※2 Local currency basis (Singapore dollar) Alcoholic Beverages (Japan) Increase beer sales: share of beer sales Reinforcement of Beer / Improving Profitability of Beer-type Bev. Improve profit margin: selling price excluding liquor tax RTD growth: RTD(cans) sales amount RTD Business Growth and Production Streamlining, Etc. Increase production efficiency: ratio of in-house production （1-2） （2） Food & Beverages (Japan) Strengthening Lemon Products （5-1） Cost Structure Reforms (~2024) （5） Cost Structure Reforms (2025~) Lemon sales amount(2025~) Comp leted （5-2） Alcoholic Beverages (Overseas) Sapporo brand volume Cost synergy （3-1~3） （3-1~3） ※1 Cost Structure Reforms (2025~) （3-4） SPB Growth Stone Acquisition Synergy/Cost Structure Reforms Overseas Beverages Overseas sales amount Expanding Sales （6）※2 excluding OEM sales Entire Group Drastic Reorganization of Unprofitable Businesses, etc.（9） Business transfer of Shinsyu-ichi Miso Co., Ltd. 2025 Plan 83％ ＋37％(vs.2022) 98％ - ¥0.6bn(vs.2024) 9.57 mn cases ＄13M(vs.2022) (6.7％)(vs.2022) ＋20％(vs.2022) ＄5M(vs.2022) ＋9％(vs.2024) - share of beer sales 86% RTD(cans) sales amount ＋9％(vs.2025) Cost Structure Reforms ¥0.6bn(vs.2025) Lemon sales amount ＋9％(vs.2025) Sapporo brand volume 11.75 mn cases Cost synergy ＄2M(vs.2025) Cost Structure Reforms ＄10M(vs.2025) Overseas sales amount ＋5％(vs.2025) - Comp leted Comp leted ≫ KPIs tied to the Mid-Term Plan will be completed by FY2025, and new targets will be set for FY2026 as KPIs for achieving the financial plan.
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Copyright, 2026 SAPPORO HOLDINGS LTD. All rights reserved. 34/58 FY2025 Plan FY2025 Result FY2026 Plan share of beer sales 83% 81% 86% selling price excluding alcohol tax ＋20％(vs.2022) ＋19%(vs.2022) - RTD Business Growth RTD(cans) sales amount ＋37％(vs.2022) ＋43%(vs.2022) ＋9%(vs.LY) Reinforcement of Beer / Improving Profitability of Beer-type Bev. Sales increased, driven by growth in Beer and RTD. Beer grew above the previous year/market by our strengthened efforts. Core operating profit increased, supported by strengthened brand investments in beer and RTD and the positive impact of price revisions. We position this period as an investment phase in connection with the unification of liquor tax rates for beer-type beverages and aim to drive revenue growth through enhanced brand investments in beer. Although profit is expected to decline due to temporary costs associated with the real estate transfer and other factors, we aim to maintain profit at a level comparable to the previous year in substance, even as we strengthen brand investments. (¥bn) Financial Information Action Plan KPI Reasons for changes in core operating profit FY2025 Result FY2026 Plan FY2024 Result 19.0 FY2025 Result 26.3 (0.9) Adjusted Results 25.4 Export Business (for APAC & Europe) Segment Transfer 1.3 1.0 0.1 (1.9) (0.8) FY2026 Plan 25.0 Real estate separation costs (0.5) Marginal profit of beer-type beverages RTD Wine, spirits, non-alcoholic beverages, etc. Fixed costs, etc. Sales promotion investment Marginal profit of beer-type beverages RTD Wine, spirits, non-alcoholic beverages, etc. Fixed costs, etc. Sales promotion investment (¥bn) FY2025 Result YoY FY2026 Plan YoY Revenue 281.5 +11.8(+4.2%) 284.0 +2.5(＋0.9%) Core operating profit 25.4 +7.3(+38.3%) 25.0 (0.4)((1.7%)) Core opetrating profit margin 9.0% - 8.8% - Business Strategies: Domestic Business - Alcoholic Beverages (Japan) Financial Reviews *1: Comparison after certain real estate transfer from the Real Estate business to Japan Alcoholic Beverages , and before the transfer of the export business of SB (for APAC and Europe) from Japan Alcoholic Beverages to Overseas Alcoholic Beverages. *2: Comparison after certain real estate transfer from the Real Estate business to Japan Alcoholic Beverages , and after the transfer of the export business of SB (for APAC and Europe) from Japan Alcoholic Beverages to Overseas Alcoholic Beverages. *1 *2
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Copyright, 2026 SAPPORO HOLDINGS LTD. All rights reserved. 35/58 Market Our Company Beer-type beverages a little above (4%) (1.2%) Beer a little under (1%) +3.2％ Canned beer around 0% ＋3.7% Achieved sales growth and increased market share in our key beer category (+3% YoY), outperforming a weak market (nearly (1%)). • Black Label: Outperformed market (+4% YoY), driven by 7% YoY growth in cans, leading our beer category expansion. • Yebisu: Yebisu<Cans> achieved 2 consecutive years of growth, outperforming the struggling premium beer category, despite a slight overall dip. Expanding customer touchpoints through experiences at Black Label THE BAR (Ginza) and YBT.* • Black Label: THE BAR welcomed over 100,000 visitors in 2025—a record high since opening in 2018 • Yebisus: YBT attendance met its annual target as of October, exceeding 300,000 for the year. Ahead of the upcoming October liquor tax revisions, we are accelerating our beer growth by making record investments in Black Label and Yebisu. Driving initiatives to improve customer experience and expand touchpoints throughout the year. • Black Label: Quality improvement implemented in February. In March, we will launch Black Label EXTRA FEEL to reach new customers. Additionally, we plan to open THE BAR OSAKA (Umeda) and host the largest-ever Black Label experiential events. (at 25 locations). • Yebisu: Aim to expand touchpoints with new customers through initiatives such as launching collaboration-design cans (Ms. Ai Yazawa, March) and hosting events at YBT. We will also continue to launch limited-edition products from the CREATIVE BREW series (CREATIVE BREW “Sumifukashi” (February)). • SPB: To mark the 150th anniversary of Sapporo Beer’s founding, we plan to release in December a limited-edition can design themed on Seibei Nakagawa, the pioneer of Sapporo Beer, and also launch it in Japan as a limited-edition product. Business Strategies: Domestic Business - Alcoholic Beverages (Japan) Key Highlights ▌Increase beer sales (strengthen core brands) (1-1) FY2025 Key Initiatives and Results FY2026 Key Initiatives FY2026 Sales Volume Plan (YoY) *Overall market demand is based on the Company’s estimates. FY2025 Sales Volume Results (YoY)Beer Category <Cans> sales volume trend （*YBT: YEBISU BREWERY TOKYO） （Black Label THE BAR(Ginza)） Market Our Company Beer-type beverages a little above (5%) (1.4%) Beer around 0% +4.1% Canned beer a little under +1% ＋6.0% *Sales Volume Index (FY2014 = 1) Black Label Cans 2.2 times growth compared to FY2014 *Overall market demand is based on the Company’s estimates.
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Copyright, 2026 SAPPORO HOLDINGS LTD. All rights reserved. 36/58 Sales exceeded the previous year for the fifth consecutive year, reaching a record high. - In addition to the growth of Koime brand (up 8% YoY), the launch of Hyosai Sour in February 2025 contributed to sales, RTD sales amount increased 12% year on year. - Koi-shibori brand (non-alcoholic beverage) also performed well, increasing approximately 70% YoY in volume. We aim to achieve record-high sales for the sixth consecutive year, driven by two key strategies: strengthening existing brands and upcoming new product launches.(to be released at a later date). - Koime brand: The brand was renewed in January 2026. In addition, we will enhance sales promotion activities, including the launch of collaboration-design cans (April, featuring the manga 「Kingdom」), to expand market coverage. - Koi-shibori brand (non-alcoholic beverage): As part of the Healthier Choice initiative, we will strengthen marketing investment, targeting approximately 20% YoY growth in volume. ▌Increase beer sales (Key Initiatives of Bonds with Community×HealthierChoice)▌Increase RTD sales (1-2) FY2026 Key Initiatives FY2025 Key Initiatives and Results FY2026 Key Initiatives Black Label & Yebisu experience hub opens at Ginza Lion Building - Ginza Lion Building 4th Floor opens new facility offering unique beer experiences highlighting the individual charms of Black Label and Yebisu. Aims to enhance experiential value and expand customer touchpoints. Expanding customer touchpoints through Restaurant Business (food service sector) - Building brand loyalty by providing a high-quality draft beer experience. - The Perfect Black Label distribution network is expected to grow by approximately 20% YoY, reaching 8,000 stores by 2026. Sapporo Beer Museum (Sapporo) reopens with enhanced content - Marking our 150th anniversary, we are evolving into a more welcoming and enjoyable facility featuring multilingual audio guides, acting as a hub for the inheritance and development of beer culture. July 7, 2026 : Reopening with enhanced content Sapporo Draft Beer Black Label BEER AJITO YEBISU (brand name tentative) The “SUPER STAR” co-developed with Mizuno will be released exclusively in the Kinki region (February 2026). Introducing a new consumption scene: Non-alcoholic beer for post-sports refreshment. - We project medium- to long-term market growth in the non-alcoholic category. - Through a cross-industry collaboration between Sapporo Breweries Ltd. and Mizuno Corporation, we aim to create a new category and revitalize the market. FY2026 Sales amount vs.2022 FY2025 Sales amount vs.2022 Sapporo Beer Museum Planned to open in October 2026 on the 4th floor of the Ginza Lion Building. Plan Result RTD（Including Non-Alcoholic RTD） ＋37% ＋43% Plan RTD（Including Non-Alcoholic RTD） ＋9% Business Strategies: Domestic Business - Alcoholic Beverages (Japan) Key Highlights
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Copyright, 2026 SAPPORO HOLDINGS LTD. All rights reserved. 37/58 FY2025 Plan FY2025 Result FY2026 Plan Cost Structure Reforms (2025~) ¥0.6bn(vs.2024) ¥0.9bn(vs.2024) \0.6bn(vs.LY) Strengthening Lemon Products:Lemon sales amount(2025~) +9%(vs.2024) +6%(vs.2024) +9%(vs.LY) While the lemon category continued to grow, revenue declined due to lower volumes resulting from structural reforms (including the business transfer of the Shinsyu-ichi Miso Co., Ltd) and additional price revisions implemented during the year. Core operating profit increased due to price revisions and cost structure reforms, etc. We project a revenue decline but an increase in profit for FY2026. We aim for the profit increase centered by the lemon category. We will continue to implement cost structure reforms to further enhance profitability. (¥bn) Financial Information Action Plan KPI Reasons for changes in core operating profit FY2025 Result FY2026 Plan FY2024 Result 2.2 FY2025 Result 3.0 FY2026 Plan 3.1 Sales volume Marginal profit Fixed costs, etc. Sales volume Marginal profit Fixed costs, etc. Business Strategies: Domestic Business - Food & Beverages(Japan) Financial Review (¥bn) FY2025 Result YoY FY2026 Plan YoY Revenue 80.9 (9.8)((10.9%)) 75.5 (5.4)((6.7%)) Core operating profit 3.0 +0.8(+35.5%) 3.1 +0.1(+1.7%) Core opetrating profit margin 3.8% - 4.1% -
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Copyright, 2026 SAPPORO HOLDINGS LTD. All rights reserved. 38/58 Business Strategies: Domestic Business - Food & Beverages (Japan) Key Highlights For further enhancement of profitability, we will continue our cost structure reforms. For FY2026, we have set a KPI of 0.6 billion yen (YoY) and will advance initiatives. FY2026 Key Initiatives ▌Growth in Lemon products (Beverages & Food) (5-2) We will also continue to drive business structure reforms. - We are advancing initiatives in line with our established policies, with plans for execution and disclosure at an appropriate time. Lemon achieved significant growth during the Mid-Term Plan period. - In FY2025, the Kireto Lemon brand achieved its record-high sales. - Through the strengthening of core brands (Kireto Lemon and Pokka Lemon 100), the sales composition ratio of high-margin lemon products has more than doubled compared with 2022. Accelerate lemon growth by communicating functional value through core brands - Lemon Beverages: Strengthening advertising for functional products (citric acid, MUKUMI) and enhancing the lineup, leveraging the 25th anniversary of Kireto Lemon. Improving channel coverage to drive new customer acquisition. - Lemon Foods: Expanding customer touchpoints by raising awareness of the POKKA LEMON brand’s health benefits and strengthening the lineup. - Research and Development / Production System: Promoting functional research and technological development related to Lemon products. Strengthening upstream areas by developing domestic lemon production regions and enhancing procurement and production systems. Implement cost structure reforms and business structure reforms during the Mid-Term Plan period - The cost structure reform, aiming for a ¥2 billion reduction (vs. 2022), was completed in FY2024. We have implemented additional cost structure reforms from FY2025, achieving ¥0.9 billion (vs. 2024). - We are making steady progress in business structure reforms in line with our policy. FY2026 Key Initiatives Liquidation of vending machine operator subsidiaries Transfer of plant- based yogurt business Transfer of Shinsyu-ichiMiso Co., Ltd. PS Gunma Plant transfer / Shutdown of soup production equipment at the Sendai plant <Key Structural Reform Initiatives (from FY2023) > FY2023 FY2024 FY2025 FY2026 Lemon Sales and Share Trends* (¥bn) +9% (YoY) *Only domestic sales of PS (Before Rebate subtracted from sales) Key Initiatives through FY2025 ▌Fundamental structural reforms (5-1) Key Initiatives through FY2025
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Copyright, 2026 SAPPORO HOLDINGS LTD. All rights reserved. 39/58 (¥bn) FY2025 Result YoY FY2026 Plan YoY Revenue 97.2 (6.6) ((0.7)%) 97.0 (0.2) ((0.2)%) Core operating profit 1.1 (0.2)((57.5)%) 2.0 +0.9(+88%) (inc. impact of U.S. tariffs) (0.8) - (1.2) - Core opetrating profit margin 1.1% - 2.1% - (¥bn) Financial Information Action Plan KPI Reasons for changes in core operating profit FY2025 Result FY2026 Plan Cost structure reforms contributed profits in the U.S., but softness in overall demand and cost burden associated with U.S. tariffs led to lower profits in Canada, resulting in an overall decrease in profits. Due to continued weakness in the North American market caused by inflation and U.S. tariffs, as well as foreign exchange impacts, sales and profit forecasts were revised downward during the period; however, the revised plan was achieved. We project a revenue decline but an increase in profit for FY2026, with the U.S. contributing through continued cost structure reforms while Canada is expected to see lower profits due to ongoing market softness and the cost impact of U.S. tariffs. The Sapporo brand aims for continued growth in North America, APAC and Europe. 0.9 FY2025 Result 0.2 Adjusted Results 1.1 Export Business (for APAC & Europe) Segment Transfer FY2024 Result 0.4 FY2026 Plan 2.0 Canada U.S. Vietnam /Consolidated adjustments & others Canada U.S. APAC & Europe /Consolidated adjustments & others (inc. Vietnam) FY2025 Plan FY2025 Result FY2026 Plan SPB Growth Sapporo brand volume 9.57mn cases 10.55mn cases 11.75mn cases Stone Cost synergy $13M(vs.2022) $16M(vs.2022) $2M(vs.LY) Cost Structure Reforms $5M(vs.2024) $10M(vs.2024) $10M(vs.LY) Business Strategies: Overseas Business - Alcohol Beverages (Overseas) Financial Review *1 *2 *1: Comparison after certain real estate transfer from the Real Estate business to Japan Alcoholic Beverages , and before the transfer of the export business of SB (for APAC and Europe) from Japan Alcoholic Beverages to Overseas Alcoholic Beverages. *2: Comparison after certain real estate transfer from the Real Estate business to Japan Alcoholic Beverages , and after the transfer of the export business of SB (for APAC and Europe) from Japan Alcoholic Beverages to Overseas Alcoholic Beverages.
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Copyright, 2026 SAPPORO HOLDINGS LTD. All rights reserved. 40/58 Business Strategies: Overseas Business - Alcoholic Beverages (Overseas) Key Highlights ▌Sapporo Brand Growth The amount generated by the cost-structure reforms for FY2025 exceeded the plan by $10 million (vs. 2024, +$5 million vs. plan). Despite the unexpected deterioration of the external environment, including U.S. tariffs, we responded flexibly and achieved our profit targets The impact of higher costs due to U.S. tariffs will further increase in FY2026. While addressing the impact through cost-structure reforms, we will accelerate consideration of additional cost structural reformsin anticipation of an overall contraction in beer demand due to weakening consumer sentiment. Positioning APAC and Europe as growth areas, we aim to further expand sales and accelerate initiatives appropriate to each region’s business stage, including strengthened partnerships and enhanced route to market capabilities. - APAC and Europe : Aiming for +14.6% YoY. - Divide the regions into areas for strengthening profitability and for expanding sales, and advance initiatives aligned with each region’s business stage. Achieved the Mid-Term Plan sales target of 10 million cases one year ahead of schedule. (FY2025 results: 10.55 million cases) - North America: Despite continued contraction in overall demand, sales increased by 4.6% YoY, driven by higher store penetration through Stone’s distribution channels. - APAC and Europe: Growth significantly exceeded the previous year (+37.3% YoY), driven by collaboration with regional partners including Carlsberg. ▌U.S. business (3-4) Although overall demand is expected to continue shrinking, SPB aims to continue outpacing market trends. - SPB continued to grow, driven by expanded sales channels primarily through U.S.-based chains (+7.7% YoY). - Overseas brands have been impacted by market conditions, and sales volume is expected to decrease. To achieve the sales plan (11.75 million cases, +11.3% YoY), we will promote brand building and brand experiences in key areas. - With a focus on key areas, we will enhance marketing and make capital investments to strengthen the Sapporo brand’s positioning in major countries. - In commemoration of our 150th anniversary, we will roll out global initiatives, including SPB limited edition packaging (featuring Seibei Nakagawa) and activation events across key markets. - As part of our Beyond Beer initiatives, we plan to launch Sapporo Premium Cocktail Lemon Sour in Canada, where RTD and non-alcohol beverages growing. Beer (total) (3%) • Market: An overall softness in demand is expected due to continued softness driven by inflation and other factors. • Company: Driving the revitalization of the Sleeman brand and expanding SPB sales. <Outlook for FY2026> Market overview and our positionOverall demand*2 Beer (total) (4%) • Market: An overall softness in demand is expected due to inflation and U.S. tariffs. The craft beer category is expected to remain soft. • Company: Continuing focused investment in SPB and launching new SKUs, including non-alcoholic products. ▌Overview by Area (Outlook for FY2026) *1 YoY comparison is based on sales volume (Canada) (U.S.) Impact of U.S. Tariffs (billions of yen) *2 *Market figures (overall demand) are based on the Company’s estimates. APAC and Europe*1 FY2025 Key Initiatives and Results*1 North America (the U.S. and Canada)*1 FY2026 Key Initiatives*1 FY2025 Initiatives and Future Policy FY2025 Result FY2026 Plan YoY (0.8) (1.2) (0.4)
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Copyright, 2026 SAPPORO HOLDINGS LTD. All rights reserved. 41/58 （billions of yen） FY2022 FY2023 FY2024 FY2025 FY2026 Forecast Equity attributable to owners of parent 167.2 182.3 196.0 218.9 491.0 8.4 9.4 10.4 18 402.0% 2.1% 2.1% 3.4% 4.4%＊3 FY2022 FY2023 FY2024 FY2025 FY2026 Dividend per share*1 DOE*2 Financial Strategy: Shareholder Returns ＊1：Dividends per share for the 12th period of 2025 and the 12th period of 2026 are forecasts. The stock split (5-for-1) effective January 1, 2026 has been reflected. Past dividends are stated as equivalent amounts per share after the split. ＊2：DOE = Dividend amount / Average total equity attributable to owners of parent (average of beginning and end of period) ＊3：The DOE based on the average parent company equity at the beginning and end of the period is expected to be 4.4%, while the DOE based on the parent company equity at the end of fiscal 2026 is expected to be 3.2%. Aiming for DOE3% or higher as a guideline, targeting DOE4% or higher by 2030. (The dividend policy was changed in December 2025.) Considering flexible share buybacks with the aim of improving ROE and EPS. dividend Implementation of interim dividends starting from FY2026. (Interim: 20 yen, Year-end: 20 yen) No dividend cuts for over 20 years Trends in Annual Dividend per Share and DOE Shareholder Returns ≫ The dividend for FY2025 is expected to be 18 yen, marking the third consecutive year of dividend increases, and for FY2026, it is projected to be 40 yen with an increase of 22 yen. ≫ Starting from FY2026, interim dividends will be implemented to enhance shareholder return opportunities. ≫ We are planning changes to the shareholder benefit program starting from the fiscal year ending December 2026, with details to be announced in August. （yen） Details about changes to the shareholder benefits program will be announced in August 2026.
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Copyright, 2026 SAPPORO HOLDINGS LTD. All rights reserved. 42/58 Appendix
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Copyright, 2026 SAPPORO HOLDINGS LTD. All rights reserved. 43/58 (Ref.) Financial Highlights 2025 (Consolidated)* ＊Figures prior to the classification of the Real Estate business as discontinued operations (for reference purposes only) Regarding the classification of the Real Estate business as a discontinued operation, please refer to the following materials. 202512_TD_setsumei_en.pdf (￥bn) FY2024 FY2025 Change YoY Revenue 530.8 528.5 (2.3) (0.4%) Revenue (excluding liquor tax) 394.6 391.1 (3.6) (0.9%) Overseas revenue 128.5 122.9 (5.6) (4.4%) EBITDA 44.0 53.9 +9.9 +22.4% Core operating profit (Revenue-Cost of sales-SG&A exp.) 22.0 32.1 +10.1 +45.8% (Core operating profit margin) 4.2% 6.1% - - Other operating income (exp.) (11.6) (0.9) +10.8 - Operating profit 10.4 31.3 +20.9 +200.4% Finacial income (exp.)/ Equity in net income of affiliates 1.2 (2.2) (3.4) - Profit before tax 11.6 29.0 +17.5 +150.9% Profit attributable to owners of parent 7.7 19.5 +11.8 +152.8%
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Copyright, 2026 SAPPORO HOLDINGS LTD. All rights reserved. 44/58 (￥bn) FY2024 FY2025 Change YoY FY2024 FY2025 Change YoY Alcoholic Beverages 388.2 393.9 +5.7 +1.5% 18.7 26.1 +7.3 +39.1% Japan 273.0 284.7 +11.7 +4.3% 16.4 23.8 +7.4 +45.3% Overseas 94.3 87.7 (6.6) (7.0%) 0.4 0.2 (0.2) (57.5%) Restaurants 20.9 21.5 +0.6 +3.0% 1.9 2.0 +0.1 +5.6% Food & Beverages 117.9 106.6 (11.3) (9.6%) 3.4 4.2 +0.8 +22.9% Japan 90.7 80.9 (9.8) (10.9%) 2.2 3.0 +0.8 +35.5% Overseas 27.2 25.7 (1.5) (5.5%) 1.2 1.2 (0.0) (1.0%) Real Estate 24.6 28.0 +3.4 +13.8% 7.8 9.7 +1.8 +23.1% Other/Other・Adjustment (corporate and elimination) 0.1 - (0.1) - (8.0) (7.8) +0.2 - Total 530.8 528.5 (2.3) (0.4%) 22.0 32.1 +10.1 +45.8% Revenue Core Operating Profit (Ref.) Financial Highlights 2025 (by Segment)* ＊Figures prior to the classification of the Real Estate business as discontinued operations (for reference purposes only) Regarding the classification of the Real Estate business as a discontinued operation, please refer to the following materials. 202512_TD_setsumei_en.pdf
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Copyright, 2026 SAPPORO HOLDINGS LTD. All rights reserved. 45/58 Seiko Noda Extensive experience as an attorney and as an outside director and outside audit & supervisory board member. Former Outside Director of Tsumura & Co.; Outside Director of The Awa Bank, Ltd. (Member of the Audit and Supervisory Committee). Hisae Kitayama Scheduled to be appointed as Chair of the Audit and Supervisory Committee*2 Extensive experience as a Certified Public Accountant and Chairperson of the Audit Committee Former Outside Director of Ebara Corporation; Outside Audit and Supervisory Board Member of Daicel Corporation Koichi Mizutome Extensive experience in marketing, M&A, and global management. Former Executive Vice President and Director of Japan Airlines Co., Ltd.; President of FOOD & LIFE COMPANIES Ltd., etc. Akihiro Watanabe Extensive experience in financial accounting, M&A, and global management. Former Chair of the Board of Directors of Toshiba Corporation; Chair of Houlihan Lokey, etc. Naoko Tanouchi*1 Extensive experience in M&A, corporate planning, and auditing at a major food company. Former General Manager of the Corporate Planning Department and the Internal Audit Department, Ajinomoto Co., Inc.; Outside Director of Shoei Foods Corporation, etc. Strengthening Expertise (Global Management, M&A, Business Turnaround, and B2C Marketing) Strengthening Governance (Audit and Supervisory Committee Member) ◆Skill Matrix (New Framework) This will be the structure following approval as originally proposed at the 102nd Annual General Meeting of Shareholders in March 2026. Management and Governance Structure: Board of Directors Structure *1 Appointed as a Director serving as an Audit and Supervisory Committee Member until FY2025 ◆Board Structure *3 Figures in parentheses represent the 2025 status. Ratio of Independent Outside Directors ：64％（64%）*3 Ratio of Female Directors ：36%（18％）*3 Chair Attributes of Each Committee -Chair of the Nomination Committee :Outside Director (Outside Director) -Chair of the Compensation Committee :Outside Director (Outside Director) -Chair of the Audit and Supervisory Committee :Outside Director (Internal Director) ◆Review of the Executive Compensation System*4 To further align the compensation structure with corporate value and shareholder value, we will increase the proportion of variable compensation. *4 This is contingent upon obtaining approval for the partial revision of the stock compensation plan at this General Meeting. 100 30 15 Base Compensation Performance-Based Compensation Share-Based Compensation Current Achievement Ratio FY2026 Revision: Ratio at Target Achievement President and Representative Director 100 4545 Directors Other Than the Representative Director and President (Excluding Audit and Supervisory Committee Members and Outside Directors) 100 35 35 ◆Key Career Background of Newly Appointed Independent Outside Directors *2 Subject to resolution by the Audit and Supervisory Committee following this General Meeting, she is scheduled to assume the position of Chairman of the Audit and Supervisory Committee of the Company.
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Copyright, 2026 SAPPORO HOLDINGS LTD. All rights reserved. 46/58 (￥bn) Revenue Core OP 10.0 0.9 Change in reportable segment (from FY2026 onwards) ≫ In anticipation of transitioning to a business holding company structure, changes to reporting segments have been implemented. Disclosure under the new segments is scheduled to commence in FY2026. ≫ The export business of Sapporo Breweries Limited (for APAC and Europe), which was classified under the former Alcoholic Beverages reportable segment will be included under the Overseas Business segment. 【Alcoholic Beverages Business】 【Food & Soft Drinks Business】 Alcoholic beverages (Japan) Alcoholic beverages (Overseas) Restaurants Food & Soft Drinks (Japan) Overseas Soft Drinks 【Domestic Business】 【Overseas Business】 Alcoholic Beverages (Japan) Food & Beverages (Japan) Restaurants Alcoholic Beverages (Overseas) Overseas Beverages The export business (APAC and Europe) ▌Regarding change in reportable segment New segmentOld segment The export business of Sapporo Breweries Limited (APAC and Europe), which was classified under the former Alcoholic Beverages reportable segment will be included under the Overseas Business segment. The estimated amount transferred from Japan Alcoholic Beverages to Overseas Alcoholic Beverages in connection with this matter is as follows: ▌Regarding the transfer of export business of SB (for APAC and Europe) *Based on FY2026 Plan (Estimated amount)
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Copyright, 2026 SAPPORO HOLDINGS LTD. All rights reserved. 47/58 Sustainability Management Initiatives 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. Contributing to the wellbeing of people and communities through the time and spaces all of our businesses offer Governance (9) Provision of safe products and facilities ★Top priority issues Harmony with the environment Co-prosperity with society Active participation of human resources (1) Realization of a decarbonized society (2) Realization of a recycling oriented society (3) Realization of a society in harmony with nature (4) Co-prosperity with local communities (5) Provision of health value (6) Promotion of responsible alcohol consumption (7) Active participation of diverse human resources ★ ★ ★ (8) Establishment of a sustainable supply chain ★ ★
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Copyright, 2026 SAPPORO HOLDINGS LTD. All rights reserved. 48/XX Sustainability Management Initiatives Harmony with the environment Active participation of human resources We have launched the development of a new, highly winter-hardy beer barley variety to enable cultivation in cold regions while avoiding summer heat. Co-prosperity with society Held "Make Your Toasts Even More Delicious: Responsible Drinking Seminar:Mind-and-Body-Friendly Toasting Habit” Sapporo Breweries Ltd. presents a new, interactive seminar on responsible drinking. Participants learn to master moderate consumption and food pairing, while deepening their appreciation of the dining experience through the stories behind the ingredients. Certified as a “Water Cycle ACTIVE Company” under the Water Cycle Enterprise Registration and Certification System Pokka Sapporo Food & Beverage Ltd. has been certified in both the “Water Quantity and Quality Category” and the “Human Resources and Capital Category.” The agricultural corporation LEMONITY Inc. was established to promote domestic lemon production. POKKA SAPPORO FOOD & BEVERAGE LTD. has established an agricultural corporation to accelerate the promotion of domestic lemon production while expanding its range of domestic lemon products and ensuring stable supply. Selected for “Health & Productivity Stock Selection 2025” Eight Sapporo Group companies certified as “Health & Productivity Management Outstanding Organization 2025.” Joint transportation aimed at improving logistics efficiency and reducing environmental impact Sapporo Group, TS Network, and NIPPON EXPRESS have partnered to launch a joint rail transportation service between Okayama and Chiba and between Okayama and Tokyo. Selected for CDP’s Climate Change and Water Security A-List Selected for the second consecutive year as “Next Nadeshiko: Companies Supporting Dual Careers and Co-parenting” (jointly selected by the Ministry of Economy, Trade and Industry and the Tokyo Stock Exchange). 【Scope 1 and 2】 【Scope 3】 Reduction Plan : FY2030(42%)* vs. FY2022 Initiatives toward Greenhouse Gas Emission Reduction Reduction Plan : FY2030(25%)* vs. FY2022 Achieved 2024 targets for Scope 1, 2, and 3 emissions *2025 results currently being compiled
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Copyright, 2026 SAPPORO HOLDINGS LTD. All rights reserved. 49/58 Balance Sheets (billions of yen) Total assets End of 2024 End of 2025 change Total liabilities and equity End of 2024 End of 2025 change Cash and cash equivalents 24.1 22.4 (1.8) Trade payables 38.0 36.4 (1.6) Trade receivables 99.5 94.5 (4.9) Short-term financial liabilities 57.0 51.4 (5.6) Inventories 58.1 45.7 (12.5) Liabilities Directly Associated with Assets Held for Sale - 29.1 29.1 Assets Held for Sale 0.7 168.6 167.9 Other current liabilities 112.0 100.8 (11.2) Other current assets 11.5 9.3 (2.2) Long-term financial liabilities 148.1 119.2 (28.9) Property, plant and equipment & Intangible assets 164.1 150.8 (13.3) Net defined benefit liabilities 3.3 2.6 (0.7) Investment property 209.2 82.6 (126.6) Other non-current liabilities 109.4 94.0 (15.4) Goodwill 22.4 22.5 0.1 Total liabilities 467.8 433.6 (34.2) Other non-current assets 75.4 57.3 (18.1) Equity attributable to owners of parent 196.0 218.9 22.8 Total assets 665.0 653.7 (11.3) Non-controlling interests 1.1 1.3 0.1 Total equity 197.2 220.1 23.0 Total liabilities and equity 665.0 653.7 (11.3) Debt-to-equity ratio (times) :Net 0.9 0.7 - Net Balance of financial liabilities 181.0 148.2 (32.7)
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Copyright, 2026 SAPPORO HOLDINGS LTD. All rights reserved. 50/58 Status of Each Cash Flow （billions of yen） 2024 2025 Change Change(%) CF from operating activities 36.1 44.6 8.5 23.5% CF from investing activities (5.8) (3.0) 2.9 ー Free CF 30.3 41.6 11.3 37.5% CF from financing activities (25.4) (42.3) (16.9) ー CF from operating Activities ＋¥44.6billion Free CF ¥41.6billion ② Other investments－ Asset sales ¥14.0 billion ① Capital expenditures (¥17.0)billion CF from investing activities (¥3.0)billion ＜Investment total（①＋②）＞ billion ➀ Capital expenditure (payment basis)： billion （Property, plant and equipment, intangible assets, investment property） ＜Major items＞ ・Alcoholic Beverages：(¥10.1)billion Japan：(¥5.6)billion Overseas：(¥4.5)billion ・Food & Beverages：(¥2.2)billion Japan：(¥1.6)billion Overseas：(¥0.6)billion ・Real Estate：(¥3.8)billion ・Group-wide：(¥0.9)billion ② Other investments－Asset sale： billion （Stock sales, etc.） Sold cross-shareholdings (amount sold: billion yen)
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Copyright, 2026 SAPPORO HOLDINGS LTD. All rights reserved. 51/58 Domestic Business Data (10,000 cases) ※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-year change in composition ratio of beer and happoshu(include happoshu (2))＞ (Jan – Dec) ＜ Beer lineup sales volume (break down) ＞ (Jan – Dec) Alcoholic Beverages(Japan) Sales Volume:Beer (Japan) (※1) 2024 2025 YoY Change(%) 2026 Plan YoY Change(%) ①Beer (total) 3,121 3,220 3.2% 3,351 4.1% Sapporo Draft Beer Black Label (total) 1,721 1,786 3.8% 1,843 3.2% YEBISU (total) 632 627 (0.8%) 671 7.0% ②Happoshu (include happoshu (2)) 884 738 (16.5%) 550 (25.5%) Beer-type beverages（total ①+②) 4,005 3,958 (1.2%) 3,901 (1.4%) RTD 1,080 1,170 8.3% 1,230 5.1%
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Copyright, 2026 SAPPORO HOLDINGS LTD. All rights reserved. 52/58 Domestic Business Data Alcoholic Beverages(Japan) (billions of yen) ＜ Jan - Dec sales breakdown by category ＞ ＜ Jan - Dec sales revenue ＞ (billions of yen) *Before subsidiary companies sales, elimination of inter- company transactions and rebate deduction *From 2021, Hyosai Sour and 99.99 keg are reclassified from Spirits to RTD. Sales:Beer (Japan) 2024 2025 YoY Change(%) Beer 170.8 182.0 6.6% Happoshu (include happoshu (2)) 37.8 32.9 (12.9%) Beer-type beverages 208.6 214.9 3.0% RTD 28.2 31.5 11.5% Domestic wines 1.8 1.1 (40.0%) Imported wines 6.3 6.4 2.3% Wine (total) 8.0 7.5 (7.1%) Spirits and Shochu (total) 31.8 31.5 (1.0%) Total 276.7 285.4 3.1%
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Copyright, 2026 SAPPORO HOLDINGS LTD. All rights reserved. 53/58 ＜Changes in the amount of liquor tax per 350 ml＞ Domestic Business Data October 2020 October 2023 October 2026 77yen 70yen 63.35yen 54.25yen 46.99yen 28yen 37.8yen 35yen Beer-type beverages yen RTD 円 Happoshu Happoshu(2) Beer RTD Will be integrated into” Beer-type beverages”Integrated into "Happoshu" Alcoholic Beverages(Japan)
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Copyright, 2026 SAPPORO HOLDINGS LTD. All rights reserved. 54/58 Domestic Business Data Restaurants <Trend in Revenue of Restaurants Business and Number of Restaurants> (Jan-Dec) (billions of yen) (Restaurants) Bar graph: Trend in Restaurant business revenue Line graph: Trend in number of Sapporo Lion Group restaurants ＜Composition of Restaurants by Format＞ ＜Composition of Restaurants by Region＞ 128Outlets 128Outlets Restaurants 2024 2025 YoY Change(%) Revenue （billions on yen ） 20.9 21.5 3.0% Number of Restaurants 127 128 0.8%
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Copyright, 2026 SAPPORO HOLDINGS LTD. All rights reserved. 55/58 Food & Beverages (Japan) 74.8 billions of yen Domestic Business Data ※1：Only domestic sales (Before Rebate subtracted from sales) ＜Trends in Sales Revenue of Lemon Drink & Lemon Food＞ (Jan-Dec) <Sales Breakdown of Food and Soft Drink Lineup> (Jan-Dec) (billions of yen) (billions of yen) ※1 Sales:Food & Beverages (Japan) (※1) 2024 2025 YoY Change(%) 2026 Plan YoY Change(%) Lemon (Lemon Drinks・Lemon Food) 33.5 35.5 6.0% 38.8 9.2% Drinks (excluding lemon drinks), etc. 49.2 39.3 (20.2%) 33.5 (14.6%)
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Copyright, 2026 SAPPORO HOLDINGS LTD. All rights reserved. 56/58 Overseas Business Data Alcoholic Beverages ※1：SLEEMAN, Stone, etc. (10,000 cases) ＜ Overseas sales volume by brand (Jan - Dec) ＞ ＜ Overseas sales volume by Area (Jan - Dec) ＞ (10,000 cases) (10,000 cases) Sales Volume:Beer (International) 2024 2025 YoY Change(%) 2026 Plan YoY Change(%) Overseas brand (※1) 1,493 1,361 (8.8%) 1,291 (5.1%) Sapporo brand 479 501 4.6% 540 7.7% ①North America 1,972 1,862 (5.5%) 1,831 (1.7%) Sapporo brand 404 554 37.3% 635 14.6% ②Other areas 404 554 37.3% 635 14.6% Sapporo brand Total 883 1,056 19.6% 1,175 11.3% Total（①＋②） 2,375 2,417 1.7% 2,466 2.0%
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Copyright, 2026 SAPPORO HOLDINGS LTD. All rights reserved. 57/58 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/sustainability_book/ * *FACTBOOK is a document that summarizes our group overview, medium-term management plan, business overview & data, etc.
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Copyright, 2026 SAPPORO HOLDINGS LTD. All rights reserved. 58/58 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 investment or any other similar such actions. The earnings forecasts and forward-looking statements contained in this document were prepared based on the judgment of the Company as of the date of this document and include potential risks and uncertainties. Actual published future results may therefore differ materially from the content of this document. The Company shall not in any way be responsible or liable for any losses or damages resulting from the use of the information in this document.