Note: This document has been translated from the Japanese original for reference purposes only. In the event of any discrepancy between this translated
document and the Japanese original, the original shall prevail.

Consolidated Financial Results
for the Three Months Ended June 30, 2024
[Japanese GAAP]
August 9, 2024
Company name: Sagami Holdings Corporation
Listing: Tokyo, Nagoya
Securities code: 9900
URL: https://www.sagami-holdings.co.jp/en/
Representative: Hisashi Onishi
President
Inquiries: Yasufumi Nakajima
Executive Officer in charge of management
Telephone: +81-52-737-6000
Scheduled date to commence dividend payments: Preparation of supplementary material on financial results: None
Holding of financial results briefing: None
(Yen amounts are rounded down to millions, unless otherwise noted.)
1. Consolidated Financial Results for the Three Months Ended June 30, 2024 (April 1, 2024 to June 30, 2024)(1) Consolidated Operating Results(Percentages indicate year-on-year changes.)
Profit attributable to
Net sales
Operating profit
Ordinary profit
owners of parent
Millions of yen% Millions of yen% Millions of yen% Millions of yen%
Three months ended
June 30, 2024
8,123
14.7
571
69.6
599
68.5
483
91.3
June 30, 2023
7,077
13.4
336
(7.8)
355
(52.4)
252(58.7)(Note) Comprehensive income:Three months ended June 30, 2024:¥
499 million [69.6%]
Three months ended June 30, 2023:¥
294 million [(55.0) %]Basic earnings
per share

Diluted earnings per
share

Yen
Yen
Three months ended
June 30, 2024
16.00
June 30, 2023
8.37
(Note) Diluted earnings per share are not provided as there are no potential shares with dilutive effect.

(2) Consolidated Financial Position
Total assets
As ofJune 30, 2024
March 31, 2024
(Reference) Equity:

Millions of yen

Net assets
Millions of yen

24,281
24,943As of June 30, 2024:
As of March 31, 2024:

Capital adequacy ratio¥¥

17,012
16,81517,012 million
16,815 million

%

70.0
67.4

2. Dividends
Annual dividends
1stquarter-end

2ndquarter-end

3rdquarter-end

Yen

Yen

Yen

Yen

Yen

Fiscal year ended March 31, 2024

-

0.00

-

10.00

10.00

Fiscal year ending March 31, 2025

0.00

-

8.00

8.00

Fiscal year ending March 31, 2025
(Forecast)Year-end

Total(Notes) 1. Revision to the forecast for dividends announced most recently: None
2. Breakdown of the year-end dividend for the fiscal year ended March 31, 2024 :Ordinary dividend
8.00 yen
Special dividend
2.00 yen
3. Consolidated Financial Results Forecast for the Fiscal Year Ending March 31, 2025(April 1, 2024 to March 31, 2025)(Percentages indicate year-on-year changes.)
Profit attributable
Basic earnings
Net sales
Operating profit
Ordinary profit
to owners ofper share
parentMillions of yen% Millions of yen% Millions of yen

Six months ending
16,0006.4
980
5.3
September 30, 2024
Full year
32,000
3.2
1,750
5.6
(Note) Revision to the financial results forecast announced most recently:* Notes:(1) Significant changes in the scope of consolidation during the period:
Newly included:(Company name: )Excluded:(Company name: )

%

Yen

1,000

3.0

% Millions of yen

740

0.7

24.51

1,800
None

4.4

1,000

9.9

33.13

None

(2) Adoption of accounting treatment specific to the preparation of quarterly consolidated financial statements: None
(3) Changes in accounting policies, changes in accounting estimates, and restatement
1) Changes in accounting policies due to revisions to accounting standards and other regulations: None
2) Changes in accounting policies due to other reasons: None
3) Changes in accounting estimates: None
4) Restatement: None
(4) Number of issued shares (common shares)
1) Total number of issued shares at the end of the period (including treasury shares):
June 30, 2024:
30,301,784 shares
March 31, 2024:
30,301,784 shares
2) Number of treasury shares at the end of the period:
June 30, 2024:
18,077 shares
March 31, 2024:
18,017 shares
3) Average number of shares outstanding during the period:
Three months ended June 30, 2024:
Three months ended June 30, 2023:

30,182,063 shares
30,153,321 shares(Note) The Company’s shares held by Custody Bank of Japan, Ltd. (Trust Account E) related to the “Board Benefit Trust(BBT)” plan are included in the treasury shares to be deducted in calculating the average number of shares during theperiod, but not included in the total number of treasury shares at the end of the period above.
* Review of the Japanese-language originals of the attached consolidated quarterly financial statements by certified public
accountants or an audit firm: Yes(voluntary)

* Proper use of earnings forecasts, and other special matters
Financial results forecasts and other forward-looking statements in this document are based on information currently available to theCompany and certain assumptions deemed reasonable. Actual performance and other results may be significantly different from theforecasts due to various factors. For details on the assumptions for financial results forecasts and notes on the use of financial results
forecasts, etc., please refer to “1. (3) Explanation of Consolidated Financial Results Forecast and Other Forward-looking Information”
on page 3 of the attachments of this quarterly consolidated financial results report.

Table of Contents – Attachments
1. Overview of Operating Results, etc. ............................................................................................................2(1) Overview of Operating Results for the Quarterly Period under Review ...............................................2(2) Overview of Financial Position for the Quarterly Period under Review ...............................................3(3) Explanation of Consolidated Financial Results Forecast and Other Forward-looking Information........3
2. Quarterly Consolidated Financial Statements and Principal Notes ...........................................................4(1) Quarterly Consolidated Balance Sheets .................................................................................................4(2) Quarterly Consolidated Statements of Income and Comprehensive Income ........................................6
Quarterly Consolidate Statements of Income ................................................................................................6
For the Three Month Ended June 30 .......................................................................................................6
Quarterly Consolidated Statements of Comprehensive Income ....................................................................7
For the Three Month Ended June 30 .......................................................................................................7(3) Notes to Quarterly Consolidated Financial Statements .........................................................................8(Notes to segment information, etc.) ..................................................................................................8(Notes in case of significant changes in shareholders’ equity) ...........................................................8(Notes on going concern assumption) ................................................................................................8(Notes to statements of cash flows) ....................................................................................................81

1. Overview of Operating Results, etc.
(1) Overview of Operating Results for the Quarterly Period under Review
During the three months ended June 30, 2024 (from April 1, 2024 to June 30, 2024), the Japanese economy
showed a gradual recovery trend as economic activities were further normalized against the backdrop of
improvements in an employment situation and income. Meanwhile, with a decrease in real wage and other factors
due to impacts of rising prices resulting from the progressive depreciation of the yen, a stance on consumption
got more cautious.
In the food service industry, the number of customers was steadily recovering thanks to a recovery in
inbound consumption in addition to an increase in people’s traffic caused by the normalization of economic
activities. However, the environment surrounding business remained harsh as consumers’ awareness of saving
increased due to continuously rising prices in addition to soaring purchase prices and utility costs, as well as anincrease in labor costs.
Under these circumstances, while firmly keeping the viewpoint of putting ourselves in customers’ places,
the Group is aiming at “pursuing sustainability” and “realizing regrowth” with a basic strategy of “Co-creation(together) and Co-running” based on the Medium-term Management Plan “Together”.
We are striving to improve our basic value of “deliciousness and hospitality” and to “pursue to provide
values by food” aiming for good health both in “mind and body”. In addition, we will endeavor to achieve the“material and spiritual richness” of our human resources, our greatest management resource, and support
employees so that they can feel both “worth living” and “rewarding” in their works. In this way, we will remaincommitted to improve the value we provide to our customers and our corporate value.
During the first quarter of the fiscal year under review, we worked on activities such as promoting openingsof new restaurants and introduction of digital equipment, increasing wages and starting salaries of new graduates
for the purpose of ensuring and retaining human resources, and setting all-restaurant closure days with the aim of
improving a working environment.
The overview of our business segments is as follows.

(Overview of business segments)
1) Sagami
Sagami held a “Cooking Fair” twice as sales promotion measures in all restaurants.
In addition, we carried out “Distribution of Advertising Inserts to Introduce Spring and Summer GrandMenu” and “Golden Week Coupon Distribution”, and broadcasted television advertisements to promote the“Spring and Summer Grand Menu” each once in April, and broadcasted television advertisements for “Morning
Menu” and carried out “Distribution of Advertising Inserts to Promote Items Using Bluefin Tuna and Father’s
Day Campaign” each once in May. In addition, we continuously provide information on campaigns on official
SNSs and apps such as Instagram and X.
As a result of these measures, sales from existing restaurants increased by 12.5% year on year, the numberof customers at existing restaurants increased by 5.7% year on year, and the average spending per customer
increased by 6.4% year on year.
As for restaurants, the Company opened “Sagami Higashiura Restaurant” and “Sagami Okazaki Daiju-ji
Restaurant” (in April), “Sagami Toyota Nishiki Restaurant” (in May), “Sagami Minato Chita Restaurant” and“Sagami Kawagoe Restaurant” (in June ).
The number of Sagami restaurants was 144 at the end of the first quarter of the fiscal year under review.

2) Ajino-Mingei
Ajino-Mingei held a “Cooking Fair” three times as a sales promotion project for all restaurants. In addition, we
broadcasted television advertisements to introduce “Spring Gratitude Fair”, and carried out “Spring Doyo Fair”
each once in April, “Mother’s Day Fair” and “All-you-can-eat Tenobe Udon (hand-stretched udon noodles)”2

promotion each once in May, and carried out “Father’s Day Fair” to sell items using eels and draft beer at a goodprice, and broadcasted television advertisements to introduce the type of business operation of Ajino-Mingei andpromote Seasonal Menu each once in June.
The number of Ajino-Mingei restaurants, including franchise restaurants, was 50 at the end of the firstquarter of the fiscal year under review.

3) Don Don An
Don Don An held a “Cooking Fair” twice as a sales promotion project for all restaurants. In addition, we held
“Go! Don Don An Campaign” in April.
The number of Don Don An restaurants, including franchise restaurants, was 31 at the end of the firstquarter of the fiscal year under review.
4) Other Restaurants
Large-sized, self-service-type Udon noodles restaurant “Seimen-Daigaku” held a “Cooking Fair” twice.
Self-service-type Juwari Soba noodles restaurant “Chosuke” held “Cooking Fair” twice. As a sales promotion
project, we held “New Life Support Campaign” (at Juwari Soba Second Generation Chosuke) in April, and“Extra-large Helping Fair” (at Kakiage Juwari Soba Chosuke) and “New Menu Introduction Project” with somestandard items changed (at Juwari Soba Second Generation Chosuke) in June.
As for restaurants in Japan, the Company opened “Juwari Soba Second Generation Chosuke Gifu Kitagata
Restaurant” (in June).
On the other hand, the Company closed “Aiso-Ya Higashiura Restaurant”, “Aiso-Ya Daiju-ji Restaurant”,
and “Aiso-Ya Toyota Restaurant” (in April), “Aiso-Ya Minato Chita Restaurant” and “Aiso-Ya Kawagoe
Restaurant” (in May), and “Aiso-Ya Tendo Restaurant” (in June), with the conversion of the type of business
operation.
As for restaurants overseas, the Company opened “SAGAMI Bologna” (in April) as a franchise restaurant
in Bologna, Italy.
The number of restaurants, including franchise restaurants, was 22 in Japan and 10 overseas, for a total of
32 restaurants at the end of the first quarter of the fiscal year under review.
As a result, for the three months ended June 30, 2024, net sales were ¥8,123 million, operating profit was ¥571
million, ordinary profit was ¥599 million, and profit attributable to owners of parent was ¥483 million. In addition,
the number of group restaurants was 257 at the end of the first quarter of the fiscal year under review.

(2) Overview of Financial Position for the Quarterly Period under Review
The total assets at the end of the first quarter of the fiscal year under review were ¥24,281 million, a decrease of¥661 million from the end of the previous fiscal year. Current assets decreased by ¥973 million from the end of
the previous fiscal year to ¥9,184 million, while non-current assets increased by ¥311 million to ¥15,096 million.
Current liabilities decreased by ¥651 million from the end of the previous fiscal year to ¥4,636 million, while
non-current liabilities decreased by ¥206 million to ¥2,632 million. Net assets increased by ¥196 million fromthe end of the previous fiscal year to ¥17,012 million.
(3) Explanation of Consolidated Financial Results Forecast and Other Forward-looking Information
No revisions have been made to the consolidated financial results forecasts for the fiscal year ending March 31,
2025, from the forecasts which were announced on May 13, 2024.

3

2. Quarterly Consolidated Financial Statements and Principal Notes(1) Quarterly Consolidated Balance Sheets(Thousands of yen)
As of March 31, 2024

As of June 30, 2024

AssetsCurrent assets
Cash and deposits
Accounts receivable - trade

8,011,517
1,037,529

6,890,318
978,954

Merchandise and finished goods
Raw materials and supplies

155,418
520,028

168,049
581,862

Other

434,047

565,810

10,158,541

9,184,995

Buildings and structures, net
Machinery, equipment and vehicles, net

2,882,064
565,328

3,093,874
621,723

Land
Other, net

6,442,133
359,535

6,442,133
405,158

Total property, plant and equipment

10,249,062

10,562,889

95,538

95,113

Total intangible assets

95,538

95,113

Investments and other assets
Investment securities

Total current assets
Non-current assets
Property, plant and equipment

Intangible assets
Other872,278

880,828

Long-term loans receivable
Guarantee deposits

38,8891,371,404

38,081
1,392,219

Long-term time deposits
Deferred tax assets

2,000,000
110,4012,000,000
91,312

Other
Total investments and other assets
Total non-current assets
Total assets

447,01735,8934,439,990

4,438,335

14,784,591

15,096,338

24,943,132

24,281,334

(Thousands of yen)
As of March 31, 2024

As of June 30, 2024

Liabilities
Current liabilities
Notes and accounts payable - trade
Current portion of long-term borrowings

842,288
808,802851,490
808,8022,204,147
285,559

2,069,968
109,127

65,206
510,544

52,251
108,11149,98049,980521,702586,637

Total current liabilities

5,288,231

4,636,368

Non-current liabilities
Long-term borrowings

Accounts payable - other
Income taxes payable
Contract liabilities
Provision for bonuses
Provision for bonuses for directors (and otherofficers)
Other

1,908,892

1,715,818

Long-term accounts payable - other
Provision for share awards

163,650
100,665

150,608
101,547

Asset retirement obligations
Long-term guarantee deposits

559,097
70,381

559,463
70,578Other

36,21834,776

2,838,905

2,632,791

8,127,137

7,269,159

Share capital
Capital surplus

9,090,653
6,192,923

9,090,653
6,192,923

Retained earnings
Treasury shares

1,330,941(147,983)

1,511,235(148,081)

Total shareholders' equity

16,466,534

16,646,730

354,054362,459(4,594)

2,984

Total non-current liabilities
Total liabilities
Net assets
Shareholders' equity

Accumulated other comprehensive income
Valuation difference on available-for-salesecurities
Foreign currency translation adjustment
Total accumulated other comprehensive income
Total net assets
Total liabilities and net assets

5349,460

365,443

16,815,995

17,012,174

24,943,132

24,281,334

(2) Quarterly Consolidated Statements of Income and Comprehensive Income
Quarterly Consolidated Statements of Income (For the three months)(Thousands of yen)
For the three months
ended June 30, 2023

For the three months
ended June 30, 2024

Net sales
Cost of sales

7,077,620
2,322,256

8,123,455
2,584,700

Gross profit

4,755,363

5,538,755

Selling, general and administrative expenses

4,418,538

4,967,464

336,824571,291

Operating profit
Non-operating income
Interest income

147

102

Dividend income
Foreign exchange gains

13,414964

14,181-

Insurance claim income
Miscellaneous income

1,217
4,803

13,8004,213

Total non-operating income

20,54832,298Non-operating expenses
Interest expenses
Foreign exchange losses
Miscellaneous losses
Total non-operating expenses

1,447

666

155

3,270
127

1,602

4,063

355,770599,525

Gain on sale of investment securities

2,433

-

Total extraordinary income

2,433

-

Ordinary profit
Extraordinary income

Extraordinary losses
Loss on retirement of non-current assets

1,179

1,897

Impairment losses
Loss on sale of investment securities

26,001
1,201

13,022-

28,382

14,920

Profit before income taxes

Total extraordinary losses

329,821584,604

Income taxes - current

63,991

83,419

Income taxes - deferred

13,292

18,053

Total income taxes

77,283

101,473

Profit252,537

483,131

Profit attributable to owners of parent

252,537

483,1316

Quarterly Consolidated Statements of Comprehensive Income (For the three months)(Thousands of yen)
For the three months
ended June 30, 2023
ProfitOther comprehensive income
Valuation difference on available-for-sale securities
Foreign currency translation adjustment
Total other comprehensive income
Comprehensive income
Comprehensive income attributable toComprehensive income attributable to owners ofparent7

For the three months
ended June 30, 2024

252,537

483,131

42,349
(605)

8,405
7,578

41,743

15,983294,280

499,115

294,280

499,115

(3) Notes to Quarterly Consolidated Financial Statements(Notes to segment information, etc.)[Segment Information]
For the three months ended June 30, 2023 (from April 1, 2023 to June 30, 2023)
The Group’s only business segment is “food services”. Since other business segments are considered to beimmaterial, segment information is omitted.
For the three months ended June 30, 2024 (from April 1, 2024 to June 30, 2024)
The Group’s only business segment is “food services”. Since other business segments are considered to beimmaterial, segment information is omitted.
(Notes in case of significant changes in shareholders’ equity)
Not applicable.
(Notes on going concern assumption)
Not applicable.
(Notes to statements of cash flows)
Quarterly Consolidated Statements of Cash Flows for the three months ended June 30, 2024 was not prepared.
Depreciation for the three months ended June 30, 2024 (including amortization related to intangible assets) is asfollows.
(Thousands of yen)
For the three months
ended June 30, 2023
Depreciation

103,046

8

For the three months
ended June 30, 2024
153,028