Note: This document is a translation of a part of the original Japanese version and provided for reference purposes only. In the event of any discrepancy
between the Japanese original and this English translation, the Japanese original shall prevail.

Consolidated Financial Results
for the Six Months Ended September 30, 2022
[Japanese GAAP]
November 14, 2022
Company name: Sagami Holdings Corporation
Stock exchange listing: Tokyo, Nagoya
Code number: 9900
URL: https://www.sagami-holdings.co.jp
Representative: Shuji Ito
President and COO
Contact: Yasufumi Nakajima
Executive Officer in charge of management
Phone: 052-737-6000
Scheduled date of filing quarterly securities report: November 14, 2022
Scheduled date of commencing dividend payments: Availability of supplementary briefing material on quarterly financial results: Yes
Schedule of quarterly financial results briefing session: Yes(Amounts of less than one million yen are rounded down)
1. Consolidated Financial Results for the Six Months Ended September 30, 2022 (April 01, 2022 to September 30, 2022)(1) Consolidated Operating Results(% indicates changes from the previous corresponding period.)
Profit attributable to
Net sales
Operating profit
Ordinary profit
owners of parent
Million yen%
Million yen%
Million yen%
Million yen%
Six months ended
September 30, 2022
12,845
31.0
665
1,323
193.3
1,007
176.8
September 30, 2021
9,805
3.1
(561)
451
363
(Note) Comprehensive income:Six months ended September 30, 2022:¥
1,054 million [163.9%]
Six months ended September 30, 2021:¥
399 million [-%]Basic earnings
per share
Six months ended
September 30, 2022
September 30, 2021

Diluted earnings per
share
Yen

Yen

33.41
12.63

-

(Note) Diluted earnings per share are not provided as there are no potential shares with dilutive effect.
(2) Consolidated Financial Position
Total assets
Million yen
As ofSeptember 30, 2022
24,032
March 31, 2022
24,164(Reference) Equity: As of September 30, 2022:
As of March 31, 2022:

Net assets

Capital adequacy ratio

Million yen¥¥

15,961
15,05915,961 million
15,058 million

%

66.4
62.3

2. Dividends
Annual dividends
1stquarter-end

2ndquarter-end

3rdquarter-end

Yen

Yen

Yen

Yen

Yen

Fiscal year ended March 31, 2022

-

0.00

-

5.00

5.00

Fiscal year ending March 31, 2023

-

0.00
-

5.00

5.00

Fiscal year ending March 31, 2023
(Forecast)(Note) Revision to the forecast for dividends announced most recently:

Year-end

Total

No

3. Consolidated Financial Results Forecast for the Fiscal Year Ending March 31, 2023(April 01, 2022 to March 31, 2023)(% indicates changes from the previous corresponding period.)
Profit attributable to Basic earnings
Net sales
Operating profit
Ordinary profit
owners of parent
per share%

Million yen%

Million yen%

Yen

Full year
25,00017.1
500(Note) Revision to the financial results forecast announced most recently:

Million yen%

Million yen

1,150
No

(48.9)

650(45.5)

21.55(2) Accounting policies adopted specially for the preparation of quarterly consolidated financial statements:

No* Notes:(1) Changes in significant subsidiaries during the six months ended September 30, 2022
(changes in specified subsidiaries resulting in changes in scope of consolidation):(Company name: - )NewExclusion:(Company name: - )No(3) Changes in accounting policies, changes in accounting estimates and retrospective restatement
1) Changes in accounting policies due to the revision of accounting standards: Yes
2) Changes in accounting policies other than 1) above: No
3) Changes in accounting estimates: No4) Retrospective restatement: No(4) Total number of issued shares (common shares)
1) Total number of issued shares at the end of the period (including treasury shares):
September 30, 2022:
30,301,784 shares
March 31, 2022:
30,301,784 shares2) Total number of treasury shares at the end of the period:
September 30, 2022:
17,710 shares
March 31, 2022:
17,655 shares
3) Average number of shares during the period:
Six months ended September 30, 2022:
Six months ended September 30, 2021:

30,153,418 shares
28,802,928 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 outstanding during the period, but
not included in the treasury shares above.

* Quarterly financial results reports are exempt from quarterly review conducted by certified public accountants or an audit corporation.
* 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
the Company and certain assumptions deemed reasonable. Actual performance and other results may be significantly different fromthe forecasts 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 financial results reports.

Table of Contents - Attachments
1. Qualitative Information on Quarterly Financial Results ......................................................................... 2(1) Explanation of Operating Results ........................................................................................................ 2(2) Explanation of Financial Position ........................................................................................................ 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(3) Quarterly Consolidated Statements of Cash Flows ............................................................................... 8(4) Notes to Quarterly Consolidated Financial Statements ..................................................................... 10(Notes on going concern assumption) ............................................................................................ 10(Notes in case of significant changes in shareholders’ equity) ....................................................... 10(Changes in accounting policies) ................................................................................................... 10(Additional information) ................................................................................................................ 10

1

1. Qualitative Information on Quarterly Financial Results(1) Explanation of Operating Results
During the six months ended September 30, 2022 (from April 1, 2022 to September 30, 2022), the Japanese
economy was affected by price increases of all commodity items, including energy and various supplies, due tosoaring global resource prices and supply chain disruptions caused by geopolitical risks, as well as the rapid
depreciation of the yen in the exchange market.
With regard to the impact of the infectious disease, there were signs of improvement in consumer
confidence as a result of the government's implementation of measures to balance infection control and economic
activities, although the number of new cases was the highest ever in the seventh wave of COVID-19 infections,which began in July.
In the food service industry, the number of customers has begun to show signs of a gradual recovery trend,
mainly due to having been able to have the Golden Week and Obon sales seasons without business restrictions
for the first time in three years. On the other hand, it continued to face a severe situation as well, mainly due tosoaring prices of raw materials and utility costs caused by the effects of the depreciation of the yen and risinglabor costs.
Under these circumstances, the Group is giving top priority to measures to prevent the spread of theinfectious disease from the standpoint of protecting the safety and health of customers and employees. In addition,
based on the new Medium-term Management Plan, “Challenge to ‘300’”, we are continuously striving to improve
our basic value of deliciousness and hospitality and to pursue “food and health” under the theme of pursuing“sustainability” and realizing “regrowth”. In order to meet the needs of various customers, we will continue toflexibly implement sales measures such as developing take-away products, increasing the number of restaurantsthat offer delivery services or serve during the morning hours and installing vending machines for frozen food.
We will remain committed to improve the value we provide to our customers and our corporate value while
taking measures with alacrity that go beyond conventional concepts in response to pressure on cost increases,
although a severe situation with soaring prices of raw materials and utility costs caused by the effects of thedepreciation of the yen is expected to continue.
(Overview of Business segments)
1) Sagami
Sagami held “Nagoya-Cochin (locally bred Chicken in Nagoya) Fair” once in April, and “Fresh Catch ofPremium Katsuo (Bonito) Fair” and “Natural Ma-Anago (Conger eel) Fair” once in May by region, and“Hokkaido Taste Tour Fair” once in August as sales promotion measures in all restaurants. In addition, we
executed “Sagami Official Twitter Follow & Retweet Campaign” and “Golden Week Coupon Distribution” in
April, “Father’s Day” promotion in June, and “Invitation to Misono-za Campaign” in June, “Big Gratitude
Summer Fair” in July, “Distribution of Silver Week Coupons” in September as part of the regional sales
promotion measures, each held once, respectively. As a result, existing restaurant sales increased by 32.5% year
on year, number of customers at existing restaurants increased by 27.4% year on year, and average spending per
customer increased by 4.0% year on year.
Regarding outlets, the Company opened “Sagami Handa Inter Restaurant” (September). On the other hand,
the Company closed “Sagami Nishiotsu Restaurant” (May) and “Sagami Fujieda Restaurant” (August).
The number of Sagami restaurants was 131 at the end of the second quarter of the fiscal year under review.
2) Ajino-Mingei
Ajino-Mingei held a “Cooking Fair” four times as sales promotion projects for all restaurants and “Mother’s Day
Fair”, “Father’s Day Fair”, “All-you-can-eat Tenobe Udon (hand-stretched udon noodles)” promotion and“Respect for the Aged Day Fair” once, respectively. In addition, “a 10 % discount campaign for dining in therestaurant and take-out” was offered once, along with “Big Gratitude Summer Fair” in which popular products
2were sold at a reasonable price.
As for restaurants, the Company closed “Ajino-Mingei Nishikokubunji Restaurant” (August).
The number of Ajino-Mingei restaurants, including franchise restaurants, was 51 at the end of the second
quarter of the fiscal year under review.

3) Don Don An
Don Don An held a “Cooking Fair” six times as a sales promotion project for all restaurants. In addition, a “FreeLarge-sized Noodle Campaign” in April and a “GO! Don Don An Coupon Campaign” in May were offered.
The number of Don Don An restaurants, including franchise restaurants, was 32 at the end of the second
quarter of the fiscal year under review.
4) Other Restaurants
In Other Restaurants segment, Aiso-Ya held a “Cooking Fair” five times. Large-sized, self-service-type Udon
noodles restaurant Seimen-Daigaku held a “Cooking Fair” five times.
As for restaurants in Japan, we opened “Juwari Soba Second Generation Chosuke Gifu Iwataki Store” in
Gifu City, Gifu Prefecture (May).
As for restaurants overseas, we opened “SAGAMI Bellinzago Lombardo” (April), as a franchise restaurantin the suburbs of Milan, Italy. On the other hand, we closed “SAGAMI Siena” (August) in Italy.
The number of restaurants, including franchise restaurants, was 30 in Japan and ９overseas, for a total of
39 restaurants at the end of the second quarter of the fiscal year under review.
As a result, for the six months ended September 30, 2022, net sales were ¥12,845 million, operating profit
was ¥665 million, ordinary profit was ¥1,323 million, and profit attributable of owners of parent was ¥1,007
million. In addition, the number of group restaurants was 253 at the end of the second quarter of the fiscal year
under review.

(2) Explanation of Financial Position
The total assets at the end of the second quarter of the fiscal year under review were ¥24,032 million, a decrease of¥132 million from the end of the previous fiscal year. Current assets decreased by ¥432 million from the end of theprevious fiscal year to ¥12,718 million, while non-current assets increased by ¥299 million to ¥11,313 million.
Current liabilities decreased by ¥498 million from the end of the previous fiscal year to ¥3,999 million, while noncurrent liabilities decreased by ¥536 million to ¥4,071 million. Net assets increased by ¥902 million from the endof the previous fiscal year to ¥15,961 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,
2023, from the forecasts which were announced on November 7, 2022.

3

2. Quarterly Consolidated Financial Statements and Principal Notes(1) Quarterly Consolidated Balance Sheets(Thousand yen)
As of March 31, 2022

As of September 30, 2022

AssetsCurrent assets
Cash and deposits
Accounts receivable - trade
Merchandise and finished goods
Raw materials and supplies
Other
Total current assets

11,574,143
580,614

11,136,033
605,672

119,494
437,045

151,617448,752

439,511

376,562

13,150,809

12,718,637

1,748,909

1,901,382

362,849
6,442,133

377,238
6,442,133

Non-current assets
Property, plant and equipment
Buildings and structures, net
Machinery, equipment and vehicles, net
Land
Other, net
Total property, plant and equipment
Intangible assets
Other77,483

191,937

8,631,375

8,912,691

102,248

100,323

Total intangible assets

102,248

100,323

Investments and other assets
Investment securities

571,339

623,471

77,6881,442,245

72,575
1,418,909

104,131
84,769106,447
79,3612,280,174

2,300,765

Long-term loans receivable
Guarantee deposits
Deferred tax assets
Other
Total investments and other assets
Total non-current assets
Total assets

4

11,013,798

11,313,780

24,164,607

24,032,418

(Thousand yen)
As of March 31,2022

As of September 30,2022

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

608,127
1,012,296

664,2811,040,609

Accounts payable - other
Income taxes payable

1,700,443
428,702

1,377,653
256,783

Contract liabilities
Provision for bonuses

110,765
212,830

100,167
194,134

Provision for loss on store closings
Other424,652

4,786
361,249

Total current liabilities

4,497,817

3,999,665

Non-current liabilities
Long-term borrowings

3,841,817

3,307,356

Long-term accounts payable - other
Provision for share awards

171,10728,903

169,106
31,896

Asset retirement obligations
Long-term guarantee deposits

461,529
69,044463,466
67,894Other

35,217

31,371

4,607,619

4,071,090

9,105,437

8,070,755

Share capital
Capital surplus

9,090,653
6,192,923

9,090,653
6,192,923

Retained earnings
Treasury shares(101,395)(184,400)

754,793(184,467)

14,997,781

15,853,902

66,249118,481(5,556)(10,721)

60,692

107,759

696-

15,059,170

15,961,662

24,164,607

24,032,418

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

Total shareholders' equity
Accumulated other comprehensive income
Valuation difference on available-for-salesecurities
Foreign currency translation adjustment
Total accumulated other comprehensive income
Non-controlling interests
Total net assets
Total liabilities and net assets5(2) Quarterly Consolidated Statements of Income and Comprehensive Income
Quarterly Consolidated Statements of Income (For the six months)(Thousand yen)
For the six months
ended September 30, 2021

For the six months
ended September 30, 2022

Net sales
Cost of sales

9,805,174
3,041,880

12,845,264
4,034,422

Gross profit

6,763,293

8,810,841

Selling, general and administrative expenses

7,324,312

8,145,578

Operating profit (loss)(561,019)

665,263

Non-operating income
Interest income

381

342

Dividend income
Foreign exchange gains

7,562
-

15,611
74,986

Insurance claim income
Subsidy income

8,419
975,364

19,670542,560

Miscellaneous income

28,8209,122

1,020,548

662,294

Interest expenses
Share issuance costs

4,069
1,988

3,500
-

Foreign exchange losses
Miscellaneous losses

1,748
416

125

Total non-operating expenses

8,222

3,626

451,306

1,323,930

Gain on sale of investment securities

26-

Total extraordinary income

26

-

955
20,271

170
61,836-

18,29635,16821,227

115,472

Profit before income taxes

430,104

1,208,458

Income taxes - current

69,130202,833

Total non-operating income
Non-operating expenses

Ordinary profit
Extraordinary income

Extraordinary losses
Loss on retirement of non-current assets
Impairment losses
Loss on liquidation of subsidiaries and associates
Loss on midterm cancellation of contracts
Total extraordinary losses

Income taxes - deferred(3,010)(1,983)

Total income taxes

66,119200,849

Profit363,985

1,007,609

Profit attributable to owners of parent

363,985

1,007,609

6

Quarterly Consolidated Statements of Comprehensive Income (For the six months)(Thousand yen)
For the six months
ended September 30, 2021
ProfitOther comprehensive income

For the six months
ended September 30, 2022

363,985

1,007,609

Valuation difference on available-for-sale securities
Foreign currency translation adjustment

27,612
7,955

52,231(5,280)Total other comprehensive income

35,567

46,951

Comprehensive income

399,553

1,054,560

Comprehensive income attributable toComprehensive income attributable to owners ofparentComprehensive income attributable to non-controllinginterests

398,649

1,054,676

904

(115)

7

(3) Quarterly Consolidated Statements of Cash Flows(Thousand yen)
For the six months
ended September 30, 2021
Cash flows from operating activities
Profit before income taxes

For the six months
ended September 30, 2022

430,104

1,208,458

Depreciation
Impairment losses

192,448
20,271

179,967
61,836

Amortization of goodwill
Foreign exchange losses (gains)

50,3291,748(74,986)

Loss (gain) on sale of investment securities
Increase (decrease) in provision for bonuses(26)(8,958)(18,696)

Increase (decrease) in provision for share awards
Increase (decrease) in retirement benefit liability
Increase (decrease) in provision for loss on store
closings
Interest and dividend income

2,556
220

2,992
-

(4,940)

4,786(7,944)(15,954)(975,364)
4,069(542,560)
3,500

1,988
955

170

Subsidy income
Interest expenses
Share issuance costs
Loss on retirement of non-current assets
Loss (gain) on liquidation of subsidiaries andassociates
Decrease (increase) in trade receivables
Decrease (increase) in inventories-

18,29660,425(11,576)(24,924)(43,460)

Increase (decrease) in trade payables
Increase (decrease) in accounts payable - other(99,455)(61,049)

55,906(158,270)

Increase (decrease) in contract liabilities
Other, net

120,642(20,949)(10,598)(112,670)

Subtotal(304,501)

533,793

7,598

15,644

Interest paid
Subsidies received(4,069)975,364(3,500)542,560

Income taxes paid
Income taxes refund(23,978)-(377,594)
47,041

Net cash provided by (used in) operating activities

650,413757,944

Cash flows from investing activities
Purchase of property, plant and equipment(378,137)(603,419)

Proceeds from sale of investment securities
Payments of guarantee deposits

132(8,999)(5,585)

Proceeds from refund of guarantee deposits
Other, net

42,535(63,990)

32,452
1,792

Net cash provided by (used in) investing activities(408,459)(574,759)

Interest and dividends received8

(Thousand yen)
For the six months
ended September 30, 2021
Cash flows from financing activities
Net increase (decrease) in short-term borrowings

For the six months
ended September 30, 2022

(500,000)-

503,947(541,702)(506,148)

(103)
(34)

(67)
(150,499)(8,074)(5,313)2,421,931-

1,875,964(662,028)302

40,733

2,118,220(438,109)

Cash and cash equivalents at beginning of period

7,882,563

11,574,143

Cash and cash equivalents at end of period

10,000,784

11,136,033

Proceeds from long-term borrowings
Repayments of long-term borrowings
Purchase of treasury shares
Dividends paid
Repayments of lease liabilities
Proceeds from issuance of shares resulting fromexercise of share acquisition rights
Net cash provided by (used in) financing activities
Effect of exchange rate change on cash and cash
equivalents
Net increase (decrease) in cash and cash equivalents9(4) Notes to Quarterly Consolidated Financial Statements(Notes on going concern assumption)
Not applicable.
(Notes in case of significant changes in shareholders’ equity)
Not applicable.
(Changes in accounting policies)
The Company has applied the “Implementation Guidance on Accounting Standard for Fair Value Measurement”(ASBJ Guidance No. 31, June 17, 2021; hereinafter “Fair Value Measurement Guidance”) from the beginning of thefirst quarter of the fiscal year under review, and will prospectively apply the new accounting policies stipulated by
the Fair Value Measurement Guidance in accordance with the transitional treatment provided in Paragraph 27-2 ofthe Fair Value Measurement Guidance. This application has no impact on the quarterly consolidated financial
statements.
(Additional Information)
Accounting estimates regarding the effects of the spread of COVID-19
The Group has calculated and made accounting treatments for recoverability of deferred tax assets andimpairment of non-current assets based on the assumption that the impact of COVID-19 on our business performance
will remain until the end of the fiscal year under review and continues to pay close attention to the external
environment and economic trends.
It should be noted that there have been no material changes to the assumptions, including the timing of thecontainment of the impact of COVID-19, which was stated in Significant Accounting Estimates in the Annual
Securities Report of the previous fiscal year.
Employment adjustment subsidies
Due to the impact of COVID-19, special measures such as employment adjustment subsidies have been applied
to leave allowances paid by shortening store business hours. The amount of ¥37,995 thousand received from April
1, 2022 to September 30, 2022 has been deducted from salaries and bonuses under selling, general and administrative
expenses.

10