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 Nine Months Ended December 31, 2022
[Japanese GAAP]
February 13, 2023
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: +81-52-737-6000
Scheduled date of filing quarterly securities report: February 13, 2023
Scheduled date of commencing dividend payments: Availability of supplementary briefing material on quarterly financial results: No
Schedule of quarterly financial results briefing session: No(Amounts of less than one million yen are rounded down)
1. Consolidated Financial Results for the Nine Months Ended December 31, 2022 (April 01, 2022 to December 31, 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%
Nine months ended
December 31, 2022
19,684
23.9
927
1,604
(19.1)
1,171(17.8)
December 31, 2021
15,881
2.6
(360)
1,983
1,426
(Note) Comprehensive income:Nine months ended December 31, 2022: ¥1,342 million [(10.3) %]Nine months ended December 31, 2021: ¥1,497 million [-%]Basic earnings
per share

Diluted earnings per
share

Yen
Yen
Nine months ended
December 31, 2022
38.85
December 31, 2021
48.74
(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 ofDecember 31, 2022
24,549March 31, 2022
24,164(Reference) Equity: As of December 31, 2022:
As of March 31, 2022:

Net assets

Capital adequacy ratio

Million yen¥¥

16,24915,05916,249 million
15,058 million

%

66.1
62.3

2. Dividends
Annual dividends
1stquarter-end

2ndquarter-end

3rdquarter-end

Year-end

Total

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:

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
25,50019.4
750(Note) Revision to the financial results forecast announced most recently:

Million yen%

Million yen

1,430
No

(36.5)

980(17.8)

32.50(2) Accounting policies adopted specially for the preparation of quarterly consolidated financial statements:

No* Notes:(1) Changes in significant subsidiaries during the nine months ended December 31, 2022
(changes in specified subsidiaries resulting in changes in scope of consolidation):
No(Company name: )New
Exclusion:(Company name: )(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):December 31, 2022:
30,301,784 shares
March 31, 2022:
30,301,784 shares2) Total number of treasury shares at the end of the period:
December 31, 2022:
17,762 shares
March 31, 2022:
17,655 shares
3) Average number of shares during the period:
Nine months ended December 31, 2022:
Nine months ended December 31, 2021:

30,153,391 shares
29,254,732 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 the period, but notincluded in the total number of treasury shares at the end of the period 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 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 financial results report.

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) Notes to Quarterly Consolidated Financial Statements ....................................................................... 8(Notes on going concern assumption) .............................................................................................. 8(Notes in case of significant changes in shareholders’ equity) ......................................................... 8(Changes in accounting policies) ..................................................................................................... 8(Additional information) .................................................................................................................. 8

11. Qualitative Information on Quarterly Financial Results(1) Explanation of Operating Results
During the nine months ended December 31, 2022 (from April 1, 2022 to December 31, 2022), the Japanese
economy experienced price increases of all commodity items, including energy and various supplies, which
profoundly impacted on both people’s daily lives and business activities. These price increases were attributable
to soaring global resource prices and supply chain disruptions caused by geopolitical risks, as well as the rapid
depreciation of the yen in the exchange market. The economy was also impacted by the infectious diseases, asfull lifting of the quasi-state of emergency measures in late March caused temporal resurgence of the infection.
Meanwhile, there were signs of improvement in consumer confidence and people’s traffic as a result of thegovernment implementing measures to balance the infection control and the promotion of economic activities,
driven, for example, by a campaign encouraging travel nationwide.
In the food service industry, the number of customers has begun to show signs of a recovery trend, mainly
because restaurants were allowed to do business without any restrictions during the Golden Week as well as
Obon and year-end sales seasons for the first time in three years. On the other hand, it continued to face a severe
situation as well because business activities were affected by rising prices of not only raw materials, but alsoenergy and supplies caused primarily by the effects of the depreciation of the yen.
Under these circumstances, the Group gives top priority to measures to prevent the spread of the infectious
disease from the standpoint of protecting the safety and health of customers and employees. In addition, theGroup is implementing the new Medium-term Management Plan, “Challenge to ‘300’”, with firmly keeping
viewpoint of putting ourselves in customers’ places. In accordance with the Plan, we are continuously striving
to improve our basic value of “deliciousness and hospitality” and to pursue “food and health” under the themeof pursuing “sustainability” and realizing “regrowth”. In order to meet the needs of various customers, we willcontinue to flexibly implement sales measures such as developing take-away products, increasing the number ofrestaurants that offer delivery services or serve during the morning hours and installing vending machines forfrozen food. In this way, we will remain committed to improve the value we provide to our customers and our
corporate value.
(Overview of business segments)
1) Sagami
Sagami held a cooking fair five times, and executed “Sagami Official Twitter Follow & Retweet Campaign”
once in April and October, respectively, and “Golden Week Coupon Distribution” once in April, “Father’s Day”
promotion once in June, “Big Gratitude Summer Fair” once in July, “Distribution of Silver Week Coupons” oncein September, “Winter Campaign of Big Thanks Giving Day” once in November, and “Year-end and New Year
Coupon Distribution” promotion once in December as sales promotion measures in all restaurants. In addition,
we held “Invitation to Misono-za Campaign” in June, and carried out a joint program with “Central Aichi
Symphony Orchestra” on which we handed out a brand promotion leaflet at the performance venue in Octoberand November, each held once, and offered “Wajima Natural Fugu-ten (tempura of globefish) and Miso-nikomi(udon noodles stewed with miso)” at specified restaurant in collaboration with Wajima City, Ishikawa Prefecture
as part of the regional sales promotion measures. Moreover, we released the Sagami Official App in September.
As a result, sales from existing restaurants increased by 24.1% year on year, the number of customers at
existing restaurants increased by 19.7% year on year, and the average spending per customer increased by 3.7%
year on year.
As for restaurants, the Company opened “Sagami Handa Inter Restaurant” (in September) and “Sagami
Kizugawa Shiroyamadai Restaurant” (in December). On the other hand, the Company closed “Sagami Nishiotsu
Restaurant” (in May), “Sagami Fujieda Restaurant” (in August), and “Sagami Kagiya Restaurant” (in October).
The number of Sagami restaurants was 131 at the end of the third quarter of the fiscal year under review.

22) Ajino-Mingei
Ajino-Mingei held a “Cooking Fair” five 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, “Respect
for the Aged Day Fair”, and “Japanese Food Day Fair” once, respectively.
In addition, “a 10% discount campaign for dining in the restaurant and take-out” was offered along with“Big Gratitude Summer Fair” and “Autumn New Menu Fair” each held once.
As for restaurants, the Company closed “Ajino-Mingei Nishikokubunji Restaurant” (in August).
The number of Ajino-Mingei restaurants, including franchise restaurants, was 51 at the end of the third
quarter of the fiscal year under review.
3) Don Don An
Don Don An held a “Cooking Fair” nine times as a sales promotion project for all restaurants. In addition, Don
Don An held a “Free Large-sized Noodle Campaign” once in April and a “GO! Don Don An Coupon Campaign”
once in May and October, respectively.
As for restaurants, we changed the type of business operation of “Katsutani Ichinomiya Bisai Restaurant”
to open “Don Don An Ichinomiya Bisai Restaurant” (in November). Meanwhile, we closed “Don Don An Asuka
Restaurant” (in December).
The number of Don Don An restaurants, including franchise restaurants, was 32 at the end of the third
quarter of the fiscal year under review.
4) Other Restaurants
In the Other Restaurants segment, Aiso-Ya held a “Cooking Fair” eight times. Large-sized, self-service-type
Udon noodles restaurant Seimen-Daigaku held a “Cooking Fair” eight times.
As for restaurants in Japan, we opened “Juwari Soba Second Generation Chosuke Gifu Iwataki Store” in
Gifu City, Gifu Prefecture (in May). On the other hand, we closed “Gochitaku Ajino-Mingei Nerima Heiwadai
Restaurant” (in October), “Bubuka Nishidai Restaurant” (in November), “Gochitaku Sagami Moriyama
Restaurant” (in December), and “Totokura Shonandai Restaurant” (in December). We closed “Katsutani
Ichinomiya Bisai Restaurant” (in November) as well, with the conversion of the type of business operation.
As for restaurants overseas, we opened “SAGAMI Bellinzago Lombardo” (in April), as a franchiserestaurant in the suburbs of Milan, Italy. On the other hand, we closed “SAGAMI Siena” (in August) in Italy.
The number of restaurants, including franchise restaurants, was 25 in Japan and ９overseas, for a total of
34 restaurants at the end of the third quarter of the fiscal year under review.
As a result, for the nine months ended December 31, 2022, net sales were ¥ 19,684 million, operating profit was¥927 million, ordinary profit was ¥1,604 million, and profit attributable of owners of parent was ¥1,171 million.
In addition, the number of group restaurants was 248 at the end of the third quarter of the fiscal year under review.

(2) Explanation of Financial Position
The total assets at the end of the third quarter of the fiscal year under review were ¥24,549 million, an increaseof ¥384 million from the end of the previous fiscal year. Current assets decreased by ¥225 million from the endof the previous fiscal year to ¥12,925 million, while non-current assets increased by ¥610 million to ¥11,624
million. Current liabilities decreased by ¥108 million from the end of the previous fiscal year to ¥4,388 million,
while non-current liabilities decreased by ¥696 million to ¥3,911 million. Net assets increased by ¥1,190 million
from the end of the previous fiscal year to ¥16,249 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 February 6, 2023.
3

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

As of December 31,2022

AssetsCurrent assets
Cash and deposits

11,574,143

10,959,901

Accounts receivable - trade
Merchandise and finished goods

580,614
119,494

803,348
170,248

Raw materials and supplies
Other

437,045439,511516,891
474,809

13,150,809

12,925,200

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

1,748,909
362,849

2,004,336
386,419

Land
Other, net

6,442,133
77,4836,442,133
302,378

Total property, plant and equipment

8,631,375

9,135,267

102,248

98,330102,248

98,330571,339
77,688741,400
70,527

1,442,245
104,1311,410,435
92,390Total current assets
Non-current assets
Property, plant and equipment

Intangible assets
Other
Total intangible assets
Investments and other assets
Investment securities
Long-term loans receivable
Guarantee deposits
Deferred tax assets
Other
Total investments and other assets
Total non-current assets
Total assets

484,76976,0532,280,174

2,390,808

11,013,798

11,624,406

24,164,607

24,549,606

(Thousand yen)
As of March 31,2022

As of December 31,2022

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

608,127
1,012,296

900,081
988,962

Accounts payable - other
Income taxes payable

1,700,443
428,702

1,735,462
94,216

Contract liabilities
Provision for bonuses

110,765
212,830

101,723
95,352

Provision for loss on store closings
Other424,652

3,083
470,068

Total current liabilities

4,497,817

4,388,949

Non-current liabilities
Long-term borrowings

3,841,817

3,150,768

Long-term accounts payable - other
Provision for share awards

171,10728,903

169,106
33,392

Asset retirement obligations
Long-term guarantee deposits

461,529
69,044457,31370,433

Other

35,21730,187

4,607,619

3,911,200

9,105,437

8,300,150

Share capital
Capital surplus

9,090,653
6,192,923

9,090,653
6,192,923

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

918,749(184,531)

14,997,781

16,017,794

66,249233,848(5,556)(2,186)

60,692

231,661696-

15,059,170

16,249,456

24,164,607

24,549,606

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 nine months)(Thousand yen)
For the nine months
ended December 31,2021

For the nine months
ended December 31,2022

Net sales
Cost of sales

15,881,637
4,923,568

19,684,427
6,287,987

Gross profit

10,958,068

13,396,440

Selling, general and administrative expenses

11,318,683

12,468,665

Operating profit (loss)(360,614)

927,774

Non-operating income
Interest income

557

511

Dividend income
Foreign exchange gains

14,7686,874

26,06647,714

Insurance claim income
Subsidy income

10,1142,305,060

19,670566,950

Miscellaneous income

31,286

20,4952,368,662

681,408

Interest expenses
Share issuance costs

6,069
1,988

4,883
-

Bad debt expenses
Miscellaneous losses

13,465
2,989

152

Total non-operating expenses

24,512

5,036

1,983,535

1,604,146

74,967
26

-

81

-

75,075-2,340
285,767719
143,757-

18,29635,168288,108

197,9421,770,502

1,406,204

348,584

225,409

Total non-operating income
Non-operating expenses

Ordinary profit
Extraordinary income
Gain on sale of shares of subsidiaries and associates
Gain on sale of investment securities
Other
Total 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
Profit before income taxes
Income taxes - current
Income taxes - deferred(4,138)

9,229

Total income taxes

344,445

234,638

Profit

1,426,056

1,171,565

Profit attributable to owners of parent

1,426,056

1,171,565

6

Quarterly Consolidated Statements of Comprehensive Income (For the nine months)(Thousand yen)
For the nine months
ended December 31,2021
ProfitOther comprehensive income

For the nine months
ended December 31,2022

1,426,056

1,171,565

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

61,443
9,621

167,598
3,253

Total other comprehensive income

71,065

170,852

Comprehensive income

1,497,122

1,342,418

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

1,496,218

1,342,534

904

(115)

7

(3) 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”) fromthe beginning of the first 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 of the Fair Value Measurement Guidance. This application has no impact on thequarterly 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 businessperformance will remain until the end of the fiscal year under review, while continuing 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 ¥38,384 thousand received
from April 1, 2022 to December 31, 2022 has been deducted from salaries and bonuses under selling, general andadministrative expenses.

8