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, 2023
[Japanese GAAP]
February 13, 2024
Company name: Sagami Holdings Corporation
Stock exchange listing: Tokyo, Nagoya
Code number: 9900
URL: https://www.sagami-holdings.co.jp
Representative: Hisashi Onishi
President
Contact: Yasufumi Nakajima
Executive Officer in charge of management
Phone: +81-52-737-6000
Scheduled date of filing quarterly securities report: February 13, 2024
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, 2023 (April 1, 2023 to December 31, 2023)(1) Consolidated Operating Results(% indicates changes from the previous corresponding period.)
Profit attributable to
Net sales
Operating profit
Ordinary profit
owners of parent
Millions of yen% Millions of yen% Millions of yen% Millions of yen%
Nine months ended
December 31, 2023
22,943
16.5
1,486
60.2
1,546
(3.5)
1,055
(9.9)
December 31, 2022
19,684
23.9
927
1,604
(19.1)
1,171(17.8)(Note) Comprehensive income:Nine months ended December 31, 2023:¥
1,114 million [(16.9) %]Nine months ended December 31, 2022:¥
1,342 million [(10.3) %]Basic earnings
per share

Diluted earnings per
share

Yen
Yen
Nine months ended
December 31, 2023
34.98
December 31, 2022
38.85
(Note) Diluted earnings per share are not provided as there are no potential shares with dilutive effect.

(2) Consolidated Financial Position
Total assets
Millions of yen
As ofDecember 31, 2023
24,765
March 31, 2023
24,156(Reference) Equity: As of December 31, 2023:
As of March 31, 2023:

Net assets

Capital adequacy ratio

Millions of yen¥¥

16,875
15,936
16,875 million
15,936 million

%

68.1
65.9

2. Dividends
Annual dividends
1stquarter-end

2ndquarter-end

3rdquarter-end

Yen

Yen

Yen

Yen

Yen

Fiscal year ended March 31, 2023

-

0.00

-

7.00

7.00

Fiscal year ending March 31, 2024

-

0.00

5.00

5.00

Year-end

Fiscal year ending March 31, 2024
(Forecast)

Total

No

(Note) Revision to the forecast for dividends announced most recently:

3. Consolidated Financial Results Forecast for the Fiscal Year Ending March 31, 2024 (April 1, 2023 to March 31, 2024)(% indicates changes from the previous corresponding period.)
Profit attributable to Basic earnings
Net sales
Operating profit
Ordinary profit
owners of parent
per share
Millions of yen% Millions of yen% Millions of yen

%

Yen

900

1.5

29.84

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

No

Full year
28,000
5.9
1,250
37.3
(Note) Revision to the financial results forecast announced most recently:

1,300
No

% Millions of yen(17.4)* Notes:(1) Changes in significant subsidiaries during the nine months ended December 31, 2023
No(changes in specified subsidiaries resulting in changes in scope of consolidation):
New(Company name: )(Company name: )Exclusion:-(3) Changes in accounting policies, changes in accounting estimates and retrospective restatement
1) Changes in accounting policies due to the revision of accounting standards: No
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, 2023:
30,301,784 shares
March 31, 2023:
30,301,784 shares
2) Number of treasury shares at the end of the period:
December 31, 2023:
17,967 shares
March 31, 2023:
17,762 shares
3) Average number of shares outstanding during the period:
Nine months ended December 31, 2023:
Nine months ended December 31, 2022:

30,167,031 shares
30,153,391 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 4 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 ........4
2. Quarterly Consolidated Financial Statements and Principal Notes ...........................................................5(1) Quarterly Consolidated Balance Sheets .................................................................................................5(2) Quarterly Consolidated Statements of Income and Comprehensive Income ........................................7(3) Notes to Quarterly Consolidated Financial Statements .........................................................................9(Notes on going concern assumption) ................................................................................................9(Notes in case of significant changes in shareholders’ equity) ...........................................................91

1. Qualitative Information on Quarterly Financial Results(1) Explanation of Operating Results
During the nine months ended December 31 2023 (from April 1, 2023 to December 31, 2023), the Japanese
economy showed signs of improvement in consumer confidence and people’s traffic, mainly as a result of thereclassification of COVID-19’s category to Class 5 under the Infectious Diseases Control Act, which removed
the legal requirement to refrain from leaving the house, as well as the measures to economic promotion activities
by the governments and an increase in the number of foreign tourists visiting Japan.
On the other hand, the outlook of the Japanese economy remained uncertain, mainly due to the unstableinternational situation, as well as rising prices of supplies resulting from the continuous depreciation of the yen
in the exchange market and an increase in labor costs primarily caused by the staff shortage.
In the food service industry, in line with the reclassification of COVID-19’s category to Class 5 under the
Infectious Diseases Control Act, we saw an improvement in customer gathering, mainly due to the increased
domestic consumption and a rising demand for food services as a result of the resumption of various events forthe first time since the pre-COVID-19 pandemic and increased occasions of going out, as well as an expansionof inbound consumption.
Meanwhile, in the same as economic trends, the business environment remained challenging, with risingcosts, including food supplies, labor, utilities, and logistics, as well as difficult conditions in recruitment, whichhave become noticeable since the COVID-19 pandemic.
Under these circumstances, the Group is implementing the Medium-term Management Plan 2023-2025,“Together”. In accordance with the Plan, we are striving to improve our basic value of “deliciousness andhospitality” and to “pursue to provide values by food” aiming for good health both in “mind and body” under thetheme of pursuing “sustainability” and realizing “regrowth”. 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.
(Overview of business segments)
1) Sagami
Sagami held a “Cooking Fair” six times as sales promotion measures in all restaurants. In addition, we carriedout “Golden Week Coupon Distribution” promotion and “Distribution of Advertising Inserts of New Menu” eachonce in April, “Father’s Day” promotion once in June to promote items using eel, “Summer Gratitude Fair” oncein July, “Silver Week Coupon Distribution” promotion and “Respect for the Aged Day Fair” each once in
September, “Winter Gratitude Fair” once in November, and “Year-End and New Year Discount Coupon
Distribution” promotion once in December. Additionally, we broadcasted television advertisements for “Summer
Gratitude Fair” in July, for “Hokkaido Taste Tour Menu” in August, for “Winter Gratitude Fair” in November,and for “Year-End and New Year Menu” in December. As the local sales promotions limited to some areas, we
conducted “Senkyowari (Election Day Discount)” campaign in April and “Invitation to Misono-za” project inJuly. During the year-end season in December, we carried out “All-you-can-eat Soba” promotion and “Toshikoshi
Soba (soba noodles eaten at night on New Year's Eve)” promotion as seasonal projects.
As a result of these measures, the number of customers at existing restaurants increased by 9.2% year on
year, the average spending per customer increased by 3.4% year on year, and sales from existing restaurants
increased by 13.0% year on year.
As for restaurants, the Company opened “Sagami Kawana Restaurant” (in May), “Sagami Anjo Sakurai
Restaurant” (in July), “Sagami Togo Restaurant” (in September), “Sagami Tokoname Restaurant” (in October),“Sagami Tsushima Umeda Restaurant” (in October), and “Sagami Gifu Motosu Restaurant” (in December). On
the other hand, the Company closed “Sagami Koshigayaminami Restaurant” (in July) and “Sagami Shimizu
Restaurant” (in November).
The number of Sagami restaurants was 137 at the end of the third quarter of the fiscal year under review.

22) Ajino-Mingei
Ajino-Mingei held a “Cooking Fair” six times as a sales promotion project for all restaurants. In addition, weoffered “Mother’s Day Set Meal” menu in May, held “Father’s Day Fair” in June, “All-you-can-eat Tenobe Udon
(hand-stretched udon noodles)” promotion for six days in total in June and July, “Summer Delicacy Fair”, inwhich Tebasaki (chicken wing-tip) foods and alcoholic beverages were sold at a reasonable price, in July,“Respect for the Aged Day Fair” in September, “Autumn Delicacy Fair” in October, and “Japanese Food Day
Fair” in November, and distributed promoting inserts of seasonal menus (Toshikoshi Soba and banquet) in
December, each once, respectively.
Furthermore, we participated in the “Eat and support! Seafood Campaign” in November, targeting 18
Ajino-Mingei restaurants in Tokyo.
As for restaurants, the Company closed “Ajino-Mingei Higashiyamato Restaurant” (in June).
The number of Ajino-Mingei restaurants, including franchise restaurants, was 50 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, we
held “Don Don Festival Fair” in April and conducted “Go! Don Don An Campaign” in November.
As for restaurants, the Company closed “Don Don An Meiekinishi Restaurant” (in October), with theconversion of the type of business operation.
The number of Don Don An restaurants, including franchise restaurants, was 31 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” six times. Large-sized, self-service-type Udon
noodles restaurant “Seimen-Daigaku” held a “Cooking Fair” nine times. Self-service-type Juwari Soba noodles
restaurant “Chosuke” held a “Cooking Fair” at “Kakiage Juwari Soba Chosuke” eight times and at “Juwari Soba
Second Generation Chosuke” seven times. In addition, we carried out “All-you-can-eat Juwari Soba” promotion
at “Juwari Soba Second Generation Chosuke Noda Store” seven times.
As for restaurants in Japan, the Company opened “SUIZAN Shinjuku Kinokuniya Restaurant” (in October),“JINJIN Shinjuku Kinokuniya Restaurant” (in October), and “Kakiage Juwari Soba Chosuke Meiekinishi
Restaurant” (in December). On the other hand, the Company closed “Dela PASTA Kitchen Toki Restaurant” (inAugust). We closed “Aiso-Ya Togo Restaurant” (in August) and “Aiso-Ya Tsushima Restaurant” (in October) as
well, with the conversion of the type of business operation.
As for restaurants overseas, the Company opened “SAGAMI Verona” (in August) as a franchise restaurant
in Verona, Italy.
The number of restaurants, including franchise restaurants, was 25 in Japan and 10 overseas, for a total of
35 restaurants at the end of the third quarter of the fiscal year under review.
As a result, for the nine months ended December 31, 2023, net sales were ¥22,943 million, operating profit was¥1,486 million, ordinary profit was ¥1,546 million, and profit attributable to owners of parent was ¥1,055 million.
In addition, the number of group restaurants was 253 at the end of the third quarter of the fiscal year under review.
* In the nine months ended December 31 2022 (from April 1, 2022 to December 31, 2022), we posted the subsidy
for cooperation to prevent the spread of COVID-19 of ¥566 million as “subsidy income” under non-operating
income.

(2) Explanation of Financial Position
The total assets at the end of the third quarter of the fiscal year under review were ¥24,765 million, an increaseof ¥608 million from the end of the previous fiscal year. Current assets decreased by ¥325 million from the endof the previous fiscal year to ¥12,143 million, while non-current assets increased by ¥933 million to ¥12,621
million. Current liabilities increased by ¥208 million from the end of the previous fiscal year to ¥4,909 million,3

while non-current liabilities decreased by ¥539 million to ¥2,979 million. Net assets increased by ¥939 million
from the end of the previous fiscal year to ¥16,875 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,
2024, from the forecasts which were announced on November 6, 2023.

4

2. Quarterly Consolidated Financial Statements and Principal Notes(1) Quarterly Consolidated Balance Sheets(Thousands of yen)
As of March 31, 2023
AssetsCurrent assets
Cash and deposits
Accounts receivable - trade
Merchandise and finished goods
Raw materials and supplies
Other
Total current assets

As of December 31, 2023

10,725,470
693,270
148,159
401,068
501,235

9,924,937
971,265
191,090625,788430,629

12,469,205

12,143,711

Non-current assets
Property, plant and equipment
Buildings and structures, net
Machinery, equipment and vehicles, net
Land
Other, net

2,138,535
382,679
6,442,133
251,124

2,687,968
503,0446,442,133
573,352

Total property, plant and equipment

9,214,472

10,206,499

94,60396,616

Total intangible assets

94,60396,616

Investments and other assets
Investment securities
Long-term loans receivable
Guarantee deposits
Deferred tax assets
Other712,077
43,017
1,414,253
129,853
79,284

771,727
39,696
1,372,052
90,26644,504

Intangible assets
Other

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

52,378,485

2,318,245

11,687,561

12,621,361

24,156,766

24,765,072

(Thousands of yen)
As of March 31, 2023
Liabilities
Current liabilities
Notes and accounts payable - trade
Current portion of long-term borrowings
Accounts payable - other
Income taxes payable
Contract liabilities
Provision for bonuses
Provision for loss on store closings
Other

As of December 31, 2023

772,579
1,160,629
1,841,692
124,524
98,248
246,107
10,711445,971992,910972,296
2,037,878
195,723
70,386
97,478542,657

4,700,464

4,909,330

2,681,188
165,952
84,511
477,123
69,12941,8352,138,472
163,650
87,283481,919
70,27238,3353,519,739

2,979,933

Total liabilities

8,220,204

7,889,263

Net assets
Shareholders' equity
Share capital
Capital surplus
Retained earnings
Treasury shares

9,090,653
6,192,923
633,337(184,531)

9,090,653
6,192,923
1,476,698(147,911)

15,732,382

16,612,363

204,695

263,734

Total current liabilities
Non-current liabilities
Long-term borrowings
Long-term accounts payable - other
Provision for share awards
Asset retirement obligations
Long-term guarantee deposits
Other
Total non-current liabilities

Total 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

6

(515)

(288)

204,179

263,445

15,936,562

16,875,809

24,156,766

24,765,072

(2) Quarterly Consolidated Statements of Income and Comprehensive Income
Quarterly Consolidated Statements of Income (For the nine months)(Thousands of yen)
For the nine months
ended December 31, 2022

For the nine months
ended December 31, 2023

Net sales
Cost of sales

19,684,427
6,287,987

22,943,513
7,493,178

Gross profit

13,396,440

15,450,334

Selling, general and administrative expenses

12,468,665

13,963,526

Operating profit

927,774

1,486,808

Non-operating income
Interest income
Dividend income
Foreign exchange gains
Insurance claim income
Subsidy income
Miscellaneous income

511
26,06647,714
19,670566,950
20,495

1,184
24,822
7,394
1,963
32,948681,408

68,313

Interest expenses
Loss on cancellation of insurance policies
Miscellaneous losses

4,883
152

4,336
4,014
359

Total non-operating expenses

5,036

8,710

1,604,146

1,546,411

-

2,433

-

2,433

719
143,757
18,29635,1682,735
179,047
1,201-

Total non-operating income
Non-operating expenses

Ordinary profit
Extraordinary income
Gain on sale of investment securities
Total extraordinary income
Extraordinary losses
Loss on retirement of non-current assets
Impairment losses
Loss on liquidation of subsidiaries and associates
Loss on sale of investment securities
Loss on midterm cancellation of contracts

197,942

182,984

Profit before income taxes

Total extraordinary losses

1,406,204

1,365,860

Income taxes - current
Income taxes - deferred

225,409
9,229

282,966
27,544

Total income taxes

234,638

310,510

Profit1,171,565

1,055,349

Profit attributable to owners of parent

1,171,565

1,055,349

7

Quarterly Consolidated Statements of Comprehensive Income (For the nine months)(Thousands of yen)
For the nine months
ended December 31, 2022
ProfitOther comprehensive income
Valuation difference on available-for-sale securities
Foreign currency translation adjustment
Total other comprehensive income

For the nine months
ended December 31, 2023

1,171,565

1,055,349

167,598
3,253

59,038227

170,852

59,265Comprehensive income

1,342,418

1,114,615

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

1,342,534

1,114,615

(115)

-

8

(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.

9