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 Three Months Ended June 30, 2022
[Japanese GAAP]
August 10, 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: August 10, 2022
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 Three Months Ended June 30, 2022 (April 01, 2022 to June 30, 2022)(1) Consolidated Operating Results(% indicates changes from the previous corresponding period.)
Profit attributable toNet sales
Operating profit
Ordinary profit
owners of parent
Million yen%
Million yen%
Million yen%
Million yen%Three months ended
June 30, 2022
6,237
32.9
365
748
345.1
612
323.8
June 30, 2021
4,691
26.9(344)
168
144(Note) Comprehensive income:Three months ended June 30, 2022:¥
655 million [522.4%]
Three months ended June 30, 2021:¥
105 million [-%]
Basic earnings
per share

Diluted earnings pershare

Yen
Yen
Three months ended
June 30, 2022
20.30
June 30, 2021
5.15
5.12
(Note) Diluted earnings per share for the three months ended June 30, 2022 are not provided as there are no potential shares with dilutiveeffect.

(2) Consolidated Financial Position
Total assets
As ofJune 30, 2022
March 31, 2022
(Reference) Equity:

Net assets

Million yen

Million yen

23,66824,164As of June 30, 2022:
As of March 31, 2022:

Capital adequacy ratio¥¥

15,562
15,05915,562 million
15,058 million

%

65.7
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-endTotalNo

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
Basic earnings
Net sales
Operating profit
Ordinary profit
to owners ofper shareparentMillion yen%

Million yen%

Million yen%

Million yen%

Yen

176

(61.0)

55(84.8)

1.86

320

(85.7)

100(91.6)

3.39* Notes:(1) Changes in significant subsidiaries during the three months ended June 30, 2022
(changes in specified subsidiaries resulting in changes in scope of consolidation):
New(Company name:)(Company name:
Exclusion:)No(2) Accounting policies adopted specially for the preparation of quarterly consolidated financial statements:

No

Six months ended
12,50027.4
165
September 30, 2022
Full year
25,00017.1
300(Note) Revision to the financial results forecast announced most recently: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):
June 30, 2022:
30,301,784 shares
March 31, 2022:
30,301,784 shares2) Total number of treasury shares at the end of the period:
June 30, 2022:
17,660 shares
March 31, 2022:
17,655 shares
3) Average number of shares outstanding during the period:
Three months ended June 30, 2022:
Three months ended June 30, 2021:

30,153,427 shares
28,045,802 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-lookingInformation” 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) 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) .................................................................................................................. 811. Qualitative Information on Quarterly Financial Results(1) Explanation of Operating Results
During the three months ended June 30, 2022 (from April 1, 2022 to June 30, 2022) , the Japanese economy
showed signs of improvement in consumer confidence to a certain extent, with the number of COVID-19
infections on a downward trend as a result of various measures taken by the national and local governments until
March to prevent the spread of the infectious disease and the progress in vaccine rollout. However, the situation
remains unpredictable due to concerns over further price increases, fueled by the depreciation of the yen on theexchange market, in addition to soaring prices of energy resources, including crude oil, and raw materials
impacted by geopolitical risks, such as Russia’s invasion of Ukraine.
The food service industry continued to face a severe situation as well, mainly due to the risk of rising foodand energy prices, although it has begun to show signs of a gradual recovery trend after the quasi-state of
emergency measures were lifted on March 21.
Under these circumstances, the Group has focused on measures to prevent the spread of the infectious
disease, and has given top priority to 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“sustainability” and “realization of regrowth.” Although net sales are on a recovery trend, we will remaincommitted to lowering the break-even point in order to improve the profit structure by thoroughly reviewing andoptimizing inefficient and unprofitable areas in each process such as procurement, production, distribution, andcooking and sales to generate profits. In order to meet the needs of various customers, we will continue to flexibly
implement sales measures such as developing take-away products and increasing the number of restaurants thatoffer delivery services or serve during the morning hours.
(Overview of Business segments)
1) Sagami
Sagami held cooking fairs featuring “Nagoya-Cochin (locally bred Chicken in Nagoya) once in April, and “Fresh
Catch of Premium Katsuo (Bonito) ” and “Natural Ma-Anago (Conger eel)” once in May by region, 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, in which eel products were sold at a reasonable
prices, and “Invitation to Misono-za Campaign” in June as part of the regional sales promotion measures, each
held once, respectively. As a result, existing restaurant sales increased by 34.6% year on year, number ofcustomers at existing restaurants increased by 29.3% year on year, and average spending per customer increased
by 4.1% year on year.
Regarding outlets, the Company closed “Sagami Nishiotsu Restaurant” (May).
The number of Sagami restaurants was 131 at the end of the first quarter of the fiscal year under review.
2) Ajino-Mingei
Ajino-Mingei held a “Cooking Fair” twice as sales promotion projects for all restaurants and “All-you-can-eat
Tenobe Udon (hand-stretched udon noodles)” promotion once in June.
In addition, a 10 % discount campaign for dining in the restaurant and take-out under the name of “SpringFestival Fair,” and in June, “Father’s Day Fair” in which eel products and draft beer were sold at a reasonable
price were offered once, respectively.
The number of Ajino-Mingei restaurants, including franchise restaurants, was 52 at the end of the firstquarter of the fiscal year under review.
3) Don Don An
Don Don An held a “Cooking Fair” three times, and a “Free large-sized Noodle Campaign” in April as a sales
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promotion project, and a “GO! Don Don An Coupon Campaign” in May.
The number of Don Don An restaurants, including franchise restaurants, was 32 at the end of the firstquarter of the fiscal year under review.
4) Other Restaurants
In Other Restaurants segment, Aiso-Ya held a “Cooking Fair” twice. Large-sized, self-service-type Udon noodles
restaurant Seimen-Daigaku held a “Cooking Fair” twice.
As for restaurants in Japan, we opened a self-service authentic soba restaurant, Juwari Soba Second
Generation Chosuke Gifu Iwataki Store, in Gifu City, Gifu Prefecture (May).
As for restaurants overseas, we opened our seventh outlet, the SAGAMI Bellinzago Lombardo (April), asa franchise restaurant in the suburbs of Milan, Italy.
The number of restaurants, including franchise restaurants, was 30 in Japan and 10 overseas, for a total of40 restaurants at the end of the first quarter of the fiscal year under review.
As a result, for the three months ended June 30, 2022, net sales were ¥6,237 million, operating profit was¥365 million, ordinary profit was ¥748 million, and profit attributable of owners of parent was ¥612 million. Inaddition, the number of group restaurants was 255 at the end of the first quarter of the fiscal year under review.

(2) Explanation of Financial Position
The total assets at the end of the first quarter of the fiscal year under review were ¥23,668 million, a decrease of¥495 million from the end of the previous fiscal year. Current assets decreased by ¥680 million from the end of
the previous fiscal year to ¥12,470 million, while non-current assets increased by ¥184 million to ¥11,198 million.
Current liabilities decreased by ¥741 million from the end of the previous fiscal year to ¥3,756 million, while
non-current liabilities decreased by ¥258 million to ¥4,349 million. Net assets increased by ¥503 million fromthe end of the previous fiscal year to ¥15,562 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 May 13, 2022.

3

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

As of June 30, 2022

AssetsCurrent assets
Cash and deposits

11,574,143

10,923,007

Accounts receivable - trade
Merchandise and finished goods

580,614
119,494525,289
133,218

Raw materials and supplies
Other

437,045439,511442,841445,736

13,150,809

12,470,094

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

1,748,909
362,849

1,806,180
363,739

Land
Other, net

6,442,133
77,4836,442,133
159,465

Total property, plant and equipment

8,631,375

8,771,519

102,248

101,746

102,248101,746

571,339
77,688633,660
74,9681,442,245
104,131

1,431,700
104,430

Total 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

484,76980,7022,280,174

2,325,463

11,013,798

11,198,729

24,164,607

23,668,823

(Thousand yen)
As of March 31, 2022

As of June 30, 2022Liabilities
Current liabilities
Notes and accounts payable - trade
Current portion of long-term borrowings

608,127
1,012,296

593,891
1,012,296

Accounts payable - other
Income taxes payable

1,700,443
428,702

1,396,268
108,140

Contract liabilities
Provision for bonuses

110,765
212,830

102,956
97,088Provision for loss on store closings
Other424,652

3,080
443,029

Total current liabilities

4,497,817

3,756,750

Non-current liabilities
Long-term borrowings

3,841,817

3,588,743

Long-term accounts payable - other
Provision for share awards

171,10728,903

169,106
30,399Asset retirement obligations
Long-term guarantee deposits

461,529
69,044

460,487
67,969Other

35,217

32,774

4,607,619

4,349,480

9,105,437

8,106,231

Share capital
Capital surplus

9,090,653
6,192,923

9,090,653
6,192,923

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

359,516(184,406)

14,997,781

15,458,686

66,249131,128(5,556)(27,777)

60,692

103,350696

554

15,059,170

15,562,592

24,164,607

23,668,823

Total non-current liabilities
Total liabilitiesNet 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 three months)(Thousand yen)
For the three months
ended June 30, 2021

For the three months
ended June 30, 2022

Net sales
Cost of sales

4,691,296
1,435,632

6,237,504
1,926,484

Gross profit

3,255,664

4,311,019

Selling, general and administrative expenses

3,600,507

3,945,674

Operating profit (loss)(344,842)

365,345

Non-operating income
Interest income

187

157

Dividend income
Foreign exchange gains

7,560
16,79015,61164,877

Insurance claim income
Subsidy income

3,313
479,626

19,511
280,432

Miscellaneous income

7,796

4,603

515,274

385,193

Interest expenses
Miscellaneous losses

1,998
227

1,785
2

Total non-operating expenses

2,226

1,787

168,204

748,751674
12,131

019,268-

35,168

Total non-operating income
Non-operating expenses

Ordinary profit
Extraordinary losses
Loss on retirement of non-current assets
Impairment losses
Loss on midterm cancellation of contracts

12,80554,436

Profit before income taxes

Total extraordinary losses

155,399694,314

Income taxes - current
Income taxes - deferred

13,622(2,476)

79,903
2,077

Total income taxes

11,145

81,981

Profit144,253

612,332

Loss attributable to non-controlling interests
Profit attributable to owners of parent

6(225)-

144,479

612,332

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

For the three months
ended June 30, 2022

144,253

612,332

Valuation difference on available-for-sale securities
Foreign currency translation adjustment(27,738)(11,257)

64,879(22,079)

Total other comprehensive income(38,996)

42,799Comprehensive income

105,257

655,132

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

105,409654,990

(151)

1417

(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”) from the beginning of thefirst quarter of the fiscal year under review, and will prospectively apply the new accounting policies stipulated bythe 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 financialstatements.
(Additional Information)
Accounting estimates regarding the effects of the spread of COVID-19
With regard to the spread of COVID-19, there were signs of certain improvement in consumer confidence due inpart to the progress in vaccine rollout. Due to the possibility of further spread of infection, such as the outbreak of
the new variant of the disease, the business environment surrounding the Group is expected to remain in harshconditions.
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 the infectious disease on our businessperformance will remain until the end of the fiscal year under review and continues to pay close attention to theexternal 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 ¥37,926 thousand received from April
1, 2022 to June 30, 2022 has been deducted from salaries and bonuses under selling, general and administrative
expenses.

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