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, 2023
[Japanese GAAP]
August 10, 2023
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
Director & Executive Officer in charge of management
Phone: +81-52-737-6000
Scheduled date of filing quarterly securities report: August 10, 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 Three Months Ended June 30, 2023 (April 1, 2023 to June 30, 2023)(1) Consolidated Operating Results(% indicates changes from the previous corresponding period.)
Profit attributable toNet sales
Operating profitOrdinary profit
owners of parent
Millions of yen% Millions of yen% Millions of yen% Millions of yen%
Three months ended
June 30, 2023
7,077
13.4
336
(7.8)
355(52.4)
252(58.7)
June 30, 2022
6,237
32.9
365
748
345.1
612
323.8
(Note) Comprehensive income:Three months ended June 30, 2023:¥294 million [(55.0) %]Three months ended June 30, 2022:¥655 million [522.4%]
Basic earnings
per share

Diluted earnings pershare

YenYenThree months ended
June 30, 2023
8.37
June 30, 2022
20.30(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, 2023
March 31, 2023
(Reference) Equity:

Millions of yen

Net assets
Millions of yen

23,50624,156
As of June 30, 2023:
As of March 31, 2023:

Capital adequacy ratio¥¥

16,01815,936
16,018 million
15,936 million

%

68.1
65.9

2. Dividends
Annual dividends
1stquarter-end

2ndquarter-end

3rdquarter-end

YenYenYenYen

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

Fiscal year ending March 31, 2024
(Forecast)Year-endTotalNo(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
Basic earnings
Net sales
Operating profit
Ordinary profit
to owners ofper shareparentMillions of yen% Millions of yen% Millions of yen%Yen510(61.4)

280(72.2)

9.28

820(47.9)400(54.8)

13.26* Notes:(1) Changes in significant subsidiaries during the three months ended June 30, 2023
(changes in specified subsidiaries resulting in changes in scope of consolidation):
New(Company name: )Exclusion:(Company name: )No(2) Accounting policies adopted specially for the preparation of quarterly consolidated financial statements:

No

Six months ending
13,0001.2500 (24.8)
September 30, 2023
Full year
26,200(0.8)
800 (12.1)(Note) Revision to the financial results forecast announced most recently:% Millions of yenNo(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):
June 30, 2023:
30,301,784 shares
March 31, 2023:
30,301,784 shares
2) Number of treasury shares at the end of the period:
June 30, 2023:
17,812 shares
March 31, 2023:
17,762 shares
3) Average number of shares outstanding during the period:
Three months ended June 30, 2023:
Three months ended June 30, 2022:

30,153,321 shares
30,153,427 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) ......................................................... 81

1. Qualitative Information on Quarterly Financial Results(1) Explanation of Operating Results
During the three months ended June 30, 2023 (from April 1, 2023 to June 30, 2023), 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 depreciationof the yen in the exchange market. Under the circumstances, there were signs of improvement in consumer
confidence and people’s traffic as a result of the reclassification of COVID-19’s category to Class 5 under theInfectious Diseases Control Act, which removed the legal requirement to refrain from leaving the house, and themeasures to economic promotion activities such as a campaign encouraging travel nationwide by theGovernment and issuance of premium gift vouchers by the local governments.
In the food service industry, we saw a stronger recovery trend, mainly due to increase of domestic
consumption and expansion of inbound consumption. Meanwhile, the business environment remained
challenging, with all costs rising, including food supplies, labor, utilities, and logistics.
Under these circumstances, the Group is implementing the Medium-term Management Plan, “Together”,
with firmly keeping viewpoint of putting ourselves in customers’ places. In accordance with the Plan, we arestriving 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” under the theme 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 remain committed to improve the value we provide to ourcustomers and our corporate value.
The overview of our business segments is as follows.

(Overview of business segments)
1) Sagami
Sagami held a cooking fair two times as sales promotion measures in all restaurants.
In addition, we distributed “Golden Week Coupons” and advertising inserts of new menu along with changes inregular items once in April, and carried out a “Father’s Day” promotion for a certain period in June to promote
items using eel. Furthermore, we conducted “Senkyowari (Election Day Discount)” campaign in April as part ofthe local sales promotions in some areas.
As a result, sales from existing restaurants increased by 10.8% year on year, the number of customers atexisting restaurants increased by 9.3% year on year, and the average spending per customer increased by 1.4%
year on year.
As for restaurants, the Company opened “Sagami Kawana Restaurant” (in May).
The number of Sagami restaurants was 134 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 sales promotion projects for all restaurants. We offered“Mother’s Day Set Meal” in May and held “Father’s Day Fair” in which eel products and draft beer were sold ata reasonable price, and “All-you-can-eat Tenobe Udon (hand-stretched udon noodles)” promotion in June, eachonce, respectively.
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 firstquarter of the fiscal year under review.

23) Don Don An
Don Don An held a “Cooking Fair” three times as a sales promotion project for all restaurants and “Don Don
Festival Fair” in April.
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 the Other Restaurants segment, Aiso-Ya held a “Cooking Fair” two times. Large-sized, self-service-type Udon
noodles restaurant “Seimen-Daigaku” held a “Cooking Fair” three times. Self-service-type Juwari Soba noodles
restaurant “Chosuke” held a “Cooking Fair” at “Kakiage Juwari Soba Chosuke” three times and at “Juwari Soba
Second Generation Chosuke” four times.
The number of restaurants, including franchise restaurants, was 25 in Japan and 9 overseas, for a total of34 restaurants at the end of the first quarter of the fiscal year under review.
As a result, for the three months ended June 30, 2023, net sales were ¥7,077 million, operating profit was ¥336
million, ordinary profit was ¥355 million, and profit attributable of owners of parent was ¥252 million. Inaddition, the number of group restaurants was 250 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 ¥23,506 million, a decrease of¥650 million from the end of the previous fiscal year. Current assets decreased by ¥826 million from the end of
the previous fiscal year to ¥11,642 million, while non-current assets increased by ¥175 million to ¥11,863 million.
Current liabilities decreased by ¥551 million from the end of the previous fiscal year to ¥4,148 million, while
non-current liabilities decreased by ¥180 million to ¥3,338 million. Net assets increased by ¥82 million from theend of the previous fiscal year to ¥16,018 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 May 12, 2023.

3

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
OtherTotal current assets
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
Other

As of June 30, 2023

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

9,889,986
577,200
177,459
430,427
567,912

12,469,205

11,642,985

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

2,310,076
407,923
6,442,133

251,124

258,291

9,214,472

9,418,424

94,60391,653

Total intangible assets

94,60391,653

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

746,578
41,7601,384,124
111,589
69,274

2,378,485

2,353,327

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

4

11,687,561

11,863,404

24,156,766

23,506,390

(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 bonuses for directors (and otherofficers)
Provision for loss on store closings
Other
Total current liabilities

As of June 30, 2023

772,579
1,160,629
1,841,692
124,524
98,248
246,107709,657
1,100,629
1,540,353
78,202
68,157100,060

49,97049,97010,711
396,001

10,293491,330

4,700,464

4,148,655

Non-current liabilities
Long-term borrowings
Long-term accounts payable - other

2,681,188
165,952

2,488,114
165,952

Provision for share awards
Asset retirement obligations
Long-term guarantee deposits
Other

84,511
477,123
69,12941,835

85,936
484,758
72,77841,404

Total non-current liabilities

3,519,739

3,338,943

Total liabilities

8,220,204

7,487,598

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
673,886(184,594)

15,732,382

15,772,868

204,695

247,044(515)(1,121)

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

5204,179

245,923

15,936,562

16,018,791

24,156,766

23,506,390

(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, 2022

For the three months
ended June 30, 2023

Net sales
Cost of sales

6,237,504
1,926,484

7,077,620
2,322,256

Gross profit

4,311,019

4,755,363

Selling, general and administrative expenses

3,945,674

4,418,538

Operating profit

365,345336,824

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

157
15,61164,877
19,511
280,432
4,603

147
13,414
964
1,217
4,803

385,193

20,548

1,785
2

1,447
155

1,787

1,602

748,751355,770

-

2,433

-

2,433

0
19,26835,1681,179
26,001
1,201-

Total non-operating income
Non-operating expenses
Interest expenses
Miscellaneous losses
Total 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 sale of investment securities
Loss on midterm cancellation of contracts

54,43628,382

Profit before income taxes

Total extraordinary losses

694,314

329,821

Income taxes - current
Income taxes - deferred

79,903
2,077

63,991
13,292

Total income taxes

81,981

77,283

Profit612,332

252,537

Profit attributable to owners of parent

612,332

252,537

6Quarterly Consolidated Statements of Comprehensive Income (For the three months)(Thousands of yen)
For the three months
ended June 30, 2022
ProfitOther comprehensive income
Valuation difference on available-for-sale securities
Foreign currency translation adjustment

For the three months
ended June 30, 2023

612,332

252,537

64,879(22,079)

42,349(605)

42,79941,743Comprehensive income

655,132

294,280

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

654,990294,280

141-Total other comprehensive income7(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.

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