Sapporo Group Business Results Presentation
for the Three Months Ended March 31, 2023

*In this document, the following company name abbreviations are used:
SH: Sapporo Holdings Limited

SB: Sapporo Breweries Ltd.

PS: Pokka Sapporo Food & Beverage Ltd.

SLN: Sapporo Lion Limited.

May 11th 2023
URL https://www.sapporoholdings.jp/en/

SRE: Sapporo Real Estate Co., Ltd.

Copyright, 2023 SAPPORO HOLDINGS LTD. All rights reserved.

1/27

１． Business Results

・・・P3~P14

2． Appendix

・・・P15~P27

Copyright, 2023 SAPPORO HOLDINGS LTD. All rights reserved.

2/27

Summary

Business results: increased revenue and improving core operating profit
YoY changes YoY changes(%)(amount)

2022 Q1
Result2023 Q1
ResultRevenue

93.2

108.8

15.5

16.6%

Core operating profit

(6.4)

(2.9)

3.5

ー

Operating profit

(4.5)

(3.3)

1.2

ー

Profit before tax

(4.3)

(3.8)

0.5

ー

Profit attributable to owners of parent

(4.0)

(3.6)

0.4

ー

（billions of yen）

⚫ P/L improving across all profit items⚫ Price revisions are steadily absorbing
higher costs such as surging raw material
costs, etc.
⚫ Both revenue and core operating profit are
higher than pre-COVID-19 levels (2019)⚫ Progressing largely according to initial plan

Main topics⚫ Alcoholic Beverages recover in sales volume of commercial-use products, while Restaurants posted steadysame-store sales⚫ Canned Black Label up 2% y-o-y (Market total demand for canned beer down 9%)
Strong sales of new product Nippon no Shin Lemon Sour driving RTD⚫ Sapporo brand continues to see strong sales overseas⚫ Structural reforms in the Restaurants and Food & Soft Drinks businesses implemented during the pandemic arecontributing steadily to bottom line

Copyright, 2023 SAPPORO HOLDINGS LTD. All rights reserved.

3/27

Financial Highlights（billions of yen）

2022 Q1
Result2023 Q1
ResultYoY changes(amount)

YoY changes(%)

Revenue

93.2

108.8

15.5

16.6%

Revenue（Excluding liquor tax）

72.0

85.2

13.1

18.2%

Overseas revenue

18.3

25.9

7.6

41.7%

EBITDA

(1.4)

2.0

ー

Core operating profit

(6.4)

(2.9)

3.4
3.5

(6.9%)
1.9(4.5)(2.7%)
(0.3)
(3.3)

ー

ー
ー

(4.3)
(4.0)

(3.8)
(3.6)

(2.2)
1.2
0.5
0.4

ー

Core operating profit margin
Other operating income (expense)
Operating profit
Profit before tax
Profit attributable to owners of parentーーー

Copyright, 2023 SAPPORO HOLDINGS LTD. All rights reserved.

4/27

Situation of External Environment Affecting Business Results
Impacts of the COVID-19 pandemic

Higher costs such as surging raw material costs

Sales volume of commercial-use products for Japan
alcoholic beverages and nest sales of Restaurants
business both in recovery mode

Costs are expected to increased by ¥13.5 billion vs. 2022, but pricerevisions will address the situation
Respond to risk of additional cost increases by closely monitoring thesituation

Alcoholic beverages in Japan（billions of yen）
Domestic

Bar graph: Commercial-use (bottles and kegs) Sales Volume Results(vs. 2019)Line graph: Total Demand for Commercial-use Products (vs. 2019) (estimated by Sapporo HD)
93%
78%
59%

64%

77%

69%

67%

78%

84%

69% 72%

62%
54%

44%
31%

Jan.

Feb.

Mar.

Apr.

May.

June

July

Aug.

Sep.

Oct.

Nov.

Dec.

Jan.

2022

Feb.

Mar.

2023

Overseas

Alcoholic beverages in resutaurants
Bar graph ：Sapporo Lion restaurants existing store Sales Results(vs. 2019)
99%
83% 85%
74%

98%

104%

79%

76%
61%

58%

53%

92% 92% 93%

39%

Jan.

Feb.

Mar.

Apr.

May.

June

July

2022

Aug.

Sep.

Oct.

Nov.

Dec.

Jan.

Feb.

2023

Mar.

Copyright, 2023 SAPPORO HOLDINGS LTD. All rights reserved.

5/27

Financial Highlights
2023 Q1
ResultYoYchanges(amount)

YoYchanges(%)

2023 Q1
ResultYoYchanges(amount)

YoYchanges
(%)

93.2

108.8

15.5

16.6%

(6.4)

(2.9)

3.5

ー

60.6

76.6

16.0

26.5%

(3.9)

(0.5)

3.4

ー

Japanese

46.1

54.0

7.9

17.2%

Japanese

(2.8)

(0.2)

2.6

ー

Overseas

12.1

18.3

6.2

51.1%

Overseas

(0.1)

(0.4)

(0.3)

ー

Restaurants

2.3

4.3

1.9

83.4%

Restaurants

(1.0)

0.1

1.1

ー

Food & Soft Drinks

27.7

26.8

(0.9)

(3.1%)

Food & Soft Drinks

(1.0)

(0.3)

0.7

ー

Japanese

22.3

20.2

(2.1)

(9.4%)

Japanese

(1.3)

(0.7)

0.6

ー

Overseas

5.4

6.6

1.2

22.8%

Overseas

0.3

0.4

0.1

26.6%

Real Estate

5.0

5.3

0.4

7.1%

Real Estate

0.1

(0.0)

(0.1)

ー

7.0%

Other・ General
corporate andintercompany eliminations

(1.6)

(2.1)

(0.5)

ー

2022 Q1（billions of yen）
ResultRevenue by Segment
Alcoholic Beverages

Other

0.0

0.0

0.0

2022 Q1（billions of yen）
ResultCore Operating Profit
by Segment
Alcoholic Beverages

Copyright, 2023 SAPPORO HOLDINGS LTD. All rights reserved.

6/27

Financial Highlights*SPB: SAPPORO PREMIUM BEER

Food & Soft Drinks saw revenue fall following the transfer of the cafe business last year and the liquidation of a vending
machine operator subsidiary, but revenue overall rose on the effects of price revisions and inclusion of Stone in thescope of consolidation, not to mention higher sales volume of beer and RTD in Japan and strong sales of SPB* overseas
Reasons for changes in sales revenue

Alcoholic Beverages(billions of yen)

= Increase

Effect of exchange rates +¥1.9 billion: overseas alcoholic beverages +¥1.1 billion and overseas soft drinks +¥0.8 billion

Japanese

Food & Soft Drinks

Real Estate

Overseas= Decrease

2023
Q1

Stone+3.6
RTD+0.7

2022
Q1

PVS*
liquidation(0.6)

Transfer ofcafebusiness(1.7)*Public Vending Service company

Copyright, 2023 SAPPORO HOLDINGS LTD. All rights reserved.

7/27

Financial Highlights
Core operating profit rose amid increased revenue and effects of structural reforms in the Restaurants and Food & Soft
Drinks businesses
Decrease in revenue caused by surging raw material costs: ¥(3.5) billion

Reasons for changes in core operating profit
Alcoholic Beverages(billions of yen)

Food & Soft Drinks

Real Estate= Increase= Decrease

JapaneseJapanese（Structural reform effect+0.4）

2022
Q1

Volumeincrease+0.9

RTD+0.3

2023
Q1

Sendai Brewery
decrease indepreciation
costs+0.3

Copyright, 2023 SAPPORO HOLDINGS LTD. All rights reserved.

8/27

Action Plan
2023
Japan alcoholic
beverages

Increase beer sales(1-1)

2024★ Alcohol tax revisions

2025 to 2026
★ Alcohol tax revisions

Increase RTD sales(1-2)
Reorganize RTD production locations(2)Overseasalcoholicbeverages

Generate synergies through function integration(3-1)
Begin producing SPB (barrel-aged beer) in the U.S.(3-2)
Optimize global production and logistics(3-3)

Restaurants

Reduce unprofitable restaurants(4-1)
Shift focus to new formats(4-2)

Japan Food &Soft Drinks

Fundamental structural reforms(5)Overseas Soft
DrinksIncrease sales in countries with room for growth(6)Real Estate

Build an asset turnover business model(7)Increase value of corporate properties centered on YGP(8)Entire Group

Fundamentally reshuffle business portfolio(9)Fundamentally reshuffle by 2024 and review the business portfolio annually thereafter

Generate Group synergies around brand and connections with customers and communities(10)Plan to steadily disclose details of action plan
Copyright, 2023 SAPPORO HOLDINGS LTD. All rights reserved.

9/27

Alcoholic Beverages
Japanese

Reasons for changes in core operating profit
YoY +2.6billions of yen

Revenue：54.0billions of yen（YoY+7.9billions of yen、＋17.2%）
Core operating profit： (0.2)billions of yen（YoY+2.6billions of yen）

Beer/Happoshu/ Beer/Happoshu/
New genre
New genre
increase in volume product mix, etc

progress made with
Increase beer sales (1-1) Steadyreinforcement of beer

Will continue with initiatives ahead of alcohol tax
revisions in October 2023

Situation of beer and beer-type beverage sales volume
YoY

RTD

Fixed costs,
etc.

Koime no Lemon Sour andShin Lemon Sour are key drivers

Increase RTD sales (1-2)

Continuing with priority investments in core brands

Koime no Lemon Sour

Total for RTD (cans) + % y-o-y(Sales amount basis)％

wine, spirits,
non-alcoholic
beverages, etc

YoY

Trending strongly in thethird year after release％

Shin Lemon Sour
Q1 2022

Q1 2023

Q1 2022

Q1 2023

Beer, happoshu, and new genre

Beer

Total demand (estimated by SH): +2%

Total demand (estimated by SH): +13%

Reorganize RTD
production locations (2)share of beer sales（2022 Q1）

（2023 Q1）

selling price excluding alcohol tax

Released in March 22
March alone: shipments
exceeded plan

％ y-o-yMaking steady progress toward start ofproduction in October

Copyright, 2023 SAPPORO HOLDINGS LTD. All rights reserved.

10/27

Alcoholic Beverages
Overseas*SPB: SAPPORO PREMIUM BEER

Revenue：18.3billions of yen（YoY+6.2billions of yen、＋51.1%）

Restaurants

Revenue：4.3billions of yen（YoY+1.9billions of yen、＋83.4%）

Core operating profit： (0.4)billions of yen（YoY(0.3)billions of yen） Core operating profit： 0.1billions of yen（YoY+1.1billions of yen）
Reasons for changes in core operating profit
YoY (0.3)billions of yen

Reasons for changes in core operating profit
YoY 1.1billions of yen

Including Stone's loss
(Because SPB* is inpreparation for production)

CanadaThe U.S.

SLN（non-consolidated
settlement）

VietnamSituation of each country
Canada: Total demand exceeded last year amid the recovery in the commercial-use
products market
Business results trending steadily at +7% (y-o-y)United States: Total demand declined year on year due to torrential rains and cold
snap mainly on the West CoastCompany performance +9% y-o-y amid strong sales of SPB*
Vietnam: Keg sales trended well, while can sales demand and company performance
were weak

Reduce unprofitable restaurants
Shift focus to new formats (4-1~2)
Remained in black in Q1 2023, too

Shifting to focus formats

0.4

Achieved profitability since 2022_Q2
0.3
0.1
0.1
0.1

1
2019

2020

2021

2022_Q1 2022_Q2 2022_Q3 2022_Q4(1.0)

Achieve synergies
with Stone Brewing quickly (3-1~3)
Steady progress madewith function integration

Preparations underway to begin
manufacturing SPB*

Affiliatedcompanies
and others

(5.0)

(4.2)

2023_Q1

0.7
Reduced the numberof restaurants by 30%

Bar graph: Trend in restaurant business core operating profit
Line graph: Trend in number of Sapporo Lion Group restaurants(change with 2019 as 1)
Copyright, 2023 SAPPORO HOLDINGS LTD. All rights reserved.

11/27

Food & Soft Drinks
Japanese*Public Vending Service company

Revenue：20.2billions of yen（YoY(2.1)billions of yen、(9.4%）)

Overseas

Revenue：6.6billions of yen（YoY+1.2billions of yen、＋22.8%）

Core operating profit： (0.7)billions of yen（YoY+0.6billions of yen） Core operating profit： 0.4billions of yen（YoY+0.1billions of yen）
Reasons for changes in core operating profit
PVS*
YoY 0.6billions of yen

Reasons for changes in core operating profit
YoY 0.1billions of yen

liquidation +0.2

Scheduled forsequential
price revision

waste
reduction+0.15

decrease involumeProduct
mix,etc

structuralreform, etc

Fixed costs

Fundamental structural reforms (5)Effects of previous structural reforms contributing steadily to bottom line

increase involumeraw material
costs, etc

exchange rate

Increase sales in countries with room for growth (6)Sales are trending steadily

Continue with initiatives to expand sales
channels

Take actions outlined in the medium-term management plan

Situation of sales expansion
Situation of waste reduction
Steadily lowering disposal costs withinitiatives such as SKU reduction, etc.

(million yen)

200

Reduced by ¥150
million y-o-y100Singapore

Malaysia
Export％ y-o-y％ y-o-y％ y-o-y(Sales amount on a local currency basis)(Sales amount on a local currency basis)(Sales amount on a local currency basis)

0

Q1 20222022年Q1

Q1 20232023年Q1

Copyright, 2023 SAPPORO HOLDINGS LTD. All rights reserved.

12/27

Real Estate*YGP: Yebisu Garden Place

Real Estate

Reasons for changes in core operating profit

Revenue：5.3billions of yen（YoY+0.4billions of yen、＋7.1%）

YoY (0.1)billions of yen

Core operating profit： (0.0)billions of yen（YoY(0.1)billions of yen）
YGP*

Build an asset turnover business model (7)Move ahead with preparations to establish private placement
fund and REIT

Situation of diversifying revenue structure
Equity investments 2.3billions of yen
Newly established REIT Preparatory Office in March andefforts are now underway to establish investment advisory
company before the end of 2023

SapporoOthersIncrease value of corporate properties centeredon YGP (8)Enhancing our competitiveness by increasing asset value andpromoting community building over a long-term time horizon

YGP* Center Plaza
Number of visitors increased 1.5 to 2.0x since remodel*(Period: remodel until Feb. 2023)*Reopened after remodel in November 2022

YGP office wing
Occupancy rate declined due to HVAC work*(implemented based on occupancy of each floor)
Seeking to maintain rent levels by increasing property value*HVAC work scheduled to take place over about 10 years starting in 2022
Copyright, 2023 SAPPORO HOLDINGS LTD. All rights reserved.

13/27

Action Plan KPI*Forex assumption: ¥130

Q1results*2 Local currency basis (Singapore dollar)* to be disclosed in Q2 or fiscal year end financial results

Japan alcoholic
beverages

2022 Q1

2023 Q1

2022

2023Plan

Increase beer sales: share of beer sales（1-1）

59%

68%
+12%

68%

71%
+9%

79%
+11%

（y-o-y）（VS 2022）

+23%

+74%

（y-o-y）（VS 2022）-

RTD Business Growth and Production Streamlining, Etc.

（y-o-y）+9%--

RTD growth: RTD sales amount（1-2）-

Increase production efficiency: ratio of in-house production（2）

-

＊

73%

64%

88%

1.45million
cases

1.69million
cases

6.61million
cases

7.47million
cases

10.0million
cases

Stone Acquisition Synergy / SPB Growth

Sapporo brand volume （3-1~3）
Cost synergy（3-1~3） ※1

Japan
Cost Structure Reforms（5）food & soft drinks
Overseas
soft drinks

Expanding Sales and Increasing Logistics Efficiency

Real Estate

Revenue Structure Diversification

Overseas sales amount (6) ※2
Asset share of securitization business (7)Increase value of YGP*

*YGP: Yebisu Garden Place

Rate of increase in average rent price (8)Entire Groupmedium-termplan Target

Reinforcement of Beer / Improving Profitability of Beer-type Bev.

Improve profit margin: selling price excluding alcohol tax（1-1）

Overseasalcoholicbeverages

Full year

Drastic Reorganization of Unprofitable Businesses, Etc.（9）（y-o-y）（y-o-y +17%）

-

＊

-

$4M

$23M

-

¥0.2billion-¥1.0billion¥2.0billion

+3%

+30%

（y-o-y）（VS 2022）-+7%（y-o-ｙ）

-

-

＊

3.7%

7.2%

19.2%

-

＊

-

+0.4%
（y-o-y）+2.5%（VS 2022）-＊¥1.0billion（y-o-y）¥0.5billion（y-o-y）-

Copyright, 2023 SAPPORO HOLDINGS LTD. All rights reserved.

14/27

Appendix

Copyright, 2023 SAPPORO HOLDINGS LTD. All rights reserved.

15/27

Financial Indicator
Financial Targets
Q1results

ROE(Approximation) Core
operating profit**

2023 Q1

2022

2023 plan

2026 Target

-

-

3.3%

3.3%

8.0%

(6.4)

(2.9)
billions of yen

9.3

13.5

25.0

billions of yen

billions of yen

billions of yen

16.2%

About 10%billions of yen

(1.4)

2.0

29.9

34.7

50.0

billions of yen

billions of yen

billions of yen

billions of yen

billions of yen

9.4%

About 10%

Overseas revenue
Average growth rate (CAGR)(Approximation) Overseas*
revenue

Full year

2022 Q1

EBITDA
Average growth rate (CAGR)(Approximation) EBITDA

medium-termplan Target

41.7%
18.3

25.9

102.2

111.8

140.0

billions of yen

billions of yen

billions of yen

billions of yen

billions of yen*Approximation for achieving financial targets

Copyright, 2023 SAPPORO HOLDINGS LTD. All rights reserved.

16/27

Financial Indicator
Target for core operating profit margin
Q1results

medium-termplan Target

Full year

2022 Q1

2023 Q1

2022

2023 plan

2026 Target

Alcoholic beverages in Japan

(6.2%)(0.4%)

3.5%

5.0%

5.7%

Alcoholic beverages in Overseas(1.0%)(2.3%)(0.4%)

0.6%

6.2%

Alcoholic beverages
in Restaurants(41.3%)

3.0%(3.3%)

2.1%

5.0%

Food & Soft Drinks
In Japan(6.0%)(3.4%)

0.9%

1.3%

3.8%

Food & Soft Drinks
In Overseas

5.5%

5.6%

3.6%

4.2%

5.0%

0.6%

0.5%

4.9%

4.6%

5.7%

Real Estate ※*EBITDA-based ROA

Copyright, 2023 SAPPORO HOLDINGS LTD. All rights reserved.

17/27

Balance Sheets（billions of yen）

Total assets

End of 2022

2023 Q1

ChangeCash and cash equivalents

15.4

14.1

(1.3)

Trade receivables

96.6

73.6

(23.0)

Inventories

47.5

48.3

0.8

Other current assets

19.9

17.5

(2.4)

Fixed assets and intangible assets

138.4

140.2

Investment property

209.6

Goodwill
Other non-current assets
Total assets

Total liabilities and equity

End of 2022

2023 Q1

ChangeTrade payables

35.7

32.0

(3.8)

Short-term financial liabilities

86.5

72.2

(14.3)

Other current liabilities

97.3

94.1

(3.2)

Long-tern financial liabilities

155.4

160.9

5.5

1.7

Net defined benefit liabilities

3.5

3.4

(0.0)

210.6

0.9

Other non-current liabilities

93.6

95.0

1.4

33.8

33.9

0.1

471.9

457.5

(14.4)

77.8

82.3

4.4

Total liabilities
Equity attributable to ownersof parent

166.3

162.1

(4.2)

639.1

620.5

(18.6)

0.9

0.9

0.0

Total equity

167.2

163.0

(4.2)

Total liabilities and equity

639.1

620.5

(18.6)

1.4

1.3

－

241.9

233.0

(8.8)

Non-controlling interests

Debt-to-equity ratio (times) :Net
Balance of financial liabilities

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18/27

Status of Each Cash Flow（billions of yen）

2022 Q1

2023 Q1

ChangeChange (%)

CF from operating activities

(0.8)

13.5

14.3

ー

CF from investing activities

(3.6)

(2.8)

0.8

ー

(4.4)

10.7

15.1

ー

➀ Capital expenditure (cash basis） ：11.6(13.3)(24.9)ー（Property, plant and equipment, intangible assets, investment property）

Free CF

CF from financing activities＜Investment total（①＋②＋③）＞

billionbillion＜Major items＞
・Alcoholic Beverages：¥(1.7)billion
Japan：¥(0.9)billion

Capitalexpenditures¥(5.4) billion
CF from operating
activities+¥13.5 billion

overseas：¥(0.8)billion

・Food & Soft Drinks：¥(0.4)billion
Japan：¥(0.4)billion

Other investments¥(1.9) billion

Asset sales+¥4.5 billion

・Real Estate：¥(2.7)billion
Acquisition of investment property

・Group-wide：¥(0.6)billion② Other investments ：billion（Invest in property’s equity etc.）

Cash in¥13.5
billionCash out¥(2.8)
billion③ Asset sales ：billion（Redemption and sales of investment securities）
Copyright, 2023 SAPPORO HOLDINGS LTD. All rights reserved.

19/27

Alcoholic Beverages Data
Japanese※1：:Following the agreement of the Brewers Association of Japan,
there is no disclosure of the sales volume for the first quarter.
The sales volume for the first half and end of the fiscal year shall be disclosed.

Sales Volume:Beer (Japan) (※1)

2022Q1(10,000 cases)
YoY

2023Q1

Change(%)

ー
ー

ー
ー

21.7%

ー
ー
ー

2.5%

③New genre beer products (total)ーーー(17.1%)

Beer, happoshu, and new genre （total ①+②+③)

ー

ー

6.1%

①Beer (total)
Sapporo Draft Beer Black Label (total)
YEBISU (total)②Happoshu (total)

25.2%(8.4%)＜ Beer lineup sales volume (break down) ＞(Jan – Mar)23%

＜10-year change in composition ratio
of beer,happoshu, and new genre＞

19%
58%
Black Lable

YebisuOthersCopyright, 2023 SAPPORO HOLDINGS LTD. All rights reserved.

20/27

Alcoholic Beverages Data
Japanese
Sales:Beer (Japan)
Beer（billions of yen）
2022Q12023Q1

YoY
Change(%)

Happoshu

23.5
1.3

30.1
1.2

(2.1%)New genre

10.2

9.0

(11.4%)

34.9
5.2

40.4
5.8

15.7%

Domestic wines

0.8

0.8

7.5%

Imported wines

1.3

1.4

8.2%

2.1
5.5

2.2
7.0

7.9%
26.8%

47.7

55.5

16.3%

Beer, happoshu, and new genre
RTD

Wine (total)
Spirits and Shochu (total)
Total＜ Jan- Mar sales revenue ＞ (billions of yen)

28.4%

12.3%

＜ Jan- Mar sales breakdown by category ＞*Before subsidiary companies sales, elimination ofinter- company transactions and rebate deduction*From 2021, Hyosai Sour and 99.99 keg
are reclassified from Spirits to RTD.
Copyright, 2023 SAPPORO HOLDINGS LTD. All rights reserved.

21/27

Alcoholic Beverages Data
Japanese＜Changes in the amount of liquor tax per 350 ml＞
（yen）

77

70
63.35
Beer

54.25

Happoshu
New genre

46.99

37.8

RTD

✓ Beer and Beer
type beverages
yen
✓ RTD
yen

35

28

2020

2023

2026

（year）

Copyright, 2023 SAPPORO HOLDINGS LTD. All rights reserved.

22/27

Alcoholic Beverages Data
Overseas(10,000 cases)

Sales Volume:Beer (International)

2022Q1

Overseas brand (※1)

2023Q1

YoY
Change(%)

349
100
449
69
69

31.8%

②Other areas

265
91
355
54
54

Total（①＋②）

410

518

26.5%

Sapporo brand①North America
Sapporo brand

10.5%
26.4%
27.2%
27.2%

※1：SLEEMAN, Anchor, Stone, etc.

＜ Overseas sales volume by brand (Jan-Mar) ＞＜ Overseas sales volume by Area (Jan-Mar) ＞（10,000 cases）（10,000 cases）

600

600
169

400
141

121

104

277

277

400

58

34

41

54

200

362

364

340

355

2021

2022
Other areas

145

200
279

69

265

349

0

449

0
2019

2020
Overseas brand

2021

2022
Sapporo brand

2023

2019

2020
North America

2023

Copyright, 2023 SAPPORO HOLDINGS LTD. All rights reserved.

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Alcoholic Beverages Data
Restaurants
Restaurants＜Composition of Restaurants by Format＞
2022Q1

YoY

2023Q1

Change(%)

Revenue （billions on yen）

2.3

4.3

83.4%

Number of Restaurants

160

135

(15.6%)＜Trend in Revenue of Restaurants Businessand Number of Restaurants＞（Jan-Mar）（billions of yen）

135Outlets（Restaurants）＜Composition of Restaurants by Region＞

135Outlets
Bar graph: Trend in Restaurant businesscore operating profit
Line graph: Trend in number of Sapporo
Lion Group restaurants
Copyright, 2023 SAPPORO HOLDINGS LTD. All rights reserved.

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Food & Soft Drinks Data
Japanese（billions of yen）

Sales:Food & Soft Drinks (Japan) (※1)

2022Q12023Q1

YoY
Change(%)

Soft Drinks

12.4

12.1

(2.2%)

Food（Lemon・Soups・Plant milk)

7.4

7.4

(0.6%)※1：Only domestic sales(Before Rebate subtracted from sales)＜ Japanese soft drinks POKKA SAPPORO Food & Beverage ＞
Sales composition by sales channel (Jan- Mar)

＜Japanese soft drinks Sales composition by genre (Jan- Mar)>

15%

15%

35%

Lemon-based drinks

3%
7.09 million
cases

23%
65%

Singapore(billions of SGD)
Malaysia(billions of MYR)
International(billions of SGD)
※2： Before sales deduction, exclude OEM sales

2022Q1

3.7
1.8
1.3

2023Q1

3.8
2.0
1.4

Tea drinks

26%
18%

Overseas
Sales:Food & Soft Drinks (Overseas) (※2)

Carbonated drinks

7.09 million
cases

Vending machine
Retailer

Coffee drinks

Water
OthersYoY
Change(%)
2.7%
14.4%
7.0%
Copyright, 2023 SAPPORO HOLDINGS LTD. All rights reserved.

25/27

Real Estate Data
＜ Information about Investment property ＞

Real Estate(billions of yen)

＜ Major rental properties & occupancy rates：（Averages for 2023 Q1)>
Site area（㎡）
Yebisu Garden Place（1）Ginza Place
Strata Ginza（2）Floor area（㎡）

Occupancy rate（%）

No. of floors

400.0
300.0
200.0

56,943

298,00777

40 floors above ground,
5 below

645

7,350

90

11 floors above ground,2 below

1,117

11,411100

13 floors above ground,
1 below

100.0

385.7
209.6

382.9
203.2

0.0
As of December 31,

As of December 31,

2021

2022

Carrying value on the consolidated statement*1: The number of floors is for the office block only. Occupancy rates are for office areas only.
*2: Figures are for entire property. Sapporo owns 922m 2 of the site (sectional ownership) and 89.72% of the building(joint management)of financial position
Fair value(billions of yen)(billions of yen)＜Core Operating profit＞

2022 Q1

2023 Q1

Change＜EBITDA＞

2022 Q1

2023 Q1

ChangeYebisu Garden Place, etc.

0.2

0.1

(0.1)

Yebisu Garden Place, etc.

1.0

1.0

0.1

Other area &other operations

0.3

0.2

(0.0)

Other area &other operations

0.4

0.4

(0.0)

Hokkaido

(0.1)

(0.1)

0.0

Hokkaido

0.1

0.1

(0.0)

Equity investment, etc

(0.3)

(0.3)

(0.0)

Equity investment, etc

(0.1)

(0.2)

(0.1)

Total

0.1

(0.0)

(0.1)

Total

1.4

1.3

(0.0)
Copyright, 2023 SAPPORO HOLDINGS LTD. All rights reserved.

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As an intrinsic part of people's lives, Sapporo will contribute to
the evolution of creative, enriching and rewarding lifestyles.

This document was prepared for the purpose of providing information to serve as a reference for investors in making investment decisions and not
for the solicitation of investment or any other similar such actions.
The earnings forecasts and forward-looking statements contained in this document were prepared based on the judgment of the Company as ofthe date of this document and include potential risks and uncertainties.
Actual published future results may therefore differ materially from the content of this document.
The Company shall not in any way be responsible or liable for any losses or damages resulting from the use of the information in this document.

Copyright, 2023 SAPPORO HOLDINGS LTD. All rights reserved.

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