Sapporo Group Business Results Presentation
for the Six Months Ended June 30, 2024

August 13th 2024

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

SB: Sapporo Breweries Ltd.

PS: Pokka Sapporo Food & Beverage Ltd.
SPB：SAPPORO PREMIUM BEER

SLN: Sapporo Lion Limited.

URL https://www.sapporoholdings.jp/en/

SRE: Sapporo Real Estate Co., Ltd.

YGP：Yebisu Garden Place
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１. Summary

・・・P.3

２. Update to Medium to Long Term Management Policies
・・・P.4~P.6

for Increasing Group-wide Corporate Value
３. Business Results

・・・P.7~P.18

４. Appendix

・・・P.19~P.30

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Summary

Business results：Increase in sales and profit, things are progressing steadily
2023 Q2
Result2024 Q2
ResultYoYchanges(amount)

YoYchanges
(%)

⚫

238.5
3.5

247.7
3.5

9.1

3.8%

⚫

0.0

1.1%

Operating profit

(2.8)

7.6

10.4

-

Profit attributable to owners of parent

(5.1)

6.1

11.2

-

（billions of yen）
RevenueCore operating profit(Revenue - Cost of sales - SG&A expenses)⚫

Revenue increased due to strong sales of beer in theJapan alcoholic beverages businessCore operating profit is on par with last year’s despite
up-front investments
Operating profit increased significantly and became
black due to the sale of assets and the impact of last
year's impairment loss

Major results and challenges in the first half of the fiscal year
Strong sales of beer, mainly Black Label brandGrowth of SPB in the U.S. and APAC

Profitability improved in the U.S.
Acceleration of SPB growth
Continue efforts to strengthen the Sapporo brand’s US chain%（beer sales volume）

Black Label canned beer and Yebisu canned beer bothoutperformed last year due to expansion of customer
contact points and acquisition of new customers.

%（SPB sales volume ）Expansion of sales to American chains in the U.S.
Realize growth through starting collaboration with
Carlsberg in APAC

Recovery of Stone brand
Focus on investing in core brands in order to achieve recovery

Maximize manufacturing and logistics synergies
Resolve issues related to production efficiency and operations

Status of the review for the materialization of the “Medium and Long Term Management Policy”
We are progressing with the review of the materialization of the “Medium to Long Term Management Policies for Increasing Group-wide Corporate
Value," announced in February 2024. The status of these efforts is described in the following slides.
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Update to Medium to Long Term Management Policies for
Increasing Group-wide Corporate Value

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Update to Medium to Long Term Management Policies for Increasing Group-wide Corporate Value<Image of direction of Sapporo group’s transformation>
・The Company will further concentrate its management resources to focus on beerbusinesses with competitive advantages and businesses in which synergies withthose competitive businesses can be created.
・The Company develops its market-creation capabilities in alcoholic beverages,
which has been the Company’s DNA since its foundation and grows our beer business.

<Consideration structure>
・The Company has formed a number of working groups drawing
from the corporate holding company and business divisions,starting with the alcoholic beverages business.
・Working group members include both corporate and businessdivision directors, business managers, and participation by
external board directors.
・In particular, emphasis is being placed on strategy review of thecore alcoholic beverages business and the real estate business tomaximize total company value extraction. The Company hasretained expert external advisors to assist in this review.
・Progress is closely monitored, with monthly update reports to the
Sapporo Holdings Board of Directors.

Board of Directors
Monitoring

ReportMedium to Long Term Strategy Project
External advisors

Alcoholic beverages
working group
Food & Non-alcoholic
Beverages working group

We established a Group Strategy Committee, which includes outside experts, anddiscussed the management policies for increasing corporate value over the
medium- and long- term (ahead of the current Medium-Term Management Plan) ,including that of third-party advisors, in terms of multifaceted and objective
perspectives.

External advisors

Real estateworking group
Organizational footprint
working group~working group

Working group members
include both corporate andbusiness division directors,
business managers, andparticipation by externalboard directors.

~working group

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Update to Medium to Long Term Management Policies for Increasing Group-wide Corporate Value＜Review status＞
・The Company aims to acquire a 25% share of the domestic beer market and realize a higher profit ratio from a long-term perspective
・Collaborating with the food & non-alcoholic beverages business, the Company will also strengthen the development of "new alcoholic beverages,”,Japan
Alcoholicincluding non-alcoholic and low-alcoholic beverages under the theme of “wellbeing”
Beverages ・The Company intends to rationalize the value chain by, for example, optimizing manufacturing and logistics, with initiatives recently approved and isreviewing the appropriate allocation of corporate resources.
・Investment in the international business will be increased to ensure the business is a core element of the Company’s portfolio, with focus on
Sapporo Premium Beer “high quality,” “sophisticated taste,” and “uniqueness reminiscent of Japan.”
Overseas
Alcoholic ・In April 2024, the Company established the International Business Department within the corporate headquarters with the objective of a dedicated,
Beverages
experienced, and highly skilled organization exploring investment opportunities, alliances, overseas business opportunities, while realizing fast
decision making, and robust governance of process.

Real
Estate・The Company is continuing to consider ways to utilize real estate that will contribute to enhancing the group's future value, as well as thefundamental transformation of the business portfolio.
<Example> ✓Various options for the Sapporo Real Estate Development Co., Ltd., which owns and manages multiple properties centered aroundEbisu and Sapporo, such as introducing external capital, asset sales.
✓Tax-qualified spin-offs, as proposed by our shareholders.
・The Company will seek concrete proposals from a wide range of potential strategic partners on ways to enhance the value of the real estate business.
→The Company plans to begin soliciting external proposals for the real estate business by mid-September of this year.

Others・Structural reforms in the food and beverages business (non-alcohol) while also considering the future vision of the business, including the pursuit ofsynergies with the alcoholic beverages business.
・The Company is exploring the optimal organizational structure and institutional design to effectively and efficiently advance each business strategy scenario.
・The Company has also begun strengthening the management foundation by fostering a corporate culture that enables talent to be more productive andto drive transformation, utilizing experts in the process.

⇒ Further details and status of the Company’s Medium to Long Term Management Policies review will be provided during quarterly financial andbusiness disclosures. For important matters, the Company intends to disclose information promptly and appropriately.
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Business Results

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Financial Highlights（billions of yen）

2023 Q2
Result2024 Q2
ResultYoY changes(amount)

YoY changes
(%)

238.5

247.7

9.1

3.8%

Revenue（Excluding liquor tax）

184.6

193.4

8.9

4.8%

Overseas revenue

57.4

61.4

4.0

7.0%

EBITDA

13.5

14.0

3.9%

Core operating profit

3.5

3.5

0.5
0.0

1.4%
4.1

-

-

Profit attributable to owners of parent

(5.1)

10.4
10.4
11.2

-

Operating profit

1.5%
(6.3)
(2.8)

Revenue(Revenue - Cost of sales - SG&A expenses)

Core operating profit margin
Other operating income (expense)

7.6
6.1

1.1%

-

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Financial Highlights
2024 Q2
ResultYoYchanges(amount)

YoYchanges(%)

2024 Q2
ResultYoYchanges(amount)

YoYchanges
(%)

238.5

247.7

9.1

3.8%

3.5

3.5

0.0

1.1%

172.5

181.0

8.5

4.9%

5.0

5.4

0.4

8.0%

Japanese

121.1

125.0

3.9

3.2%

Japanese

4.5

5.2

0.7

16.5%

Overseas

42.2

46.1

3.9

9.3%

Overseas

(0.3)

(0.7)

(0.4)

-

Restaurants

9.2

9.8

0.7

7.1%

Restaurants

0.8

0.8

0.0

0.5%

Food & Soft Drinks

55.4

55.3

(0.1)

(0.2%)

Food & Soft Drinks

0.5

0.2

Japanese

42.4

42.0

(0.4)

(0.9%)

Japanese

(0.2)

(0.1)

0.1

-

Overseas

13.0

13.3

0.3

2.1%

Overseas

0.7

0.3

(0.3)

(49.5%)

Real Estate

10.6

11.3

0.8

7.2%

Real Estate

1.9

2.4

0.5

25.6%

(3.9)

(4.5)

(0.6)

-

2023 Q2（billions of yen）
ResultRevenue by Segment
Alcoholic Beverages

Other

0.1

0.1

(0.0)

(4.3%)

2023 Q2（billions of yen）
ResultCore Operating Profit
by Segment
Alcoholic Beverages

Other・ General
corporate andintercompany eliminations(0.3) (55.2%)

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Financial Highlights
Revenue increased for all of our businesses, excluding the Japan Food & Soft Drinks business where
structural reforms are being implemented.
Driver of revenue growth is the strong performance of beer in Japanese alcoholic beverages business
Reasons for changes in sales revenue

Alcoholic Beverages

Food & Soft Drinks

Real Estate(billions of yen)Japanese= Increase

Overseas

Japaneseexchangerate= Decrease
Increase in beersales volume
+10%

2024
Q2

Export +1.3

2023
Q2

Decrease in happoshu(include New Genre)
sales volume by (20%)
alcohol tax

SPB sales volume+20%
Overseas brandsales volume (8%)

Impact of structuralreforms such as
reducing SKUs andvending machinesrevision(2.1)

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Financial Highlights
Maintained core operating profit on par with last year’s, supported by higher sales despite up-front
investments
Improvement in the marginal profit of beer-type beverages due to the strong performance of beer sales has contributed to profit
Reasons for changes in core operating profit

Alcoholic Beverages

Food & Soft Drinks

Japanese(billions of yen)

Real Estate

Details of the factors behind the changes
are shown on the business strategy pagefrom p. 13 onward

Japanese= Increase= Decrease
Product mix,
Price revision,etc.

2024
Q2

2023
Q2

Sales promotion
investment(1.7)

Decrease involume(1.1)

Export(0.2)

IT infrastructure
investment, etc.

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Business Strategies：Action Plan
On slides after page 13, we have included further explanations for action plan numbers (1-1) through (10)Plan to steadily disclosedetails of action plan

Japan alcoholic
beverages

2023
Increase beer sales(1-1)

2024★ Alcohol tax revisions★ Alcohol tax revisions

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

2025 to 2026

Completed

Generate synergies through function integration(3-1)
Begin producing SPB (keg draft) in the U.S.(3-2)

Completed

Optimize global production and logistics(3-3)

Restaurants

Reduce unprofitable restaurants(4-1)

Completed

Strengthen existing stores (improve customer experience value) and 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)Changed to no longer included in KPIs as the change in strategy
had a negligible impact on business performance.

Increase value of core 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)Copyright, 2024 SAPPORO HOLDINGS LTD. All rights reserved.

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Business Strategies：Alcoholic Beverages
Japanese

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

Revenue：125.0billions of yen（YoY+3.9billions of yen、＋3.2%）

Core operating profit：5.2billions of yen（YoY+0.7billions of yen 、＋16.5%）
Beer-typeBeer-type beverages beverages’
increase in volume Marginal profit
improvement

wine, spirits,
non-alcoholic
beverages, etc

RTD

Sales promotion
investment

Fixed costs, etc.

Profit increased due to strong sales of beer, mainly Black Label cans, with effect of improved marginal profit despite expansion of promotional investment in beer

Increase beer sales (1-1)：Strong sales of Black Label continue, steadily outperforming market
✓

YoY
YoY

％

％

Q2 2023

Q2 2024

Q2 2023

Q2 2024(estimated by SH)
In 2024: share of beer sales 54%
In 2023: share of beer sales 49%

YoY％

Q2 2023

Q2 2024

Beer-type beverages

Beer

Canned beer

Total demand(estimated by SH): (3%)

Total demand(estimated by SH): +7%

Total demand(estimated by SH): +11%

share of beer sales

✓

％

％

70%

64%

Q2 2022

Q2 2023
Beer

selling price excluding alcohol tax

Q2 2024

Increase on shareof high-margin beers

Happoshu

Improvement of the product mix％ /Improvement due to price revisions

VS2022Black Label canned beer and Yebisu cannedbeer both outperformed last year due toexpansion of customer contact points andacquisition of new customers.

CannedBlack Label

CannedYebisu

YoY

YoY

％

％

Increase RTD sales (1-2)：Koime no Lemon Sour continues to perform strongly, but the total for RTD is a slight increase and behind the target✓

Total for RTD (cans)

VS2022％（Sales amount basis）
Reference information）+ % y-o-y

The first half surpassed the previous year but remained below the total demand level
Aim for recovery mainly Koime no Lemon Sour✓

Share of in-house manufacturing％ （much higher level of full-year target 88%）

Since RTD production line in Sendai Plant was put into operation in October 2023, inhouse production ratio has been increasing steadily.
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Business Strategies：Alcoholic Beverages
Overseas

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

Revenue：46.1billions of yen（YoY+3.9billions of yen、＋9.3%）

Decrease in quantity andworsening of the product mix.

Resolution todissolve
Anchor+0.6

CanadaThe U.S.

Core operating profit：(0.7)billions of yen（YoY(0.4)billions of yen）
Vietnam

Strong sales of Sapporo brand continue mainly in the U.S. and APAC, but softer-than-expected sales in Canada and US craft beer markets resulted in a profit decline.

Market overview
The beer market has been soft since last summer due to inflation.
A shift to low-cost products is also being seen.

The craft beer market has been soft due to inflation.

The market is shrinking due to the economic downturnand tougher penalties for drunk driving

Growth of the Sapporo brand：Continuous growth of the Sapporo brand volume in the U.S. and APAC✓

Sapporo sales volume +% YoYNorth America ＋7％
Other areas＋40％

Initiatives in the U.S. market

Initiatives in other regional markets

Expand sales reach under the new sales
structure (sales synergy)Stores handling SPB increased 12%
There is still room to increase

Vietnam: Expand width and depth of customer segment through the SPB brand renewal
APAC: Expand market mainly in the countries that have alliances with Carlsberg
alliances(three target countries, increased by about 2.9 times of last year) *Hong Kong, Singapore, Malaysia

Status of synergies with Stone (3-1~3)
Status of Stone brand
Challenges continue amid an unexpectedly greater downward trend in the craft beer market

Status of manufacturing and logistics synergies
There is a slight delay in the production transfer schedule, andthere are issues with production efficiency and operations

Improving profitability in the U.S. is a crucial challenge: implement thefollowing to make improvements
Accelerate SPB growth：strengthening initiatives of American chains
Recovery of Stone brand： focus on investing in core brands in order to achieve recovery
Maximize manufacturing and logistics synergies： resolve issues related to production efficiency and operations
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Business Strategies：Alcoholic Beverages
Restaurants
Revenue：9.8billions of yen（YoY+0.7billions of yen、＋7.1%）

Core operating profit：0.8billions of yen（YoY+0.0billions of yen 、＋0.5%）

Number of customers and sales per customer at existing stores have been increasing at existing stores, with increases in revenue and profit progressing smoothly as expected

Strengthen existing stores (improve customer experience value) and shift focus to new formats(4-2)：The number of stores remains flat, but the number of customers and average sales per customer at existing stores is increasing.
Sales results for existing SLN stores (YoY)
（YoY）

Jan.

Feb.

Mar.

Apr.

May.

Jun.

revenue

119%

118%

110%

106%

103%

108%

number of customer

113%

112%

105%

103%

99%

103%

sales per customer

105%

105%

105%

103%

104%

105%

Composition of Restaurants by Format

Composition of Restaurants by Region

Trend in Revenue of Restaurants Business （Jan-Jun）（Restaurants）
and Number of Restaurants（billions of yen）

128Outlets

128Outlets

Bar graph: Trend in Restaurant business core operating profit
Line graph: Trend in number of Sapporo Lion Group restaurants
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Business Strategies：Food & Soft Drinks
Japanese

Reasons for changes in core operating profit(billions of yen）
Improvement of variable
selling cost per unit+0.4

Revenue：42.0billions of yen（YoY(0.4)billions of yen、(0.9%)）Core operating profit：(0.1)billions of yen（YoY+0.1billions of yen）
decrease involumeMarginal profit
improvement

Sales promotion
investment

fixed costetc

Despite the volume decreased due to product lineup changes and the review of unprofitable vending machines, profit increased due to
steady progress in structural reforms, such as improving unit selling prices in relation to selling expenses.

Fundamental structural reforms (5)(VS2022 billions of yen）

Cost structure reform initiatives implemented since 2023

✓ Status of structural reforms

・Decrease in disposal value due to SKU reduction +300 million yen
・Reduction of unprofitable vending machine columns +700 million yen
・Variable selling cost unit price improvement +600 million yen

Improvement of variable selling cost per unit
Y-o-Ybillions of yen

Overseas

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

Revenue：13.3billions of yen（YoY+0.3billions of yen、＋2.1%）
Core operating profit：0.3billions of yen（YoY(0.3)billions of yen、(49.5%)）

decrease involumeMarginal profit
improvement

fixed cost
etc

Performance is strong in Malaysia, which is a focus area, but profits fell due to a decline in exports.
Singapore
Sales through CVS and EC channels have been performing
well but slightly fell due to the impact of inflation✓

Singapore sales amount ( %) YoY(sales amount of local currency basis)

Malaysia

ExportIncrease of sales through strengthening ofsales structure

Revenue fell due to the impact of the suspension of sales tosome customers which occurred last year.

✓✓

Malaysia sales amount +% YoY(sales amount of local currency basis)

Export sales amount (%) YoY(sales amount of local currency basis)
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Business Strategies：Real Estate
Real Estate

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

Revenue：11.3billions of yen（YoY+0.8billions of yen、＋7.2%）

Improvement ofoccupancy rate, etc.

Core operating profit：2.4billions of yen（YoY+0.5billions of yen 、＋25.6%）
EBITDA：5.4billions of yen（YoY+0.8billions of yen）
YGP

SapporoOthersDespite there were impacts from one-time costs associated with the opening of the Sapporo hotel, profits increased due to the improved occupancy rate at YGP.

Initiatives to enhance property value (Ebisu area)
YGP office space occupancy rate
While the occupancy rate was down due to HVAC work*, it improved from last year and is on track to meet the target.
(%)*HVAC work scheduled to take place over about 10 years starting in 2022

Yebisu Garden Place Center Plaza (Office)The highest rank of S was received under the “CASBEE-Wellness
Office” certification
This is the second S-ranking acquisition in Yebisu Garden Place, following
the same ranking obtained for the office tower in August 2023.

Occupancy, excluding HVAC work areas,
is currently at near full capacity level

Initiatives to enhance property value (Sapporo area)
Sosei Cross opened on August 1st
A new office commercial building, "Sosei Cross," opened in Chuo-ku, Sapporo
Leasing of all office space is completed
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Action Plan KPI※1 Forex assumption: ¥130

Q2results※2 Local currency basis (Singapore dollar)

Japan alcoholic
beverages

2022 Q2

Full year

medium-termplan Target

2023 Q22024 Q2

2022

2023

2024 plan

70%

76%

68%

73%

79%

79%

+12%

+16%

+9%

+11%

+11%

（VS2022）（VS2022）（VS2022）

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

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

64%

Improve profit margin: selling price excluding alcohol tax（1-1）-（VS2022） （VS2022）-

RTD Business Growth and Production Streamlining, Etc.

RTD growth: RTD(cans) sales amount（1-2）
Increase production efficiency: ratio of in-house production（2）Overseasalcoholicbeverages

Sapporo brand volume（3-1~3）

Cost synergy（3-1~3） ※1

Increase value of YGP

Rate of increase in average rental price (8)Entire Group

69%

+9%

+11%

（VS2022） （VS2022）

62%

96%

73%

+19%

+31%

+74%

（VS2022）（VS2022）（VS2022）

63%

88%

88%

Stone Acquisition Synergy / SPB Growth

Japan
Cost Structure Reforms （5）food & soft drinks
Expanding Sales and Increasing Logistics Efficiency
Overseas
soft drinks
Overseas sales amount (6)※2 exclude OEM sales
Real Estate-

Fundamentally reshuffle business portfolio（9）

3.23

3.49

4.19

6.61

7.16

8.09

10.0

million cases

million cases

million cases(YoY+20%)

million cases

million cases

million cases(YoY+13%)

million cases

-

$1.5M

$5M

-

$4M

$11M

-

0.5billion

1.6billion-

1.3billion

-

-

+7%

(YoY 0,3 billion)(3％)（VS2022） （VS2022）--

0.4billion
1.7billion（VS2022） （VS2022）$23M（VS2022）

2.0billion

2.0billion(YoY 0,7 billion)（VS2022）

+2.8%

+7.6%

+30%

（VS2022）（VS2022）（VS2022）

-

+0.5%
+2.8%
（VS2022） （VS2022）+2.5%（VS2022）-

1.1billion（VS2022）--

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-

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Appendix

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Financial Indicator
Financial Targets
Q2 resultmedium-termplan Target

Full year

Targets for 2026 have not been changed since the Medium-Term Business Plan was formulated

ROE(Approximation)
Core operating profit※※

2022 Q22023 Q22024 Q2

2022

2023

2024 plan

2026 Target

-

-

-

3.3%

5.0%

5.5%

8.0%

(2.2)
billion yen

3.5
billion yen

3.5
billion yen

9.3
billion yen

15.6
billion yen

19.0
billion yen

25.0
billion yen

16.7%

About 10%40.7
billion yen

50.0
billion yen

10.3%

About 10%124.4
billion yen

140.0
billion yen

EBITDA
Average growth rate (CAGR)(Approximation)
EBITDA

※
※

33.3%
7.9
billion yen

13.5
billion yen

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

※
※

14.0
billion yen

29.9
billion yen

36.0
billion yen

19.3%
43.1
billion yen※Approximation for achieving financial targets

57.4
billion yen

61.4
billion yen

102.2
billion yen

119.6
billion yen

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Financial Indicator
Target for core operating profit margin
Q2 resultmedium-termplan Target

Full year

Targets for 2026 have not been changed since the Medium-Term Business Plan was formulated

2022 Q22023 Q22024 Q2

2022

2023

2024 plan

2026 Target

Japan alcoholic beverages

0.1%

3.7%

4.2%

3.5%

5.3%

5.7%

5.7%

Overseas alcoholic beverages

0.7%(0.8)%(1.5)%(0.4)%(0.3)%

1.1%

6.2%

Restaurants(13.3)%

8.8%

8.3%

(3.3)%

10.5%

8.8%

5.0%

（Aim to maintain 2024 profit level）

Japan Food & Soft Drinks(3.2)%(0.5)%(0.3)%

0.9%

2.3%

2.4%

3.8%

Overseas Food & Soft Drinks

5.9%

5.1%

2.5%

3.6%

(2.2)%

4.6%

5.0%

Real Estate

2.2%

1.9%

2.1%

4.9%

4.7%

4.7%

5.7%

※ EBITDA-based ROA

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Balance Sheets（billions of yen）

Total assets

End of 2023

2024 Q2

ChangeCash and cash equivalents

17.2

20.2

3.0

Trade receivables

98.0

88.3

(9.7)

Inventories

47.6

51.2

3.6

Other current assets

13.6

11.2

Fixed assets and intangible assets

152.7

Investment property

Total liabilities and equity

End of 2023

2024 Q2

ChangeTrade payables

38.7

38.3

(0.4)

Short-term financial liabilities

39.7

58.2

18.5

Other current liabilities

112.8

102.1

(10.7)(2.3)

Long-term financial liabilities

182.9

170.6

(12.4)

163.6

10.9

Retirement benefit liability

3.4

3.3

(0.1)

211.2

222.4

11.3

Other non-current liabilities

102.8

112.2

9.5

Goodwill

35.1

37.5

2.4

480.3

484.6

4.3

Other non-current assets

88.3

94.6

6.4

Total liabilities
Equity attributable to ownersof parent

182.3

203.4

21.1

663.6

689.0

25.5

0.9

1.0

0.1

Total equity

183.2

204.4

21.2

Total liabilities and equity

663.6

689.0

25.5

1.1

1.0

－

222.6

228.7

6.1

Total assets

Non-controlling interests

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

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Status of Each Cash Flow（billions of yen）

2023 Q22024 Q2

ChangeChange (%)

CF from operating activities

24.6

11.1

(13.5)(55.0%)

CF from investing activities(8.9)(10.9)

(2.0)

ー

15.6

0.2

(15.5)

ー(15.7)

0.3

16.0

ー

Free CF

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

billion➀ Capital expenditure (cash basis） ：billion（Property, plant and equipment, intangible assets, investment property）＜Major items＞
・Alcoholic Beverages：¥(9.1)billion

CF from operating
activities+¥11.1 billion

Japan：¥(5.7)billion

Overseas：¥(3.4)billion

・Food & Soft Drinks：¥(1.6)billion
Japan：¥(0.8)billion

Capital expenditures¥(26.6) billion

Overseas：¥(0.7)billion

・Real Estate：¥(15.0)billion
Other investments－Asset sales+¥15.7 billion

Yebisu square and others

・Group-wide：¥(0.8)billion② Other investments－Asset sale ：billion（Sale of fixed assets、Stock sales, etc.）

Cash in¥11.1billion

Cash out¥(10.9)billion

Reduced four cross-shareholdings(amount sold: 8.7 billion yen)
Copyright, 2024 SAPPORO HOLDINGS LTD. All rights reserved.

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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)
①Beer (total)
Sapporo Draft Beer Black Label (total)
YEBISU (total)②Happoshu (include New genre)
Beer-type beverages（total ①+②)

2023Q2

1,262
689
265
549
1,811

2024Q2

1,384
782
259
441
1,825

(10,000 cases)
YoY
Change(%)
9.6%
13.6%
(2.2%)(19.7%)
0.8%＜ Beer lineup sales volume (break down) ＞(Jan – Jun)

＜10-year change in composition ratio
of beer and happoshu(include new genre)＞ (Jan – Jun)

Copyright, 2024 SAPPORO HOLDINGS LTD. All rights reserved.

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Alcoholic Beverages Data
Japanese
Sales:Beer (Japan)
Beer
Happoshu (include New genre)
Beer-type beverages
RTD
Domestic wines
Imported wines
Wine (total)
Spirits and Shochu (total)
Total（billions of yen）
2023Q2

70.8
21.7
92.5
12.4
1.6
3.0
4.6
14.4
123.9

2024Q2

75.7
18.9
94.5
12.5
1.1
2.8
3.8
15.1
126.0

＜ Jan- Jun sales revenue ＞ (billions of yen)

YoY
Change(%)
6.9%(13.1%)
2.2%
1.5%(34.7%)(8.3%)(17.6%)
5.2%
1.8%＜ Jan- Jun 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, 2024 SAPPORO HOLDINGS LTD. All rights reserved.

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

77
70
63.35

✓ Beer-type
beverages
yen

Beer

54.25

Happoshu
New genre

46.99
37.8

RTD

✓ RTD
yen

35

28

2020

2023

2026

（year）

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Alcoholic Beverages Data
Overseas
Sales Volume:Beer (International)
Overseas brand (※1)
Sapporo brand①North America
Sapporo brand②Other areas
Total（①＋②）
Sapporo brand Total(10,000 cases)
2023Q2

800
211
1,011
138
138
1,148
349

2024Q2

738
226
964
193
193
1,157
419

YoY
Change(%)(7.7%)
7.2%(4.6%)
40.0%
40.0%
0.8%
20.2%

※1：SLEEMAN, Anchor, Stone, etc.

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

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Food & Soft Drinks Data
Japanese（billions of yen）

Sales:Food & Soft Drinks (Japan) (※1)
Soft Drinks
Food（Lemon・Soups・Plant milk)

2023Q226.5
13.7

2024Q2

25.4
12.4

YoY
Change(%)(4.5%)(9.4%)※1：Only domestic sales(Before Rebate subtracted from sales)＜Japanese soft drinks Sales composition by genre (Jan- Jun)>

14.06 million
cases【Coffee drinks】【Tea drinks】

✓

✓

Down
％ y-o-y（Sales volume）

Down ％ y-o-y（Sales volume）【Lemon based-drinks】【Water】✓✓

Up％ y-o-y（Sales volume）

Down％ y-o-y（Sales volume）【Carbonated drinks】【Others】

✓

✓

Down

％ y-o-y（Sales volume）

Down％ y-o-y（Sales volume）

Overseas
Sales:Food & Soft Drinks (Overseas) (※2)
Singapore(millions of SGD)
Malaysia(millions of SGD)
International(millions of SGD)
※2： Before sales deduction, exclude OEM sales

2023Q2761230

2024Q2

76
15
17

YoY
Change(%)(1.2%)
27.4%(42.3%)
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Real Estate Data
＜ Information about Investment property ＞

Real Estate(billions of yen)

＜ Major rental properties & occupancy rates：（Averages for 2024 Q2)>
Site area（㎡）
Yebisu Garden Place（1）Ginza Place
Strata Ginza（2）Floor area（㎡）

AverageOccupancyrate（%）

No. of floors

400.0
300.0
200.0

56,943

298,00788

40 floors above ground,
5 below

645

7,350

100

11 floors above ground,2 below

1,117

11,411100

13 floors above ground,
1 below

100.0

385.7
209.6

383.0
211.2

As of December 31,

As of December 31,

2022

2023

0.0

*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)

Carrying value on the consolidated statementof financial position
Fair value(billions of yen)(billions of yen)＜Core Operating profit＞

2023 Q22024 Q2

Change＜EBITDA＞

2023 Q22024 Q2

ChangeYebisu Garden Place, etc.

1.5

2.2

0.7

Yebisu Garden Place, etc.

3.3

4.2

0.9

Other area &other operations

0.8

0.7

(0.1)

Other area &other operations

1.0

1.1

0

Hokkaido

0.2

0

(0.2)

Hokkaido

0.5

0.3

(0.2)

Equity investment, etc

(0.5)

(0.5)

0

Equity investment, etc

(0.2)

(0.1)

0.1

Total

1.9

2.4

0.5

Total

4.6

5.4

0.8
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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.

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