*In this document, the name abbreviations are used: SH: Sapporo Holdings Limited   SB: Sapporo Breweries Ltd.   SLN: Sapporo Lion Limited. PS: Pokka Sapporo Food & Beverage Ltd.    SRE: Sapporo Real Estate Co., Ltd. SPB：SAPPORO PREMIUM BEER   YGP：Yebisu Garden Place May 14th 2024 URL https://www.sapporoholdings.jp/en/ 1. Business Results     ・・・P3~P13 2. Appendix ・・・P14~P26
Copyright, 2024  SAPPORO HOLDINGS LTD.  All rights reserved. 2/26
Summary

Business results:While there was an increase in revenue and a decrease in profit, things are progressing according to forecasts
The strategy and action plan outlined in the medium-term management plan will lead to results such as a Q1 return to profitability in the Japan alcoholic beverages business. Revenue increased due to strong sales of beer in the Japan alcoholic beverages business and SPB in the overseas alcoholic beverages business. Core operating profit declined due to up-front investments, but operating profit increased due to the sale of land and other factors. While steady progress was made to strengthen beer products, grow SPB, and make structural reforms, improving profitability in the US is a crucial challenge to overcome
Main topics
● ● Focus brands performed strongly both in Japan and overseas with the Black Label brand at +16% and overseas Sapporo brand at +14% (in terms of sales volume). Yebisu Brewery Tokyo opened on April 3. ● Production began at Stone's two breweries located on the West and East coasts (production at the Escondido plant began from March of this year) ● Operations were halted at the SB Nasu plant, and structural reforms were steadily implemented such as the transfer of assets of the Gunma No. 2 plant which produces PS plant-based yoghurt. ● We obtained SBT certification for our greenhouse gas reduction targets and received the first certification in Japan for our FLAG-related emissions targets. Financial Highlights SAPPORO

4/26
Copyright, 2024    SAPPORO HOLDINGS LTD.  All rights reserved.
Financial Highlights
Revenue increased for all our businesses, excluding the Japan Food & Soft Drinks business where structural reforms are being implemented. The strong performance of beer in the Japan alcoholic beverages business and strong performance of SPB for overseas alcoholic beverages (including the impact of exchange rates) were the drivers of the increase in revenue. SAPPORO
While there were factors driving an increase in revenue, we ended with a decrease in profit due to up-front investments including marketing investment, investment in human capital, and IT infrastructure investment. Progressing as anticipated in relation to targets SAPPORO

Copyright, 2024    SAPPORO HOLDINGS LTD.  All rights reserved.

SAPPORO Japanese Revenue：55.7billions of yen  (YoY+1.7billions of yen、+3.1%) Core operating profit：0.6billions of yen（YoY+0.8billions of yen） ● Reasons for changes in core operating profit(billions of yen) Beer-type beverages beverages' RTD increase  in volume  Marginal profit wine, spirits, Sales promotion non-alcoholic Fixed costs, etc. investment beverages, etc Investment in human capital(0.3) repair costs(0.3) (0.4) (0.6) Our strategy centered on strengthening beer has been successful, and profitability has steadily improved, with core operating profit in the black for the first quarter. ● Increase beer sales (1-1) We had steady growth, mainly for Black Label, and outperformed the market. Beer-type beverages Total demand (estimated by SH): (2%) Beer Total demand (estimated by SH): +9% share of beer sales 74% > selling price excluding Improvement of the product mix/Improvement due to price revisions alcohol tax Expansion of customer contact points and promotion of the creation of enthusiastic fans Canned beer Total demand (estimated by SH): +13% Increase on share of high-margin beers
● Increase RTD sales (1-2)
RTD saw only a slight increase due to the reaction of releasing new products last year. Total for RTD (cans)   +9% VS2022 (Sales amount basis) Reference information）+0 % y-o-y YoY+6 % 2021 Q1 2022 Q1 2023 Q1 2024 Q1 ● Initiatives for cost-related structural reforms Reorganize production locations We decided to stop operation of the Nasu plant at the end of March 2025 in order to establish an optimal manufacturing structure and concentrate management resources.
Copyright, 2024    SAPPORO HOLDINGS LTD.  All rights reserved.
9/26 > improvement
Overseas Revenue：20.3billions of yen  (YoY+2.0billions of yen、+11.1%) Core operating profit：(1.0)billions of yen（YoY(0.5)billions of yen) ● Reasons for changes in core operating profit(billions of yen) Decrease in quantity and worsening of the product mix. Resolution to dissolve
Vietnam There was a decline in profit due to deteriorating market conditions in Canada and higher fixed costs due to the phased transfer of production in the US, despite the continu strong performance of SPB.
✪ Market overview
The beer market has been soft since last summer due to inflation. A shift to value products is also being seen. The craft beer market has been soft due to inflation. The beer market outperformed last year due to demand from Vietnamese New Year, but is being impacted by inflation and regulations pertaining to alcohol consumption. ● Growth of the Sapporo brand Continuous growth of the Sapporo brand volume Sapporo sales volume +14% YoY > Began partnership with Carlsberg. Sales in Singapore and Hong Kong. Production and sales in Malaysia began from January 1. Steady progress exceeding our targets and that of last year.
✪ Sales results for existing SLN stores (YoY)

✪ Status of synergies with Stone (3-1~3)
Production began at Stone’s two breweries located on the West and East coasts Began production at the Richmond plant in December 2023 and the Escondido plant in Q1 of 2024. We plan to complete the transfer of SPB production to the U.S. by the end of the year Improving profitability in the US is a crucial challenge. There is currently a larger downward trend than expected in the craft beer market, and improving profitability is a crucial challenge. Efforts for improving profitability • We will steadily progress the transfer of production and generate synergies • Efforts to strengthen the Sapporo brand’s US chain ● Stone brand: Focused investment in core brands
Restaurants
Revenue：4.6billions of yen  (YoY+0.4billions of yen、+8.3%) Core operating profit：0.2billions of yen  (YoY+0.1billions of yen、+62.6%） The number of customers and average customer spend has been increasing at existing stores leading to continued profitability, so implement appropriate human capital investment such as across-the-board pay increases. 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 customer spend at existing stores is increasing.
Japanese Revenue：19.7billions of yen  (YoY(0.5)billions of yen、(2.5%)) Core operating profit：(0.7)billions of yen  (YoY(0.0)billions of yen) ● Reasons for changes in core operating profit(billions of yen) Improvement of variable selling cost per unit+0.2
While we are making progress on the structural reforms, core operating profit is on par with last year's due to the impact of surging costs among other factors. ✪ Fundamental structural reforms (5) Status of structural reforms Improvement of variable selling cost per unit   +0.2billions of yen
Overseas
Revenue：6.8billions of yen   (YoY+0.3billions of yen、+3.9%) (59.0%)) Core operating profit：0.2billions of yen（YoY(0.2)billions of yen、 Assets are being transferred from the Nasu No. 2 plant to Yakult Honsha Company. We were planning to transfer the plant-based yoghurt business to Yakult Honsha Company in October 2024, but have decided to also transfer the Gunma No. 2 plant which produces the plant-based yoghurt. ● Reasons for changes in core operating profit(billions of yen)
Performance is strong in Malaysia, which is a focus area, but profits fell due to up-front investment and a decline in exports.
● Singapore
Maintain strong sales, primarily in CVS and EC channels Singapore sales amount +4% YoY > (sales amount of local currency basis) 0 Malaysia Increase of sales through strengthening of sales structure Malaysia sales amount +36% YoY (sales amount of local currency basis) 0 Export Revenue fell due to the impact of the suspension of sales to some customers which occurred last year. Export sales amount (41%) YoY (sales amount of local currency basis)
Copyright, 2024    SAPPORO HOLDINGS LTD.  All rights reserved.
11/26
Real Estate Revenue：5.5billions of yen  (YoY+0.2billions of yen、+3.2%) Core operating profit：(0.2)billions of yen（YoY(0.2)billions of yen) EBITDA：1.3billions of yen（YoY(0.0)billions of yen） ● Reasons for changes in core operating profit(billions of yen) Despite an improved occupancy rate at YGP, there was a decline in profit due to the impact of factors including increased depreciation charges and one-time costs associated with the opening of the Sapporo hotel. ✪ Initiatives to enhance property value (Ebisu area)
YGP office space occupancy rate
While there was a decline in the occupancy rate due to HVAC work*, the occupancy rate improved from last year and is on track to meet the target. ✪ Initiatives to enhance property value (Sapporo area) Opening of Hotel Sosei Sapporo M Gallery (January 30, 2024) The former “Hotel Clubby Sapporo” has been fully renovated over a span of approximately nine months. In addition to its 118 guestrooms, the hotel features a restaurant and bar with a beer brewery motif. We will aim to make it an establishment that is a symbol of Sapporo's Sosei East area.
Project to Brew Beer Together, from Yebisu Brewery Tokyo
We launched a project to create an original 30th anniversary beer centered around the people who work at YGP in order to celebrate the anniversary together with the people of Ebisu (This is a tentative plan and subject to change)
Toward YGP’s 30th anniversary
The brand concept was re-envisioned as “Work, Play, Inspire.” By seamlessly connecting “Work” and “Play”—or in other words, “on” and “off”—and making it a place where extraordinary delights intersect with the everyday, we aim to make it a facility where small discoveries and "inspiration" are found.
Appendix
Copyright, 2024    SAPPORO HOLDINGS LTD.  All rights reserved.    14/26
Financial Indicator SAPPORO
15/26 Financial Indicator

Balance Sheets

CF from operating activities千￥1.7 billion < Investment total  (①+②)  > ¥(１０。 ① Capital expenditure (cash basis) (Property, plant and equipment, intangible assets, investment property) < Major items > • Alcoholic Beverages：¥(4.5)billion Japan：¥(3.1)billion   Overseas：¥(1.4)billion • Food & Soft Drinks：¥(0.5)billion Japan：¥(0.3)billion • Real Estate：¥(11.3)billion Yebisu square and others • Group-wide：¥(0.5)billion ② Other investments – Asset sale ： ¥5.8 billion (Stock sales, etc.) Cash in ¥1.7billion Cash out ¥(10.8)billion
Copyright, 2024    SAPPORO HOLDINGS LTD.  All rights reserved.

SAPPORO 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. (10,000 cases)
< 10-year change in composition ratio of beer and happoshu(include new genre) >（Jan – Mar) < Beer lineup sales volume (break down) > Copyright, 2024    SAPPORO HOLDINGS LTD.  All rights reserved. 19/26 ■ Beer ■ Happoshu (include New genre)
Japanese

< Jan- Mar sales breakdown by category >
■ Beer ■ Happoshu (include New genre) = Wine&Spirits ■ Japanese Liquor = RTD ■ Non-alcoholic beer *Before subsidiary companies sales, elimination of inter- company transactions and rebate deduction *From 2021, Hyosai Sour and 99.99 keg are reclassified from Spirits to RTD. SAPPORO (billions of yen) <  Jan- Mar sales revenue  > (billions of yen) ■2020 ■2021 ■2022 ■2023 ■2024 ■2020 ■2021 ■2022 ■2023 ■2024 4.4 20/26 Copyright, 2024    SAPPORO HOLDINGS LTD.  All rights reserved.
Japanese < Changes in the amount of liquor tax per 350 ml > (yen) SAPPORO
Copyright, 2024    SAPPORO HOLDINGS LTD.  All rights reserved.   21/26

SAPPORO
※1：SLEEMAN, Anchor, Stone, etc. < Overseas sales volume by brand (Jan-Mar) > 600 ■ Overseas brand  ■ Sapporo brand (10,000 cases) 600 (10,000 cases)
Copyright, 2024    SAPPORO HOLDINGS LTD.  All rights reserved.

Restaurants
< Trend in Revenue of Restaurants Business and Number of Restaurants > (Jan-Mar) Bar graph: Trend in Restaurant business core operating profit Line graph: Trend in number of Sapporo Lion Group restaurants 100 SAPPORO < Composition of Restaurants by Format > < Composition of Restaurants by Region > Copyright, 2024    SAPPORO HOLDINGS LTD.  All rights reserved. 23/26
Japanese SAPPORO
※1：Only domestic sales(Before Rebate subtracted from sales) Overseas
※2： Before sales deduction, exclude OEM sales <Japanese soft drinks Sales composition by genre (Jan- Mar)> ■ Coffee drinks ■ Lemon-based drinks ■ Carbonated drinks ■ Tea drinks ■ Water ■ Others 【Coffee drinks】 Down 17% y-o-y (Sales volume) 【Lemon based-drinks】 > Up O% y-o-y (Sales volume) 【Carbonated drinks】 > Down 27% y-o-y (Sales volume) 【Tea drinks】 Down 5% y-o-y (Sales volume) 【Water】 Down 0% y-o-y (Sales volume) 【Others】 Down 17% y-o-y (Sales volume) (billions of yen)
Real Estate SAPPORO
< Major rental properties & occupancy rates：（Averages for 2024 Q1)> *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 922m² of the site (sectional ownership) and 89.72% of the building (joint management)
<  Information about Investment property  >
(billions of yen) 2022 2023 ■ Carrying value on the consolidated statement of financial position ■ Fair value
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 of the 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, 2024    SAPPORO HOLDINGS LTD.  All rights reserved.