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SAPPORO Sapporo Group Business Results Presentation for the Six Months Ended June 30 , 2026 August 7 , 2026 Sapporo Breweries Limited ( 2501 ) URL : https://www.sapporobreweries.com/en/ Copyright , 2026 SAPPORO BREWERIES LTD . All rights reserved . 1/36
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Copyright, 2026 SAPPORO BREWERIES LTD. All rights reserved. 2/36 Contents Summary - P3 1. Financial Highlights & Topics - P4 Consolidated - P5 By Segment - P6 Change in Revenue - P7 Change in Core Operating Profit - P8 Initiatives Regarding Shareholder Policies - P9 2. Business Strategies - P10 Summary - P11 Domestic Business (Alcoholic Beverages (Japan)) - P12-13 Domestic Business (Food & Beverages (Japan)) - P14 Overseas Business (Alcoholic Beverages (Overseas) , Overseas Beverages) - P15-16 Action Plan KPI - P17 (For Reference) Action Plan - P18 Appendix - P19-35 *In this document, the name abbreviations and terms are used: SB: Sapporo Breweries Ltd. PS: Pokka Sapporo Food & Beverage Ltd. SPB: SAPPORO PREIUM BEER Q2: Second Quarter (Jan–Jun) Beer-type beverages: Beer and Happoshu (include happoshu(2)) Beer: Beer within beer-type beverages ESCO plant: Escondido plant RVA plant: Richmond plant
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Copyright, 2026 SAPPORO BREWERIES LTD. All rights reserved. 3/36 Summary Business Results for 2026Q2 and Full-Year Earnings Forecast for FY2026 <2026Q2 Financial Results> While revenue were on par with the previous year, core operating profit increased 37% due to strong performance in the Alcoholic Beverages (Japan), particularly in beer. Progress is on track with the plan. Operating profit due to the recognition of losses associated with additional structural reforms in the U.S. business, including the transfer of the Stone brand and restructure of the production structure. On the other hand, net income attributable to the parent company increased significantly due to the recognition of gains associated with external capital injection into the Real Estate Business. <Full-Year Earnings Forecast> Despite negative factors such as the deterioration of the situation in the Middle East, the company will address these challenges through cost management and other measures; therefore, the full-year earnings forecast remains unchanged. *Results for FY2025, the comparison year, are presented after the classification of the Real Estate Business as a discontinued operation. (￥bn) 2025Q2 2026Q2 Change YoY Revenue 235.3 235.9 +0.6 +0.3% Core operating profit 4.9 6.8 +1.8 +37.2% Operating profit 5.2 (5.9) (11.1) - Profit attributable to owners of parent 1.8 295.4 +293.7 - Consolidated (Result) Steady progress was made in driving growth in domestic beer (+5% YoY) and the Sapporo brand overseas (+15% YoY).Steady Implementation of the Growth Strategy Move to a New Growth Phase Through the announcement of the strategic partnership with Carlsberg, the formulation of the Mid-Term Management Plan 2027–2030, and the further strengthening of shareholder policies, the company is driving its shift to a growth phase aimed at sustainably increasing corporate value and shareholder value. To strengthen the management base for medium- to long-term growth, the company implemented a business succession plan for its domestic vending machine business, additional cost structure reforms for the U.S. business, the injection of external capital into the Real Estate Business, and the transition to a business holding company structure. Structural Reform and Building a Foundation for Growth Summary of the First Half of FY2026 *YoY comparisons are based on Jan-Jun sales volume.
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Copyright, 2026 SAPPORO BREWERIES LTD. All rights reserved. 4/36 1. Financial Highlights & Topics
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Copyright, 2026 SAPPORO BREWERIES LTD. All rights reserved. 5/36 (￥bn) 2025Q2 Result 2026Q2 Result Change YoY Revenue 235.3 235.9 +0.6 +0.3% EBITDA 13.4 15.4 +2.0 +15.1% Core operating profit (Revenue-Cost of sales-SG&A exp.) 4.9 6.8 +1.8 +37.2% (Core operating profit margin) 2.1% 2.9% - - Other operating income (exp.) 0.3 (12.6) (12.9) - Operating profit 5.2 (5.9) (11.1) - Finacial income (exp.)/ Equity in net income of affiliates (2.6) 1.2 +3.8 - Profit before tax 2.6 (4.7) (7.3) - Profit from continuing operation 0.6 (4.9) (5.5) - Profit from discontinued operation 1.1 300.4 +299.3 - Profit attributable to owners of parent 1.8 295.4 +293.7 - Financial Highlights 2026Q2 (Consolidated) ≫ Although sales remained on par with the previous year, core operating profit performed well, particularly in the Alcoholic Beverages (Japan), resulting in an increase of 37% in profit. While operating profit decreased due to the impact of structural reforms and other factors, net income attributable to the parent company increased significantly due to the recognition of gains associated with the injection of external capital into the Real Estate Business. *Results for FY2025, the comparison year, are presented after the classification of the Real Estate Business as a discontinued operation.
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Copyright, 2026 SAPPORO BREWERIES LTD. All rights reserved. 6/36 (￥bn) 2025Q2 Result 2026Q2 Result Change YoY 2025Q2 Result 2026Q2 Result Change YoY Domestic Business 176.7 174.5 (2.2) (1.2%) 8.8 11.7 +2.8 +32.0% Alcoholic Beverages (Japan) 127.7 130.4 +2.6 +2.1% 7.8 9.9 +2.0 +26.2% Restaurants 10.1 10.3 +0.2 +2.0% 0.7 0.6 (0.1) (17.1%) Food & Beverages (Japan) 38.9 33.8 (5.0) (13.0%) 0.3 1.2 +0.9 +310.6% Overseas Business 58.6 61.4 +2.8 +4.8% 0.1 0.2 +0.0 +21.2% Alcoholic Beverages (Overseas) 46.3 48.8 +2.6 +5.5% (0.5) (0.0) +0.5 - Overseas Beverages 12.3 12.5 +0.3 +2.1% 0.6 0.2 (0.4) (70.1%) Other/Other・Adjustment (corporate and elimination) - - - - (4.0) (5.1) (1.0) - Total 235.3 235.9 +0.6 +0.3% 4.9 6.8 +1.8 +37.2% Core Operating ProfitRevenue 2026Q2 Financial Highlights (by segment) ≫ Although revenue from Food & Beverages (Japan) declined due to the impact of structural reforms, revenue increased overall, driven primarily by Alcoholic Beverages (Japan), resulting in revenue on par with the previous year. Core operating profit increased 37% YoY, driven by growth in domestic beer sales and the effects of cost structure reform in Food & Beverages (Japan) and Alcoholic Beverages (Overseas). *Results for FY2025, the comparison year, are presented after the classification of the Real Estate Business as a discontinued operation and after the segment changes.
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Copyright, 2026 SAPPORO BREWERIES LTD. All rights reserved. 7/36 Financial Highlights 2026Q2 (Change in Revenue) ≫ Although revenue from Food & Beverages (Japan) declined due to the impact of structural reforms, revenue increased primarily from Alcoholic Beverages (Japan), resulting in overall revenue on par with the previous year (+0.6 billion yen). - Alcoholic Beverages (Japan): Revenue increased as beer sales remained strong, led by Black Label, which the Company is focusing on strengthening. - Food & Beverages (Japan): Revenue declined due to the impact of structural reforms and other factors. - Alcoholic Beverages (Overseas): Although revenue from overseas brands declined, overall revenue increased due to growth in the Sapporo Brand and the impact of foreign exchange rates. Domestic Business 2025Q2 Result Alcoholic Beverages (Japan) Alcoholic Beverages (Overseas)Food &Beverages(Japan) Happoshu sales volume (17%) Overseas Business Structural reforms (business transfer of Shinsyu-ichi Miso Co., Ltd., product lineup changes) 2026Q2 Result Beer sales volume +5% RTD (1.0) Overseas Brand sales volume (11%)/ Sapporo Brand sales volume +15% = Decrease = Increase (¥bn)<Reasons for changes in sales revenue>
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Copyright, 2026 SAPPORO BREWERIES LTD. All rights reserved. 8/36 ≫ Profit increased by 37% (+¥1.8billion) overall, driven by growth in domestic beer sales in the Alcoholic Beverages (Japan) and the effects of cost structure reforms in the Food & Beverages (Japan) and Alcoholic Beverages (Overseas). - Alcoholic Beverages (Japan): Profit increased due to strong beer sales, led by Black Label, and the effects of price revisions, among other factors. - Food & Beverages (Japan): Revenue declined due to structural reforms, but profit increased due to the effects of price revisions and cost structure reforms, among other factors. - Overseas Alcoholic Beverages: Profit increased due to the growth of the Sapporo Brand in both North America and APAC&Europe, as well as the effects of cost structure reforms in the U.S., among other factors. Financial Highlights 2026Q2 (Change in Core Operating Profit) Overseas BusinessDomestic Business Alcoholic Beverages(Japan) 2025Q2 Result 2026Q2 Result Food &Beverages(Japan) Sales volume +0.0/ Price revisions etc.+2.1 Sales volume (0.8)/ Price revisions and variable costs, etc.+0.9 Reduction of fixed costs at the Gunma Plant, etc. U.S+1.0/ APAC&Europe +0.7/ Canada(1.3) = Decrease = Increase <Reasons for changes in core operating profit>(¥bn) IT infrastructure strengthening, business holding company transition costs, etc.
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Copyright, 2026 SAPPORO BREWERIES LTD. All rights reserved. 9/36 Change in Dividend Policy (Changed in December2025) DOE was adopted as a new indicator to provide shareholders with more stable and sustainable returns. Aiming for DOE3% or higher as a guideline, targeting DOE4% or higher by 2030. Implementation of a Stock Split (Effective date January 1, 2026) To enhance liquidity and broaden the investor base, a five-for-one stock split of common shares was implemented. Initiatives Regarding Shareholder Policies ≫ Beginning in 2025, shareholder initiatives were strengthened through a revision to the dividend policy, a stock split, and the introduction of interim dividends. ≫ With the aim of further expanding shareholder returns and improving capital efficiency, the company has decided to raise its 2030 DOE target from 4% or more to 5% or more, introduce a progressive dividend policy, establish a share buyback policy, and expand its shareholder benefits program. Introduction of an Interim Dividend (As of June 30, 2026) Interim dividends were introduced to enhance opportunities for returning profits to shareholders. Past Work Change in Dividend Policy Raising the 2030 DOE target from 4% to 5% Introduction of a progressive dividend policy (total dividends for the new management plan period are projected to be approximately ¥80billion) Shareholder Benefits Program Expansion The program expands and adds tiers based on holding period and share count to strengthen ties with shareholders. Decisions Made This Time Introduction of an Interim Dividend As of June 30, 2026 Increase the DOE Target to 5% or Higher Introduction of a Progressive Dividend Policy Share buyback policy Expansion of the Shareholder Benefits Program FY2030 Toward an ROE of 8.0% or higher Medium- to Long-TermDecisions Made This Time Enhanced shareholder initiatives will drive management that factors in the cost of capital increase medium- to long-term corporate value, strengthen shareholder returns and improve capital efficiency. Past Work Implementation of a Stock Split Effective January 1, 2026 Change in Dividend Policy (Target DOE of 4% or higher) Decided in December 2025 Toward an ROE of 10.0% or higher Share buyback policy To improve capital efficiency by achieving an appropriate capital level, the Company plans to repurchase approximately 170 billion yen worth of its own shares by 2030.
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Copyright, 2026 SAPPORO BREWERIES LTD. All rights reserved. 10/36 2. Business Strategies
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Copyright, 2026 SAPPORO BREWERIES LTD. All rights reserved. 11/36 2.11 2.26 2.36 2.67 1.38 1.93 2.53 2.95 2023Q2 2024Q2 2025Q2 2026Q2 Sapporo brand sales volume inAPAC and Europe (mn cases) Sapporo brand sales volume in North America(mn cases) 12.62 13.84 14.21 14.87 70% 76% 80% 83% 2023Q2 2024Q2 2025Q2 2026Q2 Beer sales volume(mn cases) Share of beer sales 14.5 14.9 16.1 16.4 2023Q2 2024Q2 2025Q2 2026Q2 Lemon Sales(¥bn) Business Strategies: Summary ≫ Through “Bonds with Community,” Sapporo Group will drive the premiumization of its existing businesses, with beer business at the core. At the same time, the Group will strengthen its medium- to long-term earnings capacity by expanding its “Healthier Choice” offerings, centered on lemon—one of its key strengths. Bonds with Community Healthier Choice By expanding customer touchpoints based on the brand experience, sustainable growth in the beer category has been achieved. Concentrate management resources on the lemon business to achieve stable growth and enhance profitability. Accelerate global growth by leveraging the value of the Sapporo brand, rooted in its strong connection to Japan. YoY ＋5％ YoY +3％ YoY +15％ • Black Label and Yebisu have maintained their strong momentum, with beer sales volume exceeding the Overall market demand by 5 percentage points. • The share of beer sales, a key performance indicator (KPI), has also risen by more than 10 percentage points over the past four years. • Lemon sales, a key focus area, have been on an upward trend (up 3% YoY). • Amid a contraction in overall demand in the U.S. and Canada, the Sapporo Brand continued its strong performance, posting a 13% YoY increase. • APAC and Europe also drove growth, posting a 17% YoY increase. Ahead of the liquor tax revision, the company is focusing its investments on Black Label and Yebisu, aiming to build brand fans through experiential marketing and drive purchases of canned beer. Leveraging Lemon’s dominant market share and specialized expertise as a source of competitive advantage to drive marketing and product development. The Sapporo Group aims to strengthen its edge as a top brand, focus on key areas, and secure growth in sales. Overall demand* ±0％ 4.86 5.63 4.19 3.49 * Overall demand are based on the Company’s estimates
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Copyright, 2026 SAPPORO BREWERIES LTD. All rights reserved. 12/36 Share of beer sales : 83％(YoY＋3pt) RTD(cans) sales amount : YoY(6％) Business Strategies: Domestic Business (Alcoholic Beverages (Japan)) Financial Information Increase beer sales (strengthen core brands) (1-1) Reasons for changes in core operating profit ≫ Revenue and profit increased due to strong sales of beer—led by Black Label—and the impact of price revisions. Increase RTD sales (1-2) Canned beerBeer-type beverages Beer Overall demand* Our Company Apr-Jun ＋12% ＋14%< ＋13% ＋16%< ＋16% ＋20%< (3%) ±0%< ±0% +5%< +1% +6%<Jan-Jun The company underperformed the market due to a YoY decline in sales of its flagship Koime brand. Promotional initiatives are planned to drive a recovery. Profit increased due to the effects of price revisions, cost management, and other factors. *Details of the initiative are provided on page 13 Due to a rebound in demand following the price revisions in April of the previous year, overall demand during Q2(Apr-Jun) significantly exceeded the previous year's level. For the cumulative total through Q2, sales of beer-type beverages were down from the previous year, while sales of beer were on par with the previous year. Our core brands—Black Label and Yebisu—which we are focusing on strengthening, continue to perform well. Both beer-type beverages and beer outperformed the market with performance also exceeding plan. Beer brands other than Black Label and Yebisualso continued to grow. In particular, Sapporo Lager Beer(bottles) continued its strong performance, with cumulative sales through Q2 up 22% YoY. In anticipation of liquor tax revisions, the beer-type beverage category will be reclassified into Premium, Mainstream, and Economy.* The Company will continue to strengthen the Premium and Mainstream segments. *Changes to the classification of beer-type beverages are described on page 31 (¥bn) Overall demand* Our Company Overall demand* Our Company 2.1 0.1 (0.3) (0.0) 0.1 (\bn) 2026Q2 Change YoY Revenue 130.4 +2.6 +2.1% Core operating profit 9.9 +2.0 +26.2% Core operating profit margin 7.6% - - Marginal profit of beer-type beverages RTD Wine, spirits, non-alcoholic beverages, etc Fixed costs, etc. Sales promotion investment ＜Sales Volume ＞ * Overall demand are based on the Company’s estimates *Market: 58% (FY2025, based on the Company’s estimates)
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Copyright, 2026 SAPPORO BREWERIES LTD. All rights reserved. 13/36 2023 2024 2025 2026 2023 2024 2025 2026 Membership stats CLUB Black Label (March, 2018-) YEBISU BEER TOWN (September, 2022-) As of June 30, 2026 About 700,000 people vs2023 about 1.4x Key Initiatives to Strengthen Beer Sales ≫ Expand customer touchpoints by further strengthening our brand experience centers. This will lead to an expansion of our fan base and the creation of customer value. • To mark its 150th anniversary, the “Sapporo Beer Museum” will reopen with better features (July) • The museum will expand its hands-on exhibits and introduce an admission fee, as well as launch a multilingual audio guide service. • SLN*, which owns and runs the Ginza Lion Building, will open a new Beer experience center for Black Label and Yebisu on the 4th floor (scheduled for October) Further strengthening our brand experience centers Expanding the fan base through enhanced communication Investment will continue in an ID analytics platform that links customer experience with purchase behavior to expand touchpoints and create customer value. • Operating the membership site for Black Label and Yebisu • Along with growing the member count, efforts are underway to grow the fan base by improving user communication on the site. Black Label THE BAR Sapporo Beer Museum Ginza Lion Building 2025 Attendance Figures: Approximately 110,000 people (YoY+10%) YEBISU BREWERY TOKYO • The facility marked its second anniversary on April 1, 2024, and now offers audio guides to enhance the visitor experience. • Events linked to Yebisu products are also held regularly(July: Project with comic artist Ai Yazawa, “Yebisu’s Art and Night Fest”) *SAPPORO LION CO., LTD. • “THE BAR OSAKA” opened in Umeda, Osaka, as the second year-round black label brand experience center (July) • “THE BAR (Ginza),” the first location, has welcomed more than 500,000 visitors(opened in 2019). Business Strategies: Domestic Business (Alcoholic Beverages (Japan)) 2025 Attendance Figures: Approximately 300,000 people (YoY +25%) 2025 Attendance Figures: Approximately 600,000 people (YoY +3%) 2025 Attendance Figures: Approximately 700,000 people (YoY +20%) As of June 30, 2026 About 230,000 people vs2023 About 3.1x
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Copyright, 2026 SAPPORO BREWERIES LTD. All rights reserved. 14/36 - Lemon Beverages: Health- and beauty-oriented products such as “Kireto Lemon Citric Acid 2700” and “Kireto Lemon MUKUMI” continued to perform well. Sales growth will be pursued through promotional initiatives during the peak season and stronger communication of the products’ health benefits. - Lemon Foods: Centered on “Pokka Lemon 100,” further sales growth will be pursued by strengthening communication to raise awareness of its health and functional benefits. In response to rising raw material prices and energy costs, prices for certain products are scheduled to be revised from September. Although lemon beverages were affected by a pullback from the surge in demand caused by the intense heat in June of the previous year, the overall lemon business maintained its growth trend. The Company aims to achieve its full-year plan by strengthening promotional activities in the second half and implementing the planned price revisions. Business Strategies: Domestic Business (Food & Beverages (Japan)) ≫ Revenue fell due to the effect of structural reforms such as business transfers, but core operating profit increased due to the effects of price revision and cost structure reforms. Initiatives such as transfer of the PS Gunma Plant, suspension of soup production at the Sendai Plant, and reorganization of production sites contributed to a ¥0.5 billion YoY increase in profit for the first half. The process for transferring the beverage vending machine business, which was decided in March this year, is progressing steadily toward completion in October. Fundamental structural reforms (5-1) Growth in Lemon products (5-2) Lemon sales amount：YoY +3％ Cost Structure Reforms ：YoY +¥0.5bn *1 *2 Sales volume Marginal profit Fixed costs, etc. price revisions etc. Reduction of fixed costs at the Gunma Plant etc. Financial Information Reasons for changes in core operating profit (¥bn) (\bn) 2026Q2 Change YoY Revenue 33.8 (5.0) (13.0%) Core operating profit 1.2 +0.9 +310.6% Core operating profit margin 3.5% - - (0.8) 0.9 0.8
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Copyright, 2026 SAPPORO BREWERIES LTD. All rights reserved. 15/36 (1.3) 1.0 0.7 (0.4) ≫ Revenue and core operating profit increased due to the growth of the Sapporo Brand in North America, APAC and Europe, as wellas the effects of cost structure reforms in the U.S. Alcoholic Beverages(Overseas)Alcoholic Beverages (Overseas): Overview by Region U.S. Alcoholic Beverages(Overseas) : Sapporo Brand Growth Sapporo Brand volume: 5.63mm cases(YoY +15％) North America: Amid a contraction in overall demand, the region continued its strong trend with a 13% YoY increase. APAC and Europe: With all regions performing well—up 17% YoY—they drove growth for the Sapporo Brand. Overall beer demand was down 3% YoY the first half of the year. This is driven by continued inflation headwinds, recently exasperated by the conflict in the Middle East resulting in higher consumer energy prices. During Q2, a gain on disposal and impairment losses were recognized in connection with the asset transfer and the restructuring of the production system in the U.S. business. * The additional structural reforms will deliver a $10M YoY improvement, completing the cost structure reform KPI. Further expansion of SPB sales and cost management will support achievement of the earnings target. Canada Due to the impact of inflation, overall annual beer demand is expected to decline by approximately 3% YoY. While SPB continues its growth trend, the Sleeman brand is expected to underperform compared to the previous year due to a contraction in overall beer demand, intensifying competition, and the impact of a temporary loss of shipping opportunities resulting from an unauthorized access incident. For the recovery of profitability starting in 2027, cost structure reforms will be implemented beginning in 2026. APAC &Europe SPB sales continue to show a strong upward trend in various countries, particularly in East Asia—where the product accounts for the largest share of our sales in this region— with sales volume exceeding the previous year’s levels. Sales, particularly exports, declined due to factors such as the deteriorating situation in the Middle East. The impact of the unauthorized access incident was limited; Phased recovery efforts and enhanced security measures will be implemented going forward. Progress is behind plan. Cost control will continue, and the shortfall will be covered across the Group, including by other businesses. * For an overview of the “transfer of assets and restructure of production structure in the U.S. business,” see pages 20-22. Overseas Beverages Financial Information Reasons for changes in core operating profit (¥bn) APAC and Europe (including Vietnam),etc.Canada U.S. Overseas Beverages cost structure reforms etc. *Overall demand are based on the Company’s estimates *YoY comparison based on sales volume *Details of the initiative are provided on page 16 . (\bn) 2026Q2 Change YoY Revenue 61.4 +2.8 +4.8% Core operating profit 0.2 +0.0 +21.2% Core operating profit margin +0.3% - - Business Strategies: Overseas Business (Alcoholic Beverages(Overseas), Overseas Beverages)
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Copyright, 2026 SAPPORO BREWERIES LTD. All rights reserved. 16/36 25Q2 26Q2 APAC and Europe Strong momentum continued in priority markets through collaboration with regional partners, driving SPB growth. - East Asia(YoY＋16%*): Sales are strong in both South Korea and China, which account for a large share of the Company’s revenue, mainly in the off-trade channel. - Southeast Asia and Hong Kong(YoY＋28%*): Sales in the three countries*1 with which Carlsberg has alliances rose about 30% YoY. The Company will expand target areas through the Strategic Partnership with Carlsberg to speed growth. *2 Promoting initiatives that drive off trade purchases through high-quality draft beer brand experiences in the on-trade markets of various countries. Initiatives to Grow the Sapporo Brand North America ≫ Sustainable growth in priority markets will be pursued through marketing that balances brand consistency with local market adaptability. Providing High-Quality Draft Beer (China) Despite overall demand falling, SPB keeps growing in Canada and the U.S. - Canada(YoY＋5%*): SPB keeps growing in both off-trade and on-trade sales. Sales of the newly launched Sapporo Premium Cocktail Vodka Lemon Sour are also growing well, beating forecasts. - U.S.(YoY＋16%*) : Distribution continues to expand at U.S. grocery chains and Convenience stores. As of Q2 2026, the adoption rate among U.S. chains rose about 20% YoY Under the “Bonds with Community” Strategy, the Sapporo Group is creating experiences of Japanese culture through the Sapporo Brand. In the second half of the fiscal year, the Group will expand customer touchpoints through campaigns and the release of design cans. Launching a consumer campaign with prizes such as trips to Japan(Canada) Design cans from the Capcom Onimusha collaboration are scheduled for release(U.S.) Sales Volume Trends (Jan-Jun) *1 Hong Kong, Singapore, and Malaysia *2 For details regarding the Strategic Partnership with Carlsberg, please refer to timely disclosure document (July 6, 2026). 2.36 mn cases 2.67 mn cases YoY ＋ 13% 25Q2 26Q2 YoY ＋ 17% 2.53 mn cases 2.95 mn cases *YoY Sales Volume for the Sapporo Brand Sales Volume Trends (Jan-Jun) Sales Volume Share (Jan-Jun) 53% 31% 9% 6% East Asia Southeast Asia and Hong Kong Oceania Europe Business Strategies: Overseas Business (Alcoholic Beverages(Overseas))
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Copyright, 2026 SAPPORO BREWERIES LTD. All rights reserved. 17/36 Overseas Beverages Alcoholic Beverages (Japan) Business Strategies: Action Plan KPI RTD growth: RTD(cans) sales amount Increase beer sales: share of beer sales Reinforcement of Beer / Improving Profitability of Beer-type Bev. RTD Business Growth and Production Streamlining, Etc. Strengthening Lemon Products Cost Structure Reforms (2025~) Lemon sales amount(2025~) 2025Q2 2026Plan Sapporo brand volume Cost synergy Cost Structure Reforms (2025~) SPB Growth Stone Acquisition Synergy/Cost Structure Reforms 86% 2026Q2 YoY+9％ YoY +5％ - YoY +9％ YoY +$2M YoY +$10M 83% YoY (6％) YoY(13％) YoY +3％ 80% YoY +30％ YoY(7％) YoY ¥0.0bn YoY +8％ Food & Beverages (Japan) Alcoholic Beverages (Overseas) Entire Group YoY +¥0.5bn YoY +¥0.6bn 4.89 mn cases 5.63 mn cases 11.75 mn cases *Local currency basis (Singapore dollar) Overseas sales amount Expanding Sales excluding OEM sales Fundamental restructuring of business portfolio The transfer of assets and restructure of production structure in the U.S. were implemented. Decided to transfer the assets of the Gunma Plant YoY +$2M YoY +$10M - - The KPI was completed in Q2 as a result of advancing initiatives ahead of schedule and implementing additional cost structural reforms. Due to factors such as the situation in the Middle East, the plan is behind schedule. Comp leted Comp leted *
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Copyright, 2026 SAPPORO BREWERIES LTD. All rights reserved. 18/36 Overseas Beverages (For Reference) Business Strategies: Action Plan 2023 to 2024 2025 2026 Fundamental structural reforms （5） Reduce unprofitable restaurants(4-1) Strengthen existing stores (improve customer experience value) and shift focus to new formats (4-2) Alcoholic Beverages (Japan) Restaurants Food & Beverages (Japan) Increase beer sales (1-1) Increase sales in countries with room for growth (6) Increase RTD sales (1-2) Reorganize RTD production locations (2) Entire group Generate Group synergies around “Brand” and “Connections with customers and communities” (10) ★ ★ Fundamental restructuring of business portfolio (9) Comp leted Comp leted Fundamental structural reforms (5-1) Strengthening lemon products (5-2) Comp leted Execute structural reforms based on policies established in 2024 Review the portfolio every year liquor tax revisions liquor tax revisions The business strategy slides give extra notes by action plan number. (The same action plan numbers are used from fiscal year 2023 for consistency.) Generate synergies through function integration (3-1) Optimize global production and logistics(3-3) Alcoholic Beverages (Overseas) Begin producing SPB in the U.S.(3-2) Comp leted Fundamental structural reforms (U.S. business)（3-4） Implementing additional cost structural reforms Comp leted Comp leted Comp leted
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Copyright, 2026 SAPPORO BREWERIES LTD. All rights reserved. 19/36 Appendix
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Copyright, 2026 SAPPORO BREWERIES LTD. All rights reserved. 20/36 Transfer of Assets and Restructure of Production Structure in the U.S. Business (Alcoholic Beverages (Overseas))(1/3) Supplementary Explanatory Material for Timely Disclosure on April 21, 2026 (Reprint) Current U.S. business After posting an impairment loss for FY2024, the Company worked to reestablish the business through cost structure reform, and progress has been faster than originally planned. Due to progress with cost structure reform and growth of the Sapporo brand, the Company expects to achieve its milestone of positive EBITDA in FY2026. The Company is also considering more in-depth structural reforms to reestablish the business quickly and respond to changes in the external environment. Background/ circumstances leading to decision Declining demand in the U.S. beer market had contributed to an increasingly challenging operating environment. As the Sapporo brand’s sales continued to grow robustly, the Company decided that concentrating resources on the Sapporo brand would help accelerate growth. The Company decided to transfer the Stone brand to Firestone Walker, regarding it as the best prospective owner given its complementary product portfolio and efficient supply system. ≫ Despite declining demand in the U.S. beer market, sales of the Sapporo brand (SPB) have continued to grow robustly. ≫ The Company decided to facilitate sustained growth and improved profitability in the U.S. business by transferring the intellectual property rights and hospitality business assets related to the Stone brand and concentrating resources on the Sapporo brand.
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Copyright, 2026 SAPPORO BREWERIES LTD. All rights reserved. 21/36 2025 2026 2027 2028 2029 2030 2031~ Overview of the Company’s decision Description Transfer of assets and restructure of production structure in the U.S. business Assets to Be Transferred Assets related to the Stone brand and hospitality business Transferees Firestone Walker, Inc. and another consolidated U.S. subsidiary of its parent company, Duvel Moortgat NV Effective Date of Transfer Late May 2026 (scheduled) Outlook for the U.S. Business Accelerate growth by concentrating resources on the Sapporo brand. The ESCO plant will cease Sapporo- and Stone-brand beer production, aiming to do so by the end of 2026. Assets including manufacturing equipment in the ESCO plant will be reassessed in light of prospects for future use, etc. Maintain a production and sales structure at the RVA plant while seeking to optimize production structure throughout North America including Canada. Impact on the Company’s Earnings Forecast for FY2026 Impact on revenue and core operating profit negligible. Gain on transfer of approx. USD 23 million (approx. JPY 3.6 billion), and impairment losses, etc. of approx. USD 80 million (approx. JPY 12.6 billion), to be posted for Q2. Impact on consolidated earnings forecast for FY2026 negligible, as certain structural reform costs already factored in. ≫ The Company expects improved profitability in the U.S. business as a result of its decision. It will maintain a local U.S. production and sales structure at the RVA plant while seeking to optimize its production structure throughout North America including Canada. Profit projections for the U.S. business (the Company’s estimates) Improved profitability in the U.S. business expected due to accelerated growth of the Sapporo brand, enhanced production efficiency following optimization of the production structure, etc. This decision is expected to lead to an improvement in earnings exceeding US$10 million in fiscal year 2027. Note: FY2025 indicates the actual result, FY2026 indicates the plan, and FY2027 onward indicates projections. 0 Cost structure reform Company’s decision Acceleration of Sapporo brand’s growth – Improvement in earnings of more than US$10 million Core operating profit projections for the U.S. business (unit: USD millions) Transfer of Assets and Restructure of Production Structure in the U.S. Business (Alcoholic Beverages (Overseas))(2/3) Supplementary Explanatory Material for Timely Disclosure on April 21, 2026 (Reprint) ※Completed
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Copyright, 2026 SAPPORO BREWERIES LTD. All rights reserved. 22/36 Vernon plant (British Columbia) Wild Rose plant (Alberta) RVA plant (Virginia) Chambly plant (Quebec) ≫ Use of the RVA plant in Eastern U.S. with supplement use of four Sleeman Breweries plants in Canada. Optimize production structure throughout North America and supply the Sapporo brand (SPB) to the U.S. market. Guelph plant (Ontario) California Texas Florida New York Supply Sapporo brand products mainly in four states prioritized for sales expansion (California, Texas, Florida, and New York) Production structure after the Company’s decision The production structure shown will be reconsidered and changed as necessary to ensure optimal Development. Transfer of Assets and Restructure of Production Structure in the U.S. Business (Alcoholic Beverages (Overseas))(3/3) Supplementary Explanatory Material for Timely Disclosure on April 21, 2026 (Reprint)
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Copyright, 2026 SAPPORO BREWERIES LTD. All rights reserved. 23/36 Initiatives Addressing Key Sustainability Issues (Overview) Implementation of specific actions in line with priority issues set from the perspective of relevance to each business, degree of impact on society and the environment, and degree of impact on the Company's finances. Governance (9) Provision of safe products and facilities ★Top priority issues Harmony with the environment Co-prosperity with society Active participation of human resources (1) Realization of a decarbonized society (2) Realization of a recycling oriented society (3) Realization of a society in harmony with nature (4) Co-prosperity with local communities (5) Provision of health value (6) Promotion of responsible alcohol consumption (7) Active participation of diverse human resources ★ ★ ★ (8) Establishment of a sustainable supply chain ★ ★
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Copyright, 2026 SAPPORO BREWERIES LTD. All rights reserved. 24/36 Initiatives Addressing Key Sustainability Issues and External Evaluations Harmony with the environment Active participation of human resources For the first time, “Regenova,” a malt grown using regenerative agriculture that reduces environmental impact, has been used in our beer. Co-prosperity with society Sales from the Hakone Ekiden Charity Sale Donated to Hakone Town Selected for CDP’s “Climate Change,” “Water Security,” and “Supplier Engagement Assessment” A-Lists 7 companies in the Sapporo Group have been certified as “2026 Excellent Health Management Corporations” ※1 Sapporo Breweries and Tokyo Metropolitan University Have Officially Launched a Joint Research Project Focusing on the Psychology of Consuming Alcoholic and Non-Alcoholic Beverages Pokka Sapporo Food & Beverage First-Time Recognition as a “2026 Outstanding Corporation for Food Education” by the Ministry of Agriculture, Forestry and Fisheries ※2 Launch of Joint Delivery Services in the Kanagawa Area Kirin Group Logistics Co., Ltd. and Sapporo Group Logistics Co., Ltd. launched a joint delivery initiative in the Kanagawa area in June 2026. Platinum Kurumin Sapporo Breweries has received the certification for the ninth consecutive year. Pokka Sapporo Food & Beverage has received it for the first time Using psychological methods, we are conducting research aimed at “proposing ways of drinking that lead to value creation with responsible drinking in mind,” and investigating the positive psychological changes and other effects that occur when alcoholic and non- alcoholic beverages are consumed in various ways. External evaluations Inclusion in the “FTSE Blossom Japan Sector Relative Index” The FTSE 4good and FTSE JPX Blossom Japan Index will continue to be included in the portfolio. ※1The number of companies certified as “Excellent Health Management Corporations” has been revised from 9—the number listed in the press release—to 7, to reflect the review of the business portfolio in June 2026 and the transition to a mixed holding company structure in July 2026. ※2 Sapporo Breweries obtained this certification under its former name, Sapporo Holdings.
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Copyright, 2026 SAPPORO BREWERIES LTD. All rights reserved. 25/36 Q2 Result Full YearQ2 Result Financial Indicators Core Operating Profit Margin ROE Core Operating Profit EBITDA Overseas Revenue Alcoholic Beverages (Japan) Food & Beverages (Japan) Restaurants Overseas Beverages Alcoholic Beverages (Overseas) Full Year Financial Indicators & Core Operating Profit Margin 6.1% 7.6% 9.0% 8.8% 7.2% 5.9% 9.5% 9.1% 0.8% 3.5% 3.8% 4.1% (1.0%) (0.0%) 1.1% 2.1% 5.1% 1.5% 4.6% 5.3% 2025Q2 2026Q2 2025 2026 Plan - - 9.4% 83.4% 4.9 billion yen 6.8 billion yen 25.0 billion yen 22.0 billion yen 13.4 billion yen 15.4 billion yen 42.0 billion yen 38.6 billion yen 58.5 billion yen 61.4 billion yen 122.9 billion yen 123.5 billion yen 2025Q2 2026Q2 2025 2026 Plan
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Copyright, 2026 SAPPORO BREWERIES LTD. All rights reserved. 26/36 (¥bn) Total assets End of 2025 2026Q2 change Total liabilities and equity End of 2025 2026Q2 change Cash and cash equivalents 22.4 77.1 54.7 Trade payables 36.4 33.5 (2.9) Trade receivables 94.5 77.9 (16.6) Short-term financial liabilities 51.4 28.5 (22.9) Inventories 45.7 46.2 0.5 Liabilities Directly Associated with Assets Held for Sale 29.1 1.7 (27.4) Assets Held for Sale 168.6 2.2 (166.4) Other current liabilities 100.8 84.4 (16.4) Other current assets 9.3 172.6 163.3 Long-term financial liabilities 119.2 86.1 (33.1) Property, plant and equipment & Intangible assets 150.8 149.5 (1.3) Net defined benefit liabilities 2.6 2.3 (0.3) Investment property 82.6 72.0 (10.7) Other non-current liabilities 94.0 119.7 25.8 Goodwill 22.5 22.1 (0.4) Total liabilities 433.6 356.3 (77.3) Other non-current assets 57.3 250.8 193.5 Equity attributable to owners of parent 218.9 512.9 294.1 Total assets 653.7 870.5 216.8 Non-controlling interests 1.3 1.3 0.0 Total equity 220.1 514.2 294.1 Total liabilities and equity 653.7 870.5 216.8 Debt-to-equity ratio (times) :Net 0.7 0.1 - Net Balance of financial liabilities 148.2 37.6 (110.7) Balance Sheet
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Copyright, 2026 SAPPORO BREWERIES LTD. All rights reserved. 27/36 Cash Flow （¥bn） 2025Q2 2026Q2 Change Change(%) CF from operating activities 10.5 3.4 (7.1) (67.4%) CF from investing activities (3.6) 113.6 117.2 ー Free CF 6.9 117.0 110.1 ー CF from financing activities (9.8) (62.5) (52.7) ー ＜Investment total（①＋②）＞ billion ➀ Capital expenditure (payment basis)： billion （Property, plant and equipment, intangible assets, investment property） ＜Major items＞ ・Domestic Business： (¥5.7)billion Alcoholic Beverages：(¥4.7)billion Restaurants : (¥0.6)billion Food & Beverages：(¥0.5)billion ・Overseas Business：(¥2.2)billion Alcoholic Beverages：(¥2.0)billion Beverages：(¥0.2)billion ・Real Estate：(¥4.4)billion ・Group-wide：(¥0.5)billion ② Other investments & Asset sale： billion （Stock sales, etc.） Sold cross-shareholdings (amount sold: billion yen)CF from operating Activities ¥3.4 billion Free CF ¥117.0billion ② Other investments & Asset sales ¥126.5 billion ① Capital expenditures (¥12.9) billion CF from investing Activities ¥113.6 billion
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Copyright, 2026 SAPPORO BREWERIES LTD. All rights reserved. 28/36 56% 17% 27% Black Label Yebisu Others Domestic Business Data Alcoholic Beverages(Japan) (10,000 cases) ＜Beer lineup sales volume (break down) ＞ ＜10-year change in composition ratio of beer and happoshu(include happoshu (2))＞ （Jan-Jun） Sales Volume:Beer (Japan) (※) 2025Q2 2026Q2 YoY Change(%) ①Beer (total) 1,421 1,487 4.6% Sapporo Draft Beer Black Label (total) 815 830 1.8% YEBISU (total) 253 251 (0.8%) ②Happoshu (include happoshu (2)) 364 301 (17.3%) Beer-type beverages（total ①+②) 1,785 1,788 0.2% 62% 64% 68% 57% 60% 64% 70% 76% 80% 83% 38% 36% 32% 43% 40% 36% 30% 24% 20% 17% 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 Beer Happoshu ( include happoshu (2)) （Jan-Jun） ※ Following the agreement of the Brewers Association of Japan, The sales volume for the first half and end of the fiscal year shall be disclosed.
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Copyright, 2026 SAPPORO BREWERIES LTD. All rights reserved. 29/36 *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 (¥bn） Domestic Business Data Alcoholic Beverages(Japan) ＜Jan - Jun sales breakdown by category ＞ (¥bn）＜Jan – June sales revenue＞ 64% 10% 3% 11% 11% 1% Beer Happoshu (include happoshu (2)) Wine Spirits and Shochu (total) RTD 60.9 23.7 11.1 70.8 21.7 12.4 75.7 18.9 12.5 79.2 16.0 15.9 84.7 13.7 14.9 Beer Happoshu (include happoshu (2)) RTD 2022 2023 2024 2025 2026 4.8 4.3 8.5 4.6 5.2 9.2 3.8 5.9 9.3 3.3 5.6 9.4 3.4 5.9 9.0 Wine Spirits Japanese Liquor 2022 2023 2024 2025 2026 Sales:Alcoholic Beverages(Japan) 2025Q2 2026Q2 YoY Change(%) Beer 79.2 84.7 7.0% Happoshu (include happoshu (2)) 16.0 13.7 (14.5%) Beer-type beverages 95.2 98.4 3.4% RTD 15.9 14.9 (6.2%) Domestic wines 0.5 0.5 (2.6%) Imported wines 2.8 2.9 4.0% Wine (total) 3.3 3.4 3.0% Spirits and Shochu (total) 15.0 14.8 (1.1%) Total 129.3 131.5 1.7%
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Copyright, 2026 SAPPORO BREWERIES LTD. All rights reserved. 30/36 Domestic Business Data ＜Changes in the amount of liquor tax per 350 ml＞ October 2020 October 2023 October 2026 77yen 70yen 63.35yen 54.25yen 46.99yen 28yen 37.8yen 35yen Beer-type beverages yen RTD 円 Happoshu Happoshu(2) Beer RTD Will be integrated into” Beer-type beverages”Integrated into "Happoshu" Alcoholic Beverages(Japan)
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Copyright, 2026 SAPPORO BREWERIES LTD. All rights reserved. 31/36 Domestic Business Data Alcoholic Beverages(Japan) Shift from tax-classification-based categories to value-based categories. Define each brand by value, independent of tax classification or product type. Happoshu + New Genre (Happoshu (2)) Beer (Premium + Standard) * Multiple product types, such as beer and happoshu, will now fall under the same category Value-Based CategoriesCategories by Tax Classification / Product Type Until Now From Now On Our Product Category Classification Premium Mainstream Economy ・Yebisu Beer ・SORACHI1984, and others ・Sapporo Draft Beer Black Label ・Sapporo Classic, and others ・GOLD STAR ・Mugi to Hop ・Hokkaido Namashibori, and others <Reference: Approach to Domestic Beer Category Names>
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Copyright, 2026 SAPPORO BREWERIES LTD. All rights reserved. 32/36 47 19 20 1 11 19 8 Tokyo Metropolitan Kanto (excl. Tokyo) Hokkaido Tohoku Tokai Kansai Others 28 8 25 11 18 35 GINZA LION LEO YEBISU BAR Osakaou Japanese food Others Restaurants ＜Trend in Revenue of Restaurants Business and Number of Restaurants＞ ＜Composition of Restaurants by Format> ＜Composition of Restaurants by Region＞ 125Outlets Domestic Business Data （Jan-Jun） (¥bn） (Restaurants) 125Outlets Restaurants 2025Q2 2026Q2 YoY Change(%) Revenue （billions on yen ） 10.1 10.3 2.0% Number of Restaurants 128 125 (2.3%) 6.4 9.2 9.8 10.1 10.3 160 137 128 128 125 0 50 100 150 200 -1.0 1.0 3.0 5.0 7.0 9.0 11.0 13.0 15.0 22Q2 23Q2 24Q2 25Q2 26Q2
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Copyright, 2026 SAPPORO BREWERIES LTD. All rights reserved. 33/36 31% 20% 48% Lemon Drinks Lemon Food Drinks (excluding lemon drinks), etc. Food & Beverages (Japan) ＜Trends in Sales Revenue of Lemon Drink & Lemon Food＞ 31.8 Billions of yen ※1 ※1：Only domestic sales (Before Rebate subtracted from sales) Domestic Business Data (¥bn） Sales:Food & Beverages (Japan) (※1) 2025Q2 2026Q2 YoY Change(%) Lemon (Lemon Drinks・Lemon Food) 16.1 16.4 2.5% Drinks (excluding lemon drinks), etc. 18.5 15.3 (17.3%) (¥bn) （Jan-Jun） ＜Sales Breakdown of Food and Soft Drink Lineup＞ （Jan-Jun） 9.0 9.9 10.0 5.8 6.2 6.4 0.0 10.0 20.0 2024 2025 2026 Lemon Drinks Lemon Food
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Copyright, 2026 SAPPORO BREWERIES LTD. All rights reserved. 34/36 ＜Overseas sales volume by area＞＜Overseas sales volume by brand ＞ Alcoholic Beverages Overseas Business Data (10,000 cases) (10,000 cases) (10,000 cases) （Jan-Jun） （Jan-Jun） 623 800 738 675 603 323 349 419 489 563 0 200 400 600 800 1,000 1,200 2022 2023 2024 2025 2026 Overseas brand Sapporo brand 827 1,011 964 912 870 119 138 193 253 295 0 200 400 600 800 1,000 1,200 2022 2023 2024 2025 2026 North America Other areas Sales Volume:Beer (International) 2025Q2 2026Q2 YoY Change(%) Overseas brand 675 603 (10.7%) Sapporo brand 236 267 13.2% ①North America 912 870 (4.5%) Sapporo brand 253 295 16.8% ②APAC and Europe(including Vietnam),etc. 253 295 16.8% Sapporo brand Total 489 563 15.0% Total（①＋②） 1,165 1,166 0.1%
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Copyright, 2026 SAPPORO BREWERIES LTD. All rights reserved. 35/36 IR Reference Information Links Investor Relations https://www.sapporobreweries.com/en/ir/ Integrated Report & FACTBOOK * https://www.sapporobreweries.com/en/ir/library/factbook/ Sustainability https://www.sapporobreweries.com/en/sustainability/ * FACTBOOK is a document that summarizes our group overview, medium-term management plan, business overview & data, etc.
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Copyright, 2026 SAPPORO BREWERIES LTD. All rights reserved. 36/36 Pioneering the legacy of tomorrow 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.