Interim report
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FASF SAPPORO Consolidated Financial Results for the Six Months Ended June 30 , 2026 ( Under IFRS ) Company name Sapporo Breweries Limited URL https://www.sapporobreweries.com/en/ President and Representative Director August 7 , 2026 Stock exchange listings : Tokyo Prime , Sapporo Securities code 2501 Representative ( Title ) ( Name ) Hiroshi Tokimatsu Inquiries ( Title ) Director of the Public Relations Department ( Name ) Keiichi Shirai Tel 03-5423-7407 Semi - annual statement filing date ( as planned ) August 10 , 2026 Dividend payable date ( as planned ) September 14 , 2026 Supplemental material of results : Yes Convening briefing of results : Yes ( mainly targeted at institutional investors and analysts ) ( Yen amounts are rounded to millions , unless otherwise noted . ) 1. Consolidated financial results for the six months ended June 30 , 2026 ( from January 1 , 2026 to June 30 , 2026 ) ( 1 ) Consolidated operating results ( cumulative ) ( Percentages indicate year - on - year changes . ) Revenue Core operating profit Operating profit Profit Profit attributable to Total comprehensive owners of parent income Millions Six months ended % June 30 , 2026 June 30 , 2025 of yen 235,937 235,314 0.3 Millions of yen 6,762 4,927 % Millions of yen % Millions of yen Millions % % of yen 37.2 ( 5,880 ) 295,458 - 5,198 - 1,753 ( 71.2 ) 295,447 1,787 ( 70.6 ) Millions of yen 300,967 963 % ( 96.1 ) Basic earnings per share Diluted earnings per share Six months ended Yen Yen June 30 , 2026 June 30 , 2025 757.77 4.59 757.77 4.58 ( Reference ) Profit ( loss ) before tax : Six months ended March 31 , 2026 : ( 4,679 ) million yen Six months ended March 31 , 2025 : 2,609 million yen ( Notes ) 1. Core operating profit is a proprietary profit indicator that measures the performance consistency of its business . Core operating profit is calculated as Revenue Cost of sales - SG & A expenses . 2. The Company conducted a stock split at a ratio of 5 shares for each share of common stock , effective January 1 , 2026. " Basic earnings per share " and " Diluted earnings per share " are calculated on the assumption that the stock split was conducted at the beginning of the previous consolidated fiscal year . 3. In the previous consolidated fiscal year , the Real Estate business , consisting of Sapporo Real Estate Co. , Ltd. and other subsidiaries , has been classified as discontinued operations . Accordingly , revenue , core operating profit , operating profit , and profit before tax are presented as amounts for continuing operations , excluding discontinued operations . The same reclassification has been applied to the previous interim consolidated accounting period , and therefore , year - over - year changes for these items are not presented . ( 2 ) Consolidated financial position As of June 30 , 2026 December 31 , 2025 Total assets Total equity Equity attributable to owners of Equity attributable to owners of parent parent to total assets ratio Millions of yen Millions of yen 870,528 653,690 514,245 220,117 Millions of yen 512,942 % 58.9 218,862 33.5 -1-
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- 2 - 2. Cash dividends Annual dividend First quarter Second quarter Third quarter Year end Annual Yen Yen Yen Yen Yen Fiscal year ended December 31, 2025 － 0.00 － 90.00 90.00 Fiscal year ending December 31, 2026 － 20.00 Fiscal year ending December 31, 2026 (Forecast) － 20.00 40.00 Note: 1. Revisions to the forecast of cash dividends most recently announced：None 2. The Company conducted a stock split at a ratio of 5 shares for each share of common stock, effective January 1, 2026. For the fiscal year ending December 2025, the actual amount of dividends before the stock split is stated. 3. Consolidated financial forecast for the fiscal year ending December 31, 2026 (from January 1, 2026 to December 31, 2026) (Percentages indicate year-on-year changes.) Revenue Core operating profit Operating profit Profit Profit attributable to owners of parent Basic earnings per share Fiscal year ending Millions of yen % Millions of yen % Millions of yen % Millions of yen % Millions of yen % Yen December 31, 2026 505,000 (0.4) 22,000 (12.0) 6,000 (75.4) 296,040 － 296,000 － 759.28 Note: Revisions to the earnings forecasts most recently announced：None * Notes (1) Significant changes in the scope of consolidation during the period ：Yes Newly included: - companies Excluded: 1 company (Company name) Sapporo Real Estate Co., Ltd. (2) Changes in accounting policies and changes in accounting estimates (i) Changes in accounting policies required by IFRS：None (ii) Changes in accounting policies due to other reasons ：None (iii) Changes in accounting estimates ：None (3) Number of issued shares (common stock) ① Number of issued and outstanding shares at the period end (including treasury stock) As of June 30, 2026 393,971,490shares As of December 31, 2025 393,971,490 shares ② Number of treasury stock at the period end As of June 30, 2026 3,998,500shares As of December 31, 2025 4,129,135 shares ③ Average number of outstanding shares Six months ended June 30, 2026 389,890,761shares Six months ended June 30, 2025 389,731,150 shares Note: The Company conducted a stock split at a ratio of 5 shares for each common stock, effective January 1, 2026. The number of shares issued and outstanding (common stock) has been calculated assuming that the stock split was implemented at the beginning of the previous consolidated fiscal year. * Semi-annual financial results reports are exempt from review conducted by certified public accountants or an audit firm. * Forward-looking statements and other special instructions (Cautionary Statement Regarding Forward-Looking Statements) This document contains projections and other forward-looking statements based on information available to the Company as of the date of this document. Actual results may differ from those expressed or implied by forward-looking statements due to various factors. For the assumptions underlying the forecasts herein and other information on the use of earnings forecasts, refer to “Outlook for fiscal year ending December 31, 2026,” on page 7. (Seasonal factors) The Group’s operating results are affected by substantial seasonal variations in demand for each business segment both domestically and overseas. Therefore, in the first-quarter consolidated accounting period included in the interim consolidated accounting period, revenue tends to be lower compared with other quarter.
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- 3 - １．Overview of Operating Results （１）Overview of operating results for the six months ended June 30, 2026 On July 1, 2026, the Company completed an absorption-type merger with Sapporo Breweries Ltd., its wholly owned subsidiary, with the Company as the surviving company, and changed its trade name from Sapporo Holdings Limited to Sapporo Breweries Limited. During the first half of the current fiscal year (January 1 to June 30, 2026), the global economy remained uncertain, mainly due to prolonged geopolitical risks and instability in the Middle East, which continued to affect the business environment, including raw material and energy prices. Under these circumstances, although some businesses saw a decrease in exports to the Middle East, the impact on the overall performance of Sapporo Group was limited. Sapporo Group achieved its financial target of ROE of 8%, set out in its Medium-Term Management Plan (2023–2026), one year ahead of schedule. In fiscal 2026, Sapporo Group positions the year as a transition period toward growth from fiscal 2027 onward and will work to strengthen its business foundation for sustainable growth in the future through structural reforms, growth investments, and other initiatives. Consolidated revenue was broadly flat year on year. Although revenue in Food & Beverages (Japan) decreased due to the impact of structural reforms, including business transfers implemented in the previous year, this was offset by steady sales of beer in the domestic market, steady sales of Sapporo-brand beer in the North American and Asian markets, and favorable foreign exchange effects. Consolidated core operating profit increased year on year, mainly due to the effect of higher revenue in Alcoholic Beverages (Japan) and Alcoholic Beverages (Overseas), as well as the benefits of price revisions and structural reforms in Food & Beverages (Japan). Consolidated operating profit decreased year on year. Although consolidated core operating profit increased and a gain on transfer was recognized in connection with the transfer of assets and a review of the production structure in the U.S. business, restructuring expenses, impairment losses, and other losses were recorded. Profit attributable to owners of parent increased year on year, mainly due to the recognition of a gain on the loss of control of subsidiaries following the first closing of the injection of external capital into the Real Estate business on June 1, 2026. With regard to the unauthorized access to the systems of two overseas group companies, POKKA PTE. LTD. and SLEEMAN BREWERIES LTD., which occurred in June 2026, investigations are ongoing to determine whether any information was leaked and to confirm the scope of the impact. Although the unauthorized access temporarily disrupted order- taking and shipping operations, the impact on the overall performance of Sapporo Group is currently limited. Sapporo Group will continue to investigate the cause and scope of the impact while strengthening its security measures. Summary in key figures Millions of yen, except percentages Revenue Core operating profit Operating profit Profit attributable to owners of parent Six months ended March 31, 2026 235,937 6,762 (5,880) 295,447 Six months ended March 31, 2025 235,314 4,927 5,198 1,787 Change (%) 0.3 37.2 - - (Notes) 1. Core operating profit is a proprietary profit indicator that measures the performance consistency of its business. Core operating profit is calculated as Revenue – Cost of sales – SG&A expenses. 2. Revenue, core operating profit, and operating profit represent the amounts for continuing operations, excluding discontinued operations, while profit attributable to owners of parent represents the total of continuing operations and discontinued operations. Results by segment are outlined below. Effective from the first quarter of the current fiscal year, Sapporo Group has changed its reportable segment classifications. In addition, in the previous fiscal year, the Real Estate business was classified as discontinued operations. For details, please refer to “2. Consolidated Financial Statements and Main Notes (6) Notes to the Consolidated Financial Statements (Discontinued Operations)” on page 16.
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- 4 - 〔Domestic Business〕 Revenue decreased year on year. Although beer sales in Alcoholic Beverages (Japan) remained strong, revenue in Food & Beverages (Japan) decreased due to the impact of structural reforms, including business transfers implemented in the previous year. Core operating profit increased year on year. Although lower revenue in Food & Beverages (Japan) had a negative impact, the benefits of price revisions and structural reforms, together with the effect of higher revenue in Alcoholic Beverages (Japan), contributed to profit growth. Operating profit decreased year on year. Although core operating profit increased, an impairment loss and other expenses were recorded following the execution of an absorption-type company split agreement relating to the vending machine business. ■Revenue: ¥174.5 billion (down ¥2.2 billion, or 1.2% year on year) ■Core operating profit: ¥11.7 billion (up ¥2.8 billion, or 32.0% year on year) ■Operating profit: ¥8.1 billion (down ¥0.2 billion, or 2.1% year on year) The status of Alcoholic Beverages (Japan), Restaurants, and Food & Beverages (Japan), which belong to the Domestic Business segment, is as follows. （Alcoholic Beverages (Japan)） Amid increasingly cost-conscious consumer behavior due to rising prices, market sales remained sluggish. Total demand for beer-type beverages (beer and happoshu, including happoshu (2)), is estimated to have been 97% of the previous year, while total demand for beer is estimated to have been 100% of the previous year. Under these circumstances, experience-focused marketing initiatives centered on Black Label and Yebisu proved effective. Sapporo Group’s total sales volume of beer-type beverages reached 100% of the previous year, while sales volume of beer reached 105% of the previous year, both outperforming total market demand. Although uncertainty is expected to continue due to factors such as the situation in the Middle East, Sapporo Group will further strengthen its initiatives for beer in the current fiscal year, in anticipation of the liquor tax revision in October 2026, and accelerate growth. （Restaurants） Restaurant demand and consumption of in-person services continued to recover gradually. Under these circumstances, existing-store sales revenue in the Restaurants business reached 101% of the previous year, driven by initiatives such as responding to inbound demand, attracting senior customers, and revising menus and prices. （Food & Beverages (Japan)） Total domestic beverage demand is estimated to have been 98% of the previous year. Under these circumstances, sales of Sapporo Group’s main beverage brand, Kireto Lemon, remained steady at 101% of the previous year. The brand marks its 25th anniversary this year, and Sapporo Group will continue to carry out promotional activities to further enhance its brand value. In addition, products with unique value, such as Hokkaido Furano Hop, achieved double-digit growth year on year. However, due to factors including the impact of price revisions, overall beverage sales amounted to 94% of the previous year. In lemon food products, the main brand, Pokka Lemon 100, continued to perform strongly, reaching 111% of the previous year. 〔Overseas Business〕 Revenue increased year on year. Although sales volume of overseas brand beer declined in the North American beer market, this was more than offset by steady sales of Sapporo brand beer in the North American and Asian beer markets, as well as favorable foreign exchange effects. Core operating profit was broadly flat year on year. Although the deterioration in the situation in the Middle East reduced exports in Overseas Beverages, this impact was offset by the effect of higher revenue in Alcoholic Beverages (Overseas). Operating profit decreased year on year. In addition to the increase in core operating profit, a gain on transfer was recognized in connection with the transfer of assets and restructure of the production structure in the U.S. business. However, restructuring expenses, impairment losses, and other losses were recorded. ■Revenue: ¥61.4 billion (up ¥2.8 billion, or 4.8% year on year) ■Core operating profit: ¥0.2 billion (up ¥0.0 billion, or 21.2% year on year) ■Operating profit: ¥(8.9) billion (compared with a profit of ¥1.1 billion in the same period last year)
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- 5 - The status of Alcoholic Beverages (Overseas) and Overseas Beverages, which belong to the Overseas Business segment, is as follows. （Alcoholic Beverages (Overseas)） The North American beer market remained sluggish year on year due to weak consumer demand and changes in category composition. In particular, the U.S. craft beer segment continued to face a weak market environment, and sales volume of Sapporo Group’s overseas brands fell below the previous year’s level. On the other hand, Sapporo brand beer performed steadily in North America, with sales volume reaching 113% of the previous year, driven by expanded distribution in key areas and strengthened communication that consistently conveyed the brand’s worldview. In the Asian beer market, mainly China, South Korea, and Southeast Asia, Sapporo brand beer continued to grow steadily, particularly in China and South Korea. As a result, sales volume in Asia reached 120% of the previous year, maintaining its growth momentum. （Overseas Beverages） In Singapore, demand in existing markets remained stagnant due to the diversification of consumer preferences and market maturity. In addition, sales were affected by the temporary transition of products associated with the Beverage Container Return Scheme (BCRS), which was introduced in April 2026. As a result, sales revenue amounted to 98% of the previous year on a local currency basis. In Malaysia, a key focus area, Sapporo Group worked to strengthen its brands and expand its sales network by utilizing new distributors. However, sales revenue remained broadly flat at 100% of the previous year on a local currency basis. For export businesses other than those mentioned above, sales revenue amounted to 46% of the previous year on a local currency basis, due to the impact of the worsening situation in the Middle East on logistics and sales. 〔Real Estate Business〕 （Discontinued Operations） On June 1, 2026, the first closing relating to the injection of external capital into the Real Estate business was completed, and a gain on the loss of control of subsidiaries was recognized.
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- 6 - （２）Overview of Consolidated Financial Condition As of the end of the first half of the current fiscal year, the status of assets, liabilities, and equity, as well as the factors behind their changes, were as follows. (Millions of yen) As of December 31, 2025 As of March 31, 2026 Change Current assets 340,461 376,092 35,631 Non-current assets 313,229 494,436 181,208 Total assets 653,690 870,528 216,838 Current Liabilities 217,757 148,100 (69,657) Non-current liabilities 215,815 208,183 (7,632) Total liabilities 433,572 356,283 (77,290) Total equity 220,117 514,245 294,128 Total liabilities and equity 653,690 870,528 216,838 Assets as of the end of the first half of the current fiscal year increased by ¥216.8 billion compared to the end of the previous fiscal year, to ¥870.5 billion, mainly due to an increase in other financial assets (non-current) resulting from the loss of control of subsidiaries. Liabilities decreased by ¥77.3 billion compared to the end of the previous fiscal year, to ¥356.3 billion, mainly due to a decrease in bonds and borrowings. Equity increased by ¥294.1 billion compared to the end of the previous fiscal year, to ¥514.2 billion, mainly due to an increase in retained earnings resulting from the recognition of profit attributable to owners of parent.
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- 7 - （３）Overview of Consolidated Cash Flows At the end of the first half of the current fiscal year, cash and cash equivalents, hereinafter referred to as “cash,” increased by ¥54.7 billion, or 245%, compared with the end of the previous fiscal year, to ¥77.1 billion. The status of each cash flow category for the first half of the current fiscal year, as well as the factors behind the changes, were as follows. (Millions of yen) Category As of June 30, 2025 As of June 30, 2026 Change Cash flows from operating activities 10,479 3,412 (7,067) Cash flows from investing activities (3,570) 113,603 117,173 Free cash flow 6,909 117,015 110,106 Cash flows from financing activities (9,844) (62,524) (52,680) Effect of exchange rate change on cash and cash equivalents (1,530) 210 1,740 Net increase (decrease) in cash and cash equivalents (4,466) 54,700 59,166 Cash and cash equivalents at beginning of period 24,140 22,360 (1,780) Cash and cash equivalents included in assets of disposal groups classified as held for sale (58) 23 81 Cash and cash equivalents at end of period 19,617 77,083 57,467 （Cash Flows from Operating Activities） Net cash provided by operating activities was ¥3.4 billion, compared with net cash provided of ¥10.5 billion in the same period of the previous year. This was mainly due to cash-decreasing factors, including a gain on the loss of control of subsidiaries of ¥315.0 billion, a decrease in accrued liquor taxes of ¥11.8 billion, and gains on the sale and disposal of property, plant and equipment and intangible assets of ¥5.9 billion. Cash-increasing factors included profit before tax from discontinued operations of ¥319.0 billion and a decrease in trade and other receivables of ¥16.6 billion. （Cash Flows from Investing Activities） Net cash provided by investing activities was ¥113.6 billion, compared with net cash used of ¥3.6 billion in the same period of the previous year. This was mainly due to decreasing cash factors, including payments into time deposits of ¥155.1 billion and purchases of property, plant and equipment of ¥7.4 billion. Cash-increasing factors included proceeds from the loss of control of subsidiaries of ¥183.3 billion and proceeds from the collection of loans receivable of ¥94.5 billion. （Cash Flows from Financing Activities） Net cash used in financing activities was ¥62.5 billion, compared with net cash used of ¥9.8 billion in the same period of the previous year. This was mainly due to cash-decreasing factors, including repayments of long-term borrowings of ¥36.6 billion, a net decrease in short-term borrowings of ¥11.0 billion, dividend payments of ¥7.0 billion, and a decrease in commercial paper of ¥6.0 billion. （４）Explanation regarding forward-looking information, including consolidated earnings forecasts No revisions have been made to the full-year consolidated earnings forecast for the fiscal year ending December 2026 from the forecast announced on 13 February 2026.
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- 8 - ２．Consolidated Financial Statements and Main Notes （１）Consolidated Statement of Financial Position (Millions of yen) As of December 31, 2025 As of June 30, 2026 Assets Current assets Cash and cash equivalents 22,360 77,083 Trade and other receivables 94,523 77,945 Inventories 45,687 46,192 Other financial assets 3,091 163,771 Other current assets 6,220 8,873 Subtotal 171,881 373,864 Assets held for sale 168,580 2,228 Total current assets 340,461 376,092 Non-current assets Property, plant and equipment 144,970 144,860 Investment property 82,607 71,950 Goodwill 22,509 22,123 Intangible assets 5,820 4,656 Investments accounted for using equity method 86 68 Other financial assets 52,145 241,949 Retirement benefit asset － 3,927 Other non-current assets 3,058 2,658 Deferred tax assets 2,034 2,245 Total non-current assets 313,229 494,436 Total assets 653,690 870,528
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- 9 - (Millions of yen) As of December 31, 2025 As of June 30, 2026 Liabilities and equity Liabilities Current liabilities Trade and other payables 36,423 33,500 Bonds and borrowings 51,389 28,497 Lease liabilities 3,561 4,344 Income taxes payable 3,667 3,381 Other financial liabilities 26,386 23,669 Provisions 8,412 6,925 Other current liabilities 58,793 46,057 Subtotal 188,632 146,372 Liabilities directly associated with assets held for sale 29,125 1,728 Total current liabilities 217,757 148,100 Non-current liabilities Bonds and borrowings 119,199 86,138 Lease liabilities 24,396 29,212 Other financial liabilities 49,546 50,104 Retirement benefit liability 2,647 2,301 Provisions 2,100 2,572 Other non-current liabilities 616 518 Deferred tax liabilities 17,312 37,337 Total non-current liabilities 215,815 208,183 Total liabilities 433,572 356,283 Equity Share capital 53,887 53,887 Capital surplus 40,901 41,008 Treasury shares (1,633) (1,543) Retained earnings 85,689 378,777 Other components of equity 40,019 40,814 Total equity attributable to owners of parent 218,862 512,942 Non-controlling interests 1,256 1,303 Total equity 220,117 514,245 Total liabilities and equity 653,690 870,528
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- 10 - （２）Consolidated Statement of Profit or Loss (Millions of yen) Six months ended June 30, 2025 Six months ended June 30, 2026 Continuing operations Revenue 235,314 235,937 Cost of sales 160,268 159,761 Gross profit 75,046 76,176 Selling, general and administrative expenses 70,119 69,415 Other operating income 3,401 5,525 Other operating expenses 3,130 18,166 Operating profit (loss) 5,198 (5,880) Finance income 1,018 3,019 Finance costs 3,619 1,817 Share of profit (loss) of investments accounted for using equity method 12 (1) Profit (loss) before tax 2,609 (4,679) Income tax expense 1,968 229 Profit (loss) from continuing operations 641 (4,908) Discontinued operations Profit from discontinued operations 1,112 300,366 Profit 1,753 295,458 Profit attributable to Owners of parent 1,787 295,447 Non-controlling interests (34) 12 Profit 1,753 295,458 Basic earnings (yen) per share Continuing operations 1.73 (12.62) Discontinued operations 2.85 770.39 Total 4.59 757.77 Diluted earnings (yen) per share Continuing operations 1.73 (12.62) Discontinued operations 2.85 770.39 Total 4.58 757.77
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- 11 - （３）Consolidated Statement of Comprehensive Income (Millions of yen) Six months ended June 30, 2025 Six months ended June 30, 2026 Profit 1,753 295,458 Other comprehensive income Items that will not be reclassified to profit or loss Net change in fair value of equity instruments designated as measured at fair value through other comprehensive income 2,068 2,468 Remeasurements of defined benefit plans (494) 2,570 Total of items that will not be reclassified to profit or loss 1,575 5,038 Items that may be reclassified to profit or loss Exchange differences on translation of foreign operations (2,392) 474 Effective portion of cash flow hedges 27 (3) Total of items that may be reclassified to profit or loss (2,365) 471 Total other comprehensive income, net of tax (790) 5,509 Comprehensive income 963 300,967 Comprehensive income attributable to Owners of parent 1,035 300,905 Non-controlling interests (72) 62 Comprehensive income 963 300,967
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- 12 - （４）Consolidated Statement of Changes in Equity For the six months ended June 30, 2025 (Millions of yen) Share capital Capital surplus Treasury shares Retained earnings Other components of equity Exchange differences on translation of foreign operations Effective portion of cash flow hedges Financial assets measured at fair value through other comprehens ive income Remeasure ments of defined benefit plans Total Balance at beginning of period 53,887 40,832 (1,722) 65,268 12,858 - 24,908 - 37,766 Profit 1,787 - Other comprehensive income (2,354) 27 2,068 (494) (752) Comprehensive income - - - 1,787 (2,354) 27 2,068 (494) (752) Purchase of treasury shares (54) - Disposal of treasury shares 37 149 - Dividends (4,057) - Share-based payment transactions (104) - Transfer to retained earnings 1,608 (2,102) 494 (1,608) Total transactions with owners - (67) 95 (2,449) - - (2,102) 494 (1,608) Balance at end of period 53,887 40,765 (1,627) 64,607 10,504 27 24,874 - 35,405 Total Non- controlling interests Total Balance at beginning of period 196,030 1,127 197,157 Profit 1,787 (34) 1,753 Other comprehensive income (752) (38) (790) Comprehensive income 1,035 (72) 963 Purchase of treasury shares (54) - (54) Disposal of treasury shares 186 - 186 Dividends (4,057) (8) (4,066) Share-based payment transactions (104) - (104) Transfer to retained earnings - - - Total transactions with owners (4,029) (8) (4,037) Balance at end of period 193,036 1,046 194,083
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- 13 - For the six months ended June 30, 2026 (Millions of yen) Share capital Capital surplus Treasury shares Retained earnings Other components of equity Exchange differences on translation of foreign operations Effective portion of cash flow hedges Financial assets measured at fair value through other comprehens ive income Remeasure ments of defined benefit plans Total Balance at beginning of period 53,887 40,901 (1,633) 85,689 14,641 3 25,375 - 40,019 Profit 295,447 - Other comprehensive income 423 (3) 2,468 2,570 5,458 Comprehensive income - - - 295,447 423 (3) 2,468 2,570 5,458 Purchase of treasury shares (2) - Disposal of treasury shares 92 - Dividends (7,022) - Share-based payment transactions 108 - Transfer to retained earnings 4,664 (2,094) (2,570) (4,664) Total transactions with owners - 108 89 (2,359) - - (2,094) (2,570) (4,664) Balance at end of period 53,887 41,008 (1,543) 378,777 15,064 - 25,749 - 40,814 Total Non- controlling interests Total Balance at beginning of period 218,862 1,256 220,117 Profit 295,447 12 295,458 Other comprehensive income 5,458 50 5,509 Comprehensive income 300,905 62 300,967 Purchase of treasury shares (2) - (2) Disposal of treasury shares 92 - 92 Dividends (7,022) (14) (7,036) Share-based payment transactions 108 - 108 Transfer to retained earnings - - - Total transactions with owners (6,825) (14) (6,839) Balance at end of period 512,942 1,303 514,245
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- 14 - （５）Consolidated Statement of Cash Flows (Millions of yen) Six months ended June 30, 2025 Six months ended June 30, 2026 Cash flows from operating activities Profit (loss) before tax 2,609 (4,679) Profit before tax from discontinued operations 1,788 318,963 Depreciation and amortization 11,344 9,151 Impairment losses (reversal of impairment losses) 1,595 9,896 Interest and dividend income (646) (747) Interest expenses 1,867 1,900 Foreign exchange loss (gain) 1,840 (571) Gain relating to loss of control over subsidiaries － (315,025) Share of loss (profit) of investments accounted for using equity method (97) (42) Loss (gain) on sale and retirement of property, plant and equipment, and intangible assets (963) (5,916) Decrease (increase) in trade and other receivables 20,643 16,629 Decrease (increase) in inventories (4,620) (739) Increase (decrease) in trade and other payables (1,590) (2,826) Increase (decrease) in accrued alcohol tax (13,122) (11,815) Increase or decrease in retirement benefit asset or liability (867) (1,093) Other (906) (4,225) Subtotal 18,873 8,862 Interest and dividends received 642 668 Interest paid (1,670) (1,680) Income taxes refund (paid) (7,365) (4,437) Net cash provided by (used in) operating activities 10,479 3,412 Cash flows from investing activities Payments into time deposits (123) (155,129) Purchase of property, plant and equipment (6,418) (7,397) Proceeds from sale of property, plant and equipment 2,016 5,387 Purchase of investment property (2,477) (4,677) Proceeds from sale of investment property － 343 Purchase of intangible assets (856) (778) Proceeds from sale of intangible assets 5 5,540 Purchase of securities － (5,000) Purchase of investment securities (1,755) (5,757) Proceeds from sale of investment securities 3,697 4,013 Proceeds from redemption of investment securities 2,143 665 Incomes from refund in capital of subsidiaries and associates 810 － Payments for loans receivable (44) (540) Collection of loans receivable 2 94,548 Proceeds from loss of control of subsidiaries － 183,322 Other (570) (938) Net cash provided by (used in) investing activities (3,570) 113,603
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- 15 - (Millions of yen) Six months ended June 30, 2025 Six months ended June 30, 2026 Cash flows from financing activities Net increase (decrease) in short-term borrowings (513) (11,000) Net increase (decrease) in commercial papers 8,000 (6,000) Proceeds from long-term borrowings 1,000 － Repayments of long-term borrowings (12,503) (36,600) Dividends paid (4,051) (7,004) Repayments of lease liabilities (1,900) (1,995) Other 123 75 Net cash provided by (used in) financing activities (9,844) (62,524) Effect of exchange rate changes on cash and cash equivalents (1,530) 210 Net increase (decrease) in cash and cash equivalents (4,466) 54,700 Cash and cash equivalents at beginning of period 24,140 22,360 Cash and cash equivalents included in assets of disposal groups classified as held for sale (58) 23 Cash and cash equivalents at end of period 19,617 77,083
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- 16 - （６）Notes to the Consolidated Financial Statements （Notes on the Going-concern Assumption） Not applicable. （Changes in presentation method） （Consolidated Statement of Cash Flow） In the previous interim consolidated period, “Payments into time deposits” and “Proceeds from the sale of intangible assets” were included in “Other” under “Cash flows from investing activities.” However, as these amounts have become material, they have been presented separately from the current interim consolidated period. To reflect this change in presentation, the consolidated statement of cash flows for the previous interim consolidated period has been reclassified. As a result, the negative ¥118 million previously presented as “Other” under “Cash flows from investing activities” in the consolidated statement of cash flows for the previous interim consolidated period has been reclassified as negative ¥123 million in “Payments into time deposits” and ¥5 million in “Proceeds from the sale of intangible assets.” （Discontinued Operations） Profit or loss relating to operations classified as discontinued operations is presented separately, net of income tax expense, after profit from continuing operations in the consolidated statement of income. Certain amounts in the consolidated statement of profit and loss, consolidated statement of cash flows, and related notes to the consolidated financial statements for the previous interim consolidated period have been reclassified in relation to the operations classified as discontinued operations. (Discontinued Operations) (1）Overview of discontinued operations On December 24, 2025, the Company resolved to enter into a series of transactions (collectively, the “Transactions”), including an investment in Sapporo Real Estate Co., Ltd. (“SRE”) by SPARK LLC (“SPARK”), which is jointly funded by PAG Investment Management Co., Ltd. and Kohlberg Kravis Roberts & Co. L.P. or funds advised or managed by their respective affiliates (collectively, the “Consortium”), and executed the relevant agreements for the Transactions. The Transactions are to be completed through three closings, with the voting rights in SRE, formerly a wholly owned subsidiary of the Company, to be transferred in stages. The first closing was completed on June 1, 2026. Through transactions including an investment by the Consortium and a share buyback, SPARK acquired 51.0% of the voting rights associated with SRE’s shares. As a result, the Company lost control of SRE, and SRE was excluded from the scope of consolidation. Of the gain recognized upon the loss of control of the subsidiary, ¥154.4 billion was attributable to the measurement at fair value, as of the date control was lost, of the investment retained in the former subsidiary. At the second closing, scheduled for June 1, 2028, SPARK is expected to acquire an additional 29.0% of the voting rights associated with SRE’s shares. At the third closing, scheduled for June 1, 2029, the Company plans to transfer all remaining voting rights in SRE held by the Company at that time to SPARK. Furthermore, prior to the Transactions, SRE transferred to the Company 30% of the trust beneficiary rights in Yebisu Garden Place, GINZA PLACE, and part of Sapporo Garden Park. Based on the above, the Real Estate business, excluding 30% of the trust beneficiary rights in Yebisu Garden Place, GINZA PLACE, and part of Sapporo Garden Park, has been classified as discontinued operations. Interim profit from discontinued operations is presented separately from continuing operations in the consolidated statement of profit and loss.
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- 17 - (2）Profit and loss from discontinued operations (Unit: Million yen) Six months ended June 30, 2025 Six months ended June 30, 2026 Discontinued operations Revenue 9,102 324,083 Expense 7,314 5,120 Profit (loss) before tax from discontinued operations 1,788 318,963 Income tax expenses 676 18,597 Non-profit from continuing operations 1,112 300,366 （Note）During the current interim consolidated period, the Company lost control of SRE following the transfer of 51.0% of the voting rights in SRE’s shares to SPARK and recognized a gain on the loss of control of a subsidiary of ¥315,025 million. Income tax expense of ¥17,696 million was recognized in relation to this gain. (3）Profit for the period attributable to (Unit: Million yen) Six months ended June 30, 2025 Six months ended June 30, 2026 Owners of the parent company Profit (loss) from continuing operations 675 (4,919) Profit (loss) from discontinued operations 1,112 300,366 Total 1,787 295,447 Noncontrolling interests Profit (loss) from continuing operations (34) 12 Profit (loss) from discontinued operations － － Total (34) 12 (4）Cash Flows from Discontinued Operations （単位：百万円） Cash flows from discontinued operations Six months ended June 30, 2025 Six months ended June 30, 2026 Net cash flows from operating activities 2,920 2,994 Net cash flows from investing activities (Note) (770) 274,817 Net cash flows from financing activities (2,071) 6,957 Total 80 284,767 （Note）During the current interim consolidated period, the Company lost control of SRE following the transfer of 51.0% of the voting rights in SRE’s shares to SPARK. Net cash flows from investing activities include ¥277,864 million comprising consideration received upon the loss of control of the subsidiary and proceeds from the collection of loans.
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- 18 - （Significant Subsequent Events） （Strategic Capital and Business Alliance with Carlsberg - Comprehensive Partnership Centered on Southeast Asia, Hong Kong, and the UK） At a meeting of the Board of Directors held on July 6, 2026, the Company resolved to establish a strategic capital and business alliance with Carlsberg A/S (“Carlsberg”), a leading global brewer, in Southeast Asia and Hong Kong (the “Strategic Partnership”). The two companies will establish a joint venture in Singapore. Carlsberg will contribute its businesses in the relevant markets to the joint venture, while the Company will invest approximately USD 643 million (approximately ¥102.9 billion) to acquire a 25% equity stake. At the Board of Directors meeting held on July 6, 2026, the Company resolved to enter into a share purchase agreement to establish the Strategic Partnership and approved the terms of ancillary agreements to be executed separately, including a joint venture agreement and a license agreement. The joint venture is expected to be established in December 2026, subject to the necessary regulatory approvals and the satisfaction of closing conditions. １．Overview of the Joint Venture （１） Name Carlsberg Sapporo Alliance （tentative） （２） Location Singapore （３） Representative To be determined （４） Business Manufacture and sale of beer and other alcoholic beverages, as well as soft drinks （５） Capital To be determined （６） Establishment December, 2026 (tentative) （７） Equity Stake Carlsberg 75%, Sapporo 25% ２．Overview of Carlsberg A/S （１） Name Carlsberg A/S （２） Location 1 J.C. Jacobsens Gade, 1799 Copenhagen V , Denmark （３） Business Manufacturing and sales of beer and other beverages ３．Schedule （１） Date of Board Resolution July 6, 2026 （２） Date of Agreement July 6, 2026 （３） Commencement of Operations To be determined ４．Impact on Financial Results The impact of the Strategic Partnership on the Company’s consolidated financial results for the fiscal year ending December 31, 2026 is expected to be immaterial.
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Consolidated Results (Six Months ended June 30, 2026) 1. Consolidated Financial Highlights 2. Major Sales and Sales Volume Data 3. Condensed Consolidated Results Consolidated Statements of Income Consolidated Statements of Cash Flows 4. Consolidated Statements of Income : Breakdown of Key Changes 5. Segment Information 6. Condensed Consolidated Balance Sheets Consolidated Forecasts (Year ending December 31, 2026) 7. Full-Year Consolidated Business Results estimate 8. Full-Year Consolidated Statement of Income: Breakdown of Key Changes 9. Full-Year Consolidated Segment Information August 2026 Securities Code: 2501 URL https://www.sapporobreweries.com/en/ Six Months ended June 30, 2026 Supplemental information for Consolidated Financial Results
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Reportable segments have been changed as follows, starting from the fiscal year ending December 31, 2026. ①The former reportable segments, Alcoholic Beverages and Food & Beverages, have been changed to Domestic Business and Overseas Business. ② After the change, the Domestic Business reportable segment consists of Alcoholic Beverages (Japan), Restaurants, and Food & Beverages (Japan). ③ After the change, the Overseas Business reportable segment consists of Alcoholic Beverages (Overseas) and Overseas Beverages. ④ The export business of Sapporo Breweries Limited (APAC and Europe), which was classified under the former Alcoholic Beverages reportable segment, is included in the Overseas Business segment. Reportable segments Reportable segments Food & Beverages Overseas Business Alcoholic Beverages Domestic Business Alcoholic Beverages (Japan) Alcoholic Beverages (Japan) Food & Beverages (Japan) Alcoholic Beverages (Overseas) Overseas Beverages Overseas Beverages Alcoholic Beverages (Overseas) Restaurants Restaurants Food & Beverages (Japan) Overview Diagram of Segment Changes for 2026 Reportable segments in FY2025 Reportable segments in FY2026
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(billions of yen, except percentages, ratios, per-share data, and exchange rates) Six Months ended June 30, 2025 Six Months ended June 30, 2026 Change Change(%) Six Months ended June 30, 2026(*10) 235.3 235.9 0.6 0.3% 235.9 （ref.）Excluding liquor tax 181.7 182.9 1.2 0.7% 182.9 (5.0%) 0.3% ー ー 0.3% （ref.）Excluding liquor tax (6.0%) 0.7% ー ー 0.7% Overseas revenue 58.5 61.4 2.9 4.9% 61.4 Overseas revenue growth rate (4.7%) 4.9% ー ー 4.9% Core operating profit（*1） 4.9 6.8 1.8 37.2% 6.8 Core operating margin 2.1% 2.9% ー ー 2.9% Operating profit 5.2 (5.9) (11.1) ー (5.9) Profit attributable to owners of parent 1.8 295.4 293.7 ー 295.4 Total assets 632.2 870.5 238.3 37.7% 870.5 Total equity 194.1 514.2 320.2 165.0% 514.2 Balance of debt : Net （*2） 181.3 37.6 (143.8) (79.3%) (117.4) Debt-to-equity ratio (times) : Net（*3） 0.9 0.1 ー ー ー Depreciation and amortization 8.5 8.6 0.2 2.2% 8.6 EBITDA（*4） 13.4 15.4 2.0 15.1% 15.4 US$ 148.41 158.29 ー ー 158.29 CAN$ 105.28 114.81 ー ー 114.81 SG$ 112.10 123.84 ー ー 123.84 Year ended December 31, 2025 Year ending December 31, 2026 (Forecast) Change Change(%) 506.9 505.0 (1.8) (0.4%) （ref.）Excluding liquor tax 391.1 391.5 0.4 0.1% (1.1%) (0.4%) ー ー （ref.）Excluding liquor tax (0.9%) 0.1% ー ー Overseas revenue 122.9 123.5 0.6 0.5% Overseas revenue growth rate (4.4%) 0.5% ー ー Core operating profit（*1） 25.0 22.0 (3.0) (12.0%) Core operating margin 4.9% 4.4% ー ー Operating profit 24.4 6.0 (18.4) (75.4%) Profit attributable to owners of parent 19.5 296.0 276.5 ー Total assets 653.7 836.0 Total equity 220.1 492.1 Balance of debt : Net （*2） 148.2 (116.0) (264.2) (178.3%) Debt-to-equity ratio (times) : Net（*3） 0.7 ー ー ー Depreciation and amortization 16.9 16.6 (0.3) (1.9%) EBITDA（*4） 42.0 38.6 (3.3) (8.0%) EBITDA interest-bearing debt ratio (times) （*5) 3.5 ー ー ー Capital expenditure Cash basis 13.2 19.1 5.9 44.8% ＲＯＥ（％） （*6) 9.4% 83.4% ー ー ＥＰＳ（yen sen）（*7) 50.02 759.28 ー ー ＤＯＥ（％） （*8) 3.4% 4.4% ー ー Payout ratio（％） 36.0% 5.3% ー ー US$ 149.62 150.00 ー ー CAN$ 107.09 105.00 ー ー SG$ 114.54 110.00 ー ー *1: Core operating profit is calculated as Revenue – Cost of sales – SG&A expenses. *2: The balance of debt includes commercial paper but excludes the balance of lease obligations. *3: Balance of debt:Net(excluding lease liabilities) ／Equity attributable to owners of parent *4: EBITDA (IFRS)=Core operating profit + Depreciation and amortization (excluding depreciation expense on leased assets which is charged on the rent of restaurants） *5: Balance of debt:Net (excluding lease liabilities)／EBITDA *6: Profit attributable to owners of parent／Equity attributable to owners of parent(Average) *7: Profit attributable to owners of parent／Average number of shares during the period *8: Dividend／Equity attributable to owners of parent(Average) *9: Revenues and expenses are translated into Japanese yen at the average exchange rate for the fiscal year. *10: Including ¥155.0 billion in time deposits with original maturities of more than three months, funded by the proceeds from the transfer of the real estate business, in the calculation of net financial debt. Exchange rates (Yen) （*9） Revenue Revenue growth rate Exchange rates (Yen) （*9） Revenue Revenue growth rate 1. Financial Highlights 1
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Sales Volume: Beer (Japan) (10,000 cases) Sapporo Draft Beer Black Label (total) 815 830 15 1.8% 1,786 1,843 57 3.2% YEBISU (total) 253 251 (2) (0.8%) 627 671 44 7.0% ⓐ Beer (total) 1,421 1,487 66 4.6% 3,220 3,351 131 4.1% ⓑ Happoshu (include happoshu (2)) 364 301 (63) (17.3%) 738 550 (188) (25.5%) Beer-type beverages （ⓐ+ⓑ） 1,785 1,788 3 0.2% 3,958 3,901 (57) (1.4%) RTD (*2) 606 549 (57) (9.4%) 1,170 1,230 60 5.1% Non-alcoholic beer and low alcohol beer taste beverage 31 37 6 20.1% 74 75 1 2.0% *1: Only canned products, RTD 1 case = 350ml x 24 bottles Sales Volume: Beer (Overseas) (10,000 cases) Overseas brand (SLEEMAN, Stone, etc.) 675 603 (72) (10.7%) 1,361 1,291 (70) (5.1%) Sapporo brand 236 267 31 13.2% 501 540 39 7.7% North America 912 870 (41) (4.5%) 1,862 1,831 (31) (1.7%) Sapporo brand 253 295 42 16.8% 554 635 81 14.6% APAC and Europe (including Vietnam),etc. 253 295 42 16.8% 554 635 81 14.6% Sapporo brand (total) 489 563 74 15.0% 1,056 1,175 119 11.3% Total 1,165 1,166 1 0.1% 2,417 2,466 49 2.0% Sales: Beer (Japan) *including liquor tax (billions of yen) Jan 1 - Jun 30, 2025 Jan 1 - Jun 30, 2026 YoY Change YoY Change(%) Year ended December 31, 2025 Full-year estimate for fiscal 2026 YoY Change YoY Change(%) Beer 79.2 84.7 5.6 7.0% 182.0 188.2 6.2 3.4% Happoshu (include happoshu (2)) 16.0 13.7 (2.3) (14.5%) 32.9 25.2 (7.7) (23.5%) Subtotal 95.2 98.4 3.2 3.4% 214.9 213.4 (1.5) (0.7%) Rebate subtracted from sales (*2) (5.3) (5.4) (0.1) ー (11.8) ー ー ー Total 89.8 93.0 3.1 3.5% 203.2 ー ー ー *2: Full year estimate for rebate subtracted from sales in not disclosed. Sales: Alcoholic Beverages (Japan) (billions of yen) Domestic wines 0.5 0.5 (0.0) (2.6%) 1.1 1.0 (0.1) (6.3%) Imported wines 2.8 2.9 0.1 4.0% 6.4 6.1 (0.3) (4.6%) 3.3 3.4 0.1 3.0% 7.5 7.1 (0.4) (4.9%) Spirits and Shochu (total) 15.0 14.8 (0.2) (1.1%) 31.5 31.9 0.4 1.3% RTD 15.9 14.9 (1.0) (6.2%) 31.5 34.1 2.6 8.2% Subtotal 34.2 33.1 (1.1) (3.1%) 70.5 73.1 2.6 3.7% Rebate subtracted from sales (*3) (5.1) (5.0) 0.1 ー (10.7) ー ー ー Total 29.1 28.1 (0.9) (3.2%) 59.8 ー ー ー *3: Full year estimate for rebate subtracted from sales in not disclosed. Sales: Food & Beverages (Japan) (*4) (billions of yen) Lemon (Lemon Drinks・Lemon Food) 16.1 16.4 0.4 2.5% 35.5 38.8 3.3 9.2% Drinks (excluding lemon drinks), etc. 18.5 15.3 (3.2) (17.3%) 39.3 33.5 (5.7) (14.6%) *4: Only domestic sales (Before Rebate subtracted from sales) Sales: Overseas Beverages (*5) (millions of SGD) Singapore 65 64 (1) (2.3%) 135 138 3 2.3% Malaysia 13 14 0 1.7% 26 31 5 20.0% International 22 10 (12) (54.3%) 41 43 3 6.6% *5: Before sales deduction, exclude OEM sales YoY Change YoY Change(%) Jan 1 - Jun 30, 2025 Jan 1 - Jun 30, 2026 YoY Change YoY Change(%) Full-year estimate for fiscal 2026 Jan 1 - Jun 30, 2025 Jan 1 - Jun 30, 2026 YoY Change YoY Change(%) YoY Change(%) Jan 1 - Jun 30, 2025 Jan 1 - Jun 30, 2026 YoY Change YoY Change(%) Wine (total) Jan 1 - Jun 30, 2025 Jan 1 - Jun 30, 2026 YoY Change Full-year estimate for fiscal 2026 YoY Change YoY Change(%) Year ended December 31, 2025 Year ended December 31, 2025 Year ended December 31, 2025 Year ended December 31, 2025 YoY Change Full-year estimate for fiscal 2026 YoY Change(%) Full-year estimate for fiscal 2026 YoY Change YoY Change(%) Full-year estimate for fiscal 2026 YoY Change YoY Change(%) Jan 1 - Jun 30, 2025 Jan 1 - Jun 30, 2026 YoY Change YoY Change(%) Year ended December 31, 2025 2. Major Sales and Sales Volume 2
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Consolidated Statements of Income (billions of yen) Domestic Business 176.7 174.5 (2.2) (1.2%) Alcoholic Beverages (Japan) 127.7 130.4 2.6 2.1% Restaurants 10.1 10.3 0.2 2.0% Food & Beverages (Japan) 38.9 33.8 (5.0) (13.0%) Overseas Business 58.6 61.4 2.8 4.8% Alcoholic Beverages (Overseas) 46.3 48.8 2.6 5.5% Overseas Beverages 12.3 12.5 0.3 2.1% Other ー ー ー ー Revenue 235.3 235.9 0.6 0.3% Domestic Business 8.8 11.7 2.8 32.0% Alcoholic Beverages (Japan) 7.8 9.9 2.0 26.2% Restaurants 0.7 0.6 (0.1) (17.1%) Food & Beverages (Japan) 0.3 1.2 0.9 310.6% Overseas Business 0.1 0.2 0.0 21.2% Alcoholic Beverages (Overseas) (0.5) (0.0) 0.5 ー Overseas Beverages 0.6 0.2 (0.4) (70.1%) Other・General corporate and intercompany eliminations (4.0) (5.1) (1.0) ー Core operating profit（*1） 4.9 6.8 1.8 37.2% Other operating income 3.4 5.5 2.1 62.4% Other operating expense 3.1 18.2 15.0 480.4% Operating profit 5.2 (5.9) (11.1) ー Financial income (expense) (2.6) 1.2 3.8 ー Equity in net income of affiliates 0.0 (0.0) (0.0) ー Profit before tax 2.6 (4.7) (7.3) ー Income taxes 2.0 0.2 (1.7) (88.4%) Profit (loss) from continuing operations 0.6 (4.9) (5.5) ー Loss from discontinued operations 1.1 300.4 299.3 ー Profit 1.8 295.5 293.7 ー Profit (loss) attributable to non-controlling interest (0.0) 0.0 0.0 ー Profit attributable to owners of parent 1.8 295.4 293.7 ー （ref.） ＥＢＩＴＤＡ （*2） 13.4 15.4 2.0 15.1% *1: Core operating profit is calculated as Revenue – Cost of sales – SG&A expenses. *2: EBITDA (IFRS)=Core operating profit + Depreciation and amortization (excluding depreciation expense on leased assets which is charged on the rent of restaurants） *3: In fiscal 2025, the Real Estate business has been classified as a discontinued operation. *4: Segment information for the previous fiscal year has been prepared in accordance with the revised reportable segment classification. Consolidated Statements of Cash Flows (billions of yen) Increase (decrease) in cash and cash equivalents (4.5) 54.7 59.2 ー Cash flows from operating activities 10.5 3.4 (7.1) (67.4%) Profit (loss) before tax 2.6 (4.7) (7.3) ー Profit before tax from discontinued operations 1.8 319.0 317.2 ー Depreciation and amortization 11.3 9.2 (2.2) (19.3%) Impairment losses (reversal of impairment losses) 1.6 9.9 8.3 520.5% Gain relating to loss of control over subsidiaries 0.0 (315.0) (315.0) ー Income taxes refund (paid) (7.4) (4.4) 2.9 ー Others 0.5 (10.5) (11.0) ー Cash flows from investing activities (3.6) 113.6 117.2 ー Payments into time deposits (0.1) (155.1) (155.0) ー Proceeds from sales (Purchase) of fixed assets (5.3) 2.8 8.0 ー Proceeds from sales (Purchase) of investment property (2.5) (4.3) (1.9) ー Collection of loans receivable 0.0 94.5 94.5 ー Proceeds from loss of control of subsidiaries ー 183.3 183.3 ー Others 4.3 (7.6) (11.8) ー Free Cash flows 6.9 117.0 110.1 ー Cash flows from financing activities (9.8) (62.5) (52.7) ー Change in financial liabilities (3.9) (53.5) (49.6) ー Others (6.0) (9.0) (3.0) ー Change(%) Six Months ended June 30, 2025 Six Months ended June 30, 2026 Change Change Change(%) Six Months ended June 30, 2025 Six Months ended June 30, 2026 3. Consolidated Results 3
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（１）Domestic Business (billions of yen) Change factor Jan 1 - Jun 30, 2025 Jan 1 - Jun 30, 2026 Change Details Beer-type beverages increase (decrease) in volume 0.0 Product mix, Price revision, Manufacturing cost 2.1 RTD・Wine・Spirits・Shochu, other (0.2) Including Non-alcoholic Advertising and promotion expenses（*1） (0.0) Personnel expenses, Facilities costs ,other (0.0) Domestic subsidiaries,consolidation adjustments, other 0.1 Alcoholic Beverages (Japan) 7.8 9.9 2.0 Restaurants 0.7 0.6 (0.1) Increase (decrease) in volume (0.8) Product mix, Price revision, Manufacturing cost 0.9 Advertising and promotion expenses 0.4 Personnel expenses, Facilities costs ,other 0.6 Domestic subsidiaries and consolidation adjustments, other (0.2) Food & Beverages (Japan) 0.3 1.2 0.9 Segment adjustment 0.0 0.0 (0.0) Domestic Business (Core operating profit) 8.8 11.7 2.8 *1: Advertising and promotion expenses(2025) 12.1 billions of yen （２）Overseas Business (billions of yen) Change factor Jan 1 - Jun 30, 2025 Jan 1 - Jun 30, 2026 Change Details Canada (1.3) U.S. 1.0 APAC and Europe(including Vietnam),etc. 0.7 Alcoholic Beverages (Overseas) (0.5) (0.0) 0.5 Overseas Beverages 0.6 0.2 (0.4) Overseas Business (Core operating profit) 0.1 0.2 0.0 *2: In fiscal 2025, the Real Estate business has been classified as a discontinued operation. *3: Segment information for the previous fiscal year has been prepared in accordance with the revised reportable segment classification. 4. Consolidated Statements of Income : Breakdown of key income Changes 4
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(billions of yen) Domestic Business Overseas Business Corporate and eliminations Consolidated total Revenue Jan 1 - Jun 30, 2026 174.5 61.4 0.0 235.9 Jan 1 - Jun 30, 2025 176.7 58.6 0.0 235.3 Change (2.2) 2.8 (0.0) 0.6 Core operating profit (*1) Jan 1 - Jun 30, 2026 11.7 0.2 (5.1) 6.8 Jan 1 - Jun 30, 2025 8.8 0.1 (4.0) 4.9 Change 2.8 0.0 (1.0) 1.8 Operating profit Jan 1 - Jun 30, 2026 8.1 (8.9) (5.1) (5.9) Jan 1 - Jun 30, 2025 8.3 1.1 (4.1) 5.2 Change (0.2) (10.0) (0.9) (11.1) Depreciation and amortization Jan 1 - Jun 30, 2026 4.7 3.5 0.5 8.6 Jan 1 - Jun 30, 2025 4.6 3.3 0.6 8.5 Change 0.1 0.2 (0.1) 0.2 ＥＢＩＴＤＡ（*2） Jan 1 - Jun 30, 2026 16.4 3.7 (4.6) 15.4 Jan 1 - Jun 30, 2025 13.4 3.4 (3.5) 13.4 Change 3.0 0.2 (1.2) 2.0 Capital expenditures (cash basis)Jan 1 - Jun 30, 2026 5.4 2.2 0.5 8.1 Jan 1 - Jun 30, 2025 4.3 2.3 0.6 7.2 Change 1.1 (0.1) (0.1) 0.9 *1: Core operating profit is calculated as Revenue – Cost of sales – SG&A expenses. *2: EBITDA (IFRS)=Profit from operations before non-recurring items+ Depreciation and amortization (excluding depreciation expense on leased assets which is charged on the rent of restaurants） 5. Segment Information 5
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(billions of yen) Current assets 340.5 376.1 35.6 Cash and cash equivalents 22.4 77.1 54.7 Trade and other receivables 94.5 77.9 (16.6) Inventories 45.7 46.2 0.5 Assets held for sale (*1) 168.6 2.2 (166.4) Other 9.3 172.6 163.3 Non-current assets 313.2 494.4 181.2 Fixed assets 150.8 149.5 (1.3) Investment property 82.6 72.0 (10.7) Goodwill 22.5 22.1 (0.4) Other 57.3 250.8 193.5 Total assets 653.7 870.5 216.8 Current liabilities 217.8 148.1 (69.7) Trade and other payables 36.4 33.5 (2.9) Short-term financial liabilities 51.4 28.5 (22.9) Liabilities directly associated with assets held for sale (*1) 29 1.7 (27.4) Other 100.8 84.4 (16.4) Non-current liabilities 215.8 208.2 (7.6) Long-term financial liabilities 119.2 86.1 (33.1) Retirement benefit liability 2.6 2.3 (0.3) Other 94.0 119.7 25.8 Total liabilities 433.6 356.3 (77.3) Equity attributable to owners of parent 218.9 512.9 294.1 Equity attributable to 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 *1: Among the assets of the Real Estate business, except for certain assets and liabilities that remain within the Group, such assets and liabilities were classified as assets held for sale and liabilities directly associated with assets held for sale. Details Year ended December 31, 2025 Six Months ended June 30, 2026 Change 6. Condensed Consolidated Balance Sheets 6
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Consolidated Statements of Income (billions of yen) Domestic Business 383.9 381.5 (2.4) (0.6%) Alcoholic Beverages (Japan) 281.5 284.0 2.5 0.9% Restaurants 21.5 22.0 0.5 2.4% Food & Beverages (Japan) 80.9 75.5 (5.4) (6.7%) Overseas Business 122.9 123.5 0.6 0.5% Alcoholic Beverages (Overseas) 97.2 97.0 (0.2) (0.2%) Overseas Beverages 25.7 26.5 0.8 3.0% Other ー ー ー ー Revenue 506.9 505.0 (1.8) (0.4%) Domestic Business 30.5 30.1 (0.4) (1.4%) Alcoholic Beverages (Japan) 25.4 25.0 (0.4) (1.7%) Restaurants 2.0 2.0 (0.0) (1.9%) Food & Beverages (Japan) 3.0 3.1 0.1 1.7% Overseas Business 2.2 3.4 1.2 51.9% Alcoholic Beverages (Overseas) 1.1 2.0 0.9 88.1% Overseas Beverages 1.2 1.4 0.2 19.2% Other ・General corporate and intercompany eliminations (7.8) (11.5) (3.7) ー Core operating profit (*1) 25.0 22.0 (3.0) (12.0%) Other operating income (expense) (0.6) (16.0) (15.4) ー Operating profit 24.4 6.0 (18.4) (75.4%) Financial income (expense) (1.7) 5.1 6.9 ー Equity in net income (loss) of affiliates 0.0 0.0 0.0 4.3% Profit before tax 22.7 11.2 (11.5) (50.9%) Income taxes 7.6 5.1 (2.5) (32.8%) Profit from continuing operations 15.1 6.0 (9.1) (60.0%) Profit from discontinued operations 4.4 290.0 285.6 ー Profit (loss) 19.5 296.0 276.5 ー Profit (loss) attributable to non-controlling interest 0.0 0.0 0.0 3.2% Profit (loss) attributable to owners of parent 19.5 296.0 276.5 ー （ref.） ＥＢＩＴＤＡ （*2） 42.0 38.6 (3.3) (8.0%) *1: Core operating profit is calculated as Revenue – Cost of sales – SG&A expenses. *2: EBITDA=Core operating profit + Depreciation and amortization (excluding depreciation expense on leased assets which is charged on the rent of restaurants） *3: In FY2025, the Real Estate segment has been classified as a discontinued operation. In FY2025 and the FY2026 forecast, amounts for continuing operations, excluding amounts related to discontinued operations, are presented for the relevant line items. Profit for the year and profit attributable to owners of the parent are presented as the aggregate of continuing operations and discontinued operations. *4: Effective from FY2026, the reportable segments will be changed to “Domestic Business” and “Overseas Business.” In addition, the export business (APAC and Europe) of Sapporo Breweries Ltd., which had previously been included in the “Alcoholic Beverages” segment, will be included in the “Overseas Business” segment. Accordingly, for year-on-year comparisons, prior-year figures have been reclassified to conform to the revised segment classification. Condensed Consolidated Statements of Cash Flows (billions of yen) Cash flows from operating activities 44.6 28.2 (16.4) (36.8%) Cash flows from investing activities (3.0) 275.4 278.4 ー Free Cash flows 41.6 303.6 262.0 629.5% Change(%) Year ended December 31, 2025 Year ending December 31, 2026 (Forecast) Change Change(%) Year ended December 31, 2025 Year ending December 31, 2026 (Forecast) Change 7. Consolidated Business Results estimate (Year ending December 31, 2026) 7
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（１）Domestic Business (billions of yen) Change factor Year ended December 31, 2025 Year ending December 31, 2026 (Forecast) Change Details Beer-type beverages increase (decrease) in volume (1.1) Product mix, Price revision, Manufacturing cost 2.4 RTD・Wine・Spirits・Shochu, other 1.0 Including Non-alcoholic Advertising and promotion expenses (1.9) Personnel expenses, Facilities costs ,other (0.7) Domestic subsidiaries and consolidation adjustments, other (0.1) Alcoholic Beverages (Japan) 25.4 25.0 (0.4) Restaurants 2.0 2.0 (0.0) Increase (decrease) in volume (1.2) Product mix, Price revision, Manufacturing cost 0.7 Advertising and promotion expenses 0.6 Personnel expenses, Facilities costs ,other 0.6 Domestic subsidiaries and consolidation adjustments, other (0.6) Food & Beverages (Japan) 3.0 3.1 0.1 Segment adjustment 0.0 0.0 0.0 Domestic Business(Core operating profit) 30.5 30.1 (0.4) （２）Overseas Business (billions of yen) Change factor Year ended December 31, 2025 Year ending December 31, 2026 (Forecast) Change Details North America 1.2 Other areas and consolidation adjustments, other (0.3) Alcoholic Beverages (Overseas) 1.1 2.0 0.9 Overseas Beverages 1.2 1.4 0.2 Overseas Business(Core operating profit) 2.2 3.4 1.2 *1: Effective from FY2026, the reportable segments have been changed to “Domestic Business” and “Overseas Business.” In addition, the export business (APAC and Europe) of Sapporo Breweries Ltd., which had previously been included in the “Alcoholic Beverages segment, is included in the “Overseas Business” segment. Accordingly, for year-on-year comparisons, prior-year figures have been reclassified to conform to the revised segment classification. *2: In FY2025, 30% of the trust beneficiary rights for Yebisu Garden Place, GINZA PLACE, and a portion of Sapporo Garden Park included in the Real Estate Business were transferred from the Real Estate Business to the Alcoholic Beverages Business. The impact on profit or loss resulting from these transfers is included in “Domestic subsidiaries and consolidation adjustments, other” within “Domestic alcoholic beverages” in (1) Domestic Business. *3: In FY2025, the Real Estate Business has been classified as a discontinued operation and excluded from the reportable segments. The table above presents amounts for continuing operations, excluding amounts related to discontinued operations. 8.Consolidated Statement of Income: Breakdown of Key Changes Forecast ( Year ending December 31, 2026) 8
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(billions of yen) Domestic Business Overseas Business Corporate and eliminations Consolidated total Revenue Year ending December 31, 2026 (Forecast) 381.5 123.5 ー 505.0 Year ended December 31, 2025 383.9 122.9 ー 506.9 Change (2.4) 0.6 ー (1.8) Core operating profit (*1)Year ending December 31, 2026 (Forecast) 30.1 3.4 (11.5) 22.0 Year ended December 31, 2025 30.5 2.2 (7.8) 25.0 Change (0.4) 1.2 (3.7) (3.0) Operating profit Year ending December 31, 2026 (Forecast) 25.1 (5.8) (13.2) 6.0 Year ended December 31, 2025 29.2 3.0 (7.8) 24.4 Change (4.2) (8.8) (5.5) (18.4) Depreciation and amortizationYear ending December 31, 2026 (Forecast) 8.8 6.7 1.2 16.6 Year ended December 31, 2025 9.1 6.8 1.1 16.9 Change (0.3) (0.1) 0.1 (0.3) ＥＢＩＴＤＡ（*2） Year ending December 31, 2026 (Forecast) 38.9 10.1 (10.3) 38.6 Year ended December 31, 2025 39.6 9.0 (6.7) 42.0 Change (0.7) 1.0 (3.6) (3.3) Capital expenditures (cash basis)Year ending December 31, 2026 (Forecast) 12.1 4.6 2.4 19.1 Year ended December 31, 2025 7.2 5.2 0.9 13.2 Change 4.9 (0.6) 1.5 5.9 *1: Core operating profit is calculated as Revenue – Cost of sales – SG&A expenses. *2: EBITDA (IFRS)=Core operating profit + Depreciation and amortization (excluding depreciation expense on leased assets which is charged on the rent of restaurants） *3: Effective from FY2026, the reportable segments have been changed to “Domestic Business” and “Overseas Business.” In addition, the export business (APAC and Europe) of Sapporo Breweries Ltd., which had previously been included in the “Alcoholic Beverages ” segment, is included in the “Overseas Business”. Accordingly, for year-on-year comparisons, prior-year figures have been reclassified to conform to the revised segment classification. *4: The table above presents amounts for continuing operations, excluding discontinued operations. *5: U.S. restructuring-related expenses and other items that were included in Corporate in the previously announced earnings forecast have been reclassified to the Overseas Business segment. 9. Consolidated Segment Information Forecasts (Year ending December 31, 2026) 9