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Orion First Quarter of Fiscal Year Ending March 31 , 2027 Financial Results Briefing Orion Breweries , Ltd. August 10 , 2026 The Group's performance forecasts contained in this document are based on judgments and assumptions made at the time of preparation using available information . Actual results may differ due to various factors . Please note that certain figures for prior periods presented in this document are non - public figures from the period before the Group became publicly listed and are provided for reference only .
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■Progressing steadily against full-year plan; outlook unchanged for both 1H and 2H. ・Net sales progress: 23.1% ・Operating profit progress: 21.9% ・EBITDA progress: 22.8% FY2026 Q1 Results Summary Q1 FY2027 Performance Summary Fiscal year ending March 31, 2027 Q1 Results Fiscal year ending March 31, 2027 Full-year Plan Progress Strategic investments etc. ■Concentrated our strategic investments in the 1H, leading to higher revenues and lower profits YOY, yet performance exceeded the plan. ・Net sales: ¥7.18 billion (102% YoY, 100% vs. plan) ・Operating profit: ¥0.95 billion (89% YoY, 126% vs. plan) ・EBITDA: ¥1.35 billion (91% YoY, 117% vs. plan) ■Alcoholic & Beverages Business: ・Enhancement of the brand communication of Orion The Draft ・Investment of £100 million in UK-based Sunrise Beverages Ltd. ・”Chiikawa” collaboration and new products ・Converting happoshu (low-malt beer) to beer ■Tourism & Hotel Business: ・Opening of Official Store Nago ・Hotel main dining renovation ・Publication of book "Why Orion Beer Continues to Be Loved" 1
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FY2027 Q1 Financial Results Summary
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FY2026 Q1 Results Summary Q1 Financial Results Summary 3 ⚫ Sales in both segments continued to increase year on year. (excluding the drop-off of Orion Hotel Naha). Despite typhoon impact, overall plan was maintained. ⚫ Operating profit decline from the previous year is due to strategic investments being concentrated in 1H as planned. ⚫ Outlook for both 1H and 2H maintained from the beginning of the year, preparing for the impact of liquor tax revision from October onward. Notes 1 : EBITDA = Operating profit + Depreciation + Goodwill amortization + Stock-based compensation A B B/A C D A/D (millions of yen） FY27/3 1Q FY26/3 1Q FY27/3 1Q Progress (%) FY27/3 1Q vs Plan (%) Full year plan FY27/3 Full year progress （％） Net sales 7,189 7,045 102% 100% 31,119 23% Alcoholc & Beverages Business 6,027 5,739 105% 99% 25,700 23% Tourism & Hotel Business 1,162 1,306 89% 108% 5,419 21% [Reference] Net sales (excluding liquor tax) 5,873 5,795 101% 100% 25,253 23% Operating profit 953 1,076 89% 126% 4,352 22% Alcoholc & Beverages Business 921 1,033 89% 114% 3,639 25% Tourism & Hotel Business 34 45 76% - 722 5% Ordinary profit 967 1,084 89% 128% 4,185 23% Net profit attributble to owners of parent 653 1,488 44% 130% 2,932 22% Net income per share (yen) 15 36 42% 136% 72 22% EBITDA 1,358 1,493 91% 117% 5,948 23% Alcoholc & Beverages Business 1,118 1,227 91% 111% 4,427 25% Tourism & Hotel Business 240 265 91% 156% 1,521 16%
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4,489 4,711 1,227 1,118 27.3% 23.7% FY26/3 Q1 FY27/3 Q1 5,795 5,873 1,493 1,358 25.8% 23.1% FY26/3 Q1 FY27/3 Q1 1,306 1,162 265 240 20.3% 20.7% 2026年3月期1Q 2027年3月期1Q ⚫ Consolidated sale growth continued. EBITDA decline was due to the timing of strategic investments in Q1, as expected. ⚫ Alcoholic & Beverages Business: Performed steadily, absorbing typhoon impact. Licensing business contributed strongly. Strategic investments for the core product refresh were concentrated in Q1. ⚫ Tourism & Hotel Business: Steady growth driven by RevPAR increase (excluding Naha impact). Renovation -related expenses were recorded in Q1. Alcoholic & Beverages Business Net Sales (excluding liquor tax) and EBITDANet Sales (excluding liquor tax) and EBITDA Tourism & Hotel Business Net Sales and EBITDA (Millions of yen) (Millions of yen) (Millions of yen) Orion Hotel Motobu RevPAR ¥23,289 ¥25,853 FY2026 Q1 Results Summary Q1 Net Sales and EBITDA by Segment 4 売上高（酒税抜き） EBITDA EBITDAマージン Naha Hotel Sales dropped by ¥282 million YoY -9.0% YoY +1.3% YoY +4.9% YoY -8.9% YoY -11.0% YoY -9.4%
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3,491 1,349 662 67 169 3,745 1,431 586 73 269 3,691 1,420 490 171 256 Within Okinawa Outside Okinawa (Including EC) Overseas Licensing Other FY25/3 Q1 Actual FY26/3 Q1 Plan FY26/3 Q1 Actual Net Sales by Region (Alcoholic & Beverages Business) (Millions of yen) FY2026 Q1 Results Summary Q1 Net Sales by Region 5 ⚫ Okinawa fair promotional activities, licensing operations, shop sales, and moromi vinegar made significant contributions, boosting sales across nearly all channels. Temporary overseas impact was overcome along with rebound from previous year's price revision. ⚫ Expansion of licensing business covered typhoon impact, maintaining segment plan. YoY vs. Plan +5.7% -1.4% +5.3% -0.8% -26.0% -16.4% +154.4% +134.9% +51.2% -4.8% Collaboration products expanded Shop sales and moromi vinegar performed strongly Okinawa fair promotional activities performed strongly Typhoon impact The timing of revenue recognition spanned across quarters. Rebound increase following previous year's price revision Temporary inventory adjustment
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FY2026 Q1 Results Summary Q1 EBITDA Variance Analysis vs. Plan 6 Increase vs. plan Decrease vs. plan(Millions of yen) EBITDA: vs. Plan EBITDA margin (excluding liquor tax) 23.1% EBITDA margin (excluding liquor tax) 19.9% ⚫ In the Alcoholic & Beverages Business, strong performance of the high-margin licensing business, reduction in manufacturing costs, and deferral of expenses to subsequent quarters contributed to exceeding the plan ⚫ In the Tourism & Hotel Business as well, strong Motobu sales and expense deferral offset Hotel Naha's drop-off 1,163 109 85 1 1,358 EBITDA計画 (FY26年1Q) 酒類清涼飲料 EBITDA 観光・ホテル EBITDA（那覇除く） その他 EBITDA実績 (FY26年1Q) FY27/3 1Q EBITDA Plan A & B Business EBITDA T & H Business EBITDA (excluding Naha) Others FY27/3 1Q EBITDA Actual
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Strategic investment etc.
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Strategic Investment etc. Strategic Investment - Alcoholic & Beverages Business 8 ⚫ Pursuing market share expansion and increased sales by enhancing our core products and brand strength. Strengthening brand communication for The Draft Promoting "OUR HAPPY HOUR" with a new design. Foster empathy for the brand in conjunction with TV commercials. In-store Stimulating purchases through in-store appeals and sales promotions Mass media Maximizing penetration and reach of “Friend Time” Daily life Strengthen contact at every point in daily life. Experience Promoting empathy for and understanding of "Friend Time." Pursuing further enhancement of brand value through comprehensive 360- degree communication including in-store, centered on "Friend Time" communication. ⚫ Airport advertising ⚫ Monorail ⚫ Increased other advertising exposure ⚫ In-store Enhanced appeal ⚫ Pre-party promotions and other experiential events ⚫ Strengthened TV commercial deployment
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Strategic Investment etc. Strategic Investment - THE DRAFT TV Commercial 9
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Strategic Investment etc. Strategic Investment - Alcoholic & Beverages Business 10 ⚫ Promoting global expansion through strategic investment in a UK company ⚫ Expanding sales opportunities through the acquisition of new customers via collaborations with popular IPs and by expanding the lineup in growth categories. ⚫ Converting happoshu to beer in anticipation of liquor tax revision First Overseas Investment: UK-based Sunrise Beverages Ltd. Invested £1 million in UK-based Sunrise. Expanding into the European market with a local brewery as the base Reaching new fan segments through collaboration with Chikawa Enhancing product line-up Expanding brand touchpoints through collaboration with popular IP. Also launched 7 new beer and RTD products in growth markets Converting happoshu to beer Converting happoshu "Mugi Shokunin" and "Southern Star" to beer (From October)
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Strategic Investments, etc. Strategic Investment - Tourism & Hotel Business & Other 11 ⚫ Enhancing customer experience through opening of new Official Store in Nago and renovation of hotel main dining ⚫ Communicating regional brand value nationwide and overseas through publication of "Why Orion Beer Continues to Be Loved" Official Store Nago Opening Opened in May 2026, creating a new tourism route in Nago. Expanding direct sales and fan touchpoints with limited products and merchandise The Orion Brasserie & Table Renewal Renewed the main dining of Orion Hotel Motobu. Offering cuisine where local ingredients meet diverse food cultures Brand story published as a book Published in July 2026, authored by President Hajime Murano. A book delving into the behind-the-scenes of the IPO and the essence of the Orion brand, summarizing the commitment and initiatives to connect to the future. (Japanese only)
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Appendix
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FY2026 Q1 Results Summary (Reference) Q1 EBITDA Variance Analysis 13 YoY increase YoY decrease (Millions of yen) EBITDA: YoY -20 -129 +1 1,493 +13 1,358 EBITDA (FY25年1Q) 酒類清涼飲料 EBITDA 観光・ホテル EBITDA 戦略的投資 その他 EBITDA (FY26年1Q) EBITDA margin (Excluding liquor tax) 23.1% EBITDA margin (Excluding liquor tax) 25.8% FY26/3 1Q EBITDA A & B Business EBITDA T & H Business EBITDA Others FY27/3 1Q EBITDA Strategic investments
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FY2027 Full-year Outlook (Materials as of May 14, 2026 reprinted)
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FY2026 Full-year Forecast FY20２６ Full-year Plan 15Note 1: EBITDA=operating profit + depreciation expense + goodwill amortization expense ⚫ Improved profitability by simultaneously addressing external factors (taxation and market changes) and, through investment, enhancing our value proposition and expanding sales channels. ⚫ Alcoholic & Beverages Business: Despite increased burdens from liquor tax revision and the abolition of the Special Measures Act, we aim to secure profits at the same level as the previous year by boosting sales through expense reduction and optimization, strengthening sales capabilities within Okinawa Prefecture, expanding sales channels outside the prefecture and overseas, and pursuing licensing opportunities. ⚫ Tourism & Hotel Business: Enhancing RevPAR through strengthened revenue management and proactive value-enhancement investments, leading to revenue and profit growth. A FY27/3 B FY26/3 A/B YoY change(%) FY27/3 1H FY27/3 2H Net sales 31,119 29,713 104.7% 16,001 15,118 Alcoholic & Beverages Business 25,700 23,921 107.4% 13,092 12,607 Tourism & Hotel Business 5,419 5,791 93.6% 2,908 2,510 Operating profit 4,352 4,314 100.9% 2,392 1,959 Alcoholic & Beverages Business 3,639 3,634 100.1% 1,890 1,749 Tourism & Hotel Business 722 690 104.7% 507 215 Ordinary profit 4,185 4,118 101.6% 2,352 1,833 Net proft attributable to owners of parent 2,932 3,641 80.5% 1,605 1,326 EBITDA 5,948 5,876 101.2% 3,190 2,758 Alcoholic & Beverages Business 4,427 4,409 100.4% 2,285 2,141 Tourism & Hotel Business 1,521 1,466 103.7% 904 616 Total Return Amount 2,021 1,830 110.4% Cash Dividends Per Share (Yen) 34 44 77.3%
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5,791 5,419 1,466 1,521 25.3% 28.1% FY26/3 FY27/3 24,277 25,253 5,876 5,948 24.2% 23.6% FY26/3 FY27/3 18,486 19,834 4,409 4,427 23.9% 22.3% FY26/3 FY27/3 ⚫ Alcoholic & Beverages Business: While factoring in the increased burden from liquor tax revision and abolition of the Special Measures Act, we will increase sales through expense optimization and sales channel expansion to secure the same level of profit as the previous year. ⚫ Tourism Hotel Business: Raising RevPAR through renewal, renovation, and enhanced activities, achieving growth in both revenues and profits. Alcoholic & Beverages Business Net Sales (excluding liquor tax) and EBITDANet Sales (excluding liquor tax) and EBITDA Tourism & Hotel Business Net Sales and EBITDA (Millions of yen) (Millions of yen) (Millions of yen) ¥31,936 ¥32,747 FY2026 Full-year Forecast Full-year Net Sales and EBITDA Plan by Segment 16 +4.0% YOY +1.2% YOY +7.3% YOY +0.4% YOY -6.4% YOY Orion Hotel Motobu RevPAR +3.7% YOYNaha Hotel sales of ¥６０１ million drop-off
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+18 +113 -585,876 5,948 EBITDA FY26/3 A&B EBITDA T&H EBITDA Naha hotel EBITDA EBITDA FY27/3 FY2026 Full-year Forecast Full-year EBITDA Variance Analysis 17 YOY increase YOY decrease (Millions of yen) ⚫ Alcoholic & Beverages Business: While the repeal of the Special Measures Law will reduce EBITDA, we aim to offset and exceed this impact by maintaining market competitiveness in Okinawa Prefecture, boosting sales in domestic and overseas markets, shifting to higher-margin beer products, reducing costs, and optimizing expenses. ⚫ Tourism & Hotel Business: Despite the impact of Hotel Naha's closure last year, the increase was primarily driven by a rise in RevPAR. 24.2% EBITDA margin (excl. liquor tax) 23.6% EBITDA margin (excl. liquor tax) -443 Impact of the abolition of the Special Measures Act
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• In July, Clear Free will launch a collaboration package with a famous IP. In September, package renewal and TV commercial broadcast FY2026 Full-year Forecast Initiatives for liquor tax revision and abolition of the Special Measures Act 18 ⚫ In anticipation of the liquor tax revision and abolition of the Special Measures Act in October 2026, we are optimizing our product portfolio and increasing the beer sales composition ratio within beer-type beverages to address evolving customer needs. ⚫ FY2026 2H expects dramatic growth with beer Net sales in Okinawa Prefecture (liquid volume basis) at 138% year- on-year and The Draft at 118%. ⚫ After the revision, continuous launch of new products in high market growth categories of beer, RTD, and non- alcoholic, and capital investment to improve profitability. FY2026 2H onwardFY2025 Beer- type bever ages RTD and Non- alcoh olic • Launch of The Premium and The Dark • Concentrating advertising expenses on beer Increasing beer composition ratio within beer-type beverages, optimizing for liquor tax revision FY2026 1H • The Draft will renew its package and launch TV commercial in June • 75 Beer will renew its package in July and intermittently launch limited edition products. • Mugi Shokunin and Southern Star are preparing a major package renewal in October, including changing the contents to beer. Portfolio review for liquor tax revision and abolition of the Special Measures Act Maximize earnings in growth categories • Package and content renewal for WATTA and natura • Launch 4 SKUs of Shima Chu Expanding products other than beer-type beverages • Clear Free: Manufacturing equipment investment and shift from contract manufacturing to in-house production • Launch of Shima Chu extension products • Launch of new brand RTD non- alcoholic products FY2020 Beer: Happoshu group 39%:61% FY2026 1H Beer: Happoshu group 61%:39% FY2026 2H Beer: Happoshu group 81%:19% Note 1: Beer-type beverages sales composition ratio is calculated from our beer-type beverages sales volume in Okinawa Prefecture Note 2: FY2026 2H beer-type beverages sales composition ratio is calculated from figures assuming Mugi Shokunin and Southern Star are converted to beer
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FY2026 1Q Financial Results Summary Balance Sheet 19 Balance Sheet (millions of yen) 30-Jun-26 31-Mar-26 Changes Total assets 43,172 44,089 ▲917 Total net assets 17,726 18,484 ▲758 Total liabilities 25,447 25,605 ▲158 Net balance of interst-bearing debt 8,068 5,855 +2,213 Net D/E ratio (times) 0.46 0.32 +0.14 Net Debt/EBITDA(times) 5.94 1.12 +4.82 Equity ratio 41.0% 41.9% -0.9%
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Mid-Term Management Plan FY2026-2029 (Materials as of May 14, 2026 reprinted)
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Mid-Term Management Plan Overview of New Mid-Term Management Plan 21 ⚫ Based on the steady progress of the FY25 plan, a new Mid-Term Management Plan has been formulated (FY26-FY29). ⚫ Overcoming the liquor tax revision and abolition of the Special Measures Act in October, adding investment in new growth drivers to accelerate growth. Strengthening the "Flywheel Growth with Okinawa" business model and accelerating growth Notes 1: Net sales for net sales CAGR and EBITDA margin are net sales excluding liquor tax. Revenue CAGR is calculated from FY24 to FY29. Notes 2: FY25 ROE is calculated as income before income taxes excluding real estate sale gains × (1 - expected tax rate 30%) ÷ average shareholders' equity at beginning and end of period Net sales CAGR ROEEBITDA margin (FY25 actual 4.0%) New Mid-Term Management Plan (FY26-29) New Mid-Term Management Plan Targets at IPO New Mid-Term Management Plan Targets at IPO New Mid-Term Management Plan Targets at IPO (FY25 actual 24.2%) (FY25 actual 15.1%) 1. Accelerating growth in existing businesses ◼ Alcoholic & Beverages Business ⚫Strengthening core brands and expanding growth categories ⚫Promoting channel-specific strategies ◼ Tourism & Hotel Business ⚫Proactive value-up investment ⚫Construction of new annex buildings 2. Establishing new growth drivers 3. Capital Allocation ◼ Converting Okinawa value into revenue growth ◼ Pursuing the optimal balance between growth investment and shareholder returns 16.0％ 25.1％ 5.9％ 5.0％ 15.0％ 24.0 ％ Lovedbytourists D evelop thebrand of O rion,alongsideOkinawa Enhancebrand experienceinOkinaw a Lovedbylocals
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... 5.0% CAGR (FY19-25) Accelerating growth in existing businesses Accelerating growth of the Alcoholic & Beverages Business 22 ⚫ Within Okinawa, we will ensure stable growth even after the liquor tax revision and abolition of the Special Measures Act. ⚫ We will accelerate growth across the entire Alcoholic & Beverages Business by adding growth from new businesses to outside Okinawa, overseas, and licensing business. Orion Beer Alcoholic & Beverages Business: Net Sales by Area New Mid-Term Management Plan 6.8% CAGR (FY25-29) 7.3% License 13.8% Overseas 8.6% Outside the prefecture 4.0% Within Okinawa CAGR (FY25-29)
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Accelerating growth in existing businesses Consolidated EBITDA Variance Analysis 23 YOY increase YOY decrease(Millions of yen) ⚫ In the Alcoholic & Beverages Business, growth outside the prefecture and overseas will mitigate the impact within the prefecture from the abolition of the Special Measures Act, with additional gains expected from new business initiatives. ⚫ In the Tourism & Hotel Business as well, in addition to increased RevPAR through advanced revenue management and variable cost control, we expect increased profits through cost reduction via operational efficiency. EBITDA Variance Factors During the New Mid-Term Management Plan Period Approximately - 925 24.3% EBITDA margin (excl. liquor tax) 25.0% EBITDA margin (excl. liquor tax)Impact of the abolition of the Special Measures Act
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24 Accelerating growth in existing businesses Strengthening core brands and expanding growth categories Renewal planned NEW Non Alc. Beer NEW Non Alc. RTD New product launch planned *Before application of revenue recognition standards ⚫ Accelerate growth of the Alcoholic & Beverages Business through a growth strategy focusing on the core brand concentration, Okinawa uniqueness, and expansion of growth categories. Overwhelming strengthening of core brands ◼ Concentrate resources on Orion The Draft • Maintain the position as the most beloved beer brand among Okinawa residents • Penetration of the new brand message "Drink, Laugh, and Tomorrow's Another Day." • Through the proposal of “Our Happy Hour" Enhancing brand experience value ◼ Expanding distribution through optimized brand positioning • Enhancing brand value that embodies "Okinawa-ness" • Creating new demand by expanding the Okinawa fan base • Promote distribution expansion and perception change Expanding RTD and non-alcoholic categories ◼ Promote RTD strategy leveraging Okinawa's unique value • Develop "Shima Chu" into a core brand for Okinawans • Stimulating demand through flavor extensions • Strengthen the platform to capture users leaving low-malt beer after the liquor tax revision • Strengthen WATTA and Natura’s expansion strategy for tourists • Promote sales strategy focused on tourism channels • Enhance product deployment for major chains ◼ Strengthening non-alcoholic category • Improving recall and trial through renewal of existing SKUs • Expanding category sales through release of new products • Improving profitability through in-house production of non-alcoholic beer
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COVID-19 period ⚫ Leveraging strong sales capabilities and efficient production and logistics systems based on in-prefecture factories, we will minimize the impact of the abolition of the Special Measures Act and achieve steady growth through market share expansion. ⚫ Implementing optimization of product portfolio in response to the liquor tax revision. CAGR (FY19-25) 0.6% 25 Accelerating growth in existing businesses Stable growth within Okinawa with a solid business foundation In-Okinawa Net sales (Millions of yen) Action Plan: Off-premise in Okinawa CAGR (FY25-29) 4.0% ... ◼ Expanding promotions for The Draft and Shima Chu ◼ Strengthening sales structure for discount stores and drugstores ◼ Acquiring shelf space through SKU expansion of non-alcoholic products Action Plan: On-premise in Okinawa ◼ Strengthening support systems for restaurants and bars through collaboration with partner companies ◼ Responding to diversifying preferences through expanding the comprehensive alcoholic beverage lineup. ◼ Strengthening collaboration with various related organizations (hospitality associations, restaurant associations, etc.) ◼ Improving drinking quality through equipment management and mug washing guidance
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COVID-19 period 26 Accelerating growth in existing businesses Orion brand expanding outside the prefecture ⚫ Actively deploy mechanisms to evoke memories of Okinawa and Orion, expanding the base beyond Okinawa fans and consumers. ⚫ In e-commerce, we will promote expansion of subscription service users through an expanded lineup of collaboration products. Net Sales Outside Okinawa (Including E-commerce) (Millions of yen) CAGR (FY19-25) 14.4% Evoking Okinawa and Orion, Expanding distribution nationwide ◼ On-premise channel • Expanding The Draft’s footprint in convenience stores. Maintain the core RTD lineup and strengthening listing acquisition efforts. • Increase frequency of limited edition product launches • Focus efforts on target supermarket chains ◼ Off-premise channel • Develop new territories (beyond Okinawan restaurants) • Collaborate with Tabelog on a distribution expansion campaign in specific areas • Strengthen outreach to beaches, resort areas, and hotels CAGR (FY25-29) 8.6% ... Continuing successful collaboration merchandise ◼ Own EC Expansion: Broaden product lineup (Orion goods, Okinawa gourmet & food, official EC-exclusive large-scale collaborations) to attract diverse demographics and enhance brand awareness. ◼ Alcohol Subscription Service: Promote subscriber growth from approx. 6,000 (as of March 2026) to a target of approx. 7,800 by FY29.
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Accelerating growth in existing businesses Accelerating growth as a premium brand from Okinawa 27 ⚫ We will develop brand strategies tailored to market characteristics to promote penetration of the "Orion≒Okinawa" brand value. ⚫ Accelerate growth of overseas business through strengthened marketing in the United States. Overseas Net Sales (Millions of yen)Strategy in Focus Regions Promoting the "Orion = Okinawa" brand image in regions with high Okinawa brand recognition, through strategies consistent with domestic and local markets.image Evoking "nostalgic Orion" among approximately 10 million people who have been stationed with the U.S. military in Okinawa Japan Premium Resort Developing as a beer 489 2,474 4,194 CAGR (FY25-29) 13.8% ◼Taiwan • Improving awareness through expanded b rand touchpoints • Expanding touchpoints through beer festivals, etc. • Strengthening on-premise channels Creating nighttime drinking opportunities ◼ Korea • As a premium Okinawa brand Establishing a position • Promoting brand penetration of "The Draft" • Expanding product lineup including RTD ◼United States • Market expansion leveraging Okinawa experience value • Developing with Hawaii and Southern California as priority areas • Expanding sales channels in non-Asian retail channels ◼ Australia • Expanding recognition as a Japanese brand through collaboration with the two major local retailers • Expanding retail, hotel, and restaurant channels • Expanding sales channels in non-Asian retail channels CAGR (FY19-25) 31.3%
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Accelerating growth in existing businesses Accelerating overseas growth with an asset-light model 28 ⚫ Leveraging the unique brand value of "Chill Side of Japan" through a license manufacturing model Promote expansion into the UK and Europe. ⚫ Building on success in the UK, we will accelerate asset-light global expansion through the license manufacturing model. Central and South America North America ◼ Realizing asset-light global expansion • Optimizing logistics costs through local production • Area expansion while controlling transportation constraints • Highly capital-efficient overseas growth model • Promoting horizontal expansion to each region Advantages of the license manufacturing model ◼ Breakthrough in the UK • Launched UK licensing manufacturing business from FY25 • Local partner: Sunrise* (UK) • Deployed in approximately 50 pubs near London, with sales performing well ◼ Building foundation for European market expansion • Investment one million pounds in Sunrise (UK) • Strengthening supply system through capital investment support • Promoting expansion across the entire European market Strengthening strategic partnerships Expansion of licensed manufacturing models to North America and Latin America, in addition to Europe. *Sunrise Alliance Beverage Ltd.* The results for FY25 are shown for the period from January 2025 to March 2026.
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COVID-19 period Overview of Brand Licensing Business License Net Sales (Millions of yen) and Licensee Count ◼ Providing licensees with the right to use the Orion logo and product packaging (license agreements with approx. 60 companies, offering 1,500-2,000 products1) Note 1: As of March 2026 Accelerating growth in existing businesses High-Growth, High-Profitability, High-Efficiency IP Business 29 ⚫ Steady growth in licensee and item counts, expanding the market size for Orion merchandise. ⚫ Enhanced recognition as a lifestyle brand through active collaboration product launches and out-of- prefecture pop-up stores. Expansion as a lifestyle brand CAGR (FY19-25) 37.4% * *FY25 reflects a 13-month period due to accounting reasons. 12-month equivalent: ¥348 million. ◼ Strengthening sales of on-trend fashion items in specialized retail channels, moving beyond existing souvenir and mass retailers. ◼ Expanding lifestyle brand recognition outside Okinawa through major apparel collaborations, and aiming to expand the mass-market product lineup by leveraging the brand halo effect. CAGR (FY25-29) 7.3%
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COVID-19 period Offering breathtaking views and enhanced services A one-of-a-kind "high-end" hotel ◼ Overlooking the spectacular views of Ie Island, all rooms feature ocean views with balconies, A resort hotel with 238 guest rooms of over 50㎡ ◼ Excellent access to Churaumi Aquarium and JUNGLIA ◼ JUNGLIA Official Partner Hotel, of the Kintetsu Group Member of the Miyako Hotel chain Orion Hotel Motobu Net Sales (Millions of yen) Trends Accelerating growth in existing businesses Tourism & Hotel Business deepening Okinawa experience value 30 ⚫ Planning new annex construction, in addition to proactive value-add investments. Actively implementing value-up investments Construction of a new annex building ◼ Revenue expansion through enhanced stay value • long-term stay and high-unit-price demand capturing • Expanding maisonette and cottage-type guest rooms "Enjoy stays across three generations“ • Reinforcing the experience-based resort ◼ Enhancing food and beverage outlets • Main dining area renovation reopening (May 1st) • Restaurant and garden area renovation (FY26) ◼ Enhancing stay value through expanded activities • Expansion of outdoor pool • Promoting human capital investment to enhance hospitality • Appointing okami (proprietress) and quality assurance personnel • Overseas study tours • Construction of new employee dormitory CAGR (FY25-29) 4.3% CAGR (FY19-25) 6.2%
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31 Nourishment and vitality Liver function improvement Okinawa Energy Drink Mild version Moromi vinegar Hangover countermeasures from Orion Chil Drink Establishing new growth drivers Converting Okinawa value into earnings growth Leverage the Orion brand to enter the growing health market Creating a tourism ecosystem in northern Okinawa ◼ Develop Motobu Hotel & Orion Beer Nago Factory as a Tourism Destination • Enhance Experiential Value through Functional Expansion of Orion Happy Park • Direct Management of Official Shops & Strengthening Restaurant ◼ External partnerships • "Yanbaru Advanced Human Resource Development Program" (2024) • "Nago Smart City" (2025) • "Okinawa Yanbaru DMO" (2026) ◼ Asset utilization strategy • Development of new accommodation facilities utilizing company-owned land ⚫ Leveraging the strengths cultivated by the Orion Group to accelerate expansion into new business areas. ⚫ Transforming Okinawa-originated health value into a new profit driver. ⚫ Creating "reasons to visit" and enhancing the experience value of northern Okinawa. ◼ Moromi Vinegar: Next-Gen Revenue Driver • Awamori Moromi-based Health Beverages ◼ Proven business foundation • Functional ingredients (e.g., Amino Acids, Citric Acid) • "Ganso Moromi Vinegar" Sales Record (Ishikawa Shuzo) • Proven Manufacturing & QC Know-how ◼ Strong synergies with existing businesses • Unique Resource: Awamori Moromi Lees Upcycling • Robust Brand Strength: "Okinawa" & "Orion" Recognition/Trust • Sales Base: High Distribution in Okinawa • Technological Prowess: Fermentation & Brewing Expertise for Product Development Orion Hotel Motobu JUNGLIA Nago Factory Orion Happy Park Churaumi Aquarium Company- owned land Nago Official Shop Facility image
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FY25 FY26 FY29 FY35 Alcoholic & Beverages Business Tourism & Hotel Business Inorganic Growth 32 Establishing new growth drivers Building business foundation for future growth Long-term Sales Growth Vision ⚫ By strengthening the "Flywheel Growth with Okinawa" business model, we will accelerate growth through existing businesses while executing investments for next-generation growth to achieve long-term sales growth. Upfront investment phase ROI Harvest PhaseNew Mid-Term Management Plan Converting Okinawa value into revenue growth Accelerating Existing Business Growth & Establishing New Growth Drivers ・Asset-light global expansion ・Leveraging Orion brand for entry into growing health market ・Formation of a tourism ecosystem in Northern Okinawa ・Inorganic investments aligned with a "circular growth business model with Okinawa"
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⚫ Adhering to ROIC-driven disciplined investment, we strategically allocate approximately two-thirds to growth initiatives and one-third to shareholder returns. Cash generation Cash allocation Capital Allocation Pursuing the optimal balance between growth investment and shareholder returns 33 Operating CF 21.4 billion yen cash-in cash-out 4-year cumulative total for FY26-FY29 Growth investment 10.0 billion yen Capital Investments 10.5 billion yen Shareholder returns 7.0 billion yen Alcohol & Beverages 3.3 billion yen Tourism & Hotel 0.8 billion yen Growth CAPEX 7.0 billion yen Strategic investment 3.0 billion yen DOEPayout ratio ◼ Alcoholic & Beverages Business • Automation and energy-saving promotion ◼ Tourism & Hotel Business • Value enhancement of Motobu Hotel ◼ Alcoholic & Beverages Business • In-house production of non-alcoholic beverages, expansion of liquor storage tanks ◼ Tourism & Hotel Business • Construction of annex building, room expansion ◼ Strategic investment • Investment in license manufacturing partners, new business investment ◼ Raising DOE level: 7.5%→8.0% ◼ Share buyback: 550 million yen • Total shareholder returns FY25: 1.82 billion yen→FY26: 2.02 billion yen ◼ Strengthening incentives for long-term share price Net Debt/ EBITDA Net D/E ◼ Debt repayment ◼ Maintaining a healthy balance sheet Target 50 ％ 8.0 ％ 0.9倍 0.2倍 Target
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Key Financials
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Period before application of revenue recognition standards Period after application of revenue recognition standards (Millions of yen) FY2019 FY2020 FY2021 FY2022 FY2023 FY2024 FY2025 Net sales 27,530 21,439 18,517 23,544 26,009 28,866 29,713 Net sales (before application of revenue recognition standards) 27,530 21,439 22,820 28,343 31,036 34,094 34,274 Net sales (after application of revenue recognition standards) 23,157 17,468 18,517 23,544 26,009 28,866 29,713 Alcoholic & Beverages Business (Before application of revenue recognition standards) 22,625 18,676 19,937 23,873 26,206 27,956 28,483 Alcoholic & Beverages Business (After application of revenue recognition standards) 18,252 14,705 15,633 19,072 21,178 22,728 23,921 Tourism & Hotel Business 4,628 2,780 2,893 4,505 4,861 6,138 5,791 Tourism & Hotel Business (Excluding sold real estate) 3,165 1,697 1,973 3,358 3,981 4,611 5,163 Golf course business 418 - - - - - - Net sales excluding liquor tax (after application of revenue recognition standards) 17,447 13,419 14,666 18,572 20,633 23,336 24,277 Alcoholic & Beverages Business 12,542 10,656 11,782 14,100 15,802 17,197 18,486 Note 1: The Company absorbed its parent company, Ocean Holdings, through a merger in December 2022. FY2019 and FY2020 are con solidated financial figures of Ocean Holdings, and FY2021 onwards are the Company's consolidated financial figures. Note that FY 2021 figures do not include Ocean Holdings in consolidation. Note 2: Net sales from FY2021 onwards are figures with the application of "Accounting Standard for Revenue Recognition (ASBJ Statemen t No. 29)" Note 3: In FY2019, revenues and expenses related to the real estate rental business, etc. were recorded as non -operating income and exp enses: non-operating income of 1,328 million yen and non -operating expenses of 874 million yen. From FY2020 onwards, revenues an d expenses related to the real estate rental business, etc. are recorded in net sales and cost of sales. Note 4: Tourism & Hotel Business (excluding sold real estate) is the figure after deducting net sales from real estate sold d uring the period from FY2019 to FY2025 Note 5: Golf course business is included in the Tourism & Hotel Business from FY2020 onwards. Operations ended in March 2022 Note 6: Net sales excluding liquor tax are calculated by deducting the liquor tax amount for ORION BREWERIES, LTD. on a stand alone basis Consolidated Income Statement (Net Sales) Key Financials Key Financial Data 35
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(Millions of yen) FY2019 FY2020 FY2021 FY2022 FY2023 FY2024 FY2025 Adjusted EBITDA 4,193 2,337 2,103 4,498 4,642 5,274 5,982 EBITDA 2,158 2,312 2,103 4,430 4,585 5,222 5,876 Alcoholic & Beverages Business 2,743 1,985 2,174 3,441 3,856 3,886 4,409 Tourism & Hotel Business 1,054 383 3 1,018 729 1,336 1,466 Tourism & Hotel Business (Excluding sold real estate) 831 27 -134 798 890 955 1,408 Golf course business 16 - - - - - - Adjusted operating profit 2,694 547 302 2,765 2,907 3,531 4,420 Operating profit 659 522 302 2,697 2,850 3,479 4,314 Alcoholic & Beverages Business 2,017 1,275 1,341 2,690 3,136 3,201 3,634 Tourism & Hotel Business 369 -686 -965 46 -275 288 690 Tourism & Hotel Business (Excluding sold real estate) 232 -666 -864 21 130 318 674 Golf course business -22 - - - - - - Income before income taxes -164 -92 1,783 3,002 5,895 10,289 5,098 Net income -893 -207 1,175 3,152 4,649 7,301 3,641 Note 1: The Company absorbed its parent company, Ocean Holdings, through a merger in December 2022. FY2019 and FY2020 are con solidated financial figures of Ocean Holdings, and FY2021 onwards are the Company's consolidated financial figures. Note that FY 2021 figures do not include Ocean Holdings in consolidation. Note 2: Adjusted EBITDA = EBITDA + income and expenses related to rental real estate business, etc. + one -time expenses related to MBO, reorganization, and other capital policies recorded in SG&A Note 3: Adjusted operating profit = Operating profit + income and expenses related to rental real estate business, etc. + one -time expenses related to MBO, reorganization, and other capital policies recorded in SG&A Note 4: In FY2019, revenues and expenses related to the real estate rental business, etc. were recorded as non -operating income and exp enses: non-operating income of 1,328 million yen and non -operating expenses of 874 million yen. From FY2020 onwards, revenues an d expenses related to the real estate rental business, etc. are recorded in net sales and cost of sales. Note 5: "One-time expenses related to MBO, reorganization, and other capital policies recorded in SG&A" that are added back in c alculating adjusted EBITDA and adjusted operating profit are: FY2019: ¥1,581 million, FY2020: ¥25 million, FY2022: ¥68 millio n, FY2023: ¥57 million, FY2024: ¥52 million Note 6: Golf course business is included in the Tourism & Hotel Business from FY2020 onwards. Operations ended in March 2022 Note 7: EBITDA = Operating profit + Depreciation + Goodwill amortization Consolidated Income Statement (Profit Items) Key Financials Key Financial Data 36
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(Millions of yen) FY2019 FY2020 FY2021 FY2022 FY2023 FY2024 FY2025 Liquor tax amount 5,710 4,049 3,851 4,972 5,376 5,531 5,435 Amortization 1,499 1,790 1,801 1,733 1,735 1,743 1,561 Alcoholic & Beverages Business 726 710 833 751 720 684 774 Tourism & Hotel Business 685 1,069 968 972 1,004 1,047 776 Tourism & Hotel Business (Excluding sold real estate) 316 726 703 752 734 756 745 Golf course business 38 - - - - - - Depreciation 1,473 1,769 1,775 1,707 1,709 1,716 1,535 Alcoholic & Beverages Business 726 710 833 751 720 685 774 Tourism & Hotel Business 659 1,048 942 946 978 1,021 750 Tourism & Hotel Business (Excluding sold real estate) 316 726 703 752 734 730 719 Golf course business 38 - - - - - - Goodwill amortization 26 21 26 26 26 26 26 Alcoholic & Beverages Business 0 0 0 0 0 0 0 Tourism & Hotel Business 26 21 26 26 26 26 26 Tourism & Hotel Business (Excluding sold real estate) 0 0 0 0 0 0 0 Golf course business 0 - - - - - - Note 1: The Company absorbed its parent company, Ocean Holdings, through a merger in December 2022. FY2019 and FY2020 are con solidated financial figures of Ocean Holdings, and FY2021 onwards are figures of the Company. Note that FY2021 figures do not in clude Ocean Holdings in consolidation. Note 2: Golf course business is included in the Tourism & Hotel Business from FY2020 onwards. Operations ended in March 2022 Note 3: Liquor tax amount is the figure for ORION BREWERIES, LTD. on a standalone basis Note 4: Depreciation and amortization (D&A) = Depreciation + Goodwill amortization Adjustment Items Related to Profit and Loss Key Financials Key Financial Data 37
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(Millions of yen) FY2019 FY2020 FY2021 FY2022 FY2023 FY2024 FY2025 Assumed tax rate 30.0% 30.0% 30.0% 30.0% 30.0% 30.0% 30.0% Net income -893 -207 1,175 3,152 4,649 7,301 3,641 Gain/loss on sale of non-current assets (-) 0 0 872 833 3,328 6,889 1,027 Gain/loss on sale of investment securities (-) 9 -102 794 46 22 0 0 One-time expenses related to MBO, reorganization, and other capital policies recorded in SG&A (+) 1,581 25 0 68 57 52 105 One-time expenses related to MBO, reorganization, and other capital policies recorded in non-operating expenses (+) 1,029 103 230 132 53 56 48 Total adjusted profit (loss) 2,601 231 -1,436 -680 -3,240 -6,780 -873 Total adjustment to profit and loss × (1 - assumed tax rate) 1,821 162 -1,005 -476 -2,268 -4,746 -611 Adjusted net income 928 -45 170 2,676 2,381 2,555 3,030 Note 1: The Company absorbed its parent company, Ocean Holdings, through a merger in December 2022. FY2019 and FY2020 are con solidated financial figures of Ocean Holdings, and FY2021 onwards are the Company's consolidated financial figures. Note that FY 2021 figures do not include Ocean Holdings in consolidation. Note 2: Adjusted net income is the figure adjusted for one -time factors assuming an expected tax rate of 30% Adjustment for One-Time Factors in Net Income Key Financials Key Financial Data 38
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(Millions of yen) Total assets 44,089 Total current assets 15,506 Total non-current assets 28,582 Total liabilities 25,605 Total current liabilities 6,875 Total non-current liabilities 18,730 Total net assets 18,483 (Millions of yen) FY2024 FY2025 Net cash provided by (used in) operating activities 6,121 -654 Net cash provided by (used in) investing activities 9,875 1,881 Free cash flow 15,996 1,227 Net cash provided by (used in) financing activities -15,168 -4,924 Cash Flow StatementBalance Sheet (End of March 2026) (Millions of yen) FY2019 FY2020 FY2021 FY2022 FY2023 FY2024 FY2025 Adjusted EBITDA margin (Excluding liquor tax, after application of revenue recognition standards) 24.0% 17.4% 14.3% 24.2% 22.5% 22.6% 24.6% EBITDA margin (Excluding liquor tax, after application of revenue recognition standards) 12.4% 17.2% 14.3% 23.9% 22.2% 22.4% 24.2% Net Debt/Adjusted EBITDA 4.30x 7.24x 6.46x 2.00x 1.38x 0.73x 0.98x Net Debt/EBITDA 8.35x 7.32x 6.46x 2.04x 1.40x 0.74x 1.00x Net D/E ratio 0.60x 0.56x 0.46x 0.41x 0.26x 0.20x 0.32x Interest-bearing debt (end of period) 23,812 23,337 22,542 19,926 18,802 17,067 16,361 Cash and deposits (end of period) 5,801 6,418 8,951 10,909 12,374 13,204 10,506 Net Debt (end of period) 18,011 16,919 13,591 9,017 6,428 3,863 5,855 Net assets (end of period) 29,964 29,964 29,666 21,928 25,013 18,968 18,483 Other Financial Data Note 1: The Company absorbed its parent company, Ocean Holdings, through a merger in December 2022. FY2019 and FY2020 are con solidated financial figures of Ocean Holdings. FY2022 onwards are consolidated financial figures of the Company. FY2021 interest -bearing debt, cash and deposits, Net Debt, net assets, and Net D/E ratio are consolidated financial figures of Ocean Holdings. FY2021 adjusted EBITDA margin and EBITDA margin (both excluding liquor tax, after application of revenue recognition standards) are consolidated financial figures of the Company. FY2021 Net Debt/Adjusted EBITDA and Net Debt/EBITDA are calculated using Ocean Holdings' consolidated fi nancial figures for the numerator and the Company's consolidated financial figures for the denominator. Note that in the Company 's consolidated financial figures excluding Ocean Holdings for FY2021, cash and deposits were ¥7,484 million, interest -bearing debt was ¥1,502 million, and net as sets were ¥58,538 million Note 2: Adjusted EBITDA margin (excluding liquor tax, after application of revenue recognition standards) is calculated as Ad justed EBITDA ÷ Net sales excluding liquor tax (after application of revenue recognition standards). EBITDA margin (excluding liquor tax, aft er application of revenue recognition standards) is calculated as EBITDA ÷ Net sales excluding liquor tax (after application of revenue recognition standards) Note 3: Net Debt is calculated as interest-bearing debt minus cash and deposits Note 4: Net D/E ratio is calculated as Net Debt / net assets Key Financials Key Financial Data 39
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Appendix
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Renovation of the Orion Hotel Motobu Resort & Spa 2019 2024 2002 41 2025 Collaboration with JUNGLIA Manufacture and sell Asahi’s products in Okinawa by Orion Sell Orion's products outside Okinawa by Asahi Leverage the tourism expertise of the Kintetsu Group Alliance with Kintetsu Group 2022 Launch of “ORION THE PREMIUM” and “natura” Launch of Orion’s first Chūhai brand “WATTA" 2018 Launch of “75 Beer" 2014 Open of Hotel Orion Motobu Resort & Spa Alliance with Asahi 1975 Open of Hotel Royal Orion 1972 Okinawa returned to Japan 1966 First export of beer to Taiwan (First overseas expansion) 1959 The beer brand was named “Orion” through a public contest, and the company name was changed to “Orion Breweries Ltd.” the following year Company name chosen through a public contest Named after the constellation Orion, which is visible in the southern sky and matches the image of the southern island Okinawa. Stars are often used as a symbol of dreams and aspiration Towards further Enhancement of our Corporate Value The second foundation of Orion with Nomura Capital Partners and Carlyle 1957 Established as Okinawa Beer Co., Ltd. 1945 WWII ended Thoughts on Establishment Founded by Sosei Gushiken, who aspired, after the war, to give courage and hope to the young generation of his hometown Established in 1957 after WWII, Orion has grown with the development of Okinawa The change of shareholder in 2019 marks a milestone of the “second foundation” 2025 Listed on the Tokyo Stock Exchange O ur H istory
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Consumption and awareness in Okinawa by tourists Our Business Model – Growth with Okinawa at the core ◼ Brand experience at our hotels ◼ Develop “Orion Brewery Park” experience ◼ Orion Beer fest (attracting over 60,000 visitors3 annually at three locations) ◼ Consumers sharing on social media Lovedbytourists D evelop thebrand of O rion,alongsideOkinawa Enhancebrand experienceinOkinaw a Lovedbylocals Enhance and spread brand experience 42 Attractive products and experiences for locals and tourists, achieving sustainable growth with Okinawa Consumption in Okinawa by locals Consumption outside Okinawa and overseas ◼ Strong business partners who understand Okinawa ◼ Connect consumers with memories of Okinawa (Okinawa fair and other events) ◼ Deliver the Japanese craftsmanship with a warm twist brand positioning in Europe, U.S and Australia ◼ Premiumization with differentiated brand positioning ◼ 96.9% recognition of Orion Beer among tourists1 ◼ 71.7%2 of tourists have experienced Orion Beer ◼ Orion hotel in popular tourist area ◼ Licensing business with strong brands ◼ Leveraging JUNGLIA ◼ A loyal fanbase of locals who love Orion ◼ Strong portfolio rooted in Okinawa ◼ Deep RTM strength from production to logistics ◼ Overwhelming share in local restaurants （78.1% on-premise penetration of Orion kegs1） Note 1, 2 Source: Company data, Ministry of Internal Affairs and Communications Statistics Bureau “2021 Economic Census Activ ity Survey Results,” Okinawa Bank Economic Research Institute “Survey on Price Sensitivity for Okinawan Alcoholic Beverages in Okinawa Tourism” Note 3: Company estimate calculated as 20L beer keg consumption × 50 people + 350ml can consumption × 1 person
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(Per 350ml) Source: Ministry of Finance "Materials on Liquor Tax," Ministry of Finance "Revision of Special Taxation Measures Law (Indirect Tax Related)" Note 1: Liquor tax trends for beer manufactured and shipped within Okinawa Prefecture ⚫ The nationwide liquor tax revision and abolition of the liquor tax reduction measures under the Special Measures Law in Okinawa Prefecture are scheduled to be implemented in October 2026 Overview of Nationwide Liquor Tax Revision Beer ¥77 October 2020 October 2023 October 2026 ¥35 ¥70 ¥63.35 ¥37.8 ¥46.99 RTD ¥28 ¥54.25 Happoshu (low-malt beer) ¥46.99 New Genre ¥28 • The Special Measures Act for the Promotion and Development of Okinawa was enacted to help development of Okinawa after its post-war reversion to Japan in 1972, since when tax reduction has been given to liquor produced and consumed in the prefecture. • The tax reduction has been scaled down in line with Okinawa’s economic growth. The 15% reduction for beer products will be ended in Oct. 2026 to bring the prefecture’s liquor tax to the national level. 80% 85% 100% 20% 15% Until October 2023 Until October 2026 October 2026 onwards Reduction portion Actual liquor tax amount ¥56※1 ¥53.85※2 ¥54.25※3 Beer Liquor Tax Trends 1 Phased out of the Liquor Tax Reduction Program (Per 350ml) Reference Overview of Liquor Tax Law Revision and Abolition of Special Measures Act 43 *1: Standard tax ¥70×80% *2: Standard tax ¥63.35×85% *3: Standard tax ¥54.25×100% Portion manufactured and consumed within the prefecture
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Number of Shares Held Benefit details 1,000 shares or more Less than 2,000 shares ①Assortment of 12 cans of our alcoholic beverage products 2,000 shares or more ③Assortment of 12 cans of our alcoholic beverage products Shareholder Benefits Details of Shareholder Benefits as of March 31, 2026 44 Eligible shareholders • Shareholders holding 1,000 shares or more as of the shareholder register dated March 31, 2026 Benefit details Select from ① or ② Select from ③ or ④ ・Orion The Draft 350ml × 12 cans ・Orion The Draft 350ml × 4 cans ・75BEER Pilsner 350ml × 4 cans ・Orion The Premium 350ml × 4 cans ②Orion T-shirt (Standard) ④Orion T-shirt (Premium) *Images are for illustrative purposes only. Contents are subject to partial change. Designer’s Comment: I expressed the unique Okinawan fun and excitement of Orion Beer through a “Shisa” in the shape of a beer mug. Designer’s Comment: At first glance, it looks like a plain white T-shirt, but just like the foam on a beer, the pure white Orion Beer logo emerges in the design. Embroidery processing