Sapporo Breweries (2501) investor relations material

Long-term value creation

• Aspires to make JAPAN PREMIUM BEER No.1 "SAPPORO" and bring Japanese food and culture to global markets, building on distinctive brands, story-rich experiences and a focus on ingredients.

• Bonds with Community aims to deepen customer connections and experiences; Healthier Choice focuses on health and peace-of-mind options that let people enjoy what they love longer.

• Beer is the growth core, with premiumization in Japan, overseas expansion, and new value creation in non-alcohol, RTD, lemon, wellness and experience-based offerings.

• Core operating profit target: ¥40.0 billion in 2030 vs. ¥22.0 billion in 2026; long-term target ¥70.0-80.0 billion in 2035, with Bonds with Community central to growth through 2030.

2030 targets and priorities

• ROE target of 8% or higher by 2030 and 10% or higher over the long term, supported by growth investment and inorganic growth.

• EBITDA growth target of 1.5x or more and EPS growth of 1.5x or more vs. the 2026 plan; 2030 EPS target of approximately ¥80-100 vs. adjusted 2026 EPS of ¥51.

• Domestic beer sales volume target of 120% or more vs. 2025 and beer ratio of 96%, up 15 points from 2025; cumulative 2027-2030 investment in beer marketing and innovation of approximately ¥100.0 billion.

• Lemon sales target of ¥50.0 billion, or 130% of 2025; RTD sales volume target of 120% or more and non-alcohol beer sales volume target of 300% or more vs. 2025.

• SAPPORO brand sales target of 20.0 million cases, or 190% of 2025; U.S. beer target of 5.4 million cases, or 150% of 2025, with growth focused on North America and ASEAN.

Investment and capital allocation

• Plan allocates approximately ¥100.0 billion to regular and foundational investment and ¥300.0-400.0 billion to growth investment, including M&A; growth projects must exceed share-repurchase returns.

• Cash allocation includes approximately ¥180.0 billion of operating cash flow and ¥470.0 billion from real-estate external capital; growth investment allocation includes amounts executed in 2026.

• Shareholder returns through FY2030 target approximately ¥250.0 billion: ¥80.0 billion in dividends and ¥170.0 billion in share repurchases; progressive dividends target DOE of 5% or higher by 2030.

• 2030 shareholders' equity target is approximately ¥350.0 billion; financial discipline targets an A credit rating and net debt/EBITDA of 3.0x or lower.

• Investment returns are required to exceed hurdle rates set at business- and area-specific WACC plus a spread; FY2026 applied rates were 7% in Japan and 10-12% overseas.