Sapporo Breweries (2501) Q2 2026 earnings summary

Executive summary

• Revenue for 2026Q2 was ¥235.9bn, nearly flat year-over-year, while core operating profit rose 37.2% to ¥6.8bn, driven by strong domestic beer sales, price revisions, and cost reforms.

• Net income attributable to owners surged to ¥295.4bn, mainly due to a gain from the loss of control of the Real Estate business after an external capital injection.

• Structural reforms in the U.S. business, including the transfer of the Stone brand, led to operating losses but are expected to improve future profitability.

• The company completed a merger with Sapporo Breweries Ltd., rebranded, and is transitioning to a holding company structure.

• Announced a strategic partnership and joint venture with Carlsberg to accelerate overseas growth, including a USD 643 million investment for a 25% stake.

Financial highlights

• Revenue: ¥235.9bn (+0.3% YoY); Core operating profit: ¥6.8bn (+37.2% YoY); EBITDA: ¥15.4bn (+15.1% YoY).

• Operating profit fell to -¥5.9bn due to U.S. restructuring and impairment losses; net income attributable to owners rose to ¥295.4bn.

• Basic EPS: ¥757.77 (up from ¥4.59).

• Domestic beer sales volume grew 5% YoY; Sapporo brand overseas sales volume up 15% YoY.

• Sapporo brand beer sales in North America up 13%, Asia up 20% YoY.

Outlook and guidance

• Full-year earnings forecast remains unchanged despite geopolitical risks and cost pressures.

• FY2026 revenue forecast: ¥505.0bn (down 0.4% YoY); core operating profit forecast: ¥22.0bn (down 12.0%).

• Operating profit forecast: ¥6.0bn (down 75.4%); profit attributable to owners forecast: ¥296.0bn.

• Cost management and structural reforms are expected to offset negative external factors.