Sapporo Breweries (2501) Q3 2026 earnings summary

Executive summary

• Nine-month revenue was ¥367.3bn (-0.2% YoY) and core operating profit ¥15.9bn (+0.7%); operating profit fell 83.2% to ¥2.6bn.

• Profit attributable to owners of parent rose to ¥301.8bn from ¥10.9bn, mainly reflecting gains from the Real Estate transaction and loss of control of subsidiaries.

Financial highlights

• Core operating profit margin was 4.3%, unchanged YoY; EBITDA was ¥28.6bn versus ¥28.4bn.

• Operating profit was ¥2.6bn versus ¥15.5bn as other operating expenses rose to ¥19.0bn from ¥3.7bn, including impairment losses and structural reform costs.

• Profit before tax was ¥4.2bn (-67.8% YoY); continuing-operations profit was ¥1.9bn versus ¥8.5bn.

• Operating cash flow was ¥23.0bn, investing cash flow ¥219.4bn and free cash flow ¥242.4bn; investing inflows included ¥237.4bn from investments and asset sales.

Outlook and guidance

• FY2026 forecast remained unchanged: revenue ¥505.0bn, core operating profit ¥22.0bn, operating profit ¥6.0bn and attributable profit ¥296.0bn.

• FY2026 forecast attributable profit includes ¥290.0bn from discontinued operations; forecast EBITDA is ¥38.6bn (-8.0%).

• October’s liquor tax revision is expected to support Japan Premium and Mainstream beer growth; 2027 beer marketing investment is planned above 2026 levels.

• Canadian structural reforms aim to restore profitability from 2027 onward through cost optimization and resource shifts toward growth brands; APAC and Europe progress offset Canada challenges.