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Overview

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SAPPORO HOLDINGS LIMITED

Sapporo Holdings is a Japanese holding company operating across three core segments: Alcoholic Beverages, Food & Beverages, and Real Estate. The Alcoholic Beverages segment encompasses the manufacture and sale of beer, sparkling wine, wine, and other spirits through Sapporo Beer Co., Ltd. domestically, as well as international brewing operations in Canada (Sleeman Breweries), Vietnam (Sapporo Vietnam), and the United States (Stone Brewing Co.). The Food & Beverages segment is led by Pokka Sapporo Food & Beverage Co., Ltd., producing and selling soft drinks and food products in Japan and across Southeast Asia (Singapore, Malaysia), while the Real Estate segment manages landmark mixed-use developments including Yebisu Garden Place in Tokyo and Sapporo Factory in Hokkaido.

Activists: 3D Investment Partners Pte. Ltd. 19.44%

Market Cap

¥768B

US$4.88B

¥835B

US$5.31B

Stock¥1,968.5▲+1.31%

US$1 = ¥157.25 (2026-10-30)

LTM EV/EBITDA

24.6

LTM EV/EBIT

62.4

LTM PER

81.2

LTM PBR

1.5

Stock vs TOPIX (1Y, base=100)vs TOPIX ▲+11.5%pt

Nov 4, 25 – Oct 30, 26StockTOPIX

1Nov 12, 25Corporate governance enhancement measures

MC → EV Bridge

AI Briefing

Sapporo Holdings: 150-year-old brewer (Sapporo, Yebisu, Sleeman, Stone) spanning beer, food & beverage, and prime Tokyo/Sapporo real estate. FY25/12 revenue ¥507B, OP swung to ¥24.4B (4.8% margin) from ¥5.6B a year earlier, a sharp profitability rebound. Not in public data on any tender offer or research note; shareholder base is dominated by custodian/trust banks and Goldman Sachs, with no disclosed activist or strategic stake commentary.

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Performance & Balance

Revenue 5Y (¥B)

EBITDA 5Y (¥B)

Net Income 5Y (¥B)

Capital Structure

78%

22%

EquityD/E 0.29xDebt

Liquidity vs Debt 5Y (¥B)▼ Net Debt

CashInv. Sec.Debt

Shareholders

Top 10 hold 55.5%

as of 2026-06-30 · Source: Annual Securities Report

STATE STREET BANK AND TRUST COMPANY 505018 (Standing Proxy: Mizuho Bank, Ltd.)

16.85%

The Master Trust Bank of Japan, Ltd. (Trust Account)

13.37%

GOLDMAN,SACHS & CO.REG (Standing Proxy: Goldman Sachs Japan Co., Ltd.)

4.92%

Custody Bank of Japan, Ltd. (Trust Account)

3.93%

Nippon Custody Bank, Ltd. Retirement Benefit Trust, Mizuho Trust & Banking Account (Trust Account)

3.13%

3D OPPORTUNITY MASTER FUND (Standing Proxy: Citibank, N.A., Tokyo Branch)

3.08%

Nippon Life Insurance Company

2.87%

Meiji Yasuda Life Insurance Company

2.87%

The Norinchukin Bank

2.40%

Mizuho Trust & Banking Co., Ltd. (Retirement Benefit Trust, Mizuho Bank, Ltd. Account; Re-trustee: Custody Bank of Japan, Ltd.)

2.04%

Management

11 officers

Hiroshi TOKIMATSU

Representative Director, President

Apr 1984 Joined Ezaki Glico Co., Ltd. Oct 1991 Joined the Company (formerly Sapporo Breweries Ltd.) Mar 2008 Head of Sales Planning Department, Sapporo Beer Ltd. (new company) Mar 2010 Head of Kanto-Koshinetsu Regional Headquarters, Sapporo Beer Ltd. Mar 2012 Executive Officer, Head of New Value Development Department, Sapporo Beer Ltd. Sep 2012 Executive Officer, Head of Spirits Strategy Department, Sapporo Beer Ltd. Mar 2013 Director, Executive Officer, Head of Sales Headquarters, Sapporo Beer Ltd. Mar 2015 Director, Managing Executive Officer, Head of Sales Headquarters, Sapporo Beer Ltd. Mar 2016 Director, Managing Executive Officer, Sapporo Beer Ltd. Mar 2019 Representative Director, President, Sapporo Real Estate Development Co., Ltd.; Managing Group Executive Officer, Sapporo Holdings Ltd. Jan 2023 Representative Director, President, Pokka Sapporo Food & Beverage Ltd.; Managing Group Executive Officer, Sapporo Holdings Ltd. Mar 2025 Representative Director, President, the Company; Representative Director, President, Sapporo Beer Ltd. (current)

1962-02-23

Yoshitada MATSUDE

Director, Vice President

Apr 1988 Joined the Company (formerly Sapporo Breweries Ltd.) Sep 2010 General Manager, Accounting Department, the Company Mar 2011 General Manager, Accounting Department, the Company; Director, General Manager of Group Accounting Department, Sapporo Group Management Co., Ltd. Mar 2012 General Manager, Accounting Department, Sapporo Beer Ltd. (new company) Sep 2016 Director, Vice President, Representative Director, Miyasaka Brewing Co., Ltd. (now Shinshuichi Miso Co., Ltd.) Mar 2018 Representative Director, President, Miyasaka Brewing Co., Ltd. Mar 2019 General Manager, Accounting Department, the Company; Director, General Manager of Accounting Department, Sapporo Group Management Co., Ltd. Oct 2019 General Manager, Accounting Department, the Company; Director, General Manager of Accounting Department, Sapporo Group Management Co., Ltd.; Director, Executive Officer, Sapporo Real Estate Development Co., Ltd. Mar 2020 Group Executive Officer, General Manager, Accounting Department, the Company; General Manager, Accounting Department, Sapporo Beer Ltd. Mar 2022 Managing Director, General Manager, Accounting Department, the Company; Director, Sapporo Beer Ltd. Jul 2022 Managing Director, the Company; Director, Sapporo Beer Ltd. Mar 2024 Managing Director, the Company; Director, Pokka Sapporo Food & Beverage Ltd. Mar 2025 Senior Managing Director, the Company; Director, Pokka Sapporo Food & Beverage Ltd. Mar 2026 Director, Vice President, the Company; Director, Pokka Sapporo Food & Beverage Ltd. (current)

1966-01-02

Rieko MATSUKAZE (formerly FUJINO)

Director, Vice President

Apr 1990 Joined Hakuhodo Inc. Jun 2007 General Manager, Corporate Design Department, Hakuhodo Inc. Aug 2011 Executive Officer, Executive Manager, Hakuhodo Consulting Inc. May 2015 Representative Director, Sensing Asia Co., Ltd. (current) Apr 2016 Deputy General Manager, Management Strategy Headquarters, and General Manager, Management Strategy Department, Pokka Sapporo Food & Beverage Ltd. Mar 2017 General Manager, Management Strategy Headquarters, and General Manager, Management Strategy Department, Pokka Sapporo Food & Beverage Ltd. Mar 2018 Group CEO, Pokka Corporation (Singapore) Pte. Ltd. Jan 2020 Group CEO, Pokka Pte. Ltd. Jul 2020 Director, Managing Executive Officer, Sapporo Group Foods Co., Ltd. Mar 2022 Director, the Company; Director, Pokka Sapporo Food & Beverage Ltd. Jan 2023 Representative Director, Vice President, Pokka Sapporo Food & Beverage Ltd.; Representative Director, President, Sapporo Group Foods Co., Ltd.; Director, the Company Jul 2023 Director, the Company; Director, Pokka Sapporo Food & Beverage Ltd.; Representative Director, President, Sapporo Group Foods Co., Ltd. Nov 2023 Director, the Company; Director, Pokka Sapporo Food & Beverage Ltd. Mar 2024 Managing Director, the Company; Director, Sapporo Beer Ltd. Mar 2025 Senior Managing Director, the Company; Director, Sapporo Beer Ltd. Mar 2026 Director, Vice President, the Company; Director, Sapporo Beer Ltd. (current)

1967-07-13

Makio TANEBASHI

Outside Director

Apr 1979 Joined Fuji Bank, Ltd. (now Mizuho Bank, Ltd.) Jun 2011 Deputy President, Executive Officer, in charge of Branch Division, Mizuho Bank, Ltd. Jun 2011 Representative Director, Deputy President, Executive Officer, in charge of Branch Division, Mizuho Bank, Ltd. Apr 2012 Representative Director, Deputy President, Executive Officer, Head of Branch Operations Division, Mizuho Bank, Ltd. Mar 2013 Representative Director, President, Executive Officer, Tokyo Tatemono Real Estate Sales Co., Ltd. Jul 2015 Senior Managing Executive Officer, Head of Asset Services Business Headquarters, Tokyo Tatemono Co., Ltd. Oct 2015 Senior Managing Executive Officer, Head of Asset Services Business Headquarters and Head of Overseas Business Headquarters, Tokyo Tatemono Co., Ltd. Mar 2016 Director, Senior Managing Executive Officer, Head of Asset Services Business Headquarters and Head of Overseas Business Headquarters, Tokyo Tatemono Co., Ltd. Jan 2017 Representative Director, Chairman, Executive Officer, Tokyo Tatemono Co., Ltd.; Chairman, Director, Tokyo Tatemono Real Estate Sales Co., Ltd. Mar 2019 Representative Director, Chairman, Tokyo Tatemono Co., Ltd. Jan 2021 Director, Tokyo Tatemono Real Estate Sales Co., Ltd. Mar 2023 Outside Director, the Company (current) Jan 2025 Director, Tokyo Tatemono Co., Ltd. (current)

1957-03-13

Ryotaro FUJII

Outside Director

Apr 1997 Joined Ministry of Finance (now Ministry of Finance) Jul 2001 Goldman Sachs Securities Co., Ltd. May 2006 Principal, KKR Japan Co., Ltd. Jan 2008 Director, KKR Capital Markets Co., Ltd. Jan 2011 Director, KKR Japan Co., Ltd. Jul 2015 Representative Director, Permira Advisers K.K. Jan 2018 Japan Country Managing Partner, Permira Advisers K.K. Jan 2023 Senior Advisor, Permira Advisers K.K. (current) Mar 2024 Outside Director, the Company (current)

1975-01-30

Naoko TAUCHI

Outside Director

Apr 1989 Joined Ajinomoto Co., Inc. Sep 1999 McKinsey & Company Jan 2002 Ajinomoto Co., Inc. Jul 2009 Senior Manager, Amino Science Business Development Department, Ajinomoto Co., Inc. Jul 2011 Senior Manager, Corporate Planning Department, Ajinomoto Co., Inc. Jul 2016 Senior Manager, Internal Audit Department, Ajinomoto Co., Inc. Jun 2019 Audit & Supervisory Board Member, Ajinomoto Animal Nutrition Group, Inc. Apr 2021 Visiting Professor, Graduate School, Kobe University Jan 2022 Outside Director, Shoei Foods Corporation (current) Mar 2024 Outside Director (Audit and Supervisory Committee Member), the Company Mar 2025 Outside Director, Tokyo Tatemono Co., Ltd. (current) Mar 2026 Outside Director, the Company (current)

1965-05-19

Koichi MIZUTOME

Outside Director

Apr 1991 Joined Dentsu Inc. Feb 1996 Andersen Consulting (now Accenture Japan Ltd.) Apr 2000 Roland Berger Ltd. (Japan) Jan 2005 Representative Director, President, Roland Berger Ltd. (Japan) Oct 2009 Managing Director, Enterprise Turnaround Initiative Corporation of Japan (now Regional Economy Vitalization Corporation of Japan) Dec 2010 Director, Vice President, Japan Airlines Co., Ltd. Jun 2013 Director, Senior Managing Executive Officer, World Co., Ltd. Feb 2015 Representative Director, President and CEO, FOOD & LIFE COMPANIES Ltd. (formerly Akindo Sushiro Co., Ltd.) May 2022 Outside Director, Adastria Co., Ltd. (now &ST HOLDINGS Co., Ltd.) (current) Sep 2024 Outside Director, I-ne Co., Ltd. (current) Oct 2024 Representative Director, FOOD & LIFE COMPANIES Ltd. Dec 2024 Director, Special Advisor, FOOD & LIFE COMPANIES Ltd. Mar 2026 Outside Director, the Company (current)

1968-01-26

Yoichi KITAMURA

Director (Full-time Audit and Supervisory Committee Member)

Apr 1993 Joined the Company (formerly Sapporo Breweries Ltd.) Jun 2019 Audit & Supervisory Board Member, Ebisu Wine Mart Co., Ltd.; Inspector, SAPPORO VIETNAM LTD. Mar 2022 General Manager, Accounting Department, Pokka Sapporo Food & Beverage Ltd. Mar 2024 Director, Executive Officer, General Manager, Management Planning Department, Pokka Sapporo Food & Beverage Ltd. Mar 2025 Director, Executive Officer, Pokka Sapporo Food & Beverage Ltd. (current; scheduled to retire at the close of this General Meeting of Shareholders) Mar 2026 Director (Full-time Audit and Supervisory Committee Member), the Company

1970-06-23

Akihiro WATANABE

Outside Director

Oct 1980 Joined Heiwa Audit Corporation (now Chuo Aoyama PricewaterhouseCoopers... [see note])

1959-02-18

Hisae KITAYAMA

Director (Chair of Audit and Supervisory Committee, Audit and Supervisory Committee Member)

Oct 1982 Joined Asahi Accounting Corporation (now Ernst & Young ShinNihon LLC) Mar 1986 Registered as Certified Public Accountant Jul 2013 Managing Director, Ernst & Young ShinNihon LLC Jun 2019 Chairman, Kinki Chapter, Japanese Institute of Certified Public Accountants Jul 2019 Vice President, Japanese Institute of Certified Public Accountants Jun 2020 Outside Director, Tsubakimoto Chain Co. (current) Jul 2020 Representative, Kitayama CPA Office (current) Mar 2021 Outside Director, Ebara Corporation Apr 2021 Specially Appointed Professor, Graduate School, University of Hyogo (current) Jun 2022 Outside Audit & Supervisory Board Member, Daicel Corporation (current) Mar 2026 Director (Audit and Supervisory Committee Member), the Company

1957-08-30

Seiko NODA

Director (Audit and Supervisory Committee Member)

Apr 1986 Joined The Awa Bank, Ltd. Apr 1999 Registered as Attorney-at-Law (Daiichi Tokyo Bar Association) Apr 1999 Joined Nagasawa & Partners (current) Jun 2007 Outside Audit & Supervisory Board Member, Tsumura & Co. Jun 2018 Outside Director (Audit and Supervisory Committee Member), The Awa Bank, Ltd. (current) Apr 2023 Specially Appointed Professor, Graduate School of Law, Hitotsubashi University (current) Mar 2026 Outside Director (Audit and Supervisory Committee Member), the Company

1964-02-17

Large Shareholding Reports

Mizuho Trust & Banking Co., Ltd.

2026-10-22

4.20%→4.20%

Nomura Asset Management Co., Ltd.

2026-10-06

4.74%→4.99%

Mizuho Trust & Banking Co., Ltd.

2026-09-16

4.32%→4.20%

Nomura Asset Management Co., Ltd.

2026-06-04

4.74%

Nomura Asset Management Co., Ltd.

2026-04-21

4.78%→4.19%

Nomura Asset Management Co., Ltd.

2026-04-06

4.75%→4.78%

Nomura Asset Management Co., Ltd.

2026-02-06

4.69%→4.75%

Nomura Asset Management Co., Ltd.

2026-01-21

4.73%→4.69%

Nomura Asset Management Co., Ltd.

2026-01-08

4.73%→4.73%

Nomura Asset Management Co., Ltd.

2025-12-22

4.74%→4.73%

Nomura Asset Management Co., Ltd.

2025-11-20

4.74%

Nomura Asset Management Co., Ltd.

2025-10-21

4.16%→4.74%

Nomura Asset Management Co., Ltd.

2025-10-03

4.16%

Nomura Asset Management Co., Ltd.

2025-09-03

4.65%→3.89%

Nomura Asset Management Co., Ltd.

2025-08-20

4.69%→4.65%

Nomura Asset Management Co., Ltd.

2025-08-05

4.94%→4.69%