SAPPORO HOLDINGS, Net Income Forecast for the Fiscal Year Revised Upward by 50%, Highest in Four Terms, Dividend Revised Upward by 30 Yen

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Wed Nov 12, 2025 2:00 pm JST Earnings

2501 SAPPORO HOLDINGS LIMITED 【IFRS】

Earnings Report

SAPPORO HOLDINGS LIMITED <2501> [TSE Prime] announced its financial results (based on IFRS) in the afternoon session on November 12th (14:00). The consolidated net income for the cumulative third quarter of the fiscal year ending December 2025 (January to September) decreased 5.3% from the same period last year to 10.8 billion yen.

However, the full-year forecast for consolidated net income has been revised upward 50.0%, from the previous forecast of 11.0 billion yen to 16.5 billion yen (compared to 7.71 billion yen in the previous period), increasing the growth rate from 42.6% to 2.1 times, reaches new record high for the first time in four terms.

Based on the full-year plan announced by the company after the upward revision, our estimate of the consolidated net income for the July to December period (second half) is expected to increase 59.7%, from the previous forecast of 9.21 billion yen to 14.7 billion yen (compared to 1.63 billion yen in the same period of the previous year), increasing the growth rate from 5.6 times to 9.0 times.

In light of the strong performance, the company has significantly increased its planned year-end lump-sum dividend for the current fiscal year from the original plan of 60 yen to 90 yen (compared to 52 yen in the previous period).

In the most recent three-month period, from July to September (3Q), the consolidated net income increased 67.8% from the same period last year, reaching 9.10 billion yen. The operating profit margin improved from 7.3% in the same period last year to 9.0%.

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Actual Results

Accumulated Results 3rd Quarter

Fiscal Year	Revenue	Operating Profit	Ordinary Profit	Net Profit	Adj. EPS	Progress Rate vs. First Half	Announce	Accounting Standards
Jan - Sep, 2023	377,749	9,573	8,600	3,058	39.3	70.8	Nov 10, 2023	IFRS
Jan - Sep, 2024	385,587	17,671	16,974	11,505	147.7	146.6	Nov 12, 2024	IFRS
Jan - Sep, 2025	382,589	19,578	16,767	10,892	139.7	ー	Nov 12, 2025	IFRS
YoY	-0.8%	+10.8%	-1.2%	-5.3%	-5.4%

Guidance Update

Second Half Update

Fiscal Year	Revenue	Operating Profit	Ordinary Profit	Net Profit	Adj. EPS	Adj. Dividend	Announce	Accounting Standards
Jul - Dec, 2025 Prev	287,304	12,833	ー	9,213	118.2	60	Aug 7, 2025	IFRS
Jul - Dec, 2025 New	278,304	20,633	ー	14,713	188.7	90	Nov 12, 2025	IFRS
Revision Rate	-3.1%	+60.8%	－	+59.7%	+59.7%

Full Year Update

Fiscal Year	Revenue	Operating Profit	Ordinary Profit	Net Profit	Adj. EPS	Adj. Dividend	Announce	Accounting Standards
Dec, 2025 Prev	532,000	20,000	ー	11,000	141.1	60	Feb 14, 2025	IFRS
Dec, 2025 New	523,000	27,800	ー	16,500	211.6	90	Nov 12, 2025	IFRS
Revision Rate	-1.7%	+39.0%	－	+50.0%	+50.0%

Current Period Guidance

Second Half Results

Fiscal Year	Revenue	Operating Profit	Ordinary Profit	Net Profit	Adj. EPS	Adj. Dividend	Announce	Accounting Standards
Jul - Dec, 2024	283,125	2,786	2,517	1,634	21.0	52	Feb 14, 2025	IFRS
Jul - Dec, 2025 Guidance	278,304	20,633	ー	14,713	188.7	90	Nov 12, 2025	IFRS
YoY	-1.7%	+640.6%	－	+800.4%	+799.9%

Current Period Guidance

Fiscal Year	Revenue	Operating Profit	Ordinary Profit	Net Profit	Adj. EPS	Adj. Dividend	Announce	Accounting Standards
Dec, 2023	518,632	11,820	12,144	8,724	112.0	47	Feb 14, 2024	IFRS
Dec, 2024	530,783	10,416	11,576	7,714	99.0	52	Feb 14, 2025	IFRS
Dec, 2025 Guidance	523,000	27,800	ー	16,500	211.6	90	Nov 12, 2025	IFRS
YoY	-1.5%	+166.9%	－	+113.9%	+113.8%

Quarterly Results

Fiscal Year	Revenue	Operating Profit	Ordinary Profit	Net Profit	Adj. EPS	Operating Profit Margin	Announce	Accounting Standards
Jul - Sep, 2024	137,929	10,041	7,915	5,425	69.6	7.3	Nov 12, 2024	IFRS
Oct - Dec, 2024	145,196	-7,255	-5,398	-3,791	-48.7	-5.0	Feb 14, 2025	IFRS
Jan - Mar, 2025	118,678	-2,227	-3,899	-4,222	-54.2	-1.9	May 13, 2025	IFRS
Apr - Jun, 2025	126,018	9,394	8,296	6,009	77.1	7.5	Aug 7, 2025	IFRS
Jul - Sep, 2025	137,893	12,411	12,370	9,105	116.8	9.0	Nov 12, 2025	IFRS
YoY	0.0%	+23.6%	+56.3%	+67.8%	+67.7%