# SAPPORO BREWERIES LIMITED: business model and financials

> Latest period: FY ending Dec 2025, consolidated, IFRS
> Unit: JPY millions
> Sources: 有価証券報告書－第102期(2025/01/01－2025/12/31) (S100XTM0)
> Page: https://vizora.meequs.com/en/company/sapporo-breweries
> Retrieved: 2026-09-30T20:24:43.499Z

## Company

Sapporo Breweries, founded in 1906, is a company in Alcoholic Beverages listed on TSE Prime. It has 6,102 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | SAPPORO HOLDINGS LIMITED |
| Ticker | 2501 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/2501.T) |
| Listing | TSE Prime |
| Head office | 東京都渋谷区恵比寿四丁目20番1号 |
| Representative (per filing) | 代表取締役社長 時松 浩 |
| Founded | Mar 1906 |
| Share capital | ¥53.9B |
| Employees (consolidated) | 6,102 |
| Average salary (parent only) | ¥10.1M |
| Fiscal year end | December |
| Website | www.sapporoholdings.jp (https://www.sapporoholdings.jp/) |
| Corporate number | 4011001009265 |
| EDINET | E00393 |
| Industries (Vizora) | Alcoholic Beverages, Beverages & Dairy, Processed Foods |

> Profile source: annual securities report (S100XTM0, filed 2026-03-25). As of filing

## Five-axis industry profile

Primary industry: Alcoholic Beverages (2025-12-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 35.7 | 7 |
| Profitability | 35.7 | 7 |
| Cash conversion | 92.9 | 7 |
| Efficiency | 64.3 | 7 |

Each axis is shown independently. Missing values are labeled unavailable; no combined score is calculated. Industry rank is not an investment recommendation.

## Key points (generated from figures)

- About 79% of Sapporo Breweries's sales come from Alcoholic Beverages, with Food and Soft Drinks making up much of the rest.
- Out of every ¥100 of sales, about ¥5 is left as operating profit.
- Revenue changed -1.1% from the prior year, operating profit +332.9%.

## Company structure

- Segment revenue mix: Alcoholic Beverages 79.0%、Food and Soft Drinks 21.0%
- Revenue → net income: ¥506861000000 → ¥19536000000
- Net income → operating cash flow: ¥19536000000 → ¥44592000000（difference ¥25056000000）
- Main uses of operating cash flow: CapEx ¥13346000000 / dividends ¥4055000000 / buybacks ¥60000000
- Change in cash: ¥-968000000
Segment shares use total reported segment revenue, which may include inter-segment sales. The cash bridge is operating cash flow minus net income and combines non-cash items and working-capital effects.

## Key figures at a glance

| Metric | Value | Note |
| --- | ---: | ---: |
| Revenue | ¥506.9B |  |
| Operating income | ¥24.4B | Margin 4.8% |
| Net income | ¥19.5B | Margin 3.8% |
| Free cash flow | ¥31.2B |  |
| Largest business | Alcoholic Beverages | of segment revenue 79.0% |
| Employees (consolidated) | 6,102 |  |
| EPS | ¥50.02 |  |
| Diluted EPS | ¥49.99 |  |
| Book value per share | ¥404.76 |  |
| Equity ratio | 33.5% | Derived from disclosed figures |
| Shares outstanding | 78,794,000 |  |
| Treasury shares | 768,100 |  |
| Shareholders | 52,420 |  |
| Average salary (parent only) | ¥10.1M | Filing company only |
| Cash ratio | 3.4% | Cash ÷ revenue 4.4% |
| Vs. industry median margin | -1.6 pp | Alcoholic Beverages |
| ROE | 9.4% | Derived from disclosed figures |
| ROA | 3.0% | Derived from disclosed figures |

## Notable figures

- FY2025, employees -5% while operating income rose 333%
- FY2025, operating cash flow is 2.3× net income
- FY2025, one segment accounts for 94% of positive segment profit

## What changed in 5 years

| Metric | FY ending Dec 2020 | FY ending Dec 2025 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥434723000000 | ¥506861000000 | +16.6% |
| Operating income | ¥-15938000000 | ¥24437000000 | — |
| Operating margin | -3.7% | 4.8% | +8.5 pp |
| Employees | 7,592 people | 6,102 people | -19.6% |
| Cash and equivalents | ¥19734000000 | ¥22360000000 | +13.3% |

### Change in segment revenue mix

Span: FY ending Dec 2020 → FY ending Dec 2025. Stable segment keys are connected; unmatched shares are marked as new or reorganized. Shares use total segment revenue.

| Flow | Revenue share |
| --- | ---: |
| 酒類 → 酒類 | 65.7% |
| 食品飲料 → 食品飲料 | 21.0% |
| 食品飲料 → 事業再編・廃止 | 7.9% |
| その他 → 事業再編・廃止 | 0.0% |
| 不動産 → 事業再編・廃止 | 5.4% |
| 新設・再編 → 酒類 | 13.3% |

Segment revenue source references: 6 (derived)

## Income statement（FY ending Dec 2025, consolidated, IFRS）

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 506,861 | 100.0% | S100XTM0 |
| Cost of revenue | 339,815 | 67.0% | S100XTM0 |
| Gross profit | 167,046 | 33.0% | S100XTM0 |
| SG&A | 142,038 | 28.0% | S100XTM0 |
| Operating income | 24,437 | 4.8% | S100XTM0 |
| Pretax income | 22,704 | 4.5% | S100XTM0 |
| Income tax | 7,612 | 1.5% | S100XTM0 |
| Net income | 19,536 | 3.9% | S100XTM0 |
| Net income attributable to owners | 19,498 | 3.8% | S100XTM0 |

## Per ¥100 of revenue（FY ending Dec 2025）

| Part | JPY |
| --- | ---: |
| Cost of revenue | 67 |
| SG&A | 28 |
| Operating income | 5 |
| (Ref.) Net income | 4 |

### Margin funnel

Gross margin 33.0% → Operating margin 4.8% → Net margin 3.8%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue down, profit up
Revenue growth: -1.1%; Core profit growth: +332.9%
Operating leverage (core profit growth ÷ revenue growth): -306.10×
Calculated from comparable annual consolidated filings.

## Year over year（FY ending Dec 2024 → FY ending Dec 2025、JPY mn）

| Metric | Prior | Current | Change | % change |
| --- | ---: | ---: | ---: | ---: |
| Revenue | 512,434 | 506,861 | -5,573 | -1.1% |
| Gross profit | 159,433 | 167,046 | 7,613 | +4.8% |
| Operating income | 5,645 | 24,437 | 18,792 | +332.9% |
| Net income attributable to owners | 7,714 | 19,498 | 11,784 | +152.8% |
| Operating cash flow | 36,109 | 44,592 | 8,483 | +23.5% |
| Free cash flow | 16,641 | 31,246 | 14,605 | +87.8% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Dec 2017 | 536,585 | — | — | 7,187 | 33,794 | — | S100NSHB |
| FY ending Dec 2018 | 493,908 | — | — | 8,521 | 30,830 | — | S100QILX |
| FY ending Dec 2019 | 491,896 | 12,208 | 2.5% | 4,356 | 36,069 | 18,157 | S100L3AS |
| FY ending Dec 2020 | 434,723 | -15,938 | -3.7% | -16,071 | 16,466 | 3,949 | S100NSHB |
| FY ending Dec 2021 | 437,159 | 22,029 | 5.0% | 12,331 | 30,308 | 17,116 | S100QILX |
| FY ending Dec 2022 | 478,422 | 10,106 | 2.1% | 5,450 | 7,814 | -1,806 | S100T5WI |
| FY ending Dec 2023 | 518,632 | 11,820 | 2.3% | 8,724 | 45,446 | 27,023 | S100VITK |
| FY ending Dec 2024 | 512,434 | 5,645 | 1.1% | 7,714 | 36,109 | 16,641 | S100XTM0 |
| FY ending Dec 2025 | 506,861 | 24,437 | 4.8% | 19,498 | 44,592 | 31,246 | S100XTM0 |

## People and productivity（FY ending Dec 2025, consolidated, IFRS）

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥83.1M |
| Operating income per employee (consolidated) | ¥4M |
| Net income per employee (consolidated) | ¥3.2M |

Employees, revenue and profit are consolidated. Average annual salary is a separate parent-company figure. Calculated from disclosed figures (DERIVED).

| History | FY ending Dec 2021 | FY ending Dec 2022 | FY ending Dec 2023 | FY ending Dec 2024 | FY ending Dec 2025 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Employees (consolidated) | 6,872 | 6,676 | 6,610 | 6,402 | 6,102 |
| Average salary (parent company) | ¥8.4M | ¥8.7M | ¥9M | ¥9.5M | ¥10.1M |
| Average age (parent company) | 47.4 years | 46.8 years | 46.8 years | 45.7 years | 44.8 years |
| Average tenure (parent company) | 22.6 years | 20.6 years | 21.4 years | 20.3 years | 18.5 years |

Year over year: Employees (consolidated) -4.7% · Revenue (consolidated) -1.1%

## Segments（FY ending Dec 2025, consolidated, IFRS、JPY mn）

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Alcoholic Beverages | 400,244 | 79.0% | 30,318 | 7.6% |
| Food and Soft Drinks | 106,609 | 21.0% | 1,886 | 1.8% |

### segmentMix — Revenue and profit mix

Calculated from disclosed figures (DERIVED). Shares use total segment revenue and total positive segment profit respectively. Difference = profit share − revenue share (pt). Inter-segment sales may prevent reconciliation to company revenue.

| Segment | Revenue share | Profit share | Difference (pt) | Margin |
| --- | ---: | ---: | ---: | ---: |
| Alcoholic Beverages | 79.0% | 94.1% | 15.2 | 7.6% |
| Food and Soft Drinks | 21.0% | 5.9% | -15.2 | 1.8% |

Segment → industry: Alcoholic Beverages → Alcoholic Beverages / Food and Soft Drinks → Beverages & Dairy / Food and Soft Drinks → Processed Foods

## Revenue by geography

No geographic revenue breakdown was disclosed.

## Cash flow（FY ending Dec 2025, consolidated, IFRS）

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Operating cash flow | 44,592 | 8.8% | S100XTM0 |
| Capital expenditure | 13,346 | 2.6% | S100XTM0 |
| Free cash flow | 31,246 | 6.2% | 算出 |
| Investing cash flow | -2,972 | -0.6% | S100XTM0 |
| Financing cash flow | -42,274 | -8.3% | S100XTM0 |
| Dividends paid | 4,055 | 0.8% | S100XTM0 |
| Share buyback | 60 | 0.0% | S100XTM0 |
| Change in cash | -968 | -0.2% | S100XTM0 |
| Cash and equivalents | 22,360 | 4.4% | S100XTM0 |

## Balance sheet

Figures are as of each fiscal year end. Derived values are marked as such in the source column. Lease liabilities are excluded from interest-bearing debt.

| Metric | FY ending Dec 2021 | FY ending Dec 2022 | FY ending Dec 2023 | FY ending Dec 2024 | FY ending Dec 2025 | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| Cash and equivalents | 17,368 | 15,380 | 17,204 | 24,140 | 22,360 | S100T5WI, S100VITK, S100XTM0 |
| Total assets | 594,551 | 639,118 | 663,573 | 664,963 | 653,690 | S100QILX, S100T5WI, S100VITK, S100XTM0 |
| Net assets | 163,327 | 167,201 | 183,248 | 197,157 | 220,117 | S100T5WI, S100VITK, S100XTM0 |
| Share capital | 53,887 | 53,887 | 53,887 | 53,887 | 53,887 | S100QILX, S100T5WI, S100VITK, S100XTM0 |
| Property, plant and equipment | 120,624 | 129,102 | 145,687 | 157,799 | 144,970 | S100QILX, S100T5WI, S100VITK, S100XTM0 |
| Goodwill | 19,176 | 33,783 | 35,124 | 22,362 | 22,509 | S100QILX, S100T5WI, S100VITK, S100XTM0 |
| Current assets | 167,806 | 179,431 | 176,353 | 193,918 | 340,461 | S100QILX, S100T5WI, S100VITK, S100XTM0 |
| Total liabilities | 431,224 | 471,917 | 480,325 | 467,805 | 433,572 | S100QILX, S100T5WI, S100VITK, S100XTM0 |
| Equity attributable to owners of parent | 162,570 | 166,310 | 182,315 | 196,030 | 218,862 | S100QILX, S100T5WI, S100VITK, S100XTM0 |
| Retained earnings | 44,791 | 43,392 | 50,828 | 65,268 | 85,689 | S100QILX, S100T5WI, S100VITK, S100XTM0 |
| Treasury stock | -1,785 | -1,785 | -1,783 | -1,722 | -1,633 | S100QILX, S100T5WI, S100VITK, S100XTM0 |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 3% | S100XTM0 |
| Property, plant and equipment | 22% | S100XTM0 |
| Intangibles and goodwill | 4% | — |
| Other assets | 71% | S100XTM0 |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Other liabilities | 66% | S100XTM0 |
| Equity | 34% | S100XTM0 |
| Other liabilities | 0% | S100XTM0 |

### Balance sheet history

| Metric | FY ending Dec 2021 | FY ending Dec 2022 | FY ending Dec 2023 | FY ending Dec 2024 | FY ending Dec 2025 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Total assets | 594,551 | 639,118 | 663,573 | 664,963 | 653,690 |
| Equity | 163,327 | 167,201 | 183,248 | 197,157 | 220,117 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 17,368 | 15,380 | 17,204 | 24,140 | 22,360 |

## Asset intensity and goodwill

Ratios are derived from reported values. Goodwill is used only when separately reported, never inferred from combined intangible assets.

| Metric | Value | Sources |
| --- | ---: | ---: |
| Asset intensity (fixed assets ÷ revenue) | 28.6% | S100XTM0 |
| Fixed assets ÷ total assets | 22.2% | S100XTM0 |
| Goodwill ÷ parent equity | 10.3% | S100XTM0 |

Goodwill over 4 years: 19,176 → 22,509 JPY; total investing cash flow: -50,655 JPY. This does not imply causation.

### Cash quality

Net cash = cash − interest-bearing debt. Net debt ratio = (interest-bearing debt − cash) ÷ positive operating cash flow. Omit when debt components are incomplete; other ratios are derived from reported figures.

| Metric | Value |
| --- | ---: |
| Cash ratio (cash ÷ total assets) | 3.4% |
| Cash ÷ revenue | 4.4% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 182.5% |
| Cash vs. profit gap | 25,094 JPY mn (of net income 128.7%) |
| Shareholder returns / net income | 21.1% |
| Shareholder returns / FCF | 13.2% |
| Shareholder payments — dividends / net income | 20.8% |
| Shareholder payments — dividends / FCF | 13.0% |
| CapEx intensity (capex ÷ revenue) | 2.6% |
| Investing CF relative to operating CF | 6.7% |

## ROA and ROE

ROE is decomposed into net margin × asset turnover × financial leverage. Leverage can raise ROE, so the ratio alone does not assess a company's condition. Ending balances are used without a prior year; total equity approximates parent equity when unavailable.

| Period | Net margin | Asset turnover | ROA | Financial leverage | ROE | Sources |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| 2021 | 2.8% | 0.74× | 2.1% | 3.66× | 7.6% | S100QILX |
| 2022 | 1.1% | 0.78× | 0.9% | 3.75× | 3.3% | S100T5WI |
| 2023 | 1.7% | 0.80× | 1.3% | 3.74× | 5.0% | S100VITK |
| 2024 | 1.5% | 0.77× | 1.2% | 3.51× | 4.1% | S100XTM0 |
| 2025 | 3.8% | 0.77× | 3.0% | 3.18× | 9.4% | S100XTM0 |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 日本マスタートラスト 信託銀行株式会社（信託口） | Major shareholder | 10.2% | 2025-12-31 |
| GOLDMAN，SACHS ＆ CO．REG | Major shareholder | 4.3% | 2025-12-31 |
| STATE STREET BANK AND TRUST COMPANY 505018 （常任代理人 株式会社みずほ銀行決済営業部） | Major shareholder | 4.3% | 2025-12-31 |
| NOMURA PB NOMINEES LIMITED OMNIBUS-MARGIN（CASHPB） （常任代理人 野村證券株式会社） | Major shareholder | 3.8% | 2025-12-31 |
| 株式会社日本カストディ銀行（信託口） | Major shareholder | 3.7% | 2025-12-31 |
| GOLDMAN SACHS INTERNATIONAL （常任代理人 ゴールドマン・サックス証券株式会社） | Major shareholder | 3.3% | 2025-12-31 |
| 株式会社日本カストディ銀行退職給付信託 みずほ信託銀行口 | Major shareholder | 3.1% | 2025-12-31 |
| 3D OPPORTUNITY MASTER FUND （常任代理人 シティバンク、エヌ・エイ東京支店） | Major shareholder | 3.1% | 2025-12-31 |
| 日本生命保険相互会社 （常任代理人 日本マスタートラスト信託銀行株式会社） | Major shareholder | 2.9% | 2025-12-31 |
| 明治安田生命保険相互会社 （常任代理人 株式会社日本カストディ銀行） | Major shareholder | 2.9% | 2025-12-31 |

## AI commentary（text by AI; the tables above are authoritative、claude-code）

- Revenue for FY ending Dec 2025 was ¥506.9B, down -1.1% from ¥512.4B.
- Profit moved the other way: operating income rose +332.9% to ¥24.4B, and net income attributable to owners rose +152.8% to ¥19.5B.
- Cash generation also improved, with operating cash flow at ¥44.6B (+23.5%) and free cash flow at ¥31.2B (+87.8%).

### Drivers

- Strong beer sales in Japan and an April price increase lifted alcoholic beverage revenue
- Food and soft drink sales fell after earlier business sales and a temporary halt at the Malaysian plant, pulling total revenue down
- Operating income jumped mainly because last year's goodwill impairment on Stone Brewing did not repeat

### Risks

- Beer demand in Japan could shrink faster than expected as the market contracts and people drink less for health reasons
- Restructuring in North America and fixing export and licensing profits may not go to plan
- Price competition in Singapore and Malaysia, and geopolitical trouble in export markets, could hurt the drinks business

Cited: Annual securities report (FY2025) (経営者による財政状態、経営成績及びキャッシュ・フローの状況の分析); Annual securities report (FY2025) (事業等のリスク)

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第102期(2025/01/01－2025/12/31) | S100XTM0 | 2026-03-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100XTM0,, |
| 有価証券報告書－第101期(2024/01/01－2024/12/31) | S100VITK | 2025-03-31 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100VITK,, |
| 有価証券報告書－第100期(2023/01/01－2023/12/31) | S100T5WI | 2024-03-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100T5WI,, |
| 有価証券報告書－第99期(2022/01/01－2022/12/31) | S100QILX | 2023-03-31 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100QILX,, |
| 有価証券報告書－第98期(令和3年1月1日－令和3年12月31日) | S100NSHB | 2022-03-31 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100NSHB,, |
| 有価証券報告書－第97期(令和2年1月1日－令和2年12月31日) | S100L3AS | 2021-03-31 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100L3AS,, |

## Definitions

- Amounts are in millions of JPY (rounded). The period is stated in each table heading
- Operating margin = operating income ÷ revenue. Net income is attributable to owners of the parent when disclosed
- Free cash flow (FCF) = operating cash flow − capital expenditure
- ¥100 model = breakdown per ¥100 of revenue (rounded so parts sum to 100)
- Segment revenues include inter-segment sales and may not sum to consolidated revenue
- Source IDs are EDINET document IDs (docID). "算出" (derived) means computed from other disclosed values
- All figures are extracted mechanically from filings. AI-written text never generates figures
- Source: company filings submitted to EDINET (Financial Services Agency of Japan). Figures were extracted, edited and processed, and charts and text were created, by Vizora — not by the FSA (used under the Public Data License v1.0).