Financial Strategy

  Under the basic policy “Beyond150~ Transforming the business structure for new growth~,” outlined in the Sapporo Group’s “Mid-Term Management Plan (2023–2026),” we have been promoting business portfolio management driven by the twin pillars of “Structural Reform” and “Strengthen and Grow,” and have been working to improve capital efficiency and corporate value. Profitability improved significantly during the Mid-Term Management Plan period, and in fiscal 2025, we achieved the return on equity (ROE) of 8%—a financial target set for fiscal 2026—one year ahead of schedule.
At the same time, we advanced discussions aimed at enhancing corporate value over the medium to long term and announced our Group Medium- to Long-Term Growth Strategy in February 2025. We resolved to pursue further growth by transforming our business portfolio to center on the alcoholic beverages business. As part of this effort, in December 2025, we concluded agreements regarding a series of transactions related to the injection of external capital into the real estate business. Going forward, we will allocate the funds generated by moving the real estate business off-balance sheet to growth investments centered on the alcoholic beverages business, thereby driving the enhancement of corporate value over the medium to long term. While we anticipate a temporary decline in return on equity (ROE) due to the capital increase resulting from the injection of external capital into the real estate business, we have set a target of 8% or higher by 2030 and 10% or higher in the long term.

  To strengthen our business portfolio across segments, we will manage capital efficiency by comparing the ROIC (Return on Invested Capital) of each business with its respective hurdle rate (WACC + spread). Through this approach, we aim to optimize our business portfolio, improve asset efficiency, and strive to increase ROE.
Regarding financial soundness, we will ensure an A credit rating to achieve sustainable growth while implementing appropriate cash allocation. With regard to investments, we will accelerate profit growth by prioritizing capital investment in the alcoholic beverages business, aiming to further improve capital efficiency from a long-term perspective.

  With regard to shareholder returns, we regard the appropriate distribution of profits as a key management policy, and our basic policy is to pay stable dividends while taking into account our business performance and financial condition. Regarding future dividend levels, we will aim for a dividend on equity (DOE) of 3% or higher, with a target of 4% or higher by 2030. For fiscal year 2025, in accordance with the aforementioned policy and taking into account our business performance and financial condition, we have decided to pay a dividend of 18 yen (post-stock split basis), marking the third consecutive year of dividend increases. Furthermore, with the aim of enhancing opportunities to return profits to our shareholders starting in fiscal year 2026, we have decided to pay dividends twice a year: an interim dividend and a year-end dividend. Based on these factors, we plan to increase the dividend for fiscal year 2026 to 40 yen per share annually.

  The Sapporo Group is committed to achieving sustainable growth and enhancing corporate value over the medium to long term, thereby meeting the expectations of our stakeholders. To foster meaningful dialogue with our shareholders and investors, we will continue to strive to deepen the substance of our discussions through proactive disclosure and communication of information. We look forward to your continued candid feedback and support.