Agreements reached under this partnership
Strategic capital and business alliance- 1
Significant expansion of sales of our brands
- 2
Joint decision-making on the development of SPB
- 3
Securing appropriate shareholder rights
- 4
Revenue opportunities through investment in Carlsberg's Southeast Asian and Hong Kong businesses
- 5
Restructuring and strengthening of our Vietnam operations
These are items that the documents state the two companies will work on. The lines above and below represent arrangements between the two companies.
We aim to increase sales volume of our SPB brand in the target regions by approximately 10 times by 2035 compared with 2025.
This indicates whether the companies will do more than work together, such as holding each other’s shares or seconding personnel (capital and business alliance).
We believe this will contribute to improving our financial performance and corporate value over the medium to long term. If it becomes clear that the alliance will have a material impact on our financial performance, we will make a timely disclosure.
| Item | Details |
|---|---|
| Name of alliance partner | Carlsberg A/S |
| Alliance partner's business activities | Manufacture and sale of beer and other beverages |
| Alliance partner's location | Denmark (Copenhagen V) |
| Alliance partner's capital | DKK 2,653 million (as of 31 December 2025) |
| Alliance partner's net sales | DKK 89,095 million (fiscal year ended December 2025) |
| Alliance partner's operating income | DKK 13,356 million (fiscal year ended December 2025, before special items) |
| Type of alliance | Strategic capital and business alliance |
| Details of the alliance | Significant expansion of sales of our brands, Joint decision-making on the development of SPB, Securing appropriate shareholder rights, Revenue opportunities through investment in Carlsberg's Southeast Asian and Hong Kong businesses, Restructuring and strengthening of our Vietnam operations |
| Acquisition price | Approximately USD 643 million (approximately JPY 102.9 billion) |
| Shareholding ratio | Not disclosed → 25％ |
| Overview of the joint venture | Name Carlsberg Sapporo Alliance (planned) / Location Singapore / Business Description Manufacture and sale of alcoholic beverages, including beer, soft drinks and other products / Capital Contributions To be determined / Ownership ratio Carlsberg 75%; Sapporo Breweries 25% |
| Ownership ratio | Carlsberg 75%; Sapporo Breweries 25% |
| Dispatch of directors and officers | The board of directors will comprise 3 members from Carlsberg and 2 from Sapporo Breweries. Sapporo Breweries will appoint 2 brand managers. |
| Numerical targets under the alliance | We aim to increase sales volume of our SPB brand in the target regions by approximately 10 times by 2035 compared with 2025. |
| Shareholding Policy | A mechanism is in place to prevent dilution of voting rights in the event of future capital raising. |
| Date of board resolution | 6 July 2026 |
| Contract Date | 6 July 2026 |
| Alliance start date | December 2026 (joint venture establishment planned) |
| Impact on Business Performance | We believe this will contribute to improving our financial performance and corporate value over the medium to long term. If it becomes clear that the alliance will have a material impact on our financial performance, we will make a timely disclosure. |
Items this document does not state (4)
These are items the company does not state in this document. We do not leave them blank, nor fill them in from other sources or by inference.
The reasons the company gives
The company's own explanation, not something inferred from the numbers.To combine Carlsberg's strong business base and sales network with our premium brands, thereby expanding sales of SPB, entering markets with high investment efficiency, securing diverse revenue opportunities, and improving earning power and corporate value over the medium to long term.