Sapporo Holdings
Cite as: Japan IR Index, Sapporo Holdings (2501), methodology GNT-BDS v1.1.1, reviewed 2026-10-23.
Findings and sources as of the review date shown. The company’s English disclosure may have changed since.
Where to start
Chosen from this company's lowest answers, easiest first. A quick fix uses material the company already has; a translation fix is usually met by translating a Japanese document (our note says whether this company has one). Questions that need a budget or a board decision are left out. Suggestions drawn from the research, separate from the scores.
G6 Shareholder vote results disclosed in English 0/5 Quick fix
Publish the vote counts from the Japanese extraordinary report in English.
O7 Named English IR contact published 3/5 Quick fix
Link a dedicated IR contact (form, address or e-mail) from the English IR section.
S3 English equity-story or investment-highlights page 3/5 Translation
Put the investment case, with figures, on one English page or section.
English disclosure assessment
All 34 questions reviewed by the editor against the public documents; this is not an independent audit. 9 answers corrected after re-checks (research errors) and 1 changed under a rule change between 21 Oct 2026 and 23 Oct 2026. These are changes to our record, not to the company’s disclosure. Changes to this record →
Compared with peers
| Peer group | Median | This company |
|---|---|---|
| Same sector (Foods) | Only 1 company — too few to compare | |
| Same size band (¥500bn–2tn) | 84.2 | 20 of 43 |
Compared with the companies covered here, not the whole market. Sector is the TSE 33-sector classification; market cap is from the TSE English-disclosure survey, Aug 2026; it only sets the size band, plays no part in the score, and is refreshed once a quarter. Ties share the higher rank.
Out of 100.
Of the 34 questions reviewed, 31 scored 3 or more and 2 found no qualifying English materials within the stated review scope. Read each score with its source and scope below.
Findings by question
F1Quarterly and full-year results summaries (tanshin) published in English5/5
Every quarter's tanshin is in English on the Japanese date (Q1 FY2026 14 May, H1 7 Aug 2026; all four quarters of FY2025), each a whole translation with notes (see F2). Checked 23 Oct 2026; the September record gave the same score without a note. Source document →
F2English results summary is a full translation, not an excerpt5/5
The English H1 FY2026 tanshin is 29 pages, as is the Japanese (both PDFs created 6 Aug, posted 7 Aug), with the summary, qualitative section, statements, notes and segment information. The whole tanshin, so 5. Checked 23 Oct 2026; the September record gave the same score without a note. Source document →
F3Financial statements including notes available in English5/5
The English H1 FY12/2026 tanshin (7 Aug 2026, 29 pp as in Japanese) carries the full condensed statements and notes (going concern, segment information with the 2026 reclassification), with the segment forecasts. Full statements and notes for the latest period, so 5. Re-opened 23 Oct 2026; the September record scored 4 without a note. Source document →
F4Annual securities report available in English in any form0/5
No annual securities report in English under any name: the English IR library (financial results, presentations, Integrated Report / FACT BOOK) and IR News carry none. The Japanese 有価証券報告書 and 半期報告書 (10 Aug 2026) have no English version. Re-checked 23 Oct 2026; the September record also found nothing.
F5Segment revenue and profit disclosed in English, consistent definitions5/5
Every English tanshin gives revenue and core operating profit by reportable segment with the reconciliation. The H1 FY2026 English explains the 2026 change from Alcoholic Beverages / Food & Beverages to Domestic and Overseas Business, says what each now contains, restates the prior year on the new basis and adds full-year segment forecasts. Every period, definitions stated, so 5. Re-opened 23 Oct 2026; the September record scored 4 without a note. Source document →
F6Multi-year financial data file (Excel or CSV) downloadable in English4/5
The English Financial Information pages have 'Financial Data Download' (data_en.xlsx, opened 23 Oct 2026): six sheets of balance sheet, P&L and cash-flow statements, JGAAP FY2004-FY2017 and IFRS FY2017-FY2025. Full statements for over five years, but no per-share data. Narrower than the top band, so 4. Re-opened 23 Oct 2026; the September record scored 3 without a note. Source document →
F7Guidance disclosed in English with the basis explained4/5
The English tanshin gives the FY2026 forecast and the supplementary information gives full-year forecasts by segment; the deck explains the U.S. production restructuring's effect. No FX assumption was found in the English tanshin or deck. The forecast with part of the basis, so 4. Checked 23 Oct 2026; the September record gave the same score without a note. Source document →
F8English financial disclosure current to the latest Japanese filing period5/5
English results for the six months to 30 June 2026 published 7 August 2026, the same period and day as the Japanese. Checked 23 Oct 2026; the September record gave the same score without a note. Source document →
S1Medium-term management plan in English with numerical targets5/5
The current plan, 'Medium-Term Management Plan 2027-2030', was announced on 7 Aug 2026 in both languages; the English plan (40 pp) sets 2030 targets (core operating profit ¥40.0bn, ROE 8%+ toward 10%+, DOE 5%+, shareholders' equity about ¥350bn, ¥170bn of buybacks) with the segment mix. Complete and same day, so 5. Checked 23 Oct 2026; the September record gave the same score without a note. Source document →
S2IR presentations published in English5/5
Every quarter's English results page has the presentation materials, a presentation with script and the key Q&A (H1 FY2026: deck 7 Aug, script and Q&A 21 Aug; Q1: 15 and 22 May), the same set as the Japanese (H1 script and Q&A 19 Aug). Every briefing with the supplement, so 5; the two-day lag is scored in S5. Re-opened 23 Oct 2026; the September record scored 4 without a note. Source document →
S3English equity-story or investment-highlights page3/5
No 'why invest' or at-a-glance page. The English 'Our Commitment to Excellence' page and Integrated Report 2026 describe the strengths (brands, heritage, the leading market share of Sapporo Lion and of SPB in the U.S. as the No. 1 Asian beer brand) in running text, not framed for an investor. A company-overview page doing the job, so 3. Checked 23 Oct 2026; the September record gave the same score without a note. Source document →
S4Growth drivers identified and quantified in English5/5
The English plan names the drivers ('Bonds with Community' and 'Healthier Choice', domestic and overseas, the Carlsberg alliance) and attaches the profit mix and core operating profit path (¥22.0bn in 2026 to ¥40.0bn in 2030 and ¥70-80bn by 2035). Named drivers with numbers, so 5. Checked 23 Oct 2026; the September record gave the same score without a note. Source document →
S5Results-briefing transcripts or Q&A published in English4/5
Every quarter has an English 'Presentation with script' and 'Key Questions & Answers', as the Japanese has; the H1 FY2026 English came 21 Aug against the Japanese 19 Aug, and Q1 on 22 May. Every period, a few days late, so 4. Checked 23 Oct 2026; the September record gave the same score without a note. Source document →
S6Integrated or annual report available in English5/5
Integrated Report 2026 in English (79 pp, posted 27 Aug 2026, four weeks after the Japanese of 31 Jul) covers fiscal 2025 (January-December 2025), the latest closed year; FACT BOOK 2026 sits beside it. Current and complete, so 5. Checked 23 Oct 2026; the September record gave the same score without a note. Source document →
S7Progress against the previous plan, including misses, explained in English4/5
The English 2027-2030 plan sets the previous plan (2023-2026) targets beside FY2025 results, marked 'Achieved' (ROE 8% a year early, the overseas profit target), but gives little on why. The reconciliation, without much explanation, so 4. Checked 23 Oct 2026; the September record gave the same score without a note. Source document →
G1Corporate governance report available in English5/5
The Corporate Governance Report is in English (35 pp, 'Last Update: August 7, 2026'), posted 17 Aug 2026 and labelled [Delayed]; the Japanese was filed 7 Aug. The English governance page now links this edition (the March 2026 file the September record cited has been replaced). The filed report, current, so 5. Checked 23 Oct 2026; the September record gave the same score without a note. Source document →
G2Director biographies in English with tenure, expertise and independence5/5
Every director stood at the 102nd AGM (eight directors and three Audit & Supervisory Committee members). The English notice (25 Feb 2026) gives each a dated career history, outside directors' tenure ('will have served as a Director of the Company for three (3) years'), attendance, independence designation and reasons for nomination. Every director with all three elements, so 5. Re-opened 23 Oct 2026; the September record scored 3 without a note. Source document →
G3Board skills matrix published in English5/5
The English 102nd AGM notice has a 'Skills Matrix for the Candidates for Director' covering the whole board after the meeting, with the reasons each skill was chosen. Current, so 5. Re-opened 23 Oct 2026; the September record scored 4 without a note. Source document →
G4Executive remuneration structure and its performance linkage explained in English4/5
The English governance policy page sets out fixed pay, performance-linked pay and performance-based stock, with the indicators and FY2025 results: ROE and EBITDA against plan and individual evaluation for the annual part; medium- to long-term financial indicators, ESG indicators and employee engagement for the stock. No weights between the measures in either element, and none in the AGM notice's stock-plan proposal. So 4 under v1.1.1. Re-checked 23 Oct 2026. Source document →
G5AGM notice in English with sufficient lead time to vote4/5
The English notice of the 102nd AGM (67 pp, every proposal's reference documents) was posted 25 Feb 2026, the start of the Japanese electronic provision, for a meeting on 27 March: 30 days. The voting website it names, soukai.mizuho-tb.co.jp, is Japanese-only (G5 voting-site sweep, 23 Oct 2026). So 4. Checked 23 Oct 2026. Source document →
G6Shareholder vote results disclosed in English0/5
The English General Meetings page has the convocation notices only (100th-102nd). The Japanese page has the 102nd 決議ご通知 and the 臨時報告書 with the vote tallies (議決権集計結果), neither in English. Re-checked 23 Oct 2026; the September record also found nothing.
G7Cross-shareholdings in English with reduction schedule and rationale5/5
The English Corporate Governance Report (Aug 2026) gives the policy and annual board review, a quantified target (book value of strategic holdings below 5% of equity by the end of FY12/2026, revised from 10%), and progress: ¥9,056m sold in FY2025, 152 issues and ¥31,402m held, 14% of equity. Holdings, target, progress and rationale, so 5. Checked 23 Oct 2026; the September record gave the same score without a note. Source document →
O1English IR section reachable within two clicks of the English homepage5/5
'Investor Relations' is in the English homepage's global menu, one click to the IR top. Checked 23 Oct 2026; the September record gave the same score without a note. Source document →
O2English document links resolve to English documents5/5
Sampled English documents across types: H1 FY2026 tanshin and supplementary information, Q2 deck, script and key Q&A, Medium-Term Management Plan 2027-2030, Integrated Report 2026, Corporate Governance Report (Aug 2026), 102nd and 100th AGM notices, the Excel data file. All English, so 5. Re-opened 23 Oct 2026; the September record scored 4 without a note. Source document →
O3English IR archive free of dead links5/5
The sampled links (see O2) all opened, back to the 2024 AGM notice. The March 2026 governance-report file the September record cited now returns 404, but the site links the August edition in its place. No dead link on the site, so 5. Checked 23 Oct 2026; the September record gave the same score without a note. Source document →
O4English IR pages render without blank JavaScript failures4/5
The script-loaded lists (financial results, presentations, IR News, Integrated Report / FACT BOOK, general meetings) all rendered in the browser on 23 Oct 2026. The IR top carries an empty, zero-height embedded frame. Held at the September 4 for a failing widget, content intact. Checked 23 Oct 2026; the September record gave the same score without a note. Source document →
O5Single page listing all English IR documents by date and type4/5
The English IR News is one dated list, typed (Disclosures, Financial results, Topics), but documents also sit on separate library pages and not every library item is in it. One dated, typed list, not every type, so 4. Checked 23 Oct 2026; the September record gave the same score without a note. Source document →
O6English archive genuinely populated, not an unverifiable shell5/5
The English archive holds results and supplementary information by year back to FY2016 and earlier, presentations by year from FY2016, integrated reports and fact books by year. Several years across types, so 5. Checked 23 Oct 2026; the September record gave the same score without a note. Source document →
O7Named English IR contact published3/5
The English IR top links only the site-wide 'Inquiries' page, which lists 'Investor Relations and Financial Results Inquiries' with its own form. A genuine IR route, but one step behind the general inquiries page and not shown on the IR pages. Not obvious, so 3. Re-opened 23 Oct 2026; the September record scored 2 without a note. Source document →
R1Earnings materials published in English simultaneously with Japanese5/5
The English tanshin and deck are posted the same day as the Japanese each period (H1 FY2026 7 Aug 2026; Q1 14-15 May). So 5. Checked 23 Oct 2026; the September record gave the same score without a note. Source document →
R2Median lag in days between Japanese and English statutory publication5/5
Lags, English against Japanese. H1 FY2026 tanshin 7 Aug / 7 Aug = 0. Q1 tanshin 14 May / 14 May = 0. 102nd AGM notice: both from 25 Feb 2026 = 0. Corporate Governance Report: Japanese 7 Aug, English 17 Aug = 10. Securities report: no English, over 90. Sorted 0, 0, 0, 10, >90: median 0, so 5. Checked 23 Oct 2026; the September record gave the same score without a note. Source document →
R3Timely disclosures published in English5/5
The 2026 timely disclosures in the Japanese IR news (Carlsberg alliance 6 Jul; plan, return policy and shareholder benefits 7 Aug; Fair Trade Commission investigation 7 Oct; U.S. asset transfer 21 Apr) all have same-day English releases; the Carlsberg briefing script was a day later. All, same day, so 5. Checked 23 Oct 2026; the September record gave the same score without a note. Source document →
R4English disclosure free of machine-translation accuracy disclaimers5/5
No machine-translation notice on the rendered English IR pages or in the English documents. Nothing presented as machine-translated, so 5. Checked 23 Oct 2026; the September record gave the same score without a note. Source document →
R5English version stated as authoritative, not subordinate to Japanese2/5
A reference-translation disclaimer appears on the key Q&A and the AGM notice; the tanshin, deck, supplementary information, Corporate Governance Report, Integrated Report and plan carry none. Subordinated on some documents, so 2. Checked 23 Oct 2026; the September record gave the same score without a note. Source document →
Open a question for the reasoning and the document its score was read from. A zero means no qualifying English materials were located within the stated review scope as of 2026-10-23. Compare this question across companies →
Capital-policy review
No capital action has been reviewed for this company yet. The monitor covers a selection of companies and, within them, a selection of actions. See the companies covered →
Balance sheet and capital-policy indicators
No balance-sheet reading has been published for this company. See the companies covered →
Changes to this record
- Research error 23 October 2026 · F3: 4 → 5. Full statements with notes are in English for the latest period.
- Research error 23 October 2026 · F5: 4 → 5. Segment revenue and profit every period; the 2026 segment change is explained and the prior year restated.
- Research error 23 October 2026 · F6: 3 → 4. An English Excel file has full statements from FY2004 to FY2025, but no per-share data.
- Research error 23 October 2026 · S2: 4 → 5. Every briefing has an English deck, a script and the key Q&A, as in Japanese.
- Research error 23 October 2026 · G2: 3 → 5. Every director stood at the AGM; the English notice gives tenure, career and independence for each.
- Research error 23 October 2026 · G3: 4 → 5. The English AGM notice carries the current skills matrix for the whole board.
- Research error 23 October 2026 · O2: 4 → 5. A sample of English document links all led to English documents.
- Research error 23 October 2026 · O7: 2 → 3. A dedicated IR enquiry form exists, but only behind the site-wide Inquiries page.
- Research error 23 October 2026 · G5: 5 → 4. Every proposal is in the English notice, but the voting website shareholders use (Mizuho Trust & Banking) is in Japanese only.
- Rule change 21 October 2026 · G4: 5 → 4. Under v1.1.1, a 5 needs the weight of each performance measure in every performance-linked element. The annual and stock indicators (ROE, EBITDA, ESG, engagement, individual evaluation) carry no weights.
Every change is labelled as a research error, new evidence supplied, improved disclosure or a rule change, with its date and the previous score. Change log →
Scores assess how English information is published, not the quality of the business or its investment value. To report an error or a document we missed, see how to contact us.