Kotobuki Spirits Co. (2222.T): 1Q preliminary sales announced: Above expectations; new store openings and price increases working well

Research evidence excerpt

Kotobuki Spirits Co. (2222.T): 1Q preliminary sales announced: Above expectations; new store openings and price increases working well

nt histories, forecasts and ratios. It can be used for

in-depth analysis of a single company, or to make comparisons between companies in different sectors and markets.

Disclosures

The rating(s) for Kotobuki Spirits Co. is/are relative to the other companies in its/their coverage universe: ANYCOLOR, Cover Corp., Japan Airport

Terminal, Kotobuki Spirits Co., Kyoritsu Maintenance, Mitsui E&S Co., Namura Shipbuilding Co., Rakus Co., Sansan Inc., Tokyo Keiki, Visional, giftee Group

Inc.

Company-specific regulatory disclosures

The following disclosures relate to relationships between The Goldman Sachs Group, Inc. (with its affiliates, “Goldman Sachs”) and companies covered

by Goldman Sachs Global Investment Research and referred to in this research.

Goldman Sachs beneficially owned 1% or more of common equity (excluding positions managed by affiliates and business units not required to be

aggregated under US securities law) as of the second most recent month end: Kotobuki Spirits Co. (¥2,549)

Distribution of ratings/investment banking relationships

Goldman Sachs Investment Research global Equity coverage universe

Rating Distribution Investment Banking Relationships

Buy Hold Sell Buy Hold Sell

Global 50% 34% 16% 65% 60% 45%

As of April 1, 2026, Goldman Sachs Global Investment Research had investment ratings on 3,074 equity securities. Goldman Sachs assigns stocks as

Buys and Sells on various regional Investment Lists; stocks not so assigned are deemed Neutral. Such assignments equate to Buy, Hold and Sell for the

purposes of the above disclosure required by the FINRA Rules. See ‘Ratings, Coverage universe and related definitions’ below.