Slide 1: Business Performance Presentation for Fiscal 2026 Ended March 31, 2026
Business Performance Presentation for Fiscal 2026 Ended March 31, 2026 Kikkoman Corporation April 27, 2026 1
Slide 2: Themes
Themes Progress in the Medium-Term Management Plan Shozaburo Nakano, President and CEO Performance for Fiscal 2026 and Full-year Forecast for Fiscal 2027 Toshiyuki Sato, Corporate Officer and CFO 2
Slide 3: Progress in the FY2026–2028 Medium-Term Management Plan
Progress in the FY2026–2028 Medium-Term Management Plan Shozaburo Nakano President and CEO 3
Slide 4: Medium-Term Management Plan: Targets and Key Objectives
Medium-Term Management Plan: Targets and Key Objectives Targets Key Objectives Sales Growth Continue growth and 5% or more CAGR fluctuation * Excl. Forex maintain/improve profitability Business Profit 10% or more Utilize assets for the future Margin FY3/2028 Solve social issues through ROE FY3/2028
Slide 5: Progress of the Medium-Term Management Plan: Consolidated Results
Progress of the Medium-Term Management Plan: Consolidated Results FY3/2026 FY3/2027 Targets Actual Forecast Sales Growth CAGR Revenue ※為替差除き Excl. FX fluctuation 5% or more YoY excl. FX fluctuation 105.2% 104.6% Business Profit Margin Business Profit FY3/2028 10% or more Margin 10.7% 10.3% ROE FY3/2
Slide 6: Progress of the Medium-Term Management Plan: Results by Segments
Progress of the Medium-Term Management Plan: Results by Segments * Revenues exclude the effect of FX fluctuation and are indexed with FY3/2025 as 100. Consolidated total 140 Overseas soy sauce business CAGR CAGR Revenue Revenue 5% or more 20.0% 6% 105 110 120 103 109 100 18.0% 100 CAGR 5% Asia & Oce
Slide 7: FY3/2027 Topics: Third U.S. Plant
FY3/2027 Topics: Third U.S. Plant ⚫ Establish a stable supply system to meet demand in the North American soy sauce market ⚫ Aim for a sustainable, next-generation plant with production efficiency, scalability, and flexibility 1st plant 2nd plant Folsom Walworth Chicago San Francisco Jefferson Walwo
Slide 8: Medium-Term Management Plan: Utilize business resources
Medium-Term Management Plan: Utilize business resources Business resources Human resources Growth markets Building New Pillars Capital Demand creation We will build businesses that will become new pillars by R&D and combining our strengths with New businesses Technology external resources. Profitabi
Slide 9: Capital Policy
Capital Policy Actively pursuing capital investment while assessing investment return • Investments including increased production to further drive growth ¥170.0bn* Overseas: ¥120.0bn + Japan: ¥50.0bn FY2026–2028 Capital • Investments to strengthen Soy sauce ¥80.0bn investment existing businesses Op
Slide 10: Medium-Term Management Plan: Solve social issues through business activities
Medium-Term Management Plan: Solve social issues through business activities Three areas of Basic policy Themes material issues Strengthen efforts in each theme ⚫ Climate change Global to achieve the Long-Term ⚫ Food environments Environment Environmental Vision ⚫ Natural resources ⚫ Making health s
Slide 11: Kikkoman's Promise
Kikkoman’s Promise To fill the world with the joys of food by delivering wholehearted flavor
Slide 12: Performance for Fiscal 2026 and Full-year Forecast for Fiscal 2027
Performance for Fiscal 2026 and Full-year Forecast for Fiscal 2027 Toshiyuki Sato Corporate Officer and CFO 12
Slide 13: Agenda
Agenda (1) Performance for Fiscal 2026 (2) Full-year Forecast for Fiscal 2027 13
Slide 14: Agenda
Agenda (1) Performance for Fiscal 2026 (2) Full-year Forecast for Fiscal 2027 14
Slide 15: Performance for Fiscal 2026—summary [comp. with forecast]
(1) Performance for Fiscal 2026—summary [comp. with forecast] vs. Forecast Full-year vs. Forcast excl. FX impact Key Points (Billions of yen) Actual Change % Change % ⚫ Revenue and all profit levels exceeded forecasts. Revenue 745.5 +14.5 102.0% +1.7 100.2% ⚫ Performance generally exceeded forecasts
Slide 16: Performance for Fiscal 2026—summary
(1) Performance for Fiscal 2026—summary YOY YOY YOY Full-year YOY H1 H2 excl. FX impact excl. FX impact excl. FX impact (Billions of yen) Actual Change % Change % Actual Change % Actual Change % Revenue 745.5 +36.6 105.2% +36.6 105.2% 358.6 +14.0 103.9% 386.9 +22.5 106.4% Business 79.5 +2.2 102.9% +
Slide 17: Foods—Manufacturing and Sales in North America
(1) Performance for Fiscal 2026 Foods—Manufacturing and Sales in North America YOY YOY YOY Full-year H1 H2 excl. FX impact excl. FX impact excl. FX impact (Billions of yen) Actual Change % Actual Change % Actual Change % Soy Sauce 102.2 +2.1 102.1% 49.6 +0.6 101.1% 52.6 +1.6 103.1% Other Foods 1.2 +
Slide 18: Foods—Manufacturing and Sales in Europe (Soy Sauce Business)
(1) Performance for Fiscal 2026 Foods—Manufacturing and Sales in Europe (Soy Sauce Business) YOY YOY YOY Full-year H1 H2 excl. FX impact excl. FX impact excl. FX impact (Billions of yen) Actual Change % Actual Change % Actual Change % Revenue 35.3 +2.1 106.9% 17.8 +1.6 109.8% 17.6 +0.6 103.8% Busine
Slide 19: Foods—Wholesale in North America
(1) Performance for Fiscal 2026 Foods—Wholesale in North America YOY YOY YOY Full-year H1 H2 excl. FX impact excl. FX impact excl. FX impact (Billions of yen) Actual Change % Actual Change % Actual Change % Revenue 315.6 +25.1 108.5% 149.2 +12.1 108.4% 166.3 +13.0 108.7% Business 24.6 +0.6 102.7% 11
Slide 20: Overseas Business Profit: Major Change Factors
(1) Performance for Fiscal 2026 Overseas Business Profit: Major Change Factors Overseas +1.4 billion (YoY) Unit: Billions of yen March 2025 70.2 Impact of difference in revenue 7.8 Impact of raw materials, etc. 0.7 Impact of fixed manufacturing costs, etc. 0.1 Impact of SG&A expenses (6.6) Translati
Slide 21: Business in Japan
(1) Performance for Fiscal 2026 Business in Japan Full-year YOY H1 YOY H2 YOY (Billions of yen) Actual Change % Actual Change % Actual Change % Foods—Manufactualing 160.1 +5.8 103.8% 80.8 +2.4 103.1% 79.3 +3.4 104.5% and Sales Others 21.8 +0.2 100.9% 10.9 (0.1) 99.1% 10.8 +0.3 102.8% Eliminations (1
Slide 22: Business Profit in Japan: Major Change Factors
(1) Performance for Fiscal 2026 Business Profit in Japan: Major Change Factors Unit: Billions of yen Japan +1.8 billion (YoY) March 2025 9.7 Impact of difference in revenue and structual strengthening 3.3 Impact of raw materials, etc. 0.1 Impact of advertising expenses (0.6) Impact of depreciation a
Slide 23: Financial Position
(1) Performance for Fiscal 2026 Financial Position Mar. 31, Mar. 31, Key points (Billions of yen) 2025 2026 Change Current Overall, assets increased due to the weaker yen. 334.8 348.9 +14.1 Assets Non-current Cash and cash equivalents 344.6 402.8 +58.2 Assets ¥111.8 bn +¥5.6 bn The balance increased
Slide 24: Capital Policy Status
(1) Performance for Fiscal 2026 Capital Policy Status （％） FY3/2025 FY3/2026 Change Key Points: ROE ROE 12.3 11.5 (0.8)pt ⚫ Profit margin declined from the previous fiscal year. ⚫ Total asset turnover and financial Consolidated Statements of Changes in Equity leverage remained at levels comparable to
Slide 25: Agenda
Agenda (1) Performance for Fiscal 2026 (2) Full-year Forecast for Fiscal 2027 25
Slide 26: Full-year Forecast for Fiscal 2027
(2) Full-year Forecast for Fiscal 2027 YOY Full-year YOY excl. FX impact Assumptions (Billions of yen) Forecast Change % Change % ⚫ Exchange rete: ¥155/USD and ¥180/EUR Revenue 799.1 +53.6 107.2% +34.2 104.6% ⚫ The impact of the situation in the Middle East from the end of February 2026 onward has B
Slide 27: Forecast: Foods—Manufacturing and Sales in North America
(2) Full-year Forecast for Fiscal 2027 Foods—Manufacturing and Sales in North America YOY Full-year YOY excl. FX impact Key Points (Billions of yen) Forecast Change % Change % ⚫ Shipments from the third US plant are Soy Sauce 108.7 +6.4 106.3% +3.6 103.6% planned to begin in September. ⚫ The growth
Slide 28: Forecast: Foods—Manufacturing and Sales in Europe (Soy Sauce Business)
(2) Full-year Forecast for Fiscal 2027 Foods—Manufacturing and Sales in Europe (Soy Sauce Business) YOY Full-year YOY excl. FX impact Key Points (Billions of yen) Forecast Change % Change % ⚫ Growth is expected to return to double-digit levels. Revenue 40.1 +4.8 113.5% +3.5 110.0% ⚫ Production capac
Slide 29: Forecast: Foods—Wholesale in North America
(2) Full-year Forecast for Fiscal 2027 Foods—Wholesale in North America YOY Full-year YOY Key Points excl. FX impact (Billions of yen) Forecast Change % Change % ⚫ The top line is expected to continue growing. Revenue 340.0 +9.0 107.8% +15.0 104.8% ⚫ While we expect profit margins to decline, we ant
Slide 30: Forecast: Business Profit Overseas: Major Change Factors
(2) Full-year Forecast for Fiscal 2027 Business Profit Overseas: Major Change Factors Unit: Billions of yen Overseas +2.4 billion (YoY) March 2026 71.6 Impact of difference in revenue 11.1 Impact of raw materials, etc. (0.6) Impact of fixed manufacturing costs, etc. (3.6) Impact of SG&A expenses (6.
Slide 31: Forecast: Business in Japan
(2) Full-year Forecast for Fiscal 2027 Business in Japan Full-year YOY (Billions of yen) Forecast Change % Key Points Foods—Manufactualing ⚫ Revenue and profit are expected to increase. +166.0 +5.9 103.7% and Sales ⚫ Profit margin is expected to improve, though Others +22.9 +1.1 105.2% raw material
Slide 32: Forecast: Business Profit in Japan: Major Change Factors
(2) Full-year Forecast for Fiscal 2027 Business Profit in Japan: Major Change Factors Unit: Billions of yen Japan +0.7 billion (YoY) March 2026 11.5 Impact of difference in revenue and structural strengthening 4.5 Impact of raw materials, etc. (1.4) Impact of advertising expenses (0.5) Impact of dep
Slide 33: Capital Expenditures and Depreciation/Amortization
(2) Full-year Forecast for Fiscal 2027 Capital Expenditures and Depreciation/Amortization FY3/2025 FY3/2026 FY3/2027 (Billions of yen) Actual Actual Forecast Key points on capital investment in the forecast for FY3/2027 Japan 11.0 14.1 20.1 Capital Major capital investments in Japan Overseas 35.8 56
Slide 34: Appendix 1: FY2026–2028 Medium-Term Management Plan
Appendix 1: FY2026–2028 Medium-Term Management Plan 34
Slide 35: Positioning of the FY2026–2028 Medium-Term Management Plan
Positioning of the FY2026–2028 Medium-Term Management Plan FY2023–2025 Medium-Term FY2026–2028 Medium-Term FY2029 and beyond Management Plan Management Plan Accelerate growth toward Global Vision Global Investing for the 2030 and beyond Vision 2030 Maintained growth and future while increased profit
Slide 36: Medium-Term Management Plan: Targets and Key Objectives
Medium-Term Management Plan: Targets and Key Objectives Targets Key Objectives Sales Growth Continue growth and 5% or more CAGR fluctuation * Excl. Forex maintain/improve profitability Business Profit 10% or more Utilize assets for the future Margin FY3/2028 Solve social issues through ROE FY3/2028
Slide 37: FY2026–2028 Medium-Term Management Plan Key Objectives
FY2026–2028 Medium-Term Management Plan Key Objectives Continue growth and maintain/increase profitability Utilize assets for the future Solve social issues through business activities 37
Slide 38: Overseas: Soy Sauce Business Targets
Overseas: Soy Sauce Business Targets Sales Growth ⚫ Expand demand and establish sufficient production and supply CAGR 6% systems to drive growth in existing markets (excl. FX fluctuation) ⚫ Develop new markets and take on challenges in new areas • Continue stable growth by improving supply structure
Slide 39: Overseas: Soy Sauce Business Targets
Overseas: Soy Sauce Business Targets Sales by region Third U.S. plant ⚫ Establish a stable supply system to meet demand in the North * Revenues exclude the effect of foreign exchange fluctuation American soy sauce market and are indexed with FY3/2025 as 100. ⚫ Aim for a sustainable, next-generation
Slide 40: Overseas: Foods—Wholesale Business Targets
Overseas: Foods—Wholesale Business Targets ⚫ Strengthen foundation as a wholesale business, develop new Sales Growth facilities, and expand business CAGR 5% (excl. FX fluctuation) ⚫ Further consolidate position as a global No. 1 Asian food wholesaler in terms of market share ⚫ Strengthen logistics •
Slide 41: Business in Japan: Targets
Business in Japan: Targets Sales Growth ⚫ Increase profitability (shift to high value-added businesses CAGR 4% and increase productivity) ⚫ Return to a growth trajectory (thoroughly implement Business Profit basics such as value appeal and sales promotion activities) Margin FY3/2028 7% Soy sauce/ •
Slide 42: FY2026–2028 Medium-Term Management Plan Key Objectives
FY2026–2028 Medium-Term Management Plan Key Objectives Continue growth and maintain/increase profitability Utilize assets for the future Solve social issues through business activities 42
Slide 43: Utilize assets for the future
Utilize assets for the future Utilize business resources for sustainable growth Business resources Human resources Growth markets Capital Demand creation R&D and New businesses Technology Profitability Information improvement 43
Slide 44: Investment for Growth and Profitability Improvement: Building New Pillars
Investment for Growth and Profitability Improvement: Building New Pillars Creating businesses unique to Kikkoman in the area of Food and Health Preventing and eliminating obesity Promoting mental health Kikkoman’s Strengths Improving nutrition and ending hunger Consumer Challenges Preventing frailty
Slide 45: Capital Policy
Repeated Capital Policy from p.9 Actively pursuing capital investment while assessing investment return • Investments including increased production to further drive growth ¥170.0bn* Overseas: ¥120.0bn + Japan: ¥50.0bn FY2026–2028 Capital • Investments to strengthen Soy sauce ¥80.0bn investment exis
Slide 46: Image of Cash Allocation (for reference)
6,000 Image of Cash Allocation (for reference) 5,000 Leveraging debt Investment for growth and for M&A and other Debt profitability improvement transactions (M&A, etc.) 4,000 Capital 3,000 Operating investment CF ¥170.0bn ¥280.0bn 2,000 Shareholder returns 1,000 Reduce cash and deposits Cash and thr
Slide 47: ROE Target Beyond the Medium-Term Management Plan Period
ROE Target Beyond the Medium-Term Management Plan Period Early in the period after FY3/2031, Targeting ROE of 15% ⚫ Maintain sales growth while improving business profit margins ⚫ Actively make capital and market investments to support growth ⚫ Proactively evaluate and invest in new businesses, incl
Slide 48: Shareholder Returns
Shareholder Returns 40.0 yen 70% 80% 63% Total payout ratio 35.0 yen 52% 60% 30.0 yen 38% 34% 30% 28% 40% 25.0 yen 25.0 yen 25.0 yen Annual 20.8 yen 20% dividend per share 20.0 yen 0% 15.6 yen 15.0 yen 12.2 yen -20% 10.0 yen 8.4 yen 9.0 yen -40% 5.0 yen -60% 0.0 yen -80% FY3/2020 FY3/2021 FY3/2022 F
Slide 49: (Reference) FY2028 Consolidated Revenue & Business Profit Outlook
(Reference) FY2028 Consolidated Revenue & Business Profit Outlook Billion yen FY2025 FY2028 3-yr CAGR consolidated Actual Outlook excl. FX fluctuation Revenue 709.0 801.3 5% Business profit 77.3 81.4 3% Business profit margin 10.9% 10.2% – Overseas business Revenue 552.1 624.9 5% Business profit 70.
Slide 50: Progress of the Medium-Term Management Plan: Results by Segments
Progress of the Medium-Term Management Plan: Results by Segments * Revenues exclude the effect of FX fluctuation and are indexed with FY3/2025 as 100. Consolidated total 140 Overseas soy sauce business CAGR CAGR Revenue Revenue 5% or more 20.0% 6% 105 110 120 103 109 100 18.0% 100 CAGR 5% Asia & Oce
Slide 51: FY2026–2028 Medium-Term Management Plan Key Objectives
FY2026–2028 Medium-Term Management Plan Key Objectives Continue growth and maintain/increase profitability Utilize assets for the future Solve social issues through business activities 51
Slide 52: Outline of Global Vision 2030
Outline of Global Vision 2030 Striving with Passion to Create New Values Goals 1 Make Kikkoman Soy 2 Create new delicious 3 Become a company whose Sauce a truly global experiences around the presence in global society is world, and contribute to ever more meaningful, through seasoning richer, health
Slide 53: Overall Picture of Initiatives to Solve Social Issues
Overall Picture of Initiatives to Solve Social Issues Management principles Global Vision 2030 Adress social issues Global People and Food and Health Environment Society Solutions Opportunities Social issues 53
Slide 54: Medium-Term Management Plan (FY2026‒2028) Initiatives to Solve Social Issues
Medium-Term Management Plan (FY2026‒2028) Initiatives to Solve Social Issues Three areas of Basic policy Themes material issues Strengthen efforts in each theme ⚫ Climate change Global to achieve the Long-Term ⚫ Food environments Environment Environmental Vision ⚫ Natural resources ⚫ Making health s
Slide 55: Global Environment
Global Environment Basic policy: Strengthen efforts in each theme to achieve the Long-Term Environmental Vision 2030 (FY3031) Themes Actions FY2028 Targets Long-Term Environmental Vision Climate Change Reducing CO2 emissions 42% or more 50% or more (compared to FY2019) Food Environments Reducing wat
Slide 56: Food and Health
Food and Health Basic policy: Help customers around the world achieve a well-balanced diet Themes Actions FY2028 Targets Making health simple and Expanding health products and services Expanding products that help resolve nutritional deficiencies delicious Proposing simple, nutritionally balanced Pr
Slide 57: People and Society
People and Society Basic policy: Foster a corporate culture which values people, while contributing to the sustainable development of society Themes Actions FY2028 Targets Respect for Implementing human • Participation in training to deepen understanding of business policies regarding Human Rights r
Slide 58: People and Society
People and Society Basic policy: Foster a corporate culture which values people, while contributing to the sustainable development of society Themes Actions FY2028 Targets Strengthening of the Strengthening corporate • Strengthening the corporate governance system Management System governance Streng
Slide 59: Appendix 2
Appendix 2 59
Slide 60: ROE and ROIC
ROE and ROIC 13.0% 12.5% 12.3% 11.7% 11.4% 11.5% 11.2% 11.1% 10.7% 11.0% 10.4% 10.2% 10.5% ROE 9.5% ROIC 9.0% WACC 7.1% 6.8% 7.0% 6.5% 6.3% 6.5% 5.9% 5.0% FY3/21 FY3/22 FY3/23 FY3/24 FY3/25 FY3/26 60
Slide 61: Business Development Stage by Geographical Area for Global Rollout of Kikkoman Soy Sauce
Business Development Stage by Geographical Area for Global Rollout of Kikkoman Soy Sauce Introduction Growth Maturing Diversification stage stage stage stage From export to local Double-digit growth Stable growth Strengthening profitability production Strengthening production Maintaining high Adding
Slide 62: Kikkoman Soy Sauce Sales Volume Overseas
FY1974 100 * FY1976 FY1978 FY1980 FY1982 FY1984 FY1986 * Indexed to sales volume in FY1974 as 100. FY1988 FY1990 FY1992 FY1994 FY1996 FY1998 FY2000 FY2003 FY2005 FY2007 Kikkoman Soy Sauce Sales Volume Overseas FY2009 FY1974–2025 CAGR: 7.1% FY2011 FY2013 FY2015 FY2017 FY2019 FY2021 FY2023 FY2025 3,13
Slide 63: Sales (in Value) of Soy Sauce Business
Sales (in Value) of Soy Sauce Business FY3/2017 sales=100 FY3/2017–2025 CAGR 7.0% 184 Other and eliminations 1% Asia & Oceania 14% 100 Europe North 22% America 63% FY3/2026 FY3/17 FY3/18 FY3/19 FY3/20 FY3/21 FY3/22 FY3/23 FY3/24 FY3/25 FY3/26 JGAAP IFRS Note: Figures in the table above represent act
Slide 64: Sales (in Value) of Soy Sauce Business Overseas by Region
Sales (in Value) of Soy Sauce Business Overseas by Region FY3/2017 sales=100*1 236 171 178 *2 100 100 100 FY3/17 FY3/26 FY3/17 FY3/26 FY3/17 FY3/26 JGAAP IFRS JGAAP IFRS JGAAP IFRS North America Europe Asia & Oceania CAGR: 6.2% CAGR: 10.0% CAGR: 6.6% * 1. Figures in the table above represent actual
Slide 65: Sales (in Value) of Foods—Wholesale Business
Sales (in Value) of Foods—Wholesale Business FY3/2017 sales=100* FY3/2017–2026 CAGR 8.2% 204 100 FY3/17 FY3/18 FY3/19 FY3/20 FY3/21 FY3/22 FY3/23 FY3/24 FY3/25 FY3/26 JGAAP IFRS * Figures in the table above represent actual change on a local currency basis, excluding the effect of translation differ
Slide 66: Notes on the information in these materials
1. The information contained in these materials is based on judgments made by the Company as of the date hereof and the Company makes no warranties or guarantees regarding achievement of the projections or measures described herein. 2. Unless otherwise noted, the fiscal year in the materials refers