Meiji Holdings Co., Ltd. · TSE:2269

Meiji — Meiji Holdings Co Ltd Ord — H1 FY2025 Earnings Presentation

45 slides from Meiji's earnings presentation, Nov 13, 2025

  1. Slide 1: Financial Results for the H1 of FYE March 2026 (FY2025)

    Financial Results for the H1 of FYE March 2026 (FY2025) (From April 1, 2025 to September 30, 2025) November 13, 2025 0 © Meiji Holdings Co., Ltd. All rights reserved.

  2. Slide 2: Contents

    Contents 1. Executive Summary 2. Financial Summary for the H1 of FY2025 3. Outlook for the H2 and Full-year of FY2025 1 © Meiji Holdings Co., Ltd. All rights reserved.

  3. Slide 3: Executive Summary

    Executive Summary  Consolidated operating profit for H1 FY2025 exceeded plans. Increased profit from Pharmaceutical segment contributed while Food segment slightly diverged from plans. While continuously implementing price increases amid a lack of recovery in consumption in Japan is not easy, the o

  4. Slide 4: Key Focus, Four months After Assuming the Role of CEO

    Key Focus, Four months After Assuming the Role of CEO  Business development that excites both society and our employees • Leveraging the strengths identified through a reassessment of our technological assets, our Wellness Science Laboratories are taking the lead in accelerating new business develo

  5. Slide 5: 2. Financial Summary for the H1 of FY2025

    2. Financial Summary for the H1 of FY2025 4 © Meiji Holdings Co., Ltd. All rights reserved.

  6. Slide 6: Summary for H1 FY2025 Consolidated Results

    Summary for H1 FY2025 Consolidated Results (JPY bn) FY2024 FY2025 FY2025 H1 Results H1 Results YoY Change vs. H1 Plan H1 Plan +1.0% -2.4% Net sales 569.0 574.8 +5.8 -14.1 589.0 +0.5% -8.7% (Overseas sales) 76.7 77.1 +0.3 -7.3 84.4 -7.8% +3.7% Operating profit 44.3 40.9 -3.4 +1.4 39.5 Op. profit marg

  7. Slide 7: Food: Summary – H1 FY2025

    Food: Summary – H1 FY2025 (JPY bn) FY2024 FY2025 FY2025 H1 Results H1 Results YoY Change vs. H1 Plan H1 Plan +0.7% -1.4% Net sales 455.4 458.4 +2.9 -6.2 464.7 +5.0% -2.3% Operating profit 27.6 29.0 +1.3 -0.6 29.7 Analysis of changes in operating profit Japan: +0.1 Overseas: +1.2 H1 Results - FY2024

  8. Slide 8: Pharmaceutical: Summary – H1 FY2025

    Pharmaceutical: Summary – H1 FY2025 (JPY bn) FY2024 FY2025 FY2025 H1 Results H1 Results YoY Change vs. H1 Plan H1 Plan +2.7% -6.6% Net sales 113.8 116.9 +3.0 -8.3 125.3 -22.8% +16.4% Operating profit 18.5 14.3 -4.2 +2.0 12.3 Analysis of changes in operating profit H1 Results - FY2024 18.5 Due to inc

  9. Slide 9: 3. Outlook for the H2 and Full-year of FY2025

    3. Outlook for the H2 and Full-year of FY2025 8 © Meiji Holdings Co., Ltd. All rights reserved.

  10. Slide 10: Consolidated Outlook for the H2 and Full-year of FY2025

    Outlook for the H2 and Full-year of FY2025 (JPY bn) FY2025 FY2025 FY2025 FY2025 FY2025 H1 Results YoY H2 Plan YoY H2 Plan Plan YoY Plan Change (Rev. Nov) Change (Int. May) (Rev. Nov) Change (Int. May) +1.0% +2.9% +2.0% Net sales 574.8 602.1 606.0 1,177.0 1,195.0 Consolidated +5.8 +17.0 +22.9 -7.8% +

  11. Slide 11: Progress of the Full-year Plan

    Food: Progress of the Full-year Plan (JPY bn) FY2025 FY2025 FY2025 H1 Results YoY change H2 Plan YoY change Plan YoY change Int. Plan +7.4% +11.7% +9.9% (May 9) 29.7 +2.0 41.3 +4.3 71.0 +6.3 Operating profit H1 results +5.0% +13.5% +9.9% H2/Full-year rev. plan 29.0 +1.3 41.9 +5.0 71.0 +6.3 (Nov 13)

  12. Slide 12: Food: Net Sales and Op. Profit by Business

    Food: Net Sales and Op. Profit by Business (JPY bn) FY2025 FY2025 FY2025 FY2025 FY2025 YoY H2 Plan YoY H2 Plan Plan YoY Plan H1 Results Change (Rev. Nov) Change (Int. May) (Rev. Nov) Change (Int. May) -0.6% +2.1% +0.8% Net sales 134.7 -0.7 138.6 +2.8 136.8 273.4 +2.0 274.1 Dairy +14.9% +19.2% +17.4%

  13. Slide 13: Strengthening Added-Value Strategies Amid Structural Inflation

    Food: Strengthening Added-Value Strategies Amid Structural Inflation Impact on Operating profit (JPY bn) +60.2 40 +60.4 Price increase Product amount change Outlook for rising costs 30 +28.8  The cost of raw materials continues to rise, largely due 20 +30.4 +36.8 to cocoa beans, domestic raw milk a

  14. Slide 14: Food: Product & Marketing Strategy, Corresponding to the Polarization of Consumption

    Food: Product & Marketing Strategy, Corresponding to the Polarization of Consumption 1. Promoting brand value Case｜ YoY Sales volume trend for Meiji Bulgaria Yogurt (400g)  In anticipation of August price increase, we strengthened promotions from an early stage to (%) Maintaining YoY growth in sale

  15. Slide 15: Food: Product & Marketing Strategy, Corresponding to the Polarization of Consumption

    Food: Product & Marketing Strategy, Corresponding to the Polarization of Consumption 2. Launch and establish products with new value  Accelerate the unique product development or renewal of products leveraging our expertise and technology related to milk, lactobacillus, and cocoa After launching in

  16. Slide 16: Food: Optimizing Cost Structure

    Food: Optimizing Cost Structure Production  Steadily implementing consolidation of production lines, including the integration and closure of factories Recent topics • Oct. 2025 | Cease operation at Tohoku plant: Consolidate locations to the new Kanagawa factory. Progressing ahead of schedule by on

  17. Slide 17: Food: Progress on Overseas Business

    Food: Progress on Overseas Business ~Rebuilding strategy for sustainable growth~ (JPY bn) FY2025 FY2025 FY2025 YoY H2 Plan YoY Plan H1 Results Main points Change (Rev. Nov) Change (Int. May) +6.8% +7.9% Steadily executing profitability improvement plan Net sales 12.1 +0.7 27.5 +2.0 30.8 • Focus on s

  18. Slide 18: Food: China Business

    Food: China Business ~Consistently Implement Profitability Improvement Plan~ (JPY bn) FY2025 FY2025 FY2025 H1 YoY H2 Plan YoY Plan  Dairy Results Change (Rev. Nov) Change (Int. May) • Launched Meiji Oishii Gyunyu in Jul. 2025 +6.8% +7.9% • Launched Meiji Oishii Gyunyu High Protein in Oct. 2025 Net

  19. Slide 19: Pharmaceutical: Progress of the Full-year Plan

    Pharmaceutical: Progress of the Full-year Plan (JPY bn) FY2025 FY2025 FY2025 H1 results YoY change H2 Plan YoY change Plan YoY change Int. Plan -33.7% +121.3% +5.1% 12.3 13.7 26.0 Operating profit (May 9) -6.2 +7.5 +1.2 H1 results -22.8% +88.7% +5.1% H2/Full-year rev. plan 14.3 -4.2 11.6 +5.4 26.0 +

  20. Slide 20: Pharma: Efforts to Improve Vaccination Rates and Expand Market Share

    Pharma: Efforts to Improve Vaccination Rates and Expand Market Share （JPY bn） FY2025 FY2025 FY2025 YoY Plan YoY Plan H1 Results change (Rev. Nov) change (Int. May) Net sales for +5.5% +10.5% 22.9 41.9 46.1 human vaccine +1.1 +3.9 Example of advertisement for Let’s talk about Vaccine project, deploye

  21. Slide 21: Pharmaceutical: Growth of Domestic and Overseas Businesses

    Pharmaceutical : Growth of Domestic and Overseas Businesses Net sales by major category (JPY bn) FY2025 FY2025 FY2025 YoY Plan YoY Plan H1 Results change (Rev. Nov) change (Int. May) -6.8% -6.7% Infectious disease*1 20.4 45.8 48.1 Domestic business -1.4 -3.2 +37.3% +40.6% Net sales growth for H1 FY2

  22. Slide 22: Pharmaceutical: New Initiatives for Generic Pharmaceutical Industry

    Pharmaceutical: New Initiatives for Generic Pharmaceutical Industry  From Apr. 2026, will take over manufacturing and marketing approval to transfer sales of authorized generic (AG) drugs of Sanofi in Japan. Includes three AG products such as Fexofenadine for allergy disease treatment. Contribution

  23. Slide 23: Outlook for Cash Allocation

    Outlook for Cash Allocation < 2026 Medium-Term Business Plan > three-year cash allocation policy （disclosed in May, 2024）  Operating cash flows trended below initial plans due to the impact of increased inventory assets such as cocoa Add-on M&A/alliances beans and antibacterial drugs. While we reso

  24. Slide 24: FY2025 Full-year Plan

    FY2025 Full-year Plan (JPY bn) FY2025 (JPY bn) FY2025 FY2024 FY2024 Plan YoY Plan YoY Results Results (Rev. Nov) Change (Rev. Nov) Change Meiji ROESG 9.5pt 8.3pt -1.2 pt Total payout ratio 112.8% ― ― +2.0% Net sales 1,154.0 1,177.0 Dividend payout ratio 53.7% 53.1% -0.7 pt +22.9 (Included in the abo

  25. Slide 25: Appendices

    Appendices 24 © Meiji Holdings Co., Ltd. All rights reserved.

  26. Slide 26: Analysis of Consolidated Operating Profit – H1 FY2025

    Analysis of Consolidated Operating Profit – H1 FY2025 (JPY bn) Consolidated Food Pharma Other Results - H1 FY2024 44.3 27.6 18.5 -1.8 Due to increased/decreased sales +10.0 *1 +11.2 -1.1 ― Impact of drug price revision -1.4 ― -1.4 ― Changes in costs of goods sold -8.8 *2 -9.0 +0.2 ― Changes in other

  27. Slide 27: Food: Analysis of Operating Profit by Business – H1 FY2025

    Food: Analysis of Operating Profit by Business – H1 FY2025 (JPY bn) Food Food Dairy Chocolate Nutrition Other Total solutions Op. profit results – H1 FY2024 27.6 10.4 3.1 8.5 3.9 1.4 Due to increased/decreased sales +11.2 +1.1 +6.1 -0.0 +4.9 -0.9 Changes in COGS -9.0 -0.8 -3.4 -1.3 -3.1 -0.3 Changes

  28. Slide 28: Food: Analysis of Operating Profit by Business – H2 FY2025

    Food: Analysis of Operating Profit by Business – H2 FY2025 (JPY bn) Food Food Dairy Chocolate Nutrition Other Total solutions Op. profit results – H2 FY2024 36.9 13.4 13.1 5.6 4.0 0.6 Due to increased/decreased sales +18.7 +4.2 +5.6 +1.5 +6.9 +0.5 Changes in COGS -11.0 -0.7 -5.2 -1.3 -3.4 -0.4 Chang

  29. Slide 29: Food: Analysis of Operating Profit by Business – FY2025

    Food: Analysis of Operating Profit by Business – FY2025 (JPY bn) Food Food Dairy Chocolate Nutrition Other Total solutions Op. profit results – FY2024 64.6 23.8 16.3 14.2 8.0 2.1 Due to increased/decreased sales +29.9 +5.3 +11.7 +1.5 +11.8 -0.4 Changes in COGS -20.0 -1.5 -8.5 -2.7 -6.6 -0.7 Changes

  30. Slide 30: Food: Results by Business – H1 FY2025 (Dairy)

    Food: Results by Business – H1 FY2025  Dairy business  Domestic (Japan) (JPY bn) FY2025 FY2025  Market size (H1) Plan • Yogurt (incl. Functional yogurt): +3 to +4% H1 Results YoY change YoY change (Rev. Nov) • Drinking milk: Same level as FY2024 -0.6% +0.8% Net Sales 134.7 273.4 -0.7 +2.0  Funct

  31. Slide 31: Food: Results by Business – H1 FY2025 (Chocolate)

    Food: Results by Business – H1 FY2025  Chocolate business (JPY bn) FY2025  Domestic (Japan) FY2025 Plan  Market size (H1) H1 Results YoY change YoY change (Rev. Nov) • Chocolate: +7 to +8% +7.0% +3.6% Net Sales 79.1 +5.1 177.1 +6.1 • Gummy: +13 to +14% Domestic (Japan) 47.9 +7.8% 112.3 +4.7%  Ch

  32. Slide 32: Food: Results by Business – H1 FY2025 (Nutrition)

    Food: Results by Business – H1 FY2025  Nutrition business (JPY bn) FY2025  Domestic (Japan) FY2025 Plan  Market size (H1) H1 Results YoY change YoY change (Rev. Nov) -1.6% -1.1% • Sports protein (Ready-to-drink): +2 to +3% Net Sales 61.3 -0.9 117.6 -1.3  Infant formula: Lower sales from decline

  33. Slide 33: Food: Results by Business – H1 FY2025 (Food solutions)

    Food: Results by Business – H1 FY2025  Food solutions business (JPY bn) FY2025 FY2025  Domestic (Japan) Plan H1 Results YoY change (Rev. Nov) YoY change  B2B business: Higher sales contributed from cream and chocolate +3.6% +6.0% Net Sales 102.9 +3.5 206.8 +11.6  Cheese for B2C: Camembert and mo

  34. Slide 34: Market Prices of Main Imported Raw Materials

    Market Prices of Main Imported Raw Materials (USD/MT) Nonfat Dry Milk (USD/MT) Cheese 4,000 5,000 4,000 3,000 3,000 2,000 2,000 1,000 1,000 0 0 (GBP/MT) Cocoa beans (USd/lb) Sugar 14,000 25 12,000 20 10,000 15 8,000 6,000 10 4,000 5 2,000 0 0 33 © Meiji Holdings Co., Ltd. All rights reserved. Source

  35. Slide 35: Pharmaceutical: Analysis of Operating Profit – H1 FY2025

    Pharmaceutical: Analysis of Operating Profit – H1 FY2025 (JPY bn) Domestic Pharma Overseas Vaccine/Veterinary pharmaceuticals Total (Japan) pharmaceuticals drugs Op. profit results – H1 FY2024 18.5 10.8 3.4 4.3 Due to increased/decreased sales -1.1 +1.2 -0.6 -1.8 Impact of drug price revision -1.4 -

  36. Slide 36: Pharmaceutical: Analysis of Operating Profit – H2 FY2025

    Pharmaceutical: Analysis of Operating Profit – H2 FY2025 (JPY bn) Domestic Pharma Overseas Vaccine/Veterinary pharmaceuticals Total (Japan) pharmaceuticals drugs Op. profit results – H2 FY2024 6.1 10.8 0.1 -4.8 Due to increased/decreased sales +0.9 +1.2 -0.7 +0.5 Impact of drug price revision -1.8 -

  37. Slide 37: Pharmaceutical: Analysis of Operating Profit – FY2025

    Pharmaceutical: Analysis of Operating Profit – FY2025 (JPY bn) Domestic Pharma Overseas Vaccine/Veterinary pharmaceuticals Total (Japan) pharmaceuticals drugs Op. profit results – FY2024 24.7 21.6 3.5 -0.5 Due to increased/decreased sales -0.2 +2.4 -1.3 -1.3 Impact of drug price revision -3.2 -3.2 ー

  38. Slide 38: Pharmaceutical: Results by Business – H1 FY2025

    Pharmaceutical: Results by Business – H1 FY2025  Domestic pharmaceuticals (Japan)  Overseas pharmaceuticals (JPY bn) (JPY bn) FY2025 FY2025 FY2025 FY2025 YoY Plan YoY YoY Plan YoY H1 Results H1 Results Change (Rev. Nov) Change Change (Rev. Nov) Change +5.6% +6.4% -2.6% +3.1% Net sales 56.6 +3.0 12

  39. Slide 39: Pharmaceutical: Results by Business – H1 FY2025 (Vaccines and Veterinary)

    Pharmaceutical: Results by Business – H1 FY2025  Vaccines and Veterinary drugs (JPY bn) FY2025 FY2025 YoY Plan YoY H1 Results Change (Rev. Nov) Change +3.6% +8.7% Net sales 27.6 +0.9 52.3 +4.1 -88.4% － Operating profit 0.5 -3.8 3.1 +3.6  Net sales • Higher sales driven by five-in-one combination v

  40. Slide 40: Pharmaceutical: Net sales by Major Area in Japan – H1 FY2025

    Pharmaceutical: Net sales by Major Area in Japan – H1 FY2025 ＊ Net sales before applying revenue recognition accounting standard (JPY bn) FY2025 FY2025 YoY Plan YoY H1 Results change (Rev. Nov) change -6.8% -6.7% Infectious Diseases*1 20.4 -1.4 45.8 -3.2 -5.0% -6.2% Sulbacillin ＊ 6.8 -0.3 15.3 -1.0

  41. Slide 41: Pharmaceutical: R&D Pipeline

    Pharmaceutical: R&D Pipeline - 1 Code No. Efficacy Classification Target Disease Stage (Generic Name) Infectious disease OP0595* (Nacubactam) β-lactamase inhibitor Infections caused by carbapenem-resistant bacteria Phase III (Japan, Overseas)** KD-380 Induction and maintenance therapy for patients w

  42. Slide 42: Pharmaceutical: R&D Pipeline

    Pharmaceutical: R&D Pipeline - 2 Code No. Efficacy Target Disease Stage (Generic Name) Classification Self-amplifying mRNA vaccine against COVID-19, KOSTAIVE Vaccine Launched (18 years old or older, Japan) 2 dose vial KOSTAIVE Vaccine Self-amplifying mRNA vaccine against COVID-19 Phase III (12-17 yr

  43. Slide 43: Pharmaceutical: R&D Pipeline

    Pharmaceutical: R&D Pipeline - 3 Code No. Efficacy Classification Stage Launched (Japan) ME4137 Injectable antibacterial drug for swine Product name: Forcyl S (Launched on January 6, 2025) Launched (Japan) Vaccine for cattle Product name: BOVISUNT AKABANE Veterinary Drugs KD-412* (Launched on Octobe

  44. Slide 44: Key Currencies and our Average Exchange Rates

    Key Currencies and our Average Exchange Rates Exchange rate assumptions (JPY) USD EUR CNY 180.00 FY2025 Plan 171.59 168.37 164.27 162.57 164.37 158.82 160.90 160.74 157.70 160.00 150.35 143.74 143.34 USD JPY150 138.24 140.32 156.53 150.26 151.32 152.95 140.00 145.44 147.00 147.87 145.19 147.50 141.1

  45. Slide 45: Information in this material is not intended to solicit sale or purchase of shares

     Information in this material is not intended to solicit sale or purchase of shares in Meiji Holdings. The final decision relating to investments should be made based on the judgment of users themselves.  Business forecasts and other forward-looking statements are based on information available at

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