Morinaga Milk Industry Co., Ltd. · TSE:2264
Morinaga Milk Industry — 1H FYE March 2026 Earnings Presentation
24 slides from Morinaga Milk Industry's earnings presentation, Nov 13, 2025
Slide 1: Financial Results Presentation for the First Half of FYE March 2026
Morinaga Milk Industry Co., Ltd. Financial Results Presentation for the First Half of the Fiscal Year Ending March 31, 2026 November 13, 2025 Announced information on November 11, 2025. 1. Overview of the First Half of the FYE March 2026 Financial Results 2. Outlook of Financial Results for FYE Marc
Slide 2: Summary of Today's Presentation
Preamble Summary of Today’s Presentation FYE March 2026 1H results: Net sales ¥293.3 billion (+0.9% YoY), OP ¥ 20.8 billion (+ ¥3.3 billion YoY, + ¥2.8 billion variance vs. target) ・Global Business: Exceeded targets. Overshoot versus target expanded due to MILEI whey market remaining high, rise in
Slide 3: 1. Overview of the First Half of the FYE March 2026 Financial Results
1. Overview of the First Half of the FYE March 2026 Financial Results 1. Overview of the First Half of the FYE March 2026 Financial Results 2. Outlook of Financial Results for FYE March 2026 Copyright©Morinaga Milk Industry Co.,Ltd.All Rights Reserved. 3
Slide 4: Financial Results for 1H of FYE March 2026: Summary
Financial Results for 1H of FYE March 2026: Summary (Unit: billion yen) FYE March 2026 1H results: OP ¥20.8 billion (+¥3.3 billion YoY) Year-on- Change Came in ahead of 1H OP target (+¥2.8 billion variance vs. target) FYE Mar. FYE Mar. Year on year from Global Business, driven by MILEI, exceeded f
Slide 5: Factors Attributable to Increases and Decreases in Operating Profit for 1H
Factors Attributable to Increases and Decreases in Operating Profit for 1H of FYE March 2026 Variance in “change in selling unit prices” and “product mix” of ¥0.4 billion represents price revisions that had not been announced at beginning of fiscal year and were factored into targets as PM, etc. <>:
Slide 6: Financial Results for 1H of FYE March 2026: Summary by Segments
Financial Results for 1H of FYE March 2026: Summary by Segments (Unit: billion yen) (Unit: billion yen) Operating profit Operating profit Net sales Net sales (operating profit to net sales) (operating profit to net sales) FYE Mar. FYE Mar. FYE Mar. FYE Mar. Year-on-year Change from FYE Mar. FYE Mar.
Slide 7: 2. Outlook of Financial Results for FYE March 2026
2. Outlook of Financial Results for FYE March 2026 1. Overview of the First Half of the FYE March 2026 Financial Results 2. Outlook of Financial Results for FYE March 2026 Copyright©Morinaga Milk Industry Co.,Ltd.All Rights Reserved. 7
Slide 8: Outlook of Financial Results for FYE March 2026: Key points
Outlook of Financial Results for FYE March 2026: Key points OP forecast upwardly revised: increase for Global Business, decrease for domestic business Revision to full-year targets: Net sales ¥580.0 billion ⇒ ¥570.0 billion, OP ¥32.0 billion ⇒ ¥33.0 billion (variance vs. initial target of ¥1.0 billi
Slide 9: Outlook of Financial Results for FYE March 2026: Key points
Outlook of Financial Results for FYE March 2026: Key points OP forecast upwardly revised: increase for Global Business, decrease for domestic business Operating profit 1H results 2H targets Full-year targets (variance vs. initial target) (variance vs. initial target) (variance vs. initial target) Gr
Slide 10: Outlook of Financial Results for FYE March 2026
Forecasts Outlook of Financial Results for FYE March 2026 revised (Unit: billion yen) FYE Mar. 2026 Year-on- Variance Year-on- Variance FYE Mar. full-year FYE Mar. FYE Mar. 2026 year Year on year from initial 2H target year Year on year from initial 2025 2025 2H target Change target change target Ne
Slide 11: Outlook: Factors Attributable to Increases and Decreases in Operating Profit
Outlook of Financial Results for FYE March 2026: Factors Forecasts revised Attributable to Increases and Decreases in Operating Profit Variance in “change in selling unit prices” and “product mix” of ¥3.6 billion represents price revisions that had not been announced at beginning of fiscal year and
Slide 12: Initiatives by Business: Growth Segments
Initiatives by Business: Growth Segments Yogurt: price difference with competitors shrinking, opportunity losses disappearing, launching new functional products Yogurt “Bifidus” • Change in size of plain yogurt container (volume unchanged from previously), smaller form factor to enhance convenienc
Slide 13: Concentrating resources in growth areas
Initiatives by Business: Growth Segments Concentrating resources in growth areas Ice cream Solid line: YoY growth in ice cream net sales for the Company (parent) Increase in supply capacity from FYE Mar. 2026 due to new production lines at Kobe Plant, growth Dashed line: YoY growth in ice cream fo
Slide 14: Initiatives by Business: Mainstay Segments
Initiatives by Business: Mainstay Segments (Core, Fundamental, Strategic Transformation) MILEI’s contribution. Address lower volumes and changes in demand in Japan MILEI GmbH Against background of whey market remaining at high levels in 2H, expect contribution to earnings to exceed that of previou
Slide 15: Accelerating reorganization of paper pack lines
Initiatives by Business: Mainstay Segments (Core, Fundamental, Strategic Transformation) Accelerating reorganization of paper pack lines at all production site of the Morinaga Milk Group “Notice on the suspension of production at the Akita Plant of TOHOKU MORINAGA MILK INDUSTRY CO., LTD.” released
Slide 16: Appendix
Appendix
Slide 17: Acquisition of Partial Sectional Ownership for Reconstruction of Former Morinaga Plaza Building
(Reference) Acquisition of Partial Sectional Ownership for Reconstruction of Former Morinaga Plaza Building (Announced September 12, 2025) Head office relocation planned for autumn 2029, continuing to investigate utilization by parties other than the Company Released under the title “(Additional D
Slide 18: Financial Results for 1H of FYE March 2026: Net Sales by Category
(Reference) Financial Results for 1H of FYE March 2026: Net Sales by Category FYE Mar. FYE Mar. Rate of change FYE Mar. FYE Mar. Rate of change Year on year Year on year (Unit: billion yen) 2025 1H 2026 1H vs target (Unit: billion yen) 2025 1H 2026 1H vs target Mainstay Segments Growth Segments (Cor
Slide 19: Net Sales by Category (Shown Quarterly)
(Reference) Financial Results for 1H of FYE March 2026: Net Sales by Category (Shown Quarterly) Three months Three months Three months Three months Year on ended ended Year on (Unit: billion yen) ended June 30, ended June 30, 2024 2025 year September 30, September 30, year 2024 2025 Growth Segments
Slide 20: Target Sales and Operating Profit for Each Segment
(Reference) Outlook of Financial Results for FYE March 2026: Forecasts revised Target Sales and Operating Profit for Each Segments (Unit: billion yen) Net sales Operating profit (operating profit to net sales) FYE Mar. 2026 target FYE Mar. Year on Variance FYE Mar. 2026 Year on Variance FYE Mar. Yea
Slide 21: Net Sales Targets by Category
(Reference) Outlook of Financial Results for FYE March 2026: Forecasts revised Net Sales Targets by Category (Unit: billion yen) Net sales FYE Mar. 2026 target FYE Mar. 2026 Variance from FYE Mar. 2026 Variance from Year on year Year on year 2H target initial target full-year target initial target G
Slide 22: Dairy Ingredient Market Data (Last 5 Years)
(Reference) Dairy Ingredient Market Data (Last 5 Years) Zentrale Milchmarkt Berichterstattung GmbH (ZMB, Central Milk Market Fonterra Global Dairy Trade (GDT) auction Reporting Agency in Germany) Culinary-use whey powder price (€/ton) prices for lactose (US$/ton) 1,700 2000 1,500 1,300 1500 1,100 10
Slide 23: Growth Strategy (Positioning by Category/Clarification of Role)
Sha morinaga Growth Strategy (Positioning by Category/Clarification of Role) strategy Revise management categories in accordance with role, based on the unchanging value we provide of “Health value/Tastiness and delightfulness” @ Free ourselves from an omnidirectional approach in Japan and overseas,
Slide 24: Cautionary Note Regarding Business Forecasts
Cautionary Note Regarding Business Forecasts Figures for plans, policies, and other figures included in this report other than actual past results are forecasts of future business performance, and are calculated based on management’s estimates and understanding of the information available to the Co
Morinaga Milk Industry — 1H FYE March 2026 Earnings Presentation on 6ix