Morinaga Milk Industry Co., Ltd. · TSE:2264

Morinaga Milk Industry — H1 FYE March 2027 Earnings Presentation

31 slides from Morinaga Milk Industry's earnings presentation, Nov 9, 2026

  1. Slide 1: Financial Results Presentation for the First Half of FYE March 2027

    Morinaga Milk Industry Co., Ltd. Financial Results Presentation for the First Half of the Fiscal Year Ending March 31, 2027 1. Overview of the First Half of the FYE March 2027 Financial Results November 9, 2026 2. Outlook of Financial Results for FYE March 2027 (Announced information on 3. Progress

  2. Slide 2: Today's Agenda

    Today’s Agenda ・ Record high profit for 1H results (overseas exceeded plans, domestic profit decreased) ・ Full-year outlook revised up (overseas ↑↑ to record high profit, dividend forecast increased) ・ Domestic business: Issues recognized, measures to improve recent performance, winning revenue in gr

  3. Slide 3: Preamble: Summary of Today's Presentation

    Preamble: Summary of Today’s Presentation (Key Points of 1H results, Future Outlook) 1. Overview of FYE March 2027 1H results: Net sales ¥300.8 billion (+2.6% YoY), OP ¥21.1 billion (+1.5% YoY) Higher revenue and profit (record high profit), growth in Global Business (MILEI, probiotics, etc.), profi

  4. Slide 4: Overview of the First Half of the FYE March 2027 Financial Results

    Overview of the First Half of the FYE March 2027 Financial Results 1. Overview of the First Half of the FYE March 2027 Financial Results 2. Outlook of Financial Results for FYE March 2027 3. Progress report and update on Medium-term Business Plan 2025–2028 4. Dialogue with Capital Market, Toward Fur

  5. Slide 5: Financial Results for 1H: Summary

    Financial Results for 1H of FYE March 2027: Summary (Unit: billion yen)  OP ¥21.1 billion (+¥1.1 billion vs. target), overshot target, record high FYE Mar. 2026 FYE Mar. 2027 Year-on-year Change from Global Business expanded (+¥1.1 billion vs. target), domestic business change Year on year target 1

  6. Slide 6: Financial Results for 1H: Summary (Domestic/Global)

    Financial Results for 1H of FYE March 2027: Summary (Domestic/Global) (Unit: billion yen) (Unit: billion yen) Operating profit Operating profit Net sales (operating profit to net sales) Net sales (operating profit to net sales) FYE Mar. 2026 FYE Mar. 2027 Change from FYE Mar. 2026 FYE Mar. 2027 Year

  7. Slide 7: Factors Attributable to Increases and Decreases in Operating Profit

    Financial Results for 1H of FYE March 2027: Factors Attributable to Increases and Decreases in Operating Profit Key points • Change in selling unit prices: Effect of unexpired months from price revisions in previous year, price revisions implemented in August and September (yogurt, ice cream, milk,

  8. Slide 8: Domestic 1H Sales Situation

    Domestic 1H Sales Situation: Impacted by High Costs and Unseasonable Weather, Despite Growth in Yogurt and Beverages (Unit: billion yen)  Key points FYE Mar. Change Growth Areas Domestic 1H net sales 2027 Year on from target • “Bifidus yogurt,” “PARTHENO” production capacity expanded, recorded doub

  9. Slide 9: Outlook of Financial Results for FYE March 2027

    Outlook of Financial Results for FYE March 2027 1. Overview of the First Half of the FYE March 2027 Financial Results 2. Outlook of Financial Results for FYE March 2027 3. Progress report and update on Medium-term Business Plan 2025–2028 4. Dialogue with Capital Market, Toward Further Increases in C

  10. Slide 10: Outlook for Financial Results for FYE March 2027

    Outlook for Financial Results for FYE March 2027 Revised forecasts (Unit: billion yen) (Unit: billion yen) FYE Mar. 2026 FYE Mar. 2027 Year-on-year Vs. previous FYE Mar. 2026 FYE Mar. 2027 Year-on-year Vs. previous Year on year change Year on year full year full year target change forecast 2H 2H tar

  11. Slide 11: Outlook for Financial Results for FYE March 2027

    Outlook for Financial Results for FYE March 2027 Revised forecasts (Unit: billion yen) (Unit: billion yen) FYE Mar. 2026 FYE Mar. 2027 Year-on-year Vs. previous FYE Mar. 2026 FYE Mar. 2027 Year-on-year Vs. previous change Year on year change Year on year full year full-year target forecast 2H 2H tar

  12. Slide 12: Details of Revision to Operating Profit Target

    Revised forecasts Details of Revision to Operating Profit Target: Significant Hike to Global Business in 2H Results and forecasts of operating profit for domestic business and Global Business (Unit: billion yen) Key points Domestic business  Rising costs for raw material and energy, lower sales vol

  13. Slide 13: MILEI: Effect of Rising Whey Prices to Increase in 2H

    MILEI: Effect of Rising Whey Prices to Increase in 2H FYE March 2027 Comparison of change in MILEI quarterly net sales Situation until now • Prices for German culinary-use whey powder (Indicators of raw whey material and price of ZMB culinary-use whey powder procurement price at MILEI) moves in resp

  14. Slide 14: Probiotics Business: Expanding More Rapidly Than Forecast

    Probiotics Business: Expanding More Rapidly Than Forecast This Fiscal Year  Probiotics Business: 1H sales grew 39%, mainly to overseas destinations. Expecting 30% growth in revenue for full year Steady progress towards MTBP target of doubling sales relative to those of FYE March 2025 (Increase of a

  15. Slide 15: Overseas B-to-C Subsidiaries: Steady Growth and Improvement

    Overseas B-to-C Subsidiaries: Steady Growth and Improvement  Pakistan (NutriCo Morinaga): Formula milk sales expanding, driven mainly by locally manufactured products ・ 1H revenue up 30% (local currency basis). Expanding sales, driven mostly by locally manufactured new products (launched in Septemb

  16. Slide 16: Outlook: Factors Attributable to Increases and Decreases in Operating Profit

    Outlook for Financial Results for FYE March 2027: Revised forecasts Factors Attributable to Increases and Decreases in Operating Profit Key points • Sales volume: Significant impact from 1H decline in volumes. Despite impact of price revisions and assumption of continued negative movement in volumes

  17. Slide 17: Progress report and update on Medium-term Business Plan 2025-2028

    Progress report and update on Medium- term Business Plan 2025–2028 1. Overview of the First Half of the FYE March 2027 Financial Results 2. Outlook of Financial Results for FYE March 2027 3. Progress report and update on Medium-term Business Plan 2025–2028 4. Dialogue with Capital Market, Toward Fur

  18. Slide 18: Intend to Update Medium-term Business Plan (May 2027)

    Progress report and update on Medium-term Business Plan 2025–2028  Intend to update Medium-term Business Plan (May 2027) Details are currently under consideration in preparation for announcement at full-year results (May 2027). Plan to make revisions, including numerical targets, based on the follo

  19. Slide 19: Executing Domestic Structural Reform

    Progress report and update on Medium-term Business Plan 2025–2028  Executing domestic structural reform and streamlining initiatives one after the other. Also implementing additional measures kk Newly executed initiatives, decision-making ・ Decision taken to expand consolidation of number of produc

  20. Slide 20: Dialogue with Capital Market, Toward Further Increases in Corporate Value

    Dialogue with Capital Market, Toward Further Increases in Corporate Value 1. Overview of the First Half of the FYE March 2027 Financial Results 2. Outlook of Financial Results for FYE March 2027 3. Progress report and update on Medium-term Business Plan 2025–2028 4. Dialogue with Capital Market, Tow

  21. Slide 21: Raised Dividend Forecast, 11th Consecutive Year of Increases

    Dialogue with Capital Market, Toward Further Increases in Corporate Value  Raised dividend forecast, which would be 11th consecutive year of increases (3-yen increase → annual 28 yen, Fiscal year-end 16 yen) Annual dividend per share (yen) Changes in annual dividend per share 30 28 25 25 22.5 20 15

  22. Slide 22: Significant Increase in Frequency of IR Dialogue with Capital Markets

    Dialogue with Capital Market, Toward Further Increases in Corporate Value  Significant increase in frequency of IR dialogue with capital markets from previous 2H onward (FYE March 2026 1H: 173 ⇒ FYE March 2027 1H: 387) Key themes of dialogue, opinions received, etc. Number of meetings with institut

  23. Slide 23: Appendix

    Appendix Copyright © MORINAGA MILK INDUSTRY CO., LTD. All Rights Reserved. 23

  24. Slide 24: (Reference) 1H Financial Results: Summary by Segment

    (Reference) Financial Results for 1H of FYE March 2027: Summary by Segment (Unit: billion yen) (Unit: billion yen) Net sales Operating profit Operating profit (operating profit to net sales) Net sales (operating profit to net sales) FYE Mar. 2026 FYE Mar. 2027 Change from FYE Mar. 2026 FYE Mar. 2027

  25. Slide 25: (Reference) 1H Financial Results: Net Sales by Category

    (Reference) Financial Results for 1H of FYE March 2027: Net Sales by Category FYE Mar. 2026 FYE Mar. 2027 FYE Mar. 2026 FYE Mar. 2027 Year on year (Unit: billion yen) Year on year (Unit: billion yen) 1H 1H 1H 1H Growth Segment Mainstay Segment (Core, Fundamental, Strategic Yogurt 28.7 31.9 +11% Tran

  26. Slide 26: (Reference) Target Sales and Operating Profit

    (Reference) Outlook for Financial Results for FYE March 2027: Revised forecasts Target Sales and Operating Profit (Domestic/Global) (Unit: billion yen) 2H target Operating profit Net sales (operating profit to net sales) FYE Mar. FYE Mar. Vs. previous FYE Mar. FYE Mar. Year-on-year Vs. previous Year

  27. Slide 27: (Reference) Target Sales and Operating Profit for Each Segment

    (Reference) Outlook for Financial Results for FYE March 2027: Revised forecasts Target Sales and Operating Profit for Each Segments (Unit: billion yen) 2H target Full-year target Operating profit Operating profit Net sales (operating profit to net sales) Net sales (operating profit to net sales) Vs.

  28. Slide 28: (Reference) Target Sales by Category

    Revised forecasts (Reference) Outlook for Financial Results for FYE March 2027:Target Sales by Category (Unit: billion yen) Net sales FYE March 2027 target FYE Mar. 2027 Vs. previous FYE Mar. 2027 Vs. previous full-year target Year on year forecast full-year target Year on year forecast Growth Segme

  29. Slide 29: (Reference) Dairy Ingredient Market Data

    (Reference) Dairy Ingredient Market Data Price indicator of the raw whey Zentrale Milchmarkt Berichterstattung GmbH protein materials procured by Fonterra Global Dairy Trade auction (US$/ton) (ZMB, Central Milk Market Reporting Agency in Germany) MILEI, a German company 7,000 2,200 Culinary-use whey

  30. Slide 30: Medium-term Business Plan 2025-2028

    Medium-term Business Plan 2025–2028 Copyright © MORINAGA MILK INDUSTRY CO., LTD. All Rights Reserved. 30

  31. Slide 31: 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

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