Itoham Yonekyu Holdings, Inc. · TSE:2296

Itoham Yonekyu — H1 FY2025 Earnings Presentation

46 slides from Itoham Yonekyu's earnings presentation, Nov 4, 2025

  1. Slide 1: FY2025 H1 Financial Results

    ITOHAM YONEKYU HOLDINGS INC. （TSE Prime：2296） FY2025 H1 Financial Results (Apr 1, 2025 – Sep 30, 2025) November 04, 2025

  2. Slide 2: H1 results for FY2025

    H1 results for FY2025 Consolidated Earnings Summary ✓ Revenue increased by 10.5%, and ordinary profit rose by 50.9%. Business Segment ✓ [Processed Food Div.] - Revenue increased, but profit declined We offset volume declines caused by sluggish consumer demand and rising raw material and logistics co

  3. Slide 3: Key Topics in the H1

    【Processed Food】 【Meat】 ✓Accelerating product renewal cycles ✓Enhancing inventory position management Key Topics in the H1 Reducing the number of in-house products Optimizing domestic pork sourcing and trade terms -3％ +0.9 FY2025 H1 Progress FY2026 Plan Domestic Pork Margin vs. FY2024 H1 vs. FY2024:

  4. Slide 4: Agenda: FY2025 H1 Result

    01 Earnings Results ・FY2025 H1 Result 5 3 ・Full Year Forecast for FY2025 15 02 Supplemental Data 24 03 Appendix 34 Note: The financial information disclosed by Japanese GAAP and FY2025 shows from Apr 1, 2025 to March 31, 2026. This material is rounded off to second decimal places. Therefore, sums an

  5. Slide 5: Consolidated H1 Results

    01 Earnings Results （H1 Results） [Consolidated] FY2025 H1 results billion yen Previous % Year-on-Year forecast FY2025 H1 Results Amount Change of sales Change Change% Rev 4-Aug Increased revenue and ordinary profit Sales 542.4 - +51.4 +10.5% 530.0 +12.4 Sales : + 10.5% Operating Ordinary Profit : +

  6. Slide 6: Consolidated H1 Ordinary Profit Variance

    01 Earnings Results （H1 Results） billion yen ▲0.0 +4.6 [Consolidated] 経常利益増減分析 FY2025 H1 Results YoY 経営統合後のシナジー発現に • Variance Factors 伴い、稼ぐ力が着実に向上、 当社の強みは Processed Food : - 0.0B Ordinary 安定した基礎収益力と認識 Meat : + 4.6B Profit • 稼ぐ力を原資に成長投資を実行、 Ordinary 13.6 billion yen Profit 2035年度で経常利益500億円を 目指す 9.0 b

  7. Slide 7: Processed Food Division H1 Results

    01 Earnings Results （H1 Results） [Processed Food Division] Segment Info FY2025 H1 financial earnings results billion yen % Year-on-Year Previous forecast Amount Change FY2025 H1 Results of sales Change Change% Rev 4-Aug (1Q)100％ 横12.73 縦3.22 Revenue up, ordinary profit down Sales 198.6 - +1.2 (2Q~)9

  8. Slide 8: Processed Food Division Ordinary Profit Factors

    01 Earnings Results （H1 Results） [Processed Food Division] Ordinary profit factors billion yen Q1 Q2 H1 Variance Analysis for the H1 Main Factors results results results change H1 of FY2025 FY2024 Ordinary profit 2.1 1.8 3.9 from prev. [Quantity] - Sales volume declined due to continued weak consume

  9. Slide 9: Processed Food Division Market Share and Growth

    Data：QPR 01 Earnings Results （H1 Results） Ham & Sausage [Processed Food Division] Share 22.5% (+0.5%) Sales Growth Rate(Our Company) Our Company +1.8% Growth Rate of Purchases Market +0.2% Growth rates by category per 100 People and product for key household items Wiener Ham & Bacon CH Cooked Chicke

  10. Slide 10: Processed Food Division Consumer/Commercial Growth

    01 Earnings Results （H1 Results） Consumer／Commercial company performance growth rate （volume/amount） Ham & Sausage Cooked Foods Total [Processed Food Division] Our growth rate ・B2C / B2B (volume / amount） ・External environment data Domestic distribution data （Domes/Import） MIC Survey(Apr.-May)（ volu

  11. Slide 11: Meat Division H1 Results

    01 Earnings Results （H1 Results） [Meat Division] Segment Info FY2025 H1 financial earnings results billion yen % Year-on-Year Previous forecast Amount Change FY2025 H1 Results of sales Change Change% Rev 4-Aug (1Q)100％ 横12.73 縦3.22 Revenue and ordinary profit Sales 343.7 (2Q~)90％横11.24、縦3.33 - +50.3

  12. Slide 12: Meat Division Ordinary Profit Factors

    01 Earnings Results （H1 Results） [Meat Division] Ordinary profit factors billion yen Q1 Q2 H1 H1 Main Factors Variance Analysis for the results results results change from H1 of FY2025 FY2024 Ordinary profit 2.6 3.3 5.9 prev. [Unit Price] - Domestic pork: Improved profitability through enhanced Sale

  13. Slide 13: Meat Division Sales Performance and External Data

    01 Earnings Results （H1 Results） Domestic/Imported Growth rate ％ [Meat Division] Results(excl. ANZCO) MIC Survey(Apr.-Aug.) Purchase Volume Amount Expenditure QTY Sales Performance Beef Domestic -1.5 +2.0 +0.1 -0.2 Imported -2.3 -2.3 Pork Domestic -1.8 +1.4 ・Growth rate by livestock Imported +6.6 +9

  14. Slide 14: Agenda: Full Year Forecast for FY2025

    01 Earnings Results ・FY2025 H1 Result 5 ・Full Year Forecast for FY2025 15 02 Supplemental Data 24 03 Appendix 34 Note: The financial information disclosed by Japanese GAAP and FY2025 shows from Apr 1, 2025 to March 31, 2026. This material is rounded off to second decimal places. Therefore, sums and

  15. Slide 15: Consolidated FY2025 Forecast

    01 Earnings Results （FY2025 Forecast） FY2025 full year financial earnings forecast [Consolidated] billion yen % Year-on-Year Previous forecast Amount Change of sales Change Change% Rev 4-Aug FY2025 Full-Year Forecast We expect higher revenue and Sales 1,050.0 - +61.2 +6.2% 1,030.0 +20.0 profit Opera

  16. Slide 16: Consolidated Forecast Ordinary Profit Variance

    01 Earnings Results （FY2025 Forecast） +0.3 +7.2 billion yen [Consolidated] 経常利益増減分析 FY2025 Full-Year Forecast YoY 経営統合後のシナジー発現に • Variance Factors 伴い、稼ぐ力が着実に向上、 Ordinary 当社の強みは Processed Food : +0.3B Profit Meat安定した基礎収益力と認識 : +7.2B 28.0 Ordinary billion yen We 稼ぐ力を原資に成長投資を実行、 • revised our forecast

  17. Slide 17: Processed Food Division FY2025 Forecast

    01 Earnings Results （FY2025 Forecast） [Processed Food Division] Segment Info FY2025 full year financial earnings forecast billion yen Previous % Year-on-Year forecast Amount Change FY2025 Full-Year Forecast of sales Change Change% (1Q)100％ 横12.73 縦3.22 Rev 4-Aug Sales (2Q~)87％横11.76、縦3.42 404.0 - +3

  18. Slide 18: Processed Food Division Forecast Profit Factors

    01 Earnings Results （FY2025 Forecast） [Processed Food Division] Ordinary profit factors billion yen H1 H2 Year H1 H2 Year Main Factors Full-Year Forecast for results Forecast Forecast change FY2025 – Variance Analysis FY2024 Ordinary profit 3.9 5.8 9.7 from prev. [Quantity] - Sales volume declined d

  19. Slide 19: Meat Division FY2025 Forecast

    01 Earnings Results （FY2025 Forecast） [Meat Division] Segment Info FY2025 full year financial earnings forecast billion yen Previous % Year-on-Year forecast Amount Change FY2025 Full-Year Forecast of sales Change Change% Rev 4-Aug Revenue and profit increased Sales 646.0 - +58.1 +9.9% 620.0 +26.0 Me

  20. Slide 20: Meat Division Forecast Profit Factors

    01 Earnings Results （FY2025 Forecast） [Meat Division] Ordinary profit factors billion yen H1 H2 Year H1 H2 Year Main Factors Full-Year Forecast for FY2024 results Forecast Forecast change from prev. FY2025 – Variance Analysis Ordinary profit 5.9 6.4 12.3 ［Quantity］ - We continued to enforce strict p

  21. Slide 21: Meat Division ANZCO Market Trends

    01 Earnings Results （ANZCO Foods） ※MLA Comparison of the change in accounting period impact Transition of beef 90CL price : US and imported from NZ (FY2024: Jan-Dec2024, FY2025: Jan-Dec 2025 + Jan-Mar 2026) [Meat Division] Market Trends (ANZCO) Transition of beef FOB and procurement price in NZ Tran

  22. Slide 22: Shareholder Returns

    Incl. 01 Earnings Results commemorative dividend Incl. commemorative dividend Shareholder Returns DPR Shareholder Returns DOE Core Policy ・We plan to distribute a Commemorative 10th anniversary DOE ≧3.0% commemorative dividend commemorative dividend & PDP totaling appx. ¥10B in FY2025. ・ Ordinary: J

  23. Slide 23: Agenda: Supplemental Data

    01 Earnings Results ・FY2025 H1 Result 5 ・Full Year Forecast for FY2025 15 02 Supplemental Data 24 03 Appendix 34 Note: The financial information disclosed by Japanese GAAP and FY2025 shows from Apr 1, 2025 to March 31, 2026. This material is rounded off to second decimal places. Therefore, sums and

  24. Slide 24: Profit / Loss

    02 Supplemental Data Results Sale of each country and region billion yen billion yen Profit / Loss FY2024 FY2025 FY2024 FY2025 H1 H1 Change H1 H1 Change Sales 490.9 542.4 +51.4 Sales 490.9 542.4 +51.4 COGS 425.2 469.5 +44.3 Japan 412.3 423.5 +11.2 Gross Profit 65.7 72.9 +7.1 Overseas Total 78.6 118.

  25. Slide 25: SG&A Expenses and Non-operational Gain/Loss

    02 Supplemental Data SG & A Expenses Non-operational Gain/Loss billion yen billion yen SG & A Expenses FY2024 FY2025 FY2024 FY2025 Non-operational G/L H1 H1 Change H1 H1 Change Non-Operational G/L 0.2 0.5 +0.3 Sales 490.9 542.4 +51.4 Non-controlling 0.5 0.6 +0.1 Selling, General and interests 56.9 5

  26. Slide 26: Balance Sheet

    02 Supplemental Data billion yen FY2024 FY2025 FY2024 FY2025 Change Change Year end H1 Year end H1 Current Assets 277.2 280.7 +3.5 Total Liabilities 180.7 187.6 +6.9 Balance Sheet Cash and Term Deposits 21.0 17.6 -3.4 Current Liabilities 144.4 149.6 +5.1 Receivables 103.2 101.8 -1.4 Fixed Liabliliti

  27. Slide 27: Cash Flow Statement

    02 Supplemental Data Movements in free cash flow billion yen Cash Flow FY2024 FY2025 billion yen Statement H1 H1 Change 2025 ①Cash Flow from Operation -9.2 12.8 +22.0 H1 CF from Income Before Taxes 9.1 13.7 +4.6 Investments 2024 Depreciation & Amortization of goodw ill 7.2 7.7 +0.5 H1 Equity in earn

  28. Slide 28: Results by Product Category

    決算補足データData 03 Supplemental 02 billion yen 商品分類別実績 Results by Consolidated Processed Food Div. Meat Div. Product Category FY2024 FY2025 FY2024 FY2025 FY2024 FY2025 H1 H1 change H1 H1 change H1 H1 change Sales 490.9 542.4 +51.4 197.4 198.6 +1.2 293.5 343.7 +50.3 Ham & Sausage 91.9 95.2 +3.3 86.3 87.7

  29. Slide 29: Sales performance by product category

    Data：QPR 決算補足データData 03 Supplemental 02 Q1 Q2 FY2024 Q3 Q4 Q1 Q2 FY2025 Q3 Q4 Share(%) 22.0 21.9 22.6 21.8 22.5 22.4 Ham & Sausage YoY +1.0 +1.2 +0.4 +0.4 +0.5 +0.6 Sales Growth Rate +0.9 +2.9 +0.5 +0.6 +3.1 +0.5 Share(%) 20.6 20.4 19.9 19.9 21.0 20.8 Wiener YoY +0.4 +0.7 +0.8 +0.7 +0.4 +0.4 商品分類別実績

  30. Slide 30: Quarterly Results Details

    02 決算補足データData 03 Supplemental billion yen Q1 Q2 Apr - Jun Jul - Sep FY2024 FY2025 FY2024 FY2025 Change Change results results results results 商品分類別実績 Quarterly Results Sales 235.8 297.1 +61.3 255.1 245.3 -9.9 Details Operating profit 3.9 9.1 +5.2 4.9 4.0 -0.8 Consolidated Operating profit margin %

  31. Slide 31: FY2025 Forecast Details

    02 決算補足データ 03 Supplemental Data billion yen H1 H2 Year FY2024 FY2025 Last FY2024 FY2025 Last FY2024 FY2025 Last Change Chage Change Chage Change Chage results results F'cast results F'cast F'cast results F'cast F'cast Rev 4-Nov Rev 4-Aug Rev 4-Nov Rev 4-Aug Rev 4-Nov Rev 4-Aug Sales 490.9 542.4 +51.

  32. Slide 32: Profit Change Analysis Trends

    02 決算補足データ 03 Supplemental Data billion yen Processed Food Div. Q1 Q2 H1 H2 Year Profit Change FY2024 Ordinary profit results 2.1 results 1.8 Rev 2-May. 3.9 Rev 4-Aug. 3.9 results 3.9 Rev 2-May. 5.8 Rev 4-Aug. 5.8 Rev 4-Nov. 5.8 Rev 2-May. 9.7 Rev 4-Aug. 9.7 Rev 4-Nov. 9.7 Analysis Trends Sales Volu

  33. Slide 33: Agenda: Appendix

    01 Earnings Results ・FY2025 H1 Result 5 ・Full Year Forecast for FY2025 15 02 Supplemental Data 24 03 Appendix 34 Note: The financial information disclosed by Japanese GAAP and FY2025 shows from Apr 1, 2025 to March 31, 2026. This material is rounded off to second decimal places. Therefore, sums and

  34. Slide 34: Overseas Markets

    03 Appendix Pork Carcass - Spain Picnic - USA Overseas Markets 95％ ４つまとめて貼り付 け Pork Bellies - USA Loin - USA Copyright © 2025 ITOHAM YONEKYU HOLDINGS INC. All rights reserved. 34

  35. Slide 35: CPI Index

    03 Appendix Beef Chicken CPI Index Pork Processed Meat Copyright © 2025 ITOHAM YONEKYU HOLDINGS INC. All rights reserved. Date：Ministry of Internal Affairs and Communications 35

  36. Slide 36: Ham & Sausage Supply

    03 Appendix Domestic Production Imports Ham & Sausage Supply Apr.-Aug 【Domestic】 YoY -3.1% FY2024 214,289 ton FY2025 207,683 ton 【Import】 YoY -5.3% FY2024 14,176 ton FY2025 13,419 ton (ton) Apr. May Jun. Jul. Aug. Sep. Oct. Nov. Dec. Jan. Feb. Mar. Year 【Total】 YoY -3.2% FY2024 Volume 44,867 42,018

  37. Slide 37: Ham/Sausage Domestic Market Share

    Date：QPR 03 Appendix ham/sausage domestic market ham/sausage domestic market Our share Value per 100 monitors year-on-year Average price year-on-year Ham/Sausage Domestic Market Share 【 Share 】 Apr.-Sep. Last year 21.9％ This year 22.5％ YoY +0.6％ Apr. May Jun. Jul. Aug. Sep. Oct. Nov. Dec. Jan. Feb.

  38. Slide 38: Wiener Domestic Market Share

    Date：QPR 03 Appendix Wiener domestic market Wiener domestic market Our share Value per 100 monitors year-on-year Average price year-on-year Wiener Domestic Market Share 【 Share 】 Apr.-Sep. Last year 20.5％ This year 20.9％ YoY +0.4％ Apr. May Jun. Jul. Aug. Sep. Oct. Nov. Dec. Jan. Feb. Mar. Year 【shar

  39. Slide 39: Slice Pack of Ham, Bacon, etc. Domestic Market

    Date：QPR 03 Appendix Our share Slice pack of ham, bacon, etc. domestic market Slice pack of ham, bacon, etc. domestic market Value per 100 monitors year-on-year Average price year-on-year Slice Pack of Ham, Bacon, etc. Domestic Market Share 【 Share 】 Apr.-Sep. Last year 22.0％ This year 22.6％ YoY +0.

  40. Slide 40: Pizza/Snacks Domestic Market Share

    Date：QPR 03 Appendix Our share Pizza/Snacks domestic market Pizza/Snacks domestic market Value per 100 monitors year-on-year Average price year-on-year Pizza/Snacks Domestic Market Share 【 Share 】 Apr.-Sep. Last year 32.4％ This year 32.6％ YoY +0.4％ Apr. May Jun. Jul. Aug. Sep. Oct. Nov. Dec. Jan. Fe

  41. Slide 41: Hamburger steak/Meatball Domestic Market

    Date：QPR 03 Appendix Our share Hamburger steak/Meatball domestic market Hamburger steak/Meatball domestic market Value per 100 monitors year-on-year Average price year-on-year Hamburger steak/ Meatball Domestic Market Share 【 Share 】 Apr.-Sep. Last year 13.4％ This year 13.4％ YoY -0.0％ Apr. May Jun.

  42. Slide 42: Processed Chicken Food Domestic Market

    Date：QPR 03 Appendix Our share Processed chicken food domestic market Processed chicken food domestic market Value per 100 monitors year-on-year Average price year-on-year Processed Chicken Food Domestic Market Share 【 Share 】 Apr.-Sep. Last year 21.5％ This year 21.6％ YoY +0.1％ Apr. May Jun. Jul. Au

  43. Slide 43: Marketed Volume/Ending Stock/Market Price (Beef)

    03 Appendix Estimated Marketed Volume Estimated Marketed Volume Estimated Ending Stock (Imported) (Domestic) (Imported) ※including meat for processed products ※including meat for processed products ※including meat for processed products Marketed Volume/ Ending Stock/ Market Price (Beef) Domestic Bee

  44. Slide 44: Marketed Volume/Ending Stock/Market Price (Pork)

    03 Appendix Estimated Marketed Volume Estimated Marketed Volume Estimated Ending Stock (Imported) (Domestic) (Imported) ※including meat for processed products ※including meat for processed products ※including meat for processed products Marketed Volume/ Ending Stock/ Market Price (Pork) Domestic Por

  45. Slide 45: Marketed Volume/Ending Stock/Market Price (Chicken)

    03 Appendix Estimated Marketed Volume Estimated Marketed Volume Estimated Ending Stock (Imported) (Domestic) (Imported) ※including meat for processed products ※including meat for processed products ※including meat for processed products ※bone-in meat base Marketed Volume/ Ending Stock/ Market Price

  46. Slide 46: Contact Information

    Contact Information ALT ITO Bldg. 1-6-21, MITA, MEGURO-KU, TOKYO , 153-8587, JAPAN ITOHAM YONEKYU HOLDINGS INC. Public & Investor Relations Office TEL : +81-3-5723-6892 You can also contact us from the company website. https://www.itoham-yonekyu-holdings.com The current plans, forecasts, strategies

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