Morinaga Milk Industry Co., Ltd. · TSE:2264
Morinaga Milk Industry — Q3 FYE March 2026 Earnings Presentation
18 slides from Morinaga Milk Industry's earnings presentation, Feb 12, 2026
Slide 1: Financial Results Presentation for the Third Quarter of FYE March 2026
Morinaga Milk Industry Co., Ltd. Financial Results Presentation for the Third Quarter of the Fiscal Year Ending March 31, 2026 February 12, 2026 Announced information on February 12, 2026. 1. Overview of the Third Quarter of the FYE March 2026 Financial Results 2. Outlook of Financial Results for FY
Slide 2: Summary of Today's Presentation
Preamble Summary of Today’s Presentation FYE March 2026 3Q results: Net sales ¥437.8 billion (+1.6% YoY), OP ¥30.7 billion (+¥5.2 billion YoY), record high (3Q and 9 months) ・ Global Business: Progress outstripping forecasts. Contribution from MILEI driven by whey prices remaining high. Probiotics
Slide 3: 1. Overview of the Third Quarter of the FYE March 2026 Financial Results
1. Overview of the Third Quarter of the FYE March 2026 Financial Results 1. Overview of the Quarter 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 3Q of FYE March 2026: Summary
Financial Results for 3Q of FYE March 2026: Summary (Unit: billion yen) 3Q of FYE FYE March 2026 3Q results: Highest ever operating profit of ¥30.7 billion FYE Mar. FYE Mar. Year-on- Year on Year-on- Global Business, centered on MILEI, was again main driver in Oct-Dec Mar. 2026 year year 2025 3Q 2
Slide 5: Factors Attributable to Increases and Decreases in Operating Profit
Financial Results for 3Q of FYE March 2026: Factors Attributable to Increases and Decreases in Operating Profit Key points Change in selling unit prices: Price revisions for yogurt, ice cream, beverages, commercial dairy products (B-to-B), etc. Sales volume: With exception of certain category, g
Slide 6: Financial Results for 3Q: Summary by Segments
Financial Results for 3Q of FYE March 2026: Summary by Segments (Unit: billion yen) (Unit: billion yen) Operating profit Operating profit Net sales (operating profit to net sales) Net sales (operating profit to net sales) Nine months Nine months Nine months Nine months 3Q of FYE 3Q of FYE Year-on- Y
Slide 7: 2. Outlook of Financial Results for FYE March 2026
2. Outlook of Financial Results for FYE March 2026 1. Overview of the Third Quarter of 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: Factors Attributable to Increases and Decreases in Operating Profit
Outlook of Financial Results for FYE March 2026: Factors No revision to forecasts Attributable to Increases and Decreases in Operating Profit Key points Change in selling unit prices: Price revisions for yogurt, ice cream, beverages, commercial dairy products (B-to-B), etc. The effect of unit pric
Slide 9: Outlook of Financial Results for FYE March 2026
No revision Outlook of Financial Results for FYE March 2026 to forecasts (Unit: billion yen) FYE Mar. FYE Mar. 2026 full-year Year-on- Key points year Year on year 2025 target Change There is no amendment to consolidated earnings forecasts for the fiscal year ending March 31, 2026, disclosed on No
Slide 10: Appendix
Appendix
Slide 11: (Reference) Net Sales by Category
(Reference) Financial Results for 3Q of FYE March 2026: Net Sales by Category FYE Mar. FYE Mar. FYE Mar. FYE Mar. Year on year (Unit: billion yen) Year on year (Unit: billion yen) 2025 3Q 2026 3Q 2025 3H 2026 3Q Mainstay Segments Growth Segments (Core, Fundamental, Strategic transformation) Yogurt 4
Slide 12: (Reference) Net Sales by Category (Shown Quarterly)
(Reference) Financial Results for 3Q of FYE March 2026: Net Sales by Category (Shown Quarterly) Three months Three months Three months Three months Three months Three months ended ended ended ended (Unit: billion yen) ended June ended June Year on year Year on year Year on year September 30, Septemb
Slide 13: (Reference) Target Sales and Operating Profit for Each Segment
(Reference) Outlook of Financial Results for FYE March 2026: No revision to forecasts 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. FYE Mar. 2026 FYE Mar. Year-on-year FYE Mar. 2026 Yea
Slide 14: (Reference) Net Sales Targets by Category
(Reference) Outlook of Financial Results for FYE March 2026: No revision to forecasts Net Sales Targets by Category (Unit: billion yen) Net sales FYE Mar. 2026 target FYE Mar. 2026 FYE Mar. 2026 Year on year Year on year 2H target full-year target Growth Segments Yogurt 29.6 +7% 58.4 +3% Ice cream 1
Slide 15: (Reference) Notice Regarding Changes to Volume and Repricing of Certain Products
(Reference) Notice Regarding Changes to Volume and Repricing of Certain Products Announced on January 30, 2026 Perform changes to volume and repricing of certain products such as household ice cream products (“PARM” etc.) starting with shipments from February to April 2026. January 30, 2026 1. Targe
Slide 16: (Reference) Dairy Ingredient Market Data
(Reference) Dairy Ingredient Market Data Zentrale Milchmarkt Berichterstattung GmbH (ZMB, Central Milk Market Reporting Agency in Germany) Fonterra Global Dairy Trade auction (US$/ton) 1,800 Culinary-use whey powder price (€/ton) 7,000 Correlates with prices for whey raw materials 6,000 1,600 procur
Slide 17: 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 18: 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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