Ezaki Glico Co., Ltd. · TSE:2206
Ezaki Glico — FY2025 Earnings Presentation
37 slides from Ezaki Glico's earnings presentation, Feb 13, 2026
Slide 1: Glico Group Financial Results for the Fiscal Year Ended December 31, 2025
Healthier days, Wellbeing for life [Notes of caution] e This documents is an English translation of the Japanese original. In the event of any differences or inconsistencies between the Japanese and English versions, the Japanese language version shall take precedence. Glico Group Financial Results
Slide 2: Contents
Contents I. FYE December 2025 Earnings P.3-16 Report II. FYE December 2026 Earnings P.17-23 Forecast III. Progress Report for the Mid- P.24-28 Term Management Plan *Supplemental Materials P.29-36
Slide 3: I. FYE December 2025 Earnings Report
I. FYE December 2025 Earnings Report
Slide 4: Summary for the FYE December 2025
Summary for the FYE December 2025 m Net sales: Increased due to recovery in chilled product shipments and increased sales overseas, +9.1% year on year. m Operating income: Decreased due to slump in sales of ice cream with high profitability, - 21.0% year on year m Net sales: 380 billion yen (Increas
Slide 5: Status of Consolidated Performance
Status of Consolidated Performance Glico m Net sales: Increased due to recovery in chilled product shipments and increased sales overseas, +9.1% year on year. ™ Operating income: Decreased due to slump in sales of ice cream with high profitability, -21.0% year on year (Unit: 100 million yen) FYE Dec
Slide 6: Status of Operating Income
Status of Operating Income Gpice- (Unit: 100 million yen) FYE Dec. 2024 FYE Dec. 2025 Net sales 3,311 100.0% 3,613 100.0% Cost of sales 2,034 61.4% 2,262 62.6% Gross profit 1,276 38.6% 1,351 37.4% Freight and charges 272 8.2% 296 8.2% Sales promotion 116 3.5% 143 4.0% Advertising expenses 158 4.8% 1
Slide 7: Factors of Increases (Decreases) in Operating Income
Factors of Increases (Decreases) in erating Income O Glico m™ Domestic: Decreased due to higher raw material costs and the negative impacts from an unfavorable product mix due to the slump in sales of ice cream, despite positive impacts from an increase in chilled product sales and price revisions,
Slide 8: Status of Net Sales by Segment
Status of Net Sales by Segment Gpice- m Domestic: Increased in the Dairy Business, which experienced a suspension of chilled product shipments in the previous year, +8.8% year on year. m Overseas: Increased mainly in China, etc., +10.2% year on year (Unit: 100 million yen) FYE Dec. 2024 FYE Dec. 202
Slide 9: Status of Operating Income by Segment
Status of Operating Income by Segment F< m Domestic: Decreased due to the slump in sales of ice cream, and higher raw material costs and system-related costs, -81.2% year on year m Overseas: Decreased due to reduced sales in U.S.A. and higher raw material costs, -1.8% year on year (Unit: 100 million
Slide 10: By Segment: Health and Food Business
By Segment: Health and Food Business @W#<*- m Main brands in the Health and Food Business segment: "Almond Koka," "SUNAO," "PAPICO," "Ice no mi," "DONBURI-TEI" m Segment net sales: Increased, +2.5% year on year to 47.8 billion yen m Segment income: Decreased, -1.3 billion yen year on year to -1.5 bi
Slide 11: By Segment: Dairy Business
By Segment: Dairy Business @ Main brands in this segment: — "BifiX Yogurt," "Giant Cone," "Seventeen Ice" "Cafe au lait," "Pucchin Pudding" m Segment net sales: Increased, +18.6% year on year to 66.4 billion yen m Segment income: Decreased, -0.7 billion yen year on year to -7.1 billion yen — Affecte
Slide 12: By Segment: Nutritional Confectionery Business
By Segment: Nutritional Confectionery Business Gee m Main brands in this segment: Chocolate Market —>"Pocky," "Bisco," "Pretz," "Caplico" (Intage SRI +) m Segment net sales: Increased, +1.9% year on year to eiH on mits 200 milion yen 65.9 billion yen 6.000 m Segment income: Decreased, -0.8 billion y
Slide 13: By Segment: Overseas Business
By Segment: Overseas Business @China (Unit: million CNY) Net sales 1,871 2,274 +21.5% Operating income 228 300 +31.2% @ ASEAN* (Unit: million USD) Net sales 133 134 +0.4% Operating income 0 O +4.2% U.S.A. ** (Unit: million USD) Net sales 101 95 -5.4% Operating income 23 15 -33.6% ©2026 Ezaki Glico C
Slide 14: By Segment: Overseas Business (China)
By Segment: Overseas Business (China) GY m Market environment: Cookies Market (offline) declined 14.3% year on year. m Net sales: 2,274 million CNY based on shipments and local currencies. Increase of 21.5% year on year. ™ Operating income: 300 million CNY. Increase of 31.2% year on year. m Region/C
Slide 15: By Segment: Overseas Business (ASEAN)
By Segment: Overseas Business (ASEAN) @%*- m Market environment: Cookies Market grew 1.9% year on year in Thailand and 6.0% year on year in Indonesia. m Net sales: 134 million USD based on shipments and local currencies, an increase of 0.4% year on year m@ Operating income: 0.99 million USD, an incr
Slide 16: By Segment: Overseas Business (U.S.A.)
By Segment: Overseas Business (U.S.A.) Ge m Market environment: Chocolate Market grew 5.9% year on year m Net sales: 95 million USD based on shipments and local currencies, a decrease of 5.4% year on year ™ Operating income: 15 million USD, a decrease of 33.6% year on year m™ By product: Decreased i
Slide 17: II. FYE December 2026 Earnings Forecast
II. FYE December 2026 Earnings Forecast
Slide 18: Consolidated Performance Forecast
Consolidated Performance Forecast GYics m Net sales: 380 billion yen, an increase of 5.1% year on year m Operating income: 14 billion yen, an increase of 60.2% year on year (Unit: 100 million yen) FYE Dec. 2025 FYE Dec. 2026 previous period Net sales 3,613 3,800 +5.1% Operating income 87 140 +60.2%
Slide 19: Operating Income Forecast
Operating Income Forecast Glico (Unit: 100 million yen) FYE Dec. 2025 FYE Dec. 2026 Net sales 3,613 100.0% 3,800 100.0% Cost of sales 2,262 62.6% 2,333 61.4% Gross profit 1,351 37.4% 1,467 38.6% Freight and charges 296 8.2% 294 7.7% Sales promotion 143 4.0% 142 3.7% Advertising expenses 160 4.4% 185
Slide 20: Factors of Increases (Decreases) in Operating Income
Factors of Increases(Decreases)in Operating Income Gico m Domestic: Expected to increase due to an increase in sales of ice cream and yogurt despite an increase in raw material prices and SG&A m Overseas: Expected to increase due to an increase in net sales, etc. (Unit: 100 million yen) 250 miIncrea
Slide 21: Net Sales Forecast by Segment
Net Sales Forecast by Segment Glico m Domestic: Increase of 3.1% year on year due to an increase in sales of ice cream and yogurt m Overseas: Increase of 11.4% year on year due to increased sales in China and ASEAN (Unit: 100 million yen) FYE Dec. 2025 FYE Dec. 2026 Change from previous period Total
Slide 22: Operating Income Forecast by Segment
Operating Income Forecast by Segment G%<- m Domestic: Increase of 4.4 billion yen year on year due to improved profitability of the Health and Food Business and Dairy Business m Overseas: Increase of 0.9 billion yen year on year due to increased sales in China (Unit: 100 million yen) FYE Dec. 2025 F
Slide 23: Overseas Business: Region-Specific Net Sales and Operating Income Forecast
Overseas Business: Region-Specific Net Sales and Operating Income Forecast ) ) @China (Unit: million CNY) Net sales 2,274 2,504 +10.1% Operating income 300 327 +9.1% @ ASEAN* (Unit: million USD Net sales 136 153 +12.2% Operating income 1 2 +113.4% U.S.A. ** (Unit: million USD Net sales 95 95 +0.0% O
Slide 24: III. Progress Report for the Mid-Term Management Plan
III. Progress Report for the Mid-Term Management Plan
Slide 25: Numerical Targets of the Mid-Term Management Plan
Numerical Targets of the Mid-Term Management Plan [FY2025 to 2027] gen Accelerate profit generation by creating value and aim to achieve ROE of 6-8% FY25-27: 6-8% — FY28-30: Aim to further improve Net sales / Net sales: +5-10% Operating income Operating income: +10-15% (annual growth rate, VY Improv
Slide 26: Main Business Strategy (Domestic) - Progress and Measures
Main Business Strategy (Domestic) - Progress and Measures 4 << Busi ness = Acceleration of value creation and evolution of the consumer-driven business gy model utilizing digital and AI technologies _ : - ; : 17) Strategy ™ Re-establishment of the business value chain starting from ingredients (milk
Slide 27: Main Business Strategy (Overseas) - Progress and Measures
Main Business Strategy (Overseas) - Progress and Measures aid Business = Acceleration of brand growth in countries with our establishments ("Pocky," Se "BISCO,” and "Almond Koka") (< Ly) Strategy = Acceleration of sales growth and profits improvement in China and ASEAN (Overseas) m= Establishment of
Slide 28: Value Creation Initiatives
Value Creation Initiatives Ghice Outcome: Contribute to the wellbeing of one billion people globally = With a global population of eight billion people, Glico has defined its attainable customer base as one billion. It contributes to “Healthier days, Wellbeing for life” by delivering the value neede
Slide 29: Supplemental Materials
*Supplemental Materials 29
Slide 30: Analysis of Market's Evaluation and Capital Profitability
Supplemental Materials Analysis of Market's Evaluation and Capital Profitability (Updated) Gico Recognition of current situation about capital costs 7.0% 3.5 ™ Cost of shareholders’ equity: Assumed at 4-6% 6.0% 5.4% 5.8% 5.6% * WACC : 3.22-6.50% 5.0% 2.5 . . _ Cost of sharehol CAPM : 6.09-6.54% 4-6%
Slide 31: Changes in Capital Policy (Cash Flow Allocation)
Supplemental Materials Changes in Capi tal Policy (Cash Flow Allocation) Ws In addition to enhancing growth investment focusing on foreign countries, expand shareholder returns and implement a 25 billion yen share buyback Operating cash flow @ 90—95billion yen Reduction in assets @ Reduction in cros
Slide 32: Net Sales by Category
Supplemental Materials Net Sales by Category Glico Classifi ee cation Jan. - Mar. Jan. - Jun. FYE Dec. 2024 Jan. - Sep. Jan. - Dec. FYE Dec. 2025 Jan. - Sep. (Unit: 100 million yen) FYE Dec. 2026 Change from Forecast previous period Health +4.6% permenrnnnen enn seen ences Healt hand | Cream | 2 411
Slide 33: Status of Balance Sheet
Supplemental Materials Status of Ba ance Sheet GYics 4,000 3,500 866 3,000 2,500 2,000 1,500 1,000 500 0 End of December 2024 @ Net assets Current liabilities Current assets ©2026 Ezaki Glico Co., Ltd. All Rights Reserved (Unit: 100 million yen) End of End of December December 2024 2025 Cash and dep
Slide 34: Status of Cash Flows
Supplemental Materials Status of Cash Flows GYics (Unit: 100 million yen) FYE Dec. FYE Dec. FYE Dec. FYE Dec. FYE Dec. 2021 2022 2023 2024 2025 Results Results Results Results Results Cash flows from operating activities 286 168 280 18 272 Cash flows from investing activities “291 -201 -86 -102 -138
Slide 35: Capital expenditures, Depreciation, R&D expenditures
Supplemental Materials Capital expenditures, Depreciation, R&D expenditures Gico (Unit: 100 million yen) FYE Dec. FYF Dec. caaats | Resuits | Ore Capital expenditures 118 106 101 110 System investments 61 66 18 30) Depreciation 140 167 196 194 R&D expenditures 59 62 60 66 ©2026 Ezaki Glico Co., Ltd.
Slide 36: TTM Currency Rate
Supplemental Materials TTM Currency Rate 100KRW 100IDR 3/31 122.39 136.70 3.68 19.26 10.13 0.86 6/30 136.68 142.67 3.85 20.38 10.52 0.92) 2022 9/30 144.81 142.32 3.81 20.37 10.12 0.95) 12/31 132.70 141.47 3.80 19.01 10.55 0.85 3/31 133.53 145.72 3.91 19.42 10.31 0.89 6/30 144.99 157.60 4.07 19.94 11
Slide 37: Notes of caution
[Notes of caution] * Current Glico and Glico Group plans, forecasts, and initiatives indicated in these materials reflect determinations made based on information available at the present time. As such, this information may include major risks and uncertainties. Please note that actual performance m