Takara Holdings Inc. · TSE:2531
Takara — Q2 FY2026 Earnings Presentation
63 slides from Takara's earnings presentation, Nov 13, 2025
Slide 1: Financial results for the Second Quarter Ended September 30, 2025
Financial results for the Second Quarter Ended September 30, 2025 November 13, 2025 Takara Holdings Inc.
Slide 2: Contents
Contents Ⅰ. Financial results for the second quarter ended September 30, 2025 Ⅱ. Financial forecasts for the fiscal year ending March 31, 2026 Ⅲ. Business overview for the fiscal year ending March 31, 2026 １．Takara Shuzo ２. Takara Shuzo Int’l Group Ⅳ. Sustainability 2
Slide 3: Financial results for the second quarter ended September 30, 2025
Ⅰ. Financial results for the second quarter ended September 30, 2025
Slide 4: Executive Summary
Financial results for the Second Quarter ended September 30, 2025 Executive Summary Compared to the Previous Fiscal Year • Net sales Net sales for Takara Shuzo Int’l Group increased, driven by strong performance in the overseas alcoholic beverages business and the effects of M&A in the Japanese food
Slide 5: Takara Holdings (Consolidated) Financial Performance
Takara Holdings (Consolidated) Financial Performance for the Second Quarter Ended September 30, 2025 (Millions of Yen) '26/3 2Q YOY Change from forecasts announced Actual (%) in May, 2025（％） Net sales 186,556 ＋5.7 (2.3) Gross 61,642 ＋4.9 (2.5) profit Operating (Millions of Yen) 7,786 (26.1) (0.2) in
Slide 6: Takara Shuzo Financial Performance
Takara Shuzo Financial Performance for the Second Quarter Ended September 30, 2025 (Millions of Yen) '26/3 2Q Change from Compared to YOY (%) forecasts announced Actual in May, 2025（％） the Previous Fiscal Year Shochu 14,953 (11.7) (3.1) ・Net sales : Decreased due to demand brought forward by Sake 3,
Slide 7: Takara Shuzo Int'l Group Financial Performance
Takara Shuzo Int’l Group Financial Performance for the Second Quarter Ended September 30, 2025 (Millions of Yen) '26/3 2Q Change from Compared to YOY (%) forecasts announced Actual in May, 2025（％） the Previous Fiscal Year Net sales 103,889 ＋16.8 (0.2) ・Net sales : The overseas alcoholic beverages bu
Slide 8: Takara Bio Group Financial Performance
Takara Bio Group Financial Performance for the Second Quarter Ended September 30, 2025 (Millions of Yen) Compared to [Compared to Previous Period; Compared to Forecast] the Previous Fiscal Year Change from ・Net sales : Net sales of reagents, instruments, and gene therapy '26/3 2Q forecasts decreased
Slide 9: Major Investment Items, Reduction of cross-shareholdings
Takara Holdings (Consolidated) Major Investment Items, Reduction of cross-shareholdings for the Second Quarter Ended September 30, 2025 ◇Major Investment Items ・Matsudo Plant: Installation of energy-saving distillation equipment (scheduled for operation in November 2026) ・Kusu Plant: Update to the C
Slide 10: Consolidated Statements of Cash Flows
Takara Holdings (Consolidated) Financial Performance for the Second Quarter Ended September 30, 2025 ◇Consolidated Statements of Cash Flows (Millions of Yen) '25/3 2Q '26/3 2Q Change Actual Actual cash flows from operating activities 6,207 5,968 (239) cash flows from investing activities (2,313) (18
Slide 11: Consolidated Balance Sheets
Takara Holdings (Consolidated) Financial Performance for the Second Quarter Ended September 30, 2025 ・Total assets remained largely unchanged from the previous fiscal year due to a decrease in current assets and increases in property, plant and equipment and intangible assets, etc. by investments. ・
Slide 12: Financial forecasts for the fiscal year ending March 31, 2026
Ⅱ. Financial forecasts for the fiscal year ending March 31, 2026
Slide 13: Outlook for Group Consolidated Performance for the Second Half
Outlook for Group Consolidated Performance for the Second Half of the fiscal year ending March 31, 2026 • Net Sales Net sales for Takara Shuzo are expected to increase due to a pullback in October of the previous fiscal year (ended March 31, 2025) following the demand surge before price revisions, a
Slide 14: 1H Results and 2H Forecast by Business
1H Results and 2H Forecast by Business for the fiscal year ending March 31, 2026 (Millions of Yen) '26/3 1H YOY Change from '26/3 2H YOY Change from forecast announced forecast announced Actual （％） in May（％） Forecast （％） in May（％） Net Sales 186,556 ＋5.7 (2.3) 205,443 ＋10.4 (2.2) Takara Holdings (Con
Slide 15: Executive Summary of Full-Year Earnings Forecast
Executive Summary of Full-Year Group Consolidated Earnings Forecast for the fiscal year ending March 31, 2026 • Net Sales Net sales for Takara Shuzo Int’l Group are projected to exceed the previous forecast, driven by strong performance in the overseas alcoholic beverages business and the additional
Slide 16: Takara Holdings (Consolidated) Financial Forecasts
Takara Holdings (Consolidated) Financial Forecasts for the fiscal year ending March 31, 2026 （百万円） '26/3 YOY Change from forecasts Change from announced in May, Medium-Term Plan forecast (%) 2025（％） Target（％） Net sales 392,000 ＋8.1 (2.2) (6.7) Gross 127,700 ＋6.7 (5.7) － profit Operating 16,200 (21.3
Slide 17: Financial Forecasts by Business
Takara Holdings Financial Forecasts by Business for the fiscal year ending March 31, 2026 (Millions of Yen) '26/3 Change from YOY (%) forecasts announced forecast in May, 2025（％） Net Sales 119,277 (0.3) (1.2) Takara Shuzo Gross Profit 30,467 ＋1.8 (2.7) Operating income 5,545 ＋10.1 ＋3.9 Net Sales 217
Slide 18: Effect of change in exchange rates
Effect of change in exchange rates for the fiscal year ending March 31, 2026 Impact of exchange rate fluctuations will be insignificant for Takara Shuzo and Takara Shuzo Int’l Group in aggregate. ◇Exchange rate forecast for main exchange rates (compared to ‘25/3) '25/3 '26/3 '26/3 Forecasts Change A
Slide 19: ROE/ROIC performance forecasts
Takara Holdings (Consolidated) ROE/ROIC performance forecasts for the fiscal year ending March 31, 2026 (Millions of Yen) '26/3 '25/3 Forecast announced Change from forecasts Change forecast Actual in May, 2025 announced in May, 2025 ROE (%) ＋4.5 ＋6.8 (2.3) ＋6.5 (2.0) Net Income attributable to 11,1
Slide 20: Business overview: 1. Takara Shuzo
Ⅲ. Business overview for the fiscal year ending March 31, 2026 １. Takara Shuzo
Slide 21: Change in Operating Income, Second Quarter (Takara Shuzo) Year-on-year
Analysis of the Change in Operating income for the Second Quarter Ended September 30, 2025 (Takara Shuzo) <Year-on-year> Gross profit decreased due to the increase in costs and the decrease in net sales, despite the effect of price revisions, etc. Operating income decreased despite a reduction in ad
Slide 22: Change in Operating Income, Second Quarter (Takara Shuzo) vs forecasts
Analysis of the Change in Operating income for the Second Quarter Ended September 30, 2025 (Takara Shuzo) <vs forecasts in May> Gross profit fell short of expectations since net sales of light-alcohol refreshers were below expectations due in part to severe heat. However, operating income exceeded e
Slide 23: Sales Performance of key brands
Sales Performance of key brands Both net sales and gross profit decreased year on year due to demand brought forward by the price revision in the first half of the previous fiscal year. However, the sales composition ratio and gross profit margin of key brands increased year on year despite a decrea
Slide 24: Initiatives of Key Brand Development: Mio Sparkling Sake, Subaru
Initiatives of Key Brand Development <Sho Chiku Bai Shirakabegura “MIO” Sparkling Sake><Sho Chiku Bai Subaru> Although sales of Sho Chiku Bai Shirakabegura Mio decreased in the first half of the fiscal year due to demand brought forward by the price revision in the previous fiscal year, we will work
Slide 25: Initiatives of Key Brand Development: Shochu Highball
Initiatives of Key Brand Development <Takara Shochu Highball><Takara Karakuchi Zero Ball > We will expand the lineup to suit consumers’ preference for low-alcohol products and promote the concept that satisfies their preference for non-alcoholic products and need for healthy products to acquire new
Slide 26: Sales targets of key brands
Sales targets of key brands for ‘26/3 Both net sales and gross profit are expected to exceed the levels in the second half of the previous fiscal year due to a pullback in October of the previous fiscal year following the demand surge before price revisions, as well as the effect of brand developmen
Slide 27: Change in Operating Income (Takara Shuzo) Year-on-year
Analysis of the Change in Operating Income for the year ended March 31, 2026 (Takara Shuzo) <Year-on-year> Although the costs of raw rice and containers and packaging are rising and sales of products such as shochu are declining, gross profit is expected to increase due to the effects of price revis
Slide 28: Change in Operating Income (Takara Shuzo) vs forecasts in May
Analysis of the Change in Operating Income for the year ended March 31, 2026 (Takara Shuzo) <vs forecasts in May> In addition to the increase in costs, net sales are expected to fall short of the previous forecast in all categories except sake and other seasonings. Gross profit is also expected to f
Slide 29: Business overview: 2. Takara Shuzo Int'l Group
Ⅲ. Business overview for the fiscal year ending March 31, 2026 2. Takara Shuzo Int’l Group
Slide 30: Change in Operating Income, Second Quarter (Int'l Group) Year-on-year
Analysis of the Change in Operating Income for the Second Quarter Ended September 30, 2025 (Takara Shuzo Int’l Group)<Year-on-year> Operating income increased, mainly driven by Age International in the overseas alcoholic beverages business as well as an increase in gross profit both in the overseas
Slide 31: Change in Operating Income, Second Quarter (Int'l Group) vs forecasts
Analysis of the Change in Operating Income for the Second Quarter Ended September 30, 2025 (Takara Shuzo Int’l Group)<vs forecasts in May> Gross profit exceeded expectations due to strong performance in the overseas alcoholic beverages business, despite weaker performance than expectations in the Ja
Slide 32: Restaurant Market Situation in Europe and the U.S.
Restaurant Market Situation in Europe and the U.S. Area Overview • Sluggish market due to inflation and consumers’ frugality Common • In terms of general products, intense price competition with competitors is continuing • Although unit prices on the menu are going up due to the North effect of infl
Slide 33: Overseas Alcoholic Beverages Business (Washu): Initiatives of Export 1
Overseas Alcoholic Beverages Business(Washu) : Initiatives of Export ① Net sales of washu exports from April through September were 750 million yen, up 33% YoY. The “Mio” export volume rose 19% YoY partly due to the sponsorship contracts with MLB teams. To further expand exports, we have started exp
Slide 34: Overseas Alcoholic Beverages Business (Washu): Initiatives of Export 2
Overseas Alcoholic Beverages Business(Washu) : Initiatives of Export ② The transactions of Sho Chiku Bai Subaru are expanding primarily in Korea and Europe. We are further launching TAKARA LEMON SOUR BASE and Shirakabegura brand products to expand exports. ●Introduce Sho Chiku Bai Subaru mainly to ●
Slide 35: Overseas Alcoholic Beverages Business (Western-style liquor): Business Strategy
Overseas Alcoholic Beverages Business (Western-style liquor) : Business Strategy for the fiscal year ended March 31, 2026 Age International, a driving force for the overseas alcoholic beverages business, will continue to strengthen sales of the high-end “Blanton’s Gold”. Tomatin will acquire custome
Slide 36: Japanese Food Wholesale Business: 1H performance and 2H initiatives
Japanese Food Wholesale Business in overseas markets : 1H performance and 2H initiatives Although market conditions have worsened since the third quarter of the previous fiscal year, we aim to increase gross profit in the second half beyond the level of the first half by implementing the measures ou
Slide 37: Japanese Food Wholesale: Sales expansion strategies in North America
Japanese Food Wholesale Business in overseas markets : Sales expansion strategies in North America Strategies Initiatives Acquire new accounts ・Strengthen our sales capabilities through the enhancement of a using differentiated sales force that has expertise on fresh fish ・Expand wagyu beef products
Slide 38: Japanese Food Wholesale: Sales expansion strategies in Europe
Japanese Food Wholesale Business in overseas markets : Sales expansion strategies in Europe Strategies Initiatives Expand sales by ・Begin new transactions of Kagerer products at Agrica Ab and TAZAKI strengthening washu and FOODS LTD.’s Ireland branch (Increase the supply of them to our Group compani
Slide 39: Initiatives to expand Washu and seafood
Japanese Food Wholesale Business in overseas markets : Initiatives to expand “Washu” and “seafood” ・While net sales of washu from January through June decreased 3.6% YoY, net sales of Mio increased 4.6% YoY. We will utilize events for tasting and sales as well as exhibitions in the second half of th
Slide 40: Change in Operating Income (Int'l Group) Year-on-year
Analysis of the Change in Operating Income for the year ended March 31, 2026 (Takara Shuzo Int’l Group) <Year-on-year> Both the overseas alcoholic beverages business and the Japanese food wholesale business in overseas markets are expected to see an increase in gross profit. Although SG&A expenses,
Slide 41: Change in Operating Income (Int'l Group) vs forecasts in May
Analysis of the Change in Operating Income for the year ended March 31, 2026 (Takara Shuzo Int’l Group) <vs forecasts in May> Operating income is expected to exceed expectations due to brisk performance in the overseas alcoholic beverages business, although the Japanese food wholesale business in ov
Slide 42: Impacts of Reciprocal Tariff Policies and Strategic Response Measures
Impacts of Reciprocal Tariff Policies under the Trump Administration and Strategic Response Measures ・The reciprocal tariffs had no impact on Mutual Trading Co., Inc. (USA) in terms of cost increase from April through June owing to the inventory level bolstered beforehand. ・The tariffs started to ha
Slide 43: Sustainability
IV. Sustainability
Slide 44: Selected as a Supplier Engagement Leader by CDP for the first time
Selected as a Supplier Engagement Leader by CDP for the first time We have been recognized for the first time as a Supplier Engagement Leader, the highest rating in the 2024 Supplier Engagement Rating conducted by CDP, an international non-profit organization focused on environmental disclosure. 44
Slide 45: Promoting initiatives to utilize gas-fired boilers, solar panels, CO2-free electricity
Enhance the value chain that supports resolving social issues ＜Responding to Climate Change＞ Promoting initiatives to utilize gas-fired boilers, adopt solar panels, and use CO₂-free electricity ＜Targets and Progress in ’25/3＞ ◇CO₂ Emissions target at Takara Shuzo ◇CO₂ emission reduction targets and
Slide 46: Responding to Climate Change Initiatives
＜Responding to Climate Change＞ Initiatives Materiality Initiatives ・Installation of energy-saving equipment on a distillation column at Matsudo Plant in Chiba Prefecture (scheduled for operation in November 2026) Environment Matsudo Plant ・Promoting energy conservation by recovering waste heat gener
Slide 47: TaKaRa Group Long-Term Vision 2050
TaKaRa Group Long-Term Vision 2050 The Takara Group will seek to expand its existing business domains, “Alcoholic beverages and Japanese foods” and “Life science supporting industry,” with biotechnology positioned as its core competence. In addition, by harnessing the power of biotechnology, we will
Slide 48: Appendix
Appendix ’26/3 1H Takara Shuzo Actual Takara Shuzo Int’l Group ‘26/3 Takara Shuzo Forecasts Takara Shuzo Int’l Group Takara Shuzo Int’l Group Analysis of the Change ’26/3 1H Overseas Alcoholic beverages business in Operating Income Actual Takara Shuzo Int’l Group ＜YOY＞ Japanese food wholesale busine
Slide 49: Takara Shuzo Profit and loss statement (Net sales ~ Operating income)
Takara Shuzo Financial Performance for the Second Quarter Ended September 30, 2025 ◇Profit and loss statement (Net sales ~ Operating income) （ Millions of yen ） Change from forecasts '26/3 Change from '25/3 announced in May, 2025 Actual Change YOY(%) Change Change(%) Shochu 14,953 (1,972) (11.7) (48
Slide 50: Takara Shuzo Int'l Group Profit and loss statement
Takara Shuzo Int’l Group Financial Performance for the Second Quarter Ended September 30, 2025 ◇Profit and loss statement (Net sales ~ Operating income) （ Millions of yen ） Effect of change Change from forecasts '26/3 Change from '25/3 announced in May, 2025 in exchange rates on net sales Actual Cha
Slide 51: Takara Shuzo Financial Forecasts: Profit and loss statement
Takara Shuzo Financial Forecasts for the fiscal year ending March 31, 2026 ◇Profit and loss statement (Net sales ~ Operating income) （ Millions of yen ） Change from forecasts '26/3 Change from '25/3 announced in May, 2025 forecasts Change YOY(%) Change Change(%) Shochu 29,376 (2,425) (7.6) (807) (2.
Slide 52: Takara Shuzo Int'l Group Financial Forecasts: Profit and loss statement
Takara Shuzo Int’l Group Financial Forecasts for the fiscal year ending March 31, 2026 ◇Profit and loss statement (Net sales ~ Operating income) （ Millions of yen ） Effect of change Change from forecasts '26/3 Change from '25/3 in exchange rates announced in May, 2025 on net sales forecasts Change Y
Slide 53: Change in Operating Income, Overseas Alcoholic Beverages, Year-on-year
Analysis of the Change in Operating Income for the Second Quarter Ended September 30, 2025 (Takara Shuzo Int’l Group overseas alcoholic beverages business)<Year-on-year> ◇Year-on-year change in operating income （ Millions of yen ） (positive factors are shown with a plus sign, and negative factors ar
Slide 54: Change in Operating Income, Overseas Alcoholic Beverages, vs forecasts
Analysis of the Change in Operating Income for the Second Quarter Ended September 30, 2025 (Takara Shuzo Int’l Group overseas alcoholic beverages business)<vs forecasts in May> ◇change in operating income versus the forecasts in May （ Millions of yen ） (positive factors are shown with a plus sign, a
Slide 55: Change in Operating Income, Japanese Food Wholesale, Year-on-year
Analysis of the Change in Operating Income for the Second Quarter Ended September 30, 2025 (Takara Shuzo Int’l Group Japanese food wholesale business in overseas markets)<Year-on-year> ◇Year-on-year change in operating income （ Millions of yen ） (positive factors are shown with a plus sign, and nega
Slide 56: Change in Operating Income, Japanese Food Wholesale, vs forecasts
Analysis of the Change in Operating Income for the Second Quarter Ended September 30, 2025 (Takara Shuzo Int’l Group Japanese food wholesale business in overseas markets)<vs forecasts in May> ◇change in operating income versus the forecasts in May （ Millions of yen ） (positive factors are shown with
Slide 57: Change in Operating Income, Overseas Alcoholic Beverages, FY Year-on-year
Analysis of the Change in Operating Income for the fiscal year ending March 31, 2026 (Takara Shuzo Int’l Group overseas alcoholic beverages business) <Year-on-year> ◇Year-on-year change in operating income （ Millions of yen ） (positive factors are shown with a plus sign, and negative factors are sho
Slide 58: Change in Operating Income, Overseas Alcoholic Beverages, FY vs forecasts
Analysis of the Change in Operating Income for the fiscal year ending March 31, 2026 (Takara Shuzo Int’l Group overseas alcoholic beverages business)<vs forecasts in May> ◇change in operating income versus the forecasts in May （ Millions of yen ） (positive factors are shown with a plus sign, and neg
Slide 59: Change in Operating Income, Japanese Food Wholesale, FY Year-on-year
Analysis of the Change in Operating Income for the fiscal year ending March 31, 2026 (Takara Shuzo Int’l Group Japanese food wholesale business in overseas markets) <Year-on-year> ◇Year-on-year change in operating income （ Millions of yen ） (positive factors are shown with a plus sign, and negative
Slide 60: Change in Operating Income, Japanese Food Wholesale, FY vs forecasts
Analysis of the Change in Operating Income for the fiscal year ending March 31, 2026 (Takara Shuzo Int’l Group Japanese food wholesale business in overseas markets)<vs forecasts in May> ◇change in operating income versus the forecasts in May （ Millions of yen ） (positive factors are shown with a plu
Slide 61: Major Subsidiaries Financial Performance, Second Quarter
Takara Shuzo Int’l Group Major Subsidiaries Financial Performance for the Second Quarter Ended September 30, 2025 （ Millions of yen ） '25/3 2Q '26/3 2Q Actual Actual Net sales Operating income Net sales Operating income Takara Sake USA Inc. Thousands of US dollar 23,503 2,966 22,395 3,071 Millions o
Slide 62: Major Subsidiaries Financial forecasts
Takara Shuzo Int’l Group Major Subsidiaries Financial forecasts for the fiscal year ending March 31, 2026 （ Millions of yen ） '25/3 '26/3 Actual Forecast Net sales Operating income Net sales Operating income Takara Sake USA Inc. Thousands of US dollar 45,357 5,538 45,000 5,595 Millions of Yen 6,880
Slide 63: Forward-Looking Statements
Forward-Looking Statements Statements in this presentation, other than those based on historical fact, concerning the current plans, prospects, strategies and expectations of the Company and its Group represent forecasts of future results. While such statements are based on the conclusions of manage