Kikkoman Corporation · TSE:2801
Kikkoman — H1 FY2027 Earnings Presentation
64 slides from Kikkoman's earnings presentation, Nov 9, 2026
Slide 1: Business Performance Presentation for H1 Fiscal 2027 Ended September 30, 2026
Business Performance Presentation for H1 Fiscal 2027 Ended September 30, 2026 Kikkoman Corporation November 9, 2026 1
Slide 2: Themes
Themes Progress in the Medium-Term Management Plan Shozaburo Nakano, President and CEO Performance for H1 Fiscal 2027 and Full-year Forecast for Fiscal 2027 Toshiyuki Sato, Corporate Officer and CFO 2
Slide 3: Progress in the FY2026–2028 Medium-Term Management Plan
Progress in the FY2026–2028 Medium-Term Management Plan Shozaburo Nakano President and CEO 3
Slide 4: Medium-Term Management Plan: Targets and Key Objectives
Medium-Term Management Plan: Targets and Key Objectives Targets Key Objectives Sales Growth Continue growth and 5% or more CAGR fluctuation * Excl. Forex maintain/improve profitability Business Profit 10% or more Utilize assets for the future Margin FY3/2028 Solve social issues through ROE FY3/2028
Slide 5: Progress of the Medium-Term Management Plan: Consolidated Results
Progress of the Medium-Term Management Plan: Consolidated Results H1 Full-year FY3/2027 Actual Forecast Targets Revised on Nov. 9 Sales Growth CAGR 5% or more Revenue YoY 105.1% 104.5% ※為替差除き Excl. FX fluctuation excl. FX fluctuation Business Profit Margin FY3/2028 10% or more BP margin 12.5% 10.4%
Slide 6: Grand Opening of the Third U.S. Plant
Grand Opening of the Third U.S. Plant ⚫ Establish a stable supply system to meet demand in the North American soy sauce market. (Production capacity in North America is expected to increase by approximately 40 percent over the next 10 years) ⚫ Aim for a sustainable, next-generation plant with produc
Slide 7: Progress of the Medium-Term Management Plan: Results by Segments
Progress of the Medium-Term Management Plan: Results by Segments * Revenues exclude the effect of FX fluctuation and are indexed with FY3/2025 as 100. Consolidated total CAGR Overseas soy sauce business Revenue 20.0% 140 CAGR Revenue 110 5% or more 6% 105 18.0% 120 103 108 Asia & 100 100 CAGR 5% 100
Slide 8: Medium-Term Management Plan: Utilize business resources
Medium-Term Management Plan: Utilize business resources Business resources Human resources Growth markets Capital Demand creation R&D and New businesses Technology Information Profitability improvement (DX) 8
Slide 9: Capital Policy
Capital Policy Actively pursuing capital investment while assessing investment return • Investments including increased production to further drive growth ¥170.0bn* Overseas: ¥120.0bn + Japan: ¥50.0bn FY2026–2028 Capital • Investments to strengthen Soy sauce ¥80.0bn investment existing businesses Op
Slide 10: Performance for H1 Fiscal 2027 and Full-year Forecast for Fiscal 2027
Performance for H1 Fiscal 2027 and Full-year Forecast for Fiscal 2027 Toshiyuki Sato Corporate Officer and CFO 10
Slide 11: Agenda
Agenda (1) Performance for H1 Fiscal 2027 (2) Full-year Forecast for Fiscal 2027 11
Slide 12: Agenda
Agenda (1) Performance for H1 Fiscal 2027 (2) Full-year Forecast for Fiscal 2027 12
Slide 13: Performance for H1 Fiscal 2027—summary
(1) Performance for H1 Fiscal 2027—summary YOY H1 YOY excl. FX impact Key Points on H1 (Billions of yen) Actual Change % Change % ⚫ The weaker yen boosted revenue and profit through foreign exchange translation. Revenue 405.5 +46.9 113.1% +18.2 105.1% ⚫ Revenue and profit increased, even excluding t
Slide 14: Performance for H1 Fiscal 2027—summary (Q1 and Q2)
(1) Performance for H1 Fiscal 2027—summary YOY YOY Q1 YOY Q2 YOY excl. FX impact excl. FX impact (Billions of yen) Actual Change % Change % Actual Change % Change % Revenue 202.0 +26.4 115.0% +10.5 106.0% 203.5 +20.5 111.2% +7.7 104.2% Business 25.3 +5.7 129.3% +3.5 118.2% 25.5 +3.8 117.3% +1.6 107.
Slide 15: Foods—Manufacturing and Sales in North America
(1) Performance for H1 Fiscal 2027 Foods—Manufacturing and Sales in North America YOY YOY YOY H1 Q1 Q2 excl. FX impact excl. FX impact excl. FX impact (Billions of yen) Actual Change % Actual Change % Actual Change % Soy Sauce 55.6 +1.2 102.4% 27.9 +1.3 105.6% 27.7 (0.2) 99.3% Other Foods 0.7 +0.0 1
Slide 16: Foods—Manufacturing and Sales in Europe (Soy Sauce Business)
(1) Performance for H1 Fiscal 2027 Foods—Manufacturing and Sales in Europe (Soy Sauce Business) YOY YOY YOY H1 Q1 Q2 excl. FX impact excl. FX impact excl. FX impact (Billions of yen) Actual Change % Actual Change % Actual Change % Revenue 20.6 +0.9 105.3% 10.4 +0.3 103.8% 10.2 +0.6 106.9% Business 6
Slide 17: Foods—Wholesale in North America
(1) Performance for H1 Fiscal 2027 Foods—Wholesale in North America YOY YOY YOY H1 Q1 Q2 excl. FX impact excl. FX impact excl. FX impact (Billions of yen) Actual Change % Actual Change % Actual Change % Revenue 171.4 +7.4 104.9% 86.1 +5.0 106.9% 85.3 +2.4 103.1% Business 17.9 +4.8 141.6% 7.9 +1.5 12
Slide 18: Overseas Business Profit: Major Change Factors
(1) Performance for H1 Fiscal 2027 Overseas Business Profit: Major Change Factors Overseas +9.4 billion (YoY) Unit: Billions of yen H1 FY2026 36.0 Impact of difference in revenue 9.7 Impact of raw materials, etc. (1.2) Impact of fixed manufacturing costs, etc. (0.0) Impact of SG&A expenses (3.1) Tra
Slide 19: Business in Japan
(1) Performance for H1 Fiscal 2027 Business in Japan H1 YOY Q1 YOY Q2 YOY (Billions of yen) Actual Change % Actual Change % Actual Change % Foods—Manufactualing 84.8 +4.0 104.9% 42.0 +2.0 105.1% 42.8 +1.9 104.7% and Sales Others 11.6 +0.7 106.2% 6.0 +0.6 110.5% 5.6 +0.1 101.9% Eliminations (6.5) (0.
Slide 20: Business Profit in Japan: Major Change Factors
(1) Performance for H1 Fiscal 2027 Business Profit in Japan: Major Change Factors Unit: Billions of yen Japan (0.1) billion (YoY) H1 FY2026 6.7 Impact of difference in revenue and structual strengthening 2.3 Impact of raw materials, etc. (1.2) Impact of advertising expenses 0.2 Impact of depreciatio
Slide 21: Financial Position
(1) Performance for H1 Fiscal 2027 Financial Position Mar. 31, Sep. 30, Key points (Billions of yen) 2026 2026 Change Current Cash and cash equivalents 348.9 347.9 (1.0) Assets ¥107.5bn -¥4.3bn Non-current The increase in operating CF was offset by investments in 402.8 417.8 +15.0 Assets the third U
Slide 22: Agenda
Agenda (1) Performance for H1 Fiscal 2027 (2) Full-year Forecast for Fiscal 2027 22
Slide 23: Full-year Forecast for Fiscal 2027
(2) Full-year Forecast for Fiscal 2027 YOY vs. Initial forecast Full-year YOY vs. Initial forcast excl. FX impact excl. FX impact (Billions of yen) Forecast Change % Change % Change % Change % Revenue 816.4 +70.9 109.5% +33.4 104.5% +17.3 102.2% (0.6) 99.9% Business 85.1 +5.6 107.0% +0.6 100.8% +2.8
Slide 24: Full-year Forecast for Fiscal 2027 (H1 and H2)
(2) Full-year Forecast for Fiscal 2027 YOY YOY H1 YOY H2 YOY excl. FX impact excl. FX impact (Billions of yen) Forecast Change % Change % Forecast Change % Change % Revenue 405.5 +46.9 113.1% +18.2 105.1% 410.9 +24.0 106.2% +15.1 103.9% Business 50.7 +9.5 123.0% +5.2 112.6% 34.4 (3.9) 89.8% (4.6) 88
Slide 25: Forecast: Foods—Manufacturing and Sales in North America
(2) Full-year Forecast for Fiscal 2027 Foods—Manufacturing and Sales in North America YOY YOY YOY Full-year H1 H2 excl. FX impact excl. FX impact excl. FX impact (Billions of yen) Forecast Change % Actual Change % Forecast Change % Soy Sauce 110.9 +2.7 102.7% 55.6 +1.2 102.4% 55.2 +1.6 103.0% Other
Slide 26: Forecast: Foods—Manufacturing and Sales in Europe
(2) Full-year Forecast for Fiscal 2027 Foods—Manufacturing and Sales in Europe (Soy Sauce Business) YOY YOY YOY Full-year H1 H2 excl. FX impact excl. FX impact excl. FX impact (Billions of yen) Forecast Change % Actual Change % Forecast Change % Revenue 40.9 +3.8 110.8% 20.6 +0.9 105.3% 20.3 +2.9 11
Slide 27: Forecast: Foods—Wholesale in North America
(2) Full-year Forecast for Fiscal 2027 Foods—Wholesale in North America YOY YOY YOY Full-year H1 H2 excl. FX impact excl. FX impact excl. FX impact (Billions of yen) Forecast Change % Actual Change % Forecast Change % Revenue 346.6 +12.2 103.9% 171.4 +7.4 104.9% 175.1 +4.9 102.9% Business 27.6 +1.4
Slide 28: Business Profit Overseas: Major Change Factors
(2) Full-year Forecast for Fiscal 2027 Business Profit Overseas: Major Change Factors Unit: Billions of yen Overseas +5.4 billion (YoY) March 2026 71.6 Impact of difference in revenue 16.1 Impact of raw materials, etc. (2.2) Impact of fixed manufacturing costs, etc. (3.6) Impact of SG&A expenses (9.
Slide 29: Forecast: Business in Japan
(2) Full-year Forecast for Fiscal 2027 Business in Japan Full-year YOY H1 YOY H2 YOY (Billions of yen) Forecast Change % Actual Change % Forecast Change % Foods—Manufactualing 168.0 +7.8 104.9% 84.8 +4.0 104.9% 83.1 +3.8 104.9% and Sales Others 22.8 +1.1 104.8% 11.6 +0.7 106.2% 11.2 +0.4 103.5% Elim
Slide 30: Business Profit in Japan: Major Change Factors
(2) Full-year Forecast for Fiscal 2027 Business Profit in Japan: Major Change Factors Unit: Billions of yen Japan +0.2 billion (YoY) March 2026 11.5 Impact of difference in revenue and structural strengthening 7.0 Impact of raw materials, etc. (3.6) Impact of advertising expenses (0.4) Impact of dep
Slide 31: Capital Expenditures and Depreciation/Amortization
(2) Full-year Forecast for Fiscal 2027 Capital Expenditures and Depreciation/Amortization FY3/2025 FY3/2026 FY3/2027 (Billions of yen) Actual Actual Forecast Key points on capital investment forecast for FY3/2027 Japan 11.0 14.1 19.1 Capital Major capital investments in Japan Overseas 35.8 56.8 36.9
Slide 32: Appendix 1: FY2026–2028 Medium-Term Management Plan
Appendix 1: FY2026–2028 Medium-Term Management Plan 32
Slide 33: Positioning of the FY2026–2028 Medium-Term Management Plan
Positioning of the FY2026–2028 Medium-Term Management Plan FY2023–2025 Medium-Term FY2026–2028 Medium-Term FY2029 and beyond Management Plan Management Plan Accelerate growth toward Global Vision Global Investing for the 2030 and beyond Vision 2030 Maintained growth and future while increased profit
Slide 34: Medium-Term Management Plan: Targets and Key Objectives
Medium-Term Management Plan: Targets and Key Objectives Targets Key Objectives Sales Growth Continue growth and 5% or more CAGR fluctuation * Excl. Forex maintain/improve profitability Business Profit 10% or more Utilize assets for the future Margin FY3/2028 Solve social issues through ROE FY3/2028
Slide 35: FY2026–2028 Medium-Term Management Plan Key Objectives
FY2026–2028 Medium-Term Management Plan Key Objectives Continue growth and maintain/increase profitability Utilize assets for the future Solve social issues through business activities 35
Slide 36: Overseas: Soy Sauce Business Targets
Overseas: Soy Sauce Business Targets Sales Growth ⚫ Expand demand and establish sufficient production and supply CAGR 6% systems to drive growth in existing markets (excl. FX fluctuation) ⚫ Develop new markets and take on challenges in new areas • Continue stable growth by improving supply structure
Slide 37: Overseas: Soy Sauce Business Targets: Sales by Region, Third U.S. Plant
Overseas: Soy Sauce Business Targets Sales by region Third U.S. plant ⚫ Establish a stable supply system to meet demand in the North * Revenues exclude the effect of foreign exchange fluctuation American soy sauce market and are indexed with FY3/2025 as 100. ⚫ Aim for a sustainable, next-generation
Slide 38: Overseas: Foods—Wholesale Business Targets
Overseas: Foods—Wholesale Business Targets ⚫ Strengthen foundation as a wholesale business, develop new Sales Growth facilities, and expand business CAGR 5% (excl. FX fluctuation) ⚫ Further consolidate position as a global No. 1 Asian food wholesaler in terms of market share ⚫ Strengthen logistics •
Slide 39: Business in Japan: Targets
Business in Japan: Targets Sales Growth ⚫ Increase profitability (shift to high value-added businesses CAGR 4% and increase productivity) ⚫ Return to a growth trajectory (thoroughly implement Business Profit basics such as value appeal and sales promotion activities) Margin FY3/2028 7% Soy sauce/ •
Slide 40: FY2026–2028 Medium-Term Management Plan Key Objectives
FY2026–2028 Medium-Term Management Plan Key Objectives Continue growth and maintain/increase profitability Utilize assets for the future Solve social issues through business activities 40
Slide 41: Utilize business resources for sustainable growth
Utilize assets for the future Utilize business resources for sustainable growth Business resources Human resources Growth markets Capital Demand creation R&D and New businesses Technology Profitability Information improvement 41
Slide 42: Investment for Growth and Profitability Improvement: Building New Pillars
Investment for Growth and Profitability Improvement: Building New Pillars Creating businesses unique to Kikkoman in the area of Food and Health Preventing and eliminating obesity Promoting mental health Kikkoman’s Strengths Improving nutrition and ending hunger Consumer Challenges Preventing frailty
Slide 43: Capital Policy
Repeated Capital Policy from p.9 Actively pursuing capital investment while assessing investment return • Investments including increased production to further drive growth ¥170.0bn* Overseas: ¥120.0bn + Japan: ¥50.0bn FY2026–2028 Capital • Investments to strengthen Soy sauce ¥80.0bn investment exis
Slide 44: Image of Cash Allocation (for reference)
6,000 Image of Cash Allocation (for reference) 5,000 Leveraging debt Investment for growth and for M&A and other Debt profitability improvement transactions (M&A, etc.) 4,000 Capital 3,000 Operating investment CF ¥170.0bn ¥280.0bn 2,000 Shareholder returns 1,000 Reduce cash and deposits Cash and thr
Slide 45: ROE Target Beyond the Medium-Term Management Plan Period
ROE Target Beyond the Medium-Term Management Plan Period Early in the period after FY3/2031, Targeting ROE of 15% ⚫ Maintain sales growth while improving business profit margins ⚫ Actively make capital and market investments to support growth ⚫ Proactively evaluate and invest in new businesses, incl
Slide 46: Shareholder Returns
Shareholder Returns 40.0 yen 70% Total payout ratio 80% 63% 35.0 yen 52% 60% 30.0 yen 38% 34% 30% 28% 40% 25.0 yen 25.0 yen Annual dividend 25.0 yen per share 20.8 yen 20% 20.0 yen 0% 15.6 yen 15.0 yen 12.2 yen -20% 10.0 yen 8.4 yen 9.0 yen -40% 5.0 yen -60% 0.0 yen -80% FY3/2020 FY3/2021 FY3/2022 F
Slide 47: FY2028 Consolidated Revenue & Business Profit Outlook
(Reference) FY2028 Consolidated Revenue & Business Profit Outlook Billion yen FY2025 FY2028 3-yr CAGR consolidated Actual Outlook excl. FX fluctuation Revenue 709.0 801.3 5% Business profit 77.3 81.4 3% Business profit margin 10.9% 10.2% – Overseas business Revenue 552.1 624.9 5% Business profit 70.
Slide 48: Progress of the Medium-Term Management Plan: Results by Segments
Progress of the Medium-Term Management Plan: Results by Segments * Revenues exclude the effect of FX fluctuation and are indexed with FY3/2025 as 100. Consolidated total CAGR Overseas soy sauce business Revenue 20.0% 140 CAGR Revenue 110 5% or more 6% 105 18.0% 120 103 108 Asia & 100 100 CAGR 5% 100
Slide 49: FY2026–2028 Medium-Term Management Plan Key Objectives
FY2026–2028 Medium-Term Management Plan Key Objectives Continue growth and maintain/increase profitability Utilize assets for the future Solve social issues through business activities 49
Slide 50: Outline of Global Vision 2030
Outline of Global Vision 2030 Striving with Passion to Create New Values Goals 1 Make Kikkoman Soy 2 Create new delicious 3 Become a company whose Sauce a truly global experiences around the presence in global society is world, and contribute to ever more meaningful, through seasoning richer, health
Slide 51: Overall Picture of Initiatives to Solve Social Issues
Overall Picture of Initiatives to Solve Social Issues Management principles Global Vision 2030 Adress social issues Global People and Food and Health Environment Society Solutions Opportunities Social issues 51
Slide 52: Initiatives to Solve Social Issues
Medium-Term Management Plan (FY2026‒2028) Initiatives to Solve Social Issues Three areas of Basic policy Themes material issues Strengthen efforts in each theme ⚫ Climate change Global to achieve the Long-Term ⚫ Food environments Environment Environmental Vision ⚫ Natural resources ⚫ Making health s
Slide 53: Global Environment
Basic policy: Global Environment Strengthen efforts in each theme to achieve the Long-Term Environmental Vision Themes Actions FY2028 targets 2030 (FY2031) FY2026 actual Long-term Environmental Vision Climate Promoting CO2 Reducing CO2 emissions 42% or more 50% or more 40.2% reduction Change reducti
Slide 54: Food and Health
Basic policy: Food and Health Help customers around the world achieve a well-balanced diet Themes Actions FY2028 targets FY2026 actual Expanding health products and Expanding products that help resolve nutritional Expanded the less salt soy sauce lineup; introduced new flavors services deficiencies
Slide 55: People and society
Basic policy: Foster a corporate culture which values people, People and society while contributing to the sustainable development of society Themes Actions FY2028 targets FY2026 actual Participation in training to deepen understanding of Created training content to implement the FY2027 business pol
Slide 56: People and society
Basic policy: Foster a corporate culture which values people, People and society while contributing to the sustainable development of society Themes Actions FY2028 targets FY2026 actual Strengthening the corporate governance Strengthened the Board of Directors (by making the Strengthening corporate
Slide 57: Appendix 2
Appendix 2 57
Slide 58: ROE and ROIC
ROE and ROIC 13.0% 12.5% 12.3% 11.7% 11.4% 11.5% 11.2% 11.1% 10.7% 11.0% 10.4% 10.2% 10.5% ROE 9.5% ROIC 9.0% WACC 7.1% 6.8% 7.0% 6.5% 6.3% 6.5% 5.9% 5.0% FY3/21 FY3/22 FY3/23 FY3/24 FY3/25 FY3/26 58
Slide 59: Business Development Stage by Geographical Area for Global Rollout of Kikkoman Soy Sauce
Business Development Stage by Geographical Area for Global Rollout of Kikkoman Soy Sauce Introduction Growth Maturing Diversification stage stage stage stage From export to local Double-digit growth Stable growth Strengthening profitability production Strengthening production Maintaining high Adding
Slide 60: Kikkoman Soy Sauce Sales Volume Overseas
FY1974 100* FY1976 FY1978 FY1980 FY1982 FY1984 FY1986 FY1988 * Indexed to sales volume in FY1974 as 100. FY1990 FY1992 FY1994 FY1996 FY1998 FY2000 FY2003 FY2005 FY2007 Kikkoman Soy Sauce Sales Volume Overseas FY2009 FY2011 FY1974–2025 CAGR: 7.0% FY2013 FY2015 FY2017 FY2019 FY2021 FY2023 FY2025 FY202
Slide 61: Sales (in Value) of Soy Sauce Business
Sales (in Value) of Soy Sauce Business FY3/2017 sales=100 FY3/2017–2025 CAGR 7.0% 184 Other and eliminations 1% Asia & Oceania 14% 100 Europe North 22% America 63% FY3/2026 FY3/17 FY3/18 FY3/19 FY3/20 FY3/21 FY3/22 FY3/23 FY3/24 FY3/25 FY3/26 JGAAP IFRS Note: Figures in the table above represent act
Slide 62: Sales (in Value) of Soy Sauce Business Overseas by Region
Sales (in Value) of Soy Sauce Business Overseas by Region FY3/2017 sales=100*1 236 171 178 *2 100 100 100 FY3/17 FY3/26 FY3/17 FY3/26 FY3/17 FY3/26 JGAAP IFRS JGAAP IFRS JGAAP IFRS North America Europe Asia & Oceania CAGR: 6.2% CAGR: 10.0% CAGR: 6.6% * 1. Figures in the table above represent actual
Slide 63: Sales (in Value) of Foods—Wholesale Business
Sales (in Value) of Foods—Wholesale Business FY3/2017 sales=100* FY3/2017–2026 CAGR 8.2% 204 100 FY3/17 FY3/18 FY3/19 FY3/20 FY3/21 FY3/22 FY3/23 FY3/24 FY3/25 FY3/26 JGAAP IFRS * Figures in the table above represent actual change on a local currency basis, excluding the effect of translation differ
Slide 64: 1. The information contained in these materials is based on judgments made by the
1. The information contained in these materials is based on judgments made by the Company as of the date hereof and the Company makes no warranties or guarantees regarding achievement of the projections or measures described herein. 2. Unless otherwise noted, the fiscal year in the materials refers