T. Hasegawa Co., Ltd. · TSE:4958

T. Hasegawa — FY2025 Earnings Presentation

51 slides from T. Hasegawa's earnings presentation, Nov 20, 2025

  1. Slide 1: Financial Results for the Fiscal Year Ending September 30, 2025

    Financial Results for the Fiscal Year Ending September 30, 2025 November 20, 2025 T. HASEGAWA CO., LTD. Copyright© T. HASEGAWA CO., LTD. All Rights Reserved.

  2. Slide 2: Contents

    Contents 1 Ⅰ．Overview of Financial Statements Ⅱ．Business Environment Ⅲ．Global Strategy Ⅳ．Business Outlook Ⅴ．Capital Policy Ⅵ．Accompanying Materials Copyright© T. HASEGAWA CO., LTD. All Rights Reserved.

  3. Slide 3: Ⅰ．Overview of Financial Statements

    Ⅰ．Overview of Financial Statements Copyright© T. HASEGAWA CO., LTD. All Rights Reserved.

  4. Slide 4: Flavor and Fragrance Business Formulas

    Flavor and Fragrance Business 3 Ingredients Products (Compounded Flavors and Fragrances) Natural aromatics Flavors 調合 Compounding Synthesized Formulas Fragrances aroma chemicals Integration of research and development capabilities Flavorists : Experts who formulate flavors Perfumers : Experts who fo

  5. Slide 5: Market Environment

    Market Environment 4 Trends by Category (Japanese Market) ・FYE September 2025 (October 2024 to September 2025) Source: Nikkan Keizai Tsushin Impact on Category Trend performance • The negative impacts of price increases continued and sales declined on a volume- basis especially in family size produc

  6. Slide 6: Summary of Consolidated Performance

    Summary of Consolidated Performance 5 • Sales increased and Profit decreased year on year Although sales increased in all major regions, profit decreased due to increase in SG&A expenses, etc. • Net Sales：increased 1,849 million yen (2.6%) year on year Operating Profit：decreased 856 million yen (9.1

  7. Slide 7: Net Sales by Segment

    Net Sales by Segment 6 Flavor：Net sales of Chinese subsidiary increased Fragrance：Non-consolidated net sales decreased （Million Yen） FY2024 FY2025 Change FY2025 Segment Actual Actual Amount % Sales ratio Flavor 63,669 65,828 2,159 3.4% 89.6% Fragrance 7,975 7,666 △309 △3.9% 10.4% Total 71,645 73,495

  8. Slide 8: Analysis of Changes in Operating Profit

    Analysis of Changes in Operating Profit 7 • Factors behind the year on year 856 million yen (9.1％) decrease in operating profit Factor Impact Details Sales increased in all major regions, contributed especially from the consolidation Net sales 1,953 of ABELEI and strong performance in China The cost

  9. Slide 9: Performance Overview by Regions

    Performance Overview by Regions 8 • Sales increased in all major regions • In China and Malaysia, profits increased sharply. The U.S. posted an operating loss. （Billion Yen） Japan U.S. Sales Profit Sales Profit increase decrease increase decrease Change Change Change Change FY2024 FY2025 Amount ％ FY

  10. Slide 10: Details of Business Performance in U.S.

    Details of Business Performance in U.S. 9 The U.S. posted an operating loss of 288 million yen, but there was a recovery trend in the second half FY2025 FY2025 First Half FY2025 Second Half cumulative （Million Yen） （Million Yen） （Million Yen） Net Sales 7,717 8,179 15,896 Operating Profit △289 1 △288

  11. Slide 11: Ⅱ． Business Environment

    Ⅱ． Business Environment Copyright© T. HASEGAWA CO., LTD. All Rights Reserved.

  12. Slide 12: Size of Global Flavor and Fragrance Market (Estimated by the Company)

    Size of Global Flavor and Fragrance Market (Estimated by the Company) 11 ・Worldwide flavor and fragrance sales: Approx. 33.3 billion U.S. dollars (approx. 5 trillion yen) North America Europe, Africa, Middle East ‐ Market size：Approx. 8.3 billion US dollars (approx. 1,270 billion yen)* ‐ Market size

  13. Slide 13: Global Flavor and Fragrance Market (Estimated by the Company)

    Global Flavor and Fragrance Market (Estimated by the Company) 12 ・Global flavor and fragrance market in 2024: Grew approx. 3% Yr/Yr Global Flavor and Fragrance Market (Estimated by the Company) （Million US$） 40,000 2021 – 2024 CAGR South +5.6% 30,000 America Asia +7.7% 20,000 North America +2.5% 10,

  14. Slide 14: Japanese Flavor and Fragrance Market Size

    Japanese Flavor and Fragrance Market Size 13 ・Flavors account for approximately 80% of the Japanese flavor and fragrance market (approx. 50% in the global market) Japanese flavor and fragrance market sales (Billion yen) Breakdown of flavor and fragrance 300.0 Natural Aromatic （FY2024） Synthesized Ar

  15. Slide 15: Ⅲ． Global Strategy

    Ⅲ． Global Strategy Copyright© T. HASEGAWA CO., LTD. All Rights Reserved.

  16. Slide 16: Japan Strategy

    Japan Strategy 15 Basic Strategy: Expand market share by anticipating new market demand caused by declining birthrate and aging population, as well as growing health consciousness ・Promote the Fukaya Plant project and reinforcement of production system through DX of production division ・Promote huma

  17. Slide 17: Overseas Strategy –U.S.–

    Overseas Strategy –U.S.– 16 Basic Strategy: Increase sales in the savory, health, and beverage industries *Savory：Snacks, dressings, seasonings, and other salty products ・Acquisition of ABELEI, a flavor company in Illinois, U.S. Aim to create synergies ⇒PMI (Post Merger Integration) was completed as

  18. Slide 18: Overseas Strategy –China–

    Overseas Strategy –China– 17 Basic Strategy: Grow earnings through various measures based on a stronger organizational foundation ・In order to increase capacity, working on a project to build a new plant that will become our third production base in China, with operations scheduled to start in FY202

  19. Slide 19: 【Topic】 Acquisition of HOANG ANH

    【Topic】 Acquisition of HOANG ANH 18 Acquisition of Vietnamese flavor company Hoang Anh (November 10, 2025) (Million yen) Acquisition Hoang Anh THKL ※FY2024 Name Hoàng Anh Flavors and Food Ingredients Joint Stock Company Location Ho Chi Minh City, Vietnam Net Sales 1,332 million yen Manufacturing and

  20. Slide 20: Overseas Strategy –Southeast Asia–

    Overseas Strategy –Southeast Asia– 19 Basic Strategy: Expansion of sales through collaboration between manufacturing and sales bases in Malaysia and Vietnam and sales bases in Thailand and Indonesia ・Advance the PMI of Hoang Anh for it to collaborate with other bases in Southeast Asia as a new manuf

  21. Slide 21: Basic Policies Related to Business Portfolio

    Basic Policies Related to Business Portfolio 20 ・Develop the businesses based on three basic strategies: (1) Expand Compounded Flavors and Fragrances Business, (2) Secure Profits in Japanese Market, and (3) Growth in Overseas Market ・Achieve abundant and healthy living through aromas and contribute

  22. Slide 22: Ⅳ．Business Outlook

    Ⅳ．Business Outlook Copyright© T. HASEGAWA CO., LTD. All Rights Reserved.

  23. Slide 23: FY2026 Performance Outlook

    FY2026 Performance Outlook 22 ・Increases in both net sales and profit are expected on a consolidated basis ・Increase in profit expected due to renewed sales growth in all regions (Million yen) FY2025 FY2026 Change （Actual） （Plan） Amount ％ Net Sales 73,495 76,500 3,004 4.1% Operating Profit 8,515 9,4

  24. Slide 24: FY2026 Factors Affecting Changes in Operating Profit

    FY2026 Factors Affecting Changes in Operating Profit 23 ・Profit growth is expected due to increased net sales and improvements in the cost of sales ratio Improvement Increase in Increase Impact of Yen in cost of sales personnel in sales appreciation ratio expenses (Million yen) Profit Profit increas

  25. Slide 25: Medium-Term Three-Year Plan (Consolidated)

    Medium-Term Three-Year Plan (Consolidated) 24 T.HASEGAWA Expect to expand sales through the promotion of solution sales by strengthening collaboration among sales, non- research, and marketing. Promote the strengthening of production systems to meet increasing demand consolidated Expect to increase

  26. Slide 26: Capital Investment, Depreciation, and R&D Expenses

    Capital Investment, Depreciation, and R&D Expenses 25 Approx. 36.8 billion yen of capital investment is planned over three years for organic business expansion ・Major Capital Investments (Billion yen) ～FY2025 FY2026 FY2027 FY2028 Three-year Location (Actual) (Plan) (Plan) (Plan) Plan Total DX promot

  27. Slide 27: Ⅴ．Capital Policy

    Ⅴ．Capital Policy Copyright© T. HASEGAWA CO., LTD. All Rights Reserved.

  28. Slide 28: Capital Policy

    Capital Policy 27 Basic Policy ・Maintain a level of shareholders' equity that will enable the company to execute growth investments and appropriately respond to risks, in order to achieve sustainable growth in corporate value and maximize it going forward Policy on Use of Funds ・Appropriately use fu

  29. Slide 29: Capital Policy

    Capital Policy 28 Shareholder Returns ・Revised the dividend policy from the existing consolidated dividend payout ratio of around 40% to provide high level and stable dividends based on a consolidated dividend on equity (DOE) of 3% or more (to apply from the interim dividend for FY2026) ・For FY2026,

  30. Slide 30: 【Topic】Change in dividend policy

    【Topic】Change in dividend policy 29 Reason for the change in dividend policy • As the Company is carrying out large capital investments and M&A for steady future growth, consolidated net profit will temporarily remain flat due to the impact of depreciation, amortization of goodwill and other expense

  31. Slide 31: Capital Policy

    Capital Policy 30 Investment Securities ・Reduce the total number of shares held from the perspective of improving capital efficiency, etc. ・Each year, the Board of Directors verifies the appropriateness of holding shares from a medium- to long-term perspective, based on the holding purpose, economic

  32. Slide 32: 【Topic】Management conscious of the stock price

    【Topic】Management conscious of the stock price 31 Stock-based compensation plan 【Changes to the stock-based compensation plan】 We intend to introduce a restricted stock compensation plan in place of the current stock compensation-type stock option plan to provide incentives for directors to hold sha

  33. Slide 33: Cash Allocation

    Cash Allocation 32 Cash Allocation Using operating cash flow and cash reserves as funding sources, approximately 36.8 billion yen in capital investments is planned over the three-year period from FY2026 to FY2028. Additionally, funds will be utilized for proactive shareholder returns and M&A activit

  34. Slide 34: Ⅵ．Accompanying Materials

    Ⅵ．Accompanying Materials Copyright© T. HASEGAWA CO., LTD. All Rights Reserved.

  35. Slide 35: Management Policy

    Management Policy 34 Become an Organization that takes on challenges Strengthen Proposal Capabilities Focus Areas Promote Reform Concentration and Selection Enhance Human Resources (Develop Human Resources, Hire Experienced Personnel） Accelerate Expansion in Overseas Market （ Capital Investment, M＆A

  36. Slide 36: Promote Human Capital Management

    Promote Human Capital Management 35 Continue to examine and take improvement measures, considering human resources as capital ⇒ Maximize the value of human resources to increase the mid- to long-term corporate value Combination of management Promotion of human resource strategies and HR strategies e

  37. Slide 37: Basic Policy on IR Activities

    Basic Policy on IR Activities 36 Basic Policy Established IR department in Corporate Planning Division to strengthen IR activities and secured opportunities for proactive dialogues The Company's Initiatives ・Actively respond to requests ・High foreign ownership for individual interviews ↓ ・Equally di

  38. Slide 38: Top Companies by Share of Net Sales in the Global Flavor and Fragrance Market

    Top 10 Companies by Share of Net Sales in the Global Flavor and Fragrance 37 Market (Million US$) Company name Country Sales(2024Yr) Market Share 1 Givaudan Switzerland 8,422 21.4% 2 IFF U.S. 8,311 21.1% 3 dsm-firmenich Switzerland, Netherlands 7,822 19.8% 4 Symrise Germany 5,423 13.7% 5 ADM U.S. 3,

  39. Slide 39: Top Companies by Share of Net Sales in the Japanese Flavor and Fragrance Market

    Top 10 Companies by Share of Net Sales in the Japanese Flavor and Fragrance 38 Market （As of Mar. 2025） Others 13.7% FY2024：14.1％ Company T Company SO 35.5% 5.5% FY2024：34.4％ FY2024 ：5.4％ Company SI 6.1% FY2024 ：6.2％ Company G 10.0% FY2024 ：10.2％ Company O T.Hasegawa 10.5% 18.8% FY2024 ：10.9％ FY2024

  40. Slide 40: Sales Breakdown

    Sales Breakdown 39 ・The Company specializes in high value-added compounded flavors and fragrances ・High-mix production: Sales of approximately 12,000 flavors and fragrances per year (Million yen) T. Hasegawa Company T (Consolidated） (Consolidated） FYE in Sep. 2025 FYE in Mar. 2025 Sales Share Sales

  41. Slide 41: Breakdown of Flavor Segment Customers by Industry

    Breakdown of Flavor Segment Customers by Industry 40 ・Many sales are to the beverage industry, and sales are seasonal To other industries Approx. 4% To instant noodle industry Approx. 9% To beverage industry Approx. 32% To seasoning industry Approx. 13% To sweet and savory snacks industry To dairy i

  42. Slide 42: Trends in Quarterly Net Sales and Operating Profit

    Trends in Quarterly Net Sales and Operating Profit 41 ・The Company's Sales tends to grow in the second half Consolidated Sales for a Quarter Consolidated Profit for a Quarter (Million yen) FY2023 FY2024 FY2025 (Million yen) FY2023 FY2024 FY2025 25,000 3,500 3,000 20,000 2,500 15,000 2,000 1,500 10,0

  43. Slide 43: Analysis of Changes in Consolidated Profit and Loss Statement

    Analysis of Changes in Consolidated Profit and Loss Statement 42 (Million yen) Change FY2024 FY2025 (Actual) (Actual) Factor Amount ％ Sales increased in all segments in Japan, North America, and Asia Net sales 71,645 100.0% 73,495 100.0% 1,849 2.6% The net increase from ABELEI, which acquired in the

  44. Slide 44: Analysis of Changes in Consolidated Balance Sheet

    Analysis of Changes in Consolidated Balance Sheet 43 (Million yen) Sep. 30, Sep. 30, 2024 2025 Change Factor ・Increase in cash and deposits 7,458 million yen Current assets 72,241 74,997 2,755 ・Decrease in securities △4,997 million yen ・Increase in leasehold rights 572 million yen ・Increase in softw

  45. Slide 45: Consolidated Statement of Cash Flows

    Consolidated Statement of Cash Flows 44 (Million yen) FY2024 FY2025 (Actual) (Actual) Change Major items in FY2025 ・Net profit before income taxes 9,794 million yen ・Depreciation 4,226 million yen ・Decrease in trade receivable 628 million yen Cash flows from operating activities 13,947 11,247 △ 2,69

  46. Slide 46: T. Hasegawa non-consolidated (Actual)

    T. Hasegawa non-consolidated (Actual) 45 (Million yen) FY2024 FY2025 FY2025 Change (Actual) （Plan） （Actual） Yr/Yr Vs Target Amount Share Amount Share Amount Share Amount ％ Amount ％ Net Sales 42,366 100.0% 43,100 100.0% 42,543 100.0% 176 0.4% △556 △1.3% Cost of Sales 26,067 61.5% 25,940 60.2% 26,663

  47. Slide 47: Consolidated U.S. subsidiary (Actual)

    Consolidated U.S. subsidiary (Actual) 46 *Statement of profit of T. HASEGAWA U.S.A., INC . (Million yen) FY2024 FY2025 Yr/Yr Yen Basis Amount Share Amount Share Amount ％ Net Sales 15,146 100.0% 15,896 100.0% 750 5.0% Cost of Sales 9,387 62.0% 9,718 61.1% 330 3.5% Gross Profit 5,759 38.0% 6,178 38.9%

  48. Slide 48: Consolidated Chinese Subsidiaries (Actual)

    Consolidated Chinese Subsidiaries (Actual) 47 *Consolidated statements of profit of the Company‘s three consolidated subsidiaries in China (T. HASEGAWA FLAVOURS AND FRAGRANCES (SHANGHAI) CO., LTD., T. HASEGAWA FLAVOURS (SUZHOU) CO., LTD., and T. HASEGAWA FLAVOURS (PINGHU) CO., LTD. ) (Million yen) Y

  49. Slide 49: Malaysian Subsidiary (Actual)

    Malaysian Subsidiary (Actual) 48 * Statement of profit of T HASEGAWA FLAVOURS (KUALA LUMPUR) SDN. BHD. (Million yen) Yen Basis FY2024 FY2025 Yr/Yr Amount Share Amount Share Amount ％ Net Sales 2,130 100.0% 2,291 100.0% 161 7.6% Cost of Sales 1,151 54.1% 1,159 50.6% 7 0.7% Gross Profit 978 45.9% 1,132

  50. Slide 50: Medium-Term Three-Year Plan (Consolidated)

    Medium-Term Three-Year Plan (Consolidated) 49 (Million yen) FY2025 (Actual) FY2026 (Plan) FY2027 (Plan) FY2028 (Plan) Amount Share Yr/Yr Amount Share Yr/Yr Amount Share Yr/Yr Amount Share Yr/Yr Net Sales 73,495 100.0% 2.6% 76,500 100.0% 4.1% 79,500 100.0% 3.9% 82,400 100.0% 3.6% Cost of Sales 43,147

  51. Slide 51: This presentation is based on data as of November 20, 2025

    This presentation is based on data as of November 20, 2025, and was created with the intention of providing information on future management plans and results for the fiscal year ending September 30, 2025. The views expressed in this material are those of the Company at the time of preparation. No g

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