Morinaga Milk Industry Co., Ltd. · TSE:2264
Morinaga Milk Industry — FY2026 Earnings Presentation
36 slides from Morinaga Milk Industry's earnings presentation, May 15, 2026
Slide 1: Presentation on Financial Results for the Fiscal Year Ended March 31, 2026
Morinaga Milk Industry Co., Ltd. Presentation on Financial Results for the Fiscal Year Ended March 31, 2026 May 15, 2026 1. Overview of FYE March 2026 Financial Results (Materials published May 13, 2026) 2. Outlook of Financial Results for FYE March 2027 3. Progress of Medium-term Business Plan 2025
Slide 2: Preamble: Summary of Today's Presentation
Preamble: Summary of Today’s Presentation 1. Overview of FYE March 2026 Financial Results (pp.3–5） ・ Operating profit ¥34.5 billion (+¥4.8 billion YoY, +¥1.5 billion vs. target), a record high. Greater contribution from Global Business (+¥9.5 billion YoY), profit composition ratio 49% ・ Dividend rev
Slide 3: Overview of FYE March 2026 Financial Results
Overview of FYE March 2026 Financial Results 1. Overview of FYE March 2026 Financial Results 2. Outlook of Financial Results for FYE March 2027 3. Progress of Medium-term Business Plan 2025–2028 4. Dialogue with Capital Market, Toward Further Increases in Corporate Value Copyright © MORINAGA MILK IN
Slide 4: FYE March 2026 Financial Results: Summary
FYE March 2026 Financial Results: Summary (Unit: billion yen) Year-on- Change 4Q of FYE Year-on- Operating profit of ¥34.5 billion (+¥1.5 billion vs. target), a record high FYE Mar. FYE Mar. 2025 2026 year Year on year from Mar. 2026 year Greater contribution from Global Business (+¥9.5 billion Yo
Slide 5: FYE March 2026: Factors Attributable to Increases and Decreases in Operating Profit
FYE March 2026 Financial Results: Factors Attributable to Increases and Decreases in Operating Profit Key Point * Revised plan announced on November 11, 2025 • Change in selling unit prices: Price revisions for yogurt, ice cream, beverages, cheese, nutritional food products, milk, commercial dairy p
Slide 6: Outlook of Financial Results for FYE March 2027
Outlook of Financial Results for FYE March 2027 1. Overview of FYE March 2026 Financial Results 2. Outlook of Financial Results for FYE March 2027 3. Progress of Medium-term Business Plan 2025–2028 4. Dialogue with Capital Market, Toward Further Increases in Corporate Value Copyright © MORINAGA MILK
Slide 7: Outlook for FYE March 2027: Key Points
Outlook of Financial Results for FYE March 2027: Key Points Although initial assumption is growth in operating profit to ¥36.0 billion for FYE Mar. 2027, this decline factors in -¥4.0 billion (domestic ¥3.0 billion, Global ¥1.0 billion) of impact from situation in Middle East → Operating profit fo
Slide 8: Outlook for FYE March 2027: Our Assumptions (Middle East situation)
Outlook of Financial Results for FYE March 2027: Our Assumptions Impact from the Middle East situation Impact up to and including September Based on situation as of early April, the (-¥4.0 billion) reflected in earnings forecasts expected impact has been reflected in Period over which impact is ex
Slide 9: Our Assumptions: MILEI earnings forecasts
Outlook of Financial Results for FYE March 2027: Our Assumptions MILEI earnings forecasts Although whey protein market conditions remain favorable, forecast is for lower revenue and profit *Variance from previous year shown by arrows on single fiscal year basis Limited impact from inventory on cha
Slide 10: Our Assumptions: Whey protein market
Outlook of Financial Results for FYE March 2027: Our Assumptions Whey protein market* Background to rising prices in whey protein market Recent volatility not factored in, plan Medium-long term: assumes stable market prices Population growth (necessity of protein sources) Health awareness, risin
Slide 11: Outlook of Financial Results for FYE March 2027
Outlook of Financial Results for FYE March 2027 (Unit: billion yen) Although initial assumption is for profit growth, factoring in -¥4.0 FYE Mar. 2027 Year-on- billion of impact from Middle East situation results in forecast FYE Mar. Full-year year Year on year operating profit declining to ¥32.0
Slide 12: FYE March 2027: Target Sales and Operating Profit for Each Segment
Outlook of Financial Results for FYE March 2027: Target Sales and Operating Profit for Each Segments (Unit: billion yen) 1H target Full-year target Operating profit Operating profit Net sales Net sales (operating profit to net sales) (operating profit to net sales) FYE FYE FYE FYE Year-on-year FYE F
Slide 13: FYE March 2027: Factors Attributable to Increases and Decreases in Operating Profit
Outlook of Financial Results for FYE March 2027: Factors Attributable to Increases and Decreases in Operating Profit Key Point • Change in selling unit prices: Effects of unexpired months from price revisions in previous fiscal year (yogurt, ice cream, milk, B-to-B commercial dairy products, etc.) t
Slide 14: Progress of Medium-term Business Plan 2025–2028
Progress of Medium-term Business Plan 2025–2028 1. Overview of FYE March 2026 Financial Results 2. Outlook of Financial Results for FYE March 2027 3. Progress of Medium-term Business Plan 2025–2028 4. Dialogue with Capital Market, Toward Further Increases in Corporate Value Copyright © MORINAGA MILK
Slide 15: Medium-term Business Plan 2025–2028: No Revisions to Numerical Targets, etc.
Medium-term Business Plan 2025–2028: No Revisions to Numerical Targets, etc. FAQ, expected Q&A Are you not changing numerical targets (FYE March 2029) for Global Business and by segment? Difficult to forecast impact of Middle East situation and other factors over medium term, so although high pr
Slide 16: Progress of Medium-term Business Plan 2025–2028
Progress of Medium-term Business Plan 2025–2028 Progress of Medium-term Business Plan 2025–2028 • Progress in Growth areas ⇒ pp.17 and 18 • Progress of structural reforms ⇒ p.19 • Strengthening initiatives to improve return on capital ⇒ p.20 • Our approach to allocation of cash ⇒ p.21 • Changes in
Slide 17: Progress of Growth Strategy: Growth Areas
Progress of Medium-term Business Plan 2025–2028: Progress of Growth Strategy For Growth areas: Progress in growth areas, initiatives going forward +20%* +20%* +100%* +70%* Progress in FYE March Formula milk 2026, the first year of Yogurt Ice cream Probiotics for overseas the 4-year MTBP +2% +3% +2
Slide 18: Progress of Growth Strategy: Probiotics Net Sales Growth
Progress of Medium-term Business Plan 2025–2028: Progress of Growth Strategy Rate of growth in probiotics net sales (combined domestic/Global) Probiotics is the highest value-added raw material of all the Company’s businesses. Global interest in intestinal flora is high. Rate of growth in net sale
Slide 19: Progress of Structural Reforms
Progress of Medium-term Business Plan 2025–2028: Progress of Structural Reforms Structural reforms in domestic business +¥5.0 billion Already announced (facilities, etc.) ■ Suspension of production at around 25% of domestic paper pack lines (half of MTBP target) Partial overlap with “Already annou
Slide 20: Asset Turnover (Strengthening Initiatives to Improve Return on Capital)
Progress of Medium-term Business Plan 2025–2028: Asset Turnover (Strengthening Initiatives to Improve Return on Capital) Our approach to Asset turnover Current perception: Asset turnover and ROA are both at low levels Non-current assets: As well as investing in Growth segments such as the Global
Slide 21: Allocation of Cash
Progress of Medium-term Business Plan 2025–2028: Allocation of Cash Our approach to allocation of cash When planning investments, to improve capital efficiency we consider whether a project should be continued after taking into account the external environment and other factors. Make decision to
Slide 22: Dialogue with Capital Market, Toward Further Increases in Corporate Value
Dialogue with Capital Market, Toward Further Increases in Corporate Value 1. Overview of FYE March 2026 Financial Results 2. Outlook of Financial Results for FYE March 2027 3. Progress of Medium-term Business Plan 2025–2028 4. Dialogue with Capital Market, Toward Further Increases in Corporate Value
Slide 23: Dialogue with Capital Market: IR Activities
Dialogue with Capital Market (meetings) Meetings with institutional 393 393 409 432 investors / securities analysts 379 374 Dialogue with capital markets, IR activities 400 285 300 ・ External activities 213 Meetings held during the year: 432 (most ever) 200 *5× the level of 2010–2015 (minimum was
Slide 24: Shareholder Returns
Toward Further Increases in Corporate Value: Shareholder Returns MTBP 2019–2021: Target dividend payout ratio (20%) made explicit for first time MTBP 2022–2024: Dividend payout ratio target raised to 30%. Explicitly stated awareness of measures that give due consideration to total payout ratio f
Slide 25: Changes in Executive Remuneration, Stock Split
Toward Further Increases in Corporate Value: Changes in Executive Remuneration, Stock Split Changes in method for determining executive remuneration Implementation of stock split FY2025 remunera on → FY2026 remunera on changes (effec ve as of May 13, 2025) • Implementing stock split of 4 shares F
Slide 26: Sustainability Management: Linkage with Medium-term Business Plan
Toward Further Increases in Corporate Value: Sustainability management Linkage between Medium-term Business Plan 2025–2028 and Sustainability Medium- to Long-Term Plan 2030 • Revised governance system in 2025 to promote sustainability management. Sustainability Committee is engaging in discussions
Slide 27: Appendix
Appendix Copyright © MORINAGA MILK INDUSTRY CO., LTD. All Rights Reserved. 27
Slide 28: (Reference) FYE March 2026 Financial Results: Summary by Segment
(Reference) FYE March 2026 Financial Results: Summary by Segment (Unit: billion yen) Operating profit Operating profit Net sales Net sales (operating profit to net sales) (operating profit to net sales) 4Q of FYE 4Q of FYE FYE Mar. 2025 FYE Mar. 2026 Year on year FYE Mar. 2025 FYE Mar. 2026 Year-on-
Slide 29: (Reference) FYE March 2026: Net Sales by Category
(Reference) FYE March 2026 Financial Results: Net Sales by Category FYE Mar. 2025 FYE Mar. 2026 Year on year (Unit: billion yen) FYE Mar. 2025 FYE Mar. 2026 Year on year (Unit: billion yen) Growth Segments Mainstay Segments (Core, Fundamental, Strategic Yogurt 56.9 57.8 +2% Transformation) Ice cream
Slide 30: (Reference) Net Sales by Category (Shown Quarterly)
(Reference) FYE March 2026 Financial Results: Net Sales by Category (Shown Quarterly) (Unit: billion yen) 1Q of FYE 1Q of FYE 2Q of FYE 2Q of FYE 3Q of FYE 3Q of FYE 4Q of FYE 4Q of FYE Year on Year on Year on Year on Mar. 2025 Mar. 2026 Mar. 2025 Mar. 2026 Mar. 2025 Mar. 2026 Mar. 2025 Mar. 2026 ye
Slide 31: (Reference) FYE March 2027: Target Sales by Category
(Reference) Outlook of Financial Results for FYE March 2027: Target Sales by Category (Unit: billion yen) Net sales FYE Mar. 2027 target FYE Mar. 2027 1H FYE Mar. 2027 full- Year on year Year on year target year target Growth Segments Yogurt 31.2 +9% 61.3 +6% Ice cream 31.4 +4% 50.5 +5% (Global) Nut
Slide 32: (Reference) Human Resource Allocation
(Reference) Progress of Medium-term Business Plan 2025–2028 : Human Resource Allocation Changes in human resource allocation • In terms of concentrating resources in Growth areas in accordance with MTBP growth strategy, our approach is to “change the allocation of human resource across the Company
Slide 33: (Reference) Sustainability Medium- to Long-Term Plan 2030 KPIs
(Reference) Toward Further Increases in Corporate Value Linkage between Medium-term Business Plan 2025–2028 and Sustainability Medium- to Long-Term Plan 2030 • Have announced Sustainability Medium- to Long-Term Plan 2030 target values for final year of MTBP (FY2028) Sustainability Medium- to Long-
Slide 34: (Reference) Dairy Ingredient Market Data (Last 5 Years)
(Reference) Dairy Ingredient Market Data (Last 5 Years) Correlates with prices for whey raw materials procured by MILEI GmbH in Germany Prices for lactose Prices for cheddar cheese Prices for powdered skim milk ← Impact of Russia/Ukraine ← Impact of Russia/Ukraine North America North America total t
Slide 35: Copyright © MORINAGA MILK INDUSTRY CO., LTD. All Rights Reserved.
Copyright © MORINAGA MILK INDUSTRY CO., LTD. All Rights Reserved. 35
Slide 36: 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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