Morinaga Milk Industry Co., Ltd. · TSE:2264
Morinaga Milk Industry — Q1 FYE March 2026 Earnings Presentation
16 slides from Morinaga Milk Industry's earnings presentation, Aug 8, 2025
Slide 1: Financial Results Presentation for the First Quarter of the Fiscal Year Ending March 31, 2026
Morinaga Milk Industry Co., Ltd. Financial Results Presentation for the First Quarter of the Fiscal Year Ending March 31, 2026 August 8, 2025 1. Overview of the First Quarter of the FYE March 2026 Financial Results 2. Outlook of Financial Results for FYE March 2026
Slide 2: 1. Overview of the First Quarter of the FYE March 2026 Financial Results
1. Overview of the First Quarter of the FYE March 2026 Financial Results 1. Overview of the First Quarter of the FYE March 2026 Financial Results 2. Outlook of Financial Results for FYE March 2026 Copyright©Morinaga Milk Industry Co.,Ltd.All Rights Reserved. 2
Slide 3: Financial Results for 1Q of FYE March 2026: Summary
Financial Results for 1Q of FYE March 2026: Summary 1Q of FYE March 2026 results: Operating profit ¥8.8 billion (+¥0.4 billion YoY) Steady progress consistent with first-half operating profit target (Unit: billion yen) Lower profit in domestic business due to impact of volume for some categories,
Slide 4: Factors Attributable to Increases and Decreases in Operating Profit
Financial Results for 1Q of FYE March 2026: Factors Attributable to Increases and Decreases in Operating Profit ( ) : 1H plan Change in selling unit prices +3.1 (＋7.9) Sales volume -1.4 (-0.6) Product mix +0.4 (＋1.1) FYE March 2025 1Q 8.5 Business growth ＋2.1(+8.4) Milk -0.3 (-1.2) Raw materials and
Slide 5: Financial Results for 1Q of FYE March 2026: Summary by Segment
Financial Results for 1Q of FYE March 2026: Summary by Segment (Unit: billion yen) Operating profit Most growth areas are in line with expectations, but yogurt is Net sales (operating profit to net sales) struggling. In mainstay segments, costs under control in Japan FYE Mar. FYE Mar. FYE Mar. FYE M
Slide 6: Financial Results for 1Q of FYE March 2026: Net Sales by Category
Financial Results for 1Q of FYE March 2026: Net Sales by Category FYE Mar. FYE Mar. FYE Mar. FYE Mar. YoY YoY (Unit: billion yen) 2025 1Q 2026 1Q (Unit: billion yen) 2025 1Q2026 1Q Growth Segments Mainstay Segments (Core, Fundamental, Strategic Yogurt 14.6 14.3 -2% transformation) Ice cream 12.9 13.
Slide 7: 2. Outlook of Financial Results for FYE March 2026
2. Outlook of Financial Results for FYE March 2026 1. Overview of the First Quarter of the FYE March 2026 Financial Results 2. Outlook of Financial Results for FYE March 2026 Copyright©Morinaga Milk Industry Co.,Ltd.All Rights Reserved. 7
Slide 8: No change in initial forecast for first half, full year
Outlook of Financial Results for FYE March 2026: Key points No change in initial forecast for first half, full year Net sales: ¥580.0 billion (+3.4％YoY) Operating Profit: ¥32.0 billion (+¥2.3 billion YoY) In new MTBP, seeking profit increases centered on growth areas and overseas Domestic busi
Slide 9: Outlook of Financial Results for FYE March 2026: No plan revision
No plan revision Outlook of Financial Results for FYE March 2026 (Unit: billion yen) FYE Mar. FYE Mar. 2026 Year-on-year Year on year FYE Mar. FYE Mar. 2026 Year-on-year Year on year 2025 full-year target change 2025 1H 1H target change Net sales 561.2 580.0 +18.8 +3.4% 290.6 303.0 +12.4 +4.3% Opera
Slide 10: Target Sales and Operating Profit for Each Category
Outlook of Financial Results for FYE March 2026: No plan revision Target Sales and Operating Profit for Each Category (Unit: billion yen) 1H target Full-year target 1H target Full-year target FYE Mar. 2026 Operating profit Year-on-year Operating profit Year-on- target Net sales Year on year Net sale
Slide 11: Forecasts of Fluctuations to Operating Profit
Outlook of Financial Results for FYE March 2026: No plan revision Forecasts of Fluctuations to Operating Profit ( ) : 1H plan Change in selling unit prices +15.4(+7.9) Sales volume -1.0(-0.6) Product mix +5.1(+1.1) FYE March 2025 29.7 Business growth ＋19.5(+8.4) Milk -3.4(-1.2) Others -7.0(-4.9) Raw
Slide 12: (Reference) Subsegment Net Sales Targets
(Reference) Outlook of Financial Results for FYE March 2026: No plan revision Subsegment Net Sales Targets (Unit: billion yen) 1H target Full-year target FYE Mar. 2026 target Net sales Year on year Net sales Year on year Growth Segments Yogurt 31.0 +7% 61.1 +7% Ice cream 30.4 +6% 49.6 +7% (Global Bu
Slide 13: Appendix
Appendix
Slide 14: (Reference) Dairy Ingredient Market Data (Last 5 Years)
(Reference) Dairy Ingredient Market Data (Last 5 Years) Zentrale Milchmarkt Berichterstattung GmbH (ZMB, Central Milk Market Fonterra Global Dairy Trade (GDT) auction Reporting Agency in Germany) Culinary-use whey powder price (€/ton) prices for lactose (US$/ton) 2,000 1,700 1,500 1,500 1,300 1,100
Slide 15: Growth Strategy (Positioning by Category/Clarification of Role)
Sha morinaga Growth Strategy (Positioning by Category/Clarification of Role) @% strategy @ Revise management categories in accordance with role, based on the unchanging value we provide of “Health value/Tastiness and delightfulness” @ Free ourselves from an omnidirectional approach in Japan and over
Slide 16: 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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