Meiji Holdings Co., Ltd. · TSE:2269

Meiji — FY2024 Earnings Presentation

43 slides from Meiji's earnings presentation, May 9, 2025

  1. Slide 1: Financial Results for FYE March 2025 (FY2024)

    Financial Results for FYE March 2025 (FY2024) (From April 1, 2024 to March 31, 2025) May 9, 2025 0 © Meiji Holdings Co., Ltd. All rights reserved.

  2. Slide 2: Contents

    Contents 1. Financial Summary for FY2024 2. Evolvement of Meiji ROESG ® ~Implementing Business Strategy and Capital Allocation Policy, Aimed at Improving ROE/ROIC~ 1 © Meiji Holdings Co., Ltd. All rights reserved. * ROESG is a registered trademark for a management indicator developed by Kunio Ito, a

  3. Slide 3: 1. Financial Summary for FY2024

    1. Financial Summary for FY2024 2 © Meiji Holdings Co., Ltd. All rights reserved.

  4. Slide 4: Summary for FY2024 Consolidated Results

    Summary for FY2024 Consolidated Results (JPY bn) FY2024 FY2023 FY2024 Plan Results Results YoY Change vs. Plan (As of Nov) +4.4% -0.4% Net sales 1,105.4 1,154.0 +48.5 -4.9 1,159.0 +13.6% +0.5% (Overseas sales) 134.8* 153.1 +18.3 +0.6 152.4 +0.5% -1.5% Operating profit 84.3 84.7 +0.3 -1.2 86.0 Op. pr

  5. Slide 5: Food: Summary – FY2024

    Food: Summary – FY2024 (JPY bn) FY2023 FY2024 FY2024 Results Results YoY Change vs. Plan Plan (As of Nov) +2.8% +1.3% Net sales 900.1 925.5 +25.4 +11.6 913.8 +0.5% -2.1% Operating profit 64.3 64.6 +0.3 -1.3 66.0 Analysis of changes in operating profit Japan: Increased (+5.2) Overseas: Decreased (-4.

  6. Slide 6: Pharmaceutical: Summary – FY2024

    Pharmaceutical: Summary – FY2024 (JPY bn) FY2023 FY2024 FY2024 Results Results YoY Change vs. Plan Plan (As of Nov) +11.4% -6.6% Net sales 206.1 229.6 +23.5 -16.1 245.8 +8.9% -1.2% Operating profit 22.7 24.7 +2.0 -0.2 25.0 Analysis of changes in operating profit Results - FY2023 22.7 Due to increase

  7. Slide 7: Progress of 2026 Medium-Term Business Plan: Meiji ROESG

    Progress of 2026 Medium-Term Business Plan: Meiji ROESG  In addition to ESG external evaluation, ATNI Meiji ROE ESG evaluation improved as a result of medium-to ROESG (3-year average) (5 indicators) long term efforts to mitigate business risks FY2024: ＝ Average for × Coefficient  Brand lines and p

  8. Slide 8: 2. Evolvement of Meiji ROESG

    2. Evolvement of Meiji ROESG ~Implementing Business Strategy and Capital Allocation Policy, Aimed at Improving ROE/ROIC~ 7 © Meiji Holdings Co., Ltd. All rights reserved.

  9. Slide 9: Enhance Corporate Value through Achieving Meiji ROESG

    Enhance Corporate Value through Achieving Meiji ROESG Focus on improving return on capital, continuing trade-on initiatives, aimed at creating medium- to long-term financial value Improve return on capital KPI: ROE Initiatives of the 2026 Medium-Term Business Plan: • Strengthen business management b

  10. Slide 10: Outlook for FY2025

    Outlook for FY2025 (JPY bn) FY2025 FY2025 FY2025 YoY YoY Full-year YoY H1 Plan H2 Plan Change Change Plan Change +3.5% +3.6% +3.5% Net sales 589.0 606.0 1,195.0 Consolidated +19.9 +20.9 +40.9 -11.0% +27.8% +7.4% Operating profit 39.5 -4.8 51.5 +11.1 91.0 +6.2 Profit attributable to -16.3% +31.6% +6.

  11. Slide 11: Food: Implementing Business Strategy, Aimed at Improving ROIC

    Food: Implementing Business Strategy, Aimed at Improving ROIC ROIC by business(%) * Key points for FY2025 • Adapt to raw milk price increase 10 • Increase volume in value-added products, such as R-1, focus on promoting new products Dairy 5 • Establish optimal production system, steadily execute reor

  12. Slide 12: Food: Maintain Swift Response to Overcome Cost Increase

    Food: Maintain Swift Response to Overcome Cost Increase (JPY bn) Impact on Operating profit Price increase +  Managed to address cost increase of JPY 75.0 bn for three-term 3-term cumulative Product amount change 30 JPY 108.9bn +34.0 up to FY2024. Minimized impact on profitability, stimulating dema

  13. Slide 13: Food: Increase Volume in Value-Added Products, Focus on Promoting New Products

    Dairy business Food: Increase Volume in Value-Added Products, Focus on Promoting New Products Mainstay products net sales * Non-consolidated basis. Not calculated as net sales after (JPY bn) FY2024 FY2025 in Japan (JPY bn) applying revenue recognition accounting standard Results YoY change Plan YoY

  14. Slide 14: Food: Establish Optimal Production System Aligned with Product Strategy

    Dairy business Food: Establish Optimal Production System Aligned with Product Strategy  Steadily implement plants re-organization New Hokkaido Plant Nishi Shunbetsu Started operation in 1968 Plant Plan to cease operation in Mar 2027  Start of operations: Mar 2027 Started operation in 1972  Invest

  15. Slide 15: Food: Drive Product and Marketing Strategy, Resilient to Surge in Raw Materials Prices

    Chocolate business Food: Drive Product and Marketing Strategy, Resilient to Surge in Raw Materials Prices (JPY bn) FY2024 FY2025 Chocolate net sales growth rate* in Japan (%, YoY) Results YoY change Plan YoY change +10.0% +2.8% Net Sales 171.0 175.7 +8.8 +4.1 +15.4 +4.7 +8.2 +5.8% +2.7% +6.9 Domesti

  16. Slide 16: Food: Accelerate Overseas Sales and Boost Production Capacity

    Chocolate business Food: Accelerate Overseas Sales and Boost Production Capacity  The U.S. • Amid the growing polarization of consumer behaviors, the portfolio strategy of offering differentiated products through Stauffer and Meiji brands proving successful • For our mainstay product Hello Panda, e

  17. Slide 17: Food: Restore Competitiveness in Japan, Reinforce Operations in Overseas Markets

    Nutrition business Food: Restore Competitiveness in Japan, Reinforce Operations in Overseas Markets (JPY bn) FY2024 FY2025 Results YoY change Plan YoY change  SAVAS +2.4% +4.9% Net Sales 118.9 +2.8 124.7 +5.7 • Powder-type: Reassess target consumers -0.4% +3.1% amid intensifying low-price competiti

  18. Slide 18: Food: Maintain Growth Mainly Driven by B2B business for Japan/Overseas

    Food solutions business Food: Maintain Growth Mainly Driven by B2B business for Japan/Overseas (JPY bn) FY2024 FY2025 Net sales for mainstay products/category in Japan* (JPY bn) Results YoY change Plan YoY change +6.4% +6.0% FY2024 FY2025 Net Sales 195.1 +11.7 206.8 +11.6 Results YoY Plan YoY +7.3%

  19. Slide 19: Food: Accelerate Overseas Business

    Food: Accelerate Overseas Business (JPY bn) FY2023 FY2024 FY2025 FY2026 Key points Results Results Plan YoY change Initial Target vs FY2023 Consistently execute profitability +20.8% +147.2% improvement plan Net sales 24.3 25.5 30.8 +5.3 60.3 +35.9 China • Structural reform ― ― • Business and product

  20. Slide 20: Food: China Business ~Consistently Execute Profitability Improvement Plan~

    Food: China Business ~Consistently Execute Profitability Improvement Plan~ (JPY bn) FY2024 FY2025 Structural reform Results YoY change Plan YoY change +4.8% +20.8% • Completed review of sales area/client base Net sales 25.5 +1.1 30.8 +5.3 and optimization of product portfolio in dairy (Included in t

  21. Slide 21: Pharmaceutical: Reviewed Targets by Category for FY2026

    Pharmaceutical: Reviewed Targets by Category for FY2026 Operationalize Business Strategy aimed at Enhancing ROIC (JPY bn) FY2023 FY2024 FY2025 FY2026 FY2026 Results Results Plan YoY change Rev. Target vs FY2023 Initial Plan vs FY2023 +6.3% Domestic Net sales 105.2 117.7 125.1 +7.3 ― ― ― ― pharmaceut

  22. Slide 22: Pharmaceutical: Reviewing Vaccine Business Plan for Renewed Growth

    Pharmaceutical: Reviewing Vaccine Business Plan for Renewed Growth （JPY bn） FY2024 FY2025 Results YoY change Plan YoY change +14.8% +21.4% Net Sales of Human Vaccine 38.0 +4.9 46.1 +8.1  Influenza Vaccine*  Quintovac, 5-in-1 combination vaccine • Aiming for steady market share expansion Meiji • St

  23. Slide 23: Pharmaceutical: Expand Domestic and Overseas Businesses

    Pharmaceutical: Expand Domestic and Overseas Businesses Net sales by major category (JPY bn) FY2024 FY2025 Results YoY change Plan YoY change +14.9% -2.0% Infectious disease*1 49.0 48.1 Domestic business +6.3 -0.9 +29.0% +17.9% Immune system*1 26.0 +5.8 30.6 +4.6 -2.0% -2.7% CNS*1 21.8 -0.4 21.2 -0.

  24. Slide 24: Pharmaceutical: Develop Differentiated and Innovative Pipeline of New Drugs

    Pharmaceutical: Develop Differentiated and Innovative Pipeline of New Drugs Reliably and at the Fastest Pace (JPY bn) R&D expenses 30  Re-prioritize development plan, reevaluating R&D progress 20  Explore possibility of license-in products, in addition to in- house developments. Continue collabora

  25. Slide 25: Improve ROIC and Capital Efficiency Aimed at Increasing ROE

    Improve ROIC and Capital Efficiency Aimed at Increasing ROE FY2023 FY2024 FY2025 (JPY bn) FY2026 Target (JPY bn) Results Results Plan FY2024 FY2025 Results Plan YoY Consolidated ROIC 6.2% 6.8% 7.0% 8.5% or more Change Capital +109.2% Adjusted NOPLAT 51.1 55.3 ― ― expenditures 56.6 118.4 +61.8 Invest

  26. Slide 26: Bolster Shareholder Returns

    Bolster Shareholder Returns Total amount of dividends Repurchase of treasury shares Total payout ratio EPS Cash dividends per share 1000 112.8% 120.0% 600.00 120 (JPY bn) (JPY) 100.0% 105 110 800 500.00 100 95 100 90 80.0% 400.00 85 90 600 62.3% 50.8% 52.3% 60.0%300.00 80 (JPY) 400 30.0 30.0 70 40.0

  27. Slide 27: FY2025 Plan

    FY2025 Plan (JPY bn) (JPY bn) FY2024 FY2025 FY2024 FY2025 Results Plan YoY Results Plan YoY Change Change Meiji ROESG 9.5pt 8.3pt -1.2 pt Total payout ratio 112.8% ― ― +3.5% Dividend payout ratio 53.7% 53.1% -0.7 pt Net sales 1,154.0 1,195.0 +40.9 (Included in the above) +11.6% ROE 6.8% 7.0% +0.2 pt

  28. Slide 28: Appendices

    Appendices 27 © Meiji Holdings Co., Ltd. All rights reserved.

  29. Slide 29: Analysis of Consolidated Operating Profit – FY2024

    Analysis of Consolidated Operating Profit – FY2024 (JPY bn) Consolidated Food Pharma Other Results - FY2023 84.3 64.3 22.7 -2.7 Due to increased/decreased sales +24.8 *1 +20.7 +4.2 ― Impact of drug price revision +1.7 ― +1.7 ― Changes in costs of goods sold -16.1 *2 -16.8 +0.8 ― Changes in other SG&

  30. Slide 30: Food: Analysis of Operating Profit by Business – FY2024

    Food: Analysis of Operating Profit by Business – FY2024 (JPY bn) Food Food Dairy Chocolate Nutrition Other Total solutions Operating Profit Results – FY2023 64.3 19.6 15.5 16.7 9.8 2.4 Due to increased/decreased sales +20.7 +4.1 +8.2 -0.4 +9.1 -0.4 Changes in COGS -16.8 -2.4 -7.2 -0.0 -6.2 -1.0 Chan

  31. Slide 31: Food: Analysis of Operating Profit by Business – FY2025

    Food: Analysis of Operating Profit by Business – FY2025 (JPY bn) Food Food Dairy Chocolate Nutrition Other Total solutions Operating Profit Results – FY2024 64.6 23.8 16.3 14.2 8.0 2.1 Due to increased/decreased sales +28.5 +3.7 +9.5 +4.0 +12.4 -1.2 Changes in COGS -15.8 +1.3 -8.0 -1.3 -7.4 -0.4 Cha

  32. Slide 32: Food: Net Sales and Op. Profit by Business

    Food: Net Sales and Op. Profit by Business （JPY bn） FY2024 FY2025 FY2025 FY2025 Results YoY H1 Plan YoY H2 Plan YoY Plan YoY Change Change Change Change -1.0% +1.3% +0.8% +1.0% Net sales 271.3 -2.8 137.3 +1.7 136.8 +1.0 274.1 +2.8 Dairy +21.1% +2.6% +14.7% +9.4% Op. profit 23.8 +4.1 10.7 +0.2 15.3 +

  33. Slide 33: Market Prices of Main Imported Raw Materials

    Market Prices of Main Imported Raw Materials (USD/MT) Nonfat Dry Milk (USD/MT) Cheese 4,000 6,000 5,000 3,000 4,000 2,000 3,000 2,000 1,000 1,000 0 0 (GBP/MT) Cocoa beans (USD/lb) Sugar 14,000 25 12,000 20 10,000 15 8,000 6,000 10 4,000 5 2,000 0 0 32 © Meiji Holdings Co., Ltd. All rights reserved.

  34. Slide 34: Pharmaceutical: Analysis of Operating Profit by Business – FY2024

    Pharmaceutical: Analysis of Operating Profit by Business – FY2024 (JPY bn) Domestic Pharma Overseas Vaccine/Veterinary pharmaceuticals Total (Japan) pharmaceuticals drugs Operating Profit Results – FY2023 22.7 15.8 4.9 1.9 Due to increased/decreased sales +4.2 +1.4 +0.2 +2.5 Impact of drug price rev

  35. Slide 35: Pharmaceutical: Analysis of Operating Profit by Business – FY2025

    Pharmaceutical: Analysis of Operating Profit by Business – FY2025 (JPY bn) Domestic Pharma Overseas Vaccine/Veterinary pharmaceuticals Total (Japan) pharmaceuticals drugs Operating Profit Results – FY2024 24.7 21.6 3.5 -0.5 Due to increased/decreased sales +2.9 +3.4 -1.4 +0.9 Impact of drug price re

  36. Slide 36: Pharmaceutical: Net sales and Op. Profit by Business

    Pharmaceutical: Net sales and Op. Profit by Business (JPY bn) FY2024 FY2025 FY2025 FY2025 Results YoY H1 Plan YoY H2 Plan YoY Plan YoY Change Change Change Change +11.8% +7.9% +4.9% +6.3% Domestic Net sales 117.7 +12.4 57.9 +4.2 67.2 +3.1 125.1 +7.3 pharmaceuticals (Japan) +36.6% -23.3% -18.8% -21.0

  37. Slide 37: Pharmaceutical: Net sales by Category in Japan

    Pharmaceutical: Net sales by Category in Japan (JPY bn) FY2024 FY2025 FY2025 FY2025 YoY YoY YoY YoY Results H1 Plan H2 Plan Plan Change Change Change Change +14.9% +6.9% -9.1% -2.0% Infectious Diseases *1 49.0 +6.3 23.3 +1.5 24.7 -2.4 48.1 -0.9 +29.0% +19.7% +16.7% +17.9% Immune System*1 26.0 +5.8 1

  38. Slide 38: Pharmaceutical: R&D Pipeline - Infectious disease / Immune system

    Pharmaceutical: R&D Pipeline - 1 Code No. Efficacy Classification Target Disease Stage (Generic Name) Infectious disease OP0595* (Nacubactam) β-lactamase inhibitor Infections caused by carbapenem-resistant bacteria Phase III (Japan, Overseas)** KD-380 Induction and maintenance therapy for patients w

  39. Slide 39: Pharmaceutical: R&D Pipeline - Vaccine

    Pharmaceutical: R&D Pipeline - 2 Code No. Efficacy Target Disease Stage (Generic Name) Classification Launched (Japan) - Received approval for partial amendment to KOSTAIVE Vaccine Self-amplifying mRNA vaccine against COVID-19 manufacturing and marketing approval on Sep 13, 2024 (Omicron strain JN.1

  40. Slide 40: Pharmaceutical: R&D Pipeline - Veterinary Drugs

    Pharmaceutical: R&D Pipeline - 3 Code No. Efficacy Classification Stage Launched (Japan) ME4137 Injectable antibacterial drug for cattle Product name: Forcyl (Launched on May 27, 2024) Launched (Japan) ME4137 Injectable antibacterial drug for swine Product name: Forcyl S (Launched on January 6, 2025

  41. Slide 41: Key Currencies and our Average Exchange Rates

    Key Currencies and our Average Exchange Rates USD EUR CNY Exchange rate assumptions (JPY) 180.00 for FY2025 Plan 168.37 164.27 162.57 158.82 160.90 160.74 157.70 160.00 150.35 USD JPY150 143.74 143.34 156.53 138.24 140.32 152.95 150.26 151.32 140.00 147.00 147.87 141.16 145.44 EUR JPY165 138.68 138.

  42. Slide 42: Business Management Cycle Leveraging ROIC by Business as Common Language

    Business Management Cycle Leveraging ROIC by Business as Common Language New from FY2024 Investment Business strategy monitoring review Select business portfolio strategy as main agenda for in-depth discussion Medium-Term ROIC by business Business Plan Results (common language) review Reflect busine

  43. Slide 43: Information in this material is not intended to solicit sale or purchase of shares

     Information in this material is not intended to solicit sale or purchase of shares in Meiji Holdings. The final decision relating to investments should be made based on the judgment of users themselves.  Business forecasts and other forward-looking statements are based on information available at

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