Kadoya Sesame Mills Incorporated · TSE:2612
Kadoya Sesame Mills — FY2025 Earnings Presentation
48 slides from Kadoya Sesame Mills's earnings presentation, May 26, 2026
Slide 1: Kadoya Sesame Mills Inc. 2026/3 (FY25) Earnings Call
Kadoya Sesame Mills Inc. 2026/3 (FY25) Earnings Call 2026/5/26 TSECode: 2612 Maximizing the value of sesame to contribute to the world from Shodoshima.
Slide 2: Key Messages — This Year (FY26): A Year to Sow for Our Mid-Term Plan
Key Messages — This Year (FY26): A Year to Sow for Our Mid-Term Plan ⚫ Domestic: Price optimization and market share increases; Overseas: Continued volume growth in N. America FY25(26/3) ⚫ Revenue: 40.0 billion yen (up YoY); Operating Profit: 3.8 billion yen (up YoY) Results ⚫ Food sesame business:
Slide 3: Today's Agenda
Today's Agenda 1 FY25 Earnings Summary / FY26 Forecast Senior Managing Executive Officer, Head of Corporate Div. — Mikio Sato 2 Mid-Term Plan Progress & Key Initiatives President & CEO — Junichi Kitagawa 3
Slide 4: Today's Agenda
Today's Agenda 1 FY25 Earnings Summary / FY26 Forecast Senior Managing Executive Officer, Head of Corporate Div. — Mikio Sato 2 Mid-Term Plan Progress & Key Initiatives President & CEO — Junichi Kitagawa 4
Slide 5: FY25 Earnings Summary
FY25 Earnings Summary • Revenue exceeded 40.0 billion yen for the first time. Operating Profit +20% YoY to 3.8 billion yen, achieving growth in both revenue and profit ➢ Overseas Sesame oil: sales volume increased 2% YoY, while operating profit declined 5% due to costs incurred in responding to chan
Slide 6: FY26 Earnings Forecast
FY26 Earnings Forecast • FY26: Accelerating strategic investment toward the mid-term plan (ending FY28), driven by finishing oil–led demand creation, new products, by-product value enhancement, and infrastructure upgrades; • SG&A to increase by 2.2 billion yen YoY, with operating profit temporarily
Slide 7: Procurement: Impact of Middle East Situation
Impact of Middle East Situation • Naphtha-based material cost items are rising amid heightened geopolitical risk in the Middle East • Cost-increase impact for FY26 is currently estimated at approximately 200 million yen Short supply of IBC; currently mitigating Cost Increase procurement risk by swit
Slide 8: (Ref.) FY26 Segment level Forecast
(Ref.) FY26 Segment level Forecast Revenue Operating Profit Operating Profit Margin Sales Volume YoY YoY YoY YoY (Unit: Billion yen/ton) Forecast Forecast Forecast Forecast Change Change Change Change Overseas 8.98 +2.7% 2.33 -11.5% 25.9% -4.2pt 7,348 +4.1% Sesame Oil Household 12.04 +9.8% 0.17 -42.
Slide 9: Today's Agenda
Today's Agenda 1 FY25 Earnings Summary / FY26 Forecast Senior Managing Executive Officer, Head of Corporate Div. — Mikio Sato 2 Mid-Term Plan Progress & Key Initiatives President & CEO — Junichi Kitagawa 9
Slide 10: Mid-Term Plan (FY23-28) Overview
Mid-Term Plan(FY23-28) Overview (1) Strengthen existing biz, (2) Create new revenue pillars, (3) Fan-based mgmt* foundation, FY28: OI 5.0 billion yen / ROE8% (*) Our cherished values, supported by fans,Growing supporters (fans) internally/externally to enhance corporate value (3) Building a Foundati
Slide 11: Strengthening Existing Business
1 Strengthening Existing Business 11
Slide 12: Overseas Sesame Oil / North America (US + Canada)
Overseas Sesame Oil / North America (US + Canada) • North America — accounting for ~80–90% of our exports — is a structurally import-driven market with clear premium/commodity segmentation. Country Share: Mexico 36%/ Japan 34%/ Taiwan 15%/ India 9%/ China 5% (by volume) Import Price: Japan $8/kg/ Me
Slide 13: Overseas Sesame Oil / Brazil
Overseas Sesame Oil / Brazil • Launched a trial placement at Daiso Brazil in 2023. Driven by experiential in-store promotions—such as popcorn paired with sesame oil—our shelf presence has significantly expanded as of May 2026 (see below). • Brazil hosts the world’s largest population of Japanese des
Slide 14: Domestic Sesame Oil / Household (BtoC) market
Domestic Sesame Oil / Household (BtoC) market • Japan No.1 brand is key competitive advantage. • Household 200g: strengthening value messaging & proposing new usage occasions. Reinforcing brand value & promoting understanding via flagship product • Scaling experiential demand creation via “Kadoya Go
Slide 15: Domestic Sesame Oil / BtoB market
Domestic Sesame Oil / BtoB market • Expand our base of loyal, brand-selecting customers (such as JOJOEN below) who recognize Qualitative our superior aroma and quality. Expansion • Strengthen value delivery to end consumers and accelerate the penetration of price optimization. • Of Japan’s ~500,000
Slide 16: (Ref.) Kadoya Sesame Oil: Superior Taste
(Ref.) Kadoya Sesame Oil: Superior Taste Aroma Preference Rate for Pure Sesame Oil Preference Rate: Chosen as "Most Delicious" (with Bean Sprout Namul) 53人 83% 53% 19人 19% 15人 15% 8% 8人 5人 5% 83% of consumers rated the aroma of our 100% pure sesame oil positively. Kadoya A B C D • Independent evalua
Slide 17: Food Sesame Segment
Food Sesame Segment • The food sesame market remains highly fragmented, with limited differentiation and intensifying competition, alongside rising quality control costs. • In FY26, we will take decisive actions to redesign our business portfolio—optimizing resource allocation and redefining the rol
Slide 18: Creating New Demand
2 Creating New Demand 18
Slide 19: Adding Value to By-Products (Defatted Sesame)
Adding Value to By-Products (Defatted Sesame) • In FY25, advanced prototyping across bread, noodles, confectionery, and beverages using defatted sesame, generating strong customer interest. Building on this momentum, we will accelerate market validation and execute capex for grinding and filling fac
Slide 20: Launch of Sesame Oil for Western Cuisine
Launch of Sesame Oil for Western Cuisine • 60 years ago, Kadoya pioneered and created the household sesame oil market. • In FY26, we take the next leap—redefining the role of sesame oil and opening a new market through expansion into Western cuisine. 60 years ago: pioneered household market New prod
Slide 21: Building a Foundation for Fan-Based Management Strategy
Building a Foundation for 3 Fan-Based Management Strategy 21
Slide 22: A New HR System to Accelerate Challenge and Growth
A New HR System to Accelerate Challenge and Growth • In response to structural challenges emerging in the maturity stage of our business lifecycle, we established a new HR framework in FY25 aligned with our Purpose, Vision, and Values, and will commence implementation in FY26. • We are transforming
Slide 23: New Core System (ERP) Implementation
New Core System (ERP) Implementation • Investing 1.0–1.5 billion yen, we are set to implement a new ERP system in FY26 (with the vendor selected in FY25). • Moving beyond “handwritten management” on the factory floor, we will harness data and AI to transform tacit know-how into explicit corporate ca
Slide 24: SCM Division Establishment
SCM Division Establishment • While domestic sesame demand remains stable at ~150K tons, global demand continues to expand structurally—doubling over the past two decades to ~7 million tons. • This growth is now being unlocked on the supply side, as Brazil’s rapid scale-up to 300–400K tons through me
Slide 25: (Ref.) Sesame Import Price Trend (Jan. 2017 – Mar. 2026)
(Ref.) Sesame Import Price Trend (Jan. 2017 – Mar. 2026) Unit：JPY/kg 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 Source: Ministry of Finance (MOF), "Trade Statistics of Japan" 25
Slide 26: Strengthening Relations with Employees, Community & Shareholders
Strengthening Relations with Employees, Community & Shareholders • FY25 laid the strategic foundation; FY26 marks a full-scale acceleration—driving execution to build a powerful, globally resonant brand fan base, internally and externally. FY25 FY26 Establishing a Foundation for PVV Expanding PVV In
Slide 27: (Ref.) Shareholder Benefits — Creating Fan Shareholders
(Ref.) Shareholder Benefits — Creating Fan Shareholders • Rather than distributing value in the form of a mere payout, we design shareholder benefits to deepen emotional connection with our brand—cultivating long-term commitment and reinforcing a stable ownership base. → Transforming shareholders in
Slide 28: (Reference) 5-year financial summary and current forecast
(Reference) 5-year financial summary and current forecast Note: EPS retroactively adjusted for April 2026 3-for-1 share split; FY26 DPS shown on a post-split basis. （Unit: million yen） FY21 FY22 FY23 FY24 FY25 FY26(Forecast) Revenue 32,185 33,690 35,680 39,450 40,030 41,000 Gross Profit 10,163 9,712
Slide 29: Supplementary Materials
Supplementary Materials Initiatives Under New Management 2025/5 IR Material* 29 *Company overview figures updated to latest values Maximizing the value of sesame to contribute to the world from Shodoshima.
Slide 30: Company Overview
Company Overview Founded in 1858 on Shodoshima, Kadoya boasts over 160 years of history and holds the No. 1 market share for sesame oil in both Japan and the US. Revenue 26/3 Actual Ordinary Profit 26/3 Actual 40.0 4.1 Other Shareholders ¥B ¥B Employees 26/3 (current) Founded 27% 22% 16% 35% 407 peo
Slide 31: Manufacturing Locations and Production Volume
Manufacturing Locations and Production Volume Production Volume for FY2024 (Unit: Tons) Kagawa – Shodo-shima Plant Chiba – Sodegaura Plant Sesame Oil: 23,000 tons Sesame Oil: 6,000 tons Food-use Sesame: 8,000 tons Osaka – Neyagawa Plant (Katagi Foods Co.,Ltd) Food-use Sesame : 4,000 tons Food-use se
Slide 32: The Future We Envision
The Future We Envision Like soy sauce, we aim to unlock sesame's global potential for flavor and health. We will make "KADOYA Sesame Oil" a beloved staple at dining tables worldwide. Achieving growth with mid-term plan Maximizing Sesame's Value as a milestone Targeting transformational growth: Ordin
Slide 33: Business Environment
Business Environment • Kadoya’s sesame oil combines health benefits with superior taste, giving it strong potential to become a globally essential seasoning, much like soy sauce. • In addition, defatted sesame represents a promising new opportunity as a high-value, protein-rich food ingredient. Our
Slide 34: Overall Direction: Fan Base Building
Overall Direction: Fan Base Building • We aim to expand a loyal "fan base" that shares our core values—both internally and externally—to drive sustainable growth and enhance corporate value. Factors Driving Environmental Change Becoming a Special Presence for Our Fans Shifts in the Characteristics o
Slide 35: Our Purpose, Vision, and Values (PVV)
Our Purpose, Vision, and Values (PVV) • Formulated our new PVV(Purpose, Vision, Values) in April 2025 through company-wide surveys and cross-functional workshops, engaging employees at all levels in defining what we must safeguard, discard, and embrace for our future. Values Snapshots of the Interna
Slide 36: Organizational Structure (Effective April 1, 2025)
Organizational Structure (Effective April 1, 2025) • Established the Brand Marketing Department under the President to advance Fan-Based Management. • Launched the R&D Headquarters to fully maximize sesame’s value. • Plan to establish Kadoya USA within the fiscal year to accelerate growth in the U.S
Slide 37: Action to Create New Demand for Sesame Oil
Action to Create New Demand for Sesame Oil • Sesame oil is increasingly recognized as a staple in the household edible oils market, alongside olive oil and other premium options. • To capture new consumer trends, we are driving placement on restaurant tables for everyday "flavor customization" (aji-
Slide 38: Initiatives to Communicate Value in the Domestic Market
Initiatives to Communicate Value in the Domestic Market • 75% of surveyed consumers are unaware that blended sesame oil contains other oils. • We focus on clearly communicating that being 100% sesame oil is the key reason for its delicious taste and deepen understanding among our fans. Consumer Awar
Slide 39: Capturing Further Growth in the US Market
Capturing Further Growth in the US Market • In the U.S., growing Asian population and cuisine are driving sesame oil demand. • Beyond our core Asian market (20 million people), we are aggressively targeting the vast U.S. mass market of over 300 million people. Trends in Overseas Sesame Oil Sales Rat
Slide 40: US Market Share & Market Trends
US Market Share & Market Trends Our Market Share in the U.S. Growth Trend of the U.S. Sesame Oil Market＊ Sesame Oil Market Unit: $ Millions Korea: 2% Others: 4% 159.3 China: 5% 148.5 142.6 135.6 129.6 Kadoya: 22% India: 10% Japan (Other Taiwan: 14% Companies): 6% Mexico 37% 2018 2019 2020 2021 2022
Slide 41: Initiatives for Food Use of Defatted Sesame (Oil Cake)
Initiatives for Food Use of Defatted Sesame (Oiｌ Cake) ““Unlocking the Power of Defatted Sesame Meal”100% Non-GMO with ~40% high-quality protein. Rich in sesaminol glucosides (antioxidants) and roasted aroma, it offers vast potential as a next-generation food solution. March 2025 Launched granola A
Slide 42: Food Sesame / Defatted Sesame: (Press Cake) as Food Ingredient
Food Sesame / Defatted Sesame: (Press Cake) as Food Ingredient 2 Food Sesame / Defatted Sesame: (Press Cake) as Food Ingredient ⚫ Defatted sesame meal (oil extraction residue), currently used for animal feed, will be repurposed as a "new plant-based food ingredient." We are targeting commercializati
Slide 43: Securing Sustainable Raw Material Supply Amid Geopolitical Risks
Securing Sustainable Raw Material Supply Amid Geopolitical Risks • In South America, especially Brazil, large-scale mechanized farming is driving the expansion of sesame production. • Our objective is to secure a reliable supply chain from South America, thereby mitigating the geopolitical risks ass
Slide 44: Addressing Social Issues: Local Sustainability
Addressing Social Issues: Local Sustainability • Shodoshima has been facing a continuous population decline since the 1950s, raising critical concerns regarding the island’s long-term sustainability. • As the largest enterprise on the island—which encapsulates Japan’s broader social challenges—we ar
Slide 45: Social Impact: Farmer Support in Sesame Regions
Social Impact: Farmer Support in Sesame Regions • Since 2021, we have partnered with local suppliers to provide agricultural training that improves productivity and enhances farmers’ quality of life. • By enhancing yields and quality, we aim to build a sustainable supply chain that ensures stable pr
Slide 46: Financial Policy
Financial Policy • Execute strategic investments after reviewing production structure, including aging domestic plants, low-margin operations, and future U.S. expansion. • Ensure stable shareholder returns with a 40% base payout ratio, and consider additional returns based on investment progress and
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Slide 48: Disclaimer
This document was prepared by Kadoya Sesame Mills Co., Ltd. (the 'Company') for informational purposes for investors. Information herein is based on current views and forecasts and does not guarantee future performance. Actual results may differ due to changes in market or economic conditions. Infor