Consolidated Financial Results for the Six Months Ended September 30, 2025 (Japanese GAAP)

October 31, 2025

Company name : Fuji Nihon Corporation

Stock exchange listing : Tokyo Stock Exchange Standard Market

Stock code 2114

URL : https://www.fuji-nihon.com

Representative : Hidetoshi Soga, President and Chief Executive Officer

Contact : Keiichiro Miyata, Executive Officer,

Planning & Administrative Department General Manager

Phone : 81-3-3667-7811

Scheduled date of filing half-year securities report : November 10, 2025 Scheduled date of commencing dividend payments : December 8, 2025 Supplemental materials prepared on financial results : No

Financial results briefing session scheduled : No

(Figures are rounded down to the nearest million yen)

1. Consolidated Financial Results for the Six Months Ended September 30, 2025 (April 1, 2025 to September 30, 2025)

   1. Consolidated Operating Results (Cumulative) (Percentages indicate year-on-year changes)

      	Net sales		Operating Profit		Ordinary Profit		Profit attributable to owners of parent
      Six months ended	Million yen	%	Million yen	%	Million yen	%	Million yen	%
      September 30, 2025	14,180	4.2	1,847	14.3	1,972	3.9	1,522	(6.9)
      September 30, 2024	13,612	8.8	1,617	52.2	1,898	0.6	1,634	13.3

      Note: Comprehensive income Six-month period ended September 30, 2025: ¥2,330 million [125.1%]

      Six-month period ended September 30, 2024: ¥1,035 million [(46.0)%]

      	Basic earnings per share	Diluted earnings per share
      Six months ended	Yen	Yen
      September 30, 2025	59.35	-
      September 30, 2024	60.82	-

   2. Consolidated Financial Position

      	Total Assets	Net Assets	Equity Ratio
      As of	Million yen	Million yen	％
      September 30, 2025 March 31, 2025	35,472 33,761	25,717 23,874	72.4 70.6

      Reference: Shareholders' equity: As of September 30, 2025: ¥25,673 million

      As of March 31, 2025: ¥23,827 million

2. Cash Dividends

   	Cash dividend per share
   	1st Quarter	2nd Quarter	3rd Quarter	Year-End	Total
   Fiscal year ended March 31, 2025 Fiscal year ending March 31, 2026	Yen - -	Yen 15.00 15.00	Yen -	Yen 19.00	Yen 34.00
   Fiscal year ending March 31, 2026 (forecast)			-	19.00	34.00

   Note: Revisions to the most recently announced dividend forecast: None

3. Consolidated Financial Results Forecast for the Fiscal Year Ending March 31, 2026 (April 1, 2025 to March 31, 2026)

   (Percentages indicate year-on-year changes)

   	Net Sales		Operating Profit		Ordinary Profit		Profit attributable to owners of parent		Basic earnings per share
   Full term	Million Yen 29,100	% 3.1	Million Yen 3,100	% (4.1)	Million Yen 3,300	% (9.6)	Million Yen 2,300	% (19.2)	Yen 86.80

   Note: Revisions to the most recently announced consolidated earnings forecast: None

   *Notes

   1. Significant changes in subsidiaries during the period : None

   2. Application of special accounting for preparing the six-month consolidated financial statements : None

   3. Changes in accounting policies, changes in accounting estimates, and restatement

      1. Changes in accounting policies due to revisions to accounting standards : None

      2. Changes in accounting policies other than (i) : None

      3. Changes in accounting estimates : None

      4. Restatement : None

(3) Number of issued shares (common shares) Unit: 1 share

1. Number of issued shares at the end of period (including treasury shares)

2. Number of treasury shares at the end of period

3. Average number of shares during the period

• Consolidated financial results for period is exempt from the audit review by certified public accountants or an audit firm.

• Proper use of earnings forecasts, and other special matters: (Caution concerning forward-looking statements)

Business forecasts and other forward-looking statements contained in this report and supplementary materials are based

on information currently available to the Company and on certain assumptions deemed as rational and are not intended to guarantee the achievements by the Company. Actual results may differ significantly from such forecasts due to various factors. For the conditions that form the basis for the performance forecast and notes on the use of the performance forecast, please refer to 1. Overview of Financial Results (3) Explanation of Forward-Looking Information Including Consolidated Financial Forecast" on page 3 of the Appendix.

(Changes in Unit for Monetary Amounts)

Monetary amounts for items stated in the Company's quarterly consolidated financial statements were previously stated in thousands of yen, but effective from the beginning of the current consolidated fiscal year, the Company has changed to state such amounts in millions of yen, and figures for the previous consolidated fiscal year and the previous six-months consolidated accounting period have also been restated in millions of yen to facilitate comparison.

• Appendix

1. Overview of Financial Results 2

   1. Overview of Operating Results for the Period 2

   2. Overview of Financial Position for the Period 3

   3. Explanation of Forward-Looking Information Including Consolidated Financial Forecast 3

2. Consolidated Financial Statements and Significant Notes 4

   1. Consolidated Balance Sheets 4

   2. Consolidated Statements of Income and Comprehensive Income 6

      Consolidated Statements of Income 6

      Consolidated Statements of Comprehensive Income 7

   3. Consolidated Statements of Cash Flows 8

   4. Notes to Consolidated Financial Statements 10

(Changes in Accounting Policies) 10

(Additional Information) 10

(Notes on Segment Information) 10

(Notes on Significant Changes in Shareholders' Equity) 11

(Notes on Going Concern Assumption) 11

(Significant Subsequent Events) 11

1. Overview of Financial Results

1. Overview of Operating Results for the Period

   During the consolidated six-month cumulative period, while there has been an increase in the number of employed persons and a trend of rising wages in the Japanese economy, the high cost of living has continued due to the impact of rising prices and exchange rate fluctuations. Under these economic conditions, although there were signs of recovery in personal consumption in some areas, overall growth remained modest. Uncertain situations continue to persist, including the policy trends in the United States, prolonged unstable world conditions in Ukraine, the Middle East, etc., and risks of fluctuations in financial capital markets centered on exchange rates and interest rates.

   Amid such conditions, in April 2024, our Group formulated the medium-term management plan CHANGE 2028, which sets out five key themes: 1. Business expansion in Southeast Asia, 2. Creation of food science business, 3. Growth investment centered on M&A, 4. Building a strong organization to realize our vision, and 5. Enhancement of IR and shareholder returns. The plan has made a steady start to a solid start and is progressing steadily.

   For the consolidated six-month cumulative period, net sales were ¥14,180 million (up 4.2% year on year), operating profit was ¥1,847 million (up 14.3%), ordinary profit was ¥1,972 million (up 3.9%), and profit attributable to owners of parent was ¥1,522 million (down 6.9%), resulting in increased revenue and decreased earnings.

   The performance by segment is as follows. Note that the Company implemented organizational changes on April 1, 2025, and changed its management classification. Accordingly, from the beginning of the current consolidated fiscal year, the business operated by FUJI NIHON (Thailand) Co., Ltd., which was previously included in the Other segment, has been transferred to the Functional Food Materials segment. In addition, from the beginning of the current consolidated fiscal year, the segment name has been changed from Sugar Refining to Sugar.

   Segment comparison information has been prepared using figures reclassified according to the new segment categories after the above segment changes. For details on reportable segments, please refer to "2. Consolidated Financial Statements and Significant Notes (4) Notes to Consolidated Financial Statements (Notes on Segment Information)."

   1. Sugar

      The overseas raw sugar market opened at 18.89 cents (per pound) and temporarily rose to 19.63 cents due to concerns over dry conditions in Brazil. However, the market turned downward amid concerns over international trade friction and expectations of increased global supply, declining to 15.48 cents by the end of June. Although it remained weak after July, it temporarily rebounded due to dryness and delays in crushing in Brazil's Central-South region. Nevertheless, speculative selling intensified again, driven by expectations of production recovery in India and Thailand, a stronger dollar, and falling crude oil prices, leading to another decline. In September, the market recovered following reports of reduced sugar content in Brazilian sugarcane, ending the interim period at 16.10 cents.

      The domestic sugar product market opened with the Tokyo spot market price (as published in the Nikkei) at 249-251 yen per kilogram for large bags of refined sugar. Product movement was strong, supported by favorable weather conditions, increased travel demand during the spring leisure season, and the opening of the Osaka-Kansai Expo in mid-April, which contributed to a continued increase in inbound tourism. As a result, shipments for the food service sector and souvenir confectionery performed well, showing a year-on-year increase. Despite rising raw material and logistics costs, the company worked to enhance customer satisfaction by ensuring stable product supply through rigorous quality control, and promoted steady and reliable raw material procurement while striving to reduce costs.

      As a result, the Sugar segment recorded an increase in net sales to ¥6,852 million (up 1.5% year on year), while operating profit declined to ¥1,292 million (down 0.4%), achieving an increase in revenue but a decrease in earnings.

   2. Functional Materials

      Domestic sales of the functional food ingredient "inulin" saw a year on year increase driven by continued strong sales targeting health functional claims, despite challenges in processed food applications. At consolidated subsidiary Fuji Nihon Thai Inulin Co., Ltd. sales to major users in Thailand and other Southeast Asian countries increased, resulting in a substantial year-on-year growth. At consolidated subsidiary Unitech Foods Co., Ltd. despite sluggish shipments during the summer due to extreme heat, overall sales volume increased, and the ODM/consulting business also expanded, resulting in higher revenue and profit.

      As a result, the Functional Materials segment as a whole recorded net sales of ¥6,885 million (up 7.7% year on year) and operating profit of ¥807 million (up 43.1%), achieving increases in both revenue and profit.

   3. Real Estate

      While the Real Estate business continues to contribute to stable earnings, three properties located in Tokyo, Kanagawa, and Nagano prefectures were sold in February 2025 as part of our efforts to improve capital efficiency. As a result, the Real Estate segment recorded net sales of ¥318 million (down 2.8% year on year) and operating profit of ¥290 million (up 0.3% year on year), resulting in a decrease in revenue but an increase in earnings.

      - 2 -

2. Overview of Financial Position for the Period

   Total assets at the end of the consolidated six-month period increased by 5.1% from the end of the previous consolidated fiscal year to ¥35,472 million.

   Changes in financial position during the consolidated six-month cumulative period were as follows:

   1. Assets

      Current assets increased by 0.6% from the end of the previous consolidated fiscal year to ¥17,806 million. This was primarily due to an increase in cash and deposits, merchandise and finished goods, despite a decrease in notes and accounts receivable - trade and contract assets, and raw materials and supplies.

      Non-current assets increased by 10.0% from the end of the previous consolidated fiscal year to ¥17,665 million. This was primarily due to an increase in investment securities.

   2. Liabilities

      Current liabilities decreased by 5.5% from the end of the previous consolidated fiscal year to ¥5,474 million. This was primarily due to a decrease in short-term borrowings and accrued consumption taxes.

      Non-current liabilities increased by 4.6% from the end of the previous consolidated fiscal year to ¥4,280 million. This was primarily due to an increase in deferred tax liabilities, despite a decrease in long-term borrowings.

   3. Net Assets

      Net assets increased by 7.7% from the end of the previous consolidated fiscal year to ¥25,717 million. This was primarily due to an increase in retained earnings from the recording of profit attributable to owners of parent for the six-month period, and an increase in valuation difference on available-for-sale securities.

      (Status of Cash Flows)

      Cash and cash equivalents (hereinafter "funds") during the consolidated six-month cumulative period increased by

      ¥450 million from the end of the previous consolidated fiscal year to ¥7,094 million.

      The status and factors for each type of cash flow during the consolidated six-month cumulative period were as follows:

      1. Cash Flows from Operating Activities

         Net cash provided by operating activities during the current consolidated six-month period was ¥1,613 million (compared to ¥1,702 million inflow in the same period of the previous year). This was primarily due to the recording of profit before income taxes, despite the payment of income taxes.

      2. Cash Flows from Investing Activities

         Net cash used in investing activities during the current consolidated six-month period was ¥423 million (compared to

         ¥275 million inflow in the same period of the previous year). This was primarily due to the purchase of investment securities.

      3. Cash Flows from Financing Activities

      Net cash used in financing activities during the current consolidated six-month period was ¥779 million (compared to

      ¥701 million outflow in the same period of the previous year). This was primarily due to changes in short-term borrowings, repayments of long-term borrowings, and cash dividends paid.

3. Explanation of Forward-Looking Information Including Consolidated Financial Forecast

The Group's performance for the consolidated six-month cumulative period has generally progressed as planned compared to the consolidated earnings forecast disclosed on April 30, 2025. As a result, we have not revised the consolidated earnings forecast for the fiscal year ending March 31, 2026.

The financial forecast is based on information available to the Company as of the announcement date and is subject to change due to various factors that may cause actual results to differ from the forecasted figures.

- 3 -