Consolidated Financial Resultsfor the Three Months Ended June 30, 2025 (Japanese GAAP)

July 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, General Manager, Planning & Administrative Department

Phone : 81-3-3667-7811

Scheduled date of commencing dividend payments : - 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 Three Months Ended June 30, 2025 (April 1, 2025 to June 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
      Three months ended	Million yen	%	Million yen	%	Million yen	%	Million yen	%
      June 30, 2025	7,107	5.3	756	(8.3)	879	(10.8)	613	(14.8)
      June 30, 2024	6,747	12.0	824	77.2	985	(21.3)	720	(25.3)

      Note: Comprehensive income Three months ended June 30, 2025: ¥934 million [49.4%]

      Three months ended June 30, 2024: ¥625 million [(50.7)%]

      	Basic earnings per share	Diluted earnings per share
      Three months ended	Yen	Yen
      June 30, 2025	23.93	-
      June 30, 2024	27.06	-

   2. Consolidated Financial Position

      	Total Assets	Net Assets	Equity Ratio
      As of June 30, 2025 March 31, 2025	Million yen 34,046 33,761	Million yen 24,321 23,874	％ 71.3 70.6

      Reference: Shareholders' equity: As of June 30, 2025: ¥24,279 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	Yen -	Yen 19.00	Yen 34.00
   Fiscal year ending March 31, 2026 (forecast)		15.00	-	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 methods for preparing consolidated financial statements for the period : 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 the 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.

(Change in Unit of Amounts Presented)

Amounts for items and other matters presented in the Company's quarterly consolidated financial statements had previously been stated in units of thousands of yen. However, from the current first quarterly consolidated accounting period and the cumulative of the first quarter, these amounts are now stated in units of millions of yen.

For ease of comparison, the figures for the previous consolidated fiscal year and the cumulative period of the first quarter of the previous fiscal year have also been restated in millions of yen.

• Appendix

1. Overview of Financial Results 2

   1. Overview of Operating Results for the Three-Month Period 2

   2. Overview of Financial Position for the Three-Month 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

      Three Months Ended June 30, 2025 6

      Consolidated Statements of Comprehensive Income 7

      Three Months Ended June 30, 2025 7

   3. Notes to Consolidated Financial Statements 8

(Notes on Segment Information) 8

(Notes on Significant Changes in Shareholders' Equity) 9

(Notes on Going Concern Assumption) 9

(Notes on Consolidated Statements of Cash Flows) 9

(Significant Subsequent Events) 9

1. Overview of Financial Results

1. Overview of Operating Results for the Three-Month Period

   In the first quarter of fiscal year 2025, the Japanese economy showed signs of recovery, driven by improvements in real wages following strong performance by domestic companies, despite the volatility of U.S. tariff policy and heightened geopolitical tensions in regions such as Ukraine and the Middle East. However, potential downward risks remain for the overall domestic economy, mainly due to prolonged inflation, notably in food prices

   Amid such conditions, our Group launched its medium-term management plan titled "CHANGE 2028" in April 2024 as the first phase under the long-term vision, NEXT VISION 2040, focusing on 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. Now in its second year, the plan is making steady progress in implementation.

   For the consolidated three-month period, net sales were ¥7,107 million (up 5.3% year on year),Operating profit was

   ¥756 million (down 8.3%), ordinary profit was ¥879 million (down 10.8%), and profit attributable to owners of parent was

   ¥613 million (down 14.8%), resulting in increased revenue and decreased earnings.

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

   Comparative segment information has been prepared based on figures reclassified under the new segment classifications. For further details regarding the reportable segments, please refer to "2. Consolidated Financial Statements and Significant Notes (3) Notes to Consolidated Financial Statements (Notes on Segment Information)."

   1. Sugar Business

      The overseas raw sugar market opened at 18.89 cents (per pound) and increased to 19.63 cents due to concerns over dry conditions in Brazil. However, in the middle of April, it declined to the 17-cent range due to increased risk aversion amid fears of a global trade war. By mid-May, concerns over reduced harvests caused by rainfall and lower temperatures in Brazil led to an increase to the 18-cents range. Subsequently, estimations of increased global supply weighed on the market, which hovered in the 16- to 17-cent range, and eventually settled at 15.48 cents by the end of June.

      Meanwhile, the domestic sugar market opened with the Tokyo spot price (as reported in the Nikkei) at 249-251 yen (per kilogram for large bags of refined sugar). Product demand was strong, driven by increased travel during the spring holiday season amid generally favorable weather. In addition, the opening of the Osaka-Kansai Expo in mid-April further boosted inbound tourism, resulting in strong year-on-year sales in the foods service and souvenir sectors. As for profitability, rising raw material and logistics costs led to a decline in profit.

      As a result, while net sales increased to ¥3,472 (up 4.5% year on year), operating profit decline to ¥584 (down4.0 %), resulting in increased revenue but decreased earnings.

   2. Functional Materials

      Domestic sales of the functional food ingredient "Inulin" increased year on year due to strong demand for products with functional claims and health benefits. Overseas sales volume also grew, supported by stable demand from a major customer in Thailand and the addition of new sales channels. Although sales in Southeast Asia were strong, higher costs related to equipment upgrades led to increased revenue but lower profits.

      The consolidated subsidiary Unitec Foods Co., Ltd. recorded higher revenue and earnings, driven by strong sales of its core products-natural additive ingredients such as pectin, gelatin, and collagen-and the expansion of its ODM and blending business.

      As a result, the Functional Materials segment as a whole recorded net sales of ¥3,424 million (up 7.2% year on year) and operating profit of ¥288 million (down 10.2%), achieving an increase in revenue but a decrease in earnings.

   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 segment recorded net sales of ¥156 million (down 4.6% year on year) and operating profit of ¥142 million (down 4.8% year on year), resulting in a decrease in both revenue and earnings.

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2. Overview of Financial Position for the Three-Month Period

   Total assets at the end of the first quarter of the current consolidated fiscal year increased by 0.8% compared to the end of the previous consolidated fiscal year to ¥34,046 million. Changes in financial position during the first quarter of the current consolidated fiscal year were as follows.

   1. Assets

      Current assets decreased by 0.9% compared to the end of the previous consolidated fiscal year to ¥17,544 million, primarily due to decreases in cash and deposits, notes and accounts receivable, and contract assets, despite an increase in inventories.

      Non-current assets increased by 2.7% compared to the end of the previous consolidated fiscal year to ¥16,502 million, primarily due to increases in machinery, equipment and vehicles, and investment securities.

   2. Liabilities

      Current liabilities decreased by 5.5% compared to the end of the previous consolidated fiscal year to ¥5,476 million, primarily due to decreases in short-term borrowings, income taxes payable, and accrued consumption taxes, despite an increase in accounts payable - trade.

      Non-current liabilities increased by 3.8% compared to the end of the previous consolidated fiscal year to ¥4,249 million, primarily due to an increase in deferred tax liabilities.

   3. Net Assets

      Net assets increased by 1.9% compared to the end of the previous consolidated fiscal year to ¥24,321 million, primarily due to valuation difference on available-for-sale securities and retained earnings.

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

The consolidated financial results for the first quarter are generally in line with the consolidated financial forecast disclosed on April 30, 2025. Therefore, we have not revised the consolidated financial 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.

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