Supplementary Financial Information of Financial Statements Fiscal 2025

‌Securities Code: 4521

Consolidated Financial Results

for the Fiscal Year Ending March 31, 2026 (Under Japanese GAAP)

May 13, 2026

Table of Contents

Cautionary notes regarding forward-looking statement

・This information contains forward-looking statements on the Kaken group's business.

・They are projections based on information available at the time this information was prepared, and may differ from actual results due to a variety of factors.

• In addition, although this information includes information related to pharmaceutical products (including those under development), these statements are not intended to be advertisement or medical advice.

1. ‌Summary of Consolidated Financial Statements for Fiscal 2025

   	FY2023	FY2024	FY2025	YoY Change (yen)	YoY Change (%)
   Net sales	72,044	94,035	76,871	△ 17,163	△18.3%
   Cost of sales	33,505	35,502	36,879	1,376	3.9%
   Gross profit	38,539	58,532	39,991	△ 18,540	△31.7%
   Gross Profit Margin	53.5%	62.2%	52.0%
   Selling, general and administrative expenses R&D expenses Operating profit	29,025 12,543 9,513	37,497 18,725 21,034	40,891 20,585 △ 899	3,393 1,859 △ 21,934	9.1% 9.9% ー
   Operating Profit Margin	13.2%	22.4%	ー
   Ordinary profit	9,951	21,279	△ 206	△ 21,485	ー
   Ordinary Profit Margin	13.8%	22.6%	ー
   Profit before income taxes	9,796	19,435	2,313	△ 17,122	△88.1%
   Profit	8,025	13,945	2,144	△ 11,800	△84.6%
   Net Profit Margin	11.1%	14.8%	2.8%

   (amounts are rounded down to the nearest million Yen)

   Plan FY2026 89,900	YoY Change (yen)	YoY Change (%)
   	13,028	16.9%
   ー	ー	ー
   ー	ー	ー
   ー
   45,900 23,900	5,008 3,314	12.2% 16.1%
   7,900	8,799	ー
   8.8%
   8,600	8,806	ー
   9.6%
   ー	ー	ー
   6,500	4,355	203.1%
   7.2%

   171.65

   190.00

   110.7%

   (Forecast)

   Per share profit (Yen)	212.67	365.42	56.57
   ROE	5.7%	9.4%	1.4%
   Annual dividends per share (Yen)	150.00	190.00	190.00
   Dividend payout ratio	70.5%	52.0%	335.9%

   *Year-end dividend per share for the fiscal year ending March 31, 2026 is scheduled to be resolved at the 106th Annual General Meeting of Shareholders, which is planned to be held in June 2026.

2. Consolidated Net Sales by Segment

   (amounts are rounded down to the nearest million Yen)

   	FY2023	FY2024	FY2025	YoY Change (yen)	YoY Change (%)
   Pharmaceuticals	69,613	91,553	74,328	△ 17,225	△18.8%
   Pharmaceuticals & medical devices	63,458	85,734	67,844	△ 17,889	△20.9%
   Crop protection	6,066	5,717	6,274	556	9.7%
   Others	88	101	209	107	106.8%
   Real estate	2,430	2,481	2,543	61	2.5%
   Total	72,044	94,035	76,871	△ 17,163	△18.3%

   Plan FY2026	YoY Change (yen)	YoY Change (%)
   87,300	12,971	17.5%
   80,700	12,855	18.9%
   6,400	125	2.0%
   200	△ 9	△4.3%
   2,600	56	2.2%
   89,900	13,028	16.9%

3. Consolidated Overseas Sales

   (amounts are rounded down to the nearest million Yen)

   	FY2023	FY2024	FY2025	YoY Change (yen)	YoY Change (%)
   Pharmaceuticals Aadi	3,318 ー	23,847 ー	10,303 4,348	△ 13,544 ー	△56.8% ー
   Crop protection	3,156	2,761	2,536	△ 225	△8.1%
   Total overseas sales	6,474	26,609	12,840	△ 13,769	△51.7%
   Overseas Sales Ratio	9.0%	28.3%	16.7%

   Plan FY2026 27,800 5,200	YoY Change (yen)	YoY Change (%)
   	17,496 851	169.8% 19.6%
   2,700	363	14.3%
   30,700	17,859	139.1%
   34.1%

   *Nine-months performance for Aadi is consolidated in the FY2025.

   *Aadi's sales are presented after intercompany eliminations.

4. Consolidated Capital Expenditures, Depreciation and Amortization, and Number of Employees

   (amounts are rounded down to the nearest million Yen)

   	FY2023	FY2024	FY2025	YoY Change (yen)	YoY Change (%)
   Capital expenditures	2,304	3,418	3,684	265	7.8%
   Depreciation and amortization	2,596	2,475	3,057	582	23.5%

   Plan FY2026 2,100	YoY Change (yen)	YoY Change (%)
   	△ 1,584	△43.0%
   3,700	642	21.0%

   Number of employees

   1,135

   1,126

   1,114

   △ 12

   △1.1%

5. Summary of Consolidated Balance Sheet

   (amounts are rounded down to the nearest million Yen)

   	As of Mar 31, 2024	As of Mar 31, 2025	As of Mar 31, 2026	YoY Increase (Decrease)
   Total assets	171,623	193,377	178,217	△ 15,159
   Current assets	106,974	111,393	94,051	△ 17,342
   Cash and Cash Equivalents	65,325	70,085	50,705	△ 19,380
   Notes and accounts receivable-trade, etc.	23,744	21,178	19,378	△ 1,799
   Inventories	17,168	19,021	19,117	95
   Non-current assets	64,648	81,984	84,166	2,182
   Property, plant and equipment	25,355	27,629	27,134	△ 495
   Intangible assets	7,462	22,228	24,291	2,063
   (Goodwill)	937	5,459	5,399	△ 60
   (Marketing Rights)	ー	10,467	12,201	1,733
   (In-process research and development)	5,800	5,446	5,495	49
   Investments and other assets	31,831	32,126	32,740	614
   Total liabilities	27,868	40,742	30,597	△ 10,144
   Current liabilities	19,024	30,354	20,803	△ 9,551
   Notes and Accounts Payable, etc.	7,100	8,323	7,566	△ 756
   Short-term Borrowings	3,850	3,850	3,850	0
   Non-current liabilities	8,843	10,388	9,794	△ 593
   Total net assets	143,755	152,635	147,619	△ 5,015
   Common stock	23,853	23,853	23,853	0
   Capital surplus	11,462	12,932	11,406	△ 1,525
   Retained earnings	128,506	135,242	125,625	△ 9,616
   Treasury stock	△ 28,613	△ 28,233	△ 23,776	4,457

   Note: Provisional accounting for the acquisition of Aadi was finalized in FY2025,

   and the allocation of purchase price was retrospectively reflected in the consolidated financial statements for FY2024.

6. Summary of Consolidated Statements of Cash Flows

   (amounts are rounded down to the nearest million Yen)

   	FY2023	FY2024	FY2025	YoY Change (yen)
   Cash flows from operating activities	2,577	29,780	△ 11,079	△ 40,860
   Cash flows from investing activities	△ 5,854	△ 19,650	315	19,965
   Cash flows from financing activities	△ 5,658	△ 5,369	△ 8,841	△ 3,471
   Cash and cash equivalents at end of year	65,325	70,085	50,705	△ 19,380

7. Summary of Non-consolidated Financial Statements for Fiscal 2025

   	FY2023	FY2024	FY2025	YoY Change (yen)	YoY Change (%)
   Net sales	71,955	93,934	72,313	△21,620	△23.0%
   Cost of sales	33,603	35,595	36,489	893	2.5%
   Gross profit	38,352	58,338	35,824	△ 22,513	△38.6%
   Gross Profit Margin	53.3%	62.1%	49.5%
   Selling, general and administrative expenses R&D expenses	28,568 12,427	35,815 18,725	36,519 19,139	703 413	2.0% 2.2%
   Operating profit	9,784	22,522	△ 694	△ 23,217	ー
   Operating Profit Margin	13.6%	24.0%	ー
   Ordinary profit	10,220	22,766	△ 112	△ 22,879	ー
   Ordinary Profit Margin	14.2%	24.2%	ー
   Profit before income taxes	10,065	22,370	2,307	△ 20,062	△89.7%
   Profit	8,483	16,449	1,965	△ 14,484	△88.1%
   Net Profit Margin	11.8%	17.5%	2.7%

   Per share profit (Yen)

   224.79

   431.06

   51.85

8. Non-consolidated Net Sales by Segment

(amounts are rounded down to the nearest million Yen)

(amounts are rounded down to the nearest million Yen)

(amounts are rounded down to the nearest million Yen)

10．Non-consolidated Capital Expenditures, Depreciation and Amortization, and Number of Employees

(amounts are rounded down to the nearest million Yen)

(amounts are rounded down to the nearest million Yen)

‌As of May 13, 2026

*Bold: changes from previous disclosure.

＜In-house discovered and in-licensed projects＞ *The development stage includes the preparatory period for clinical trials.

Note: Kaken will advance KP-723, an oral STAT6 inhibitor, to the completion of PⅠ trials, which had entered into a license agreement with J&J.

Note: Development of Tildacerfont, a treatment for congenital adrenal hyperplasia, has been discontinued.

As of May 13, 2026

＜Other＞ *Bold: changes from previous disclosure.

Note: The medical device "Silk-Elastin Wound Healing Sheet", for which a marketing authorization application had been submitted by the licensor, Sanyo Chemical Industries, Ltd., was approved on April 21, 2025.

Note: The product "Ekterly® Tablet 300mg (sebetralstat)", for which KalVista Pharmaceuticals, Inc., obtained marketing authorization, was launched on March 18, 2026.

As of May 13, 2026

*Bold: changes from previous disclosure.

Note: Efinaconazole (global product name: Jublia), which was out-licensed to Almirall, was launched in Germany in May 2026.

‌Share information

Shareholdings by shareholder type (rounded to the nearest first decimal place)

Major shareholdings

(amounts are rounded down to the nearest thousand shares; ratios are rounded to the nearest first decimal place)

Note: Shareholding ratios are calculated after subtracting the number of treasury stock (6,071,715) from the total number of shares issued.