FY2025 1H (Medium-term) Financial Results Briefing Materials

FY2025 1H (Medium-term)

Financial Results Briefing Materials

July 3, 2025 Kewpie Corporation

Full-scale launch of management that combines

business strategy and financial strategy

Today's Message

Business strategy

• Faced with unexpected environmental factors such as the significantly rising price of chicken eggs and vegetables, and geopolitical risks, we have implemented swift price revisions in Japan to counter the situation while promoting structural reforms to switch to a high-profitability portfolio.

  We have also completed production enhancements amid steady growth overseas. In the

  future, we will increase demand by strengthening promotion.

  • Maintain volume after price revisions of value-added products used in the Food Service (eggs,

    cooking sauces, etc.).

    "Value for price" is valued by markets and contributes to our full-year operating income.

  • Strengthen our supply structure by operating three overseas plants (the US, Thailand and Indonesia).

  • Revise prices for Retail Market condiments. This will help achieve an operating income of 34.5 billion yen during this fiscal year, and also boost growth during the next fiscal year.

    Financial

    strategy

• Improve profitability and governance by making AOHATA Corporation a wholly owned subsidiary.

• Start the plan to improve capital efficiency by acquiring treasury shares worth 24.0 billion yen.

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Notes regarding the information in this document

• The amounts stated in this document are rounded to the nearest 0.1 billion yen when figures are presented in billions of yen.

1. FY2025 1H Financial Results

2. FY2025 Financial Results Outlook

3. Medium-Term Business Plan -Strategy Progress (Future Outlook)

4. Reference Materials

   • The numbers related to Overseas cover the period from October through September of the following year and include exports from Japan. However, the numbers for the Australian subsidiary and exports from Japan are based on the period of December to November of the following year.

   • Changes for Overseas in the first half of FY2025 include foreign exchange effects (Net sales +¥1.5 billion, operating income +¥0.2 billion). Changes for Overseas in the FY2025 full-year forecast include foreign exchange effects (Net sales -¥1.2 billion, operating income -¥0.2 billion).

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FY2025 1H Performance - Financial Results Highlights

Net sales

YoY +6%

Ordinary income

YoY -14%

Overseas growth rate

(YoY in local currency)

Operating income

YoY -14%

Gain on sale of factory site

Profit

YoY +50%

Domestic business income ratio

YoY -2.4%

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FY2025 1H Performance - Financial Results Highlights

Net sales

Operating income

(¥bn)

• Maintained steady growth overseas primarily in the thriving Asia Pacific market.

• Sales increased due to the increase in quantity and effect of price revisions

of eggs and cut vegetables in Japan.

• Increased income by expanding sales overseas, while investing in future investment costs.

• Income decreased due to the impact of factors such as the significantly rising price of raw materials in Japan.

Despite the substantial decline in income in Q1, the effect of price revisions increased

income from Q2, creating an upward trend.

140.0

120.0

131.8

120.0

12.0

10.4

5.8

FY

income ratio

5.9%

4.3%

7.1%

6.4%

(1H)

Q1 Q2 Q3

FY2022

Q4 Q1 Q2 Q3

FY2023

Q4 Q1 Q2 Q3 Q4 Q1 Q2

FY2024

FY2025

10.0

100.0

8.0

80.0

6.0

60.0

40.0

20.0

4.0

2.0

0.0

Q1 Q2 Q3 Q4 FY2022

Q1 Q2 Q3 Q4 FY2023

Q1 Q2 Q3 Q4 FY2024

Q1 Q2 FY2025

0.0

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