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

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FY2025 1H (Medium-term)

Financial Results Briefing Materials

July 3, 2025 Kewpie Corporation

This is Yamamoto.

I will now present our interim results for FY2025 and our full-year forecast.



Today's Message

Full-scale launch of management that combines business strategy and financial 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

    Business future, we will increase demand by strengthening promotion.

    strategy 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.

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

Financial subsidiary.

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

© Kewpie Corporation All rights reserved. 2

To begin, I would like to share that our approach of management that combines business strategy and financial strategy is now fully in motion.

During the interim period, we faced rising costs for raw materials such as eggs and vegetables; however, we made steady progress in Japan through swift price revisions and structural reforms. Overseas operations continued to grow steadily and delivered strong performance overall.

In egg products and cooking sauces for food service use, our emphasis on value for money was recognized by the market, supporting stable sales and contributing to profits.

Abroad, three new manufacturing factories have come online, significantly enhancing our supply capacity. We intend to further stimulate demand by reinforcing promotional activities.

We will pursue our operating income target of 34.5 billion yen for this fiscal year through continued pricing initiatives, including a planned revision for retail market condiments in September, while establishing a strong foundation for further growth in the following fiscal year.

On the financial side, we will further enhance profitability and governance by making AOHARA Corporation a wholly-owned subsidiary. Furthermore, we will focus on improving capital efficiency by acquiring treasury shares of 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.

  • 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).

© Kewpie Corporation All rights reserved.

  1. FY2025 1H Financial Results

  2. FY2025 Financial Results Outlook

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

  4. Reference Materials



I will now explain the results for the first half of FY2025.

Started to counter headwinds from the significantly rising price of vegetables and chicken eggs in Japan by swiftly revising prices. Maintained steady growth overseas. Net sales

FY2025 1H Performance - Financial Results Highlights



¥251.9bn

YoY +6%

Ordinary income ¥17.4bn

YoY -14%

Overseas growth rate +9%

(YoY in local currency)

Operating income ¥16.2bn

YoY -14%

Gain on sale of factory site

Profit ¥18.8bn

YoY +50%

Domestic business income ratio

5.4%

YoY -2.4%

© Kewpie Corporation All rights reserved.

© Kewpie Corporation All rights reserved. 4

Net sales reached 251.9 billion yen, reflecting an increase from the previous year and representing overall sales growth.

Operating income totaled 16.2 billion yen, impacted by higher raw material costs and other factors. However, we are seeing early signs of recovery as the effects of our price revisions begin to take hold in the market.

In addition, a gain on the sale of a former factory site contributed to a significant increase in profit to 18.8 billion yen.

Our overseas business posted year-on-year growth of 9%, continuing its strong performance. In Japan, the profit margin remained stable at 5.4%, and we expect further improvement as upcoming initiatives take effect.

(¥bn)

Net sales

¥251.9bn

Operating income

¥16.2bn

  • 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.

12.0

140.0

131.8

120.0

10.4

120.0

10.0

100.0

8.0

80.0

6.0

5.8

60.0

4.0

40.0

2.0

20.0

FY

income ratio

5.9%

4.3%

7.1%

6.4%

(1H)

0.0

0.0

Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2

Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2

FY2022

FY2023

FY2024 FY2025

FY2022

FY2023

FY2024 FY2025

© Kewpie Corporation All rights reserved.

5

FY2025 1H Performance - Financial Results Highlights

Decrease in income (-¥2.7bn) Percentage change -14%

Increase in sales (+¥15.0bn) Percentage change +6%



Sales growth in the first half was driven by strong overseas performance, especially in the Asia Pacific region, along with higher volumes of eggs and cut vegetables in the Japanese market, and the favorable impact of price revisions.

As for operating income, while we continued to invest for the future overseas, we steadily accumulated profits through expanded sales.

In Japan, costs were temporarily front-loaded in the first quarter; however, from the second quarter, the benefits of our price revisions began to emerge, and market conditions recovered to levels close to the previous year.

We expect these efforts to continue steadily bearing fruit, contributing to further growth in the second half of the fiscal year and beyond.