Kewpie Corporation TSE:2809

Kewpie : FY2025 Financial Results Briefing Materials (script)

Published February 3, 2026 at 1:34 a.m. UTC

Source: MarketScreener

FY2025

Financial Results Briefing Materials

January 14, 2026 Kewpie Corporation

(Securities code: 2809)

This is Yamamoto.

I will now explain the results for FY2025 and the plan for FY2026.

Today's Message

Building on 3 consecutive years of record-high operating income

to evolve our earning power for the next growth phase

Achieved record-high profit of operating income at ¥34.6 billion

despite cost environment exceeding expectations.

FY2025 • In Japan, we implemented swift price revisions for major categories to strengthen market responsiveness.

results • Overseas, we built supply systems in the Americas and Asia-Pacific for the period through to 2030.

W e achieved double-digit growth in the Americas and Asia-Pacific through demand creation via expanded brand investment.

W e promoted management focused on capital efficiency by acquiring treasury shares, etc.
Highly reliable growth trajectory toward achieving the Medium-Term Business Plan ROE target
Operating incom e is projected at ¥38.0 billion driven by the effects of price revisions and accelerated overseas
FY2026 growth.
outlook • In Japan, we will advance the high value-added enhancem ent of core products and prom ote pricing strategies through labor-saving products.
Overseas, we will accelerate growth, focusing on the Am ericas along with growth in the Asia-Pacific region, to enter a profit expansion phase.
W ith a view towards achieving the ROE target early on, we will continuously im plem ent capital efficiency m easures, and conduct a treasury share acquisition of ¥10.0 billion and an ordinary dividend increase by ¥11 to ¥65.

What I would like to emphasize today is how we are building on three consecutive years of record-high profits to further evolve our earning power for the next phase of growth.

In FY2025, despite an inflationary environment that exceeded our initial assumptions, we achieved record-high profits of ¥34.6 billion, driven by swift price revisions in Japan and steady growth in our overseas businesses.

For FY2026 as well, we anticipate operating income of ¥38.0 billion through the enhance added value of core products and acceleration of overseas growth centered on the Americas in addition to the effects of price revisions.

In addition, with an eye on early achievement of our ROE target, we are also engaged in capital efficiency improvement measures. Following the repurchase of ¥24.0 billion of treasury shares in FY2025, we have set a new ¥10.0 billion repurchase limit for FY2026. We will drive both business strategy and financial strategy in tandem to ensure sustainable enhancement of corporate value.

	Notes regarding the information in this document
	The amounts stated in this document are rounded to the nearest ¥100 million when figures are presented in billions of yen.
FY2025 Financial Results FY2026 Target	The numbers related to Overseas cover the period from October through September of the following year and include exports from Japan. Figures for the Australian subsidiary and exports from Japan are based on the period of December to November of the following year.
FY2026 Outlook Reference Materials	Changes for Overseas in FY2025 include foreign exchange effects (Net sales +¥0.3 billion, operating income +¥0.0 billion). Changes for Overseas in the FY2026 forecast include foreign exchange effects (Net sales +¥1.8 billion, operating income +¥0.2 billion).
© Kewpie Corporation All r ights reserved.	3

I will now explain the results highlights for FY2025.

Achieved operating income of ¥34.6 billion, surpassing last year's figure, driven by rapid price revisions in Japan and overseas growth despite the cost environment exceeding expectations.

Net sales

¥513.4bn

YoY +6%

Operating income

¥34.6bn

YoY +1%

Ordinary income

¥37.4bn

YoY +1%

Profit

¥30.5bn

YoY +42%

ROE

9.7%

YoY change +2.4%

Domestic business

profit margin

6.6%

YoY change -0.7%

Overseas

growth rate

+8%

(YoY in local currency)

ROIC

6.6%

YoY change -0.2%

FY2025 Financial Results Highlights

Gain on sale of factory site

Net sales were ¥513.4 billion, up 6% year on year. Operating profit was ¥34.6 billion, up 1% year on year, reflecting increased sales and improved profitability. Net profit grew significantly to ¥30.5 billion, a 42% increase year on year, driven by contributions from the sale of a former factory site. ROE improved by 2.4 percentage points year on year to 9.7%.

Despite a challenging cost environment, the initial plan was exceeded through prompt price responses in Japan and continued overseas growth.

(¥ bn)

Net sales

¥513.4bn

Operating

income

¥34.6bn

Maintained steady growth overseas, led by strong performance in the • Overseas, income increased due to sales growth exceeding depreciation and Americas and Asia-Pacific markets. advertising expenses aimed at growth.
In Japan, revenue increased due to the effect of price revisions for • In Japan, price revisions and business structural reforms succeeded,

condiments, eggs, and cut vegetables, plus the contribution from increased overcoming headwinds from soaring raw material costs to achieve income growth.

egg volume.

140.0

131.6 130.0

12.0

124.1 123.1

10.9

120.0

10.0

100.0

8.0

7.6

80.0

6.0

60.0

4.0

40.0

20.0

2.0

F Y

p ro fi t m a rg i n

5.9%

4.3%

7.1%

0.0 0.0

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

FY2022 FY2023

FY2024

FY2025

FY2022

FY2023

FY2024

FY2025

FY2025 Financial Results Highlights

.7%

Increase in income (+¥0.3bn)

YoY change +1%

Increase in sales (+¥29.4bn) Percentage change +6%

Sales growth was driven by steady growth centered on the Americas and Asia-Pacific in our overseas businesses, as well as the effects of price revisions and increased egg volumes in Japan.

As for operating profit, in Japan, we overcame the headwinds of soaring raw material costs through price revisions and structural reform.

Overseas, we achieved sales expansion exceeding depreciation and advertising expenses and secured increased profit.

Costs were temporarily front-loaded in the first quarter; however, from the second quarter, the benefits of our price revisions began to emerge, and in the fourth quarter, sales significantly exceeded the previous year.

We will connect these efforts to further profit growth from the next fiscal year and beyond.

Effec t of pr ic e revisions +8.8

Inc reased produc tion +0.3

effic ienc y

Enhanced added value, +1.8

etc.

Overseas and other -1.1

(¥ bn)

The resulting

"earning power"

+¥13.7bn

"Growing headwinds"

to watch

-¥11.9bn

FY2025: ¥34.6bn YoY change: +¥0.3bn

Operating

income

FY2025 Full-Year Performance - Factors Behind the Change in Operating Income

+0.9

Japan

Overseas +3.0

Next is the breakdown of factors behind changes in operating income.

First, we generated a positive contribution of ¥13.7 billion from enhanced earning power. The main breakdown is ¥8.8 billion from the effects of price revisions, ¥3.9 billion from a sales increase centered overseas, and ¥1.8 billion from enhance added value.

On the cost side, earnings were negatively impacted by ¥6.0 billion due to higher egg prices, ¥5.0 billion from rising vegetable market prices and raw material costs, and ¥0.9 billion from increased logistics costs.

We also made strategic investments in future-oriented initiatives, including promotions marking our 100th anniversary and investments in human capital.

These are important milestones that will strengthen our organizational capabilities and enhance brand value over the long term.

	FY20 25 full-ye ar	Yo Y change Y	o Y chang e (% )	1 H	2 H	1 H Yo Y c hang e	2 H Yo Y c hang e
Retail Market	189.8	+3.1	+2%	94.6	95.3	+2.2	+0.9
Food Service	185.6	+15.5	+9%	89.1	96.5	+5.8	+9.7
Overseas	100.3	+8.1	+9%	49.4	50.9	+5.7	+2.4
Fruits Solutions	17.6	+0.6	+3%	8.6	9.0	-0.2	+0.8
Fine Chemicals	11.8	+0.5	+4%	6.2	5.6	+0.4	+0.1
Common Business	8.3	+1.8	+27%	4.0	4.3	+1.1	+0.6
Total	513.4	+29.4	+6%	251.9	261.6	+15.0	+14.4

Retail Market	12.6	-1.7	-12%	5.7	6.8	-2.3	+0.6
Food Service	11.9	-0.1	-1%	4.4	7.4	-2.0	+1.9
Overseas	13.6	+1.1	+9%	7.9	5.7	+1.4	-0.2
Fruits Solutions	0.7	+0.5	+245%	0.3	0.4	+0.1	+0.3
Fine Chemicals	0.7	+0.1	+24%	-0.2	0.9	+0.0	+0.1
Common Business	1.4	+0.0	+0%	0.7	0.7	+0.1	-0.1

FY2025 Full-Year Net Sales and Business Profit by Segment

(¥ bn)

Net sales

FY2025

YoY change

YoY change (%)

¥513.4bn

+¥29.4bn

+6%

Operating income

FY20 25 full-ye ar

Yo Y

c hang e

Yo Y chang e (% ) 1 H

2 H

1 H Yo Y 2 H Yo Y

c hang e c hang e

FY2025

YoY change

YoY change (%)

Profit margin

¥34.6bn

+¥0.3bn

+1%

6.7%

Company-wide

expenses

-6.1

+0.3

- -2.6 -3.5 +0.0 +0.3

Total 34.6 +0.3 +1% 16.2 18.5 -2.7 +3.0

Next, I will discuss the performance of our major segments.

Net sales trends increased across all major segments-Retail Market, Food Service, and Overseas.

Regarding business profit, while the Overseas segment steadily accumulated profits, the Retail Market and Food Service segments were impacted by cost burdens from the beginning of the fiscal year, resulting in full-year profits below the previous year.

However, in both major domestic segments, signs of recovery have become clear recently thanks to the penetration of price revisions and structural reform.

Strong overseas performance offset weaker domestic results, and consolidated operating profit was in line with our plan.

	FY2025	YoY c hange YoY c hange (% )	1H	2H	1H YoY c hange	2H YoY c hange
C ondim ents	77.5	+0.0 +0%	38.5	39.0	-0.2	+0.2
D elicatessen	65.4	+0.0 +0%	32.1	33.2	-0.4	+0.4
Cut ve getable s	30.0	+1.4 +5%	15.3	14.8	+1.8	-0.4
O the r	16.9	+1.6 +11%	8.6	8.3	+1.0	+0.6
T o tal	189.8	+3.1 +2%	94.6	95.3	+2.2	+0.9

(¥ bn)

FY2025 Full-Year Retail Market Segment

Net sales ¥189.8bn YoY change +¥3.1bn (+2%)

Business

profit

¥12.6bn YoY change -¥1.7bn (-12%)

(¥ bn)

Net sales

Retail Market: Increase in sales

& decrease in income

Status in FY2025

FY2022 FY2023 FY2024 FY2025

Price revisions of condiments and cut vegetables
Stimulation of demand through mayonnaise 100th anniversary events
Took on challenge of brand business for delicatessen products

Business profit

FY2025 YoY c hange

YoY c hange

(% )

1H YoY 2H YoY

c hange c hange

C ondim ents

8.5 -1.7 -17% 4.2 4.2 -1.4 -0.3

6.0

6.2

6.8

D elicatessen

2.8 -0.3 -10% 1.3 1.5 -0.6 +0.3

5.5

Cut ve getable s

0.8 -0.1 -9% -0.1 0.9 -0.5 +0.4

7.4

8.1

4.4

5.7

O the r

0.5 +0.4 +245% 0.3 0.2 +0.1 +0.2

FY2022 FY2023

FY2024

FY2025

T o tal

12.6 -1.7 -12% 5.7 6.8 -2.3 +0.6

FY 2026 measures

Strengthen sales promotions for Kewpie Half
Expand containers, functions, and flavors for dressings
Strengthen potato salad to an overwhelming top market position
Establish a robust procurement base for vegetable raw materials

85.7 87.2

94.6

92.4

90.2

87.7

95.3

94.4

The Retail Market segment recorded net sales of ¥189.8 billion, up 2% year on year, and business profit of ¥12.6 billion, down 12% year on year.

In condiments, in addition to soaring raw materials costs, promotion investments for the 100th year mayonnaise anniversary led to a significant decline in profit in the first half. Conversely, the second half showed a clear recovery, driven by strengthening value-added dressings and price revisions implemented in September.

In delicatessen foods and cut vegetables, although the surge in the vegetable market prices at the beginning of the year was a headwind, value addition in delicatessen foods and dynamic pricing in cut vegetables resulted in a shift to increased profit in the second half.

In FY2026, we will accelerate value-added strategies such as strengthening promotions for Kewpie Half and expanding dressing containers and functions.

At the same time, we will aim for sustainable profit growth by establishing a procurement base less susceptible to fluctuations in vegetable market prices.

	FY2025	YoY c hange	YoY c hange (% )	1H	2H	1H YoY c hange	2H YoY c hange
C ondim ents	53.2	+1.2	+2%	26.1	27.1	+0.2	+1.0
Eggs	115.8	+14.1	+14%	55.0	60.7	+5.9	+8.2
O the r	16.7	+0.2	+1%	8.0	8.7	-0.3	+0.5
T o tal	185.6	+15.5	+9%	89.1	96.5	+5.8	+9.7

	FY2025	YoY c hange	YoY c hange (% )	1H	2H	1H YoY c hange	2H YoY c hange
C ondim ents	4.4	+0.7	+18%	1.7	2.6	-0.3	+1.0
Eggs	6.2	-1.4	-18%	2.2	4.0	-1.6	+0.2
O the r	1.2	+0.6	+108%	0.5	0.8	-0.0	+0.7
T o tal	11.9	-0.1	-1%	4.4	7.4	-2.0	+1.9

(¥ bn)

Net sales

Status in FY2025

Expand high-value-added products (Sauces, processed egg products)
Implementation of flexible price revisions
Item differentiation

F Y2022 F Y2023 F Y2024 F Y2025

Business profit

F Y2022 F Y2023 F Y2024 F Y2025

FY 2026 measures

Price revisions for major categories in April
Category assessment and improvement of production and sales efficiency
Concentration and increased production in growth areas

Food Service: Increase in sales & decrease in income

¥11.9bn YoY change -¥0.1bn (-1%)

Business

profit

Net sales ¥185.6bn YoY change +¥15.5bn (+9%)

Food Service Segment

FY2025 Full-Year

1.4

2.7

4.1

4.4

6.4

2.8

7.4

5.6

75.9

89.1

83.3

81.4

86.8

83.9

82.9

96.5

Next is the Food Service segment.

The Food Service segment recorded net sales of ¥185.6 billion, up 9% year on year, and business profit of ¥11.9 billion, slightly below the previous year.

In Food Service, although the challenging environment of persistently high egg prices continued, sales volume remained strong, particularly for processed egg products.

While the impact of costs was significant in the first half, price revisions took effect in the second half, leading to a recovery trend in business profit.

For FY2026, we will aim for further profit improvement by instilling price revisions and advancing production and sales efficiency improvements.

	FY2025	YoY change	YoY c hange (% )	YoY c hange (% ) (in loc al c urrenc y)	1H	2H	1H YoY c hange	2H YoY c hange
C hina	36.9	+0.9	+3%	+4%	17.5	19.4	+1.2	-0.3
A s ia-P ac if ic	29.4	+3.5	+13%	+11%	15.3	14.1	+2.8	+0.7
Am eric as	23.8	+3.0	+14%	+16%	11.5	12.3	+1.4	+1.7
O the r	10.1	+0.6	+7%	+6%	5.1	5.1	+0.3	+0.4
T o tal	100.3	+8.1	+9%	+8%	49.4	50.9	+5.7	+2.4

	FY2025	YoY c hange	YoY c hange (% )	1H	2H	1H YoY c hange	2H YoY c hange
C hina	5.5	+1.1	+25%	3.1	2.3	+0.9	+0.2
A s ia-P ac if ic	3.9	+0.4	+13%	2.3	1.6	+0.6	-0.1
Am eric as	3.2	-0.4	-10%	1.8	1.4	+0.1	-0.4
O the r	1.0	-0.0	-4%	0.6	0.4	-0.1	+0.1
T o tal	13.6	+1.1	+9%	7.9	5.7	+1.4	-0.2

(¥ bn)

*AP: Asia-Pacific

(¥ bn)

Net sales

FY2022 FY2023 FY2024 FY2025

*Foreign exchange effects: Yo Y change in net sales is +¥ 1 .5 bn in 1 H, -¥ 1 .2 bn in 2 H, and +¥ 0 .3 bn annually.

Business profit

FY2022 FY2023 FY2024 FY2025

*Figures for business profit are

after retroactive application. *Foreign exchange effects: YoY change in business profit is +¥0.2bn in 1H,

Continue initiatives to capture the middle-class market in China and the Asia-Pacific region
Expand in all segments, including cooking at home, prepared meals, and dining out, in the Americas
Strengthen trade in Europe and expand into new countries and regions

FY 2026 measures

Status in FY2025

Initiatives to capture the middle-class market in China and the Asia-Pacific region
Establishment of production systems in Americas and Asia-Pacific
Full-scale global branding

Overseas: Increase in sales and income

¥13.6bn YoY change +¥1.1bn (+9%)

Business

profit

Net sales ¥100.3bn YoY change +¥8.1bn (+9%)

Overseas Segment

FY2025 Full-Year

2.8

3.5

6.5

3.6

7.9

6.0

5.9

5.7

34.4

29.8

43.7

49.4

36.4

43.8

50.9

48.5

Next is the Overseas segment.

Net sales were ¥100.3 billion, up 9% year on year. Business profit was ¥13.6 billion, up 9% year on year, reflecting increased sales and improved profitability.

On a local currency basis by region, there was growth in all regions, as China grew 4%, Asia-Pacific grew 11%, and the Americas grew 16%.

This growth was supported by sales expansion driven by our strategy targeting the middle-class market in China and Asia-Pacific, and strengthened exports in the Americas. In addition, the operation of new plants in the USA, Thailand, and Indonesia has significantly strengthened the supply system, which we consider an important achievement.

Currently, leveraging this foundation, we are advancing efforts toward the next growth, including full-scale global branding in terms of demand creation.

In FY2026, in addition to deepening our presence in existing markets, we will further accelerate expansion into new countries and regions, thereby enhancing our global presence.