Kewpie : Summary of Consolidated Financial Statements for the First Three Months of the Fiscal Year Ending November 30, 2026

Published April 9, 2026 at 6:38 a.m. UTC

Source: MarketScreener

Summary of Consolidated Financial Statementsfor the First Three Months of the Fiscal Year Ending November 30, 2026 [JAPAN GAAP]

Listed company name: Kewpie Corporation Listed exchange: Tokyo Stock Exchange

Securities code: 2809

URL: https://www.kewpie.com/en/

Representative: Mitsuru Takamiya,

April 9, 2026

Representative Director, President and Chief Executive Corporate Officer

Contact: Takumi Tomita,

Corporate Officer in charge of Accounting and Finance Scheduled date for dividend payment: -

Supplementary data: Yes

Results briefing: None

(Amounts are rounded down to the nearest million yen.)

Consolidated business results for the first three months of the fiscal year ending November 30, 2026 (From December 1, 2025 to February 28, 2026)

Consolidated operating results (Cumulative)

(Percentage figures show changes from the same period of the previous year.)

Net sales

Operating

income

Ordinary income

Profit attributable to

owners of parent

Three months ended February 28, 2026 Three months ended

February 28, 2025

Millions of yen

124,704

120,040

3.9

4.7

7,810

5,786

35.0

(29.0)

8,680

6,519

33.1

(26.3)

5,392

12,777

(57.8)

111.6

(Note) Comprehensive income: Three months ended February 28, 2026 ¥12,716 million (Decrease of 20.2%) Three months ended February 28, 2025 ¥15,937 million (Increase of 162.0%)

	Earnings per share	Earnings per share (diluted)
	Yen	Yen
Three months ended February 28, 2026	38.96	-
Three months ended February 28, 2025	91.92	-

Consolidated financial position
Total assets
Net assets
Equity ratio
Millions of yen
Millions of yen
%
As of February 28, 2026
483,161
349,658
67.2
As of November 30, 2025
480,531
347,600
67.4
(Reference) Shareholders' equity: As of February 28, 2026 ¥324,587 million
As of November 30, 2025 ¥324,064 million

Dividends
Annual dividend per share
End of 1st
quarter
End of 2nd
quarter
End of 3rd
quarter
Year-end
Total
Yen
Yen
Yen
Yen
Yen
Fiscal year 2025
-
32.00
-
32.00
64.00
Fiscal year 2026
-
Fiscal year 2026 (Forecast)
32.00
-
33.00
65.00
(Note) Revision to the most recently announced forecast of dividends: None
The annual dividend per share stated as the fiscal year 2025 includes a dividend of ¥10 to commemorate the 100th anniversary of the launch of Kewpie Mayonnaise.

Forecasts of consolidated operating results for the fiscal year ending November 30, 2026 (From December 1, 2025 to November 30, 2026)

(Percentage figures show changes from the previous year.)

Net sales

Operating income

Ordinary income

Profit attributable to owners of parent

Earnings per share

Year ending November 30, 2026

Millions of yen

530,000

3.2

Millions of yen

38,000

9.7

Millions of yen

40,000

7.0

Millions of yen

25,500

(16.4)

Yen

184.95

(Note) Revision to the most recently announced forecast of consolidated operating results: None

* Notes

Significant changes in the scope of consolidation during the three months: None
Application of special accounting treatments for the preparation of quarterly consolidated financial statements: None
Changes in accounting policies and estimates, and restatements
1. Changes in accounting policies due to revision of accounting standards: None
2. Changes in accounting policies due to reasons other than "a)" (above): None
3. Changes in accounting estimates: None
4. Restatements: None
Number of issued shares (common stock)
1. Number of issued shares at the end of the period (including treasury stock): February 28, 2026 141,500,000 shares
  November 30, 2025 141,500,000 shares
2. Number of shares of treasury stock at the end of the period: February 28, 2026 3,675,004 shares
  November 30, 2025 2,326,558 shares
3. Average number of shares during the period (cumulative from the beginning of the fiscal year): December 1, 2025 to February 28, 2026 138,415,975 shares

December 1, 2024 to February 28, 2025 139,001,615 shares

* Review of the Japanese-language originals of the attached quarterly consolidated financial statements by certified public accountants or an audit corporation: None* Statement for an appropriate usage of the forecasts of operating results and other special notes

The forecasts and other forward-looking statements contained in this summary are based on the information currently available to the Company and certain assumptions considered reasonable by the Company. Therefore, they are not guaranteed to be achieved by the Company. As a result, the forecasts of operating results may differ significantly from the actual operating results due to various factors. With respect to the assumptions underlying the forecast of operating results and cautionary notes concerning the use thereof, please refer to "I. Qualitative information on quarterly consolidated financial results, 3. Explanation of forecasts of consolidated operating results and other forward-looking statements" on page 3 of the attached material.

Table of contents

Qualitative information on quarterly consolidated financial results 2
1. Explanation of operating results 2
2. Explanation of financial position 3
3. Explanation of forecasts of consolidated operating results and other forward-looking

statements 3

Quarterly consolidated financial statements and major notes 4
1. Quarterly Consolidated Balance Sheets 4
2. Quarterly Consolidated Statements of Income and Quarterly Consolidated Statements of
  Comprehensive Income 6
  (Quarterly Consolidated Statements of Income) 6
  (Quarterly Consolidated Statements of Comprehensive Income) 7
3. Notes Regarding Quarterly Consolidated Financial Statements 8

(Notes regarding assumption of a going concern) 8

(Notes regarding the significant changes in the amount of shareholders' equity) 8

(Notes regarding quarterly consolidated statements of cash flows) 8

(Notes regarding segment information) 9

l. Qualitative information on quarterly consolidated financial results

Explanation of operating results

The business environment surrounding the Company and its consolidated subsidiaries and affiliates (the "Group") during the first three months of the consolidated fiscal year ending November 30, 2026 ("Current fiscal year") still remained unstable, mainly due to policy trends in each country and further intensifying geopolitical risks, as well as fluctuations in exchange rates and energy prices. Domestically, despite improvement in the income situation, the business environment remained challenging mainly due to persistent saving-consciousness among consumers resulting from prolonged rises in food prices, as well as surging raw material prices. Egg prices remained at a high level mainly due to the continued tight supply-demand environment, although the highly pathogenic avian influenza infections are showing subsiding trend.

Under this environment, in the domestic business, the Group strengthened the development of high value-added products that meet diversifying needs, and the reasonable price revisions, primarily reflecting a hike in raw material prices, are being steadily accepted in the market, leading to improvements in the revenue structure. In the overseas business, the Group has strengthened its foundation by promoting the enhancement of supply capacity and the improvement of production efficiency through the full-scale operation of new plants in the Asia-

Pacific and the Americas.

As a consequence, net sales for the first three months of the Current fiscal year increased due to domestic price revisions and strong sales of egg products, in addition to overseas performance with strong sales in the Asia-Pacific despite the temporary decrease in sales in the Americas. Operating income increased primarily due to higher domestic sales, a shift towards high value-added products and improved efficiency in supply chain management, in spite of lower sales in the Americas and an increase in depreciation for new plants.

Ordinary income increased reflecting an increase in operating income. However, profit attributable to owners of parent decreased due to the absence of extraordinary gains on sales of fixed assets recorded in the same period of the previous year. This temporary decrease was attributable to specific factors.

The consolidated financial results for the first three months of the Current fiscal year were as follows.

(Millions of yen)

	Previous first quarter (From December 1, 2024 to February 28, 2025)	Current first quarter (From December 1, 2025 to February 28, 2026)	Change (amount)	Change (ratio)
Net sales	120,040	124,704	4,664	3.9%
Operating income	5,786	7,810	2,024	35.0%
Ordinary income	6,519	8,680	2,161	33.1%
Profit attributable to owners of parent	12,777	5,392	(7,385)	(57.8)%

Business overview by segment

[Breakdown of net sales] (Millions of yen)

	Previous first quarter (From December 1, 2024 to February 28, 2025)	Current first quarter (From December 1, 2025 to February 28, 2026)	Change (amount)	Change (ratio)
Retail Market	45,032	45,684	652	1.4%
Food Service	42,477	46,140	3,663	8.6%
Overseas	23,955	24,292	337	1.4%
Fruit Solutions	3,739	3,910	171	4.6%
Fine Chemicals	3,081	3,088	7	0.2%
Common Business	1,753	1,588	(165)	(9.4)%
Total	120,040	124,704	4,664	3.9%

[Breakdown of operating income] (Millions of yen)

	Previous first quarter (From December 1, 2024 to February 28, 2025)	Current first quarter (From December 1, 2025 to February 28, 2026)	Change (amount)	Change (ratio)
Retail Market	1,776	3,449	1,673	94.2%
Food Service	1,825	3,076	1,251	68.5%
Overseas	3,827	2,795	(1,032)	(27.0)%
Fruit Solutions	(54)	179	233	-
Fine Chemicals	(570)	(567)	3	-
Common Business	288	187	(101)	(35.1)%
Company-wide expenses	(1,305)	(1,310)	(5)	-
Total	5,786	7,810	2,024	35.0%

Sales increased due to a rise in unit prices for condiments, an increase in the sales volume of dressings, and a shift towards high value-added products in delicatessen foods.
Operating income increased due to the effects of price revisions for condiments and cut vegetables, as well as the stable price of raw material for cut vegetables.
Sales increased due to a rise in unit prices from price revisions for condiments and egg products, and an increase in the sales volume of egg products.
Operating income increased due to the effects of price revisions and growth in high value-added products.
Sales increased amid steady sales performance, particularly in the Asia-Pacific.
Operating income decreased mainly due to reactionary sales decline after temporary demands for export products in the Americas in the previous fiscal year.
Both sales and operating income increased amid strong sales of jams and spreads for home use and fruit processed products for industrial use.
Both sales and operating income increased amid strong mail order sales.
Both sales and operating income decreased mainly due to lower sales of machinery.

Explanation of financial position
- Status of total assets, liabilities and net assets
  - Total assets increased by ¥2,630 million from the end of the previous consolidated fiscal year to ¥483,161 million.
    This was mainly due to an increase in cash and deposits, an increase in raw materials and supplies, an increase in machinery, equipment and vehicles, an increase in investment securities, and a decrease in notes and accounts receivable - trade.
  - Total liabilities increased by ¥573 million from the end of the previous consolidated fiscal year to ¥133,503 million.
    This was mainly due to an increase in long-term loans payable, a decrease in short-term loans payable, a decrease in accrued income taxes, and a decrease in other as current liabilities.
  - Total net assets increased by ¥2,058 million from the end of the previous consolidated fiscal year to
    ¥349,658 million.
    This was mainly due to an increase in unrealized holding gains (losses) on securities, an increase in foreign currency translation adjustments, an increase in non-controlling interests, and increase of treasury stock.
Explanation of forecasts of consolidated operating results and other forward-looking statements

The forecasts for consolidated financial results and dividend published on January 14, 2026 remain unchanged.

II. Quarterly consolidated financial statements and major notes

Quarterly Consolidated Balance Sheets

Previous fiscal year (As of November 30, 2025)

(Millions of yen)

Current first quarter (As of February 28, 2026)

Assets

Current assets
Cash and deposits	65,598	68,038
Notes and accounts receivable - trade	75,115	68,654
Securities	15,000	15,000
Purchased goods and products	25,282	26,209
Work in process	2,016	1,745
Raw materials and supplies	14,964	17,111
Other	6,123	7,050
Allowances for doubtful accounts	(735)	(727)
Total current assets	203,365	203,081
Fixed assets
Tangible fixed assets
Buildings and structures	170,414	172,596
Accumulated depreciation	(104,155)	(105,958)
Net book value	66,259	66,637
Machinery, equipment and vehicles	161,197	165,191
Accumulated depreciation	(120,417)	(122,886)
Net book value	40,779	42,304
Land	29,001	29,097
Construction in progress	5,400	3,811
Other	21,235	21,453
Accumulated depreciation	(14,721)	(14,814)
Net book value	6,513	6,638
Total tangible fixed assets	147,954	148,489
Intangible fixed assets
Goodwill	73	71
Other	17,598	17,240
Total intangible fixed assets	17,672	17,312
Investments and other assets
Investment securities	55,571	58,638
Assets for retirement benefits	46,434	46,639
Other	9,620	9,088
Allowances for doubtful accounts	(88)	(87)
Total investments and other assets	111,538	114,278
Total fixed assets	277,166	280,080
Total assets	480,531	483,161

Previous fiscal year (As of November 30, 2025)

(Millions of yen)

Current first quarter (As of February 28, 2026)

Liabilities

Current liabilities

Accounts payable - trade	44,660	41,486
Short-term loans payable	7,202	2,038
Current portion of bonds	10,000	-
Accrued income taxes	8,247	2,835
Reserves	2,062	3,494
Other	32,806	29,540
Total current liabilities	104,979	79,395
Non-current liabilities
Bonds	-	10,000
Long-term loans payable	-	15,000
Liabilities for retirement benefits	1,891	2,030
Asset retirement obligations	167	167
Other	25,891	26,910
Total non-current liabilities	27,950	54,108
Total liabilities	132,930	133,503
Net assets
Shareholders' equity
Paid-in capital	24,104	24,104
Capital surplus	20,935	20,956
Earned surplus	245,952	246,891
Treasury stock	(7,912)	(13,710)
Total shareholders' equity	283,079	278,240
Accumulated other comprehensive income
Unrealized holding gains (losses) on securities	15,175	17,219
Unrealized gains (losses) on hedges	61	(32)
Foreign currency translation adjustments	7,744	11,550
Accumulated adjustments for retirement benefits	18,003	17,608
Total accumulated other comprehensive income	40,984	46,346
Non-controlling interests	23,536	25,071
Total net assets	347,600	349,658
Total liabilities and net assets	480,531	483,161

Quarterly Consolidated Statements of Income and Quarterly Consolidated Statements of Comprehensive Income

(Quarterly Consolidated Statements of Income)

(Millions of yen)

	Previous first quarter	Current first quarter
	(From December 1, 2024	(From December 1, 2025
	to February 28, 2025)	to February 28, 2026)
Net sales	120,040	124,704
Cost of sales	85,955	87,825
Gross profit	34,084	36,879
Selling, general and administrative expenses	28,297	29,069
Operating income	5,786	7,810
Non-operating income
Interest income	159	180
Dividends income	267	309
Equity in earnings of affiliates	363	447
Other	310	137
Total non-operating income	1,101	1,075
Non-operating expenses
Interest expenses	65	77
Commission expenses	155	63
Other	147	63
Total non-operating expenses	367	204
Ordinary income	6,519	8,680
Extraordinary gains
Gains on sales of investment securities	4	220
Gains on sales of fixed assets	12,016	7
Other	344	-
Total extraordinary gains	12,365	228
Extraordinary losses
Losses on disposal of fixed assets	81	81
Losses on termination of retirement benefit plans	90	76
Other	8	23
Total extraordinary losses	180	181
Profit before income taxes	18,705	8,728
Income taxes	5,570	2,598
Profit	13,134	6,130
Profit attributable to non-controlling interests	357	738
Profit attributable to owners of parent	12,777	5,392

(Quarterly Consolidated Statements of Comprehensive Income)
		(Millions of yen)
	Previous first quarter (From December 1, 2024 to February 28, 2025)	Current first quarter (From December 1, 2025 to February 28, 2026)
Profit	13,134	6,130
Other comprehensive income
Unrealized holding gains (losses) on securities	(1,198)	1,952
Unrealized gains (losses) on hedges	(16)	(93)
Foreign currency translation adjustments	4,222	4,978
Adjustments for retirement benefits	(252)	(387)
Share of other comprehensive income of entities accounted for 47 136 using equity method
Total other comprehensive income	2,803	6,585
Comprehensive income	15,937	12,716
(Breakdown)
Comprehensive income attributable to owners of parent	14,831	10,753
Comprehensive income attributable to non-controlling interests	1,106	1,962

Notes Regarding Quarterly Consolidated Financial Statements (Notes regarding assumption of a going concern)

Not applicable.

(Notes regarding the significant changes in the amount of shareholders' equity)

Pursuant to the resolution at the meeting of the Board of Directors held on July 3, 2025, the Company purchased 1,345,900 shares of its own common stock during the first three months of the Current fiscal year. As a result, treasury stock increased by ¥5,786 million to ¥13,710 million as of February 28, 2026.

(Notes regarding quarterly consolidated statements of cash flows)

The quarterly consolidated statements of cash flows for the first three months of the Current fiscal year has not been prepared. Depreciation and amortization (including amortization related to intangible fixed assets except for goodwill) and amortization of goodwill for the first three months of the Current fiscal year and the same period of the previous fiscal year are as follows:

Previous first quarter (From December 1, 2024

to February 28, 2025)

(Millions of yen)

Current first quarter (From December 1, 2025

to February 28, 2026)

Depreciation and amortization 4,472 4,726

Amortization of goodwill 0 2

(Notes regarding segment information) [Segment information]

Previous first quarter (From December 1, 2024 to February 28, 2025)

Information on amounts of net sales and profit or loss by reporting segment and information on disaggregation of revenue

(Millions of yen)

	Retail Market	Food Service	Overseas	Fruit Solutions	Fine Chemicals	Common Business	Total	Adjustments (Note 1)	Amount reported on the quarterly consolidated statements of income (Note 2)
Net sales
Revenue from contracts with customers	45,032	42,477	23,955	3,739	3,081	1,753	120,040	-	120,040
Other revenue	-	-	-	-	-	-	-	-	-
Net sales to outside customers	45,032	42,477	23,955	3,739	3,081	1,753	120,040	-	120,040
Intersegment net sales or transfers	205	991	-	99	113	3,172	4,583	(4,583)	-
Total	45,238	43,469	23,955	3,839	3,194	4,926	124,623	(4,583)	120,040
Segment profit or loss	1,776	1,825	3,827	(54)	(570)	288	7,092	(1,305)	5,786

(Notes) 1. "Adjustments" of ¥(1,305) million in "Segment profit or loss" includes company-wide expenses unallocated to the respective reporting segments. The company-wide expenses mainly consist of expenditures pertaining to general and administrative expenses not attributable to particular reporting segment.

"Segment profit or loss" is adjusted to report "Operating income" in the quarterly consolidated statements of income.
2. Information on impairment losses of fixed assets or goodwill, etc. by reporting segment (Significant impairment losses of fixed assets)
Not applicable.
(Significant changes in amount of goodwill) Not applicable.
(Significant gains on negative goodwill) Not applicable.

Current first quarter (From December 1, 2025 to February 28, 2026)

Information on amounts of net sales and profit or loss by reporting segment and information on disaggregation of revenue

(Millions of yen)

	Retail Market	Food Service	Overseas	Fruit Solutions	Fine Chemicals	Common Business	Total	Adjustments (Note 1)	Amount reported on the quarterly consolidated statements of income (Note 2)
Net sales
Revenue from contracts with customers	45,684	46,140	24,292	3,910	3,088	1,588	124,704	-	124,704
Other revenue	-	-	-	-	-	-	-	-	-
Net sales to outside customers	45,684	46,140	24,292	3,910	3,088	1,588	124,704	-	124,704
Intersegment net sales or transfers	194	1,061	-	50	141	3,572	5,020	(5,020)	-
Total	45,878	47,202	24,292	3,960	3,230	5,161	129,725	(5,020)	124,704
Segment profit or loss	3,449	3,076	2,795	179	(567)	187	9,120	(1,310)	7,810

(Notes) 1. "Adjustments" of ¥(1,310) million in "Segment profit or loss" includes company-wide expenses unallocated to the respective reporting segments. The company-wide expenses mainly consist of expenditures pertaining to general and administrative expenses not attributable to particular reporting segment.

"Segment profit or loss" is adjusted to report "Operating income" in the quarterly consolidated statements of income.

2. Information on impairment losses of fixed assets or goodwill, etc. by reporting segment (Significant impairment losses of fixed assets)

Not applicable.

(Significant changes in amount of goodwill) Not applicable.

(Significant gains on negative goodwill) Not applicable.

	Total assets	Net assets	Equity ratio
	Millions of yen	Millions of yen	%
As of February 28, 2026	483,161	349,658	67.2
As of November 30, 2025	480,531	347,600	67.4

	Annual dividend per share
	End of 1st quarter	End of 2nd quarter	End of 3rd quarter	Year-end	Total
	Yen	Yen	Yen	Yen	Yen
Fiscal year 2025	-	32.00	-	32.00	64.00
Fiscal year 2026	-
Fiscal year 2026 (Forecast)		32.00	-	33.00	65.00