Kewpie : Summary of Consolidated Financial Statements for the Fiscal Year Ended November 30, 2025

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

Securities code: 2809

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

Representative: Mitsuru Takamiya,

January 14, 2026

Representative Director, President and Chief Executive Corporate Officer

Contact: Takumi Tomita,

Corporate Officer in charge of Accounting and Finance Scheduled date for ordinary general meeting of shareholders: February 26, 2026 Scheduled date for dividend payment: February 6, 2026

Scheduled date for filing annual securities report: February 24, 2026 Supplementary data: Yes

Results briefing: Yes (for corporate investors and investment analysts)

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

1. Consolidated business results for the fiscal year ended November 30, 2025 (From December 1, 2024 to November 30, 2025)

   1. Consolidated operating results

      (Percentage figures show changes from the previous year.)

      	Net sales		Operating	income	Ordinary income		Profit attributable to owners of parent
      	Millions of yen	%	Millions of yen	%	Millions of yen	%	Millions of yen	%
      Fiscal year 2025 Fiscal year 2024	513,417 483,985	6.1 6.4	34,628 34,329	0.9 74.3	37,389 36,874	1.4 80.0	30,506 21,419	42.4 62.6

      (Note) Comprehensive income: Fiscal year 2025 ¥43,819 million (Increase of 41.7%)

      Fiscal year 2024 ¥30,933 million (Increase of 28.9%)

      	Earnings per share	Earnings per share (diluted)	Return on equity	Ordinary income to total assets	Operating income to net sales
      Fiscal year 2025 Fiscal year 2024	Yen 220.63 154.10	Yen - -	% 9.7 7.3	% 7.9 8.3	% 6.7 7.1

      (Reference) Equity in earnings or losses of affiliates: Fiscal year 2025 ¥1,632 million

      Fiscal year 2024 ¥1,371 million

   2. Consolidated financial position

      	Total assets	Net assets	Equity ratio	Net assets per share
      	Millions of yen 480,531 462,372	Millions of yen 347,600 331,638	%	Yen
      As of November 30, 2025			67.4	2,328.49
      As of November 30, 2024			65.4	2,174.74

      (Reference) Shareholders' equity: As of November 30, 2025 ¥324,064 million

      As of November 30, 2024 ¥302,292 million

   3. Consolidated cash flows

      	Net cash provided by (used in) operating activities	Net cash provided by (used in) investing activities	Net cash provided by (used in) financing activities	Cash and cash equivalents at the end of the fiscal year
      Fiscal year 2025 Fiscal year 2024	Millions of yen 31,802 63,126	Millions of yen (16,905) (23,893)	Millions of yen (30,102) (21,126)	Millions of yen 65,849 80,512

2. Dividends

   	Annual dividend per share					Total amount of dividends	Dividend payout ratio (Consolidated)	Dividend on equity ratio (Consolidated)
   	End of 1st quarter	End of 2nd quarter	End of 3rd quarter	Year-end	Total
   Fiscal year 2024 Fiscal year 2025	Yen - -	Yen 23.00 32.00	Yen - -	Yen 31.00 32.00	Yen 54.00 64.00	Millions of yen 7,506 8,901	% 35.0 29.0	% 2.6 2.8
   Fiscal year 2026 (Forecast)	-	32.00	-	33.00	65.00		35.1

   (Note) The amount of year-end dividend for fiscal year 2025 is a forecast and it will be determined at the meeting of the Board of Directors to be held on January 21, 2026.

   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.

3. 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

   * Notes

   1. Significant changes in the scope of consolidation during the period: None

   2. Changes in accounting policies and estimates, and restatements

      1. Changes in accounting policies due to revision of accounting standards: Yes

      2. Changes in accounting policies due to reasons other than "a)" (above): None

      3. Changes in accounting estimates: None

      4. Restatements: None

   3. Number of issued shares (common stock)

      1. Number of issued shares at the end of the period (including treasury stock): November 30, 2025 141,500,000 shares

         November 30, 2024 141,500,000 shares

      2. Number of shares of treasury stock at the end of the period: November 30, 2025 2,326,558 shares

         November 30, 2024 2,498,321 shares

      3. Average number of shares during the period:

December 1, 2024 to November 30, 2025 138,266,241 shares

December 1, 2023 to November 30, 2024 139,002,362 shares

1. Non-consolidated operating results

   (Percentage figures show changes from the previous year.)

   	Net sales		Operating	income	Ordinary income		Profit
   	Millions of yen	%	Millions of yen	%	Millions of yen	%	Millions of yen	%
   Fiscal year 2025 Fiscal year 2024	211,682 205,599	3.0 6.6	8,237 9,166	(10.1) 200.5	21,409 18,330	16.8 93.0	25,244 13,380	88.7 36.9

   	Earnings per share	Earnings per share (diluted)
   Fiscal year 2025 Fiscal year 2024	Yen 182.58 96.26	Yen - -

2. Non-consolidated financial position

(Reference) Shareholders' equity: As of November 30, 2025 ¥191,529 million

As of November 30, 2024 ¥171,445 million

(Caution regarding forward-looking statements, etc.)

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. Overview of operating results and others, 1. Overview of operating results for the fiscal year under review, (ii) Future outlook" on page 3 of the attached material.

Table of contents

1. Overview of operating results and others 2

   1. Overview of operating results for the fiscal year under review 2

   2. Overview of financial position for the fiscal year under review 5

   3. Basic policy on earnings distributions, and dividends for the recent and next fiscal years 6

1. Basic policy regarding selection of accounting standards 6
2. Consolidated financial statements and major notes 7

   1. Consolidated Balance Sheets 7

   2. Consolidated Statements of Income and Consolidated Statements of Comprehensive Income 9

      (Consolidated Statements of Income) 9

      (Consolidated Statements of Comprehensive Income) 10

   3. Consolidated Statements of Changes in Net Assets 11

   4. Consolidated Statements of Cash Flows 13

   5. Notes Regarding Consolidated Financial Statements 15

      (Notes regarding assumption of a going concern) 15

      (Changes in accounting policies) 15

      (Business combinations) 15

      (Notes regarding segment information) 17

      (Per share information) 22

      (Significant subsequent events) 22

3. Other 24

Changes in Corporate Auditors (effective as of February 26, 2026) 24

1. Overview of operating results for the fiscal year under review

   1. Operating results for the fiscal year under review

      The business environment surrounding the Company and its consolidated subsidiaries and affiliates (the "Group") during the consolidated fiscal year ended November 30, 2025 ("Current fiscal year") remained unstable, mainly due to uncertainties regarding the policies of each country, geopolitical risks, and fluctuations in exchange rates. Domestically, despite improvement in the income situation and recovery of inbound consumption, the business environment remained challenging mainly due to increasing budget-mindedness among consumers due to a rise in food prices, as well as surging raw material prices. In particular, egg prices remained at a high level due to supply decreases caused by the highly pathogenic avian influenza and extreme heat, as well as rising production costs. Additionally, fluctuations in vegetable prices due to unseasonable weather also affected the revenue for this period.

      Under this business environment, in the overseas business, the Group promoted 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. Additionally, the Group focused on expanding local demand through initiatives to promote the Kewpie brand recognition and proposal-based promotions in tune with local cuisine. Domestically, the Group strengthened the development of high value-added products that meet diversifying needs, and implemented reasonable price revisions reflecting a hike in raw material prices. Additionally, the Group has promoted production automation by introduction of robots, and dealt with improving profitability and productivity. Furthermore, the Group has systematically implemented investments into human capital, sustainability and new domains in order to build a foundation for medium- to long-term

      growth.

      As a consequence, net sales for the Current fiscal year increased due to continuous growth in overseas business, in addition to a recovery in sales of egg products, and higher demand and unit prices for cut vegetables in the domestic market. Operating income increased primarily due to an increase in overseas sales and penetration of domestic price revisions, despite the impact of prolonged price hikes for primary raw materials and rising logistics costs. Profit attributable to owners of parent increased reflecting an increase in operating income, as well as extraordinary gains on sale of former factory site.

      The consolidated financial results for the Current fiscal year were as follows.

      (Millions of yen)

      	Previous fiscal year (From December 1, 2023 to November 30, 2024)	Current fiscal year (From December 1, 2024 to November 30, 2025)	Change (amount)	Change (ratio)
      Net sales	483,985	513,417	29,432	6.1%
      Operating income	34,329	34,628	299	0.9%
      Ordinary income	36,874	37,389	515	1.4%
      Profit attributable to owners of parent	21,419	30,506	9,087	42.4%

      • Business overview by segment

        [Breakdown of net sales] (Millions of yen)

        	Previous fiscal year (From December 1, 2023 to November 30, 2024)	Current fiscal year (From December 1, 2024 to November 30, 2025)	Change (amount)	Change (ratio)
        Retail Market	186,747	189,823	3,076	1.6%
        Food Service	170,086	185,584	15,498	9.1%
        Overseas	92,199	100,262	8,063	8.7%
        Fruit Solutions	17,001	17,575	574	3.4%
        Fine Chemicals	11,382	11,836	454	4.0%
        Common Business	6,568	8,334	1,766	26.9%
        Total	483,985	513,417	29,432	6.1%

        [Breakdown of operating income] (Millions of yen)

        	Previous fiscal year (From December 1, 2023 to November 30, 2024)	Current fiscal year (From December 1, 2024 to November 30, 2025)	Change (amount)	Change (ratio)
        Retail Market	14,277	12,577	(1,700)	(11.9)%
        Food Service	11,951	11,857	(94)	(0.8)%
        Overseas	12,467	13,586	1,119	9.0%
        Fruit Solutions	197	680	483	245.2%
        Fine Chemicals	572	712	140	24.5%
        Common Business	1,352	1,358	6	0.4%
        Company-wide expenses	(6,489)	(6,145)	344	-
        Total	34,329	34,628	299	0.9%

        • Sales increased due to a rise in unit prices for condiments and cut vegetables.

        • Operating income decreased due to high raw material prices, primarily resulting from surging egg and vegetable prices.

        • Sales increased due to a rise in unit prices from price revisions and an increase in the sales volume of egg products.

        • Operating income decreased due to the impact of surging egg prices and high raw material prices, despite the effects of price revisions.

          • Sales increased amid steady sales performance in the Americas and the Asia-Pacific.

          • Operating income increased due to an increase in gross profit driven by higher net sales, mainly in the Asia-Pacific, and efforts to enhance production and sales efficiency in China.

          • Both sales and operating income increased amid strong sales of jams and spreads for home use and fruit processed foods for industrial use.

        • Both sales and operating income increased amid strong mail order sales, despite a decrease in the sales volume of ingredients for pharmaceuticals.

      • Both sales and operating income increased due to higher sales of machinery for external customers and raw materials.

   2. Future outlook

      (Millions of yen)

      	Fiscal year ended November 30, 2025	Forecast for fiscal year ending November 30, 2026	Change (amount)	Change (ratio)
      Net sales	513,417	530,000	16,583	3.2%
      Operating income	34,628	38,000	3,372	9.7%
      Ordinary income	37,389	40,000	2,611	7.0%
      Profit attributable to owners of parent	30,506	25,500	(5,006)	(16.4)%

      As a corporate group in the food sector which forms an essential part of human life, the Group aims to contribute to the food culture and health of the world through "great taste, empathy, and uniqueness" and has established "Kewpie Group 2030 Vision" as its long-term vision.

      In the Medium-term Business Plan covering the four-year period starting from the fiscal year ended November 30, 2025, under the theme of "—Change & Challenge— Improving management efficiency in mature markets and accelerating investment in growth areas", the Group will promote "contributions to food culture and health", "consideration for the environment", and "the enhancement of human capital value", along with "structural reform of domestic business" and "acceleration of global expansion", thereby creating both social and economic value and contributing to customers around the world.

      While the uncertain external environment will continue, the Group positions the fiscal year ending November 30, 2026 as an important year for further accelerating measures for growth. In overseas business, to effectively translate investments in new plants completed in FY2025 into tangible results, the Group will proactively create demand by strengthening brand promotion. Domestically, the Group will implement reasonable price revisions, promote automation and digitalization and carry out fundamental business

      structure reforms involving reorganization. In addition, the Group will further enhance the Group's overall "earning power" by expanding value-added products that contribute to solving social issues such as labor shortages, taking on challenges in new domains, and improving productivity through the increase of human capital.

      For details of the forecasts of consolidated operating results for the fiscal year ending November 30, 2026, please refer to the "Supplementary Data for the Fiscal Year Ended November 30, 2025".

2. Overview of financial position for the fiscal year under review

   1. Status of financial position

      • Status of total assets, liabilities and net assets

        • Total assets increased by ¥18,159 million year on year to ¥480,531 million.

          This was mainly due to a ¥3,333 million increase in notes and accounts receivable - trade, a ¥5,000 million increase in securities, a ¥4,393 million increase in investment securities, a ¥11,850 million increase in assets for retirement benefits, a ¥3,549 million increase in long-term time deposits included in other under investments and other assets, and a ¥12,541 million decrease in cash and deposits.

        • Total liabilities increased by ¥2,196 million year on year to ¥132,930 million.

          This was mainly due to a ¥2,822 million increase in accrued income taxes, a ¥4,551 million increase in deferred tax liabilities, a ¥1,527 million decrease in accounts payable - other included in other under current liabilities, a ¥1,559 million decrease in consumption taxes payable, a ¥1,208 million decrease in advances received, and a ¥434 million decrease in contract liabilities.

        • Total net assets increased by ¥15,962 million year on year to ¥347,600 million.

          This was mainly due to a ¥21,743 million increase in earned surplus and a ¥7,477 million decrease in capital surplus.

   2. Status of cash flows

      (Millions of yen)

      	Previous fiscal year (From December 1, 2023 to November 30, 2024)	Current fiscal year (From December 1, 2024 to November 30, 2025)	Change
      Cash flows from operating activities	63,126	31,802	(31,324)
      Cash flows from investing activities	(23,893)	(16,905)	6,988
      Cash flows from financing activities	(21,126)	(30,102)	(8,976)
      Effects of exchange rate changes on cash and cash equivalents	(27)	541	569
      Increase (decrease) in cash and cash equivalents	18,079	(14,663)	(32,742)
      Cash and cash equivalents at the beginning of the fiscal year	62,433	80,512	18,079
      Cash and cash equivalents at the end of the fiscal year	80,512	65,849	(14,663)

      • Cash and cash equivalents at the end of the Current fiscal year amounted to ¥65,849 million, which represents a decrease of ¥14,663 million from the end of the previous fiscal year.

      Status of cash flows is as follows:

      Net cash provided by operating activities came to ¥31,802 million for the Current fiscal year, compared with ¥63,126 million provided in the previous fiscal year. This was the result of profit before income taxes of ¥47,517 million, depreciation and amortization of ¥18,291 million, gains on sales and disposal of fixed assets of ¥11,362 million, and income taxes paid of ¥10,548 million.

      Net cash used in investing activities amounted to ¥16,905 million for the Current fiscal year, compared with ¥23,893 million used in the previous fiscal year. This was the result of purchases of tangible fixed assets of ¥15,594 million, proceeds from sales of tangible fixed assets of ¥11,217 million, and payments into time deposits of ¥19,386 million.

      Net cash used in financing activities amounted to ¥30,102 million for the Current fiscal year, compared with ¥21,126 million used in the previous fiscal year. This was the result of cash dividends paid of ¥8,757 million, cash dividends paid to non-controlling interests of ¥3,420 million, and purchase of treasury stock of ¥16,288 million.

      Movements in the principal cash flow-related indicators of the Group, on a consolidated basis, are as follows.

      	Fiscal year 2021	Fiscal year 2022	Fiscal year 2023	Fiscal year 2024	Fiscal year 2025
      Equity ratio (%)	64.5	66.4	66.2	65.4	67.4
      Equity ratio based on market value (%)	84.2	84.3	84.2	103.4	127.6
      Interest-bearing debt to cash flows ratio (years)	1.1	1.2	1.4	0.4	0.7
      Interest coverage ratio (times)	159.0	110.6	61.1	202.5	113.0

      (Notes) Equity ratio = Shareholders' equity / Total assets

      Equity ratio based on market value = Total market value of the stock / Total assets Interest-bearing debt to cash flows ratio = Interest-bearing debt / Cash flows Interest coverage ratio = Cash flows / Interest paid

      • Each index is calculated based on consolidated financial figures.

      • Total market value of the stock is calculated by multiplying the final market price by the number of issued shares at the end of fiscal year (excluding treasury stock).

      • Interest-bearing debt includes all consolidated balance sheet-reported liabilities on which interest is paid.

      • Cash flows and Interest paid are the same figures as found under "Net cash provided by (used in) operating activities" and "Interest paid" reported in the Consolidated Statements of Cash Flows, respectively.

3. Basic policy on earnings distributions, and dividends for the recent and next fiscal years

The Company recognizes the sustainable increase of corporate value and the appropriate return of profit to its shareholders as two of its top priority management issues. Under the Medium-term Business Plan for the fiscal year 2025 ("FY2025") to the fiscal year 2028 ("FY2028"), the Company will focus on management driven by "business strategy" and "financial strategy", as well as management that is conscious of capital costs, and by shifting the "financial strategy" to a policy that emphasizes greater efficiency, the Company aims to achieve both improved capital efficiency and financial soundness.

Allocation of funds is based on investment for medium- to long-term growth and appropriate return of profit to shareholders. The Company will execute the investment framework totaling ¥100,000 million as planned, which has been set in the Medium-term Business Plan, and promote the acceleration of growth in overseas business, the enhancement of efficiency of domestic business, digital transformation, and investment in new domains. The Company's policy is to also consider investments that contribute to future growth, such as M&A and alliances, and utilize funds for growth without excessively accumulating cash.

In determining dividends under the Medium-term Business Plan through FY2028, the Company sets a minimum annual dividend per share target of ¥54, and while incrementally raising this amount, aims for an accumulated total return ratio over these four fiscal years of 50% or more. The Company intends to purchase treasury shares flexibly, giving consideration to stock price trends and financial conditions.

The Articles of Incorporation of the Company stipulate that the Company can distribute dividends from surplus twice a year, comprising interim and year-end dividends by the resolutions of the Board of Directors pursuant to the provisions of Article 459, Paragraph 1 and Article 454, Paragraph 5 of the Companies Act.

Based on the above, for FY2025, the Company expects to distribute an annual dividend of ¥64 per share, comprising an interim dividend of ¥32 (including a dividend of ¥5 to commemorate the 100th anniversary of the launch of Kewpie Mayonnaise) and a year-end dividend of ¥32 (including a dividend of ¥5 to commemorate the aforementioned anniversary). For the fiscal year ending November 30, 2026, the Company expects to distribute an annual dividend of ¥65 per share, consisting of an interim dividend of ¥32 and a year-end dividend of ¥33.

The Company is a company to which consolidated dividend regulations apply, meaning that it calculates the distributable amount for dividends on a consolidated basis (if the amount calculated on a consolidated basis is smaller than the amount calculated on a non-consolidated basis).

1. Basic policy regarding selection of accounting standards

   To ensure comparability among companies and with past years, the Group prepares its consolidated financial statements in accordance with the "Regulation on Terminology, Forms and Preparation Methods of Consolidated Financial Statements (excluding Chapters VII and VIII)" (Order of the Ministry of Finance No. 28 of 1976).

   The Group will appropriately work on adopting International Financial Reporting Standards, taking domestic and international conditions into consideration.

2. Consolidated financial statements and major notes

   1. Consolidated Balance Sheets

      Previous fiscal year (As of November 30, 2024)

      (Millions of yen)

      Current fiscal year

      (As of November 30, 2025)

      Assets

      Current assets
      Cash and deposits	78,139	65,598
      Notes and accounts receivable - trade	71,782	75,115
      Securities	10,000	15,000
      Purchased goods and products	25,172	25,282
      Work in process	1,948	2,016
      Raw materials and supplies	12,741	14,964
      Other	4,529	6,123
      Allowances for doubtful accounts	(588)	(735)
      Total current assets	203,727	203,365
      Fixed assets
      Tangible fixed assets
      Buildings and structures	159,972	170,414
      Accumulated depreciation	(100,477)	(104,155)
      Net book value	59,494	66,259
      Machinery, equipment and vehicles	153,476	161,197
      Accumulated depreciation	(114,753)	(120,417)
      Net book value	38,722	40,779
      Land	29,475	29,001
      Lease assets	5,655	6,052
      Accumulated depreciation	(2,258)	(2,705)
      Net book value	3,396	3,347
      Construction in progress	14,266	5,400
      Other	13,555	15,182
      Accumulated depreciation	(11,513)	(12,016)
      Net book value	2,042	3,165
      Total tangible fixed assets	147,398	147,954
      Intangible fixed assets
      Goodwill	-	73
      Software	13,686	13,098
      Other	5,316	4,499
      Total intangible fixed assets	19,003	17,672
      Investments and other assets
      Investment securities	51,178	55,571
      Long-term loans receivable	136	498
      Assets for retirement benefits	34,584	46,434
      Deferred tax assets	2,011	1,469
      Other	4,422	7,652
      Allowances for doubtful accounts	(90)	(88)
      Total investments and other assets	92,243	111,538
      Total fixed assets	258,645	277,166
      Total assets	462,372	480,531

      Previous fiscal year (As of November 30, 2024)

      (Millions of yen)

      Current fiscal year

      (As of November 30, 2025)

      Liabilities

      Current liabilities

      Accounts payable - trade	44,777	44,660
      Short-term loans payable	2,271	7,202
      Current portion of bonds	-	10,000
      Accrued expenses	2,013	2,092
      Accrued income taxes	5,425	8,247
      Reserves for bonuses	1,883	1,970
      Reserves for directors′ bonuses	121	84
      Other	34,747	30,721
      Total current liabilities	91,239	104,979
      Non-current liabilities
      Bonds	10,000	-
      Long-term loans payable	5,500	-
      Lease obligations	3,785	3,592
      Deferred tax liabilities	15,532	20,083
      Liabilities for retirement benefits	2,004	1,891
      Asset retirement obligations	273	167
      Other	2,398	2,215
      Total non-current liabilities	39,494	27,950
      Total liabilities	130,734	132,930
      Net assets
      Shareholders' equity
      Paid-in capital	24,104	24,104
      Capital surplus	28,412	20,935
      Earned surplus	224,209	245,952
      Treasury stock	(5,847)	(7,912)
      Total shareholders' equity	270,878	283,079
      Accumulated other comprehensive income
      Unrealized holding gains (losses) on securities	13,501	15,175
      Unrealized gains (losses) on hedges	(9)	61
      Foreign currency translation adjustments	6,454	7,744
      Accumulated adjustments for retirement benefits	11,466	18,003
      Total accumulated other comprehensive income	31,413	40,984
      Non-controlling interests	29,346	23,536
      Total net assets	331,638	347,600
      Total liabilities and net assets	462,372	480,531

   2. Consolidated Statements of Income and Consolidated Statements of Comprehensive Income

      (Consolidated Statements of Income)
      		(Millions of yen)
      	Previous fiscal year (From December 1, 2023 to November 30, 2024)	Current fiscal year (From December 1, 2024 to November 30, 2025)
      Net sales	483,985	513,417
      Cost of sales	336,217	362,490
      Gross profit	147,767	150,927
      Selling, general and administrative expenses	113,437	116,298
      Operating income	34,329	34,628
      Non-operating income
      Interest income	686	646
      Dividends income	564	702
      Equity in earnings of affiliates	1,371	1,632
      Other	879	1,059
      Total non-operating income	3,502	4,041
      Non-operating expenses
      Interest expenses	295	265
      Share exchange expenses	-	304
      Commission expenses	11	155
      Provision of allowances for doubtful accounts	207	133
      Other	444	422
      Total non-operating expenses	958	1,280
      Ordinary income	36,874	37,389
      Extraordinary gains
      Gains on sales of fixed assets	54	12,099
      Gains on sales of investment securities	111	26
      Gains on sales of shares of subsidiaries and associates	145	-
      Gains on extinguishment of tie-in shares	124	-
      Other	17	463
      Total extraordinary gains	453	12,589
      Extraordinary losses
      Impairment losses	948	1,071
      Losses on disposal of fixed assets	1,501	732
      Losses on valuation of investment securities	815	294
      Other	423	361
      Total extraordinary losses	3,689	2,461
      Profit before income taxes	33,638	47,517
      Income taxes	9,083	12,730
      Income taxes - deferred	144	897
      Total income taxes	9,228	13,627
      Profit	24,410	33,890
      Profit attributable to non-controlling interests	2,990	3,383
      Profit attributable to owners of parent	21,419	30,506

      (Consolidated Statements of Comprehensive Income)
      		(Millions of yen)
      	Previous fiscal year (From December 1, 2023 to November 30, 2024)	Current fiscal year (From December 1, 2024 to November 30, 2025)
      Profit	24,410	33,890
      Other comprehensive income
      Unrealized holding gains (losses) on securities	1,444	1,621
      Unrealized gains (losses) on hedges	(0)	104
      Foreign currency translation adjustments	(273)	1,679
      Adjustments for retirement benefits	5,128	6,329
      Share of other comprehensive income of entities accounted for 224 194 using equity method
      Total other comprehensive income	6,522	9,929
      Comprehensive income	30,933	43,819
      (Breakdown)
      Comprehensive income attributable to owners of parent	27,588	40,077
      Comprehensive income attributable to non-controlling interests	3,344	3,741

   3. Consolidated Statements of Changes in Net Assets

      Previous fiscal year (From December 1, 2023 to November 30, 2024)

      (Millions of yen)

      	Shareholders′ equity
      	Paid-in capital	Capital surplus	Earned surplus	Treasury stock	Total shareholders′ equity
      Balance at the beginning of the Current fiscal year	24,104	28,638	209,740	(5,842)	256,639
      Changes of items during the fiscal year
      Dividends from surplus			(6,950)		(6,950)
      Profit attributable to owners of parent			21,419		21,419
      Purchase of treasury stock				(4)	(4)
      Disposal of treasury stock
      Change by share exchange
      Purchase of shares of consolidated subsidiaries		(230)			(230)
      Change of scope of consolidation
      Change in ownership interest of parent due to transactions with non-controlling interests		3			3
      Net changes of items other than shareholders′ equity
      Total changes of items during the fiscal year	-	(226)	14,469	(4)	14,238
      Balance at the end of the Current fiscal year	24,104	28,412	224,209	(5,847)	270,878

      	Accumulated other comprehensive income					Non-controlling interests	Total net assets
      	Unrealized holding gains (losses) on securities	Unrealized gains (losses) on hedges	Foreign currency translation adjustments	Accumulated adjustments for retirement benefits	Total accumulated other comprehensive income
      Balance at the beginning of the Current fiscal year	11,939	(2)	7,037	6,269	25,244	29,419	311,303
      Changes of items during the fiscal year
      Dividends from surplus							(6,950)
      Profit attributable to owners of parent							21,419
      Purchase of treasury stock							(4)
      Disposal of treasury stock							-
      Change by share exchange							-
      Purchase of shares of consolidated subsidiaries							(230)
      Change of scope of consolidation							-
      Change in ownership interest of parent due to transactions with non-controlling interests							3
      Net changes of items other than shareholders′ equity	1,561	(7)	(582)	5,196	6,168	(72)	6,095
      Total changes of items during the fiscal year	1,561	(7)	(582)	5,196	6,168	(72)	20,334
      Balance at the end of the Current fiscal year	13,501	(9)	6,454	11,466	31,413	29,346	331,638

      Current fiscal year (From December 1, 2024 to November 30, 2025)

      (Millions of yen)

      	Shareholders′ equity
      	Paid-in capital	Capital surplus	Earned surplus	Treasury stock	Total shareholders′ equity
      Balance at the beginning of the Current fiscal year	24,104	28,412	224,209	(5,847)	270,878
      Changes of items during the fiscal year
      Dividends from surplus			(8,757)		(8,757)
      Profit attributable to owners of parent			30,506		30,506
      Purchase of treasury stock				(16,288)	(16,288)
      Disposal of treasury stock		4		21	25
      Change by share exchange		(6,701)		14,201	7,499
      Purchase of shares of consolidated subsidiaries		(772)			(772)
      Change of scope of consolidation			(6)		(6)
      Change in ownership interest of parent due to transactions with non-controlling interests		(7)			(7)
      Net changes of items other than shareholders′ equity
      Total changes of items during the fiscal year	-	(7,476)	21,742	(2,065)	12,200
      Balance at the end of the Current fiscal year	24,104	20,935	245,952	(7,912)	283,079

      	Accumulated other comprehensive income					Non-controlling interests	Total net assets
      	Unrealized holding gains (losses) on securities	Unrealized gains (losses) on hedges	Foreign currency translation adjustments	Accumulated adjustments for retirement benefits	Total accumulated other comprehensive income
      Balance at the beginning of the Current fiscal year	13,501	(9)	6,454	11,466	31,413	29,346	331,638
      Changes of items during the fiscal year
      Dividends from surplus							(8,757)
      Profit attributable to owners of parent							30,506
      Purchase of treasury stock							(16,288)
      Disposal of treasury stock							25
      Change by share exchange							7,499
      Purchase of shares of consolidated subsidiaries							(772)
      Change of scope of consolidation							(6)
      Change in ownership interest of parent due to transactions with non-controlling interests							(7)
      Net changes of items other than shareholders′ equity	1,674	70	1,289	6,536	9,571	(5,809)	3,761
      Total changes of items during the fiscal year	1,674	70	1,289	6,536	9,571	(5,809)	15,962
      Balance at the end of the Current fiscal year	15,175	61	7,744	18,003	40,984	23,536	347,600

   4. Consolidated Statements of Cash Flows

      Previous fiscal year

      (Millions of yen)

      Current fiscal year

      (From December 1, 2023 (From December 1, 2024 to November 30, 2024) to November 30, 2025)
      Cash flows from operating activities
      Profit before income taxes	33,638	47,517
      Depreciation and amortization	17,536	18,291
      Impairment losses	948	1,071
      Amortization of goodwill	182	8
      Retirement benefit expenses	823	(1,466)
      Equity in losses (earnings) of affiliates	(1,371)	(1,632)
      Losses (gains) on extinguishment of tie-in shares	(124)	-
      Increase (decrease) in liabilities for retirement benefits	(290)	(295)
      Decrease (increase) in assets for retirement benefits	(2,557)	(1,087)
      Increase (decrease) in reserves for directors′ bonuses	50	(37)
      Increase (decrease) in reserves for bonuses	213	37
      Increase (decrease) in allowances for doubtful accounts	216	137
      Interest and dividends income	(1,251)	(1,349)
      Interest expenses	295	265
      Losses (gains) on sales of investment securities	(107)	(23)
      Losses (gains) on sales of shares of subsidiaries and associates	(145)	-
      Losses (gains) on valuation of investment securities	815	294
      Losses (gains) on sales and disposal of fixed assets	1,439	(11,362)
      Decrease (increase) in notes and accounts receivable - trade	(7,416)	(2,243)
      Decrease (increase) in inventories	4,229	(2,022)
      Increase (decrease) in notes and accounts payable - trade	11,487	(387)
      Increase (decrease) in accounts payable - other	4,967	(2,528)
      Increase/decrease in consumption taxes payable/consumption taxes refund receivable	1,850	(1,490)
      Increase (decrease) in long-term accounts payable	(168)	(51)
      Other	1,811	(612)
      Sub-total	67,072	41,032
      Interest and dividends income received	1,515	1,599
      Interest paid	(311)	(281)
      Income taxes refund (paid)	(5,149)	(10,548)
      Net cash provided by (used in) operating activities	63,126	31,802

      (Millions of yen)

      	Previous fiscal year	Current fiscal year
      	(From December 1, 2023	(From December 1, 2024
      	to November 30, 2024)	to November 30, 2025)
      Cash flows from investing activities
      Purchases of tangible fixed assets	(18,124)	(15,594)
      Proceeds from sales of tangible fixed assets	1,436	11,217
      Purchases of intangible fixed assets	(5,803)	(936)
      Purchases of investment securities	(169)	(778)
      Proceeds from sales of investment securities	337	53
      Proceeds from purchases of shares of subsidiaries resulting in – 120 change in scope of consolidation
      Proceeds from sales of shares of subsidiaries resulting in change 1,291 - in scope of consolidation
      Net decrease (increase) in short-term loans receivable	(26)	57
      Payments of long-term loans receivable	(27)	(543)
      Collection of long-term loans receivable	20	533
      Payments into time deposits	(11,231)	(19,386)
      Proceeds from withdrawal of time deposits	9,782	9,045
      Other	(1,379)	(695)
      Net cash provided by (used in) investing activities	(23,893)	(16,905)
      Cash flows from financing activities
      Net increase (decrease) in short-term loans payable	172	(586)
      Repayment of lease obligations	(738)	(964)
      Proceeds from long-term loans payable	5,000	-
      Repayment of long-term loans payable	(15,285)	(284)
      Cash dividends paid	(6,950)	(8,757)
      Cash dividends paid to non-controlling interests	(2,623)	(3,420)
      Purchase of treasury stock	(4)	(16,288)
      Purchase of shares of subsidiaries not resulting in change in scope (594) - of consolidation
      Other	(102)	198
      Net cash provided by (used in) financing activities	(21,126)	(30,102)
      Effects of exchange rate changes on cash and cash equivalents	(27)	541
      Increase (decrease) in cash and cash equivalents	18,079	(14,663)
      Cash and cash equivalents at the beginning of the fiscal year	62,433	80,512
      Cash and cash equivalents at the end of the fiscal year	80,512	65,849

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

      Not applicable.

      (Changes in accounting policies)

      (Application of the "Accounting Standard for Current Income Taxes", etc.)

      The Company has applied the "Accounting Standard for Current Income Taxes" (Accounting Standards Board of Japan (ASBJ) Statement No. 27, October 28, 2022), etc. starting from the beginning of the Current fiscal year. This change in accounting policies has no material effect on the consolidated financial statements.

      In addition, with respect to the revised treatment in consolidated financial statements when a gain or loss on sale arising from the sale of shares of subsidiaries, etc. among consolidated companies is deferred for tax purposes, the Company has applied "Guidance on Accounting Standard for Tax Effect Accounting" (ASBJ Guidance No. 28, October 28, 2022) starting from the beginning of the Current fiscal year. This change in accounting policies has no effect on the consolidated financial statements for the previous fiscal year.

      (Application of the "Practical Solution on the Accounting for and Disclosure of Current Taxes Related to the Global Minimum Tax Rules")

      The Company has applied the "Practical Solution on the Accounting for and Disclosure of Current Taxes Related to the Global Minimum Tax Rules" (Practical Solution No. 46, March 22, 2024) starting from the beginning of the Current fiscal year. This change in accounting policies has no material effect on the consolidated financial statements.

      (Business combinations)

      (Making AOHATA Corporation a wholly owned subsidiary of the Company through a simplified Share Exchange)

      The Board of Directors of the Company and AOHATA Corporation ("AOHATA") respectively resolved on July 3, 2025 to implement a share exchange reorganization (the "Share Exchange") by which the Company will become a wholly owning parent company resulting from the Share Exchange and AOHATA will become a wholly owned subsidiary resulting from the Share Exchange, and the Company and AOHATA executed a share exchange agreement (the "Share Exchange Agreement") on the same day. The Share Exchange was implemented pursuant to the Share Exchange Agreement, which was approved by the resolution of an extraordinary general meeting of shareholders of AOHATA held on September 25, 2025.

      The Company implemented the Share Exchange through the simplified Share Exchange procedures, without obtaining approval by a resolution of a general meeting of shareholders for the execution of the Share Exchange Agreement, as prescribed in Article 796, Paragraph 2 of the Companies Act (Act No. 86 of 2005, as amended; the same applies hereinafter).

      In addition, shares of common stock of AOHATA were delisted from the Standard Market of the Tokyo Stock Exchange, Inc. on October 30, 2025 (with a final trading date of October 29, 2025).

      1. Outline of the Share Exchange

         1. Name and the business of a wholly owned subsidiary resulting from the Share Exchange Name: AOHATA Corporation

            Business: Manufacture, sale and import/export of processed fruit products and pre-cooked foods

         2. Purpose of the Share Exchange

            The Company and AOHATA decided to implement the Share Exchange based on the judgment that creating an environment where cooperative framework for information and human resources can be strengthened more than ever before and management can be promoted under a prompt decision-making system is the best way to maximize the corporate value of the entire group in the long term.

         3. Date of the business combination

            November 1, 2025 (effective date of the Share Exchange) November 30, 2025 (deemed acquisition date)

         4. Legal form of the Share Exchange

            By the Share Exchange, the Company will become a wholly owning parent company resulting from the Share Exchange and AOHATA will become a wholly owned subsidiary resulting from the Share Exchange. The Company executed the Share Exchange through the simplified Share Exchange procedures under Article 796, Paragraph 2 of the Companies Act, which do not require approval from the general meeting of shareholders.

            In addition, the Share Exchange Agreement was approved at AOHATA's extraordinary general meeting of shareholders held on September 25, 2025.

         5. Name of combined enterprise AOHATA Corporation

      2. Matters relating to calculation, etc. of acquisition cost

         1. Acquisition cost of acquired enterprise and breakdown thereof

            Consideration for the acquisition Common stock (treasury stock) ¥18,298 million Acquisition cost ¥18,298 million

         2. Details of the allotment in the Share Exchange

            	The Company (wholly owning parent company resulting from the Share Exchange)	AOHATA (wholly owned subsidiary resulting from the Share Exchange)
            Allotment ratio for the Share Exchange	1	0.91
            Number of shares to be delivered in the Share Exchange	Common stock of the Company: 4,153,944 shares

            Notes 1. In order to ensure the fairness and appropriateness of the calculation of the share exchange ratio to be used in the Share Exchange, the Company requested a third-party appraiser independent from the Company and AOHATA to calculate the share exchange ratio.

            2. All shares have been delivered by the Company with treasury shares held by the Company.

      3. Summary of accounting treatment

         In accordance with the "Accounting Standard for Business Combinations" and the "Implementation Guidance on Accounting Standard for Business Combinations and Accounting Standard for Business Divestitures", the Company accounted for the Share Exchange as transactions under common control, etc.

      4. Matters concerning change in the ownership interest of parent due to transactions with non-controlling shareholders

         1. Major factor of change in capital surplus Acquisition of additional shares of a subsidiary

         2. Amount of capital surplus decreased by transactions with non-controlling shareholders

      ¥10,798 million

      (Notes regarding segment information) [Segment information]

      1. Outline of reporting segments

         The Company has organized reporting segments according to markets into "Retail Market Business", "Food Service Business", "Overseas Business", "Fruit Solutions Business", "Fine Chemicals Business" and "Common Business" out of constituent operational units of the Group, for each of which the separate financial statements are available and periodic reviews are conducted so that the Board of Directors may make decisions on the allocation of management resources and evaluate business performance.

         The following is the overview of each segment:

         Retail Market: Manufactures and sells products that include mayonnaise, dressings, pasta sauces, salads, delicatessen foods, packaged salads, baby foods and nursing care foods in the retail market.

         Food Service: Manufactures and sells products that include mayonnaise, dressings, vinegar, liquid egg, frozen egg, dried egg and egg processed foods in the food service market.

         Overseas: Manufactures and sells products that include mayonnaise and dressings in the overseas markets which include China, Southeast Asia and North America.

         Fruit Solutions: Manufactures and sells products that include jams and frozen

         processed fruit products for household-use and fruit processed foods for industrial use.

         Fine Chemicals: Manufactures and sells products that include hyaluronic acid and egg

         yolk lecithin used as an ingredient for pharmaceuticals, cosmetics and food products.

         Common Business: Engages in sale of food products and food production equipment.

      2. Method used to calculate amounts of net sales, profit or loss, assets, liabilities and others by reporting segment

         Accounting treatment applied to the reporting segments is in accordance with the accounting policies adopted for the preparation of the consolidated financial statements.

         Profit of the reporting segments is based on operating income. Intersegment net sales and transfers are based on prevailing market price.

         (Information on changes in reporting segment)

         Starting from the Current fiscal year, the Company has changed the criteria for allocating company-wide expenses to reflect the actual profit and loss of respective segment more accurately.

         Please note that the segment information for the previous fiscal year was prepared based on the new criteria for allocating company-wide expenses.

      3. Information on amounts of net sales, profit or loss, assets, liabilities and others by reporting segment and information on disaggregation of revenue

         Previous Fiscal Year (From December 1, 2023 to November 30, 2024)

         (Millions of yen)

         	Retail Market	Food Service	Overseas	Fruit Solutions	Fine Chemicals	Common Business	Total	Adjustments (Note 1)	Amount reported on the consolidated financial statements (Note 2)
         Net sales Revenue from contracts with customers Other revenue	186,747 -	170,086 -	92,199 -	17,001 -	11,382 -	6,568 -	483,985 -	- -	483,985 -
         Net sales to outside customers Intersegment net sales or transfers	186,747 815	170,086 4,319	92,199 -	17,001 313	11,382 386	6,568 11,199	483,985 17,034	- (17,034)	483,985 -
         Total	187,562	174,405	92,199	17,315	11,768	17,768	501,020	(17,034)	483,985
         Segment profit	14,277	11,951	12,467	197	572	1,352	40,819	(6,489)	34,329
         Segment assets	110,431	127,641	83,336	17,351	9,463	44,994	393,218	69,153	462,372
         Others Depreciation and amortization Investment in affiliates accounted for by equity method Increase in tangible and intangible fixed assets	5,371 1,898 5,427	6,422 - 6,609	3,201 - 10,468	863 - 600	447 - 462	892 21,506 442	17,200 23,405 24,012	336 - 379	17,536 23,405 24,391

         (Notes) 1. Adjustments are as follows:

         1. "Adjustments" of ¥(6,489) million in "Segment profit" 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.

         2. "Adjustments" of ¥69,153 million in "Segment assets" mainly includes company-wide assets of ¥73,949 million and elimination of intersegment receivables and payables of ¥(2,983) million. Major items in company-wide assets are surplus funds managed by the Company (cash and deposits and securities) and long-term investment funds (investment securities).

         3. "Adjustments" of ¥336 million in "Depreciation and amortization" is mainly related to company-wide assets unallocated to the reporting segments.

         4. "Adjustments" of ¥379 million in "Increase in tangible and intangible fixed assets" mainly represents the investments in the Kewpie Group core systems before allocation to the reporting segments.

      1. Adjustments are made between "Segment profit" and "Operating income" reported in the consolidated statements of income.

      2. "Depreciation and amortization" and "Increase in tangible and intangible fixed assets" include "Long-term prepaid expenses".

         Current Fiscal Year (From December 1, 2024 to November 30, 2025)

         (Millions of yen)

         	Retail Market	Food Service	Overseas	Fruit Solutions	Fine Chemicals	Common Business	Total	Adjustments (Note 1)	Amount reported on the consolidated financial statements (Note 2)
         Net sales Revenue from contracts with customers Other revenue	189,823 -	185,584 -	100,262 -	17,575 -	11,836 -	8,334 -	513,417 -	- -	513,417 -
         Net sales to outside customers Intersegment net sales or transfers	189,823 779	185,584 4,084	100,262 -	17,575 324	11,836 460	8,334 12,209	513,417 17,857	- (17,857)	513,417 -
         Total	190,602	189,668	100,262	17,899	12,296	20,544	531,275	(17,857)	513,417
         Segment profit	12,577	11,857	13,586	680	712	1,358	40,773	(6,145)	34,628
         Segment assets	118,908	132,067	104,656	18,017	10,916	41,682	426,249	54,282	480,531
         Others Depreciation and amortization Investment in affiliates accounted for by equity method Increase in tangible and intangible fixed assets	5,447 1,864 4,248	6,410 - 4,691	3,834 - 6,455	865 - 384	458 - 643	986 22,776 406	18,003 24,640 16,830	287 - 114	18,291 24,640 16,944

         (Notes) 1. Adjustments are as follows:

         1. "Adjustments" of ¥(6,145) million in "Segment profit" 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.

         2. "Adjustments" of ¥54,282 million in "Segment assets" mainly includes company-wide assets of ¥63,220 million and elimination of intersegment receivables and payables of ¥(3,234) million. Major items in company-wide assets are surplus funds managed by the Company (cash and deposits and securities) and long-term investment funds (investment securities).

         3. "Adjustments" of ¥287 million in "Depreciation and amortization" is mainly related to company-wide assets unallocated to the reporting segments.

         4. "Adjustments" of ¥114 million in "Increase in tangible and intangible fixed assets" mainly represents the investments in the Kewpie Group core systems before allocation to the reporting segments.

      1. Adjustments are made between "Segment profit" and "Operating income" reported in the consolidated statements of income.

      2. "Depreciation and amortization" and "Increase in tangible and intangible fixed assets" include "Long-term prepaid expenses".

      [Related information]

      Previous Fiscal Year (From December 1, 2023 to November 30, 2024)

      1. Information by product and service

         It is omitted here since similar information is disclosed in "Segment information".

      2. Information by region

         1. Net sales

            (Millions of yen)

            Japan	China	Southeast Asia	North America	Other	Total
            391,785	36,008	25,884	20,822	9,484	483,985

         2. Tangible fixed assets

            (Millions of yen)

            Japan	China	Southeast Asia	North America	Other	Total
            117,705	9,141	10,480	9,012	1,058	147,398

      3. Information by major customer

      It is omitted here since there is no customer occupying 10% or more of net sales reported in the consolidated statements of income.

      Current Fiscal Year (From December 1, 2024 to November 30, 2025)

      1. Information by product and service

         It is omitted here since similar information is disclosed in "Segment information".

      2. Information by region

         1. Net sales

            (Millions of yen)

            Japan	China	Southeast Asia	North America	Other	Total
            413,107	36,945	29,398	23,835	10,129	513,417

         2. Tangible fixed assets

            (Millions of yen)

            Japan	China	Southeast Asia	North America	Other	Total
            115,191	9,115	11,494	11,038	1,114	147,954

      3. Information by major customer

      It is omitted here since there is no customer occupying 10% or more of net sales reported in the consolidated statements of income.

      [Information on losses on impairment of fixed assets by reporting segment] Previous Fiscal Year (From December 1, 2023 to November 30, 2024)

      (Millions of yen)

      	Retail Market	Food Service	Overseas	Fruit Solutions	Fine Chemicals	Common Business	Total	Adjustments	Total
      Impairment losses	-	467	-	-	-	480	948	-	948

      Current Fiscal Year (From December 1, 2024 to November 30, 2025)

      (Millions of yen)

      	Retail Market	Food Service	Overseas	Fruit Solutions	Fine Chemicals	Common Business	Total	Adjustments	Total
      Impairment losses	455	616	-	-	-	-	1,071	-	1,071

      [Information on amortization of goodwill and unamortized balance by reporting segment] Previous Fiscal Year (From December 1, 2023 to November 30, 2024)

      (Millions of yen)

      	Retail Market	Food Service	Overseas	Fruit Solutions	Fine Chemicals	Common Business	Total	Adjustments	Total
      Amortization in the relevant fiscal year	-	-	-	182	-	-	182	-	182
      Unamortized balance at the end of the relevant fiscal year	-	-	-	-	-	-	-	-	-

      Current Fiscal Year (From December 1, 2024 to November 30, 2025)

      (Millions of yen)

      	Retail Market	Food Service	Overseas	Fruit Solutions	Fine Chemicals	Common Business	Total	Adjustments	Total
      Amortization in the Current fiscal year	-	-	-	-	-	8	8	-	8
      Unamortized balance at the end of the Current fiscal year	-	-	-	-	-	73	73	-	73

      [Information on gains on negative goodwill by reporting segment] Previous Fiscal Year (From December 1, 2023 to November 30, 2024) Not applicable.

      Current Fiscal Year (From December 1, 2024 to November 30, 2025)

      (Millions of yen)

      	Retail Market	Food Service	Overseas	Fruit Solutions	Fine Chemicals	Common Business	Total	Adjustments	Total
      Gains on negative goodwill	-	-	-	-	-	98	98	-	98

      (Per share information)

      	Previous Fiscal Year (From December 1, 2023 to November 30, 2024)	Current Fiscal Year (From December 1, 2024 to November 30, 2025)
      Net assets per share (yen)	2,174.74	2,328.49
      Earnings per share (yen)	154.10	220.63

      (Notes) 1. "Earnings per share (diluted)" is not presented because of no issue of potential shares.

      1. Calculation basis of net assets per share is as follows.

         	Previous fiscal year (As of November 30, 2024)	Current fiscal year (As of November 30, 2025)
         Total net assets (millions of yen)	331,638	347,600
         Amount subtracted from total net assets (millions of yen)	29,346	23,536
         [Non-controlling interests (millions of yen)]	[29,346]	[23,536]
         Net assets attributable to common stock at the end of the fiscal year (millions of yen)	302,292	324,064
         Number of shares of common stock at the end of the fiscal year (thousand shares)	139,001	139,173

      2. Calculation basis of earnings per share is as follows.

      	Previous Fiscal Year (From December 1, 2023 to November 30, 2024)	Current Fiscal Year (From December 1, 2024 to November 30, 2025)
      Profit attributable to owners of parent (millions of yen)	21,419	30,506
      Amounts not attributable to common shareholders (millions of yen)	-	-
      Profit attributable to owners of parent attributable to common stock (millions of yen)	21,419	30,506
      Average number of shares of common stock during the fiscal year (thousand shares)	139,002	138,266

      (Significant subsequent events) (Issuance of bonds)

      The Company resolved at the Board of Directors meeting held on December 25, 2025 to issue unsecured bonds as follows.

      The 4th Unsecured Bonds

      1. Type of bonds Domestic unsecured straight bonds

      2. Scheduled period of issuance From February 1, 2026 to February 28, 2026

      3. Total amount of issuance ¥10,000 million or less

      4. Issue price ¥100 per ¥100 of face value

      5. Interest rate 3.0% per annum or less

      6. Redemption period 7 years

      7. Method of redemption Bullet redemption at maturity

      8. Use of funds Redemption funds for the 3rd Unsecured Bonds

      9. Special clauses Inter-bond pari passu clause

         (Acquisition by the Company of its own shares)

         At a meeting of its Board of Directors on January 14, 2026, the Company resolved the Company's acquisition of its own shares in accordance with provisions of the Articles of Incorporation, pursuant to Article 459, Paragraph 1 of the Companies Act.

         1. Reason for the acquisition

            The Company will acquire its own shares to seek to improve shareholder interests by implementing agile capital policies and improving capital efficiency.

         2. Details of the acquisition

            1. Type of shares to be acquired: Common stock of the Company

            2. Total number of shares to be acquired: 4,000,000 shares (maximum)

               (representing 2.87% of the total number of issued shares (excluding treasury shares))

            3. Total amount of acquisition price of shares: 10,000 million yen (maximum)

            4. Acquisition period: From January 15, 2026 to November 30, 2026

            5. Method of acquisition: Market purchase at the Tokyo Stock Exchange

               (Reference)

               Status of treasury shares held as of November 30, 2025

               • Total number of issued shares (excluding treasury shares): 139,173,442 shares

               • Number of treasury shares: 2,326,558 shares

3. Other

Changes in Corporate Auditors (effective as of February 26, 2026)

1. New candidates for Corporate Auditor

   Corporate Auditor	Yoshikazu Isono	(Currently Corporate Officer, General Manager of Intellectual Property Division)
   Outside Corporate Auditor	Tsuyoshi Unemoto	(Attorney at law)

   * Mr. Tsuyoshi Unemoto is a candidate for outside corporate auditor.

2. Retiring Corporate Auditors