Kewpie : Supplementary Data for the Third Quarter of the Fiscal Year Ending November 30, 2024

1.

Breakdown of net sales and operating income by segment

1

2.

Factors behind changes in operating income

2

3.

Domestic sales volume and amount of salad condiments by business category

2

(Kewpie Corporation)

4.

Exchange rates (average exchange rates during the period)

2

5.

Changes in market prices for major raw materials

2

6.

Capital investments and main components of selling, general and administrative

3

expenses

7.

Summary of non-operating income (expenses) and extraordinary gains (losses)

3

8.

Summary of balance sheets

3

9.

Forecast FY2024

4

Net sales

FY2023

FY2024

YoY Change

(Billions of yen)

1Q

2Q

3Q

3Q

4Q

Year

1Q

2Q

3Q

3Q

4Q

Year

1Q

2Q

3Q

3Q

4Q

Year

(Dec.-Feb.)

(Mar.-May)

(Jun.-Aug.)

(Cumulative)

(Sep.-Nov.)

(Dec.-Feb.)

(Mar.-May)

(Jun.-Aug.)

(Cumulative)

(Sep.-Nov.)

(Forecast)

(Dec.-Feb.)

(Mar.-May)

(Jun.-Aug.)

(Cumulative)

(Sep.-Nov.)

Retail Market

41.9

45.3

45.1

132.3

45.1

177.4

44.6

47.8

48.2

140.6

186.3

2.6

2.5

3.2

8.3

8.9

Condiments

17.3

19.3

19.1

55.7

18.4

74.1

18.7

20.1

20.4

59.2

77.7

1.4

0.8

1.3

3.4

3.6

Delicatessen

14.8

15.7

15.6

46.1

16.0

62.1

15.9

16.6

16.6

49.1

65.5

1.1

1.0

1.0

3.0

3.4

Cut vegetables

6.2

6.6

6.7

19.5

6.9

26.5

6.3

7.2

7.3

20.8

27.8

0.1

0.6

0.7

1.3

1.3

Other

3.6

3.7

3.7

11.0

3.7

14.7

3.7

3.9

3.9

11.5

15.3

0.1

0.2

0.2

0.5

0.6

Food Service

41.7

39.7

40.6

122.0

43.3

165.3

40.6

42.7

42.5

125.8

171.5

(1.1)

2.9

1.9

3.7

6.2

Condiments

11.2

13.0

13.2

37.4

13.2

50.6

12.6

13.3

13.2

39.0

52.2

1.4

0.3

(0.0)

1.7

1.6

Egg

26.6

22.3

23.1

72.0

25.9

98.0

24.0

25.0

25.1

74.2

102.7

(2.6)

2.7

2.0

2.2

4.7

Other

3.9

4.4

4.3

12.6

4.2

16.8

3.9

4.4

4.2

12.5

16.6

0.0

(0.1)

(0.1)

(0.1)

(0.2)

Overseas

16.0

18.4

20.9

55.4

22.9

78.3

21.4

22.3

24.2

67.9

93.1

5.3

4.0

3.2

12.5

14.8

China

5.8

7.4

9.0

22.1

9.5

31.6

7.6

8.7

10.0

26.3

36.6

1.9

1.3

1.0

4.2

5.0

Southeast Asia

5.1

5.2

5.2

15.5

5.7

21.3

6.4

6.1

6.5

19.0

26.0

1.3

0.9

1.2

3.4

4.7

North America

3.5

3.9

5.1

12.5

5.5

18.0

4.8

5.3

5.3

15.5

21.0

1.3

1.4

0.2

2.9

3.0

Other

1.7

1.9

1.6

5.2

2.2

7.4

2.5

2.2

2.4

7.2

9.5

0.9

0.3

0.8

1.9

2.1

Fruit Solutions

3.8

4.5

4.8

13.1

3.8

17.0

3.9

4.9

4.5

13.2

17.1

0.0

0.4

(0.4)

0.1

0.1

Fine Chemicals

2.8

2.9

2.7

8.4

2.8

11.2

2.8

3.1

2.7

8.6

11.4

(0.0)

0.2

(0.0)

0.2

0.2

Common

1.3

1.9

1.4

4.6

1.3

6.0

1.4

1.5

2.0

4.9

6.6

0.1

(0.5)

0.6

0.3

0.6

Business

Total

107.7

112.7

115.5

335.9

119.2

455.1

114.6

122.2

124.1

360.9

486.0

7.0

9.5

8.6

25.0

30.9

Operating

FY2023

FY2024

YoY Change

income

1Q

2Q

3Q

3Q

4Q

Year

1Q

2Q

3Q

3Q

4Q

Year

1Q

2Q

3Q

3Q

4Q

Year

(Billions of yen)

(Dec.-Feb.)

(Mar.-May)

(Jun.-Aug.)

(Cumulative)

(Sep.-Nov.)

(Dec.-Feb.)

(Mar.-May)

(Jun.-Aug.)

(Cumulative)

(Sep.-Nov.)

(Forecast)

(Dec.-Feb.)

(Mar.-May)

(Jun.-Aug.)

(Cumulative)

(Sep.-Nov.)

Retail Market

1.6

2.8

2.9

7.3

2.6

9.9

3.6

4.5

4.6

12.6

13.7

1.9

1.7

1.7

5.3

3.8

Condiments

1.0

1.6

1.8

4.4

1.5

5.9

2.5

3.1

3.4

9.0

9.7

1.5

1.5

1.5

4.6

3.8

Delicatessen

0.3

0.9

0.6

1.8

0.8

2.6

0.8

1.1

0.8

2.7

3.0

0.5

0.2

0.1

0.9

0.4

Cut vegetables

0.1

0.2

0.2

0.5

0.2

0.7

0.0

0.3

0.3

0.6

0.9

(0.0)

0.1

0.1

0.2

0.2

Other

0.2

0.1

0.3

0.6

0.1

0.8

0.2

0.0

0.1

0.3

0.1

(0.1)

(0.1)

(0.1)

(0.3)

(0.7)

Food Service

0.5

0.9

1.0

2.4

1.7

4.1

3.1

3.3

3.5

9.9

12.6

2.6

2.4

2.5

7.5

8.5

Condiments

0.2

0.7

0.9

1.8

0.8

2.7

0.8

1.2

1.0

3.1

3.9

0.6

0.5

0.2

1.3

1.2

Egg

0.3

2.1

1.8

2.3

6.2

8.0

1.7

1.7

2.3

5.8

6.8

0.0

0.0

0.4

0.8

1.2

Other

(0.1)

0.1

0.1

0.2

0.1

0.3

0.1

0.3

0.2

0.6

0.7

0.2

0.2

0.0

0.5

0.4

Overseas

1.1

2.4

3.5

7.0

3.3

10.3

3.5

4.0

3.6

11.1

14.0

2.4

1.6

0.1

4.1

3.7

China

0.0

0.7

1.4

2.2

1.4

3.6

1.1

1.4

1.4

3.8

4.9

1.0

0.7

(0.1)

1.7

1.3

Southeast Asia

0.6

0.7

0.7

2.0

0.8

2.7

1.0

1.0

1.0

2.9

3.8

0.4

0.3

0.3

1.0

1.1

North America

0.3

0.5

1.0

1.8

0.8

2.6

0.8

1.0

0.8

2.6

3.3

0.5

0.5

(0.2)

0.8

0.7

Other

0.2

0.5

0.3

1.1

0.3

1.4

0.6

0.7

0.5

1.7

2.0

0.3

0.2

0.1

0.7

0.6

Fruit Solutions

0.0

0.2

0.2

0.4

(0.1)

0.3

(0.0)

0.2

0.1

0.3

0.1

(0.1)

0.0

(0.1)

(0.1)

(0.2)

Fine Chemicals

(0.4)

0.3

0.7

0.6

0.5

1.0

(0.6)

0.4

0.5

0.3

0.6

(0.1)

0.1

(0.1)

(0.2)

(0.4)

Common

0.4

0.3

0.2

0.9

0.3

1.2

0.3

0.3

0.4

1.0

1.1

(0.1)

(0.0)

0.2

0.1

(0.1)

Business

Company-wide

(1.5)

(1.7)

(2.0)

(5.3)

(2.0)

(7.3)

(1.6)

(1.9)

(1.9)

(5.4)

(8.1)

(0.1)

(0.2)

0.2

(0.1)

(0.8)

expenses

Total

1.7

5.2

6.5

13.3

6.4

19.7

8.1

10.7

10.9

29.8

34.0

6.5

5.5

4.4

16.5

14.3

Operating income

1.5％

4.6％

5.6％

4.0％

5.3％

4.3％

7.1％

8.8％

8.8%

8.3%

7.0％

ratio

Impact of main raw material prices

9.9

Major raw materials

7.2

(Condiments)

By raw material

Eggs

2.7

Total

9.9

Retail Market

3.8

By Segment

Food Service

4.4

Overseas

1.8

FY2022

FY2023

FY2024

YoY

YoY

3Q (Cumulative)

3Q (Cumulative)

3Q (Cumulative)

Change

Change (%)

For household

Volume

95

92

94

3

3%

(Thousands of tons)

use

Amount

51.7

54.9

58.4

3.6

6%

(Billions of yen)

For commercial

Volume

69

69

70

1

2%

(Thousands of tons)

use

Amount

28.5

32.7

34.1

1.4

4%

(Billions of yen)

Volume

8

8

9

1

14%

Exports

(Thousands of tons)

Amount

3.5

4.1

5.0

0.9

23%

(Billions of yen)

(Yen)

FY2022

FY2023

FY2024

FY2024

3Q (Cumulative)

3Q (Cumulative)

3Q (Cumulative)

Forecast

USD (per $1)

120

137

151

151

RMB (per RMB1)

19

20

21

21

FY2022

FY2023

FY2024

(Yen/kg)

1Q

2Q

3Q

4Q

1Q

2Q

3Q

4Q

1Q

2Q

3Q

4Q

Year

Average price of institutional

use (tank truck base) for refined

361

373

392

437

424

404

375

357

357

349

346

352

soybean and rapeseed oils for

processed oil and fats

Benchmark price for medium-

179

208

207

241

297

348

317

276

206

211

206

226

sized eggs, Tokyo market

Supplementary Data 2

(Billions of yen)

FY2023

FY2024

YoY

FY2024

3Q (Cumulative)

3Q (Cumulative)

Change

Forecast

Capital investments

12.5

14.5

2.0

20.7

Depreciation and amortization

12.6

13.1

0.5

17.3

Sales promotion expenses

2.8

3.4

0.6

4.9

Advertising expenses

7.7

8.5

0.9

12.8

Transportation and

20.6

22.5

2.0

30.5

warehousing expenses

Payroll expenses

23.6

24.7

1.1

33.1

Research and development expenses

2.7

2.6

(0.1)

4.2

(Billions of yen)

FY2023

FY2024

YoY

Items of changes

FY2024

3Q(Cumulative)

3Q(Cumulative)

Change

Forecast

Non-operating

Increase in interest income

0.2

income

1.7

2.4

0.6

Increase in equity in earnings of affiliates

0.5

2.1

(expenses), net

Decrease in other non-operating income

(0.4)

Decrease in gains on sales of shares of

(2.8)

Extraordinary

subsidiaries and associates

Decrease in other extraordinary gains

(0.9)

gains

1.9

(1.1)

(3.0)

(3.1)

Decrease in impairment losses

0.9

(losses), net

Increase in losses on valuation of shares

(0.2)

of subsidiaries and associates

(Billions of yen)

FY2023

FY2024

YoY

Items of changes

3Q

Change

Assets

Increase in cash and deposits

12.4

Current assets

182.1

204.1

22.1

Increase in notes and accounts receivable - trade

8.7

Increase in securities

5.5

Decrease in inventories

(4.0)

Fixed assets

Tangible and

intangible fixed

162.0

166.5

4.5

Increase in construction in progress

6.6

assets

Investments and

81.9

85.7

3.8

Increase in investment securities

2.5

other assets

Increase in assets for retirement benefits

1.0

Increase in notes and accounts payable - trade

9.9

Decrease in short-term loans payable

(15.0)

Liabilities

114.7

127.8

13.1

Increase in accrued income taxes

4.8

Increase in reserves for bonuses

4.3

Increase in long-term loans payable

4.8

Net assets

311.3

328.6

17.3

Increase in earned surplus

12.8

Increase in foreign currency translation adjustments

3.5

(Billions of yen)

FY2023

FY2024

YoY

YoY

Forecast

Change

Change (%)

Net sales

455.1

486.0

30.9

7%

Operating income

19.7

34.0

14.3

73%

Ordinary income

20.5

36.1

15.6

76%

Profit attributable to owners of parent

13.2

20.7

7.5

57%

ROA

4.9%

8.3%

3.4%

-

ROE

4.8%

7.2%

2.4%

-

Operating income ratio

4.3%

7.0%

2.7%

-

Growth rate in overseas net sales

10%

11%

1%

-

(Local currency basis)

Exchange

USD (per $1)

139 yen

151 yen

12 yen

-

rates

RMB (per RMB1)

20 yen

21 yen

1 yen

-

Market

Average price of institutional use (tank

390 yen

352 yen

(38)yen

-

truck base) for refined

soybean and

prices for

rapeseed oils for processed oil and fats

major raw

materials

Benchmark price for

medium-sized

309 yen

226 yen

(83)yen

-

eggs, Tokyo market

（Billions of yen）

Impact of main raw material prices

10.9

Major raw materials

8.2

(Condiments)

By raw material

2.7

Eggs

10.9

Total

Retail Market

4.2

By Segment

Food Service

4.7

Overseas

2.1