Kobayashi Pharmaceutical Co., Ltd.TSE: 4967

Kobayashi Pharmaceutical: Financial Overview for Third Quarter of Fiscal 2025(Fiscal Year Ending December 31, 2025)

· MarketScreener
Financial Results Briefing for Third Quarter of Fiscal Year Ending December 31, 2025 (January 1, 2025 to September 31, 2025)

Kobayashi Pharmaceutical Co., Ltd.

Yumi Nakagawa, Executive Officer and General Manager, Finance Headquarters

November 11, 2025

Regarding red yeast rice-related products

We would like to reiterate our deepest apologies to our customers, business partners, and all other parties concerned with our company for the concerns and inconvenience caused by the incident of our red yeast rice-related products last year.

Under our new management structure, we continue to give priority above all to apologizing to and compensating our customers who have suffered health damage and our suppliers who have suffered losses, and we will do so sincerely and appropriately.

Status of Red Yeast Rice Incident

  • Progress of Recurrence Prevention Measures

    The procedure for detecting contaminant ingredients other than the specified compound has been partially introduced for products developed in-house.

  • Progress of Compensation for Health Damage(Inpatient/Outpatient Treatment)

The dedicated website was renewed on October 6th.Currently, there are 500 individuals confirmed as eligible for compensation, with payments completed for 180 of them.

Results for Q3 FY 2025

  • Q3 cumulative sales and income decreased.(Sales: -2.4 billion yen, Operating income: -5.4 billion yen)

  • Compared to the plan, net sales were about 3 billion yen lower(Domestic：-1.0 billion yen,

International: -2.0 billion yen). Operating income exceeded by approx. 4 billion yen)

Forecast for the Fiscal Year Ending December 2025

  • At present, we have determined that no revision is necessary and will maintain the initial plan.

  • Net sales:

    We have been below our plan through Q3.

    While domestic performance is currently strong, if the risk of a mild winter materializes, including overseas, there is a possibility that full-year sales will fall below the plan.

  • Operating income:

In Q4, we will invest additional advertising expenses unused through Q3.

There is a possibility that future downside risks to sales may push down profits. However, we will maintain the upward trend through Q3.We aim to achieve or even exceed our plan for the full year.

Overview of the Measures to Prevent Recurrence of the Red Yeast Rice Incident (Three Pillars)

4/20

  1. Awareness raising and structural enhancement regarding quality and safety

    • Thoroughly implement “quality and safety first” to change the awareness of our executives and employees regarding quality and safety.

    • Clarify roles and responsibilities and strengthen quality assurance and management systems.

  2. Fundamental reform of corporate governance

    • Revamp the composition of the Board of Directors, which oversees the management of the new Kobayashi Pharmaceutical.

    • To regain the trust of our stakeholders and realize a new Kobayashi Pharmaceutical, establish determination and the mechanisms to become a company that does the right thing in the right way.

  3. “New Kobayashi Pharmaceutical” to be created by all of us

    • To enhance our risk sensitivity and our ability to create new value, implement measures to eliminate the homogeneity that exists within our company and ensure diversity.

    • All executives and employees will work together as one to create a new Kobayashi Pharmaceutical.

Detailed progress on recurrence prevention measures will be released in February 2026.

  1. Awareness raising and structural enhancement regarding quality and safety

    【Progress】

    The "Detection Procedures for Ingredients other than Specified Ingredients" apply to food ingredients and some supplement products developed by our company. The system was introduced in August as scheduled. We will continue to improve our testing technology.

*

indicates that the status has been newly completed after August 5, 2025.

Description and progress

Status

Implementation

/introduction

Planning

Start/ preparation for

introduction

Implemented

/introduced

Education and awareness reform

Provision of education and training on quality and safety for all executives and

employees

Done (2024/6~)

Regular transmission of messages and dialogue with employees by the president

Done (2024/8~)

Strengthening of

quality assurance system

Clarification of the role of the Reliability Assurance Headquarters

Done (2025/1~)

Shift to function-based headquarters to strengthen front-line expertise

Done (2025/1~)

Reinforcement of manufacturing management system

Self-inspection and third-party checking of each plant

Done (2024/10~)

* Continued after this

Establishment of the Manufacturing Promotion Office

Done (2025/1~)

Establishment of comprehensive hygiene management standards for each

product category

Done (2025/7~)

* Start with oral products

Effective periodic holding of “mass production review meetings”

Done (2025/4~)

Inspection

techniques

Consideration and introduction of procedures for detecting contamination by ingredients other than specified ingredients

Done(2025/8)

Personnel

evaluation

Introduction of a system in which activities that contribute to quality and safety are subject to evaluation

2025/12

* Even for measures marked “Implemented/introduced,” we will continue to verify the effectiveness and constantly review the content.

  1. Fundamental reform of corporate governance

    【Progress】

    We secured resources by reviewing, including withdrawing unprofitable businesses, and optimizing the number of SKUs. (See page 17 for details about SKU Optimization)

*

indicates that the status has been newly completed after August 5, 2025.

Description and progress

Status

Implementation

/introduction

Planning

Start/ preparation for

introduction

Implemented/ introduced

Departure from

management dependent on the founding family

Change of Chairman of the Board and President

Done (2024/7)

Board of Directors

reform

Strengthening supervisory functions by increasing the number of outside directors and inviting a chairman of the Board from outside

Done (2025/3)

Reexamination of organizational design

2026/3

Strengthening cooperation between the Board of Directors and the executive side

Done (2024/7~)

Review of executive meeting structure (Abolition of GOM)

Establishment of a new Executive Committee (clarification of the executive decision-making organ)

Done (2024/11)

Establishment of four specialized committees (investment/human resources/quality/risk)

Done (2025/3)

Reinforcement of risk response structure

Reorganization of existing risk and compliance-related committees

Done (2025/3)

Building a risk escalation system in case of emergency

Done (2024/8~)

Review of business

operations

Selection based on resources

Done(2025/8)

* Even for measures marked “Implemented/introduced,” we will continue to verify the effectiveness and constantly review the content.

  1. “New Kobayashi Pharmaceutical” to be created by all of us

【Progress】

With regard to organizational culture reform, we will hold dialogues with all employees and conduct management workshops in which all executive officers participate.

We will identify the organizational culture we want to be and the culture we need to change. We are currently preparing a new code

of conduct and plan to issue a new code of conduct for the entire company at the end of the year.

Description and progress

Status

Implementation

/introduction

Planning

Start/ preparation for introduction

Implemented/in troduced

Recruitment, placement, and development of human resources with an emphasis on expertise and diversity

2026/1

Review of organizational culture (organizational culture reform PJ)

2025/11

Developing an initiative to keep this incident from being forgotten

[Establishment of “Quality and Safety Day” on March 22 (the day this case

was made public)]

Done (2025/3)

* Even for measures marked “Implemented/introduced,” we will continue to verify the effectiveness and constantly review the content.

Progress of Compensation for Health Damage(Inpatient/Outpatient Treatment) 8/20

(as of October 31, 2025)

(Number of persons is approximate)

Those who have contacted the compensation support center

1,330

Those who have received compensation application documents

860

Those whose documents are currently under review

20

Those whose documents have been reviewed

840

Those who are Confirmed for compensation

500

Those currently undergoing treatment/ Those currently negotiating the terms of compensation.

320

Those whose final payment (including damages for mental suffering) has been completed.

180

* Regarding inquiries concerning death: At this time, our investigation has not identified any clear cases where death was directly caused by the consumption of the product.

Financial Results Briefing for Third Quarter of Fiscal Year Ending December 31, 2025

(Unit: billion yen)

Q3

cumulative

YoY

change

vs.plan

Consolidated

112.0

-2.4

（-2.1％）

-3.0

Domestic Business

81.4

-1.9

（-2.4％）

-1.0

International Business

30.1

-0.5

（-1.7％）

-2.0

Net sales

(Unit: billion yen)

Q3

cumulative

YoY change

vs.plan

Consolidated

11.4

-5.4

（-32.3％）

+4.0

Domestic Business

11.6

-4.3

（-27.0％）

＋4.0

International Business

-0.2

-0.9

（－）

0

Operating income

【Summary of sales】

Domestic Business（Figures in parentheses are YoY changes)

・New products contributed（+2.1 billion）.

・Inbound tourism demand increased（＋0.9 billion）.

・Sales of body warmers were strong due to Q1 lower temperatures (+0.2 billion).

・Sales of existing goods declined due to the cancellation of advertisements which lasted until Q2（-3.7 billion）.

・Sales in the Direct Marketing Business fell due to the cancellation of regular subscriptions (-1.4 billion).

International Business（Figures in parentheses are YoY changes)

*Foreign currency translation effects are included.

・U.S.: Sales of body warmers increased due to Q1 harsh winter（+1.7 billion）

・China (Mainland): Net sales decreased due to lower demand for Netsusama Sheet

resulting from fewer opportunities for fever to occur (-1.3 billion).

・Southeast Asia: Net sales decreased due to backlash from the previous year’s infectious disease-related special demand for Netsusama Sheet（-0.6 billion）

【Summary of operating income】

・YoY change: The decrease in profit was due to factors such as reduced sales, in addition to an increase in fixed costs and advertising expenses.

・Vs.plan: 4 billion yen increase due to a delay in advertising investment (caused by the postponement of advertising resumption) and thorough company-wide cost management.

Consolidated Financial Results for the Third Quarter of the Fiscal Year Ending December 31, 2025

11/20

Q3 cumulative sales and income decreased. However, Q3 quarterly saw a revenue increase, driven by the full-scale resumption of domestic TV advertising from July. Extraordinary loss on red yeast rice-related products totaled 0.4 billion yen in Q3 (Q3 cumulative total of 3.3 billion yen)

(Unit: billion yen)

Q3（Jul. to Sep.)

Q3 cumulative（Jan. to Sep.）

Amount

Year-on-year change

Percentage of net sales

Amount

Year-on-year change

Percentage of net sales

FY24

FY25

FY24

FY25

Net sales

41.3

43.0

＋4.1％

—

114.4

112.0

-2.1％

—

Gross profit

21.9

22.7

＋3.5％

52.8％

62.6

58.8

-6.1％

52.5％

Operating income

7.5

4.8

-35.4％

11.3％

16.9

11.4

-32.3％

10.3％

Ordinary income

7.4

5.6

-24.1％

13.2％

17.9

12.9

-27.9％

11.5％

Net income

3.9

3.6

-6.8％

8.5％

5.3

6.8

+27.4％

6.1％

EBITDA*

9.5

7.0

-26.7％

16.3％

22.8

17.9

-21.5％

16.0％

* EBITDA = Operating income + Depreciation + Amortization of goodwill

Sales price hike +0.9 etc.

Operating income decreased due to the impact of lower sales, higher fixed costs stemming from securing personnel at the factory for quality improvement, and the effect of the full-scale resumption of domestic TV advertising from July.

-2.0

-0.6

Factors for changes

Manufacturing Labor Cost -7 Depreciation -2 etc.

in operating income

-1.3

Unit: billion yen (+ indicates increase and - indicates decrease)

-0.03 -1.0

-2.0 -3.0 -1.0

17.0

Impact of production costs: -3.8

Impact of SGA

expenses: -1.6

11.4

FY24 Q3

cumulative

operating income

Changes in sales

Raw material prices

Fixed costs

Other production costs

Advertising expenses

Personnel costs

Depreciation and amortization

Other SGA expenses

FY25 Q3

cumulative operating income

Domestic Business (Sales Breakdown by Product Category) 13/20

(Unit: billion yen)

Q3（Jul. to Sep.)

Q3 cumulative（Jan. to Sep.）

Amount

Year-on-year

change

Amount

Year-on-year

change

FY24

FY25

FY24

FY25

Net sales

Healthcare products

13.2

14.2

＋7.6％

43.1

41.4

-3.8％

Household products

13.8

14.0

＋1.7％

35.2

36.1

＋2.6％

Body warmers

0.6

0.6

-7.0％

1.3

1.5

＋14.9％

Direct Marketing Business

0.9

0.7

-18.5％

3.6

2.2

-38.7％

Total

28.7

29.7

＋3.5％

83.4

81.4

-2.4％

Total operating income

6.2

3.4

-43.8％

15.9

11.6

-27.0％

Margin (%)

21.6％

11.7％

-

19.2％

14.3％

-

Q3 cumulative sales and income decreased. While the revenue increase in Q3 quarterly was driven by the full-scale resumption of domestic TV advertising from July, the concurrent rise in advertising expenses led to a significant decrease in operating income.

Changes in inbound-tourism-demand-related sales

Q3 cumulative total

(Unit: billion yen)

7.4

82

73

49

1.4

0.3

0.1

FY19 FY20 FY21 FY22 FY23 FY24 FY25

(Topics related to inbound tourism) In Q3 quarterly, the surge in popularity, especially for Itteki Shoshugen and Breath Care, also contributed to the revenue increase.

【vs.2023】

・Although sell-out has increased since the advertising resumed, it has not yet reached the level seen two years ago, when advertising was in effect.

【vs.2024】

・In July, when the full-scale TV advertising resumed, sales volume (sell-out) remained at the same level as the previous year when advertising was suspended.

・Sell-out gradually increased starting in August, indicating that the advertising efforts began to take effect.

Following the full-scale resumption of TV advertising in July 2025, sales have been gradually recovering.

Status of Sell-out Recovery for Products with Resumed TV Advertising＊

+20％

：(vs.2024) ：(vs.2023)

＊Monthly Average (SRI+)

+10％

0%

-10％

-20％

-30％

full-scale resumption of TV advertising

June JulyAugust September 2025

Q3 cumulative sales and income decreased.

Despite strong performance in the U.S., the overall International total sales slightly decreased, largely due to a

seasonal drop in demand for Netsusama Sheets in Mainland China and Southeast Asia.

(The effect of foreign currency translation: -0.36 billion yen for net sales; +0.13 billion yen for operating income)

(Unit: billion yen)

Q3（Jul. to Sep.)

Q3 cumulative（Jan. to Sep.）

Amount

Year-on-year change

Amount

Year-on-year change

FY24

FY25

Including effect of foreign currency translation

Excluding effect of foreign currency translation

FY24

FY25

Including effect of foreign currency translation

Excluding effect of foreign currency translation

Net sales

U.S.

6.8

7.5

＋10.8％

＋12.6％

13.7

15.4

+12.4％

+14.7％

Mainland China

2.0

1.6

-15.8％

-14.8％

5.4

4.1

-24.0％

-22.5％

Hong Kong

0.6

0.7

＋7.5％

＋9.2％

2.0

1.9

-6.2％

-4.5％

Southeast Asia

1.8

2.0

＋13.6％

＋11.4％

6.2

5.6

-10.1％

-11.9％

Other

1.1

1.0

-10.5％

-10.6％

3.0

2.9

-5.2％

-4.0％

Total International Business

12.5

13.1

＋4.8％

＋5.7％

30.6

30.1

-1.7％

-0.5％

Total operating income

1.2

1.2

＋3.1％

＋2.3％

0.7

-0.2

—

—

Margin (%)

10.0％

9.8％

—

—

2.5％

—

—

—

U.S.

Mainland China

Southeast Asia

Q3 cumulative total

+1.7 billion yen year-on-year

[Major topics]

・Increase in sales of body warmers in Q1 due to harsh winter

・New product (supplement) of Focus contributed to sales.

・Strong shipments of body warmers in preparation for the 2025-2026 winter season store displays.

Net sales trends (Q3 cumulative total)

(Unit: billion yen)

Q3 cumulative total

-1.3 billion yen year-on-year

[Major topics]

・Lower demand for Netsusama Sheet resulting from fewer opportunities for fever to occur

・The shipment delays of Ammeltz, which occurred through Q2, is trending toward resolution and full-scale resumption is scheduled for October.

Net sales trends (Q3 cumulative total)

(Unit: billion yen)

Q3 cumulative total

-0.6 billion yen year-on-year

[Major topics]

・The inventory adjustments (timing difference) that occurred through Q2 are trending toward resolution.

・High hurdle for Netsusama Sheet in the Philippines due to special demand related to infectious diseases last year.

・Revenue decrease mainly due to the decline in tourists from Mainland China (Thailand, Singapore).

Net sales trends (Q3 cumulative total)

(Unit: billion yen)

9.1 10.3 13.7

15.4

6.3 6.9

5.4 4.1

5.2

5.9 6.2 5.6

FY22

FY23

FY24

FY25

FY22

FY23

FY24

FY25

FY22

FY23

FY24

FY25

We have implemented structural reforms, specifically SKU optimization, aimed at securing resources for medium- to long-term growth.

【Background】

The increase in the number of SKUs had led to a dispersion of resources, resulting in an inability to secure sufficient resources for quality enhancement and investment in growth areas.

Frequent production line changeovers

Increase in administrative tasks

Opportunity loss due to stockouts of key products

【Objective】

To strengthen the business foundation through SKU optimization and create resources for future growth.

*The SKU reduction focused more on securing resources than on the direct improvement of profit margins.

The criteria for reduction mainly focused on the "annual number of production runs" and "profitability." We have decided to reduce approximately 26% (291 SKUs) of all domestic SKUs and approximately 25% (292 SKUs) of all international SKUs.

We aim to complete the reduction of the majority of these SKUs by the end of 2026.

Problems

Frequent production

line changeovers

Increase in

administrative tasks

Opportunity loss due to stockouts of key products

Effects

Expected

Reduction in Changeovers

Reduction: 375 times annually

(4.4% of total)

Reduction in Administrative Workload

Example:

Fewer testing items when revising formulations due to factors such as raw material discontinuation.

Improvement in Stockout Situation

Example:

Potential to increase production by approximately 10% for the key products of Bluelet Liquid.

There are no revisions to the full-year outlook. Factors affecting future operating income are explained on the next page.

(Unit: billion yen)

December 2024 results

December 2025 forecast

Amount

Amount

Year-on-year change

Percentage of net sales

Net sales

165.6

171.0

＋3.3％

-

Operating income

24.8

14.0

-43.7％

8.2％

Ordinary income

26.8

15.3

-43.0％

8.9％

Net income

10.0

10.5

＋4.3％

6.1％

EBITDA *1

32.8

22.8

-30.5％

13.3％

EPS

135.42 yen

141.25 yen

＋4.3％

-

ROE

4.8％

5.0％

-

-

Dividend

102 yen

(43 yen for interim, 59 yen for year-

end)

104 yen

(44 yen for interim, 60 yen for

year-end)

-

-

Net sales of Domestic Business

119.9

120.0

＋0.1％

-

Net sales of

International Business

*2

45.1

50.5

＋11.8％

-

*1 EBITDA = Operating income + Depreciation + Amortization of goodwill

*2 Foreign exchange rates: US$ 1 = 140 yen; Chinese yuan 1 = 19.7 yen

(3) Outlook and assumptions for Q4

(1) Q3 cumulative (YoY difference)

(2) Q3 cumulative (vs. plan)

Impact on operating income

FY24 Q3

cumulative 17.0

Operating income

Changes in sales -2.0

Advertising -1.0

expenses

Investment in -1.3

new buildings

q Investment in g -1.2

uality(Includin

personnel costs)

Rise in raw material -0.6

prices

Other ＋0.5

c FY25 Q3 11.4 Unit: billion yen

umulative (+ indicates increase

Operating income and - indicates

decrease)

-1.8 billion yen

＋1.4 billion yen

(Delay in advertising resumption)

+0.2 billion yen

(Partial delay in new buildings in China)

+0.6 billion yen

(Impact of partial revision)

+0.3 billion yen (roughly as

                       expected)          

+3.3 billion yen

(Impact of partial revision)

Total +4.0 billion yen

Due to sales trends of body warmers and in Mainland China, there is a risk of Q4 falling short of the plan.

Unspent advertising expenses through Q3 will be allocated for additional investment in Q4 with a view to contributing to sales in the next fiscal year.

Part of the amount in excess of the plan in Q3 is assumed to remain as profit for the full year.

Items scheduled for Q4 are assumed to be carried out as planned.

(* Examination will continue on whether they will be actually carried out or not.)

Operating income for the cumulative period through Q3 exceeded the plan by approx. 4.0 billion yen. In Q4, additional investment will be made by allocating a part of the excess through Q3. However, this may change depending on the impact of changes in sales and the examination of expenses.

Of the Company’s current business performance, plans, and strategies included in this material, items that are not historical facts are outlooks on future performance, which are based on the judgment of the Company’s management according to currently available information.

Therefore, please note that actual performance may differ significantly from the future outlook described in this material due to

changes in various factors.

Reference

Changes in Consolidated Net Sales and Gross Profit Ratio

(Q3 Cumulative Total) 1

Net sales（Unit: billion yen）

Gross Profit Ratio (Unit:%)

（単位： 億円）

（単位： 億円）

（単位：％）

Depreciation and amortization (Unit: 100 million yen)

Operating income (Unit: 100 million yen)

EBITDA ratio (Unit: %)

Depreciation and amortization (Unit: billion yen)

Operating income (Unit: billion yen)

EBITDA ratio (Unit: %)

Sales price hike

+0.1 etc.

Factors for changes in operating income

Manufacturing labor cost

-0.4 etc.

＋1.2 -0.3 -0.9 ＋0.7 -3.0

Unit: billion yen (+ indicates increase and - indicates decrease)

Impact of operations

+0.3

Reduction of disposal fees

＋0.3 etc.

-0.1 -0.1 -0.2

7.5

Impact of production:

prices

＋0.8

Impact of SGA expenses: -

3.5

4.8

FY24 Q3

non-consolidated operating incom

Changes in sales

Raw material Fixed costs Other

Advertising expenses

Personnel costs

Depreciation and amortization

Other SGA

expenses

FY25 Q3

non-consolidated operating income

(Unit: billion yen)

FY25 Q1

（Jan. to Mar.）

FY25 Q2

（Apr. to Jun.）

FY25 Q3

（Jul. to Sep.）

FY25 Q3 cumulative

(Jan. to Sep.)

Amount

Amount

Amount

Year-on-year change

Amount

Year-on-year change

Net sales

32.6

36.4

43.0

+4.1％

112.0

-2.1％

Gross profit

16.6

19.4

22.7

+3.5％

58.8

-6.1％

Margin

51.2％

53.5％

52.8％

-

52.5％

-

Operating income

2.5

4.1

4.8

-35.4％

11.4

-32.3％

Margin

7.8％

11.3％

11.3％

-

10.3％

-

Ordinary income

2.4

4.8

5.6

-24.1％

12.9

-27.9％

Margin

7.4％

13.3％

13.2％

-

11.5％

-

Net income

1.6

1.5

3.6

-6.8％

6.8

27.4％

Margin

5.0％

4.2％

8.5％

-

6.1％

-

(Unit: billion yen)

FY25 Q1

（Jan. to Mar.）

FY25 Q2

（Apr. to Jun.）

FY25 Q3

（Jul. to Sep.）

FY25 Q3 cumulative

（Jan. to Sep.）

Amount

Amount

Amount

Year-on-year

change

Amount

Year-on-year

change

Advertising expenses

1.0

1.7

4.1

+271.3％

6.9

+16.8％

Margin

3.2％

4.8％

9.6%

-

6.2%

-

Sales promotion

expenses

0.7

0.7

0.7

-5.4%

2.2

-11.9%

Margin

2.2％

2.2％

2.0%

-

2.0%

-

(Unit: billion yen)

FY24

End of Sep.

FY24

End of Dec.

FY25

End of Mar.

FY25

End of Jun.

FY25

End of Sep.

Current assets

126.7

144.4

132.3

135.9

132.0

Cash and deposits

41.1

50.8

52.4

56.2

45.2

Notes and accounts receivable-trade

39.6

49.4

32.6

32.9

40.3

Short-term investment

securities

10.4

14.8

14.8

13.3

12.6

Inventories

29.4

24.1

27.3

30.6

30.6

Non-current assets

123.7

120.9

119.4

124.7

129.4

Property, plant and

equipment

65.4

67.4

67.6

73.4

74.6

Intangible assets

19.5

20.6

19.0

17.8

17.6

Investments and other assets

38.8

32.7

32.7

33.4

37.0

Total assets

250.4

265.3

251.7

260.7

261.4

(Unit: billion yen)

FY24

End of Sep.

FY24

End of Dec.

FY25

End of Mar.

FY25

End of Jun.

FY25

End of Sep.

Current liabilities

39.6

46.4

39.6

46.5

42.3

Notes and accounts payable-trade

7.9

8.2

9.0

9.1

8.5

Accounts payable-

other

14.2

17.1

9.6

15.7

13.9

Non-current liabilities

6.1

5.4

5.0

5.9

7.0

Total net assets

204.6

213.4

207.0

208.2

212.0

Capital surplus

0.5

0.5

0.5

0.5

0.5

Retained earnings

203.5

208.2

205.4

207.0

207.3

Treasury stock

-24.7

-24.7

-24.7

-24.7

-24.7

Total liabilities and net assets

250.4

265.3

251.7

260.7

261.4

(Unit: yen)

FY24

(Jan. to Dec.)

FY25

(Jan. to Mar.)

FY25

(Jan. to Jun.)

FY25

(Jan. to Sep.)

FY25

(Jan. to Dec.) Forecast

US dollar

151.5

152.6

148.6

148.2

140.0

Chinese yuan

21.0

20.9

20.4

20.5

19.7