Lion : Summary of Consolidated Financial Statements for the First Half of Fiscal 2025

August 7, 2025

Company name: Lion Corporation

Listed stock exchanges: Tokyo Stock Exchange

Code: 4912

URL: https://www.lion.co.jp/en/

Representative: Masayuki Takemori, Representative Director, President and Executive Officer Contact: Akihiko Takeo, Executive Officer, Director of Finance Department

Telephone: +81-3-6739-3711

Scheduled date of filing of semi-annual securities report: August 8, 2025 Start date of payment of dividend: September 2, 2025

Supplementary materials prepared for financial results: Yes

Earning announcement for financial results: Yes (for institutional investors, analysts, etc.)

Figures in this and subsequent tables are truncated at the nearest million.

1. Consolidated Results for the First Half Ended June 30, 2025 (January 1, 2025 - June 30, 2025)

   1. Consolidated Results (cumulative)

      (Percentage figures denote year-on-year change)

      	Net sales		Operating profit		Profit before tax
      	Millions of yen 199,459 198,634	%	Millions of yen 13,379 13,357	%	Millions of yen 14,650 15,517	%
      Six months ended June 30, 2025		0.4		0.2		(5.6)
      Six months ended June 30, 2024		3.0		113.9		114.6

      	Profit for the period		Profit for the period attributable to owners of the parent		Total comprehensive income for the period
      	Millions of yen 11,137 11,227	%	Millions of yen 9,609 9,931	%	Millions of yen 6,624 21,076	%
      Six months ended June 30, 2025		(0.8)		(3.2)		(68.6)
      Six months ended June 30, 2024		120.3		131.0		49.2

      Note: Core operating income for the six months ended June 30, 2025 was ¥12,639 million (up 32.3% year on year). Core operating income for the six months ended June 30, 2024 was ¥9,554 (up 50.2% year on year).

      Core operating income is an earnings indicator the Company uses to measure regular business performance by subtracting selling, general and administrative expenses from gross profit.

      	Basic earnings per share		Diluted earnings per share
      	Yen		Yen
      Six months ended June 30, 2025		34.75		34.71
      Six months ended June 30, 2024		35.76		35.71

   2. Consolidated Financial Position

   	Total assets	Total equity	Equity attributable to owners of the parent	Ratio of equity attributable to owners of the parent to total assets
   June 30, 2025 December 31, 2024	Millions of yen 468,808 497,167	Millions of yen 317,282 315,694	Millions of yen 295,973 293,717	% 63.1 59.1

2. Dividends

   	Cash dividends per share
   	First Quarter-End	Second Quarter-End	Third Quarter-End	Year-End	Total
   	Yen	Yen	Yen	Yen	Yen
   Fiscal 2024	-	13.00	-	14.00	27.00
   Fiscal 2025	-	15.00
   Fiscal 2025 (forecast)			-	15.00	30.00

   Note: Changes from the most recently published forecast of dividends: No

3. Forecast of Consolidated Financial Results for the Fiscal Year Ending December 31, 2025 (January 1, 2025 - December 31, 2025)

(Percentage figures denote year-on-year change)

Notes: 1. Core operating income forecast: Fiscal 2025: ¥30,000 million

2. Changes from the most recently published financial results forecast: No

1. Significant Change in Scope of Consolidation during Period: No

2. Changes in accounting principles, procedures and presentation methods in connection with the preparation of quarterly consolidated financial statements:

   1. Changes in accounting standards required under IFRS: No

   2. Other changes: No

   3. Changes in accounting estimates: No

3. Number of outstanding shares (common stock)

   1. Number of outstanding shares on balance sheet dates (including treasury stocks): As of June 30, 2025: 279,782,746 shares

      As of December 31, 2024: 284,432,746 shares

   2. Number of treasury stocks on balance sheet date:

      As of June 30, 2025: 3,129,795 shares

      As of December 31, 2024: 8,045,423 shares

   3. Average number of shares outstanding over period

Six months ended June 30, 2025: 276,537,786 shares

Six months ended June 30, 2024: 277,720,624 shares

• This report is not subject to review by a certified public accountant or external auditor.

• Appropriate use of results forecasts; other special items

The forecasts and projected operating results contained in this report are based on information available at the time of preparation and thus involve inherent risks and uncertainties, including those related to economic conditions, the competitive environment and exchange rate fluctuations. Accordingly, readers are cautioned that actual results may differ materially from those projected as a result of a variety of factors. For information on forecasts of operating results, see I. Qualitative Information Concerning the Results of Operations for the First Half of the Current Fiscal Year (3) Forecast of Consolidated Financial Results on page 9.

Lion Corporation (Code 4912): Consolidated Financial Statements

for the First Half Ended June 30, 2025

Contents

1. Qualitative Information Concerning the Results of Operations for the First Half of

   the Current Fiscal Year 2

   1. Consolidated Performance 2

   2. Financial Status 9

   3. Forecast of Consolidated Financial Results 9

2. Condensed Interim Consolidated Financial Statements and Notes 10

   1. Condensed Interim Consolidated Statement of Financial Position 10

   2. Condensed Interim Consolidated Statement of Income and

      Statement of Comprehensive Income 12

   3. Condensed Interim Consolidated Statement of Changes in Equity 14

   4. Condensed Interim Consolidated Statement of Cash Flows 16

   5. Notes to Condensed Interim Consolidated Financial Statements 18

Notes relating to the assumption of a going concern 18

Segment Information 18

Significant Subsequent Events 21

1

Lion Corporation (Code 4912): Consolidated Financial Statements

for the First Half Ended June 30, 2025

Consolidated results for the first half of fiscal 2025 (January 1, 2025-June 30, 2025) are as follows. Net sales amounted to ¥199,459 million, a year-on-year increase of 0.4% (or a 0.3% increase at constant currency excluding exchange rate fluctuations). Core operating income came to ¥12,639 million, up 32.3% compared with the previous fiscal year, and operating profit to ¥13,379 million, up 0.2% year on year. Profit for the period attributable to owners of the parent totaled ¥9,609 million, down 3.2% compared with the previous fiscal year.

2025 marks the first year of the Lion Group's new three-year medium-term management plan, Vision2030 2nd STAGE. Reflecting the plan's theme of strengthening profitability, Lion is advancing measures in line with the plan's three basic policies: strengthening business portfolio management, strengthening the management base and generating dynamism.

The Company is continuing to pursue the top-priority material issue of expanding its oral healthcare business overseas, primarily in key countries. In addition, to expand growth, the Company acquired all shares of an equity-method affiliate in Vietnam, turning it into a wholly owned subsidiary. In Japan, we are striving to improve profitability by prioritizing the development of mainstay brands and proposing new habits.

Simultaneously, Lion also implemented reforms to its profit structure, including the decision to transfer its food preparation product brand.

(Millions of yen)

Notes: Core operating income is an earnings indicator the Company uses to measure regular business performance by subtracting selling, general and administrative expenses from gross profit.

2