FYE 3/2026 Earnings Release Presentation

1. Executive Summary

2. Financial Summary for FY2025

3. Outlook for FY2026

• Consolidated operating profit for FY2025 exceeded the plan

  • Pharmaceutical segment contributed especially strongly, expected to remain a key growth driver

  • In Food segment, despite positive momentum such as sales volume growth in mainstay products and expansion of new products amid ongoing price increases, the failure to achieve the full-year plan is a significant point of reflection. In FY2026, management will place greater emphasis on delivering results with a strong focus on numerical targets

• The China business in Food segment, previously a key challenge, has established a clear path toward fundamental structural reforms. Will aim to reach breakeven and accelerate the pace of transformation

• Achievement of the initial targets set in the 2026 Medium-Term Business Plan expected to be difficult. In light of this reality, we will aim to achieve consolidated operating profit of JPY100.0 billion as a critical target

  • Even under uncertain business environment, including geopolitical risks and rising costs, we will pursue agile measures such as price increases, implement company-wide structural reforms, and take on new challenges to drive the next phase of growth

• Under the challenging business environment, will execute all necessary transformations, accelerating efforts to resolve key issues

  • To accelerate the pace of change, we will share a strong awareness of issues and urgency across organization, while cultivating an organizational culture that is unafraid of transformation and actively takes on bold challenges

  • Will implement structural reforms of all scales, transforming our cost structure to one that enables sustainable growth

    [Structural Reforms and Asset-light Initiatives]

    • Reconstruction of the Food segment production structure: Following the establishment of new plants in Hokkaido and Kanagawa, decided to close five existing plants

    • Discontinuation of production at Shikoku Meiji (Kagawa and Matsuyama plants)

    • Review of the vending machine business: The rental and leasing will be terminated by March 2027

• Cash generated through these initiatives will be strategically allocated to shareholder returns and investments in growth areas. Aim for an early return to a growth trajectory and a swift recovery to ROE level of approximately 10%

Place ROE at Core of Management Indicator,

Pursuing Sustainable Enhancement of Corporate Value

ROE

7.1%

Restore ROE to

10% level at early stage

8.0%

(excl. impact of impairment loss related to China business)

2020 Medium-Term Business Plan

2023 Medium-Term Business Plan

2026 Medium-Term Business Plan

FY2018 FY2019 FY2020 FY2021 FY2022 FY2023 FY2024 FY2025 FY2026 Plan

52.1%

(excl. impact of impairment loss related to China business)

2. Financial Summary for FY2025

• Sales: Increased both in Food and Pharmaceutical segments, slightly below the plan as a whole

• Operating profit: Increased. Exceeded the plan, driven by Pharmaceutical segment

• Profit attributable to owners of parent: Significantly dropped, mainly due to recording impairment losses on fixed assets related to China business and losses from structural reforms

Results - FY2024 Due to increased/decreased sales Changes in costs of goods sold Changes in marketing expenses Changes in other SG&A expenses

Other (incl. changes in results of subsidiaries)

Results - FY2025

-4.0

-0.1

+1.0

Increase in raw material costs and selling expenses

: Impact of price increase +48.5

Changes in sales volume and product mix -19.4

: Increase in raw material costs -23.0 (incl. cocoa beans and domestic raw milk)

Product amount change +1.2

: Increase in logistics, selling and indirect promotional costs (incl. DX-related costs)

: Increase in general administrative expenses incl. upfront investment expenses for global business expansion, despite decrease in indirect manufacturing costs (incl. depreciation)

: Profit growth in China contributed to overseas, due to the progress of profitability improvement plan. In Japan, profit increased mainly at feed subsidiary etc.

Operating profit increased by JPY 4.1 bn

(Japan: +2.6; Overseas: +1.4)

Results - FY2024 Due to increased/decreased sales Impact of drug price revision Changes in costs of goods sold

: Worsening product mix

: Cost reduction

Increase in royalty income Decrease in R&D and administrative expenses

Changes in marketing expenses

Changes in other SG&A expenses Other (incl. changes in results of

subsidiaries)

Results - FY2025

: Increase in marketing expenses for newly launched products

: Decrease in R&D expenses and inventory disposal losses, along with increase in SG&A expenses (incl. system-related costs)

: Contribution from manufacturing efficiency improvement for vaccine and royalty income

3. Outlook for FY2026

(JPY bn)

Consolidated

Net sales

Operating profit

Profit attributable to owners of parent

HD/

Elimination

Pharma

Food

Net sales Operating profit Net sales Operating profit Net sales Operating profit

FY2026

H1 Plan

594.5

45.0

27.5

468.6

32.0

126.7

16.1

-0.9

-3.1

YoY Change

+3.4%

+19.6

+9.9%

+4.0

+28.0%

+6.0

+2.2%

+10.2

+10.3%

+2.9

+8.3%

+9.7

+12.6%

+1.7

—

-0.4

—

-0.7

FY2026

H2 Plan

617.5

55.0

35.0

485.3

41.9

132.6

16.8

-0.4

-3.8

YoY Change

+3.1%

+18.6

+5.0%

+2.6

+157.4%

+21.4

+0.2%

+0.8

+5.7%

+2.2

+15.1%

+17.4

+4.7%

+0.7

—

+0.4

—

-0.3

FY2026

Full-year Plan

YoY Change

+3.3%

+38.3

+7.2%

+6.6

+78.2%

+27.4

+1.2%

+11.1

+7.6%

+5.2

+11.7%

+27.1

+8.4%

+2.5

—

+0.0

—

-1.1

• Sales and profit growth expected in both Food and Pharmaceutical segments

• Profit attributable to owners of parent: Expected to increase significantly, mainly due to the rebound from extraordinary losses recorded in FY2025, including impairment loss related to the China business. A certain level of extraordinary losses is incorporated into FY2026 projections, reflecting the continued progress of structural reforms

(JPY bn)

Results - FY2025

Due to increased/decreased sales Changes in costs of goods sold Changes in marketing expenses

Changes in other SG&A expenses

Other (incl. changes in results of subsidiaries)

Plan - FY2026

: Impact of price increase +14.0

Changes in sales volume and product mix +6.1

-8.9

: Increase in raw material costs -10.2 (incl. domestic raw milk, imported dairy ingredients, packaging materials)

Product amount change +1.3

: Increase in logistic and advertising costs

-3.7

: Decrease in fixed costs associated with production system restructuring, despite increase in indirect manufacturing costs incl. depreciation due to start of operation at new plants

+4.6

: Overseas driven by profit growth in China due to the progress of profitability improvement plan. Profit will decrease in Japan

Operating profit projected to increase by JPY 5.2 bn

(Japan：-0.7, Overseas：+5.9)

Steadily secure profits amid uncertainty by implementing

Swift Responses to Cost Increases, Strategy focused on Added Value and Structural Reforms

(JPY bn)

Impact on operating profit

nge

• Minimize the impact on sales volume by implementing pricing strategy that responds to structural inflation. Establish pricing capabilities that enable response to prolonged cost increases

Impact of sales volume decline (JPY)

+6.1

FY2023 FY2024 FY2025 FY2026

-22.1 bn

-6.1

-19.4

FY2023 FY2024 FY2025 FY2026 plan

rgy cost)

• Major cost increase in FY2026

  Jun. 2025

  Chocolate

  SAVAS (Protein Bar)

  +10 to +36%

  +8 to +9%

  Domestic dairy milk -3.1 bn, Imported dairy ingredients -2.7 bn Packaging materials -2.5 bn, Cocoa beans -1.0 bn, etc.

〈Recent major price increase〉

FY2024

FY2025

FY2026

+2.9%

-2.5%

+2.3%

-1.8%

Aug

Price increase

+1.8%

—

Volume

Value

Meiji Bulgaria Yogurt – YoY sales trend

FY2024

FY2025

FY2026

+7.2%

-2.6%

Jun/Oct/Nov/Mar Price increase

+8.8%

-5.3%

May/Jun

Price increase

+2.5%

—

Value

Chocolate – YoY sales trend

• Up to FY2025: Price increase phase

  • Focus on strategic investment in brand value

  • Invest in value promotion from all angles, including intangible assets, to mitigate the impact that price increases have on sales volume

• FY2026: Value Maximization Phase

  • Continue diverse promotions for mainstay products to pursue sales growth that leads to profits

  • Pursue lineup enhancements focused on brand value to improve the stability of our revenue base

Meiji Bulgaria Yogurt Drink LB81

(ONE SHOT・120g) launched nationwide on Apr 7, 2026

New format that reflects changes in consumption occasions, health awareness, and desire for simplification. Using the manufacturing line for functional yogurt

14 © Meiji Holdings Co., Ltd. All rights reserved.

FRUBI by Kaju Gummy launched nationwide on Mar 24, 2026

Volume

Gummy product for beauty-conscious customers that features a blend of our proprietary ceramide ingredient (glucosylceramide-containing cocoa extract)

Strengthen launch and development of products with new value

Meiji Nama no Toki Shittori Milk

• Continuously enhance product competitiveness even after launch

  • Evidence generation, lineup expansion, enhanced promotion and proposals

• Establish competitive advantage through continuous value enhancement, and

(Re-launched on Oct 7, 2025/ Nationwide rollout on Jan 13, 2026)

Meiji Hemoglobin A1c Yogurt

(Launched on Oct 14, 2025)

[B2B] Lumieije

Compound cream that achieves both reduced calories and shortened whipping time

develop these products as long-term

growth drivers

Meiji Hohoemi (Launched on Nov 25, 2025)

First in Japan to blend Bifidobacterium. For cube-type products, added value-sized option featuring 30 packets

15 © Meiji Holdings Co., Ltd. All rights reserved.

(Renewed in beginning of Apr 2026)

Improved flavor, extended use-by date, revamped catch phrase, and expanded product lineup

SAVAS BIOPRO series

Meiji Probio Yogurt LG21

(Launched on Mar 23, 2026)

Features a blend of proprietary lactobacillus for aiding

the power of protein

• Promote product renewal centered on our proprietary technology and expertise

• Redefine brand value by reflecting market and customer insight, including new functionality, consumer preferences, and lifestyle changes

• Aim to underpin profits by driving recovery in high-margin product categories

  Overseas Food : Focus on Profitability Improvement in China, Growth Investment in the U.S. and Asia

  (JPY bn)		FY2025 Results		FY2026 Plan
  			YoY change		YoY change
  China	Net sales	28.2	+10.6% +2.7	33.0	+17.0% +4.8
  	Op. Profit	-6.0	— +1.1	-0.8	— +5.2
  Asia	Net sales	32.9	+6.2% +1.9	34.7	+5.5% +1.8
  	Op. Profit	1.3	-20.6% -0.3	1.6	+20.2% +0.2
  Europe Americas	Net sales	40.1	+6.5% +2.4	42.2	+5.1% +2.0
  	Op. Profit	2.0	+17.8% +0.3	2.1	+8.5% +0.1
  Overseas total	Net sales	96.5	+8.0% +7.1	108.7	+12.6% +12.1
  	Op. Profit	-5.8	— +1.4	0.1	— +5.9

  Key points Consistently execute profitability improvement plan

  Expand confectionery and nutrition businesses

  Accelerate confectionery business in the U.S.

  • Increase plant utilization by focusing on high-performing products and B2B business

  • Expand transactions with winning channels

  • Examine and execute next steps toward achieving breakeven

  • Drive growth by leveraging mainstay products, including chocolate snacks and infant formula

  • Expand into new countries and regions

  • Expand Meiji-branded products through increased production capacity

  • Thoroughly strengthen initiatives in high-performing sales channels

  • Establish and solidify the renewed Stauffer’s brand

  Production Base for Global Power Brands in Confectionery

• Reaffirming the nature of Confectionery business and our competitive advantage, we will rapidly roll out our success model to other regions

  Hard-to-replicate product competitiveness based on technological advantages

  Chocorooms (Kinoko no Yama)	●	●
  Chocolate Kouka	●
  Nuts chocolate	●	●
  Meltykiss	●	●
  Yan Yan	●	●	●

  • Invest approximately JPY10.0 bn to add production lines at the York Plant (East)

  • Operations are scheduled to commence in FY2027. By establishing a dual production base in the East and West, will accelerate business expansion

  Strong access to

  high-performing sales channels

  Nature

  Ability to adapt to local market needs

  Competitive advantage

  Business execution framework driven by locally empowered talent

  Business scalability made possible due to

  room temperature distribution

• Accelerate growth by both expanding production capacity and conducting brand investments

  • Following the U.S., expand production capacity in Asia as well. Leverage the advantages of room-temperature distribution to accelerate growth through business expansion, including exports

  • Strengthen marketing investments towards increasing brand recognition and generating demand

    FY2025

    FY2026

    Following consolidation, depreciation to increase gradually

    Oct

    Dec Mar

    Fixed costs to be reduced sequentially

    Mar

    Jul Sep

    FY2027

    Profit impact of production system optimization

New plants

Hokkaido/ Kanagawa

• Total cost reductions from production system optimization: approx. JPY 5.0 bn (vs. FY2024)

  Discontinuation of production

  Tohoku

  Matsuyama

  Nishishunbetsu/ Kanagawa

  Jul

  Toda

  Honbetsu

  Sep

  Kagawa

  • Of the approx. JPY 7.0 bn annual depreciation related to the new Hokkaido and Kanagawa plants, around JPY 2.0 bn will be recorded from FY2026

  • Fixed cost savings will be realized over the period from FY2025 to FY2028

• Prompt decision by evaluating factors such as market growth potential, competitive advantage, and ROIC impact

• In addition to initiatives within the current plan, we are considering and executing further structural reforms, including the restructuring of non-core businesses. Relentlessly advance structural reforms

ROIC by business(%) *

Dairy

10

0

5

Chocolate

10

0

5

Nutrition

10

0

5

Food solutions

10

5

Key points for FY2026

• Achieve stable growth in functional yogurt business and ensure successful market penetration of new products

• Improve profitability of yogurt and drinking milk products

• Build optimal production structure and enhance logistics efficiency

• Steadily execute profitability improvement plan for China business

• Strengthen and expand value-added products

• Pursue global expansion supported by enhanced production capabilities

• Optimize raw material inventory levels

• Address cost increases through price increases

• Restore competitiveness for mainstay products in Japan

• Intensify global expansion

• Build lean organizational structure, adapting to change in business environment (Utilization rate improvement and workforce optimization)

• Address cost increases through price increases

• Allocate management resources to B2B and core B2C products

• Further expand B2B business and improve profitability for ice cream business in China

0

FY2023 FY2024 FY2025

estimate

FY2026

Plan

(JPY bn)

Results - FY2025

Due to increased/decreased sales Impact of drug price revision Changes in costs of goods sold Changes in marketing expenses

Changes in other SG&A expenses

Other (incl. changes in results of subsidiaries)

Plan - FY2026

: Expansion mainly driven by blood plasma products, injectable antibacterial drugs, and newly launched products

: Increase in procurement purchase prices

: Increase in marketing expenses for newly launched products

: Rising R&D expenses and general & administrative costs (including system-related expenses)

: Profit decrease in subsidiaries including India

Aim for stable profit growth by solidifying our platform in Japan

while making investments to drive the transition toward a global development-oriented business

D

g

g

Pharmaceutical: Domestic Growth Driven by Stable Infectious Disease Base and Newly Launched Products

Sales by major category

Proportion of essential medicines In FY2025 total sales

Approx.

40%

• The sales composition ratio of essential medicines has increased annually due to contributions from injectable antibacterial drugs such as Sulbacillin and TAZOPIPE, which are specified critical materials for which NHI drug prices increased. Will work to ensure stable supply and pursue growth in both sales volume and market share

• Dedicated medical representatives are focused on marketing activities using accumulated clinical studies for the chronic GVHD treatment drug REZUROCK

• In November 2026, one year will have passed since the launch of Vorzzz, the drug for insomnia marketed jointly with Taisho Pharmaceutical, and we anticipate the lifting of restrictions on the number of days per prescription. Will focus marketing on clinical results to accelerate growth

• In Japan, blood plasma products such as globulin preparations, of which Japan has an ongoing supply shortage, and three authorized generics will contribute to profits *1: Includes generic drugs

  *2: Net sales for generic drugs not included into each disease area

  Pharmaceutical: Steady Progress toward Domestic Production of Penicillin APIs

  FY2021 FY2022 FY2023 FY2024 FY2025 FY2026 onward

  Test building construction

  Production equipment construction

  Planning to begin construction of

  Validation plant construction

Pharmaceutical Stable Supply Support Program*

Dec 2025

Start production of 6-APA

Specified Critical Materials Supply

sterilization facility from Jun 2026. Sterilized bulk drugs will be supplied starting around 2028

Meiji Meiji

COOH

O

O

COOH

Assurance Plan

O

Chemical synthesis

COOH

N

S

O O

Meiji

Sterilization

COONa

O

N

S

O O

N

N

H N

S H2N S

O

Sulbactam acid

COOH

Meiji

Sulbactam Na

COONa

O

Sulbactam/

Penicillin G

Fermentation and purification

6-APA

O

NH2 N

H

N S

Sterilization

NH2 N

H

N S

O

Ampicillin

• The launch of full-scale manufacturing will also help us fulfill our social

  O

  Enzymatic method

  Ampicillin hydrate

  N

  Ampicillin Na

  responsibility of stockpiling products

• Prerequisite to this initiative is that we steadily promote activities while

Chemical synthesis

N O

O O

O HN H N

O

COOH

N

S

accounting for the financial impact

*led by the Ministry of Health, Labour and Welfare (MHLW)

O

Chemical

COOH N

N

N N

S

O

Piperacillin hydrate

Tazobactam / Piperacillin

23 © Meiji Holdings Co., Ltd. All rights reserved.

synthesis

OTazobactam

Pharmaceutical: Progress in Consolidation of Generic Pharmaceuticals Industry

(Establishment of New Consortium Concept/Co-creation Platform)

• Steady progress in the consolidation of manufacturing sites in cooperation with companies participating in New Consortium

  	As of October 2025	As of March 2026
  Number of items discussed	22 ingredients, 56 items	90 ingredients, 498 items
  Number of items under discussion	—	45 ingredients, 377 items

  • Plan to establish Pharmatech Co-creation Platform, Inc. (tentative name), with Daito Co., Ltd. as the largest shareholder, together with Meiji Seika Pharma and one other co-investor

    Pharmatech Co-creation Platform, Inc.(tentative name)

• Concluded master agreement aimed at succession of the generic pharmaceutical business of KYORIN Pharmaceutical Co., Ltd. to Pharmatech Co-creation Platform

• Following review and negotiation phase including due

diligence (D.D.), the parties aim to conclude final agreement in September 2026

Final determination following D.D.

Pharmaceutical: Enhancing Value of Existing Vaccines while Addressing Challenges

• Declining vaccination rate is urgent, industry-wide challenge. Will continue communication initiatives that improve vaccine literacy, such as providing easy-to-understand information for general public

• Quintovac, 5-in-1 combination vaccine

  Website: Easy-to-Understand Infectious Disease Guide

  • In addition to promoting our in-house production structure and product quality, improved convenience such as packaging has contributed to success and resulted in growth that has exceeded expectations

  • Continued pursuit of value maximization through strengthened information dissemination

• Influenza vaccine

  • Leveraging the strength of integrated manufacturing and sales model, aim to achieve both market share expansion and improved profitability through early shipment and supply system that reliably meets demand

• KOSTAIVE, COVID-19 vaccine

  • Thorough communication of product reliability and effectiveness based on scientific evidence

  • To fulfill our responsibility for stable supply during emergencies, we are exploring a public-private partnership framework that ensures economic rationality in peacetime

• Technical collaboration with Serum Institute of India for the development and manufacturing of Japanese encephalitis vaccine (announced on April 28, 2026)

REZUROCK (Belumosudil)

KD2-396 (Hexavalent vaccine)

• Development and commercialization rights in Japan and 12 Asian countries

• Following the launch in South Korea in Nov. 2024, began sales in Taiwan and Thailand in Mar. 2026

• Initiated Phase 1/2 clinical trial involving pediatric patients in Japan, from Apr. 2026

• Initiated Phase 3 clinical trial in Japan, from Mar. 2026

  KD-382 (Dengue fever vaccine)

• Initiated Phase 2 clinical trial involving adults and pediatric patients in Thailand, from Aug. 2025

  OP0595 (Nacubactam)

• Novel β-lactamase inhibitor for addressing antimicrobial resistance (AMR), currently under development with support from the Japanese government

• Filed for manufacturing and marketing approval in Japan in Dec. 2025

• Results from the global Phase 3 study (Integral-1)*1 presented at IDWeek in Oct. 2025, followed by results from global Phase 3 study (Integral-2)*2 at ESCMID in Apr. 2026

• Regulatory submission preparations underway for countries and regions with commercial potential

  LC16 KMB (Mpox vaccine）

• Of the 3 million doses donated by the Japanese government to the Democratic Republic of the Congo, approximately 1.5 million doses have been administered

• Collecting real-world data on safety and efficacy

  We are also accelerating the adoption of mRNA technology and equipment, working towards building nucleic acid drug platform utilizing these technologies

*1: Targeting patients with complicated urinary tract infections or acute pyelonephritis caused by carbapenem-resistant Gram-negative bacteria (excluding Acinetobacter species)

*2: Targeting patients with infections caused by carbapenem-resistant Enterobacterales (CRE)

• Food

  • FY2025: Inventory increased due to rising raw material costs and cocoa beans stockpiling; however, ROIC improved, supported by higher operating profit and improved equity-method investment profit

  • FY2026: Despite increase in fixed assets associated with the startup of new plants, ROIC is expected to reach 9%, driven by higher profit levels

• Pharma

  • FY2025: ROIC improved, reflecting substantial increase in profits

  • FY2026: ROIC is expected to be 8.4%, as higher inventory levels and increased invested capital driven by the establishment of dual-use vaccine production system and penicillin API production system

Cash Allocation Outlook

28 © Meiji Holdings Co., Ltd. All rights reserved.

• Appropriate execution of strategic and growth investments, while assessing changes in the business environment and progress against 2026 Medium-Term Business Plan through business strategy reviews

• Continued asset reduction through structural reforms, along with ongoing reduction of cross-shareholdings

• Following the dividend increase in FY2025, additional dividend increase approved for FY2026. Going forward, aim to achieve stable and continuous enhancement of shareholder returns, taking into account profit levels and cash flow

< Three-year cash allocation policy for

2026 Medium-Term Business Plan>

(disclosed in May 2024)

Cash flows from

operating activities

Current

Approx.

JPY 350 bn

estimate

Cash-in, resources

Cash-out

Strategic investment and regular investment

Approx.

JPY 350 bn

Appendices

(JPY bn)

Results - FY2024 Due to increased/decreased sales Impact of drug price revision Changes in costs of goods sold Changes in other SG&A expenses

Other (incl. change in results of subsidiaries)

Results - FY2025

*1: Includes the effect of price increase (Breakdown)

*2: Food: Increase in raw materials costs (incl. domestic raw milk, imported dairy ingredients and cocoa beans): -23.0, Others (Incl. product amount change) +1.2 Pharma: Cost reduction: +0.5

*3: Food: Increase in marketing expenses: -4.0, Increase in other costs: -0.1 Pharma: Increase in marketing expenses: -0.9, Decrease in other costs: +9.2

• Dairy business

  Mainstay products sales in Japan* (JPY bn)

• Domestic (Japan)

  • Market size

    • Yogurt (incl. Functional yogurt): +3 to +4%

    • Drinking milk: Same level as FY2025

  • Sales trend

    • Meiji Probio Yogurt : Steady sales for commercial products while home delivery channels remain challenging (Consumer: +4.5%, Home delivery: -1.6%)

      Meiji Hemoglobin A1c Yogurt exceeded the plan

    • Meiji Bulgaria Yogurt: Mainstay plain type showed solid growth

    • Meiji Oishii Gyunyu: Mid volume type grew

  • Higher profit due to price increase and decrease in indirect manufacturing expenses

FY2025

Results

YoY change FY2026 Plan

YoY change

Functional yogurt 98.3 +2.7% 95.6 -2.7%

• Overseas

  • Profitability improvement plan contributed to profit improvement

    Yogurt 78.2 +2.4% 80.4 +2.8%

    for China business

    Consumer /Home delivery

    drinking milk

    78.2

    +0.2%

    81.9

    +4.8%

    (Review of unprofitable transaction and sales structure)

  • Rolled out Meiji Oishii Gyunyu in Chinese market from FY2025

    (JPY bn)	FY2025		FY2026
    	Results	YoY change	Plan	YoY change
    Net Sales	186.8	+9.3% +15.8	196.3	+5.1% +9.4
    Domestic (Japan)	116.7	+8.8% +9.4	119.8	+2.7% +3.1
    Overseas	70.1	+10.0% +6.3	76.5	+9.1% +6.3
    Op. Profit	15.2	-6.4% -1.0	18.0	+18.3% +2.7
    Domestic (Japan)	14.4	+6.2% +0.8	14.6	+1.3% +0.1
    Overseas	0.7	-70.4% -1.8	3.3	+326.4% +2.5

• Chocolate business

  Mainstay products sales in Japan* (JPY bn)

• Domestic (Japan)

  • Market size

    • Chocolate: +5 to +6%

    • Gummy: +5 to +6%

  • Sales trend

    • Chocolate: Increased, supported by the positive impact of price increase

    • Gummy: Steadily grew led by new products

  • Absorbed rising raw material costs by price increase effect

• Overseas

  FY2025

  Results

  YoY change

  FY2026

  Plan

  YoY change

  Chocolate 120.1 +8.8% 123.1 +2.5%

  • Sales increased from growth of mainstay chocolate products in China and sales expansion of chocolate snacks in the U.S.

  • Profit decreased as a whole due to increase in chocolate raw material costs in China, while profit increased in the U.S. from higher sales

    (JPY bn)	FY2025		FY2026
    	Results	YoY change	Plan	YoY change
    Net Sales	118.8	-0.1% -0.1	118.2	-0.5% -0.5
    Domestic (Japan)	107.9	-0.8% -0.9	106.1	-1.6% -1.7
    Overseas	10.8	+7.4% +0.7	12.0	+11.2% +1.2
    Op. Profit	13.5	-5.5% -0.7	13.5	+0.1% +0.0
    Domestic (Japan)	13.8	-10.6% -1.6	13.7	-1.1% -0.1
    Overseas	-0.3	— +0.8	-0.1	— +0.1

• Nutrition business

  Mainstay products net sales in Japan* (JPY bn)

• Domestic (Japan)

  • Market size

    • Sports protein (Ready-to-drink): +6 to +7%

  • Sales trend

    • Infant formula: Sales declined due to shrinking inbound demand

    • SAVAS (Powder): Soy-type products performed well, supported by increased appeal to health and beauty-conscious consumers

    • SAVAS Milk: Significant growth driven by lineup expansion

  • Profit declined due to higher raw material costs and decrease in infant formula sales

FY2025

Results

YoY change FY2026 Plan

YoY change

• Overseas

  Infant/Enteral formula	66.2	-3.6%	64.9	-2.0%
  Sports nutrition	53.6	+3.5%	53.2	-0.7%

  • Infant formula in Taiwan expanded by new product launches and channel expansion

  • Profit loss narrowed due to rebound from upfront investment expenses for business expansion recorded in the previous fiscal year

    (JPY bn)	FY2025		FY2026
    	Results	YoY change	Plan	YoY change
    Net Sales	203.6	+4.4% +8.5	209.6	+2.9% +5.9
    Domestic (Japan)	190.9	+4.5% +8.2	194.6	+1.9% +3.7
    Overseas	12.7	+2.2% +0.2	14.9	+17.2% +2.1
    Op. Profit	9.5	+18.7% +1.5	14.2	+48.4% +4.6
    Domestic (Japan)	12.9	+6.8% +0.8	14.8	+14.5% +1.8
    Overseas	-3.3	— +0.6	-0.5	— +2.7

• Food solutions business

  Mainstay products net sales in Japan* (JPY bn)

• Domestic (Japan)

  • Sales trend

    • B2B: Cream and chocolate contributed to higher sales

    • Cheese for B2C: Camembert and mozzarella performed well

    • Ice cream for B2C: Mainstay products achieved solid sales

  • Profit increased, driven by higher sales and impact of price increase

• Overseas

  • China: B2B cream performed well, contributing to sales growth

  • Profit loss narrowed due to sales growth in China and ongoing

FY2025

Results

YoY change FY2026 Plan

YoY change

cost reduction efforts

(USD/MT)

5,000

Nonfat Dry Milk

(USD/MT)

5,000

Cheese

4,000 4,000

3,000 3,000

2,000 2,000

1,000 1,000

0 0

(GBP/MT)

10,000

8,000

6,000

4,000

2,000

0

Cocoa beans

(USd/lb)

25

20

15

10

5

0

Sugar

Pharmaceutical: Analysis of Operating Profit by Business – FY2025

© Meiji Holdings Co., Ltd. All rights reserved.