FYE 3/2026 Financial Statements

Consolidated Financial Results for the Fiscal Year Ended March 31, 2026 [Based on Japanese GAAP]

May 14, 2026

Name of Listed Company: Meiji Holdings Co., Ltd. Listed exchange: Prime Market, Tokyo Stock Exchange Code Number: 2269 URL: https://www.meiji.com

Representative: Katsunari Matsuda, CEO, President and Representative Director Inquiries: Masashi Tanaka, General Manager of IR Dept.

Telephone: +81-3-3273-3524

Annual shareholders meeting: June 26, 2026 Submission of the securities report: June 23, 2026 Dividend payment commencement: June 5, 2026

Preparation of explanatory materials for full-term financial results: Yes

Holding of a briefing on full-term financial results: Yes (a briefing for analysts and institutional investors)

(Amounts are rounded down to the nearest million yen)

1. Consolidated Financial Results for the Fiscal Year Ended March 31, 2026 (April 1, 2025 to March 31, 2026)

   1. Consolidated operating results (% of change from the previous fiscal year)

      	Net Sales		Operating Profit		Ordinary Profit		Profit attributable to owners of parent
      For the fiscal year ended March 31, 2026	Millions of yen 1,173,688	% 1.7	Millions of yen 93,307	% 10.2	Millions of yen 96,571	% 17.7	Millions of yen 35,076	% -31.0
      March 31, 2025	1,154,074	4.4	84,702	0.5	82,013	7.9	50,800	0.2

      (Note) Comprehensive income: Fiscal year ended March 31, 2026: JPY 65,181 million (15.0%)

      Fiscal year ended March 31, 2025: JPY 56,695 million (-10.6%)

      	Profit per Share	Diluted Profit per Share	Return on Equity	Ordinary Profit/Total Assets	Operating Profit/Net Sales
      For the fiscal year ended March 31, 2026	Yen 129.42	Yen -	% 4.6	% 7.9	% 7.9
      March 31, 2025	186.08	-	6.8	6.9	7.3

      (Reference) Share of profit of entities accounted for using equity method: Fiscal year ended March 31, 2026: JPY 600 million

      Fiscal year ended March 31, 2025: JPY -4,468 million

   2. Consolidated financial position

      	Total Assets	Net Assets	Equity Ratio	Net Assets per Share
      	Millions of yen	Millions of yen	%	Yen
      As of March 31, 2026	1,261,759	817,552	61.2	2,849.80
      As of March 31, 2025	1,184,472	791,783	63.2	2,762.33

      (Reference) Shareholders' equity: As of March 31, 2026: JPY 772,586 million

      As of March 31, 2025: JPY 748,288 million

   3. Consolidated cash flows

   	Cash Flows from Operating Activities	Cash Flows from Investing Activities	Cash Flows from Financing Activities	Cash and Cash Equivalents at Year-End
   For the fiscal year ended March 31, 2026	Millions of yen 56,522	Millions of yen -110,375	Millions of yen 34,603	Millions of yen 49,611
   March 31, 2025	68,979	-40,636	-61,671	66,398

   Disclaimer: These financial statements have been prepared in accordance with generally accepted accounting principles in Japan.

   This English translation is prepared for the reader's convenience. When there are any discrepancies between the original Japanese version and English translation version, the original Japanese version always prevails.

2. Dividends

   	Cash Dividends Per Share					Total Cash Dividends (Annual)	Payout Ratio (Consolidated)	Dividends to Net Assets Ratio (Consolidated)
   	1Q	2Q	3Q	Financial year end	Annual
   For the fiscal year ended	Yen	Yen	Yen	Yen	Yen	Millions of yen	%	%
   March 31, 2025	-	50.00	-	50.00	100.00	27,089	53.7	3.7
   March 31, 2026	-	52.50	-	52.50	105.00	28,465	81.1	3.7
   March 31, 2027 (Projected)	-	55.00	-	55.00	110.00		47.7

3. Forecasts of Consolidated Financial Results for the Fiscal Year Ending March 31, 2027

(April 1, 2026 to March 31, 2027) (% of change from the previous fiscal year)

Notes

1. Changes in significant subsidiaries during the current fiscal year: Yes

   Added to scope of consolidation (2 companies): Meiji Food Asia Pacific Pte. Ltd, Meiji Pharma Asia Pte. Ltd.

2. Changes in accounting policy, changes in accounting estimates, restatements

   1. Changes in accounting policy due to revisions of accounting standards: None

   2. Other changes in accounting policy: None

   3. Changes in accounting estimates: None

   4. Restatements: None

3. Number of shares outstanding (common stock)

   As of Mar. 31, 2026	282,200,000 shares	As of Mar. 31, 2025	282,200,000 shares
   As of Mar. 31, 2026	11,098,044 shares	As of Mar. 31, 2025	11,309,372 shares
   As of Mar. 31, 2026	271,019,492 shares	As of Mar. 31, 2025	273,002,494 shares

   1. Number of shares outstanding at end of period (including treasury stock)

   2. Number of treasury stock at end of period

   3. Average number of shares during period

(Reference) Non-Consolidated Financial Results for the Fiscal Year Ended March 31, 2026 (April 1, 2025 to March 31, 2026)

1. Non-consolidated operating results (% of change from the previous fiscal year)

   	Net Sales		Operating Profit		Ordinary Profit		Profit
   For the fiscal year ended March 31, 2026	Millions of yen 36,292	% -25.5	Millions of yen 24,582	% -36.5	Millions of yen 24,754	% -36.5	Millions of yen 25,378	% -40.4
   March 31, 2025	48,717	59.0	38,703	59.1	38,965	56.5	42,571	29.5

   	Profit per Share	Diluted Profit per Share
   For the fiscal year ended	Yen	Yen
   March 31, 2026	93.64	-
   March 31, 2025	155.94	-

   (Note) For the FYE March 31, 2025, the dividend paid from the operating companies increased to guarantee the dividend resources. Therefore, there are differences between the actual results in FYE March 31, 2026 and FYE March 31, 2025.

2. Non-consolidated financial position

   	Total Assets	Net Assets	Equity Ratio	Net Assets per Share
   	Millions of yen	Millions of yen	%	Yen
   As of March 31, 2026	415,922	219,852	52.9	810.96
   As of March 31, 2025	349,787	225,630	64.5	832.92

   (Reference) Shareholders' equity: As of March 31, 2026: JPY 219,852 million

   As of March 31, 2025: JPY 225,630 million

   • The earnings summary is not subject to audit.

   • Forward -looking statements and other special notes (Notice concerning forward-looking statements)

The forward-looking statements described in this document, such as business forecasts, are based on information

available at the time of the release of these materials and reasonable assumptions made by the Company, and do not represent a commitment from the Company that they will be achieved. For earnings forecast assumptions and other related items, refer to page 12 of 1. Qualitative Information 3) Forecasts for the Fiscal Year ending March 31, 2027

(Explanatory material for financial results)

Explanatory materials for financial results are disclosed through TDnet together with these financial statements. This information also is posted on our website on the same day.

(Presentation material for conference call)

The briefing (online) for analysts and institutional investors is scheduled on May 14, 2026. The presentation materials are posted on our website today, on May 14, 2026.

1. Qualitative Information

   1. Explanation Concerning Operating Results

      In the FYE March 2026, our Group's operating environment faced continued instability due to the trade policies of various nations, foreign currency fluctuations, and geopolitical risks such as the situation in the Middle East. In Japan, while the employment and income environment saw improvements, the trend towards saving continued due to heightened cost-consciousness driven by rising prices. Amid such an environment, our Group advanced our 2026 Medium-Term Business Plan (FYE March 2025-2027), which started in April 2024.

      In the Food segment, we strove to offset cost increases through price increases while also worked to strengthen our added-value proposition for existing products and expand sales of new products. In Japan, we focused on expanding our B2B business, enhancing our proposals to be more responsive to client needs. Overseas, we grew sales by working to expand exposure for Meiji brand products. In our particularly strong-performing US business, we have expanded our production lines. Meanwhile, for our China business, while we posted an impairment loss, we have implemented fundamental structural reforms to restore profitability and have solidified our path to recovery.

      In the Pharmaceutical segment, we worked to ensure a stable supply for antibacterial drugs and vaccines. In addition, we made progress in establishing an APIs production system for antibacterial drugs in Japan, which is considered critical to ensuring economic security, and began production of the raw materials for antibacterial drugs at our Gifu Plant in December 2025. We also launched a two-dose vial for KOSTAIVE, a next-generation self-amplifying mRNA vaccine for COVID-19, and advanced the development of the new β-lactamase inhibitor OP0595 Nacubactam, which will help address the issue of antimicrobial resistance (AMR). Additionally, to resolve the structural issues of supply instability facing the generic drug industry, we held extensive discussions with multiple companies on a consortium initiative and have been preparing for its implementation.

      These factors resulted in net sales of JPY 1,173.688 billion (up 1.7%, year on year), operating profit of JPY

      93.307 billion (up 10.2%, year on year), and ordinary profit of JPY 96.571 billion (up 17.7%, year on year) during FYE March 2026. Profit attributable to owners of parent was JPY 35.076 billion (down 31.0%, year on year). ROE was 4.6%, EPS was JPY 129.42.

      In the 2026 Medium-Term Business Plan, we continue to position Meiji ROESG®* as our highest management goal as in the previous Medium-Term Business Plan. Meiji ROESG consists of two components: ROE, which represents our earning potential, and the degree of achievement of ESG targets, which promote risk mitigation and lead to future growth opportunities. To improve ROE, we work to improve capital efficiency using ROIC. In addition to the evaluation by an external evaluation organization, our ESG target sets sales targets for Meiji ROESG target brand line (products) in the ESG target as an indicator that symbolizes the fusion of sustainability and business strategies. Fiscal year results against Medium-Term Business Plan KPI are as shown below.

      	Results for FYE March 2025	Results for FYE March 2026	Initial Targets for Medium-Term Business Plan (FYE March 2027)
      Meiji ROESG	9.5 point	6.1 point	9.8 point
      Consolidated operating profit Food segment Pharmaceutical segment	JPY 84.7 billion JPY 64.6 billion JPY 24.7 billion	JPY 93.3 billion JPY 68.7 billion JPY 30.4 billion	JPY 116.5 billion JPY 83.0 billion JPY 40.0 billion
      Overseas net sales	JPY 153.1 billion	JPY 161.3 billion	JPY 252.5 billion
      ROIC	6.8%	7.8%	More than 8.5%
      ROE	6.8%	4.6%	More than 9.5%

      *ROESG is a registered trademark for a management indicator developed by Kunio Ito, a professor at Hitotsubashi University.

      (Billions of yen)

      For the fiscal year ended March 31	2025	2026	Change	Main Factors for Change
      Net sales	1,154.0	1,173.6	19.6	Details indicated on segment-specific overview
      Operating profit	84.7	93.3	8.6	Details indicated on segment-specific overview
      Non-operating profit	4.2	6.9	2.6
      Non-operating expenses	6.9	3.6	-3.2
      Ordinary profit	82.0	96.5	14.5	-
      Extraordinary income	7.0	14.1	7.0
      Extraordinary losses	6.6	42.6	36.0
      Profit before income taxes	82.4	68.0	-14.4	-
      Income taxes-total	28.3	29.2	0.8
      Profit attributable to non-controlling interests	3.2	3.7	0.4	-
      Profit attributable to owners of parent	50.8	35.0	-15.7	-

      • Foreign exchange gains (+2.0)

      • Share of gain of entities accounted for using equity method (+0.6)

      • Share of loss of entities accounted for using equity method (-4.4)

      • Interest expenses (+0.5)

      • Subsidy income (+11.0)

      • Gain on sales of investment securities (-3.3)

      • Impairment losses (+24.3)

      • Loss on tax purpose reduction entry of non-current assets (+11.0)

      • Income taxes - deferred (+7.8)

      • Income taxes - current (-7.0)

      The status of operations by segment and business are as follows.

      1. Food segment

         ・Net sales increased year on year. Net sales of the chocolate business and the food solutions business increased year on year. Net sales of the dairy business and the nutrition business were largely unchanged year on year.

         ・Operating profit increased year on year. Operating profit of the dairy business and the food solutions business significantly increased year on year. On the other hand, operating profit of the chocolate business and the nutrition business decreased year on year.

         (Billions of yen)

         For the fiscal year ended March 31	2025	2026	% Change
         Net sales	925.5	942.8	1.9%
         Operating profit	64.6	68.7	6.4%

         Analysis of Consolidated Operating Profit (Billions of yen)

         Results - FYE March 2025	64.6
         Due to increased/decreased sales				+29.0
         Changes in costs of goods sold				-21.8
         Changes in other SG&A expenses				-4.1
         Other (incl. change in results of subsidiaries) Results - FYE March 2026	+1.0 68.7

         Below is an overview of each of the Food segment's main businesses.

         (Billions of yen)

         Net sales				Operating profit
         For the fiscal year ended March 31	2025	2026	% Change	For the fiscal year ended March 31	2025	2026	% Change
         Dairy	271.3	272.6	0.5%	Dairy	23.8	29.2	22.8%
         Chocolate	171.0	186.8	9.3%	Chocolate	16.3	15.2	-6.4%
         Nutrition	118.9	118.8	-0.1%	Nutrition	14.2	13.5	-5.5%
         Food solutions	195.1	203.6	4.4%	Food solutions	8.0	9.5	18.7%
         Other	169.0	160.8	-4.8%	Other	2.1	1.1	-47.3%

         • Dairy business (Functional yogurt, yogurt, drinking milk, overseas)

           ・Net sales were largely unchanged year on year. In Japan, sales were largely unchanged year on year. Although sales for mainstay products such as Meiji Probio Yogurt R-1 and Meiji Bulgaria Yogurt performed well due to price increases and strengthened sales promotions, performance of home delivery channels was sluggish. Overseas, we launched Meiji Oishii Gyunyu in China in July 2025, leading to increased sales in the drinking milk category. However, due to sluggish yogurt sales, sales of the drinking milk and yogurt business for the consumer market as a whole decreased.

           ・Operating profit increased significantly year on year. In Japan, profits increased due to price increases and a decrease in indirect manufacturing costs. Overseas, losses decreased due to cost reduction efforts through our profitability improvement plan in China.

         • Chocolate business (Chocolate, gummy, overseas)

           ・Net sales increased year on year. In Japan, sales of chocolate increased thanks to price increases. Sales of gummy also grew thanks to the strong performance of new products. Overseas, sales increased due to sales growth for mainstay chocolate products in China and Hello Panda in the U.S.

           ・Operating profit decreased year on year. In Japan, profits increased thanks to price increases, which offset the rise in raw material costs. Overseas, while profit increased in the U.S., overall profits decreased due to an increase in raw material costs in China.

         • Nutrition business (Infant formula, sports nutrition, rich in nutrition foods, overseas)

           ・Net sales were largely unchanged year on year. In Japan, sales decreased due to a decline in inbound demand for infant formula. Overseas, sales of infant formula in Taiwan increased.

           ・Operating profit decreased year on year. In Japan, profits decreased due to an increase in raw material costs and lower sales of infant formula. Overseas, losses decreased due to higher profitability in Taiwan and the absence of the upfront investment expenses for business expansion recorded in the previous fiscal year.

         • Food solutions business (B2B, cheese, frozen dessert, overseas)

           ・Net sales increased year on year. In Japan, sales of cream and chocolate for B2B increased. Sales of frozen desserts for the consumer market also increased due to the favorable performance. Overseas, in China, while sales of frozen desserts for the consumer market decreased, overall sales increased on strong performance in cream for B2B.

           ・Operating profit increased significantly year on year. In Japan, profits increased thanks to price increases, which offset the rise in raw material costs. Overseas, losses decreased thanks to B2B sales growth and cost reduction efforts in China.

         • Other business (dairy ingredients, domestic subsidiaries, overseas)

           ・Net sales decreased year on year, driven by a decline in sales of contract manufacturing products.

           • Operating profit decreased significantly year on year, due to the decrease in sales from contract manufacturing products in Japan and upfront investment expenses for overseas business expansion.

      2. Pharmaceutical segment

         ・Net sales increased year on year. Net sales of the overseas pharmaceuticals business and the vaccines and veterinary drugs business increased year on year, and net sales of the domestic pharmaceuticals business were largely unchanged year on year.

         ・Operating profit increased significantly year on year. Operating profit of the overseas pharmaceuticals business increased significantly year on year, and the vaccines and veterinary drugs business achieved a turnaround to profitability from the previous fiscal year. Operating profit of the domestic pharmaceuticals business decreased significantly year on year.

         (Billions of yen)

         For the fiscal year ended March 31	2025	2026	% Change
         Net sales	229.6	232.2	1.1%
         Operating profit	24.7	30.4	23.1%

         Analysis of Consolidated Operating Profit (Billions of yen)

         Results - FYE March 2025 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 - FYE March 2026

         24.7

         -1.8

         -3.0

         +0.5

         30.4

         +8.3

+1.8

Below is an overview of each of the Pharmaceutical segment's main businesses.

(Billions of yen)

1. • Domestic pharmaceuticals business (Infectious disease, immune system, central nervous system, generic drugs)

     ・Net sales were largely unchanged year on year. Sales of the selective ROCK2 inhibitor REZUROCK Tablets, launched in May 2024 and the blood plasma products increased. Sales of antibacterial drugs decreased due to a market slowdown caused by changes in the prevalence of bacterial infections.

     ・Operating profit decreased significantly year on year due to factors such as the impact of NHI price revisions and an increase in promotional expenses for newly launched products.

   • Overseas pharmaceuticals business (Direct sales, CMO/CDMO, global products)

     ・Net sales increased year on year thanks to royalty income and sales growth from a subsidiary in Thailand.

     ・Operating profit increased significantly year on year. The positive performance was supported by lower R&D expenses and royalty income, as well as increased profits from our subsidiaries in India and Thailand.

   • Vaccines and veterinary drugs business (Vaccines, veterinary drugs, newborn screening)

     ・Net sales increased year on year thanks to the growth of the 5-in-1 combination vaccine, Quintovac.

     ・Operating profit achieved a turnaround to profitability from the previous fiscal year. This was mainly due to the absence of the valuation losses for KOSTAIVE, the next-generation COVID-19 mRNA vaccine, incurred during the previous fiscal year.

2. Financial status

   1. Assets, Liabilities, and Net Assets

      (Billions of yen)

      	As of Mar. 31, 2025	As of Mar. 31, 2026	Change	Main Factors for Change
      Current assets	540.7	585.3	44.5
      Non-current assets	643.7	676.3	32.6
      Total assets	1,184.4	1,261.7	77.2	-
      Current liabilities	307.0	313.2	6.1
      Non-current liabilities	85.6	130.9	45.3
      Total liabilities	392.6	444.2	51.5	-
      Shareholders' equity	684.0	688.7	4.7	- Retained earnings (+4.0)
      Accumulated other comprehensive income	64.2	83.8	19.5
      Minority interests	43.4	44.9	1.4	-
      Total net assets	791.7	817.5	25.7	-
      Total liabilities and net assets	1,184.4	1,261.7	77.2	-

      • Raw materials and supplies (+18.9)

      • Merchandise and finished goods (+17.1)

      • Notes and accounts receivable - trade (+6.1)

      • Construction in progress (+45.4)

      • Machinery, equipment and vehicles, net (-12.4)

      • Commercial papers (+14.0)

      • Current portion of bonds payable (+10.0)

      • Deposits received (-16.2)

      • Long-term borrowings (+54.8)

      • Bonds payable (-10.0)

      • Remeasurements of defined benefit plans (+9.5)

      • Valuation difference on available-for-sale securities (+6.1)

      Interest bearing debt	47.8	112.5	64.7
      Equity Ratio (%)	63.2	61.2	-1.9pt	-

      • Long-term borrowings (+54.8)

      • Commercial papers (+14.0)

   2. Status of cash flows

      (Billions of yen)

      For the fiscal year ended March 31	2025	2026	Change	Main Factors for Change
      Net cash flow from operating activities	68.9	56.5	-12.4
      Net cash flow from investing activities	-40.6	-110.3	-69.7
      Net cash flow from financing activities	-61.6	34.6	96.2
      Cash and cash equivalents at end of period	66.3	49.6	-16.7	-

      • Increase in inventories (-26.5)

      • Profit before income taxes (-14.4)

      • Impairment losses (+24.3)

      • Purchase of property, plant and equipment (-44.0)

      • Proceeds from sales of investment securities (-20.4)

      • Proceeds from long-term borrowings (+56.0)

      • Decrease in treasury shares (+29.4)

      Free cash flow

      28.3

      -53.8

      -82.1

      -

   3. Status of capital expenditures

      Capital expenditures on a cash basis (including intangible assets) for the current fiscal year were JPY 103.7 billion, with the main transactions as indicated below.

      ・Dairy product plant (constructing in East Hokkaido)

      ・Dairy product plant (constructing in Kanagawa)

   4. Transitions in financial benchmarks (consolidated)

      For the fiscal year ended March 31	2022	2023	2024	2025	2026
      ROE (%)	13.5	10.0	6.9	6.8	4.6
      ROA (%)	8.6	6.6	6.5	6.9	7.9
      EPS (JPY)	303.62	247.39	181.64	186.08	129.42
      D/E ratio (Times)	0.12	0.09	0.07	0.06	0.15

      (Note) 1. Calculation Method:

      ROE= Net income/Average shareholders' equity ROA= Ordinary income/Average total assets

      EPS= Net income/ (Number of shares outstanding-Number of treasury stock) D/E ratio= Interest-bearing debt/Shareholder's equity

      1. A two-for-one common stock split was issued on April 1, 2023. EPS is calculated on the assumption that the stock split was conducted at the beginning of the fiscal year ended March 31, 2022.

      The forward-looking statements described in this document, such as business forecasts, are based on information available at the time of the release of these materials and reasonable assumptions made by the Company. Actual performance may differ greatly due to a variety of factors.

1. Forecasts for the Fiscal Year ending March 31, 2027

   During the FYE March 2027, the final fiscal year of the 2026 Medium-Term Business Plan, in Japan we anticipate a mild recovery in personal spending thanks to an improved employment and income environment. However, we are assuming continued geopolitical risks facing Japan and overseas, uncertainty in trade policy, and foreign currency fluctuations. Amid such an environment, our Group aims to increase profitability by responding to cost increases and maximizing the effect of supply structure enhancements. We will strive for sustainable growth by refining our business portfolio and optimizing resource allocation.

   In light of the business environment in the FYE March 2026 and changes to the assumptions made at the time of formulating the 2026 Medium-Term Business Plan, we have revised the initial targets of the 2026 Medium-Term Business Plan as outlined below. These revisions reflect the impact of soaring and persistently high raw material prices, the economic slowdown in China, and changes in the COVID-19 vaccination environment, as well as revisions to our foreign currency assumptions.

   	Results for FYE March 2026	Plan for FYE March 2027	Initial Targets for Medium-Term Business Plan (FYE March 2027)
   Meiji ROESG	6.1 point	7.8 point	9.8 point
   Consolidated operating profit Food segment Pharmaceutical segment	JPY 93.3 billion JPY 68.7 billion JPY 30.4 billion	JPY 100.0 billion JPY 74.0 billion JPY 33.0 billion	JPY 116.5 billion JPY 83.0 billion JPY 40.0 billion
   Overseas net sales	JPY 161.3 billion	JPY 182.8 billion	JPY 252.5 billion
   ROIC	7.8%	8.0%	More than 8.5%
   ROE	4.6%	8.0%	More than 9.5%

   Below is an overview of the plan by segment.

   1. Food segment

      We will stabilize our profit base by evaluating the impact of factors such as Japan and overseas geopolitical risks and foreign currency fluctuations to implement additional measures, including dynamic price increases, while also advancing business structure reforms.

      In Japan, we will work to maximize the value of existing brands by engaging in continuous promotions and enhancing our product lineup. For the dairy business and the chocolate business, we will establish medium-and long-term growth drivers by accelerating the development of products offering new value. In the nutrition business, we will work to restore profitability by enhancing the unique value of mainstay brands. For the food solutions business, we will accelerate growth by strengthening proposals for B2B products incorporating proprietary technology to meet the needs of our business partners.

      Overseas, we will accelerate business development with a focus on the confectionery business, which is performing favorably in each area. In China, we will focus on the confectionery business while continuing to implement measures aimed at achieving overall profitability for the China business. In the U.S., we will utilize our enhanced production capacity to expand sales channels, especially for chocolate snacks. In Asia, we will strengthen business development for chocolate, including exports outside the region.

      (Billions of yen)

      	Results for FYE March 2026	Plan for FYE March 2027	% Change
      Net sales	942.8	953.9	1.2%
      Operating profit	68.7	74.0	7.6%

      Analysis of Consolidated Operating Profit

      (Billions of yen)

      68.7

      74.0

      +20.1

Results - FYE March 2026

Due to increased/decreased sales

Changes in costs of goods sold

Changes in other SG&A expenses

Other (incl. change in results of subsidiaries)

Plan - FYE March 2027

-10.5

+4.6

1. 1. Pharmaceutical segment

      In Japan, we will work to ensure the stable provision of injectable antibacterial drugs and vaccines, and focus on promoting blood plasma products, for which we have achieved centralized Group manufacturing and sales. We will also work to maximize the value of the selective ROCK2 inhibitor REZUROCK Tablets, our newly launched product. Overseas, to establish a foundation for future growth, we will drive business expansion in Southeast Asia from our hub, Meiji Pharma Asia, established in Singapore. At the same time, we will make steady progress in our pipeline development, including a dengue fever vaccine.

      (Billions of yen)

      	Results for FYE March 2026	Plan for FYE March 2027	% Change
      Net sales	232.2	259.3	11.7%
      Operating profit	30.4	33.0	8.4%

      Analysis of Consolidated Operating Profit (Billions of yen)

      Results - FYE March 2026	30.4
      Due to increased/decreased sales			+3.5
      Impact of drug price revision				+3.6

      Changes in costs of goods sold

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

      subsidiaries)

      Plan - FYE March 2027

      -1.9
      
      

      33.0

      -1.8
      
      

      -0.8

2. Basic policy concerning income dividends

As a company mainly involved in food, health, and pharmaceuticals, we are a familiar brand that strives for lifelong engagement with our customers. This means that ensuring a long-term, stable financial platform is critical to our success.

Capital earned through business activities will be aggressively applied towards investments in future growth and R&D as we strive for sustainable growth.

In our 2026 Medium-Term Business Plan, we recognize appropriate profit returns to our shareholders as an important management issue. We aim to achieve a total return ratio of at least 50% in each fiscal year, and to continuously increase dividends per share.

In the current fiscal year under review, the dividend as of the end of the fiscal period is JPY 52.50 per share. The full-year dividend amount, which includes the dividend paid at the end of the second quarter, is JPY

105.00 per share, increased by JPY 5.00 year on year. The consolidated dividend payout ratio is 81.1%.

For the annual dividend for the FYE March 2027, we are planning to increase the full-year dividend amount to JPY 110.00 (JPY 55.00 at end of second quarter and JPY 55.00 at end of fiscal period).

1. Fundamental approach to the selection of accounting practices

   Our Group is considering the voluntary application of International Financial Reporting Standards (IFRS) with the objective of increasing the ease of cross-border comparisons for financial information on capital markets.

2. Consolidated Financial Statements

1. Consolidated Balance Sheets (Millions of yen)

   As of March 31, 2025 As of March 31, 2026

   ASSETS

   Current assets
   Cash and deposits	78,191	69,249
   Notes and accounts receivable-trade	189,533	195,682
   Merchandise and finished goods	127,621	144,727
   Work in process	5,084	9,940
   Raw materials and supplies	81,919	100,894
   Others	58,817	65,230
   Allowance for doubtful accounts	-401	-363
   Total current assets	540,765	585,361
   Non-current assets
   Property, plants and equipment
   Buildings and structures	377,109	386,428
   Accumulated depreciation	-189,056	-204,335
   Buildings and structures, net	188,053	182,092
   Machinery, equipment and vehicles	598,984	609,934
   Accumulated depreciation	-438,925	-462,316
   Machinery, equipment and vehicles, net	160,059	147,618
   Tools, furniture and fixtures	60,292	60,432
   Accumulated depreciation	-47,456	-49,725
   Tools, furniture and fixtures, net	12,836	10,706
   Land	76,092	76,209
   Lease assets	3,313	3,147
   Accumulated depreciation	-2,260	-1,156
   Lease assets, net	1,053	1,991
   Construction in progress	45,807	91,306
   Total property, plants and equipment	483,901	509,924
   Intangible assets	19,240	21,791
   Investments and other assets
   Investment securities	78,354	75,335
   Retirement benefit asset	37,616	45,593
   Deferred tax assets	15,773	4,909
   Other	8,873	19,011
   Allowance for doubtful accounts	-54	-168
   Total investments and other assets	140,563	144,680
   Total non-current assets	643,706	676,397
   Total assets	1,184,472	1,261,759

   (Millions of yen)

   As of March 31, 2025 As of March 31, 2026

   LIABILITIES

   Current liabilities

   Notes and accounts payable-trade	102,846	101,131
   Short-term borrowings	25,376	21,317
   Current portion of bonds payable	-	10,000
   Commercial papers	-	14,000
   Accrued expenses	48,785	46,186
   Income taxes payable	14,332	11,388
   Contract liability	721	762
   Refund liability	20,784	20,625
   Provision for bonuses	11,496	11,632
   Provision for contingent loss	1,500	-
   Other	81,234	76,227
   Total current liabilities	307,077	313,271
   Non-current liabilities
   Bonds payable	10,000	-
   Long-term borrowings	12,423	67,267
   Deferred tax liabilities	3,747	4,756
   Retirement benefit liability	50,602	41,213
   Provision for retirement benefits for directors (and other officers)	79	88
   Other	8,757	17,609
   Total non-current liabilities	85,611	130,935
   Total liabilities	392,688	444,206
   NET ASSETS
   Shareholders' equity
   Share capital	30,000	30,000
   Capital surplus	38,708	38,743
   Retained earnings	649,258	653,343
   Treasury shares	-33,956	-33,312
   Total shareholders' equity	684,010	688,774
   Accumulated other comprehensive income
   Valuation difference on available-for-sale securities	16,261	22,420
   Deferred gains or losses on hedges	-17	46
   Foreign currency translation adjustments	35,752	39,469
   Remeasurements of defined benefit plans	12,282	21,876
   Total accumulated other comprehensive income	64,278	83,812
   Non-controlling interests	43,494	44,965
   Total net assets	791,783	817,552
   Total liabilities and net assets	1,184,472	1,261,759

   		(Millions of yen)
   	For the fiscal year ended March 31, 2025	For the fiscal year ended March 31, 2026
   Net sales	1,154,074	1,173,688
   Cost of sales	814,973	814,648
   Gross profit	339,100	359,040
   Selling, general and administrative expenses	254,398	265,733
   Operating profit	84,702	93,307
   Non-operating income
   Interest income	723	998
   Dividend income	991	1,000
   Share of profit of entities accounted for using － 600 equity method
   Foreign exchange gains	625	2,688
   Other	1,894	1,620
   Total non-operating income	4,234	6,907
   Non-operating expenses
   Interest expenses	382	977
   Share of loss of entities accounted for using 4,468 － equity method
   Compensation expenses	-	420
   Special milk supply business expenses	466	418
   Other	1,605	1,827
   Total non-operating expenses	6,923	3,643
   Ordinary profit	82,013	96,571
   Extraordinary income
   Gain on sales of non-current assets	598	1,990
   Subsidy income	8	11,023
   Other	6,461	1,143
   Total extraordinary income	7,069	14,157

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

   Loss on abandonment of non-current assets 4,571 3,237

Extraordinary losses

Loss on tax purpose reduction entry of non-current assets

8 11,024

(Consolidated Statements of Comprehensive Income)

For the fiscal year ended March 31, 2025

(Millions of yen) For the fiscal year ended

March 31, 2026

Profit 54,085 38,797

Valuation difference on available-for-sale

securities

-5,442

6,163

Other comprehensive income

Deferred gains or losses on hedges -100 66

Share of other comprehensive income of entities

accounted for using equity method

2,415

-299

Remeasurements of defined benefit plans, net of tax

8,326 9,733

Comprehensive income 56,695 65,181

Total other comprehensive income 2,609 26,384

Comprehensive income attributable to owners

of parent

53,464

61,178

Profit attributable to

Comprehensive income attributable to non-controlling interests

3,231 4,003

1. Consolidated Statements of Changes in Net Assets

   For the fiscal year ended March 31, 2025

   (Millions of yen) For the fiscal year ended

   March 31, 2026

   Shareholders' equity

   Share capital

   Balance at the beginning of period	30,000	30,000
   Restated balance	-	-
   Total changes during period	-	-
   Balance at the end of period	30,000	30,000
   Capital surplus
   Balance at the beginning of period	72,410	38,708
   Restated balance	-	-
   Changes during period
   Disposal of treasury shares	104	35
   Cancellation of treasury shares	-33,807	-
   Total changes during period	-33,702	35
   Balance at the end of period	38,708	38,743
   Retained earnings
   Balance at the beginning of period	626,158	649,258
   Restated balance	-	-
   Changes during period
   Dividends of surplus	-26,802	-27,777
   Profit attributable to owners of parent company	50,800	35,076
   Increase (decrease) due to change in fiscal -1,326 － year end of consolidated subsidiaries
   Increase (decrease) due to change in fiscal year end of entities accounted for using	428	-
   equity method
   Change in scope of consolidation	-	-50
   Change in scope of equity method	-	-3,164
   Total changes during period	23,100	4,084
   Balance at the end of period	649,258	653,343
   Treasury shares
   Balance at the beginning of period	-38,236	-33,956
   Restated balance	-	-
   Changes during period
   Purchase of treasury shares	-30,001	-9
   Disposal of treasury shares	474	653
   Cancellation of treasury shares	33,807	-
   Total changes during period	4,280	643
   Balance at the end of period	-33,956	-33,312

   		(Millions of yen)
   	For the fiscal year ended March 31, 2025	For the fiscal year ended March 31, 2026
   Shareholders' equity (cont.)
   Total shareholders' equity
   Balance at the beginning of period	690,332	684,010
   Restated balance	-	-
   Changes during period
   Dividends of surplus	-26,802	-27,777
   Profit attributable to owners of parent 50,800 35,076 company
   Purchase of treasury shares	-30,001	-9
   Disposal of treasury stock	579	688
   Increase (decrease) due to change in fiscal year end of consolidated subsidiaries	-1,326	-
   Increase (decrease) due to change in fiscal year end of entities accounted for using	428	-
   equity method
   Change in scope of consolidation	-	-50
   Change in scope of equity method	-	-3,164
   Total changes during period	-6,321	4,763
   Balance at the end of period	684,010	688,774
   Accumulated other comprehensive income
   Valuation difference on available-for-sale securities
   Balance at the beginning of period	21,722	16,261
   Restated balance	-	-
   Changes during period
   Net changes in items other than shareholders' -5,461 6,158 equity
   Total changes during period	-5,461	6,158
   Balance at the end of period	16,261	22,420
   Deferred gains or losses on hedges
   Balance at the end of previous period	78	-17
   Restated balance	-	-
   Changes during period
   Net changes in items other than shareholders' equity	-96	64
   Total changes during period	-96	64
   Balance at the end of period	-17	46
   Foreign currency translation adjustments
   Balance at the beginning of period	30,517	35,752
   Restated balance	-	-
   Changes during period
   Change in scope of equity method	-	-6,567
   Net changes in items other than shareholders' equity	5,234	10,285
   Total changes during period	5,234	3,717
   Balance at the end of period	35,752	39,469

   For the fiscal year ended March 31, 2025

   (Millions of yen)

   For the fiscal year ended March 31, 2026

   Accumulated other comprehensive income (cont.)

   Remeasurements of defined benefit plans

   Balance at the beginning of period	3,880	12,282
   Restated balance	-	-
   Changes during the period
   Net changes in items other than shareholders' equity	8,401	9,593
   Total changes during period	8,401	9,593
   Balance at the end of period	12,282	21,876
   Total accumulated other comprehensive income
   Balance at the beginning of period	56,200	64,278
   Restated balance	-	-
   Changes during the period
   Change in scope of equity method	-	-6,567
   Net changes in items other than shareholders' equity	8,078	26,102
   Total changes during period	8,078	19,534
   Balance at the end of period	64,278	83,812
   Non-controlling interests
   Balance at the beginning of period	41,261	43,494
   Restated balance	-	-
   Changes during the period
   Net changes of items other than shareholders' 2,232 1,471 equity
   Total changes during period	2,232	1,471
   Balance at the end of period	43,494	44,965
   Total net assets
   Balance at the beginning of period	787,793	791,783
   Restated balance	-	-
   Changes during the period
   Dividends of surplus	-26,802	-27,777
   Profit attributable to owners of parent 50,800 35,076 company
   Purchase of treasury shares	-30,001	-9
   Disposal of treasury stock	579	688
   Increase (decrease) due to change in fiscal year end of consolidated subsidiaries	-1,326	-
   Increase (decrease) due to change in fiscal year end of entities accounted for using	428	-
   equity method
   Change in scope of consolidation	-	-50
   Change in scope of equity method	-	-9,731
   Net changes in items other than shareholders' equity	10,310	27,573
   Total changes during period	3,989	25,769
   Balance at the end of period	791,783	817,552

2. Consolidated Statements of Cash Flow

   For the fiscal year ended March 31, 2025

   (Millions of yen) For the fiscal year ended

   March 31, 2026

   Cash flows from operating activities

   Profit before income taxes 82,482 68,040

   Depreciation 54,979 54,954

   Impairment losses 172 24,488

   Loss on retirement of property, plants and

   equipment

   2,951

   3,278

   Increase (decrease) in allowance for doubtful

   accounts

   152 72

   Increase (decrease) in provision for bonuses	9	128
   Increase (decrease) in retirement benefit liability	-68	-3,111
   Interest and dividend income	-1,714	-1,998
   Interest expenses	382	977
   Share of loss (profit) of entities accounted for 4,468 -600 using equity method
   Loss (gain) on sales of property, plant and equipment	-557	-1,853
   Loss (gain) on sales of investment securities	-4,487	-1,132
   Decrease (increase) in trade receivables	11,355	-2,860
   Decrease (increase) in inventories	-11,304	-37,893
   Increase (decrease) in contract liabilities	451	5
   Increase (decrease) in trade payables	-26,171	-3,310
   Other, net	-13,381	-15,671
   Subtotal	99,720	83,513
   Interest and dividends received	2,351	3,220
   Interest paid	-383	-812
   Income taxes paid	-32,709	-29,399
   Net cash provided by (used in) operating 68,979 56,522 activities

   (Millions of yen)

   	For the fiscal year ended March 31, 2025	For the fiscal year ended March 31, 2026
   Cash flows from investing activities
   Net decrease (increase) in time deposits	-6,439	-6,582
   Purchase of property, plant and equipment	-52,798	-96,847
   Purchase of intangible assets	-3,825	-6,903
   Proceeds from sales of property, plant and 1,717 2,998 equipment and intangible assets
   Subsidies received	2,425	1,371
   Purchases of investment securities	-4,786	-1,687
   Proceeds from sales of investment securities	22,094	1,609
   Proceeds from liquidation of subsidiaries	3,918	4
   Other, net	-2,943	-4,339
   Net cash provided by (used in) investing activities	-40,636	-110,375
   Cash flows from financing activities
   Net increase (decrease) in short-term 19,997 -113 borrowings
   Increase (decrease) in commercial papers	-	14,000
   Proceeds from long-term borrowings	-	56,000
   Repayments of long-term borrowings	-22,012	-5,162
   Decrease (increase) in treasury shares	-29,428	-12
   Dividends paid	-26,754	-27,708
   Dividends paid to non-controlling interests	-801	-766
   Other, net	-2,672	-1,633
   Net cash provided by (used in) financing -61,671		34,603
   Effect of exchange rate change on cash and cash -496		2,070
   Net increase (decrease) in cash and cash -33,825		-17,178
   Cash and cash equivalents at beginning of period	102,832	66,398
   Net increase (decrease) in cash and cash equivalents attributable to changes in the	-2,609	-
   accounting periods of consolidated subsidiaries

   activities equivalents equivalents

   Increase in cash and cash equivalents resulting from inclusion of subsidiaries in consolidation

   - 391

   Cash and cash equivalents at end of period 66,398 49,611

3. Notes Concerning Full-term Financial Statements

   (Notes Concerning the Premise of a Going Concern) Not applicable.

   (Changes in Significant Matters That Constitute the Basis for Preparation of Consolidated Financial Statements)

   (Changes in scope of consolidation) (New)

   In the current consolidated fiscal year, Meiji Food Asia Pacific Pte. Ltd., which was an unconsolidated

   subsidiary until the previous consolidated fiscal year, has been included in the scope of consolidation due to its increased materiality. Furthermore, the newly established Meiji Pharma Asia Pte. Ltd. has also been included in the scope of consolidation.

   (Exclusion)

   In the current consolidated fiscal year, AustAsia Group Ltd. has been excluded from the scope of the equity method due to factors such as a decrease in our Group's ownership stake.

   (Changes in method of indication) (Consolidated Statements of Income)

   "Special milk supply business expenses" previously indicated as "Other" under non-operating expenses are recorded as separate items for the current consolidated fiscal year due to an increase in monetary importance. "Gain on sale of investment securities" and "Gain on liquidation of subsidiaries" previously indicated as separate items under extraordinary income are recorded as "Other" under extraordinary income for the current consolidated fiscal year due to a significant decline in monetary importance. "Provision for contingent loss" previously indicated as separate items under extraordinary losses are recorded as "Other" under extraordinary losses for the current consolidated fiscal year due to a significant decline in monetary importance.

   In order to reflect these changes, the consolidated financial statements for the previous consolidated fiscal year have been reorganized.

   As a result, "Other" of JPY 2,071 million under non-operating expenses are reported as JPY 466 million of "Special milk supply business expenses" and JPY 1,605 million of "Other". "Gain on sale of investment securities" of JPY 4,487 million, "Gain on liquidation of subsidiaries" of JPY 1,921 million and "Other" of JPY 53 million under extraordinary income are reported as JPY 6,461 million of "Other". "Provision for contingent loss" of JPY 1,500 million and "Other" of JPY 349 million under extraordinary losses are reported as JPY 1,849 million of "Other".

   (Segment Information, etc.)

   Segment Information

   1. Outline of Reporting Segments

      The reporting segments of the Meiji Group are the Group's constituent units for which separate financial information is available and for which the Board of Directors regularly conducts examinations to determine the allocation of management resources and evaluate business performance.

      The Meiji Group has operating subsidiaries organized based on products/services. Operating subsidiaries develop their business activities by formulating comprehensive strategies for Japan and overseas with respect to their products and services.

      Consequently, the Meiji Group consists of segments based on operating subsidiaries, with two reporting segments: Food and Pharmaceutical.

      The Food business is handled by Meiji Co., Ltd., and the Pharmaceutical business is handled by Meiji Seika Pharma Co., Ltd.

      Each company's main products are as follows.

      Segment	Main Products
      Food	Yogurt, drinking milk, beverages, cheese, butter, margarine, cream, ice cream, frozen food, chocolate, gummy, sports nutrition, infant formula, enteral formula, beauty supplement, feedstuffs, sugar and corn sweeteners, etc.
      Pharmaceutical	Ethical pharmaceuticals, veterinary drugs, etc.

   2. Methods of Calculating Net Sales, Income (Loss), Assets, Liabilities and Other Items for Each Reporting Segment

      The accounting treatments for reporting segments are the same as those indicated in Significant Matters That Constitute the Basis for Preparation of Consolidated Financial Statements.

      The profit of a reporting segment is the figure for operating income.

      Inter-segment sales and transfers are mainly based on the price of third-party transactions, or on manufacturing costs.

   3. Information on Net Sales, Income (Loss), Assets, Liabilities and Other Items for Each Reporting Segment The Previous Consolidated Fiscal Year (April 1, 2024 to March 31, 2025)

      (Millions of yen)

      	Reporting Segments		Total	Adjustments (Note 1)	Amount Presented in Consolidated Statements of Income (Note 2)
      	Food	Pharmaceutical
      Net Sales
      (1) Sales to Outside Customers	924,444	229,630	1,154,074	-	1,154,074
      (2) Inter-segment Sales and Transfers	1,110	20	1,130	-1,130	-
      Total	925,554	229,650	1,155,205	-1,130	1,154,074
      Income by Segment	64,629	24,749	89,378	-4,676	84,702
      Segment Assets	835,322	388,349	1,223,671	-39,199	1,184,472
      Other Items
      Depreciation	44,936	9,672	54,609	370	54,979
      Investment in equity-method affiliates	29,847	-	29,847	-	29,847
      Increase in property, plants and equipment/intangible assets	36,603	17,313	53,917	641	54,558

      (Notes)

      1. Details of Adjustments are as follows:

         The segment income adjustment of a negative JPY 4,676 million includes inter-segment eliminations of JPY 25 million, and a negative JPY 4,701 million in corporate expenses that are not allocated to individual reporting segments. Corporate expenses mainly consist of administrative expenses for the Company (the holding company).

         The segment assets adjustment of a negative JPY 39,199 million includes inter-segment elimination of a negative JPY 119,174 million and corporate assets of JPY 79,974 million not assigned to respective reporting segments. Major corporate assets include Company (the holding company) surplus investment assets (cash deposits), long-term investment capital (investment securities), and Company-held assets, etc.

      2. Segment income is adjusted to the operating income recorded in the consolidated statements of income.

         The Current Consolidated Fiscal Year under Review (April 1, 2025 to March 31, 2026)

         (Millions of yen)

         	Reporting Segments		Total	Adjustments (Note 1)	Amount Presented in Consolidated Statements of Income (Note 2)
         	Food	Pharmaceutical
         Net Sales
         (1) Sales to Outside Customers	941,470	232,218	1,173,688	-	1,173,688
         (2) Inter-segment Sales and Transfers	1,408	26	1,434	-1,434	-
         Total	942,879	232,244	1,175,123	-1,434	1,173,688
         Income by Segment	68,746	30,463	99,210	-5,902	93,307
         Segment Assets	870,537	435,859	1,306,396	-44,637	1,261,759
         Other Items
         Depreciation	44,019	10,535	54,554	399	54,954
         Investment in equity-method affiliates	14,346	-	14,346	-	14,346
         Increase in property, plants and equipment/intangible assets	61,155	28,179	89,335	676	90,012

         (Notes)

         1. Details of Adjustments are as follows:

            The segment income adjustment of a negative JPY 5,902 million includes inter-segment eliminations of JPY 17 million, and a negative JPY 5,920 million in corporate expenses that are not allocated to individual reporting segments. Corporate expenses mainly consist of administrative expenses for the Company (the holding company).

            The segment assets adjustment of a negative JPY 44,637 million includes inter-segment elimination of a negative JPY 196,700 million and corporate assets of JPY 152,063 million not assigned to respective reporting segments. Major corporate assets include Company (the holding company) surplus investment assets (cash deposits), long-term investment capital (investment securities), and Company-held assets, etc.

         2. Segment income is adjusted to the operating income recorded in the consolidated statements of income.

   4. Impairment losses on non-current assets for each reportable segment

      The Previous Consolidated Fiscal Year (April 1, 2024 to March 31, 2025) No important impairment losses.

      The Current Consolidated Fiscal Year under Review (April 1, 2025 to March 31, 2026)

      (Millions of yen)

      	Reporting Segments		Total	Adjustments	Amount Presented in Consolidated Statements of Income
      	Food	Pharmaceutical
      Impairment losses	22,522	1,966	24,488	-	24,488

      (Per Share Data)

      	Previous Fiscal Year (ended March 31, 2025)	Fiscal Year under Review (ended March 31, 2026)
      Net assets per share (JPY)	2,762.33	2,849.80
      Net income per share (JPY)	186.08	129.42

      (Notes)

      1. Diluted net income per share is not given because there are no dilutive shares.

      2. The basis for calculation of net income per share is as follows.

(Significant subsequent events) Not applicable.

#####

May 14, 2026

Consolidated Financial Results for Fiscal Year Ended March 31, 2026

15

16

17

3) Pipeline ・ ・ ・ ・ ・ ・ ・ ・ ・ ・

1. [Reference] Food Segment (Non-consolidated) Sales by Main Products ・ ・ ・

2. [Reference] Pharmaceutical Segment Sales by Main Products ・ ・ ・

Contents

- Supplementary Explanatory Data -

1. Consolidated Financial Results (Amounts appearing in the tables below have been rounded down to nearest 100 million yen)

1. Consolidated Operating Results

   
   
   

   (Billions of yen)

   FYE March 2027

   Q1

   Q1-Q2

   Q1-Q3

   Full-year

   YoY change

   H1 plan achievement rate

   YoY change

   vs. H1 plan

   YoY change

   Full-year plan achievement rate

   YoY change

   vs. Full-year plan

   Net sales

   ％

   ％

   ％

   ％

   ％

   ％

   ％

   ％

   Cost of sales

   Gross profit

   Selling, general and administrative expenses

   Carriage and storage charges

   Sales promotion expenses

   Labor cost

   Operating profit

   Ordinary profit

   Profit before income taxes

   Profit attributable to owners of parent

   Plan -- FYE March 2027
   H1 (Q1-Q2)	YoY change	H2 (Q3-Q4)	YoY change	Full-year	YoY change
   594.5	％ +3.4	617.5	％ +3.1	1,212.0	％ +3.3
   -	-	-	-	-	-
   -	-	-	-	-	-
   -	-	-	-	-	-
   -	-	-	-	-	-
   -	-	-	-	-	-
   -	-	-	-	-	-
   45.0	+9.9	55.0	+5.0	100.0	+7.2
   46.0	+10.5	55.0	+0.1	101.0	+4.6
   43.5	+9.0	49.0	+74.2	92.5	+35.9
   27.5	+28.0	35.0	+157.4	62.5	+78.2

   FYE March 2026		Q1			Q1-Q2			Q1-Q3			Full-year
   			YoY change	H1 plan achievement rate		YoY change	vs. H1 plan		YoY change	Full-year plan achievement rate		YoY change	vs. Full-year plan
   Net sales		273.5	％ -1.8	％ 46.4	574.8	％ +1.0	％ -2.4	882.3	％ +0.8	％ 75.0	1,173.6	％ +1.7	％ -0.3
   	Cost of sales	193.5	-1.6	-	400.0	+0.6	-	612.8	-0.7	-	814.6	-0.0	-
   Gross profit		79.9	-2.4	-	174.8	+2.0	-	269.4	+4.5	-	359.0	+5.9	-
   	Selling, general and administrative expenses	62.2	+1.2	-	133.9	+5.4	-	199.3	+4.2	-	265.7	+4.5	-
   	Carriage and storage charges	5.2	+5.1	-	10.7	+7.1	-	17.3	+13.8	-	21.2	+9.7	-
   	Sales promotion expenses	8.2	-14.8	-	18.0	-3.1	-	27.9	-2.4	-	38.9	+2.1	-
   	Labor cost	21.4	+3.3	-	42.7	+3.8	-	63.9	+2.9	-	84.7	+5.8	-
   Operating profit		17.7	-13.4	44.9	40.9	-7.8	+3.7	70.0	+5.4	77.0	93.3	+10.2	+2.5
   Ordinary profit		17.9	-13.3	48.0	41.6	-4.0	+11.0	72.4	+11.3	82.7	96.5	+17.7	+3.8
   Profit before income taxes		19.1	-13.7	51.0	39.9	-9.8	+6.4	65.6	-3.9	77.2	68.0	-17.5	+4.7
   Profit attributable to owners of parent		10.0	-27.6	44.9	21.4	-20.1	-4.5	38.8	-11.0	71.9	35.0	-31.0	-3.9

   H1 (Q1-Q2)	YoY change	H2 (Q3-Q4)	YoY change	Full-year	YoY change
   574.8	％ +1.0	598.8	％ +2.3	1,173.6	％ +1.7
   400.0	+0.6	414.6	-0.7	814.6	-0.0
   174.8	+2.0	184.1	+9.8	359.0	+5.9
   133.9	+5.4	131.8	+3.5	265.7	+4.5
   10.7	+7.1	10.4	+12.4	21.2	+9.7
   18.0	-3.1	20.8	+7.0	38.9	+2.1
   42.7	+3.8	42.0	+8.0	84.7	+5.8
   40.9	-7.8	52.3	+29.9	93.3	+10.2
   41.6	-4.0	54.9	+42.1	96.5	+17.7
   39.9	-9.8	28.1	-26.4	68.0	-17.5
   21.4	-20.1	13.5	-43.2	35.0	-31.0

   FYE March 2025		Q1			Q1-Q2			Q1-Q3			Full-year
   			YoY change	H1 plan achievement rate		YoY change	vs. H1 plan		YoY change	Full-year plan achievement rate		YoY change	vs. Full-year plan
   Net sales		278.7	％ +6.1	％ 49.6	569.0	％ +4.2	％ +1.3	875.0	％ +5.0	％ 75.5	1,154.0	％ +4.4	％ -0.4
   	Cost of sales	196.7	+5.5	-	397.5	+3.7	-	617.2	+5.5	-	814.9	+4.7	-
   Gross profit		81.9	+7.5	-	171.4	+5.5	-	257.7	+4.1	-	339.1	+3.6	-
   	Selling, general and administrative expenses	61.4	+8.3	-	127.0	+7.6	-	191.2	+7.5	-	254.3	+4.7	-
   	Carriage and storage charges	4.9	+14.2	-	10.0	+7.7	-	15.2	+9.6	-	19.3	+5.7	-
   	Sales promotion expenses	9.6	+14.6	-	18.6	-1.9	-	28.6	-3.1	-	38.1	-1.0	-
   	Labor cost	20.7	+7.7	-	41.1	+7.2	-	62.1	+7.4	-	80.0	+3.0	-
   Operating profit		20.4	+5.1	56.9	44.3	-0.1	+23.3	66.4	-4.7	77.3	84.7	+0.5	-1.5
   Ordinary profit		20.7	+8.0	59.3	43.3	-0.2	+23.8	65.0	-4.8	77.9	82.0	+7.9	-1.8
   Profit before income taxes		22.1	-2.0	63.3	44.2	-7.9	+26.4	68.3	-7.7	82.8	82.4	-5.7	-0.0
   Profit attributable to owners of parent		13.9	+20.3	66.4	26.8	-3.8	+27.9	43.6	-2.9	87.2	50.8	+0.2	+1.6

   H1 (Q1-Q2)	YoY change	H2 (Q3-Q4)	YoY change	Full-year	YoY change
   569.0	％ +4.2	585.0	％ +4.6	1,154.0	％ +4.4
   397.5	+3.7	417.3	+5.8	814.9	+4.7
   171.4	+5.5	167.6	+1.7	339.1	+3.6
   127.0	+7.6	127.3	+1.9	254.3	+4.7
   10.0	+7.7	9.2	+3.5	19.3	+5.7
   18.6	-1.9	19.4	-0.2	38.1	-1.0
   41.1	+7.2	38.8	-1.1	80.0	+3.0
   44.3	-0.1	40.3	+1.1	84.7	+0.5
   43.3	-0.2	38.6	+18.7	82.0	+7.9
   44.2	-7.9	38.2	-3.1	82.4	-5.7
   26.8	-3.8	23.9	+5.2	50.8	+0.2

   
   
   

   1. Consolidated Financial Results (Amounts appearing in the tables below have been rounded down to nearest 100 million yen)

2. Operating Results of Food Segment

   
   
   

   (Billions of yen)

   FYE March 2027

   Q1

   Q1-Q2

   Q1-Q3

   Full-year

   YoY change

   H1 plan achievement rate

   YoY change

   vs. H1 plan

   YoY change

   Full-year plan achievement rate

   YoY change

   vs. Full-year plan

   Net sales

   ％

   ％

   ％

   ％

   ％

   ％

   ％

   ％

   Cost of sales

   Gross profit

   Selling, general and administrative expenses

   Carriage and storage charges

   Sales promotion expenses

   Labor cost

   Operating profit

   Plan -- FYE March 2027
   H1 (Q1-Q2)	YoY change	H2 (Q3-Q4)	YoY change	Full-year	YoY change
   468.6	％ +2.2	485.3	％ +0.2	953.9	％ +1.2
   -	-	-	-	-	-
   -	-	-	-	-	-
   -	-	-	-	-	-
   -	-	-	-	-	-
   -	-	-	-	-	-
   -	-	-	-	-	-
   32.0	+10.3	41.9	+5.7	74.0	+7.6

   FYE March 2026		Q1			Q1-Q2			Q1-Q3			Full-year
   			YoY change	H1 plan achievement rate		YoY change	vs. H1 plan		YoY change	Full-year plan achievement rate		YoY change	vs. Full-year plan
   Net sales		224.8	％ -0.5	％ 48.4	458.4	％ +0.7	％ -1.4	711.1	％ +1.3	％ 76.1	942.8	％ +1.9	％ +0.8
   	Cost of sales	168.3	-0.4	-	341.4	-0.2	-	525.8	+0.5	-	696.6	+0.9	-
   Gross profit		56.4	-0.8	-	116.9	+3.2	-	185.3	+3.7	-	246.1	+4.6	-
   	Selling, general and administrative expenses	42.7	-1.3	-	87.9	+2.6	-	131.6	+1.9	-	177.4	+3.9	-
   	Carriage and storage charges	4.6	+5.9	-	9.5	+8.3	-	15.4	+17.3	-	18.4	+8.3	-
   	Sales promotion expenses	7.2	-17.6	-	15.5	-5.7	-	24.1	-4.9	-	33.7	+1.7	-
   	Labor cost	13.8	+2.4	-	27.3	+2.7	-	40.7	+1.5	-	54.9	+3.0	-
   Operating profit		13.6	+1.1	46.1	29.0	+5.0	-2.3	53.6	+8.4	75.6	68.7	+6.4	-3.2

   H1 (Q1-Q2)	YoY change	H2 (Q3-Q4)	YoY change	Full-year	YoY change
   458.4	％ +0.7	484.4	％ +3.1	942.8	％ +1.9
   341.4	-0.2	355.2	+2.1	696.6	+0.9
   116.9	+3.2	129.2	+5.9	246.1	+4.6
   87.9	+2.6	89.4	+5.2	177.4	+3.9
   9.5	+8.3	8.9	+8.3	18.4	+8.3
   15.5	-5.7	18.1	+9.0	33.7	+1.7
   27.3	+2.7	27.6	+3.3	54.9	+3.0
   29.0	+5.0	39.7	+7.4	68.7	+6.4

   FYE March 2025		Q1			Q1-Q2			Q1-Q3			Full-year
   			YoY change	H1 plan achievement rate		YoY change	vs. H1 plan		YoY change	Full-year plan achievement rate		YoY change	vs. Full-year plan
   Net sales		225.9	％ +3.3	％ 49.8	455.4	％ +2.2	％ +0.5	701.6	％ +3.3	％ 76.8	925.5	％ +2.8	％ +1.3
   	Cost of sales	169.1	+3.2	-	342.0	+2.6	-	522.9	+3.3	-	690.1	+3.0	-
   Gross profit		56.8	+3.8	-	113.3	+1.0	-	178.7	+3.0	-	235.3	+2.2	-
   	Selling, general and administrative expenses	43.3	+9.4	-	85.7	+3.8	-	129.2	+3.6	-	170.7	+2.9	-
   	Carriage and storage charges	4.3	+16.0	-	8.7	+7.6	-	13.2	+9.0	-	17.0	+8.4	-
   	Sales promotion expenses	8.7	+14.7	-	16.5	-3.9	-	25.3	-5.5	-	33.1	-3.4	-
   	Labor cost	13.4	+3.6	-	26.6	+3.2	-	40.1	+2.7	-	53.3	+1.8	-
   Operating profit		13.5	-11.0	45.1	27.6	-6.9	-7.8	49.4	+1.7	75.0	64.6	+0.5	-2.1

   H1 (Q1-Q2)	YoY change	H2 (Q3-Q4)	YoY change	Full-year	YoY change
   455.4	％ +2.2	470.1	％ +3.4	925.5	％ +2.8
   342.0	+2.6	348.1	+3.4	690.1	+3.0
   113.3	+1.0	122.0	+3.4	235.3	+2.2
   85.7	+3.8	85.0	+1.9	170.7	+2.9
   8.7	+7.6	8.2	+9.3	17.0	+8.4
   16.5	-3.9	16.6	-2.9	33.1	-3.4
   26.6	+3.2	26.7	+0.5	53.3	+1.8
   27.6	-6.9	36.9	+6.8	64.6	+0.5

   
   
   

   1. Consolidated Financial Results (Amounts appearing in the tables below have been rounded down to nearest 100 million yen)

3. Operating Results of Pharmaceutical Segment

(Billions of yen)

1. Segment Information (Amounts appearing in the tables below have been rounded down to nearest 100 million yen)

1) Food Segment A．Net Sales

(Billions of yen)

2. Segment Information (Amounts appearing in the tables below have been rounded down to nearest 100 million yen)

1) Food Segment A．Net Sales

(Billions of yen)

2. Segment Information (Amounts appearing in the tables below have been rounded down to nearest 100 million yen)

1. Food Segment B．Operating Profit

   
   
   
   
   

   (Billions of yen)

   FYE March 2027

   Q1

   Q1-Q2

   Q1-Q3

   Full-year

   YoY change

   H1 plan achievement rate

   YoY change

   vs. H1 plan

   YoY change

   Full-year plan achievement rate

   YoY change

   vs. Full-year plan

   Food segment

   ％

   ％

   ％

   ％

   ％

   ％

   ％

   ％

   Dairy

   Japan

   Overseas

   Chocolate

   Japan

   Overseas

   Nutrition

   Japan

   Overseas

   Food solutions

   Japan

   Overseas

   Other

   Japan

   Overseas

   Plan -- FYE March 2027
   H1 (Q1-Q2)	YoY change	H2 (Q3-Q4)	YoY change	Full-year	YoY change
   32.0	％ +10.3	41.9	％ +5.7	74.0	％ +7.6
   13.8	+15.1	14.3	-16.9	28.1	-3.8
   15.0	+11.9	15.6	-16.6	30.6	-4.7
   -1.2	-	-1.2	-	-2.4	-
   4.3	-10.0	13.6	+31.3	18.0	+18.3
   3.5	-26.2	11.0	+15.1	14.6	+1.3
   0.7	-	2.6	+224.9	3.3	+326.4
   6.8	-6.8	6.6	+8.4	13.5	+0.1
   7.0	-5.4	6.6	+3.8	13.7	-1.1
   -0.1	-	-0.0	-	-0.1	-
   7.0	+34.6	7.1	+65.1	14.2	+48.4
   7.4	+6.5	7.3	+24.1	14.8	+14.5
   -0.4	-	-0.1	-	-0.5	-
   -0.0	-	0.1	-92.4	0.0	-96.9
   -0.0	-	0.1	-92.0	0.0	-97.1
   0.0	-	0.0	-	0.0	-

   Japan total

   Overseas total

   33.0	+1.8	40.8	-3.1	73.8	-1.0
   -1.0	-	1.1	-	0.1	-

   FYE March 2026			Q1			Q1-Q2			Q1-Q3			Full-year
   				YoY change	H1 plan achievement rate		YoY change	vs. H1 plan		YoY change	Full-year plan achievement rate		YoY change	vs. Full-year plan
   Food segment			13.6	％ +1.1	％ 46.1	29.0	％ +5.0	％ -2.3	53.6	％ +8.4	％ 75.6	68.7	％ +6.4	％ -3.2
   	Dairy		6.0	+23.7	56.4	12.0	+14.9	+12.0	21.0	+30.0	75.2	29.2	+22.8	+4.6
   		Japan	6.6	+9.3	51.1	13.4	+5.6	+3.6	23.2	+19.1	75.8	32.1	+14.5	+4.8
   		Overseas	-0.5	-	-	-1.4	-	-	-2.1	-	-	-2.8	-	-
   	Chocolate		3.1	+37.2	83.6	4.8	+53.8	+27.7	12.7	+12.2	72.4	15.2	-6.4	-13.6
   		Japan	3.4	+72.2	87.2	4.8	+94.4	+20.6	11.5	+24.5	70.8	14.4	+6.2	-11.2
   		Overseas	-0.3	-	-	-0.0	-	-	1.2	-41.3	91.4	0.7	-70.4	-41.8
   	Nutrition		3.1	-25.5	38.6	7.3	-14.2	-9.0	11.5	-13.0	87.0	13.5	-5.5	+1.9
   		Japan	3.0	-36.5	35.9	7.4	-19.5	-11.9	11.6	-17.3	85.9	13.8	-10.6	+2.3
   		Overseas	0.1	-	-	-0.0	-	-	-0.1	-	-	-0.3	-	-
   	Food solutions		1.7	+10.1	24.9	5.2	+31.2	-26.9	7.8	+20.5	67.8	9.5	+18.7	-17.7
   		Japan	2.6	+9.2	33.6	7.0	+13.4	-9.1	10.6	+11.9	70.4	12.9	+6.8	-14.5
   		Overseas	-0.8	-	-	-1.7	-	-	-2.7	-	-	-3.3	-	-
   	Other		-0.4	-	-	-0.4	-	-	0.3	-81.3	82.1	1.1	-47.3	+132.5
   		Japan	0.5	-20.7	467.5	-0.2	-	-	0.6	-73.8	72.6	1.1	-55.5	+42.5
   		Overseas	-1.0	-	-	-0.1	-	-	-0.2	-	-	-0.0	-	-

   H1 (Q1-Q2)	YoY change	H2 (Q3-Q4)	YoY change	Full-year	YoY change
   29.0	％ +5.0	39.7	％ +7.4	68.7	％ +6.4
   12.0	+14.9	17.2	+28.9	29.2	+22.8
   13.4	+5.6	18.7	+22.0	32.1	+14.5
   -1.4	-	-1.4	-	-2.8	-
   4.8	+53.8	10.4	-20.8	15.2	-6.4
   4.8	+94.4	9.6	-13.5	14.4	+6.2
   -0.0	-	0.8	-60.5	0.7	-70.4
   7.3	-14.2	6.1	+7.7	13.5	-5.5
   7.4	-19.5	6.4	+2.5	13.8	-10.6
   -0.0	-	-0.3	-	-0.3	-
   5.2	+31.2	4.3	+6.4	9.5	+18.7
   7.0	+13.4	5.9	-0.1	12.9	+6.8
   -1.7	-	-1.5	-	-3.3	-
   -0.4	-	1.5	+140.9	1.1	-47.3
   -0.2	-	1.4	+52.6	1.1	-55.5
   -0.1	-	0.0	-	-0.0	-

   Japan total	16.3	+2.3	49.1	32.4	+0.3	-2.5	57.6	+5.5	75.4	74.6	+3.7	-2.5
   Overseas total	-2.6	-	-	-3.4	-	-	-4.0	-	-	-5.8	-	-

   32.4	+0.3	42.1	+6.4	74.6	+3.7
   -3.4	-	-2.4	-	-5.8	-

   
   
   

   2. Segment Information (Amounts appearing in the tables below have been rounded down to nearest 100 million yen)

   １) Food Segment B．Operating Profit

   (Billions of yen)

   FYE March 2025			Q1			Q1-Q2			Q1-Q3			Full-year
   				YoY change	H1 plan achievement rate		YoY change	vs. H1 plan		YoY change	Full-year plan achievement rate		YoY change	vs. Full-year plan
   Food segment			13.5	％ -11.0	％ 45.1	27.6	％ -6.9	％ -7.8	49.4	％ +1.7	％ 75.0	64.6	％ +0.5	％ -2.1
   	Dairy		4.8	-4.7	43.8	10.4	+10.1	-6.5	16.2	+18.8	72.7	23.8	+21.1	+7.0
   		Japan	6.0	-1.7	-	12.7	+6.5	-	19.5	+12.4	-	28.0	+14.5	-
   		Overseas	-1.1	-	-	-2.2	-	-	-3.3	-	-	-4.2	-	-
   	Chocolate		2.2	-29.2	79.0	3.1	-28.5	+7.7	11.3	+5.4	76.8	16.3	+4.7	+10.0
   		Japan	2.0	-17.2	-	2.4	-25.4	-	9.2	+7.8	-	13.6	+16.2	-
   		Overseas	0.2	-66.1	-	0.6	-38.3	-	2.1	-3.8	-	2.6	-30.1	-
   	Nutrition		4.1	+8.4	40.7	8.5	+4.0	-16.6	13.2	-1.1	75.3	14.2	-14.8	-18.8
   		Japan	4.7	+16.8	-	9.2	+5.4	-	14.0	+0.4	-	15.5	-10.9	-
   		Overseas	-0.5	-	-	-0.6	-	-	-0.8	-	-	-1.2	-	-
   	Food solutions		1.6	-36.4	30.8	3.9	-37.0	-24.1	6.5	-22.8	65.1	8.0	-18.1	-19.7
   		Japan	2.3	+8.1	-	6.2	+10.3	-	9.5	+11.7	-	12.1	+12.0	-
   		Overseas	-0.7	-	-	-2.2	-	-	-2.9	-	-	-4.0	-	-
   	Other		0.5	+29.8	167.6	1.4	+22.3	+373.4	2.1	-10.1	169.2	2.1	-12.8	+70.0
   		Japan	0.7	+158.1	-	1.6	+55.0	-	2.2	+1.7	-	2.6	+15.9	-
   		Overseas	-0.2	-	-	-0.2	-	-	-0.1	-	-	-0.5	-	-

   H1 (Q1-Q2)	YoY change	H2 (Q3-Q4)	YoY change	Full-year	YoY change
   27.6	％ -6.9	36.9	％ +6.8	64.6	％ +0.5
   10.4	+10.1	13.4	+31.4	23.8	+21.1
   12.7	+6.5	15.3	+22.2	28.0	+14.5
   -2.2	-	-1.9	-	-4.2	-
   3.1	-28.5	13.1	+17.8	16.3	+4.7
   2.4	-25.4	11.1	+32.7	13.6	+16.2
   0.6	-38.3	2.0	-27.0	2.6	-30.1
   8.5	+4.0	5.6	-33.1	14.2	-14.8
   9.2	+5.4	6.2	-27.3	15.5	-10.9
   -0.6	-	-0.5	-	-1.2	-
   3.9	-37.0	4.0	+16.1	8.0	-18.1
   6.2	+10.3	5.9	+13.9	12.1	+12.0
   -2.2	-	-1.8	-	-4.0	-
   1.4	+22.3	0.6	-47.5	2.1	-12.8
   1.6	+55.0	0.9	-19.9	2.6	+15.9
   -0.2	-	-0.3	-	-0.5	-

   Domestic total	15.9	+5.2	-	32.3	+5.2	-	54.6	+7.7	-	71.9	+7.8	-
   Overseas total	-2.4	ー	-	-4.7	-	-	-5.2	-	-	-7.3	-	-

   32.3	+5.2	39.6	+10.1	71.9	+7.8
   -4.7	-	-2.6	-	-7.3	-

   
   
   

   2. Segment Information (Amounts appearing in the tables below have been rounded down to nearest 100 million yen)

2. Food Segment - Overseas business A．Net Sales

(Billions of yen)

2. Segment Information (Amounts appearing in the tables below have been rounded down to nearest 100 million yen)

1. Food Segment - Overseas business B．Operating Profit

   
   
   

   (Billions of yen)

   FYE March 2027

   Q1

   Q1-Q2

   Q1-Q3

   Full-year

   YoY change

   H1 plan achievement rate

   YoY change

   vs. H1 plan

   YoY change

   Full-year plan achievement rate

   YoY change

   vs. Full-year plan

   Food Segment

   ％

   ％

   ％

   ％

   ％

   ％

   ％

   ％

   China

   Asia (except China)

   Europe and Americas

   Exports and Corporate

   Plan -- FYE March 2027
   H1 (Q1-Q2)	YoY change	H2 (Q3-Q4)	YoY change	Full-year	YoY change
   -1.0	％ -	1.1	％ -	0.1	％ -
   -1.1	-	0.2	-	-0.8	-
   0.6	-28.9	0.9	+139.2	1.6	+20.2
   0.9	+7.1	1.2	+9.5	2.1	+8.5
   -1.5	-	-1.3	-	-2.8	-

   FYE March 2026		Q1			Q1-Q2			Q1-Q3			Full-year
   			YoY change	H1 plan achievement rate		YoY change	vs. H1 plan		YoY change	Full-year plan achievement rate		YoY change	vs. Full-year plan
   Food Segment		-2.6	％ -	％ -	-3.4	％ -	％ -	-4.0	％ -	％ -	-5.8	％ -	％ -
   	China	-1.8	-	-	-3.5	-	-	-4.6	-	-	-6.0	-	-
   	Asia (except China)	0.6	+8.5	96.3	0.9	+20.6	+48.4	1.2	-31.3	67.4	1.3	-20.6	-24.0
   	Europe and Americas	0.4	+11.3	85.2	0.8	+7.1	+68.9	1.7	+38.1	84.4	2.0	+17.8	-1.3
   	Exports and Corporate	-1.8	-	-	-1.7	-	-	-2.3	-	-	-3.2	-	-

   H1 (Q1-Q2)	YoY change	H2 (Q3-Q4)	YoY change	Full-year	YoY change
   -3.4	％ -	-2.4	％ -	-5.8	％ -
   -3.5	-	-2.5	-	-6.0	-
   0.9	+20.6	0.4	-56.5	1.3	-20.6
   0.8	+7.1	1.1	+27.4	2.0	+17.8
   -1.7	-	-1.4	-	-3.2	-

   FYE March 2025		Q1			Q1-Q2			Q1-Q3			Full-year
   			YoY change	H1 plan achievement rate		YoY change	vs. H1 plan		YoY change	Full-year plan achievement rate		YoY change	vs. Full-year plan
   Food Segment		-2.4	％ -	％ -	-4.7	％ -	％ -	-5.2	％ -	％ -	-7.3	％ -	％ -
   	China	-2.1	-	-	-4.6	-	-	-5.3	-	-	-7.1	-	-
   	Asia (except China)	0.5	+129.8	87.6	0.8	+124.8	+21.6	1.7	+89.8	110.3	1.7	+12.6	+7.5
   	Europe and Americas	0.3	-42.7	80.8	0.8	-24.7	+66.3	1.2	-22.7	64.8	1.7	-27.6	-11.1
   	Exports and Corporate	-1.2	-	-	-1.6	-	-	-2.9	-	-	-3.6	-	-

   H1 (Q1-Q2)	YoY change	H2 (Q3-Q4)	YoY change	Full-year	YoY change
   -4.7	％ -	-2.6	％ -	-7.3	％ -
   -4.6	-	-2.5	-	-7.1	-
   0.8	+124.8	0.9	-21.6	1.7	+12.6
   0.8	-24.7	0.9	-30.1	1.7	-27.6
   -1.6	-	-1.9	-	-3.6	-

   
   
   

   2. Segment Information (Amounts appearing in the tables below have been rounded down to nearest 100 million yen)

2. Pharmaceutical Segment A．Net Sales

(Billions of yen)

2. Segment Information (Amounts appearing in the tables below have been rounded down to nearest 100 million yen)

3) Pharmaceutical Segment B．Operating Profit

(Billions of yen)