Consolidated Financial Summary for the Fiscal Year Ended March 31, 2026

May 11, 2026

Company name: Morinaga & Co., Ltd. Stock listing: Tokyo Stock Exchange

Stock code: 2201 URL: https://www.morinaga.co.jp/company/english/ Representative: Shinya Mori, Representative Director, President and COO

Contact: Natsuko Okamoto, General Manager, Corporate Communication Division TEL +81-3-3456-0150

Scheduled date for general meeting of shareholders: June 26, 2026 Scheduled date for commencement of dividend payments: June 29, 2026 Scheduled date to submit the Annual Securities Report: June 25, 2026 Supplementary documents for financial results: Yes

Financial results briefing: Yes (for institutional investors and analysts)

(The figures are rounded down to the nearest million yen.)

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

   1. Consolidated operating results (The percentages are year-on-year percentage changes.)

      	Net sales		Operating income		Ordinary income		Profit attributable to owners of parent
      	Million yen	%	Million yen	%	Million yen	%	Million yen	%
      Year ended Mar. 31, 2026	236,672	3.4	22,394	5.3	22,659	1.6	17,765	0.3
      Year ended Mar. 31, 2025	228,957	7.3	21,266	4.9	22,304	6.0	17,710	16.9

      (Note) Comprehensive income: Year ended March 31, 2026: 23,919 million yen (39.1%)

      Year ended March 31, 2025: 17,201 million yen (-15.5%)

      	Net income per share	Diluted net income per share	ROE	Ordinary income to total asset ratio	Operating income to net sales ratio
      	Yen	Yen	%	%	%
      Year ended Mar. 31, 2026 Year ended Mar. 31, 2025	211.07 200.85	- -	13.0 13.5	10.4 10.3	9.5 9.3

      (Reference) Equity in net gain (loss) of affiliated companies: Year ended March 31, 2026: -216 million yen

      Year ended March 31, 2025: -184 million yen

   2. Consolidated financial position

      	Total assets	Net assets	Equity ratio	Net assets per share
      	Million yen	Million yen	%	Yen
      Year ended Mar. 31, 2026	225,921	143,696	62.8	1,690.58
      Year ended Mar. 31, 2025	209,986	132,393	62.3	1,523.09

      (Reference) Equity: Year ended March 31, 2026: 141,956 million yen

      Year ended March 31, 2025: 130,865 million yen

   3. Consolidated cash flows

   	Cash flows from operating activities	Cash flows from investing activities	Cash flows from financing activities	Cash and cash equivalents at end of the year
   	Million yen	Million yen	Million yen	Million yen
   Year ended Mar. 31, 2026 Year ended Mar. 31, 2025	23,637 10,763	(14,289) (9,837)	(13,236) (18,008)	25,726 30,845

2. Dividends

   	Annual dividends					Total dividends (annual)	Payout ratio (consolidated)	Ratio of dividends to net assets (consolidated)
   	End of 1Q	End of 2Q	End of 3Q	Year end	Total
   Year ended Mar. 31, 2025 Year ended Mar. 31, 2026	Yen - -	Yen 0.00 32.50	Yen - -	Yen 60.00 32.50	Yen 60.00 65.00	Million yen 5,160 5,464	% 29.9 30.8	% 4.0 4.0
   Year ending Mar. 31, 2027 (forecast)	-	35.00	-	35.00	70.00		35.7

3. Consolidated Financial Forecasts for the Fiscal Year Ending March 31, 2027 (April 1, 2026 - March 31, 2027)

(The percentages are year-on-year percentage changes.)

• Notes

  1. Important changes in the scope of consolidation during the period: None

  2. Changes in accounting policies, changes of accounting estimates, and restatement

     1. Changes in accounting policies associated with revisions to accounting standards: None

     2. Changes in accounting policies other than changes in (i): None

     3. Changes in accounting estimates: None

     4. Restatement: None

  3. Number of shares issued (common shares)

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

        Year ended March 31, 2026: 86,111,638 Year ended March 31, 2025: 88,011,638

     2. Number of shares of treasury stock at end of period

        Year ended March 31, 2026: 2,142,176 Year ended March 31, 2025: 2,090,656

     3. Average number of shares during the period

        Year ended March 31, 2026: 84,171,889 Year ended March 31, 2025: 88,177,236

• The number of shares of treasury stock at end of period includes the Company's shares held by the officer compensation Board Incentive Plan (BIP) trust (80,784 shares in the fiscal year ended March 31, 2026 and 80,784 shares in the fiscal year ended March 31, 2025). The Company's shares held by the officer compensation BIP trust are included in shares of treasury stock that are deducted in the calculation of the average number of shares during the period.

(Reference) Overview of non-consolidated financial results

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

1. Non-consolidated operating results (The percentages are year-on-year percentage changes.)

   	Net sales		Operating income		Ordinary income		Net income
   Year ended Mar. 31, 2026 Year ended Mar. 31, 2025	Million yen 190,606 183,019	% 4.1 5.6	Million yen 13,868 9,881	% 40.4 (6.0)	Million yen 16,768 13,319	% 25.9 16.3	Million yen 15,093 11,779	% 28.1 40.1

   	Net income per share	Diluted net income per share
   Year ended Mar. 31, 2026	Yen 179.32	Yen -
   Year ended Mar. 31, 2025	133.59	-

2. Non-consolidated financial position

   	Total assets	Net assets	Equity ratio	Net assets per share
   	Million yen	Million yen	%	Yen
   Year ended Mar. 31, 2026	185,015	97,564	52.7	1,161.90
   Year ended Mar. 31, 2025	176,289	94,717	53.7	1,102.38

   (Reference) Equity: Year ended March 31, 2026: 97,564 million yen

   Year ended March 31, 2025: 94,717 million yen

   • This consolidated financial summary is not subject to audits by certified public accountants or audit corporations.

   • Explanation about the proper use of results forecasts, and additional information

     (Notes regarding forward-looking statements, etc.)

     The results forecasts given in this document are based on assumptions, prospects, and future business plans, currently available on the date this document was published. Actual results may differ from these forecasts for a variety of reasons.

     • Accompanying Materials - Contents

1. Overview of Operating Results, etc 2

   1. Overview of Operating Results for the Fiscal Year Ended March 31, 2026 2

   2. Overview of Financial Position for the Fiscal Year Ended March 31, 2026 5

   3. Overview of Cash Flows for the Fiscal Year Ended March 31, 2026 5

   4. Future Outlook 6

   5. Capital Policy and Shareholder Return Policy 6

2. Basic Policy for the Selection of Accounting Standards 8

3. Consolidated Financial Statements and Major Notes 9

   1. Consolidated Balance Sheets 9

   2. Consolidated Statements of Operations and Consolidated Statements of Comprehensive

      Income 11

   3. Consolidated Statements of Changes in Net Assets 13

   4. Consolidated Statements of Cash Flows 15

   5. Notes to Consolidated Financial Statements 17

(Notes on the going concern assumption) 17

(Notes if there is a significant change in the amount of shareholders' equity) 17

(Basis for preparing consolidated financial statements) 17

(Consolidated statements of operations) 18

(Consolidated statements of cash flows) 18

(Segment information) 19

(Revenue recognition) 22

(Per-share information) 233

(Significant subsequent events) 24

* Reference Materials: Supplementary Materials for the Consolidated Financial Summary for the Fiscal Year Ended March 31, 2026

During the fiscal year under review, the Japanese economy followed a trend of moderate recovery centered on domestic demand, supported by an improvement in the employment and income environment and steady growth in inbound demand. On the other hand, due to the impact of continued price increases throughout the period, consumer sentiment remained cautious, and although personal consumption remained firm, it lacked upward momentum. Furthermore, amid ongoing uncertainty about the future of the global economy due to the trade policies of various countries and global instability, the environment surrounding business activities continues to be characterized by uncertainty.

Under these circumstances, the Group, in the second year of its 2024 Medium-Term Business Plan (MTBP)-which serves as the second stage of laying a path toward achieving the 2030 Business Plan-continued to work on strengthening each business to generate a virtuous cycle of growth potential and capital efficiency with the aim of establishing a trajectory for dramatic growth.

Consequently, net sales increased by ¥7,715 million (+3.4%) year on year to ¥236,672 million, led chiefly by strong performance in the Confectionery & Foodstuffs Business and Frozen Desserts Business.

In terms of profit, despite the impact of soaring raw material prices, an increase in logistics costs, and investments in DX and human capital to strengthen business foundations, operating income increased to ¥22,394 million, up ¥1,128 million (+5.3%) year on year, due to growth in sales and countermeasures centered on price revisions and cost reductions. Ordinary income also increased by ¥355 million (+1.6%) year on year, to ¥22,659 million. Profit attributable to owners of parent was ¥17,765 million, up

¥55 million (+0.3%) year on year.

Starting from the fiscal year under review, the fiscal year-ends of consolidated subsidiaries have been unified to March 31. For details, please refer to "3. Consolidated Financial Statements and Major Notes,

(5) Notes to Consolidated Financial Statements (Basis for preparing consolidated financial statements)

3.Fiscal years of consolidated subsidiaries" on page 17.

The following is a summary of consolidated results by business segment.

Confectionery & Foodstuffs Business

In the biscuit category, although sales of Morinaga Biscuits were temporarily affected by price revisions implemented in September, demand recovered steadily and sales increased year on year.

In the sugar confectionery category, measures were implemented to stimulate demand for HI-CHEW through promotions leveraging its 50th anniversary. While HI-CHEW Mini continued to perform well due to increased emphasis on the appeal to texture, sales of HI-CHEW Premium were sluggish, and the brand as a whole was down slightly from the same period of the previous year. Regarding Morinaga Ramune, promotions targeting the entrance exam season and in-store exposure were strengthened, and as a result, both the pouch form L-size Ramune and bottled form continued to perform well, while strong performance by Fresh Ramune Soft Candy also contributed, and sales increased significantly year on year.

In the chocolate category, sales of Carré de chocolat increased year on year, supported by strong sales of Cacao 70 as demand for high-cacao-content chocolate continued to grow even after the price revisions in June, while shipments of limited-time products in January also contributed. Sales of DARS were flat year on year. While high-priced products were sluggish, sales of core products DARS Milk and Shiroi DARS remained firm even after price revisions were implemented in September. Sales of Chocoball increased year on year, as core products continued to perform well due to intermittent efforts to generate consumer interest, including an update to the "Can of Toys" promotion.

In the foodstuffs category, sales of Morinaga Cocoa increased significantly year on year as a result of ongoing efforts to stimulate demand as a health brand, supported by strong performance, particularly of Pure Cocoa Powder, even after price revisions were implemented in September. Sales of Morinaga Amazake decreased year on year.

In response to rising costs for raw materials and other inputs, price revisions and volume reductions were implemented in February and March 2025 for some chocolate category and cacao products, in June for Carré de chocolat, and in September for some products in the chocolate and biscuit categories and for some food products including cacao. In addition, measures such as reviewing product specifications for some products were also implemented. As a result, profitability is steadily improving. As a result, total net sales for the Confectionery & Foodstuffs Business increased by ¥4,521 million (+5.4%) year on year to ¥88,957 million.

In terms of profit, segment operating income increased by ¥4,246 million (+108.4%) year on year to

¥8,163 million as a result of countering soaring raw material prices through higher sales and effects of price revisions.

Frozen Desserts Business

In the Jumbo Group, sales remained strong even after the price revision in September, as efforts to expand recognition of Vanilla Monaka Jumbo through TV commercials and pop-up shops also proved successful. As a result, sales of the group as a whole increased year on year. Sales of Ita Choco Ice also increased year on year thanks to the strong performance of core products, while the launch of the new product Ita Choco Ice Macadamia also contributed. Sales of The Crepe were up significantly year on year due to efforts to expand customer touchpoints through initiatives including launching limited-time products and consumer campaigns, with strong performance continuing even after the September price revisions. As for ICEBOX, sales remained strong as a result of efforts to increase demand during autumn and winter and expand stocking of the product on store shelves through measures such as promotions highlighting the product as a mixer.

As a measure to improve profitability in response to rising raw material and other costs, price revisions

and reductions of content were implemented in September.

As a result, total net sales for the Frozen Desserts Business increased by ¥4,168 million (+8.4%) year on year to ¥53,528 million.

In terms of profit, segment operating income increased by ¥705 million year on year (+16.5%) to ¥4,963 million, as increased sales and price revisions offset the increases in raw material prices and higher distribution expenses.

"in-" Business

Sales of the in Jelly brand were down year on year. While Energy: Glucose Boost performed steadily amid efforts to highlight consumption situations in day-to-day life, core products, primarily Energy, struggled. In the in Bar category, in addition to the recent strong performance of mainstay flavors, efforts have been made to expand the target customer base through new product launches that expanded the brand's domain from protein bars to nutritionally balanced foods. Full-year sales, however, were down year on year.

As a result, total net sales for the "in-" Business decreased by ¥1,384 million (-4.4%) year on year to

¥29,955 million.

In terms of profit, segment operating income decreased by ¥1,412 million (-19.3%) year on year to

¥5,888 million.

Direct Marketing Business

Regarding Morinaga Collagen Drink, amid lingering effects of higher consumer awareness of the need to economize, cancellations in response to price revisions implemented in April 2025, and other factors, efforts were made to expand the customer base through advertising investment taking into consideration customer acquisition efficiency, but overall brand performance was down from the same period of the previous year. Sales of Morinaga Aojiru were also down year on year.

As a result, total net sales for the Direct Marketing Business decreased by ¥436 million (-3.9%) year on year to ¥10,748 million.

In terms of profit, segment operating income increased by ¥236 million (+49.4%) year on year to ¥714 million, due to the effects of price revisions as well as curtailed investment in advertising according to