Consolidated Financial Summary for the Six Months Ended September 30, 2025

November 12, 2025

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 to file semi-annual securities report: November 13, 2025

Scheduled date for commencement of dividend payments: December 17, 2025 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 six months ended September 30, 2025 (April 1, 2025 - September 30, 2025)

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

   	Net sales		Operating income		Ordinary income		Profit attributable to owners of parent
   Six months ended	Million yen	%	Million yen	%	Million yen	%	Million yen	%
   September 30, 2025 September 30, 2024	121,869 118,845	2.5 8.4	13,350 13,855	(3.7) (2.2)	13,447 14,099	(4.6) (2.1)	11,031 10,631	3.8 3.6

   (Note) Comprehensive income: For the six months ended September 30, 2025: 9,214 million yen (-23.4 %)

   For the six months ended September 30, 2024: 12,022 million yen (-9.6 %)

   	Net income per share	Diluted net income per share
   Six months ended September 30, 2025 September 30, 2024	Yen 130.82 118.35	Yen - -

   (Reference) Equity:	As of September 30, 2025:	130,230 million yen
   	As of March 31, 2025:	130,865 million yen
   2. Dividends

2. Consolidated financial position

(Note) Revisions to dividend forecasts published most recently: None

3. Consolidated Financial Forecasts for the Fiscal Year Ending March 31, 2026 (April 1, 2025 - March 31, 2026)

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

(Note) Revisions to results forecasts published most recently: Yes

• Notes

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

  2. Application of accounting treatment unique to the preparation of the semi-annual consolidated financial statements: None

  3. 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

  4. Number of shares issued (common shares)

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

        As of September 30, 2025: 86,111,638 As of March 31, 2025: 88,011,638

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

        As of September 30, 2025: 2,091,692 As of March 31, 2025: 2,090,656

     3. Average number of shares during the period (cumulative from the beginning of the fiscal year)

        Six months ended September 30, 2025: 84,331,996 Six months ended September 30, 2024: 89,831,311

• 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 as of September 30, 2025 and 80,784 shares as of 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.

• Semi-annual financial results are exempt from review conducted by certified public accountants or an audit firm.

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

The results forecasts are prepared based on adequate information, but actual results might be different from them, depending on a range of factors. For details, please see "1. Qualitative Information on Semi-Annual Financial Results (3) Explanation of Future Forecasts Such As Consolidated Results Forecasts" on page 6 of the Accompanying Materials.

• Accompanying Materials - Contents

1. Overview of Operating Results, etc 2

   1. Explanation of Operating Results 2

   2. Explanation of Financial Position 5

   3. Explanation of Future Forecasts Such As Consolidated Results Forecasts 6

2. Semi-annual Consolidated Financial Statements and Major Notes 7

   1. Semi-annual Consolidated Balance Sheets 7

   2. Semi-annual Consolidated Statements of Operations and Consolidated Statements of Comprehensive Income 9

   3. Semi-annual Consolidated Statement of Cash Flows 11

   4. Notes to Semi-annual Consolidated Financial Statements 13

      (Notes on the going concern assumption) 13

      (Notes if there is a significant change in the amount of shareholders' equity) 13

      (Additional Information) 13

      (Semi-Annual Consolidated Statements of Operations) 13

      (Segment information) 14

      (Revenue recognition) 15

3. Supplementary Information 16

During the six-month period ended September 30, 2025, the Japanese economy showed signs of moderate recovery, supported by improvement in the employment and income environment as well as an increase in inbound consumption. On the other hand, as prices continued to rise, the risk of a deterioration in consumer sentiment remained, and with concerns regarding a global economic downturn caused by unstable international conditions and U.S. tariff policies, the environment surrounding business activities remained uncertain.

Under these circumstances, the Group is working to strengthen business in each area in order to create a virtuous cycle of growth potential and capital efficiency with the objective of establishing a trajectory for dramatic growth as the second phase of the 2024 Medium-Term Business Plan (MTBP), which is the second stage of achieving the 2030 Business Plan.

Consequently, net sales increased by ¥3,024 million (+2.5%) year on year to ¥121,869 million, led chiefly by strong performance in the Confectionery & Foodstuffs Business and Frozen Desserts Business.

In terms of profit, although sales increased and there were effects from price revisions, operating income decreased to ¥13,350 million, down ¥505 million (-3.7%) year on year, due to soaring raw materials prices, higher logistics costs, and investments in DX and human capital to strengthen business foundations. Ordinary income also decreased, down ¥652 million (-4.6%) year on year to ¥13,447 million. Profit attributable to owners of the parent was ¥11,031 million, up ¥400 million (+3.8%) year on year.

The fiscal year-ends of consolidated subsidiaries were unified to March 31, effective as of the first half of the fiscal year under review. For details, please refer to "2. Semi-annual Consolidated Financial Statements and Major Notes, (4) Notes to Semi-annual Consolidated Financial Statements (Additional Information) (Changes relating to the fiscal years of consolidated subsidiaries)" on page 13.

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

Confectionery & Foodstuffs Business

In the biscuit category, core products, including Chocochips Cookie, performed well in the lead up to the 30th anniversary of the product launch, but high-priced products struggled, and overall brand sales were down slightly year on year.

In the sugar confectionery category, ongoing measures were implemented to stimulate demand through promotions leveraging the 50th anniversary of the launch of HI-CHEW. While HI-CHEW Mini performed well due to increased emphasis on the appeal to texture, HI-CHEW Premium struggled, and the brand as a whole was down slightly from the same period of the previous year. For Morinaga Ramune, promotions targeting exam takers were implemented in the summer, and 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 from the same period of the previous year.

In the chocolate category, and impact on store turnover of Carré de chocolat has been seen since price revisions were implemented in June, but Cacao 70 performed well, as demand for high-cacao-content chocolate increased, and sales increased year on year. Sales of DARS increased year on year due to strong sales of core products DARS Milk and Shiroi DARS. Sales of Chocoball were up significantly year on year, as core products continued to perform well, and strong performance by Odama Chocoball, which is targeted to adults, also contributed.

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. 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 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 sales for the Confectionery & Foodstuffs Business increased by ¥2,528 million (+6.5%) year on year to ¥41,191 million.

In terms of profit, segment operating income increased by ¥1,595 million (+90.0%) year on year to

¥3,366 million.

Frozen Desserts Business

In the Jumbo Group, ongoing efforts made to expand the customer base by intermittently generating consumer interest, including promotions targeting foreign visitors to Japan and implementation of consumer campaigns. As a result, results for the group as a whole increased year on year. Sales of Ita Choco Ice increased significantly year on year, with core product sales performing well due to the rollout of summer-limited quality products and the airing of TV commercials. Sales of The Crepe were also up significantly year on year due to expanded in-store availability during the spring and summer seasons and expansion of the customer base through quality improvements that enhance satisfaction and promotional measures. Sales of ICEBOX remained strong as a result of ongoing efforts to expand consumption scenarios, including promoting the product as a mixer for alcohol beverages and as a countermeasure against the heat.

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 of these developments, total net sales for the Frozen Desserts Business increased by ¥2,209 million (+7.2%) year on year to ¥32,784 million.

In terms of profit, segment operating income increased by ¥116 million year on year (+2.8%) to ¥4,248 million, as increased sales and price revisions offset the increases in raw material prices and higher distribution expenses.

"in-" Business

Sales of in Jelly were down year on year. Despite efforts to consumption situations in day-to-day life and expand in-store exposure to capture demand as a countermeasure against the heat using summer-limited products as a hook, there were negative effects from reduced opportunities to go out and exercise due to extreme heat as well as the expansion of private brand products. Sales of in Bar increased year on year as a result of reinforced in-store deployment using retail displays.

As a result, total net sales for the "in-" Business as a whole decreased by ¥846 million (-4.8%) year on year to ¥16,717 million.

In terms of profit, segment operating income decreased by ¥968 million (-20.0%) to ¥3,879 million.

Direct Marketing Business

Sales of Morinaga Collagen Drink decreased year on year. The first mass advertising campaign was launched in the Tokyo Metropolitan area and efforts were made to expand brand awareness, but the number of repeat customers at the beginning of the fiscal year declined year on year due to the impact of higher consumer awareness of the need to economize and cancellations resulting from price revisions implemented in April and other factors, and performance by the brand as a whole decreased year on year. Sales of Morinaga Aojiru were also down year on year.

As a result, total net sales in the Direct Marketing Business overall decreased by ¥354 million (-6.2%) year-on-year to ¥5,386 million.

In terms of profit, segment operating income decreased by ¥25 million (-30.8%) year on year to ¥55 million despite effects from price revisions.

Operating Subsidiaries, etc.

Net sales at Aunt Stella Inc. decreased year on year. Although sales were strong at directly operated stores throughout Japan and expansion of sales outlets at major mass retailers remained firm, there was an impact from standardization of the fiscal year-end dates of consolidated subsidiaries, since the results from the same period of the previous year included results from March, which is a peak demand period due to White Day and other events. Net sales at Morinaga Market Development Co., Ltd. decreased year on year due to struggling sales at theme parks resulting from a decline in visitors in response to extreme heat.