Consolidated Financial Summary for the Three Months Ended June 30, 2025

August 7, 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 for commencement of dividend payments: - 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 three months ended June 30, 2025(April 1, 2025 - June 30, 2025)

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

   	Net sales		Operating income		Ordinary income		Profit attributable to owners of parent
   Three months ended	Million yen	%	Million yen	%	Million yen	%	Million yen	%
   Jun. 30, 2025 Jun. 30, 2024	60,253 56,928	5.8 11.4	7,098 6,741	5.3 16.2	7,204 6,938	3.8 15.9	5,046 4,880	3.4 12.9

   (Note) Comprehensive income: For the three months ended June 30, 2025: 3,041 million yen (-52.5%)

   For the three months ended June 30, 2024: 6,395 million yen (24.1%)

   	Net income per share	Diluted net income per share
   Three months ended Jun. 30, 2025	Yen 59.62	Yen -
   Jun. 30, 2024	54.24	-

2. Consolidated financial position

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

1. 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.)

   	Net sales		Operating income		Ordinary income		Profit attributable to owners of parent		Net income per share
   Interim Full year	Million yen 123,500 240,000	% 3.9 4.8	Million yen 12,400 21,400	% (10.5) 0.6	Million yen 12,500 21,700	% (11.3) (2.7)	Million yen 10,700 17,800	% 0.6 0.5	Yen 127.00 211.69

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

   • Notes

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

     2. Application of accounting treatment unique to the preparation of quarterly 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 June 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 June 30, 2025: 2,091,026 As of March 31, 2025: 2,090,656

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

           As of June 30, 2025: 84,647,206 As of June 30, 2024: 89,978,383

   • 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 June 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.

   • Review of the Japanese-language originals of the attached consolidated quarterly financial statements by certified public accountants or an audit firm: Yes (voluntary)

   • 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.

• 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 5

2. Quarterly Consolidated Financial Statements and Major Notes 6

   1. Quarterly Consolidated Balance Sheets 6

   2. Quarterly Consolidated Statements of Operations and Consolidated Statements of

      Comprehensive Income 8

   3. Notes to Quarterly Consolidated Financial Statements 10

      (Basis for preparing quarterly consolidated financial statements) 10

      (Notes on the going concern assumption) 10

      (Notes if there is a significant change in the amount of shareholders' equity) 10

      (Additional Information) 10

      (Quarterly Consolidated Statements of Operations) 10

      (Segment information) 11

      (Revenue recognition) 12

      (Notes on statements of cash flows) 12

3. Supplementary Information 13

During the first quarter of the fiscal year under review, 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 due to soaring raw material prices, consumption showed signs of slowing, especially for food and other nondurable goods, as consumers became more conscious of the need to economize. In addition, the environment surrounding business activities remained uncertain, including concerns about a global economic slowdown due to unstable international conditions and United States tariff policies.

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 profitability with the objective of establishing a growth trajectory for further advancement 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 ¥3,325 million (+5.8%) year on year to ¥60,253 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 and other factors, operating income increased to ¥7,098 million, up ¥357 million (+5.3%) year on year, due to sales growth and the effects of price revisions. Ordinary income also increased, up ¥266 million (+3.8%) to ¥7,204 million. Profit attributable to owners of the parent was ¥5,046 million, up ¥166 million (+3.4%) year on year.

The fiscal year-ends of consolidated subsidiaries were unified to March 31, effective as of the first quarter of the fiscal year under review. For details, please refer to "2. Quarterly Consolidated Financial Statements and Major Notes, (3) Notes to Quarterly Consolidated Financial Statements, (Additional Information) (Changes relating to the fiscal years of consolidated subsidiaries)" on page 10.

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 leadup to the 30th anniversary of the product launch, and the brand's overall sales increased year on year.

In the sugar confectionery category, despite measures to stimulate demand through promotions leveraging the 50th anniversary of the launch of HI-CHEW, sales of the brand overall remained flat from the same period of the previous fiscal year due to the effects of a reduction in the number of limited-time product releases. Sales of Morinaga Ramune increased significantly from the same period of previous year, as the functional value of glucose for concentration and thinking scenarios became well-established and strong performance continued even after exam season, while the strong performance of Fresh Ramune Soft Candy, for which sales channels were expanded, also contributed.

In the chocolate category, sales of Carré de chocolat remained firm, particularly sales of Cacao 70, as demand for high-cacao-content chocolate continued to grow even after the price revisions in February, and sales increased substantially year on year.

Sales of DARS increased year on year due to strong sales of core products DARS Milk and Shiroi DARS even after the price revisions in February. Sales of Chocoball were up significantly year on year, as consumer interest generated by media exposure contributed to an expansion of the customer base, and strong performance of core products continued even after the price revisions implemented in March. In the foodstuffs category, sales of Morinaga Cocoa increased significantly year on year through ongoing efforts to stimulate demand as a health brand, supported by strong performance, particularly of Pure Cocoa Powder, which continued even after the price revisions in February. Sales of Morinaga Amazake decreased year on year.

In response to rising costs for raw materials and other inputs, price revisions were implemented in February and March for some chocolate category and cacao products and in June for Carré de chocolat. As a result, profitability is steadily improving.

As a result, total net sales for the Confectionery & Foodstuffs Business increased by ¥2,054 million (+10.7%) year on year to ¥21,161 million.

In terms of profit, segment operating income increased by ¥598 million (+37.7%) year on year to ¥2,184 million, as higher raw material prices were offset through increased sales and the effects of price revisions.

Frozen Desserts Business

In the Jumbo Group, Choco Monaka Jumbo underwent a quality renewal in March to enhance the brand's unique "freshness marketing." Ongoing efforts were made to expand the customer base by intermittently generating consumer interest, including promotions targeting foreign visitors to Japan. Efforts were made to stimulate purchasing of Vanilla Monaka Jumbo through new TV commercials highlighting the premium quality of vanilla ice cream. 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 promotions centered around the 30th anniversary of the product launch and collaborative projects with popular content contributing. Sales of The Crepe were also up significantly year on year as the customer base expanded even further due to ongoing promotions emphasizing the product's unique quality, the launch of limited-time products, and other measures. Sales of ICEBOX remained strong as a result of efforts to expand consumption scenarios, including promoting the product as a mixer for alcohol beverages and as a countermeasure against the heat, as well as the use of limited-time clear cups as a hook to achieve early in-store deployment in the leadup to the peak summer period.

As a result of these developments, total net sales for the Frozen Desserts Business increased by ¥1,641 million (+12.2%) year on year to ¥15,116 million.

In terms of profit, segment operating income increased by ¥179 million (+12.4%) year on year to ¥1,615 million as of the effects of price revisions outweighed soaring prices for raw materials.

"in-" Business

Sales of in Jelly were down year on year. Despite efforts to highlight drinking scenarios 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 continued poor weather on weekends as well as the expansion of private brand products. In the in Bar category, as the protein bar market gradually declines due to diversification of the means of protein intake, efforts were made to strengthen in-store deployment using retail displays, but sales decreased year on year.

As a result, total net sales for the "in-" Business as a whole decreased by ¥372 million (-4.4%) year on year to ¥8,051 million.

In terms of profit, segment operating income decreased by ¥191 million (-9.6%) year on year to ¥1,794 million.

Direct Marketing Business

Sales of Morinaga Collagen Drink decreased year on year due to higher consumer awareness of the need to economize and the effects of cancellations due to the price revisions implemented in April and other factors. Sales of Morinaga Aojiru, the second pillar candidate product in the Direct Marketing Business, were also down year on year.

As a result, total net sales in the Direct Marketing Business overall decreased by ¥221 million (-7.7%) year on year to ¥2,637 million yen.

In terms of profit, segment operating income increased by ¥117 million (+846.7%) year on year to ¥130 million as a result of curtailing advertising investment according to the customer acquisition efficiency.

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. increased year on year due to continued strong sales at amusement parks driven an increase in the number of foreign visitors to Japan.