Semi-annual Consolidated Financial Results for the Six Months Ended September 30, 2025

Semi-annual Consolidated Financial Results for the Six Months Ended September 30, 2025 [Japanese GAAP]

November 7, 2025

Company name: The Nisshin OilliO Group, Ltd. Stock exchange listing: Tokyo

Code number: 2602

URL: https://www.nisshin-oillio.com/english/

Representative: Takahisa Kuno, Representative Director and President Contact: Koji Miki, Executive Officer, General Manager of Financial Dept. Phone: +81-3-3206-5036

Scheduled date of filing semi-annual securities report: November 11, 2025 Scheduled date of commencing dividend payments: December 2, 2025 Supplementary material on financial results: Available

Financial results briefing session: Available (for analysts and institutional investors)

(Amounts of less than one million yen are rounded down.)

1. Semi-annual Consolidated Financial Results for the Six Months Ended September 30, 2025 (April 1, 2025, to September 30, 2025)

   1. Consolidated Operating Results (% indicates changes from the previous corresponding period.)

      	Net sales		Operating profit		Ordinary profit		Profit attributable to owners of parent
      Six months ended	Million yen	%	Million yen	%	Million yen	%	Million yen	%
      September 30, 2025	269,921	3.4	6,972	(32.6)	5,971	(33.0)	18,508	146.1
      September 30, 2024	261,170	2.5	10,344	(10.4)	8,913	(19.9)	7,520	(5.7)

      (Note) Comprehensive income: Six months ended September 30, 2025: ¥22,461 million [404.3%]

      Six months ended September 30, 2024: ¥4,453 million [(68.7)%]

      	Basic earnings per share	Diluted earnings per share
      Six months ended	Yen	Yen
      September 30, 2025	578.64	-
      September 30, 2024	232.01	-

   2. Consolidated Financial Position

   	Total assets	Net assets	Capital adequacy ratio
   As of	Million yen	Million yen	%
   September 30, 2025	429,940	212,405	46.8
   March 31, 2025	388,242	198,086	48.2

   (Reference) Equity: As of September 30, 2025: ¥201,156 million

   As of March 31, 2025: ¥187,146 million

2. Dividends

   	Annual dividends
   	1st quarter-end	2nd quarter-end	3rd quarter-end	Year-end	Total
   	Yen	Yen	Yen	Yen	Yen
   Fiscal year ended March 31, 2025	-	90.00	-	90.00	180.00
   Fiscal year ending March 31, 2026	-	90.00
   Fiscal year ending March 31, 2026 (Forecast)			-	90.00	180.00

   (Note) Revision to the dividend forecast announced most recently: None

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

(% indicates changes from the previous corresponding period.)

(Notes)

1. Revision to the financial results forecast announced most recently: Yes

   For the revision of consolidated financial results forecast, please refer to the "Announcement of Revision of Full-Year Consolidated Earnings Forecasts" made today (November 7, 2025).

2. Extraordinary income of ¥23,162 million is recorded in the six months ended September 30, 2025. Please refer to "1. Qualitative Information on the Semi-annual Consolidated Financial Results, (1) Overview of Business Performance" on page 5 for the recording of extraordinary income.

3. Profit attributable to owners of parent excluding one-time extraordinary income/losses and other factors is expected to be ¥9,000 million.

   • Notes:

1. Significant changes in the scope of consolidation during the period under review: Yes Excluded: 1 company (The Golf Joy Co., Ltd.)

2. Accounting policies adopted specially for the preparation of semi-annual consolidated financial statements: None

3. Changes in accounting policies, changes in accounting estimates and retrospective restatement

   1. Changes in accounting policies due to the revision of accounting standards: None

   2. Changes in accounting policies other than 1) above: None

   3. Changes in accounting estimates: None

   4. Retrospective restatement: None

4. Total number of issued shares (common stock)

   1. Total number of issued shares at the end of the period (including treasury stock): September 30, 2025: 33,716,257 shares

      March 31, 2025: 33,716,257 shares

   2. Total number of treasury stock at the end of the period: September 30, 2025: 2,331,977 shares

      March 31, 2025: 1,295,772 shares

   3. Average number of shares during the period (cumulative from the beginning of the fiscal year): Six months ended September 30, 2025: 31,985,537 shares

Six months ended September 30, 2024: 32,415,206 shares

(Note) The Company's shares held by the Trust Account for Stock Delivery to Directors are included in treasury stock.

• The Semi-annual Consolidated Financial Results are not subject to review by certified public accountants or audit firms.

• Explanation of the appropriate use of earnings forecasts and other notes: The forward-looking statements, including earnings forecasts, contained in this document are based on information currently available to the Company and certain assumptions deemed reasonable, and are not intended as a promise by the Company that they will be achieved. Actual results may differ materially due to a variety of factors. Please refer to "1. Qualitative Information on the Semi-annual Consolidated Financial Results, (3) Explanation of the Forecast Data, including Consolidated Results Forecast" on page 10 for the conditions that form the assumptions for the forecast of financial results and cautions concerning the use of the forecast of financial results.

A briefing and Q&A session on financial results will be held for analysts and institutional investors via live webcast on November 14, 2025 (Fri.). (Only available in Japanese)

Briefing materials will be posted on the Company's website.

[Reference]

Table of Contents

1. Qualitative Information on the Semi-annual Consolidated Financial Results 5

   1. Overview of Business Performance 5

   2. Overview of Financial Position 10

   3. Explanation of the Forecast Data, including Consolidated Results Forecast 10

2. Semi-annual Consolidated Financial Statements and Related Notes 12

   1. Semi-annual Consolidated Balance Sheets 12

   2. Semi-annual Consolidated Statements of Income and Comprehensive Income 14

   3. Semi-annual Consolidated Statements of Cash Flows 16

   4. Notes to the Semi-annual Consolidated Financial Statements 17

Notes on going concern assumption 17

Notes on any significant fluctuation in the amount of shareholders' equity 17

Notes on segment information 17

Revenue recognition 20

Significant subsequent events 21

1. ‌Qualitative Information on the Semi-annual Consolidated Financial Results‌

   Any forward-looking statement herein is based on management's judgment as of September 30, 2025.

   1. ‌Overview of Business Performance‌

      During the first six months of the fiscal year ending March 31, 2026, the global economy maintained steady growth, supported largely by monetary easing policies in various countries. However, instability persisted under the impact of the U.S. tariff policy, heightened geopolitical risks, and other factors.

      In Japan, the economy has been recovering moderately, underpinned by service consumption amid factors such as rising incomes and robust inbound demand. At the same time, the market environment remained challenging, with consumers continuing to prioritize savings in response to rising food prices. The cost environment also remained difficult, with increases in energy costs and costs involved with the oils & fats business.

      In such an environment, the Group is accelerating its growth trajectory using the CSV goals it established in the six priorities under its Vision 2030 as growth drivers. Leveraging the "Natural Power of Plants" as a foundation for value creation, the Group aims for sustainable growth by creating diverse shared values with society. Additionally, we have set to achieve an ROE level that exceeds equity cost as a material performance target, and are committed to enhance profitability and asset efficiency. Under the medium-term business plan Value UpX covering FY2025 to FY2028, the Group will pursue initiatives with performance targets of ROE of 8.0% or higher and ROIC of 6.0% or higher for FY2028.

      The financial results for the first six months of the fiscal year ending March 31, 2026, are as follows:

      (Million yen)

      	Six months ended September 30, 2024	Six months ended September 30, 2025	Change	YoY (%)
      Net sales	261,170	269,921	+8,751	103.4
      Operating profit	10,344	6,972	(3,372)	67.4
      Ordinary profit	8,913	5,971	(2,941)	67.0
      Profit attributable to owners of parent	7,520	18,508	+10,987	246.1

      In the six months ended September 30, 2025, gain on transfer of fixed asset of ¥23,162 million is recorded as gain on sale of non-current assets under extraordinary income.

      Overview by Segment

      Originally, the Company classified the business categories under its reporting segments into the three business categories of "Oil and Fat," "Processed Food and Materials," and "Fine Chemical." However, in line with the business strategy under the new medium-term business plan Value UpX, the business categories were changed to "Global Oil & Fat and Processed Oil & Fat," "Oil, Fat & Meal and Processed Food & Materials," and "Fine Chemical." This change is to properly indicate the actual state of business management in the Group.

      Note that segment information for the six months ended September 30, 2024, was prepared based on the categorization method following the change.

      << Global Oil & Fat and Processed Oil & Fat >>(Million yen)

      	Six months ended September 30, 2024	Six months ended September 30, 2025	Change	YoY (%)
      Net sales	54,361	65,566	+11,204	120.6
      Operating profit	2,427	1,447	(980)	59.6

      In the global oil & fat and processed oil & fat segment, at Intercontinental Specialty Fats Sdn. Bhd. (ISF) in Malaysia, the sales volume of specialty fats increased, particularly that of confectionery fats that are substitutable for cocoa butter, against the backdrop of surging cocoa bean prices. Sales of other oils & fats to the domestic Malaysian market by ISF remained strong as well. Regarding sales prices, unit sales prices rose amid higher market prices of palm oil, resulting in an increase in net sales. Meanwhile, in terms of profit, gross profit per unit for other oils & fats fell due to the rise in costs. This, coupled with the effects of mark-to-market losses in palm oil transactions, resulted in a decrease in operating profit.

      << Oil, Fat & Meal and Processed Food & Materials >>(Million yen)

      	Six months ended September 30, 2024	Six months ended September 30, 2025	Change	YoY (%)
      Net sales	194,286	191,520	(2,766)	98.6
      Operating profit	7,217	4,841	(2,376)	67.1

      In the oil, fat & meal category, we implemented price revisions amid a harsh cost environment characterized by rising energy costs, logistics expenses, and packaging/materials costs, coupled with higher oil & fat costs. However, price revisions proved more difficult than anticipated due to the impact of product market conditions resulting from consumers' increased money-saving tendencies and heightened awareness of protecting their current standard of living. Additionally, sales volume declined, particularly for household-use products, resulting in lower net sales and operating profit.

      In processed food & materials, we experienced higher net sales and operating profit mainly due to a revision in sales prices accompanying soaring raw material prices for chocolate.

      • Oil, Fat & Meal (Million yen)

        	Six months ended September 30, 2024	Six months ended September 30, 2025	Change	YoY (%)
        Net sales	157,518	154,284	(3,234)	97.9
        Operating profit	5,819	2,779	(3,040)	47.8

        Procurement environment of raw materials

        In terms of raw material procurement, soybean prices fell year on year due to the yen growing in strength against the U.S. dollar year on year and market prices for soybeans also falling. Meanwhile, rapeseed prices exceeded year-on-year levels, largely due to the impact of rising rapeseed market prices.

        Market prices of major raw materials

        Regarding market prices for soybeans, recognition of the decline in demand due to the announcement of the U.S. tariff policy caused market prices to temporarily fall to the US$9-range in April. Subsequently, market prices remained steady due to the upward trend in volumes of mandatory biofuel blending, and market prices rose to the US$10-range in August following a downward revision of production volume forecasts in the U.S.

        As for market prices for rapeseed, transactions rose to the mid-C$700-range at one point in June due to concerns over a drop in production in Canada. Afterwards, while recognition of a decline in demand prompted by China's announcement in August that it would impose provisional anti-dumping tariffs on rapeseed produced in Canada, market prices fell to the low C$600-range.

        Exchange rates

        The U.S. dollar-yen market saw the yen proceeded to appreciate against the U.S. dollar, temporarily reaching under 140 yen in late April affected mainly by the U.S. tariff policy. Subsequently, from July onward, factors such as declining concerns of a U.S. recession prompted the yen to depreciate against the dollar and trend mostly in the high 140-yen range.

        Sales of oil & fat

        In commercial-use products, we made efforts to expand sales through active proposals of our marketing-based functional product line. However, amid stronger inclinations by consumers to opt for lower prices and save money, price increases for processed foods and higher unit prices on menus for eating out caused by a rise in the prices of ingredients and other factors resulted in sales volume decreasing slightly year on year, particularly for basic-type products. Meanwhile, net sales increased following our efforts to revise sales prices.

        In the food processing sector, due to sluggish consumer sentiment caused by high prices coupled with the effects of a record heat wave, even sales of certain food processing products that had been performing strongly to this point showed a slowing trend, resulting in a slight decrease in sales volume. Nevertheless, our tenacious efforts to negotiate price revisions commensurate with market prices for raw materials yielded an increase in net sales.

        For household-use products, we worked to entrench flaxseed oil and other "pour-and-enjoy fresh edible oils" as well as re-expand the sales of olive oils, whose market slumped in the previous fiscal year due to surging raw material prices. We also strove to continuously penetrate the market with marketing-based functional products. Additionally, although we endeavored to revise the prices of products made with soybeans and rapeseed, which have been experiencing rising costs, amid a stronger mindset among consumers to maintain their current standard of living against the backdrop of price hikes, sales volume fell year on year, resulting in a decrease in net sales.

        In the processed oil & fat sector in Japan, sales volume grew largely due to an increase in the customers' adoption of our products resulting from proposal efforts that addressed issues and needs, and an increase in demand for confectionery fats propelled by soaring prices for cocoa butter. Additionally, price revisions for confectionery fats and other items also contributed to an increase in net sales.

        In terms of profit, although we made continuous efforts to revise prices amid rising costs, gross profit per unit fell year on year due to our running into greater difficulties than we had envisioned. This, coupled with the impact of a decrease in sales volume for household-use products, led to a decrease in operating profit.

        Sales of oil meals

        As for soybean meal, sales volume grew due to our efforts to expand sales following an increase in crushing volume. Meanwhile, because market prices for soybeans on the Chicago Board of Trade fell considerably and the yen was strong against the U.S. dollar, unit sales prices fell greatly, leading to a decline in net sales.

        As for rapeseed meal, although our efforts to expand sales translated into growth in sales volume, the impact of lower prices for soybean meal caused unit sales prices for rapeseed meal to fall considerably, which led to a decrease in net sales.

      • Processed Food & Materials (Million yen)

      	Six months ended September 30, 2024	Six months ended September 30, 2025	Change	YoY (%)
      Net sales	36,768	37,236	+468	101.3
      Operating profit	1,398	2,062	+664	147.5

      In chocolate products, Daito Cacao Co., Ltd. made progress in revising sales prices into appropriate ones relative to surging raw material prices. This resulted in increases in net sales and operating profit despite a decrease in sales volume year on year.

      In functional materials and foods, the sales volume of MCT (Medium Chain Triglyceride) products fell slightly year on year. Meanwhile, due to our sales efforts at appropriate prices, both net sales and operating profit increased.

      << Fine Chemical >>(Million yen)

      	Six months ended September 30, 2024	Six months ended September 30, 2025	Change	YoY (%)
      Net sales	7,287	7,612	+325	104.5
      Operating profit	857	873	+16	101.9

      In the fine chemical segment, we expanded our solution proposals through technical support for skincare products in addition to makeup products. New adoptions of our products, mainly in Japan, contributed to an increase in sales volume that translated into net sales growth. Operating profit remained on par year on year.

      Reference: Net sales (non-consolidated) (Million yen)

      		Six months ended September 30, 2024	Six months ended September 30, 2025	Change	YoY (%)
      	Oil, Fat & Meal	143,349	139,291	(4,058)	97.2
      	Commercial-use and	60,080	61,465	+1,385	102.3
      	food processing
      Oil, Fat &	Household-use	34,064	32,255	(1,808)	94.7
      Meal and
      	Processed Oil & Fat	5,954	7,647	+1,693	128.4
      Processed
      Food &
      	Meal	43,249	37,921	(5,328)	87.7
      Materials
      	Processed Food &	9,843	9,411	(432)	95.6
      	Materials
      	Subtotal	153,192	148,702	(4,490)	97.1
      Fine Chemical		3,977	4,292	+314	107.9
      Other		215	177	(38)	82.2
      Total		157,385	153,171	(4,214)	97.3

   2. ‌Overview of Financial Position‌
      1. Assets, liabilities and net assets

         Total assets on September 30, 2025, stood at ¥429,940 million, up by ¥41,698 million from the previous fiscal year-end. The main reasons for this increase were increases of ¥9,978 million in cash and deposits, ¥626 million in trade receivables, ¥9,752 million in inventories, ¥3,231 million in other current assets, ¥17,472 million in property, plant and equipment, and ¥685 million in retirement benefit asset. This increase in total assets was partially offset by a decrease of ¥131 million in investment securities.

         Liabilities stood at ¥217,535 million, up by ¥27,378 million from the previous fiscal year-end. The main reasons for the increase were increases of ¥6,849 million in short-term borrowings, ¥4,119 million in income taxes payable, ¥14,503 million in long-term borrowings, and ¥5,799 million in other non-current liabilities. This increase in liabilities was partially offset by decreases of ¥274 million in trade payables, ¥868 million in accounts payable - other, and ¥525 million in accrued expenses.

         Net assets stood at ¥212,405 million, an increase of ¥14,319 million from the previous fiscal year-end. The main factors were increases of ¥15,576 million in retained earnings and ¥3,580 million in accumulated other comprehensive income, but this increase in net assets was partially offset by an increase of ¥5,146 million in treasury shares.

      2. Status of cash flows

      Cash and cash equivalents as of September 30, 2025, stood at ¥24,032 million, an increase of ¥9,612 million from the previous fiscal year-end.

      << Cash Flows from Operating Activities >>

      Operating activities used net cash of ¥2,532 million (¥7,955 million provided in the same period of the previous fiscal year). The main factors increasing cash were profit before income taxes of ¥27,350 million, depreciation of

      ¥5,657 million, impairment losses of ¥1,567 million, and a decrease in trade receivables of ¥273 million. The main factors decreasing cash were gain on sale and retirement of non-current assets of ¥22,925 million, an increase in inventories of ¥8,517 million, a decrease in trade payables of ¥806 million, and income taxes paid of ¥1,718 million.

      << Cash Flows from Investing Activities >>

      Investing activities used net cash of ¥361 million (¥3,966 million used in the same period of the previous fiscal year). The main factor increasing cash was proceeds from sale of property, plant and equipment of ¥21,052 million. The main factor decreasing cash was purchase of property, plant and equipment of ¥20,941 million.

      << Cash Flows from Financing Activities >>

      Financing activities provided net cash of ¥12,114 million (¥4,424 million used in the same period of the previous fiscal year). The main factor increasing cash was proceeds from long-term borrowings of ¥25,000 million. The factors decreasing cash were net decrease in short-term borrowings of ¥3,836 million, dividends paid of ¥2,920 million, and purchase of treasury shares of ¥5,204 million.

   3. ‌Explanation of the Forecast Data, including Consolidated Results Forecast‌

   With regard to the consolidated results, we have revised the figures of full-year consolidated earnings forecasts for FY2025 (fiscal year ending March 31, 2026), announced on May 12, 2025.

   Please refer to the "Announcement of Revision of Full-Year Consolidated Earnings Forecasts" made today (November 7, 2025) for details.

2. ‌Semi-annual Consolidated Financial Statements and Related Notes‌

1. ‌Semi-annual Consolidated Balance Sheets‌

   		(Millions of yen)
   As of March 31, 2025		As of September 30, 2025
   Assets
   Current assets
   Cash and deposits	17,147	27,125
   Notes and accounts receivable - trade	94,983	95,609
   Inventories	103,282	113,035
   Income taxes receivable	211	44
   Other	13,085	16,317
   Allowance for doubtful accounts	(49)	(98)
   Total current assets	228,661	252,034
   Non-current assets
   Property, plant and equipment
   Buildings and structures, net	30,409	30,055
   Machinery, equipment and vehicles, net	40,752	42,723
   Land	27,475	40,402
   Other, net	11,647	14,576
   Total property, plant and equipment	110,284	127,756
   Intangible assets
   Software	2,112	2,439
   Goodwill	143	131
   Other	283	283
   Total intangible assets	2,540	2,854
   Investments and other assets
   Investment securities	33,725	33,594
   Retirement benefit asset	8,634	9,320
   Other	4,372	4,364
   Allowance for doubtful accounts	(26)	(26)
   Total investments and other assets	46,707	47,252
   Total non-current assets	159,531	177,863
   Deferred assets
   Bond issuance costs	48	42
   Total deferred assets	48	42
   Total assets	388,242	429,940

   		(Millions of yen)
   As of March 31, 2025		As of September 30, 2025
   Liabilities
   Current liabilities
   Notes and accounts payable - trade	48,958	48,684
   Short-term borrowings	25,138	31,987
   Income taxes payable	1,473	5,592
   Provisions	62	28
   Other	30,667	27,105
   Total current liabilities	106,299	113,398
   Non-current liabilities
   Bonds payable	15,000	15,000
   Long-term borrowings	50,623	65,127
   Provisions	591	586
   Retirement benefit liability	2,216	2,198
   Other	15,424	21,224
   Total non-current liabilities	83,856	104,136
   Total liabilities	190,156	217,535
   Net assets
   Shareholders' equity
   Share capital	16,332	16,332
   Capital surplus	21,663	21,663
   Retained earnings	135,402	150,978
   Treasury shares	(4,044)	(9,190)
   Total shareholders' equity	169,353	179,783
   Accumulated other comprehensive income
   Valuation difference on available-for-sale securities	7,373	7,873
   Deferred gains or losses on hedges	(215)	929
   Foreign currency translation adjustment	9,166	11,412
   Remeasurements of defined benefit plans	1,468	1,157
   Total accumulated other comprehensive income	17,792	21,372
   Non-controlling interests	10,939	11,249
   Total net assets	198,086	212,405
   Total liabilities and net assets	388,242	429,940

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

   Semi-annual Consolidated Statements of Income

   		(Millions of yen)
   For the six months ended September 30, 2024		For the six months ended September 30, 2025
   Net sales	261,170	269,921
   Cost of sales	223,383	234,460
   Gross profit	37,787	35,460
   Selling, general and administrative expenses	27,442	28,488
   Operating profit	10,344	6,972
   Non-operating income
   Interest income	153	112
   Dividend income	250	212
   Share of profit of entities accounted for using equity method	-	499
   Other	217	117
   Total non-operating income	621	942
   Non-operating expenses
   Interest expenses	641	1,424
   Share of loss of entities accounted for using equity method	265	-
   Foreign exchange losses	950	228
   Loss on disposal of inventories	65	68
   Other	129	221
   Total non-operating expenses	2,053	1,943
   Ordinary profit	8,913	5,971
   Extraordinary income
   Gain on sale of non-current assets	-	23,162
   Gain on sale of investment securities	2,663	21
   Total extraordinary income	2,663	23,184
   Extraordinary losses
   Loss on retirement of non-current assets	121	237
   Impairment losses	-	1,567
   Total extraordinary losses	121	1,805
   Profit before income taxes	11,455	27,350
   Income taxes	3,587	8,523
   Profit	7,868	18,826
   Profit attributable to non-controlling interests	347	318
   Profit attributable to owners of parent	7,520	18,508

   Semi-annual Consolidated Statements of Comprehensive Income

   		(Millions of yen)
   For the six months ended September 30, 2024		For the six months ended September 30, 2025
   Profit	7,868	18,826
   Other comprehensive income
   Valuation difference on available-for-sale securities	(2,846)	389
   Deferred gains or losses on hedges	(3,045)	1,098
   Foreign currency translation adjustment	2,217	2,274
   Remeasurements of defined benefit plans, net of tax	(120)	(311)
   Share of other comprehensive income of entities accounted for using equity method	381	183
   Total other comprehensive income	(3,414)	3,635
   Comprehensive income	4,453	22,461
   Comprehensive income attributable to
   Comprehensive income attributable to owners of parent	4,440	22,088
   Comprehensive income attributable to non-controlling interests	13	373

3. ‌Semi-annual Consolidated Statements of Cash Flows‌

   		(Millions of yen)
   For the six months ended September 30, 2024		For the six months ended September 30, 2025
   Cash flows from operating activities
   Profit before income taxes	11,455	27,350
   Depreciation	5,092	5,657
   Impairment losses	-	1,567
   Amortization of goodwill	21	21
   Interest and dividend income	(403)	(325)
   Interest expenses	641	1,424
   Share of loss (profit) of entities accounted for using equity method	265	(499)
   Loss (gain) on sale and retirement of non-current assets	121	(22,925)
   Loss (gain) on sale of investment securities	(2,663)	(21)
   Decrease (increase) in trade receivables	11,517	273
   Decrease (increase) in inventories	(3,386)	(8,517)
   Increase (decrease) in trade payables	(5,187)	(806)
   Decrease (increase) in retirement benefit asset	158	(685)
   Increase (decrease) in retirement benefit liability	44	(18)
   Other, net	(4,917)	(2,215)
   Subtotal	12,760	279
   Interest and dividends received	389	314
   Interest paid	(598)	(1,407)
   Income taxes paid	(4,595)	(1,718)
   Net cash provided by (used in) operating activities	7,955	(2,532)
   Cash flows from investing activities
   Purchase of property, plant and equipment	(8,863)	(20,941)
   Proceeds from sale of property, plant and equipment	13	21,052
   Purchase of investment securities	(629)	(112)
   Proceeds from sale of investment securities	3,630	40
   Other, net	1,881	(401)
   Net cash provided by (used in) investing activities	(3,966)	(361)
   Cash flows from financing activities
   Net increase (decrease) in short-term borrowings	5,063	(3,836)
   Proceeds from long-term borrowings	-	25,000
   Repayments of long-term borrowings	(513)	(479)
   Redemption of bonds	(5,000)	-
   Dividends paid	(3,568)	(2,920)
   Proceeds from sale of treasury shares	9	18
   Purchase of treasury shares	(3)	(5,204)
   Dividends paid to non-controlling interests	(40)	(65)
   Other, net	(372)	(397)
   Net cash provided by (used in) financing activities	(4,424)	12,114
   Effect of exchange rate change on cash and cash equivalents	295	391
   Net increase (decrease) in cash and cash equivalents	(140)	9,612
   Cash and cash equivalents at beginning of period	16,483	14,420
   Cash and cash equivalents at end of period	16,342	24,032

4. ‌Notes to the Semi-annual Consolidated Financial Statements‌

There is no item to report.

Based on a resolution made at the Board of Directors' meeting held on June 17, 2025, the Company purchased 1,053,700 shares of its common stock during the six months ended September 30, 2025. As a result of this purchase and other factors, treasury shares increased by ¥5,146 million during the six months ended September 30, 2025, coming to ¥9,190 million in treasury shares as of September 30, 2025.

1. Overview of reporting segments

   The Company has established operating divisions by product; each division conducts business activities by formulating comprehensive domestic and overseas strategies for the products it handles. Therefore, the Company's business consists of product segments based on the operating divisions, with three reporting segments: "Global Oil & Fat and Processed Oil & Fat," "Oil, Fat & Meal and Processed Food & Materials," and "Fine Chemical."

   Main products for each reporting segment can be found in the chart below:

   Business category		Main products
   Global Oil & Fat and Processed Oil & Fat		Processed oil & fat (confectionery fats), edible oils for commercial use, oils & fats for food processing
   Oil, Fat & Meal and Processed Food & Materials	Oil, Fat & Meal	Edible oils for household use and for commercial use, oils & fats for food processing, processed oil & fat (confectionery fats, margarines, shortenings), oil meals
   	Processed Food & Materials	Chocolate-related products, household-use salad dressings, wellness foods (MCT high-energy food, elderly/long-term care food), MCT, lecithin, tocopherol, edible soybeans, soy protein
   Fine Chemical		Ingredients for cosmetics and toiletries, chemical products, plant-based industrial oils
   Other		Detergents, antibacterial agents, surfactants, information systems, sales promotions, P&C insurance agency, real estate leasing

2. Matters regarding changes in reporting segments

   Originally, the Company classified the business categories under its reporting segments into the three business categories of "Oil and Fat," "Processed Food and Materials," and "Fine Chemical." However, in line with the business strategy under the new medium-term business plan Value UpX, the business categories were changed to "Global Oil & Fat and Processed Oil & Fat," "Oil, Fat & Meal and Processed Food & Materials," and "Fine Chemical." This change is to properly indicate the actual state of business management in the Group.

   Note that segment information for the six months ended September 30, 2024, was prepared based on the categorization method following the change.

3. Information regarding amounts of net sales and profit and loss by reporting segment

   Six months ended September 30, 2024 (April 1, 2024, to September 30, 2024) (Million yen)

   	Reporting segment						Other (Note 1)	Total	Adjustments (Note 2)	Amount in the consolidated statements of income (Note 3)
   	Global Oil & Fat and Processed Oil & Fat	Oil, Fat & Meal and Processed Food & Materials			Fine Chemical	Total
   		Oil, Fat & Meal	Processed Food & Materials	Subtotal
   Net sales
   Sales to external customers	54,361	157,518	36,768	194,286	7,287	255,935	5,234	261,170	-	261,170
   Intersegment sales and transfers	5,042	2,564	55	2,619	576	8,238	1,639	9,877	(9,877)	-
   Total	59,403	160,083	36,823	196,906	7,864	264,174	6,873	271,048	(9,877)	261,170
   Segment profit (loss)	2,427	5,819	1,398	7,217	857	10,502	344	10,846	(501)	10,344

   Notes:

   1. The Other category is for business segments that are not included in reporting segments, such as information systems.

   2. Adjustment for segment profit of - ¥501 million includes unallocated expenses. These expenses mainly comprise general and administrative expenses that cannot be attributed to reporting segments.

   3. Segment profit is adjusted against the operating profit recorded in the consolidated statements of income.

   Six months ended September 30, 2025 (April 1, 2025, to September 30, 2025) (Million yen)

   	Reporting segment						Other (Note 1)	Total	Adjustments (Note 2)	Amount in the consolidated statements of income (Note 3)
   	Global Oil & Fat and Processed Oil & Fat	Oil, Fat & Meal and Processed Food & Materials			Fine Chemical	Total
   		Oil, Fat & Meal	Processed Food & Materials	Subtotal
   Net sales
   Sales to external customers	65,566	154,284	37,236	191,520	7,612	264,699	5,222	269,921	-	269,921
   Intersegment sales and transfers	5,052	2,808	67	2,876	477	8,406	1,859	10,266	(10,266)	-
   Total	70,618	157,092	37,304	194,397	8,090	273,105	7,082	280,187	(10,266)	269,921
   Segment profit (loss)	1,447	2,779	2,062	4,841	873	7,162	330	7,493	(520)	6,972

   Notes:

   1. The Other category is for business segments that are not included in reporting segments, such as information systems.

   2. Adjustment for segment profit of - ¥520 million includes unallocated expenses. These expenses mainly comprise general and administrative expenses that cannot be attributed to reporting segments.

   3. Segment profit is adjusted against the operating profit recorded in the consolidated statements of income.

4. Regional information

   Six months ended September 30, 2024 (April 1, 2024, to September 30, 2024) (Million yen)

   	Japan	Asia	Other	Total
   Net sales	195,138	34,909	31,122	261,170
   Ratio to net sales	74.7%	13.4%	11.9%	100.0%

   Note: Net sales are classified by country or region based on the location of customers.

   Six months ended September 30, 2025 (April 1, 2025, to September 30, 2025) (Million yen)

   	Japan	Asia	Other	Total
   Net sales	191,396	44,862	33,662	269,921
   Ratio to net sales	70.9%	16.6%	12.5%	100.0%

   Note: Net sales are classified by country or region based on the location of customers.

5. Information relating to non-current asset impairment losses or goodwill, etc. by reporting segment

Material impairment loss on non-current assets

For the six months ended September 30, 2025, the Company recorded an impairment loss of ¥1,567 million on non-current assets in the oil, fat & meal and processed food & materials segment.

Information breaking down revenue arising from contracts with customers

Six months ended September 30, 2024 (April 1, 2024, to September 30, 2024) (Million yen)

Note: The Other category is for business segments that are not included in reporting segments, such as information systems.

Six months ended September 30, 2025 (April 1, 2025, to September 30, 2025) (Million yen)

Note: The Other category is for business segments that are not included in reporting segments, such as information systems.

Based on a resolution made at the Board of Directors' meeting held on August 7, 2025, the Company issued the

15th Series Unsecured Corporate Bonds and the 16th Series Unsecured Corporate Bonds on October 23, 2025. The details are as follows.

15th Series Unsecured Corporate Bonds (5-Year Bonds)

16th Series Unsecured Corporate Bonds (10-Year Bonds)