Nisshin Seifun : Consolidated Financial Results for the Year Ended March 31, 2025

Listed Company Name: Nisshin Seifun Group Inc. Registered on Tokyo Stock Exchange Code: 2002 URL: https://www.nisshin.com

Representative: Kenji Takihara, Representative Director and President

Contact: Reiko Adachi, Executive Officer and General Manager, Public Communications Department (General Administration Division)

Tel.: +81-3-5282-6650

Date to hold the Ordinary General Meeting of Shareholders to approve results: June 26, 2025 Date to start distributing dividends: June 27, 2025

Date to submit the Securities Report: June 23, 2025 Supplementary materials for these consolidated financial results: Yes

May 15, 2025

Results briefing for financial results: Yes (for analysts and institutional investors)

(Figures shown are rounded down to the nearest million yen.)

1. Consolidated Financial Results for the Year Ended March 31, 2025 (April 1, 2024 to March 31, 2025)

   1. Consolidated Business Results

      (Percentages represent year-on-year changes.)

      	Net sales		Operating profit		Ordinary profit		Profit attributable to owners of parent
      	Million yen	%	Million yen	%	Million yen	%	Million yen	%
      Fiscal 2025	851,486	(0.8)	46,380	(3.0)	49,210	(1.6)	34,684	9.3
      Fiscal 2024	858,248	7.5	47,791	45.6	49,992	51.3	31,743	-

      (Note) Comprehensive income: Fiscal 2025: ¥14,969 million (down 83.5%) Fiscal 2024: ¥90,678 million (-%)

      	Earnings per share	Fully diluted earnings per share	Return on shareholders' equity	Ordinary profit to total assets	Operating profit to net sales
      	Yen	Yen	%	%	%
      Fiscal 2025	117.33	-	7.0	6.1	5.4
      Fiscal 2024	106.74	-	6.9	6.5	5.6

      (Reference) Equity in earnings of affiliates: Fiscal 2025: ¥1,602 million Fiscal 2024: ¥1,774 million

   2. Consolidated Financial Position

      	Total assets	Net assets	Equity ratio	Net assets per share
      	Million yen	Million yen	%	Yen
      March 31, 2025	789,713	502,570	61.4	1,674.04
      March 31, 2024	826,702	516,381	60.5	1,682.11

      (Reference) Equity capital: March 31, 2025: ¥485,005 million March 31, 2024: ¥500,302 million

   3. Consolidated Cash Flows

   	Net cash provided by (used in) operating activities	Net cash provided by (used in) investing activities	Net cash provided by (used in) financing activities	Cash and cash equivalents at end of period
   	Million yen	Million yen	Million yen	Million yen
   Fiscal 2025	55,209	(34,961)	(35,432)	92,005
   Fiscal 2024	73,194	(30,944)	(19,539)	107,681

2. Dividends

   	Dividend per share					Total dividends paid (annual)	Payout ratio (consolidated)	Dividends to net assets (consolidated)
   	1Q End	2Q End	3Q End	Year-End	Annual
   	Yen	Yen	Yen	Yen	Yen	Million yen	%	%
   Fiscal 2024	-	21.00	-	24.00	45.00	13,389	42.2	2.9
   Fiscal 2025	-	25.00	-	30.00	55.00	16,133	46.9	3.3
   Fiscal 2026 (forecast)	-	30.00	-	30.00	60.00		44.6

   (Note) From the fiscal year ended March 31, 2025, the Company's basic profit distribution policy is to pay dividends based on a standard consolidated dividend payout ratio that is calculated using profit attributable to owners of parent, excluding any profits or losses from non-recurring special factors.

   The consolidated payout ratio based on this policy for the fiscal year ended March 31, 2025, is 51.1%. The payout ratio for the fiscal year ending March 31, 2026, is forecast to be 48.7%.

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

(The full-year percentages indicate the rates of increase or decrease compared with the previous fiscal year; the percentages for the first half are comparisons with the same period of the previous fiscal year.)

* Notes

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

2. Changes in accounting policies, changes in accounting estimates and revisions restated

   1. Changes in accounting policies associated with the revisions of accounting standards, etc.: None

   2. Changes in accounting policies other than the above: None

   3. Changes in accounting estimates: None

   4. Revisions restated: None

      As of March 31, 2025	290,657,891	As of March 31, 2024	304,357,891
      As of March 31, 2025	936,739	As of March 31, 2024	6,931,745
      Fiscal 2025	295,619,186	Fiscal 2024	297,389,720

3. Number of shares issued and outstanding (common stock)

   1. Number of shares issued and outstanding (including treasury shares)

   2. Number of treasury shares

   3. Average number of shares outstanding

• This Consolidated Financial Results is not subject to audit procedures by certified public accountants or the audit firm.

• Statement regarding the proper use of financial forecasts and other special remarks

  1. The statements contained in this document are based on various assumptions and do not constitute any guarantee or definite promise that projections of future performance or related business policies will actually be realized. For more information about the assumptions for the results forecast and related matters, please refer to 1. Overview of Business Performance, etc., (4) Outlook on page 7 of the Attachment.

  2. Supplementary materials for this report can be found on the Company's website

1. Overview of Business Performance, etc 2

   1. Overview of Business Performance 2

   2. Overview of Financial Position 5

   3. Overview of Cash Flows 5

   4. Outlook 7

   5. Basic Policy on Profit Distribution and Dividends for Fiscal 2025 and Fiscal 2026 7

2. Basic Policy Regarding Selection of Accounting Standards 8
3. Consolidated Financial Statements and Related Notes 9

   1. Consolidated Balance Sheets 9

   2. Consolidated Statements of Income and Comprehensive Income 11

      [Consolidated Statements of Income] 11

      [Consolidated Statements of Comprehensive Income] 12

   3. Consolidated Statements of Changes in Equity 13

   4. Consolidated Statements of Cash Flows 15

   5. Notes to the Consolidated Financial Statements 16

[Notes on the Premise of a Going Concern] 16

[Changes to Important Matters That Are the Basis

for the Preparation of Consolidated Financial Statements] 16

[Notes on Consolidated Statements of Income] 16

[Notes on Segment Information, etc.] 17

[Notes on Per Share Information] 19

[Notes on Significant Subsequent Events] 19

1. Overview of Business Performance, etc.

   1. Overview of Business Performance

      During the fiscal year ended March 31, 2025, the Japanese economy saw a rise in inbound tourism demand. However, consumers' belt-tightening behavior continued due to high prices for goods, as raw material and energy prices remained high primarily because of the weaker yen and higher logistics costs. Consequently, consumer spending did not pick up. Additionally, the traditional framework for international cooperation is at a turning point as evidenced by various countries' responses to U.S. tariff policies. The future of the environment surrounding the Nisshin Seifun Group is highly uncertain.

      Under these conditions, the Group strives to fulfill its corporate mission of ensuring a stable supply of foods involving wheat flour and the delivery of safe and reliable products in each business area. At the same time, in a push to achieve goals set out in "The Nisshin Seifun Group Medium-Term Management Plan 2026," set to conclude in the fiscal year ending March 31, 2027, the Group gave highest priority to efforts to stimulate its ability to grow by restructuring the business portfolio, promote measures to spur a performance recovery in the Australia flour milling business and the yeast business in India, realize tangible results from our R&D strategy, and showcase benefits from automation and labor-saving measures.

      Specifically, in the Flour Milling Business, the Mizushima Plant of Nisshin Flour Milling Inc. will begin operations in May of this year, and the Okayama Plant and the Sakaide Plant will be closed. Miller Milling Company, LLC in the United States added production lines at the Saginaw Plant. The new lines began operating in March of this year, resulting in an approximately 40% increase in the plant's production capacity. In the Processed Food Business, Vietnam Nisshin Seifun Co., Ltd. and Vietnam Nisshin Technomic Co., Ltd. began selling home-use products in Vietnam in earnest in September of last year. Nisshin Pharma Inc. decided to discontinue its fine chemicals business, which produces and sells bulk pharmaceuticals, and to transfer its healthcare foods business, which manufactures and sells supplements, to Oriental Yeast Co., Ltd., a company that operates a yeast and biotechnology business. Nisshin Pharma Inc. will cease its operations by March 31, 2026.

      With respect to the R&D strategy, we are moving ahead with addressing the commercialization of research results. In the flour milling business, we are continuing striving to expand recognition of and develop the market for high-fiber wheat flour (Amuleia). We are building a new development site based on an "Our 'kitchen' - where we co-create the future" concept, with construction scheduled to be completed in the fiscal year ending March 31, 2027. In these ways, we aim to further highlight the Group's development capabilities, while also creating Group synergies.

      Nisshin Seifun Welna Inc., a subsidiary in the Processed Food Business, entered into an agreement with Shohei Ohtani of the Los Angeles Dodgers in November last year to feature him in a commercial. Nisshin Seifun Welna Inc. has rebranded Ma·Ma, which is celebrating its 70th anniversary this year, and is revising its lineup and launching new products. Additionally, Nisshin Seifun Welna Inc. is striving to increase demand for its products by enthusiastically implementing sales promotion activities leveraging this agreement.

      Consolidated net sales in the fiscal year under review declined 0.8% year on year to ¥851,486 million, chiefly due to a revision to the prices of wheat flour because of changes in the government's prices for imported wheat in the domestic flour milling business and a fall in wheat prices which affected the overseas flour milling business. Operating profit and ordinary profit decreased 3.0% year on year to

      ¥46,380 million and 1.6% to ¥49,210 million, respectively, despite solid earnings in the overseas flour milling business, the prepared dishes and other prepared foods businesses, and the engineering business. These declines were primarily due to the continued rise of the prices of raw materials and transportation, labor, and other expenses across all businesses, as well as a decrease in shipments of bulk pharmaceuticals. Profit attributable to owners of parent stood at ¥34,684 million (up 9.3% year on year), reflecting a gain on sale of investment securities due to the reduction of cross-shareholdings, as well as business restructuring expenses related to the discontinuation of operations at Nisshin Pharma Inc.

      For the fiscal year under review, the Company plans to pay an annual dividend of ¥55 per share, an increase of ¥10 from the previous year. This plan is based on the Company's basic policy, which establishes a standard consolidated dividend payout ratio of 50% (calculated excluding any profits or losses from non-recurring special factors) for the period leading up to the fiscal year ending March 31, 2027, the final year of "The Nisshin Seifun Group Medium-Term Management Plan 2026."

      To enhance shareholder return, improve capital efficiency, and implement capital policies in light of the business environment, the Company paid ¥13,906 million to acquire 7,700,000 treasury shares in January of this year.

      (Year-on-year Comparison)

      (Million yen)

      	Fiscal 2024	Fiscal 2025	Difference	Change
      Net sales	858,248	851,486	(6,762)	(0.8)%
      Operating profit	47,791	46,380	(1,410)	(3.0)%
      Ordinary profit	49,992	49,210	(782)	(1.6)%
      Profit attributable to owners of parent	31,743	34,684	2,941	9.3%

      [Business Overview by Segment]

      1. Flour Milling Segment

         (Million yen)

         	Fiscal 2024	Fiscal 2025	Difference	Change
         Net sales	458,226	443,592	(14,634)	(3.2)%
         Operating profit	28,570	28,119	(450)	(1.6)%

         In the domestic flour milling business, shipments were higher year on year, mainly reflecting an increase in demand for restaurant dining due to increased foot traffic, including from inbound tourism, in addition to benefits from sales expansion measures.

         In July 2024 and January 2025, we revised the prices of commercial-use wheat flour due to changes in the government's prices for five classes of imported wheat. The government's price was lowered 0.6% on average in April 2024 and 1.8% in October. Additionally, transportation and power costs rose.

         In the overseas flour milling business, net sales decreased from the previous fiscal year, primarily due to a decline in wheat market prices.

         As a result, net sales of the Flour Milling Segment decreased 3.2% year on year to ¥443,592 million. Operating profit declined 1.6% to ¥28,119 million, chiefly reflecting a rise in manufacturing costs in the domestic flour milling business, despite the firm performance of the overseas flour milling business.

      2. Processed Food Segment

         (Million yen)

         	Fiscal 2024	Fiscal 2025	Difference	Change
         Net sales	201,073	206,252	5,178	2.6%
         Operating profit	8,356	6,405	(1,951)	(23.3)%

         In the domestic processed food business, we actively implemented initiatives to increase net sales. This resulted in solid shipments, primarily of household-use wheat flour, prepared mixes, and pasta. Overseas shipments of commercial-use prepared mixes were also firm, and net sales exceeded the previous fiscal year.

         In the yeast and biotechnology business, net sales were up year on year, reflecting increased shipments of yeast, etc. and higher sales volume in the yeast business in India.

         In the healthcare food business, net sales were lower than the previous fiscal year, mainly due to a decrease in shipments of bulk pharmaceuticals.

         As a result, net sales of the Processed Food Segment increased 2.6% year on year to ¥206,252 million. Operating profit decreased 23.3% to ¥6,405 million, primarily due to the rise of prices of raw materials and transportation and other expenses in the processed food business, which more than offset the effects of price revisions, as well as a decrease in shipments of bulk pharmaceuticals.

      3. Prepared Dishes and Other Prepared Foods Segment

         (Million yen)

         	Fiscal 2024	Fiscal 2025	Difference	Change
         Net sales	153,573	156,076	2,503	1.6%
         Operating profit	5,396	5,832	435	8.1%

         In the Prepared Dishes and Other Prepared Foods Segment, net sales increased 1.6% year on year to ¥156,076 million, reflecting robust sales. Operating profit increased 8.1% to ¥5,832 million, largely atop sales growth and improved productivity, which offset rising costs for raw materials and labor.

      4. Others Segment

         (Million yen)

         	Fiscal 2024	Fiscal 2025	Difference	Change
         Net sales	45,375	45,565	189	0.4%
         Operating profit	5,409	6,250	840	15.5%

         In the engineering business, net sales exceeded the previous fiscal year due to an increase in large-scale construction in the plant engineering area.

         In the mesh cloth business, net sales rose year on year, primarily due to firm shipments of forming filters for auto parts.

         Consequently, net sales of the Others Segment increased 0.4% year on year to ¥45,565 million.

         Operating profit rose 15.5% to ¥6,250 million due to strong results in the engineering business.

   2. Overview of Financial Position

      (Million yen)

      	As of March 31, 2024	As of March 31, 2025	Difference
      Current assets Non-current assets	365,072 461,629	338,728 450,984	(26,343) (10,644)
      Total assets	826,702	789,713	(36,988)
      Current liabilities Non-current liabilities	163,571 146,749	147,313 139,829	(16,258) (6,920)
      Total liabilities	310,321	287,143	(23,178)
      Total net assets	516,381	502,570	(13,810)
      Total liabilities and net assets	826,702	789,713	(36,988)

      The status of assets, liabilities and net assets on a consolidated basis at the end of the fiscal year ended March 31, 2025 was as follows.

      Current assets decreased ¥26,343 million from the previous fiscal year-end to ¥338,728 million, chiefly due to decreases in cash and deposits, notes and accounts receivable - trade, and contract assets. Non-current assets declined ¥10,644 million to ¥450,984 million, mainly due to a reduction in investment securities held and a mark-to-market loss on them. As a result, total assets decreased ¥36,988 million from the previous fiscal year-end to ¥789,713 million.

      Current liabilities decreased ¥16,258 million to ¥147,313 million, mainly due to a decrease in notes and accounts payable - trade. Non-current liabilities declined ¥6,920 million to ¥139,829 million, chiefly reflecting a decrease in deferred tax liabilities. As a result, total liabilities decreased ¥23,178 million from the previous fiscal year-end to ¥287,143 million. Net assets decreased ¥13,810 million to ¥502,570 million, mainly reflecting a decrease due to the payment of dividends and purchase of treasury shares and a decrease in accumulated other comprehensive income, which more than offset an increase due to profit attributable to owners of parent.

   3. Overview of Cash Flows

      1. Overview of the fiscal year under review

         Cash flows in the fiscal year under review were as follows.

         (Million yen)

         	Fiscal 2024	Fiscal 2025	Difference
         Net cash provided by (used in) operating activities	73,194	55,209	(17,984)
         Net cash provided by (used in) investing activities	(30,944)	(34,961)	(4,016)
         Net cash provided by (used in) financing activities	(19,539)	(35,432)	(15,893)
         Effect of exchange rate changes on cash and cash equivalents	1,999	(512)	(2,511)
         Net increase (decrease) in cash and cash equivalents	24,709	(15,696)	(40,406)
         Net increase (decrease) in cash and cash equivalents due to changes in the accounting period of consolidated subsidiaries	-	21	21
         Cash and cash equivalents at end of period	107,681	92,005	(15,675)

         Net cash provided by (used in) operating activities

         An increase in cash and cash equivalents mainly due to profit before income taxes of ¥53,313 million and decreases in depreciation and amortization (a non-cash item) and a decrease in notes and accounts receivable - trade, and contract assets exceeded a decrease in cash and cash equivalents from factors such as a decrease in notes and accounts payable - trade, a decrease in accounts payable - other, and accrued expenses, and income taxes paid. This resulted in net cash provided by operating activities

         of ¥55,209 million in the fiscal year under review, compared to net cash provided of ¥73,194 million a year earlier.

         Net cash provided by (used in) investing activities

         A total of ¥41,468 million was used for the purchase of property, plant and equipment and intangible assets, resulting in net cash used in investing activities of ¥34,961 million, compared to ¥30,944 million a year earlier.

         Net cash provided by (used in) financing activities

         Profit was returned to shareholders via the payment of cash dividends of ¥14,579 million and the purchase of treasury shares totaling ¥14,130 million, resulting in net cash used in financing activities of ¥35,432 million, compared to ¥19,539 million in the previous fiscal year.

         As a result, the balance of cash and cash equivalents at the end of the fiscal year under review was

         ¥92,005 million.

      2. Cash flow indicators

         The main cash flow indicators for the Nisshin Seifun Group are as follows:

         	Fiscal 2022	Fiscal 2023	Fiscal 2024	Fiscal 2025
         Equity ratio (%)	62.1	59.4	60.5	61.4
         Market value-based equity ratio (%)	70.2	64.6	75.5	63.5
         Ratio of interest-bearing debt to operating cash flow (years)	1.0	2.0	0.6	0.8
         Interest coverage ratio (times)	14.3	6.6	19.3	14.7

         Notes:

         Equity ratio: Equity capital / Total assets

         Market value-based equity ratio: Market capitalization / Total assets

         Ratio of interest-bearing debt to operating cash flow: Interest-bearing debt / Operating cash flow Interest coverage ratio: Operating cash flow / Interest expense

         1. All of the above cash-flow indicators are calculated on a consolidated basis.

         2. Market capitalization is determined by multiplying the number of shares of the Company's stock outstanding at the end of the fiscal year (excluding treasury shares) by the stock's closing price at that time.

         3. Operating cash flow uses net cash provided by operating activities on the consolidated statement of cash flows. Interest-bearing debt is borrowings and bonds payable on the consolidated balance sheet. Interest expense "Interest paid" shown on the consolidated statement of cash flows.

   4. Outlook

      1. Operating results forecast for the next fiscal year

         In the fiscal year ending March 31, 2026, our priorities are to enhance the Group's growth potential by restructuring our business portfolio, address rising costs amid inflation, particularly personnel expenses, increase the profitability of the Australia flour milling business, transform the structure of this business by implementing new strategies, steadily improve the results of the India yeast business to achieve profitability, and accelerate automation and labor-saving initiatives. We aim to achieve the targets set in "The Nisshin Seifun Group Medium-Term Management Plan 2026" by focusing on these priorities.

         In the upcoming fiscal year, we expect the business environment to be highly uncertain due to the varying responses of different countries to U.S. tariff policies. Currently, our forecast is as follows: We will revise the prices of commercial-use wheat flour in response to the decrease of the government's prices for imported wheat in the domestic flour milling business. Despite this, we project net sales of ¥870.0 billion (up 2.2% year on year), largely driven by efforts to increase sales in the processed food business, an anticipated increase in sales in the prepared dishes and other prepared foods businesses, as well as an increase in large-scale plant construction in the engineering business. Operating profit is expected to be ¥50.0 billion (up 7.8%), chiefly due to the enhanced profitability of the Australia flour milling business, an increase in shipments in the processed food segment, and price revisions across all businesses. Ordinary profit is projected to stand at ¥53.0 billion (up 7.7%). Profit attributable to owners of parent is anticipated to be ¥39.0 billion (up 12.4%), reflecting a reduction of cross-shareholdings.

         The targets for the final year of "The Nisshin Seifun Group Medium-Term Management Plan 2026"

         are net sales of ¥950.0 billion, an operating profit of ¥57.0 billion, EPS (earnings per share) of

         ¥140, and an ROE of 8.0%.

      2. Outlook for cash flows in the next fiscal year

         In the upcoming fiscal year, we will appropriately allocate the projected profit attributable to owners of parent of ¥39.0 billion and funds generated mainly from the reduction of cross-shareholdings to growth and sustainability investments for the future, regular investments particularly in maintenance and renovation, and shareholder return.

   5. Basic Policy on Profit Distribution and Dividends for Fiscal 2025 and Fiscal 2026

      We distribute profit in consideration of current and future earnings and our financial position. To ensure that we can provide consistent dividends over the long term, the Company follows a policy that established a standard consolidated dividend payout ratio that is calculated using profit attributable to owners of parent, excluding any profits or losses from non-recurring special factors. We set a payout ratio of 40% or higher. However, to live up to shareholders' expectations, we have raised the standard payout ratio to 50% for the period leading up to the fiscal year ending March 31, 2027, the final year of "The Nisshin Seifun Group Medium-Term Management Plan 2026."

      We plan to pay an annual dividend of ¥55 per share, an increase of ¥10 from the previous fiscal year, to return a larger amount of profit to our shareholders. Accordingly, we will propose an agenda item of paying a year-end dividend of ¥30 per share at the ordinary general meeting of shareholders. Dividends will effectively increase for the 12th consecutive fiscal year, starting from the fiscal year ended March 31, 2014, when we did not adjust dividends per share after a share split and increased total dividends.

      In the fiscal year under review, we paid ¥13,906 million to purchase 7,700,000 treasury shares to enhance shareholder return, improve capital efficiency, and implement capital policies based on the business environment. To address concerns about the future dilution of shares, we canceled 13,700,000

      shares, including treasury shares that we held before the above acquisition.

      We will appropriately allocate the funds generated primarily from operating cash flows over the five-year period of "The Nisshin Seifun Group Medium-Term Management Plan 2026" and the reduction of cross-shareholdings to growth investments for the future and shareholder return, guided by the policy set out in the medium-term management plan. We will proactively consider raising dividends at appropriate times. If we have surplus investment funds, we will consider providing additional returns to shareholders.

      We plan to increase the dividend per share ¥5 in the next fiscal year, compared to the fiscal year under review, based on the profit distribution policy above.

      We provide a shareholder benefit program to shareholders who hold 500 or more shares of the Company as of March 31.

2. Basic Policy Regarding Selection of Accounting Standards

   The Group's policy for the present time is to prepare consolidated financial statements under Japanese standards considering comparability between periods of consolidated financial statements and comparability between companies.

   We will appropriately respond to the application of the International Financial Reporting Standards (IFRS), considering various circumstances in Japan and overseas.

3. Consolidated Financial Statements and Related Notes
   1. Consolidated Balance Sheets

      (Million yen)

      	Fiscal 2024 (As of March 31, 2024)	Fiscal 2025 (As of March 31, 2025)
      Assets Current assets Cash and deposits Notes and accounts receivable - trade, and contract assets Securities Inventories Other Allowance for doubtful accounts Total current assets Non-current assets Property, plant and equipment Buildings and structures, net Machinery, equipment and vehicles, net Land Construction in progress Right-of-use assets, net Other, net Total property, plant and equipment Intangible assets Goodwill Other Total intangible assets Investments and other assets Investment securities Retirement benefit asset Deferred tax assets Other Allowance for doubtful accounts Total investments and other assets Total non-current assets Total assets	109,470 114,536 -124,878 16,729 (541)	93,968 109,547 2,150 120,641 12,933 (512)
      	365,072	338,728
      	72,092 66,504 53,393 20,158 18,471 5,196	77,665 74,633 52,700 21,913 18,731 5,355
      	235,815	251,000
      	6,212 15,350	5,018 15,956
      	21,563	20,975
      	185,445 307 12,539 6,167 (208)	158,338 300 11,871 8,673 (174)
      	204,250	179,009
      	461,629	450,984
      	826,702	789,713

      (Million yen)

      	Fiscal 2024 (As of March 31, 2024)	Fiscal 2025 (As of March 31, 2025)
      Liabilities Current liabilities Notes and accounts payable - trade Short-term borrowings Income taxes payable Accrued expenses Other Total current liabilities Non-current liabilities Bonds payable Long-term borrowings Lease liabilities Deferred tax liabilities Provision for repairs Retirement benefit liability Long-term deposits received Other Total non-current liabilities Total liabilities Net assets Shareholders' equity Share capital Capital surplus Retained earnings Treasury shares Total shareholders' equity Accumulated other comprehensive income Valuation difference on available-for-sale securities Deferred gains or losses on hedges Foreign currency translation adjustment Remeasurements of defined benefit plans Total accumulated other comprehensive income Non-controlling interests Total net assets Total liabilities and net assets	76,198 15,101 7,890 27,036 37,344	64,872 13,141 7,502 26,295 35,502
      	163,571	147,313
      	20,000 12,014 39,929 42,671 1,278 23,532 5,642 1,680	20,000 11,244 40,148 37,689 1,281 21,935 5,710 1,819
      	146,749	139,829
      	310,321	287,143
      	17,117 12,752 344,428 (10,914)	17,117 12,560 341,375 (1,470)
      	363,383	369,583
      	93,519 164 43,632 (398)	74,065 (112) 40,514 955
      	136,918	115,422
      	16,078	17,564
      	516,381	502,570
      	826,702	789,713

   2. Consolidated Statements of Income and Comprehensive Income

      [Consolidated Statements of Income]

      (Million yen)

      	Fiscal 2024 (April 1, 2023 to March 31, 2024)	Fiscal 2025 (April 1, 2024 to March 31, 2025)
      Net sales Cost of sales Gross profit Selling, general and administrative expenses Operating profit Non-operating income Interest income Dividend income Share of profit of entities accounted for using equity method Rental income Foreign exchange gains Other Total non-operating income Non-operating expenses Interest expenses Other Total non-operating expenses Ordinary profit Extraordinary income Gain on sale of non-current assets Gain on sale of investment securities Total extraordinary income Extraordinary losses Loss on retirement of non-current assets Impairment losses Business restructuring expenses Other Total extraordinary losses Profit before income taxes Income taxes - current Income taxes - deferred Total income taxes Profit Profit attributable to non-controlling interests Profit attributable to owners of parent	858,248 674,115	851,486 661,306
      	184,132	190,179
      	136,341	143,799
      	47,791	46,380
      	563 2,711 1,774 294 730 1,034	971 3,296 1,602 290 -1,349
      	7,109	7,510
      	3,770 1,137	3,774 906
      	4,907	4,680
      	49,992	49,210
      	281 436	143 7,404
      	718	7,547
      	605 Note 11,254 - -	962 Note 170 Note 22,275 135
      	1,860	3,443
      	48,850	53,313
      	13,697 2,285	14,954 2,428
      	15,982	17,383
      	32,868	35,930
      	1,125	1,245
      	31,743	34,684

      [Consolidated Statements of Comprehensive Income]

      (Million yen)

      	Fiscal 2024 (April 1, 2023 to March 31, 2024)	Fiscal 2025 (April 1, 2024 to March 31, 2025)
      Profit Other comprehensive income Valuation difference on available-for-sale securities Deferred gains or losses on hedges Foreign currency translation adjustment Remeasurements of defined benefit plans, net of tax Share of other comprehensive income of entities accounted for using equity method Total other comprehensive income Comprehensive income Comprehensive income attributable to Comprehensive income attributable to owners of parent Comprehensive income attributable to non-controlling interests	32,868 41,322 180 15,707 214 386	35,930 (19,503) (240) (2,907) 1,237 453
      	57,810	(20,960)
      	90,678	14,969
      	88,865 1,812	13,188 1,780

   3. Consolidated Statements of Changes in Equity

      Fiscal 2024 (April 1, 2023 to March 31, 2024)

      (Million yen)

      	Shareholders' equity
      	Share capital	Capital surplus	Retained earnings	Treasury shares	Total shareholders' equity
      Balance at beginning of period	17,117	12,728	325,181	(10,989)	344,037
      Changes during period
      Dividends of surplus			(12,496)		(12,496)
      Profit attributable to owners of parent			31,743		31,743
      Purchase of treasury shares				(120)	(120)
      Disposal of treasury shares		7		195	202
      Change in ownership interest of parent due to transactions with non-controlling interests		16			16
      Net changes in items other than shareholders' equity
      Total changes during period	-	24	19,246	74	19,345
      Balance at end of period	17,117	12,752	344,428	(10,914)	363,383

      	Accumulated other comprehensive income					Share acquisition rights	Non-controlling interests	Total net assets
      	Valuation difference on available-for-sale securities	Deferred gains or losses on hedges	Foreign currency translation adjustment	Remeasurements of defined benefit plans	Total accumulated other comprehensive income
      Balance at beginning of period	52,044	(13)	28,352	(588)	79,795	44	14,621	438,499
      Changes during period
      Dividends of surplus								(12,496)
      Profit attributable to owners of parent								31,743
      Purchase of treasury shares								(120)
      Disposal of treasury shares								202
      Change in ownership interest of parent due to transactions with non- controlling interests								16
      Net changes in items other than shareholders' equity	41,474	178	15,280	190	57,122	(44)	1,456	58,535
      Total changes during period	41,474	178	15,280	190	57,122	(44)	1,456	77,881
      Balance at end of period	93,519	164	43,632	(398)	136,918	-	16,078	516,381

      Fiscal 2025 (April 1, 2024 to March 31, 2025)

      (Million yen)

      	Shareholders' equity
      	Share capital	Capital surplus	Retained earnings	Treasury shares	Total shareholders' equity
      Balance at beginning of period	17,117	12,752	344,428	(10,914)	363,383
      Changes during period
      Dividends of surplus			(14,579)		(14,579)
      Profit attributable to owners of parent			34,684		34,684
      Purchase of treasury shares				(14,130)	(14,130)
      Disposal of treasury shares		0		211	211
      Cancellation of treasury shares		(191)	(23,170)	23,362	-
      Changes due to changes in the accounting period of consolidated subsidiaries			13		13
      Net changes in items other than shareholders' equity
      Total changes during period	-	(191)	(3,052)	9,443	6,199
      Balance at end of period	17,117	12,560	341,375	(1,470)	369,583

      	Accumulated other comprehensive income					Non-controlling interests	Total net assets
      	Valuation difference on available-for-sale securities	Deferred gains or losses on hedges	Foreign currency translation adjustment	Remeasurements of defined benefit plans	Total accumulated other comprehensive income
      Balance at beginning of period	93,519	164	43,632	(398)	136,918	16,078	516,381
      Changes during period
      Dividends of surplus							(14,579)
      Profit attributable to owners of parent							34,684
      Purchase of treasury shares							(14,130)
      Disposal of treasury shares							211
      Cancellation of treasury shares							-
      Changes due to changes in the accounting period of consolidated subsidiaries							13
      Net changes in items other than shareholders' equity	(19,453)	(277)	(3,118)	1,353	(21,496)	1,486	(20,009)
      Total changes during period	(19,453)	(277)	(3,118)	1,353	(21,496)	1,486	(13,810)
      Balance at end of period	74,065	(112)	40,514	955	115,422	17,564	502,570

   4. Consolidated Statements of Cash Flows

      (Million yen)

      	Fiscal 2024 (April 1, 2023 to March 31, 2024)	Fiscal 2025 (April 1, 2024 to March 31, 2025)
      Cash flows from operating activities
      Profit before income taxes	48,850	53,313
      Depreciation	22,999	23,768
      Impairment losses	1,254	70
      Business restructuring expenses	-	2,275
      Amortization of goodwill	1,291	1,193
      Interest and dividend income	(3,274)	(4,267)
      Interest expenses	3,770	3,774
      Share of loss (profit) of entities accounted for using equity method	(1,774)	(1,602)
      Loss (gain) on sale of investment securities	(436)	(7,381)
      Decrease (increase) in accounts receivable - trade, and contract assets	(3,175)	3,754
      Decrease (increase) in inventories	9,054	826
      Increase (decrease) in trade payables	364	(11,130)
      Increase (decrease) in accounts payable - other, and accrued expenses	7,902	(5,889)
      Other, net	6,574	4,657
      Subtotal	93,400	63,363
      Interest and dividends received	3,296	5,122
      Interest paid	(3,796)	(3,751)
      Income taxes paid	(19,705)	(9,524)
      Net cash provided by (used in) operating activities	73,194	55,209
      Cash flows from investing activities
      Payments into time deposits	(2,535)	(5,975)
      Proceeds from withdrawal of time deposits	777	3,985
      Purchase of property, plant and equipment and intangible assets	(29,191)	(41,468)
      Proceeds from sale of investment securities	1,451	9,008
      Purchase of shares of subsidiaries resulting in change in scope of consolidation	(930)	-
      Other, net	(515)	(510)
      Net cash provided by (used in) investing activities	(30,944)	(34,961)
      Cash flows from financing activities
      Net increase (decrease) in short-term borrowings	24	(460)
      Repayments of long-term borrowings	(2,126)	(1,675)
      Purchase of treasury shares	(120)	(14,130)
      Dividends paid	(12,496)	(14,579)
      Repayments of lease liabilities	(4,518)	(4,302)
      Other, net	(301)	(283)
      Net cash provided by (used in) financing activities	(19,539)	(35,432)
      Effect of exchange rate changes on cash and cash equivalents	1,999	(512)
      Net increase (decrease) in cash and cash equivalents	24,709	(15,696)
      Cash and cash equivalents at beginning of period	82,971	107,681
      Net increase (decrease) in cash and cash equivalents due to changes in	-	21
      the accounting period of consolidated subsidiaries
      Cash and cash equivalents at end of period	107,681	92,005

   5. Notes to the Consolidated Financial Statements [Notes on the Premise of a Going Concern]

There are no applicable matters to be reported.

[Change in matters related to fiscal year of consolidated subsidiaries]

Previously, the Company used the financial statements of consolidated subsidiary Kumamoto Flour Milling Co., Ltd. and its four subsidiaries available as of December 31, the account settlement date for these companies, with necessary adjustments made for important transactions occurring between that date and the consolidated account settlement date (March 31). However, from the fiscal year under review, the account settlement date for Kumamoto Flour Milling Co., Ltd. and its four subsidiaries has been changed to March 31.

In line with this change in account settlement period, we have consolidated the twelve-month period from April 1, 2024 to March 31, 2025 in the fiscal year under review.

Profits and losses from these consolidated subsidiaries recorded from January 1, 2024 to March 31, 2024 have been adjusted as changes in retained earnings.

1. Impairment losses

   Year Ended March 31, 2024 (April 1, 2023 to March 31, 2024)

   The Group has recognized an impairment loss regarding the assets described below.

   Location	Application	Type
   Niiza City, Saitama Prefecture	Business assets (Processed Food business)	Buildings, machinery and equipment, etc.

   The Nisshin Seifun Group categorizes assets based on the smallest unit that largely generates cash flows independently from the cash flows of other assets and asset groups.

   In the Processed Food Segment, Oriental Yeast Co., Ltd. decided in August 2023 to dismantle and remove its Saitama Plant. The Company has reduced the book value of the assets to their recoverable amount, and has recognized an impairment loss of ¥1,254 million as an extraordinary loss. A breakdown of the impairment loss consists of ¥749 million of impairment loss on buildings, machinery and equipment, etc. and demolition costs of ¥504 million. The net sale value of the buildings, machinery and equipment, etc. was evaluated as 0 since it was decided to remove them.

   Year Ended March 31, 2025 (April 1, 2024 to March 31, 2025)

   The description has been omitted because of its lack of materiality.

2. Business restructuring expenses

Year Ended March 31, 2025 (April 1, 2024 to March 31, 2025)

Losses incurred from the discontinuation of the fine chemicals business of Nisshin Pharma Inc. in the processed food segment as part of the business portfolio restructuring. A large portion of these losses is a loss on valuation of inventories.

[Segment Information]

1. Outline of reportable business segments

   Separate financial information is available for each of the Group's reportable segments and other businesses. The Board of Directors regularly reviews the operations in each reportable segment and other businesses to make decisions regarding the allocation of management resources and evaluate business performance.

   The Group organizes its operations into three reportable segments based on the types of products and services offered: Flour Milling, Processed Food, and Prepared Dishes and Other Prepared Foods. The Company, the holding company, develops Group strategies for each of these three reportable segments as well as for other businesses. It also allocates management resources to each segment and evaluates performance in each of them.

   The main products in each reportable segment are as follows.

   Flour Milling: wheat flour, bran, and flour-based items

   Processed Food: prepared mixes, household-use wheat flour, pasta, pasta sauces, frozen foods, bread ingredients, biochemical products, drug discovery research support and healthcare foods

   Prepared Dishes and Other Prepared Foods: box lunches, prepared foods, prepared noodles and other cooked foods

2. Methods of measurement for the amounts of sales, profit (loss), assets and other items for each reportable segment

   The accounting methods applied to reportable segments are consistent with the accounting policies used to prepare the consolidated financial statements.

   Profit in the reportable segments is based on operating profit. Intersegment sales and transfers are based on the actual market prices.

3. Information on net sales, profit (loss), assets and other items by reportable segment

   Year Ended March 31, 2024 (April 1, 2023 to March 31, 2024)

   (Million yen)

   	Reportable segment				Others (Note 1)	Total	Adjustment (Note 2)	Carried on consolidated financial statements (Note 3)
   	Flour Milling	Processed Food	Prepared Dishes and Other Prepared Foods	Total
   Net sales
   Sales to external customers	458,226	201,073	153,573	812,873	45,375	858,248	-	858,248
   Intersegment sales and transfers	19,367	1,796	4,257	25,422	3,437	28,860	(28,860)	-
   Total	477,594	202,870	157,831	838,296	48,813	887,109	(28,860)	858,248
   Segment profit	28,570	8,356	5,396	42,324	5,409	47,733	57	47,791
   Segment assets	356,560	170,455	82,732	609,747	71,332	681,080	145,622	826,702
   Other items
   Depreciation	11,853	5,948	4,050	21,852	1,407	23,259	(259)	22,999
   Investment for affiliates accounted for by the equity method	4,980	158	-	5,139	18,680	23,819	-	23,819
   Increase in property, plant and equipment and intangible assets	20,611	5,589	2,829	29,030	2,192	31,222	(210)	31,011

   (Notes) 1. Business segment of "Others" is excluded from reportable segment, which includes engineering, mesh cloths, handling and storage businesses.

   1. Segment profit adjustment refers to intersegment transaction eliminations and other.

      The adjustment to segment assets totaling ¥145,622 million includes the intersegment offset elimination of assets (-¥124,951 million) and group-wide assets that are not allocated to specific segments (¥270,573 million). The primary group-wide assets that are not allocated to specific segments are investment securities.

   2. Segment profit has been adjusted for the operating profit appearing in the consolidated statements of income.

Year Ended March 31, 2025 (April 1, 2024 to March 31, 2025)

(Million yen)

(Notes) 1. Business segment of "Others" is excluded from reportable segment, which includes engineering, mesh cloths, handling and storage businesses.

1. Segment profit adjustment refers to intersegment transaction eliminations and other.

   The adjustment to segment assets totaling ¥102,813 million includes the intersegment offset elimination of assets (-¥110,530 million) and group-wide assets that are not allocated to specific segments (¥213,344 million). The primary group-wide assets that are not allocated to specific segments are investment securities.

2. Segment profit has been adjusted for the operating profit appearing in the consolidated statements of income.

(Notes) 1. Fully diluted earnings per share of the previous fiscal year is not presented because there are no potential shares having dilutive effects.

Fully diluted earnings per share for the fiscal year under review is not presented because there are no residual shares.

1. Basis of calculation for net assets per share

   	As of March 31, 2024	As of March 31, 2025
   Total net assets on the consolidated balance sheet (million yen)	516,381	502,570
   Net assets pertaining to common stock (million yen)	500,302	485,005
   Difference (million yen) Non-controlling interests	16,078	17,564
   Number of shares of common stock issued (shares)	304,357,891	290,657,891
   Number of treasury shares of common stock (shares)	6,931,745	936,739
   Number of shares of common stock used for the calculation of net assets per share (shares)	297,426,146	289,721,152

2. Basis for calculation of earnings per share

(Note) In the calculation of net assets per share, the shares of the Company held by The Master Trust Bank of Japan, Ltd. as trust assets for the stock remuneration system are included in treasury shares, which is deducted from the number of shares issued at the end of the fiscal year. The number of shares of the Company held by The Master Trust Bank of Japan, Ltd. was 32,600 at the end of the previous fiscal year and 36,900 at the end of the fiscal year under review.

In the calculation of earnings per share and fully diluted earnings per share, the shares of the Company held by The Master Trust Bank of Japan, Ltd. as trust assets for the stock remuneration system are included in treasury shares, which is excluded in the calculation of the average number of shares outstanding. The average number of shares held by this trust was 64,762 shares in the previous fiscal period and 62,346 shares in the current fiscal year.

There are no applicable matters to be reported.