Nisshin Seifun : Consolidated Financial Results for the Year Ended March 31, 2026

May 14, 2026

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 25, 2026 Date to start distributing dividends: June 26, 2026

Date to submit the Securities Report: June 22, 2026 Supplementary materials for these consolidated financial results: Yes

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, 2026 (April 1, 2025 to March 31, 2026)

   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 2026	865,004	1.6	46,685	0.7	51,397	4.4	32,589	(6.0)
      Fiscal 2025	851,486	(0.8)	46,380	(3.0)	49,210	(1.6)	34,684	9.3

      (Note) Comprehensive income: Fiscal 2026: ¥71,365 million (376.7%) Fiscal 2025: ¥14,969 million (down 83.5%)

      	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 2026	113.33	-	6.5	6.3	5.4
      Fiscal 2025	117.33	-	7.0	6.1	5.4

      (Reference) Equity in earnings of affiliates: Fiscal 2026: ¥2,229 million Fiscal 2025: ¥1,602 million

   2. Consolidated Financial Position

      	Total assets	Net assets	Equity ratio	Net assets per share
      	Million yen	Million yen	%	Yen
      March 31, 2026	849,705	538,439	61.1	1,848.36
      March 31, 2025	789,713	502,570	61.4	1,674.04

      (Reference) Equity capital: March 31, 2026: ¥518,842 million March 31, 2025: ¥485,005 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 2026	69,194	(32,548)	(40,783)	91,411
   Fiscal 2025	55,209	(34,961)	(35,432)	92,005

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 2025	-	25.00	-	30.00	55.00	16,133	46.9	3.3
   Fiscal 2026	-	30.00	-	30.00	60.00	17,120	52.9	3.4
   Fiscal 2027 (forecast)	-	32.00	-	33.00	65.00		44.3

   (Note) 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 gains or losses from non-recurring extraordinary factors.

   The consolidated payout ratios based on this policy for the fiscal years ended March 31, 2025 and March 31, 2026 are 51.1% and 48.6%, respectively. The payout ratio for the fiscal year ending March 31, 2027, is forecast to be 54.1%.

3. Forecast of Consolidated Financial Results for the Year Ending March 31, 2027 (April 1, 2026 to March 31, 2027)

(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

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

   As of March 31, 2026	282,111,891	As of March 31, 2025	290,657,891
   As of March 31, 2026	1,408,094	As of March 31, 2025	936,739
   Fiscal 2026	287,561,066	Fiscal 2025	295,619,186

   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

The content of this briefing is based on various assumptions, and thus does not represent any promise or guarantee that numerical targets and initiatives projected for the future will be realized.

(Million yen)

1. Consolidated Statements of Income and Comprehensive Income

   [Consolidated Statements of Income]

   Fiscal year ended March 31, 2025

   (Million yen)

   Fiscal year ended March 31, 2026

   Net sales	851,486	865,004
   Cost of sales	661,306	670,335
   Gross profit	190,179	194,669
   Selling, general and administrative expenses	143,799	147,983
   Operating profit	46,380	46,685
   Non-operating income
   Interest income	971	1,229
   Dividend income	3,296	3,599
   Share of profit of entities accounted for using equity method	1,602	2,229
   Rental income	290	286
   Other	1,349	2,044
   Total non-operating income	7,510	9,389
   Non-operating expenses
   Interest expenses	3,774	3,819
   Other	906	857
   Total non-operating expenses	4,680	4,677
   Ordinary profit	49,210	51,397
   Extraordinary income
   Gain on sale of non-current assets	143	1,437
   Gain on sale of investment securities	7,404	10,730
   Total extraordinary income	7,547	12,167
   Extraordinary losses
   Loss on retirement of non-current assets	962	959
   Impairment losses	70	8,772
   Business restructuring expenses	2,275	-
   Loss on factory closures	-	2,001
   Other	135	645
   Total extraordinary losses	3,443	12,378
   Profit before income taxes	53,313	51,187
   Income taxes - current	14,954	18,178
   Income taxes - deferred	2,428	(926)
   Total income taxes	17,383	17,251
   Profit	35,930	33,935
   Profit attributable to non-controlling interests	1,245	1,346
   Profit attributable to owners of parent	34,684	32,589

   [Consolidated Statements of Comprehensive Income]
   		(Million yen)
   	Fiscal year ended March 31, 2025	Fiscal year ended March 31, 2026
   Profit	35,930	33,935
   Other comprehensive income
   Valuation difference on available-for-sale securities	(19,503)	20,750
   Deferred gains or losses on hedges	(240)	218
   Foreign currency translation adjustment	(2,907)	15,397
   Remeasurements of defined benefit plans, net of tax	1,237	687
   Share of other comprehensive income of entities accounted for using equity method	453	376
   Total other comprehensive income	(20,960)	37,430
   Comprehensive income	14,969	71,365
   Comprehensive income attributable to
   Comprehensive income attributable to owners of parent	13,188	68,913
   Comprehensive income attributable to non-controlling interests	1,780	2,452

2. Consolidated Statements of Changes in Equity

   Fiscal year ended 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

   Fiscal year ended March 31, 2026

   (Million yen)

   	Shareholders' equity
   	Share capital	Capital surplus	Retained earnings	Treasury shares	Total shareholders' equity
   Balance at beginning of period	17,117	12,560	341,375	(1,470)	369,583
   Changes during period
   Dividends of surplus			(17,390)		(17,390)
   Profit attributable to owners of parent			32,589		32,589
   Purchase of treasury shares				(17,917)	(17,917)
   Disposal of treasury shares		0		220	220
   Cancellation of treasury shares		(0)	(16,594)	16,594	-
   Change in ownership interest of parent due to transactions with non-controlling interests		11			11
   Net changes in items other than shareholders' equity
   Total changes during period	-	11	(1,395)	(1,102)	(2,486)
   Balance at end of period	17,117	12,571	339,979	(2,572)	367,096

   	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	74,065	(112)	40,514	955	115,422	17,564	502,570
   Changes during period
   Dividends of surplus							(17,390)
   Profit attributable to owners of parent							32,589
   Purchase of treasury shares							(17,917)
   Disposal of treasury shares							220
   Cancellation of treasury shares							-
   Change in ownership interest of parent due to transactions with non-controlling interests							11
   Net changes in items other than shareholders' equity	20,893	380	14,403	647	36,324	2,031	38,355
   Total changes during period	20,893	380	14,403	647	36,324	2,031	35,868
   Balance at end of period	94,959	267	54,917	1,602	151,746	19,596	538,439

3. Consolidated Statements of Cash Flows

   Fiscal year ended March 31, 2025

   (Million yen)

   Fiscal year ended March 31, 2026

   Cash flows from operating activities
   Profit before income taxes	53,313	51,187
   Depreciation	23,768	26,568
   Impairment losses	70	8,772
   Business restructuring expenses	2,275	-
   Loss on factory closures	-	2,001
   Amortization of goodwill	1,193	1,268
   Interest and dividend income	(4,267)	(4,829)
   Interest expenses	3,774	3,819
   Share of loss (profit) of entities accounted for using equity method	(1,602)	(2,229)
   Loss (gain) on sale of investment securities	(7,381)	(10,730)
   Decrease (increase) in accounts receivable - trade, and contract assets	3,754	227
   Decrease (increase) in inventories	826	(1,593)
   Increase (decrease) in trade payables	(11,130)	5,776
   Increase (decrease) in accounts payable - other, and accrued expenses	(5,889)	535
   Other, net	4,657	2,734
   Subtotal	63,363	83,508
   Interest and dividends received	5,122	5,548
   Interest paid	(3,751)	(3,816)
   Income taxes paid	(9,524)	(16,046)
   Net cash provided by (used in) operating activities	55,209	69,194
   Cash flows from investing activities
   Payments into time deposits	(5,975)	(18,763)
   Proceeds from withdrawal of time deposits	3,985	14,255
   Purchase of securities	(349)	(1,994)
   Proceeds from sale and redemption of securities	-	2,370
   Purchase of property, plant and equipment and intangible assets	(41,468)	(41,174)
   Proceeds from sale of investment securities	9,008	12,556
   Other, net	(161)	201
   Net cash provided by (used in) investing activities	(34,961)	(32,548)
   Cash flows from financing activities
   Net increase (decrease) in short-term borrowings	(460)	(806)
   Proceeds from long-term borrowings	-	678
   Repayments of long-term borrowings	(1,675)	(702)
   Purchase of treasury shares	(14,130)	(17,917)
   Dividends paid	(14,579)	(17,390)
   Repayments of lease liabilities	(4,302)	(4,258)
   Other, net	(283)	(387)
   Net cash provided by (used in) financing activities	(35,432)	(40,783)
   Effect of exchange rate changes on cash and cash equivalents	(512)	3,544
   Net increase (decrease) in cash and cash equivalents	(15,696)	(593)
   Cash and cash equivalents at beginning of period	107,681	92,005
   Net increase (decrease) in cash and cash equivalents due to changes in the accounting period of consolidated subsidiaries	21	-
   Cash and cash equivalents at end of period	92,005	91,411

   [Notes on Segment Information, etc.]

   [Segment Information]

   Information on net sales, profit (loss), assets and other items by reportable segment Fiscal year ended March 31, 2025

   1. Information on net sales and profit (loss) by reportable segment

      (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	443,592	206,252	156,076	805,921	45,565	851,486	-	851,486
      Intersegment sales and transfers	19,541	1,816	4,395	25,753	5,232	30,985	(30,985)	-
      Total	463,133	208,068	160,472	831,674	50,797	882,471	(30,985)	851,486
      Segment profit	29,393	5,497	5,564	40,455	6,153	46,608	(228)	46,380
      Segment assets	365,736	166,193	76,212	608,142	78,757	686,899	102,813	789,713
      Other items
      Depreciation	12,397	6,020	4,082	22,499	1,550	24,049	(281)	23,768
      Investment for affiliates accounted for by the equity method	5,572	157	-	5,729	19,186	24,916	-	24,916
      Increase in property, plant and equipment and intangible assets	30,149	6,920	3,972	41,043	1,353	42,396	(708)	41,687

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

   2. 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.

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

2. Information regarding impairment losses or goodwill for non-current assets for each reportable segment [Material impairment losses pertaining to non-current assets]

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

Fiscal year ended March 31, 2026

1. Information on net sales and profit (loss) by reportable segment

   (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	428,533	216,620	164,552	809,706	55,298	865,004	-	865,004
   Intersegment sales and transfers	19,543	1,854	3,789	25,187	7,488	32,676	(32,676)	-
   Total	448,077	218,474	168,342	834,894	62,786	897,680	(32,676)	865,004
   Segment profit	27,724	8,224	5,680	41,629	5,480	47,109	(424)	46,685
   Segment assets	409,090	163,813	76,626	649,531	85,958	735,489	114,216	849,705
   Other items
   Depreciation	14,939	6,103	4,039	25,082	1,762	26,844	(275)	26,568
   Investment for affiliates accounted for by the equity method	6,265	157	-	6,422	20,212	26,635	-	26,635
   Increase in property, plant and equipment and intangible assets	21,163	10,350	6,395	37,909	2,092	40,001	(542)	39,459

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

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

   The adjustment to segment assets totaling ¥114,216 million includes the intersegment offset elimination of assets (-¥125,041 million) and group-wide assets that are not allocated to specific segments (¥239,257 million). The primary group-wide assets that are not allocated to specific segments are investment securities.

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

1. Changes in reportable segments

   Expenses incurred by Nisshin Seifun Group Inc., which had been regarded as shared Company-wide expenses, were previously allocated to each business based on business size. However, due to active efforts to advance the Group's business portfolio in recent years, there has been an uptick in the handling of growth investments, including new acquisitions, subsequent post-merger integration (PMI) initiatives, and compliance with local laws and regulations. In light of this situation, we have revised our criteria for allocating expenses to each business from the fiscal year under review.

   Segment profit for the previous fiscal year reflects this change in allocating standards.

2. Information regarding impairment losses or goodwill for non-current assets for each reportable segment [Material impairment losses pertaining to non-current assets]

In the Flour Milling segment, the Okayama Plant and Sakaide Plant of Nisshin Flour Milling Inc. were closed. The book value of these plants was reduced to their recoverable value. A reduced amount of ¥1,562 million is recorded as a loss on factory closures in extraordinary losses in the fiscal year under review.

In the Processed Food segment, investments in non-current assets for the India yeast business were deemed unrecoverable. The book value of these assets was reduced to their recoverable value, and impairment losses were recorded. For the fiscal year under review, the value of impairment losses was ¥8,772 million.