Nissui : Financial Statements (August 5, 2025) Supplemental Documents

Note： In the third quarter of FY2024, the provisional accounting treatment for a business combination at an equity-method affiliate was finalized. Accordingly, comparisons and analyses with the first quarter reflect the

August 5th 2025 Nissui Corporation effects of this finalized accounting treatment.

© Nissui All Rights Reserved.

2

Operating profit increased by approximately 6%, driven by a significant improvement in the aquaculture business and North American processing, as well as continued strong performance in international Marine Products and Food Products Business, and the domestic chilled foods business. Although ordinary profit and below declined due to a retrospective adjustment of the previous year’s figures with an impact of approximately 2.1 billion JPY, the overall progress is in line with the full-year plan.

of FY2024 Figures>

Due to the recognition of gain on negative goodwill arising from an acquisition by an equity-method affiliate, figures for the previous fiscal year have been retrospectively adjusted.

Food Products Business sales increased in the chilled business, where sales to

convenience stores were strong.

Significant profit growth in the Marine Products Business due to improvements in fishery, aquaculture, and North American processing. In the Food Products Business, domestic performance struggled due to higher rice prices but was offset by strong results in the chilled food business and overseas business, maintaining profit levels comparable to the 1Q of FY2024.

(Unit: 100 million JPY)

Marine Products

Fishery & Aquaculture (Except for South American Aquaculture)

Including the adjustment

(2)

of unrealized profits

Marine Products

South American Aquaculture

Including the adjustment

of unrealized profits

Marine Products

Processing & Trading

Food Products Fine Chemicals Common Costs

(Including consolidation

adjustments)

7 0

6

97

Outside

Japan 14

(0)

▲0

▲2

Outside

Japan 5

102

▲6

(6)

Japan (14) Japan (5)

The fishery segment achieved profit growth supported by steady tuna catches. The aquaculture segment increased profit due to improved

production results, driven by higher Japanese amberjack harvest volumes and favorable growth conditions for coho salmon.

.

Net assets decreased due to the impact of foreign exchange fluctuations.

(Unit: 100 million JPY)

Operating Cash Flow was the same level as 1Q of FY2024.

1,000

Net sales

（Quarterly）

(Unit: 100 million JPY)

FY2024

FY2025

40

Operating Profit

Growth in South American aquaculture and North American processing, along with steady

international trading business, helped offset weak domestic trading.

（Quarterly)

(Unit: 100 million JPY)

FY2024 FY2025

30

800

20

600

10

400

1Q 2Q 3Q 4Q

0

1Q 2Q 3Q 4Q

Aquaculture profit increased, due to improved aquaculture performance and higher sales prices. The

North American processing contributed to offsetting the struggles in the domestic trading business.

Operating Profit

(Bar Chart)

（Unit: 100 million JPY）

Net Sales

(Line Chart)

207

* Italic figures at the bottom of the graph are total operating income figures by function.

194

(0)

4

0

18

27 27

850

53

55

（Unit: JPY/kg）

＜Domestic market price of salmon/trout calculated based on Trade Statistics of Japan, Ministry of Finance＞

35 1,400

30 1,200

25 1,000

20 800

15 600

10 400

5 200

0 0

(5) (200)

(10) (400)

(15) (600)

(20) (800)

1,400

Net Sales

(Quarterly)

(Unit: 100 million JPY)

Operating Profit

(Unit: 100 million JPY)

(Quarterly)

FY2024 FY2025

1,200

1,000

800

600

400

1Q 2Q 3Q 4Q

Sales grew thanks to CVS promotions, while profit held steady year-on-year due

to rising rice and surimi costs.

（Unit: 100 million JPY）

Operating Profit

(Bar Chart)

Net Sales

(Line Chart)

1,066

1,052

Others Europe

North America

Japan

* Italic figures at

the bottom of the

graph are total operating income figures by

function.

327

266

80 1,600

（Unit: JPY/kg）

＜Transition of import price of frozen surimi>

Based on the Trade Statistics of Japan, Ministry of Finance

70 1,400

60 1,200

50 1,000

40 800

30 600

20 400

10 200

0

(10)

75 69 13 20

0

(200)

FY2024 FY2025

Processing

FY2024 FY2025

Chilled

FY2024 FY2025

Consolidated Adjustment

Profit increased overseas thanks to expanding the market share in North America and area expansion in Europe. In Japan, the chilled foods business benefited from successful CVS

initiatives, which helped offset the impact of rising rice and surimi costs.

Sales of pharmaceutical raw materials are planned to be concentrated in the second half of

the fiscal year, resulting in a decline in sales and profit in the first quarter.

Net Sales

(Quarterly) FY2024 FY2025

60

(Unit: 100 million JPY)

Operating Profit

(Quarterly)

(Unit: 100 million JPY)

FY2024 FY2025

8

40 6

4

20

2

0

1Q 2Q 3Q 4Q

0

(2)

1Q 2Q 3Q 4Q

Profit declined due to an increase in personnel expenses stemming from workforce

expansion and wage revisions, as well as a rise in electricity costs.

Net Sales

(Quarterly)

FY2024 FY2025

45

(Unit: 100 million JPY)

12

Operating Profit

(Quarterly)

(Unit: 100 million JPY)

FY2024

FY2025

40 8

35 4

30

1Q 2Q 3Q 4Q

0

1Q 2Q 3Q 4Q

14

The initiatives set out in GOOD FOODS Recipe2—expand the international business, advance the aquaculture business, and improve the profitability of underperforming

businesses—are progressing as planned, in fact at a pace slightly ahead of target.

Average operating profit

＜Operating Profit Trends＞

The Marine Products Business primarily handles raw material sales, and the Food Products Business focuses on finished product sales and is complementary. Their combined operating profit has expanded to a level exceeding the 10-year average by 10 billion JPY. As the Marine Products Business increasingly shifts toward processed products, the boundary between the two businesses is becoming less distinct,

diminishing the significance of discussing them separately.

(Unit: 100 million JPY; after consolidation adjustments; excluding corporate expenses)

(Marine Products+ Food Products) 25.7billion JPY

Synergies between the Marine Products and Food Products Businesses contributed to a steady improvement in net profit. EPS reached a record high for four consecutive years through FY2024, and with the continued share repurchase in FY2025, it is projected to

set another new high.

*After reflecting the effect

of share repurchase

To further expand the Aquaculture Business, we will focus on strengthening seed

production and expanding farming areas.

ーCoho salmon: to adapt to environmental changes, diversify farming

areas to hedge risk, and drive business expansion.

Japanese amberjack: accelerate the shift to large fish cages, boosting landings and improving operational efficiency.

ーJapanese amberjack, coho salmon: By enhancing seed quality—such as promoting growth, increasing heat tolerance,

and reducing disease risk at the mature stage—we aim to improve aquaculture performance, leading to higher productivity and expanded production.

(Japanese amberjack) Consolidating into submersible cages 18× larger for efficiency

（Coho salmon） Expansion of hatchery facilities

（Coho salmon） Expanding bases mainly in Iwate Prefecture

Development and Expansion in Iwate

Improving profitability through reduced feed costs

ーFishmeal & fish oil prices have eased since late 2024, and the cost for future farmed fish landings are expected to decline.

350

300

250

200

150

＜Domestic Marine Products Market Conditions : Fish Oil & Fishmeal＞

（Calculated based on Trade Statistics of Japan, Ministry of Finance）

（Unit: JPY/kg）

Fish meal (Peru) Fish oil (Chile)

Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr May

2024 2025

18

© Nissui All Rights Reserved.

The profit improvement of the North American processing business is progressing

steadily.

ーProfit improvement through increased fillet production ratio

• Raising the production ratio of fillets, which maintain a higher and stable market price compared to surimi, by approximately 10%.

  ーStrengthening cooperation with fishing vessels

• Establishing an efficient raw material transport

  system to ensure timely procurement, thus

  contributing to higher product value through stable quality of Alaska pollock raw materials.

  ーCost control

• Reducing labor costs through efficient plant

operations and optimized workforce allocation.

4.50

4.00

3.50

3.00

2.50

2.00

1.50

1.00

0.50

アラスカすりみ

アラスカフィレ

Worker Hourly Wage Trends>

Unit price of surimi and

fillet (USD/kg)

Surimi Fillet

Worker hourly wage

trend (USD/hour)

18.06

15.85

17.15 16.85

9.84

10.50

12.19

12.36

1 3 5 7 9 11 1 3 5 7 9 11 1 3 5 7 9 11 1 3 5 7 9 11 1 3 5 7 9 11 1 3 5 7 9 11 1 3 5 7 9 11 1 3 5

2018

2019

2020

2021

2022

2023

2024

2025

0.00

Actively investing in expanding overseas businesses, progressing according to plan.

(Europe/North America) Reduction of logistics costs through increased production capacity and efficiency improvements.

＜Europe＞

ーThe facility building has been completed, and efforts are underway to expand production lines with operations

targeted to begin in the first half of 2026.

ー Being adjacent to the cold storage facility enables reduced distribution costs and improved logistics efficiency.

ーStrengthening profitability through production capacity expansion, automation, and improved distribution efficiency.

ー Aiming to start production in September 2025.

We will develop products emphasizing for individual, convenience, and health to

effectively meet customer needs.

Frozen food that can be

easily eaten in the microwave

Dinner side dishes for refrigerated temperature zone sales floor

Longer shelf life compared to common chilled foods

Bar-type products that can be eaten with one hand

(Kitakyushu City, Fukuoka Prefecture) *Scheduled completion in December 2026

Strengthen competitive product categories, such as frozen foods, through

technological innovation and the enhancement of production capabilities.

Toward the future vision for domestic food factories: Establish a model plant of “Nissui Smart Factory”

(*A factory that enhances Nissui’s corporate value by creating four types of value—economic, environmental, social, and human capital—through production)

Challenge

Responding to customer needs and strengthening strategic categories

Loss of existing frozen food plants / capacity shortages

Factory aging

Solution

ー Strengthening development capabilities and improving production efficiency by consolidating the production of

frozen foods and fish sausage products.

ーRealizing human- and planet-friendly production sites by optimizing production using cutting-edge technologies

such as AI, securing human resources, and reducing

environmental impact.

Toward mid-to-long-term value creation: Building a production structure that meets for individual, convenience, and health needs

*Note: The Tobata Plant and Kitakyushu Nissui Second Plant will be closed after relocation.

We will expand sales of high-purity EPA for pharmaceuticals in Japan, Europe,

Asia

and Asia.

Amarin’s Sales Status in Europe

In Sales: 10 countries

Other countries are in Progress.

Maximizing sales opportunities in Europe

Sales Status

●： In Sale

●： In Progress

Japan

We expect renewed sales expansion driven by increasing demand for new dosage forms and growth in sales of AG*.

Europe

Regain market share in Japan

In June 2025, one of our existing pharmaceutical customers will enter into an exclusive licensing and supply agreement with a sales company(Recordati) specializing in cardiovascular diseases. Further expansion is expected going forward.

AG (*): Authorized Generic→ Generic pharmaceuticals manufactured and sold under authorization from the original pharmaceutical manufacturers.

We will work to enhance the value chain resilience and strive towards the long-term vision of becoming a leading company that delivers friendly foods both for people and the earth, “GOOD FOODS 2030.”

This presentation contains forward-looking statements regarding Nissui’s business projections for the current term and future terms. All forward-looking statements are based on the rational judgment of management derived from the information currently available, and the Company provides no assurances that these projections will be achieved.

Please be advised that the actual business performance may differ from these business projections due to changes in various factors. Significant factors affecting the actual business performance include but are not limited to the changes in the market economy and product demand, foreign exchange rate fluctuations, and amendments to various international and Japanese systems and laws.

Accordingly, please use the information contained in this presentation at your discretion. The Company assumes no liability for any losses that may arise due to the use of this presentation.

Nissui Corporation Code: 1332

Corporate Strategic Planning & IR Department

+81-3-6206-7037

https://www.nissui.co.jp/english/index.html

26

The assessment of the fish in stock were stable year-on-year.

（Unit: 100 million JPY）

20

※1 Assumed profit of pre-shipmentfish

(resident fish) in the stock

※2 Adjust unrealized profits in inventory

10

1

0

7

(1)

1

(5)

(10)

(3)

T＜Chile Trout HG Market Price＞

(Unit： USD/kg)

▲10

FY24 1Q

＜Breakdown of the Assessment＞

FY25 1Q

(HG: Fish that its head and guts removed)

Consumer Price Index

(The Ministry of Internal Affairs and Communications Index: 2020 = 100)

（Unit:100 million JPY）

（Unit:100 million JPY）

Calculated based on Tokyo Central Wholesale

Market statistics.

（Unit : JPY/kg）

（Before Consolidated adjustment） in the 1st Quarter of FY2025

Impact of Currency Translation (Net Sales), Exchange Rates

Note: The foreign exchange rate in the right table is the average.