Nissui : Financial Statements (May 14, 2026) Supplemental Documents

2026/5/14

14thMay 2026 Nissui Corporation

© Nissui All Rights Reserved.

2

Net sales and profits at each stage reached record highs, with operating profit exceeding 40.0 billion

yen for the first time.

※Figures in this document are rounded down to the units shown.

※Changes in amounts are calculated by rounding down amounts of less than one thousand yen, while percentage changes are presented after rounding.

© Nissui All Rights Reserved. 3

Although ROIC and ROE declined due to strategic investments, the net D/E ratio remained within the

target range. Shareholder return improved through both a dividend increase and share buyback,

resulting in a higher total return ratio.

Reduction of CO2 emissions, ratio of female managers, and employee engagement score showed steady

improvement.

Net sales increased, driven by strong performance in the chilled products business as well as food

products and seafood processing and trading businesses in Europe and North America.

(Billions of yen)

＜Impact of Exchange Rates on Net

Sales＞

Total: approximately +2.4

Marine Products: approximately +0.8 Food Products: approximately +1.6

The Marine Products Business was driven by domestic fishery and aquaculture, South American aquaculture,

and overseas seafood processing and trading. In the Food Products Business, continued strength in the chilled products business offset the impact of rising raw material prices in Japan and overseas.

Marine Products

Fishery & Aquaculture (Except for South American Aquaculture)

Including the

adjustment

of unrealized profits

Marine Products

South American Aquaculture

Including the

adjustment

of unrealized profits

Marine Products

Processing & Trading

Including the adjustment

of unrealized profits

Food Products Fine Chemicals Common Costs

(Including consolidation adjustments)

(Billions of yen)

6.9

1.4 0.8 0.0

0.8

Outside

(1.5)

40.4

31.7

Outside

Japan 1.8

Japan (0.4)

Japan (0.2)

Japan 1.0

Total assets increased, mainly reflecting the acquisition of South American aquaculture companies and

investments in food plants.

The figures on the right represent the comparison with the end of the previous fiscal year.

(Billions of yen)

Equity-to-asset

ratio

FY2024 43.6%

FY2025 40.0%

Operating cash flow exceeded 50 billion yen, and the Company made investments, including the

acquisition of South American aquaculture companies.

Investments included the acquisition of shares in South American aquaculture companies in the Marine

Products Business, overseas plant-related projects in the Food Products Business, and the rebuilding of a

new distribution center in the General Distribution Business.

＜Investment by Segment＞

※Completion basis

＜Investment Details＞

※Completion basis

Others,0.0

General

Common

(Billions of yen)

Distribution,Costs,

Fine

Chemicals, 0.6

5.9

R&D 1.2

Fishery,

2.7

Marine Products,

30.1

FY2025

Outside Japan,Investments

Aquaculture, 24.5

16.2

Food

Products,

Approx. 64.3

Processing/

26.2

Japan, 10.0

Trading, 2.7

120.0

100.0

80.0

60.0

40.0

Net sales

（Quarterly）

(Billions of yen)

FY2024

FY2025

100.4

101.0

93.4

90.0

92.4

95.1

85.686.4

7.0

6.0

5.0

4.0

3.0

2.0

1.0

0.0

Operating Profit

Both net sales and operating profit increased in every quarter. Fishery and aquaculture remained strong

throughout the year, and improvements in North American seafood processing helped offset challenges in the domestic trading business.

(Billions of yen)

6.4

FY2024 FY2025

5.3

3.2

2.9

2.0

1.5

1.6

3.3

（Quarterly)

1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q

Domestic fishery benefited from strong catches of Japanese amberjack, Japanese jack mackerel, and chub mackerel.

In aquaculture, salmon and trout farming performance improved, and sales prices also rose. In North America, the trading business remained firm, while seafood processing reduced losses to some extent due to expanded fillet production and higher surimi prices.

12.0

Operating Profit

(Bar Chart)

361.9

379.4

(Billions of yen)

Net Sales

(Line Chart)

400.0

1,400

＜Domestic market price of salmon/trout calculated＞

Based on Trade Statistics of Japan, Ministry of Finance

9.0

6.0

3.0

0.0

22.8

(0.9)

2.3

24.9

(0.4)

81.7

2.0

1.0

3.8

87.7

6.3

0.4

2.9

0.0

3.6

(1.2)

0.4

2.9

0.9

3.3

(0.1)

* Italic figures at

the bottom of the graph are total operating profit figures by function.

0.0

300.0

200.0

100.0

0.0

1,200

1,000

800

（Unit: JPY/kg）

Chile Coho Chile Trout

(3.0)

(0.3) 1.8 3.1 10.2 5.7 7.5

0)

(100.

600

4 5 6 7 8 9 10 11 12 1 2 3 4 5 6 7 8 9 10 11 12 1 2 3

FY2024 FY2025

'25/3 '26/3

1,600

1,400 1,287 1,231 1,238 1,253

1,226 1,172 1,163 1,149

1,200

1,000

800

600

400

1Q 2Q 3Q 4Q

Net Sales

(Quarterly)

(Billions of yen)

160.0

FY2024 FY2025

140.0

128.7

122.6

120.0

123.1

117.2

123.8

116.3

125.3

114.9

100.0

80.0

60.0

40.0

1Q

2Q

3Q

4Q

12.0

10.0

8.0

6.0

4.0

2.0

0.0

Operating Profit

Overseas products for household use and the domestic chilled products business remained firm, helping

offset the impact of North American products for food service and domestic food products.

FY2024 FY2025

8.7 8.8

7.6

8.0

7.4 7.2

5.6

5.0

(Quarterly)

(Billions of yen)

1Q 2Q 3Q 4Q

In Europe, sales expanded in France and the UK. In North America, products for household use

remained firm, while products for food service struggled. In Japan, the chilled products business remained firm, offsetting pressure on processed foods from higher rice and surimi costs.

28.0

420.0

397.2

409.9

24.0

Operating Profit

(Bar Chart)

Net Sales 360.0

(Line Chart)

20.0

300.0

16.0

Others

Europe

North America Japan

240.0

12.0

180.0

126.5

8.0

110.5

* Italic figures at

the bottom of the graph are total operating profit figures by function.

120.0

4.0 60.0

0.0

(0.2)

(0.1)

0.0

24.1 23.4 4.8 6.3

(4.0)

(60.0)

FY2024 FY2025 FY2024 FY2025 FY2024 FY2025

Processing Chilled Consolidated Adjustment

8.5

8.9

8.2

0.6

(Billions of yen)

450

400

350

300

250

＜Transition of import price of frozen surimi>

Based on the Trade Statistics of Japan, Ministry of Finance

（Unit: JPY/kg）

6.0

Net Sales

Sales of pharmaceutical raw materials and domestic sales of functional raw materials for

supplements remained firm, but profit was flat due to higher costs.

5.5

FY2024

FY2025

4.3

5.1

4.0

3.6

3.7

3.5

3.1

(Quarterly)

(Billions of yen)

0.8

Operating Profit

(Quarterly)

(Billions of yen)

4.0

0.6

0.7

FY2024 FY2025

0.6

0.2

0.1

0.0

0.0 0.0

0.4

0.2

2.0

0.0

0.0

1Q 2Q 3Q 4Q

(0.2)

(0.1)

1Q 2Q 3Q 4Q

4.5

Net Sales

Operating profit declined due to higher personnel costs from active driver hiring and other

factors.

(Quarterly)

(Billions of yen)

FY2024

FY2025

4.2 4.2

4.4

4.3

4.0

3.9

3.8 3.8

1.2

Operating Profit

FY2024

FY2025

1.0

0.8

0.6

0.6 0.6

0.5

0.5

0.3

(Quarterly) (Billions of yen)

4.0

0.8

3.5

0.4

3.0 0.0

17

（Unit: USD）

（Unit: JPY）

※World Bank

2025

2026

（Unit:EUR/kg）

280,000

（Unit: JPY/t）

※ Based on the Trade Statistics of Japan, Ministry of Finance

4 5 6 7 8 9 10 11 12 1 2 3 4 5 6 7 8 9 10 11 12 1 2 3

2024

2025

2026

Cod

Alaska pollock

260,000

240,000

220,000

200,000

※Alaska pollock from the US, Frozen, EUMOFA

Atlantic cod from Norway, Fresh or chilled, EUMOFA

180,000

160,000

140,000

© Nissui All Rights Reserved.

120,000

18

The business environment is seeing increases in materials and energy prices, white-meat

fish raw material prices, and fish meal prices, along with yen depreciation.

970.0

41.0

42.5

30.0

Exchange rate assumption: 1 USD =

Profit growth in Marine Products, mainly from South American aquaculture and North American seafood processing, and in Fine

Chemicals from expanded sales of pharmaceutical raw materials will offset the cost burden of the new domestic plant in Food Products. Ordinary profit is planned to remain flat, reflecting higher interest expenses from growth investments.

Medium-Term Management Plan FY2027

150.00 JPY

※The impact of the situation in the Middle East on business performance is not factored into the plan, as the amount of

such impact cannot be reasonably estimated at this time.

The situation in the Middle East may affect the FY2026 plan through increases in packaging,

raw material, and energy costs.

＜Expected main impacts＞

* By promoting advance procurement, diversification of suppliers, and timely pricing measures based on market trends, the company aims to minimize the impact on its business operations.

ROIC and ROE are planned to remain at the previous year’s level. The international net sales ratio will

increase with the expansion of aquaculture and Food Products, while the net D/E ratio is expected to temporarily exceed the target range due to prioritized growth investments.

Dividend Payout Ratio

（Unit: JPY）

28.0

32.0 32.0

24.0

5.0 6.0

8.0 8.0 8.5 9.5

20.5%

16.2% 17.9%

14.0

25.2%

18.0

26.4%

31.3%

34.3%

35.5%

33.5%

11.2% 12.5%

14.5%

FY２０１５ FY２０１６ FY２０１７ FY２０１８ FY２０１９ FY２０２０ FY２０２１ FY２０２２ FY２０２３ FY２０２４ FY２０２５ FY2026

Plan

Maintain stable dividends while aiming for a total return ratio of 40% or more over three

years. In FY2026, the Company plans to cancel 7.16 million treasury shares, equivalent

to 2.29% of the total number of issued shares. Share buyback

6.0 billion yen in FY2025

Net sales are expected to increase, mainly due to the consolidation of South American aquaculture

companies and expanded sales of food products in Europe and North America.

Profit growth in South American aquaculture, seafood processing and trading, and Fine Chemicals is

expected to offset higher fish meal prices in domestic aquaculture, market impacts in domestic fishery, and new domestic plant-related expenses.

Marine Products

Fishery & Aquaculture (Except for South American Aquaculture)

Including the

adjustment

of unrealized profits

Marine Products

South American Aquaculture

Including the

adjustment

of unrealized profits

Marine Products

Processing & Trading

Including the adjustment

of unrealized profits

3.0

Food Products Fine Chemicals Common Costs

(Including consolidation adjustments)

1.0

(Billions of yen)

42.5

40.4

2.9

Outside

(2.0)

(0.9)

(1.9)

Japan 1.4 Outside

Japan 1.5

Japan 0.0

Japan (2.0)

The figures on the right represent the comparison with the end of the previous fiscal year.

(Billions of yen)

.0

.0

.0

.0

.0

.0

.0

.0

.0

The net D/E ratio is expected to temporarily exceed the target range as growth investments are prioritized. This

reflects higher interest-bearing debt from the prior-year acquisition of South American aquaculture companies, as well as investment in the new domestic plant.

Target

0.7～0.8

Net D/E

Ratio

0.8

0.7

Interest-

bearing

308.4

0.9

FY2024 FY2025 FY2026

Plan

Investment is planned mainly in key growth areas, including advancement of the aquaculture business,

construction of a new domestic food plant, and expansion of overseas food production capacity.

＜Investments by Segment＞ ＜Investment Details＞

(Billions of yen)

※Completion basis

※Completion basis

Others, 0.0 Fine

Common Costs, R&D

3.3

General

Marine Products, 18.4

Chemicals, Distribution,

2.3

6.5

Aquaculture,

Outside Japan,

Fishery, 0.3

13.9

Processing/ Trading,

10.1

FY2026 Plan

Investments

Approx. 83.6

4.2

Food

Japan, 42.7

Products, 52.8

Operating cash flow is planned to decrease due to payments of accounts payable related to South

American aquaculture companies, and capital expenditures are planned to increase, mainly for construction of the new domestic plant.

※Repayment of longterm accounts payable

related to the

acquisition of a South American aquaculture

companies: (10.1)

Although improvements are expected in the Marine Products and Fine Chemicals Businesses, consolidated ROIC is projected to remain flat, partly due to the impact of new plant investments in the Food Products Business. Efforts to improve ROIC over the medium term will continue.

ROIC Trends (%)

14.0%

12.0%

10.0%

8.0%

6.0%

4.0%

2.0%

Marine Products Business Food Products Business Fine Chemicals Business

General Distribution Business Consolidated

0.0%

(2.0%)

2021 2022 2023 2024 2025 2026

Recipe1

Recipe2

Plan

2027

Plan

29

Domestic aquaculture will be affected by lower market prices of Japanese Amberjack, while South

American aquaculture will benefit from higher harvest volume and improved earnings at acquired companies. North American seafood processing will reduce losses, and domestic trading will expand sales of Group products and higher value-added products.

12.0

Operating Profit

(Bar Chart)

9.0

379.4

391.6

5.1

0.9

117.9

6.3

87.7

0.5

Net Sales

(Line Chart)

400.0

(Billions of yen)

300.0

6.0

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

200.0

3.0

24.9 20.0

3.3

4.8

100.0

0.0

2.3

0.9

(0.1)

(0.1) (0.1)

0.0

1.8 0.7 10.2 11.2 7.5 10.2

(3.0) (100.0)

Expand harvest volume, improve earnings at acquired companies, and create synergies. Although

losses are expected to remain in the first half of FY2026, work toward profitability from the second half onward.

Improving Profitability of Acquired

Companies

Initiatives for Realizing Synergies

ーBy FY2030, through the integration of South American aquaculture companies into the group and the realization of synergies, we expect not only a recovery from losses but also a positive profit impact of approximately USD 40–50 million.

• Utilize farming areas suited to each fish species to reduce fish disease, improve production efficiency, and increase production.

• Strengthen seed supply capacity through a new freshwater fish farm scheduled to begin operations in FY2026.

Trends in Harvest Volume of South American Farmed Salmon

Approx.

30,000 MT

Increasing Production

Scale to Over 80,000 MT Through Synergies with the Acquired Company

2030

2027

2026

2025

2024

…

We will expand production scale and improve productivity through business expansion, while enhancing added value by strengthening capital investment.

Business Expansion and Productivity Improvement

ー（Salmon and Trout）

Rename the domestic salmon aquaculture company

“Nissui Salmon” and unify the brand. Promote the development of a sustainable salmon supply system while expanding the business. Expand farming areas in

Iwate Prefecture, increasing production from approximately 4,100 tons in 2025 to approximately 10,000 tons in 2030.

ー（Japanese Amberjack）

Through the introduction of large submersible

cages and other measures, we

will increase production of Japanese amberjack and related species from approximately 9,400 tons in 2025 to

approximately 16,000 tons in 2030.

Enhancing Added Value by Strengthening Capital Investment

ー（Salmon and Trout）

Promote the introduction of feeding barges, labor-saving

initiatives in processing operations, and the expansion of fillet production lines.

ー (Japanese Amberjack)

Improve operational efficiency through the replacement of

large cages.

ー (Tuna)

Increase the ratio of processed products by expanding

processing facilities.

ー(Tuna)

Further shift toward short-cycle farming of bluefin tuna to

reduce aquaculture costs and risk and improve profitability. Increase the short-cycle farming ratio from 47% in 2025 to 67% in 2030.

The North American processing business will narrow losses by increasing the ratio of high-value-added

products and improving operations. The trading business will expand sales of Group products and strengthen sales to retailers.

(North American Processing) Maximizing the Value of Raw Fish

ーIncrease the production ratio of fillets, which

command higher and more stable prices than surimi.

ーContinue to ensure flexible workforce allocation and

strengthen collaboration with fishing vessels.

(Trading) Group collaboration and higher value-added products

(Trading) Expanding Sales of Group Products

ー(North America) Expand sales of Group products, including salmon and trout from South American aquaculture companies

and cod and crab from North American processing companies.

ー(Europe) Strengthen sales of farmed Japanese amberjack and scallops from Japan. Strengthen sales to retailers, where demand is expected to increase.

ー Improve profitability by strengthening sales of products from Group aquaculture companies and expanding processed products with higher processing levels.

Europe expects sales growth in the UK, while North America expects production growth for household products, despite higher raw material costs and depreciation expenses. In Japan, although price revision

effects contributed positively, the cost burden associated with the new plant increased.

(Billions of yen)

409.9

431.8

Operating Profit

(Bar Chart)

Net Sales

(Line Chart)

28.0 440.0

24.0

20.0

0.6

380.0

Others Europe

North America Japan

320.0

16.0

12.0

8.0

126.5 128.0

※The italic figures in the lower part of this chart show the accumulation of the bar (operating profit)

260.0

200.0

140.0

4.0 80.0

0.0

(4.0)

23.4 21.2 6.3 6.5

20.0

(40.0)

FY2025 FY2026

Plan

Processing

FY2025 FY2026

Plan

Chilled

FY2025 FY2026

Plan

Consolidated Adjustment

We will expand production capacity and develop new customers.

(Europe and North America) Expanding Production Capacity and Optimizing the Production Structure

Trends in Net Sales of the International Food Products Business

(UK) Developing New Customers

ー We will develop new customers for food service, including mass retailers and restaurants, and aim to

expand sales volume.

ー

Through the construction of new plants and expansion of existing facilities, we will expand production capacity, improve productivity, and enhance logistics efficiency.

FY2024 FY2025 FY2026 FY2027

FY2030

Plan

Plan

Plan

(Asia) Expanding the Customer Base and Sales by Leveraging High Quality Standards

ー

By leveraging our compliance with global quality standards (GMP*), we will expand business with major fast-food companies, mainly in Thailand, and drive profit growth.

※GMP：Good Manufacturing Practice。 Management standards for consistently manufacturing products safely and at a certain level of quality.

We will establish an efficient production structure and promote value creation through

differentiation.

The production system for mid- to long-term value creation

ー We will promote efficiency through production consolidation. We will also optimize production using AI and realize production sites that are friendly to both people and the planet by reducing environmental impact.

ー Capital investment in the new Kitakyushu plant is planned at a total of approximately

35.0 billion yen.

In the short term, upfront expenses and depreciation costs will weigh on earnings; however, through improved productivity, profits are expected to recover to pre-investment levels by 2030. Over the long term, the aim is to strengthen the earnings base.

Strengthening Categories That Meet Consumer Needs for Individual Servings, Convenience, and Health

ー We will expand health-oriented food products and launch convenient products that combine Group expertise, such as one-plate frozen

meals. We will differentiate our offerings by addressing consumer needs for individual servings, convenience, and health.

We will continue improving profitability through profit management by item and also consider price revisions in response to cost increases

ー We will continue to improve profitability by reducing items and categories that do not generate appropriate profit

margins through profit management by item.

ー

We will continue to consider price revisions in response

to cost increases.

Further expansion of domestic sales and exports to Europe and North America of

pharmaceutical raw materials will also improve plant utilization rates.

Expanding Sales of Pharmaceutical Raw Materials

Japan

Europe

In December 2025, Mochida Pharmaceutical began selling an authorized generic (AG*) version of Epadel. We expect further expansion going forward.

※AG: Authorized Generic。 a generic drug manufactured and marketed under license from the original pharmaceutical company

Amarin is currently marketing the product in 10 countries*. Initiatives are also underway in other countries. In June 2025, Amarin entered into an exclusive license and supply agreement with Recordati, a sales partner with strong expertise in cardiovascular pharmaceuticals, and sales volume continues to grow steadily.

*As of February 25, 202６

North America

Asia, etc.

Amarin has maintained its share of the branded product, and we expect a return to a steady raw material purchasing cycle as inventory levels stabilize.

In addition to commercialization in Thailand, Vietnam, and China, where Mochida Pharmaceutical has obtained new approval for Epadel, we expect approvals to be expanded in other countries going forward.

Improve plant utilization

As domestic and international sales of pharmaceutical raw materials expand, we will improve plant utilization and reduce costs.

By steadily advancing initiatives, particularly in sustainability, and building trust with

society, we will enhance corporate brand value.

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

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