Nissui Corporation TSE:1332

Nissui : The Briefing Session on Financial Result for Fiscal Year 2025 (May 19, 2026) Presentation Materials

Published

Source: MarketScreener

Financial Results Briefing for the FY2025

2026/5/14

19thMay 2026 Nissui Corporation

TABLE OF

CONTENTS

  1. Overview of the FY2025

  2. Plan for the FY2026
  3. Future Initiatives by Business
  4. Appendix
P 3～17P18～29P30～40P41～50

Overview of the FY2025

3

Overview of the FY2025

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

yen for the first time.

(Billions of yen)

FY2024

FY2025

Y-on-Y

(%)

Net Sales

886.1

931.2

45.1

5.1

Operating Profit

31.7

40.4

8.6

27.2

Ordinary Profit

35.3

43.1

7.8

22.3

Profit attributable to owners of parent

25.3

27.5

2.1

8.4

FY2025 Revised Change

Plan compared with

(Announced

in February)

the plan(%)

928.0

0.4

38.0

6.4

41.0

5.3

27.5

0.1

※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.

FY2024

FY2025

Y-on-Y

Medium-Term Management Plan FY2027

ROIC

6.1 %

5.9 %

(0.2)

6.0 %

ROE

9.6 %

9.5 %

(0.1)

10.0 %

International net sales ratio

40.3 %

41.2 %

0.9

43.0 %

Net D/E Ratio

0.7

0.8

0.7～0.8

Total return ratio

34.3 %

57.4 % ※

Over 3years 40.0 %

FY2025 Financial Indicators

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.

Value created

KPI

Reference

FY2024

results

FY2025

results

Environm ental value

Reduction of plastic use

(Vs. 2015)

9%

Aggregating

Sustainable procurement rate

75%

ー

Reduction of CO2 emissions

(Vs. 2018)

Reduce by 5.0%

Reduce by 7.5％

Social value

Sales of health category products

(Vs. 2021)

1.1

1.1

Assessment of Tier 1 suppliers

97.5%

Scope: Nissui Corporation

100％

Scope: Nissui Corporation

Food safety third-party certification and conformity certifications rate

ー

Aggregating

Major quality incidents such as product recalls

ー

1

Value in human capital

Ratio of female managers

7.9%

9.1%

Employee engagement score

(Vs. 2021)

＋16.8%

＋19.6%

FY2025 Sustainability Indicators

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

improvement.

Overview of the FY2025 by Segment

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)

FY2024

FY2025

Y-on-Y

FY2025

Revised Plan (Announced in February)

Change compared with the plan

(Amount) (%)

(Amount)

(%)

Net Sales

886.1

931.2

45.1

5.1

928.0

3.2

0.4

Marine Products

364.0

380.1

16.0

4.4

376.5

3.6

1.0

Food Products

471.0

500.9

29.9

6.4

501.7

(0.7)

(0.1)

Fine Chemicals

15.8

16.9

1.1

7.2

16.8

0.1

1.1

General Distribution

16.5

16.6

0.0

0.5

16.7

0.0

(0.5)

Others

18.6

16.5

(2.0)

(11.3)

16.3

0.2

1.4

(Billions of yen)

＜Impact of Exchange Rates on Net Sales＞

Total: approximately +2.4

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

Operating Profit

31.7

40.4

8.6

27.2

38.0

2.4

6.4

Marine Products

8.4

17.7

9.3

111.1

16.0

1.7

11.1

Food Products

28.7

29.6

0.9

3.2

28.4

1.1

4.2

Fine Chemicals

0.8

0.8

(0.0)

(5.9)

1.4

(0.6)

(42.1)

General Distribution

2.8

2.4

(0.4)

(15.1)

2.5

(0.0)

(3.6)

Others

0.9

0.4

(0.4)

(46.0)

0.4

(0.0)

24.9

Common Costs

(10.0)

(10.7)

(0.7)

7.1

(10.8)

(0.0)

(0.7)

Ordinary Profit

35.3

43.1

7.8

22.3

41.0

2.1

5.3

Profit attributable to owners of parent

25.3

27.5

2.1

8.4

27.5

0.0

0.1

FY2025 Factors for Changes in Operating Profit (Y-on-Y)

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

・Sales remained firm, although affected by higher costs

< Outside Japan >

・Products for household use performed well

・Products for food service struggled due to tariff-driven raw material cost increases

・Impact from higher raw material costs

・Decline in sales volume following price revisions

・Continued strong sales performance

< Outside Japan >

(North American processing)

・Increased fillet production

・Higher surimi selling prices (Trading)

  • Remained firm

(Trading)

・Struggled due to a time lag between cost increases and price pass-through

・Reduced farming costs

・Higher selling prices

・Effect of increased production

・Strong domestic catch performance

(Tuna)

・Higher ratio of short-cycle farming (Japanese amberjack)

・Higher selling prices

(Salmon & Trout)

・Effect of increased production

31.7

Outside

Japan 1.8

Japan (0.4)

Japan (0.2)

FY2025

Japan 1.0

FY2024

FY2025 Consolidated Balance Sheet (Y-on-Y)

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)

Current Assets

376.0

43.5

Current Liabilities

Notes and accounts payable

Short-term borrowings and commercial paper

Accrued expenses

276.4

50.2

Cash and deposits

20.2

5.5

78.4

22.0

Notes and accounts receivable

115.6

8.2

133.0

18.8

Inventory

224.2

29.2

31.6

2.5

Non-current Assets

373.4

71.1

Non-current Liabilities

163.1

40.3

Property, plant and

equipment

218.4

37.5

Long-term borrowings

120.9

25.1

Intangible assets

37.9

20.9

Bonds payable

10.0

10.0

Investment and other

116.9

12.6

assets

Net Assets

Shareholder's equity

309.9

300.1

24.0

23.0

Total Assets

749.5

114.6

Equity-to-asset ratio

FY2024 43.6%

FY2025 40.0%

(Billions of yen)

FY2024

FY2025

Y-on-Y

・Profit before income taxes

36.2

43.1

6.9

・Depreciation & Amortization

25.7

27.1

1.4

・Working Capital

(5.9)

(7.9)

(1.9)

・Income taxes paid

(12.7)

(7.9)

4.8

・Others

(2.8)

(1.2)

1.6

Net cash provided by operating activities

40.3

53.2

12.8

・Investment in (Purchase of) property, plant, and equipment

(30.9)

(44.3)

(13.3)

・Others

0.6

(17.0)

(17.6)

Net cash provided by investing activities

(30.3)

(61.4)

(31.0)

・Increase (Decrease) in short-term borrowings and commercial paper

6.6

5.3

(1.3)

・Increase (Decrease) in long-term borrowings

(8.2)

15.6

23.8

・Increase (Decrease) in bonds payable

-

10.0

10.0

・Others

(9.9)

(17.8)

(7.8)

Net cash provided by financing activities

(11.4)

13.1

24.5

Cash and cash equivalent at end of period

18.6

24.2

FY2025 Consolidated Cash-Flow Statement (Y-on-Y)

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

acquisition of South American aquaculture companies.

FY2025 Investment

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＞

FY2025

Marine Products

Fisheries

Shipbuilding, etc.

Aquaculture

Acquisition of shares in a South American aquaculture company; aquaculture facilities and vessels

Food Products

Japan

Production line expansion; maintenance and renewal

Outside Japan

Investment in North American new plants; capacity expansion investment in European plants

General Distribution

Japan

Investment related to new logistics facilities

※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

(Billions of yen)

FY2024

FY2025

Y-on-Y

(Amount) (%)

Net Sales

364.0

380.1

16.0 4.4

Operating Profit

8.4

17.7

9.3 111.1

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

FY2025 Marine Products Business Net Sales & Operating Profit (Y-on-Y)

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

FY2025 Marine Products Business Net Sales & Operating Profit (Y-on-Y)

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

0.5

(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.

(1.4)

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

FY2024 FY2025

Fishery

FY2024 FY2025

Aquaculture

FY2024 FY2025

Processing/ Trading

FY2024 FY2025

Consolidated Adjustment

(100.0

)

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

(Billions of yen)

FY2024

FY2025

Y-on-Y

(Amount) (%)

Net Sales

471.0

500.9

29.9 6.4

Operating Profit

28.7

29.6

0.9 3.2

'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

FY2025 Food Products Business Net Sales & Operating Profit (Y-on-Y)

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

FY2025 Food Products Business Net Sales & Operating Profit (Y-on-Y)In Europe, sales expanded in France and the UK. In North America, products for household useremained 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

6.0

6.3

8.2

0.6

8.0

0.7

4.8

6.3

(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

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

FY2024

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

FY2025

（Unit: JPY/kg）

(Billions of yen)

FY2024

FY2025

Y-on-Y

(Amount) (%)

Net Sales

15.8

16.9

1.1 7.2

Operating Profit

0.8

0.8

(0.0) (5.9)

6.0

Net Sales

FY2025 Fine Chemicals Business Net Sales & Operating Profit (Y-on-Y)Sales of pharmaceutical raw materials and domestic sales of functional raw materials forsupplements 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

(Billions of yen)

FY2024

FY2025

Y-on-Y

(Amount) (%)

Net Sales

16.5

16.6

0.0 0.5

Operating Profit

2.8

2.4

(0.4) (15.1)

4.5

Net Sales

FY2025 General Distribution Net Sales & Operating Profit (Y-on-Y)Operating profit declined due to higher personnel costs from active driver hiring and otherfactors.

(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

Plan for the FY2026

18

Crude Oil Price Trends (Brent, Dubai, and WTI)

Trends in the USD/JPY Exchange Rate

（Unit: USD）

（Unit: JPY）

※World Bank

2025

2026

Trends in White-meat fish Market Prices

（Unit:EUR/kg）

Trends in Fish Meal Prices

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

1

2

3

4

5

6

7

8

9

10

11

12

1 2

2025

2026

180,000

160,000

140,000

120,000

© Nissui All Rights Reserved. 19

Business EnvironmentThe business environment is seeing increases in materials and energy prices, white-meatfish raw material prices, and fish meal prices, along with yen depreciation.

(Billions of yen)

FY2025

FY202６

Plan

Y-on-Y

(%)

Net Sales

931.2

980.0

48.7

5.2

Operating Profit

40.4

42.5

2.0

5.1

Ordinary Profit

43.1

43.0

(0.1)

(0.4)

Profit attributable to owners of parent

27.5

29.0

1.4

5.4

970.0

41.0

42.5

30.0

Exchange rate assumption: 1 USD =

FY2026 Plan Summary

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.

Responding to Changes in the Business Environment (Situation in the Middle East)The situation in the Middle East may affect the FY2026 plan through increases in packaging,raw material, and energy costs.

＜Expected main impacts＞

Packaging Materials

/Consumables

Procurement constraints and price increases due to supply tightness

Raw Materials

Higher Marine Products and Food Products raw material prices, and higher prices for solvents and other materials in the Fine Chemicals Business

Energy

Higher fuel costs, including utilities related to plant operations

Logistics

Higher transportation costs, delays and instability in export/import schedules, and reduced cargo handling volumes

* 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.

FY2025

FY202６

Plan

Y-on-Y

Medium-Term Management Plan FY2027

ROIC

5.9 %

5.9 %

0.0

6.0 %

ROE

9.5 %

9.4 %

(0.1)

10.0 %

International net sales ratio

41.2 %

44.3 %

3.1

43.0 %

Net D/E Ratio

0.8

0.9

0.7～0.8

Total return ratio

57.4 %

33.5 %

Over 3years 40.0 %

FY2026 Plan Summary (Financial KPIs)

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

FY2026 Plan (Shareholder Returns)

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

FY2026 Plan by Segment

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.

(Billions of yen)

FY2025

FY2026

Plan

Y-on-Y

(Amount)

(%)

Net Sales

931.2

980.0

48.7

5.2

Marine Products

380.1

407.4

27.2

7.2

Food Products

500.9

520.6

19.6

3.9

Fine Chemicals

16.9

17.4

0.4

2.5

General Distribution

16.6

17.7

1.0

6.5

Others

16.5

16.9

0.3

2.2

Medium-Term Management Plan FY2027

970.0

375.9

540.8

26.5

18.1

8.7

41.0

19.2

28.9

3.6

0.9

0.7

(12.3)

42.5

30.0

Operating Profit

40.4

42.5

2.0

5.1

Marine Products

17.7

21.6

3.8

21.6

Food Products

29.6

27.8

(1.8)

(6.2)

Fine Chemicals

0.8

1.8

1.0

120.5

General Distribution

2.4

2.6

0.1

7.9

Others

0.4

0.1

(0.3)

(70.0)

Common Costs

(10.7)

(11.5)

(0.7)

7.3

Ordinary Profit

43.1

43.0

(0.1) (0.4)

Profit attributable to owners of parent

27.5

29.0

1.4 5.4

FY2026 Factors for Changes in Operating Profit (Y-on-Y)

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)

FY2026

Plan

(0.9)

FY2025

(1.9)

Japan 1.4 Outside

Japan 1.5

Japan 0.0

Japan (2.0)

•Lower profits are expected as fish prices normalize

•Rising fish meal prices

  • Expected softening of Japanese amberjack prices due to increased market supply

•Increase in harvest volume

•Improve profitability of acquired companies

< Outside Japan>(North American processing)

•Higher selling prices for fillets and surimi (Trading)

・Expand sales of group products and other items.

(Trading)

  • Strengthen collaboration within the group

•Shift toward higher value-added products

・Products for household use: sales expand despite higher depreciation expenses・Products for food service: UK sales expanded, but raw material costs increase

・Price revision effect

・Higher raw material costs

・New plant construction costs

•Expansion of pharmaceutical raw material sales

•Improved plant utilization rate

Current Assets 385.5 9.5

Cash and deposits 21.0 0.8

Notes and accounts 119.5 3.9

receivable

Inventory 225.6 1.4

Current Liabilities 480.7 41.1

Notes and accounts 67.8 (10.6)

payable

Short-term borrowings 129.2 (3.8)

and commercial paper

Accrued expenses 35.0 3.4

Long-term borrowings 155.8 34.8

Bonds payable 20.0 10.0

Non-current Assets 419.5 46.1

Property, plant and 253.3 34.8

equipment

Intangible assets 35.4 (2.5)

Investment and other 130.7 13.7

assets

Net Assets 324.4 14.4

Shareholder's equity 313.6 13.5

Total Assets 805.1 55.6

Equity Ratio

As of March 40.0% ⇒ As of March 39.0%

2026 2027

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

FY2026 Consolidated Balance Sheet Plan

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.

215.2

Target

0.7～0.8

Net D/E

Ratio

0.8

0.7

Interest-

bearing

308.4

269.6

0.9

FY2024 FY2025 FY2026

Plan

FY2026 Investment 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＞

FY2026

Marine Products

Aquaculture

South American freshwater fish farm, aquaculture facilities, and vessels

Food Products

Japan

Investment related to new plant

Outside Japan

Investment in expanding production lines at plants in Europe and North America

Fine Chemicals

Japan

Investment to improve factory productivity, etc.

General Distribution

Japan

Investment related to new logistics facilities

(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

FY2026 Consolidated Cash Flow Plan

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.

(Billions of yen)

FY2025

FY2026

Y-on-Y

・Profit before income taxes

43.1

42.5

(0.6)

・Depreciation & Amortization

27.1

29.2

2.0

・Working Capital

(7.9)

※ (11.9)

(4.0)

・Income taxes paid

(7.9)

(12.8)

(4.9)

・Others

(1.2)

(3.9)

(2.7)

Net cash provided by operating activities

53.2

42.9

(10.2)

・Investment in (Purchase of) property, plant, and equipment

(44.3)

(62.3)

(17.9)

・Others

(17.0)

(8.4)

8.6

Net cash provided by investing activities

(61.4)

(70.7)

(9.3)

・Increase (Decrease) in borrowings and bonds payable

30.9

40.0

9.0

・Others

(17.8)

(11.1)

6.6

Net cash provided by financing activities

13.1

28.8

15.7

※Repayment of longterm accounts payable

related to the

acquisition of a South American aquaculture

companies: (10.1)

Cash and cash equivalent at end of term

24.2

25.3

FY2026 ROIC by Segment

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.

Recipe 2 Initiatives

Marine Products

Continue to expand earnings by maximizing Group synergies and strengthening inventory management. In aquaculture, aim to expand sales by strengthening exports and improve profit margins through higher value-added products.

Food Products

Start production at expanded overseas facilities and plan plant restructuring in Japan. Continue inventory management, improve productivity through automation and labor-saving equipment, and optimize categories and items through profit management by item.

Fine Chemicals

Expand sales again and optimize plant operations. Optimize raw material and product inventories.

General Distribution

Improve profitability by enhancing efficiency and service quality in line with expanded storage capacity.

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

Future Initiatives by Business

30

Outlook for FY2026: Marine Products Business

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

2.1

2.9

0.4

2.8

3.8

6.0

0.5

Net Sales

(Line Chart)

400.0

(Billions of yen)

300.0

(Billions of yen)

FY2025

FY2026

Plan

Y-on-Y

(Amount) (%)

Net Sales

380.1

407.4

27.2 7.2

Operating Profit

17.7

21.6

3.8 21.6

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

(0.4)

(0.1)

(0.1) (0.1)

0.0

(0.6)

1.8 0.7 10.2 11.2 7.5 10.2

(1.8)

FY2025 FY2026

Plan Fishery

FY2025 FY2026

Plan Aquaculture

FY2025 FY2026

Plan

Processing/ Trading

FY2025 FY2026

Plan

Consolidated Adjustment

(3.0) (100.0)

Initiatives: Marine Products Business (South American Aquaculture)

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.

Effect Realization Timeline

FY2026 (1H)

FY2026 (2H)

FY2027

onward

Normalization

Improvement in aquaculture performance

Internalization of operations

Improvement in feed costs

Increase in volume

Synergies

Farm mix optimization effects

High value-added products / Expansion of sales areas

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

…

Initiatives: Marine Products Business(Domestic Aquaculture, Processing and Trading)

Domestic aquaculture will enhance added value through expanded capital investment, in addition to business growth and

improved productivity. The Processing and Trading business will work on maximizing the value of raw fish materials in North American processing operations, while also strengthening intergroup collaboration and increasing value-added offerings.

（Aquaculture）Business Expansion and Productivity Improvement

ー（Salmon and Trout）

Rename the domestic salmon aquaculture

Promote the

company “Nissui Salmon” and unify the brand. 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.

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.

（Aquaculture） Enhancing Added Value by Strengthening Capital Investment

ーOperational efficiency will be improved through initiatives such as the introduction of feeding barges for salmon and

trout farming, and the replacement of large-scale Japanese

amberjack aquaculture cages.

(North American Processing)

Maximizing the Value of Raw Fish

ーIncrease the production ratio of fillets, which maintain stable high prices compared with surimi products. In addition,

continue strengthening collaboration with fishing vessels

alongside implementing flexible workforce allocation.

(Trading) Group collaboration and higher value-added products

ーImprove profitability by strengthening sales of products from Group aquaculture and processing companies, while expanding sales of higher value-added processed products.

Outlook for FY2026: Food Products Business

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

6.5

Others Europe

North America Japan

8.5

6.3

0.8

8.7

5.3

6.2

8.2

6.0

320.0

(Billions of yen)

FY2025

FY2026

Plan

Y-on-Y

(Amount) (%)

Net Sales

500.9

520.6

19.6 3.9

Operating Profit

29.6

27.8

(1.8) (6.2)

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

Initiatives: Food Products BusinessWe 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.

Initiatives: Food Products BusinessWe will establish an efficient production structure and promote value creation throughdifferentiation.

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.

Initiatives: Fine Chemicals BusinessFurther expansion of domestic sales and exports to Europe and North America ofpharmaceutical 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.

Sustainability Initiatives and External Evaluations

Received an “A-” rating in Received the Nature Positive

Issued the first Blue Nature CDP’s Climate Change Award at the ESG Finance Awards

Bond in Japan category for the first time Japan, hosted by the Ministry of

the Environment

Issued domestic straight bonds (Blue Nature Bond), with all proceeds allocated to expenditures related to sustainable aquaculture businesses operated by Kurose Suisan and SA.

Stakeholder Engagement (External Evaluations)

Human Capital (External Evaluations)

Received the Excellence Award at the NIKKEI Integrated Report Award 2025

Certified as an Outstanding Health and Productivity Management Organization 2026 (White 500)

Initiatives to Enhance Corporate Brand ValueBy steadily advancing initiatives, particularly in sustainability, and building trust withsociety, 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.”

Disclaimer Regarding Forward-Looking Statements

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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