Slides
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Supplemental Documents for the Q1 of FY2026 August 6th 2026 Nissui Corporation nissul © Nissui All Rights Reserved .
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Accent Colors Base Colors Base Colors 50% Corporate Color © Nissui All Rights Reserved. 2 Financial Highlights FY2026 Q1 Results： Net Sales ¥257.2 bn +14.1% YoY • Net sales and operating profit both reached record highs for Q1, marking a strong start to the fiscal year. The Marine Products Business and Fine Chemicals Business achieved higher profits through sales expansion, while the Food Products Business posted lower profit despite implementing price revisions, mainly due to higher raw material costs. Revision to FY2026 Plan： Net sales plan revised upward, while the profit remains unchanged. Operating Profit ¥12.4 bn +20.9% YoY Net Sales ¥1,000.0 bn +2.0% vs. the initial plan Operating Profit ¥42.5 bn Unchanged from the initial plan ※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.
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Accent Colors Base Colors Base Colors 50% Corporate Color © Nissui All Rights Reserved. 3 01 Overview of the Q1 of FY2026 02 03 CONTENTS TABLE OF Outlook/Initiatives P4～15 P16～25 P26～35Appendix
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Accent Colors Base Colors Base Colors 50% Corporate Color 4 Overview of the Q1 of FY2026
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Accent Colors Base Colors Base Colors 50% Corporate Color © Nissui All Rights Reserved. 5 Net Sales 225.4 257.2 31.7 14.1 980.0 26.3 Operating Profit 10.2 12.4 2.1 20.9 42.5 29.3 Ordinary Profit 10.2 11.6 1.4 13.7 43.0 27.1 Profit attributable to owners of parent 6.5 7.4 0.9 14.3 29.0 25.7 Exchange rate: USD (Unit:JPY) 151.21 156.45 150.00 Progress Rate (%)Y-on-Y FY2026 Initial Plan (Announced in May) Y-on-Y (%) (Billions of yen) Q1 of FY2025 Q1 of FY2026 Overview of the Q1 of FY2026 Net sales and all profit levels achieved double-digit growth, with performance broadly in line with the initial plan.
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Accent Colors Base Colors Base Colors 50% Corporate Color © Nissui All Rights Reserved. 6 Net Sales 225.4 257.2 31.7 14.1 980.0 26.3 Marine Products 86.4 107.6 21.2 24.6 407.4 26.4 Food Products 128.7 138.2 9.5 7.4 520.6 26.5 Fine Chemicals 3.1 3.8 0.7 24.4 17.4 22.2 General Distribution 4.0 4.2 0.1 3.4 17.7 23.8 Others 3.1 3.3 0.1 3.6 16.9 19.6 Operating Profit 10.2 12.4 2.1 20.9 42.5 29.3 Marine Products 3.1 5.4 2.2 72.6 21.6 25.2 Food Products 8.8 8.4 (0.3) (4.1) 27.8 30.4 Fine Chemicals 0.0 0.5 0.5 2,248.5 1.8 28.3 General Distribution 0.5 0.5 (0.0) (6.9) 2.6 20.1 Others 0.0 0.1 0.1 222.7 0.1 116.8 Common Costs (2.3) (2.6) (0.3) 15.3 (11.5) 23.1 Ordinary Profit 10.2 11.6 1.4 13.7 43.0 27.1 Profit attributable to owners of parent 6.5 7.4 0.9 14.3 29.0 25.7 (Billions of yen) Q1 of FY2025 Q1 of FY2026 FY2026 Initial Plan (Announced in May) Y-on-Y Y-on-Y (%) Progress Rate (%) Overview of the Q1 of FY2026 by Segment The Marine Products and Fine Chemicals businesses achieved higher sales and operating profit, supported by sales expansion and other factors. The Food Products business implemented price revisions, but operating profit declined due to higher raw material costs and other factors. ＜Impact of Exchange Rates on Net Sales＞ Total: + approx. 9.8 Marine Products + approx. 4.8 Food Products + approx. 4.9 (Billions of yen)
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Accent Colors Base Colors Base Colors 50% Corporate Color © Nissui All Rights Reserved. 7 10.2 0.8 (0.4) 1.9 (0.4) 0.4 (0.2) 12.4 Factors for Changes in Operating Profit (Y-on-Y) Despite the impact of higher raw material costs in the Food Products Business and the slower-than-expected earnings recovery at the newly consolidated South American aquaculture company, consolidated operating profit increased significantly, driven by strong performance in the domestic fisheries, aquaculture, and processing & trading businesses. FY2025 Q1 FY2026 Q1 Overseas: +0.1 (Europe) ↑ ・Strong sales Domestic: (0.5) (Processed Foods) ↓ ・Higher raw material costs (Chilled Foods) ↓ ・Reversal of the previous year's CVS promotion effect Pharmaceuticals & Functional Raw Materials ↑ ・Solid sales South American Aquaculture: (0.4) ・Slower-than- expected earnings recovery at the newly consolidated company Fishery: +0.3 ・Strong domestic fish prices Domestic Aquaculture: +0.5 (Japanese Amberjack) ↑ ・Higher production volume ・Firm market prices (Salmon & Trout) ↑ ・Higher production volume (Bluefin Tuna) ↓ ・Higher feed costs Overseas: +1.4 ・Improved product mix Domestic: +0.5 ・Firm fish prices 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 Food Products Fine Chemicals Common Costs (Including consolidation adjustments) (Billions of yen) Including the adjustment of unrealized profits
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Accent Colors Base Colors Base Colors 50% Corporate Color © Nissui All Rights Reserved. 8 Consolidated Balance Sheet (vs. FY2025 year-end) Due to an increase in interest-bearing debt associated with domestic and overseas plant investments and higher working capital, the Company has prioritized growth investments, resulting in its net D/E ratio remaining above the target range of 0.7–0.8. (Billions of yen) Q4 of FY2025 Q1 of FY2026 Change Assets 749.5 782.6 33.1 Current Assets 376.0 399.4 23.3 Non-current Assets 373.4 383.1 9.7 Total Liabilities 439.5 466.7 27.1 Current Liabilities 276.4 285.5 9.1 Non-current Liabilities 163.1 181.1 17.9 Total Equity 309.9 315.9 5.9 Shareholders' equity 236.0 238.0 2.0 ¥782.6bn 39.1% 0.9 Total Assets Change +¥33.1bn Equity Ratio Change (1.0) pt Net D/E Ratio Change +0.1
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Accent Colors Base Colors Base Colors 50% Corporate Color © Nissui All Rights Reserved. 9 (Billions of yen) FY2025 Q1 FY2026 Q1 Change Key Drivers Profit before income taxes 9.9 11.4 1.4 — Depreciation and amortization (including goodwill amortization※) 6.3 7.7 1.4 Increase due to higher capital investment Working capital (4.7) (11.1) (6.4) ・Repayment of long-term accounts payable related to the acquisition of a South American aquaculture company ・Increase in accounts receivable due to higher sales at North American food companies, etc. Operating cash flow 2.8 (5.3) (8.1) — Capital expenditures (acquisition of fixed assets) (9.1) (14.5) (5.4) Increase due to domestic and overseas plant investments Investing cash flow (9.3) (13.3) (4.0) — Free cash flow (FCF) (6.5) (18.6) (12.1) — Increase (decrease) in short-term borrowings and CP 2.2 19.6 17.4 — Increase (decrease) in long-term borrowings 9.5 15.7 6.1 — Financing cash flow 5.9 28.8 22.8 — ※Reference: Amortization of goodwill 0.1 0.2 0.0 — Consolidated Cash-Flow Statement (Y-on-Y) Although FCF will deteriorate temporarily, we will improve operating cash flow through tighter working capital management and an early improvement in the profitability of the South American aquaculture company.
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Accent Colors Base Colors Base Colors 50% Corporate Color © Nissui All Rights Reserved. 10 3.1 2.9 6.3 5.35.4 0.0 1.0 2.0 3.0 4.0 5.0 6.0 7.0 Q1 Q2 Q3 Q4 FY2025 FY2026 86.4 92.4 100.3 100.9 107.6 40.0 60.0 80.0 100.0 120.0 Q1 Q2 Q3 Q4 FY2025 FY2026 FY2026 Initial Plan (Announced in May) 407.4 26.4 21.6 25.2 Progress Rate (%)(Billions of yen) Net Sales Operating Profit Q1 of FY2025 Q1 of FY2026 86.4 107.6 21.2 24.6 3.1 5.4 2.2 72.6 Y-on-Y Y-on-Y (%) Marine Products Business Net Sales & Operating Profit (Y-on-Y) Net sales increased, driven by the newly consolidated South American aquaculture company and strong performance in the North American trading business. Operating profit also increased, as strong performance in the processing & trading business and the domestic fisheries and aquaculture businesses more than offset the slower-than-expected earnings recovery at the newly consolidated South American aquaculture company. Net sales （Quarterly） Operating Profit （Quarterly) (Billions of yen)(Billions of yen)
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Accent Colors Base Colors Base Colors 50% Corporate Color © Nissui All Rights Reserved. 11 Marine Products Business Net Sales & Operating Profit (Y-on-Y) Fishery: +JPY 0.3bn Japan: Japanese jack mackerel catches remained strong, while selling prices of sardines and chub mackerel increased. Aquaculture: (JPY 0.3bn) Japan: Despite higher feed costs for tuna, increased sales volumes of Japanese amberjack and coho salmon contributed to earnings. South America: Although trout salmon farming performance and sales volumes remained solid, earnings were impacted by the slower-than-expected earnings recovery at the newly consolidated company. Processing & Trading: +JPY 1.9bn Japan: Sales volumes of Japanese amberjack increased, while selling prices of salmon and trout, fish oil, and fish meal rose. North America: In the processing business, sales volumes and prices of cod and crab increased. In the trading business, higher sales volumes of salmon and trout and higher cod prices contributed to earnings. 0.6 0.9 (0.1) (0.1) 1.2 1.9 0.5 (0.4) 0.2 0.9 1.8 2.9 (0.0) (0.0) 0.6 0.7 0.0 0.1 (1.9) (1.5) 5.5 7.4 20.7 32.9 88.9 101.0 (60.0) (30.0) 0.0 30.0 60.0 90.0 120.0 150.0 (2.0) (1.0) 0.0 1.0 2.0 3.0 4.0 5.0 FY2025 FY2026 FY2025 FY2026 FY2025 FY2026 FY2025 FY2026 Fishery Aquaculture Processing/ Trading Consolidated Adjustment Operating Profit (Bar Chart) Net Sales (Line Chart) * Italic figures at the bottom of the graph are total operating profit figures by function. (Billions of yen) 0.4 0.7 1.8 1.4 2.7 4.7
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Accent Colors Base Colors Base Colors 50% Corporate Color © Nissui All Rights Reserved. 12 520.6 26.5 27.8 30.4 FY2026 Initial Plan (Announced in May) Progress Rate (%)(Billions of yen) Q1 of FY2025 Q1 of FY2026 Net Sales 128.7 138.2 9.5 7.4 Y-on-Y Y-on-Y (%) Operating Profit 8.8 8.4 (0.3) (4.1) 8.8 8.0 7.2 5.5 8.4 0.0 2.0 4.0 6.0 8.0 10.0 12.0 Q1 Q2 Q3 Q4 FY2025 FY2026 128.7 123.0 123.8 125.3 138.2 40.0 60.0 80.0 100.0 120.0 140.0 160.0 Q1 Q2 Q3 Q4 FY2025 FY2026 Food Products Business Net Sales & Operating Profit (Y-on-Y) Net sales increased, driven by strong performance in the Food Products business in Europe and North America. Operating profit declined overall, as profit growth in Europe was not enough to offset weaker performance in Japan. Net sales （Quarterly） Operating Profit （Quarterly) (Billions of yen)(Billions of yen)
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Accent Colors Base Colors Base Colors 50% Corporate Color © Nissui All Rights Reserved. 13 2.0 1.9 2.4 2.3 2.1 2.4 0.1 0.1 2.0 1.5 (0.1) 0.0 105.2 116.3 32.7 31.2 (20.0) 0.0 20.0 40.0 60.0 80.0 100.0 120.0 140.0 160.0 (1.0) 0.0 1.0 2.0 3.0 4.0 5.0 6.0 7.0 8.0 FY2025 FY2026 FY2025 FY2026 FY2025 FY2026 Processing Chilled Consolidated Adjustment Food Products Business Net Sales & Operating Profit (Y-on-Y) Operating Profit (Bar Chart) Net Sales (Line Chart) Others Europe North America Japan * Italic figures at the bottom of the graph are total operating profit figures by function. (Billions of yen) 6.9 6.9 2.0 1.5 Processing: +JPY 0.0bn Europe: Household use were flat year on year, as higher depreciation expenses from the expanded plant and higher raw material costs offset growth. Food service products posted strong sales. North America: In the household use, solid sales, particularly to club stores, offset the impact of higher depreciation associated with the new plant. For food service, sales remained strong, although earnings were affected by higher raw material costs. Japan: Despite the positive impact of price revisions, results were flat year on year due to lower sales volumes and higher surimi raw material costs. Chilled: (JPY 0.4bn) Earnings declined due to the reversal of the previous year's CVS promotion effect.
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Accent Colors Base Colors Base Colors 50% Corporate Color © Nissui All Rights Reserved. 14 1.8 28.3 FY2026 Initial Plan (Announced in May) 17.4 22.2 Progress Rate (%)(Billions of yen) Q1 of FY2025 Q1 of FY2026 Y-on-Y Y-on-Y (%) Net Sales 3.1 3.8 0.7 24.4 Operating Profit 0.0 0.5 0.5 2,248.5 0.0 0.1 0.0 0.6 0.5 (0.4) 0.0 0.4 0.8 1.2 Q1 Q2 Q3 Q4 FY2025 FY2026 3.1 3.9 4.3 5.5 3.8 0.0 2.0 4.0 6.0 Q1 Q2 Q3 Q4 FY2025 FY2026 Fine Chemicals Business Net Sales & Operating Profit (Y-on-Y) Net sales and operating profit increased, driven by improved profitability resulting from higher production volumes of pharmaceutical raw materials, as well as solid domestic sales of pharmaceutical raw materials and functional raw materials for dietary supplements. 【医薬品原料：前年比】 粗利＋８（うち販売粗利＋１、工場損益＋６） 「工場稼働が」⇒※工場損益は、生産高・仕掛品生産の前年差が最も大きい 「概ね」⇒※予算比では、仕掛品生産金額は上回るも、仕掛品数量は減少 Net sales （Quarterly） Operating Profit （Quarterly) (Billions of yen)(Billions of yen)
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Accent Colors Base Colors Base Colors 50% Corporate Color © Nissui All Rights Reserved. 15 Y-on-Y Y-on-Y (%) Progress Rate (%) FY2026 Initial Plan (Announced in May) 17.7 23.8 2.6 20.1Operating Profit 0.5 0.5 (0.0) (6.9) 4.0 4.2 0.1 3.4 (Billions of yen) Q1 of FY2025 Q1 of FY2026 Net Sales 0.5 0.6 0.8 0.3 0.5 0.0 0.4 0.8 1.2 Q1 Q2 Q3 Q4 FY2025 FY2026 4.0 4.2 4.3 3.8 4.2 3.0 3.5 4.0 4.5 Q1 Q2 Q3 Q4 FY2025 FY2026 General Distribution Net Sales & Operating Profit (Y-on-Y) Operating profit decreased due to higher costs, primarily driven by increased personnel expenses. Net sales （Quarterly） Operating Profit （Quarterly) (Billions of yen)(Billions of yen)
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Accent Colors Base Colors Base Colors 50% Corporate Color 16 Outlook/Initiatives
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Accent Colors Base Colors Base Colors 50% Corporate Color © Nissui All Rights Reserved. 17 Net Sales 980.0 1,000.0 20.0 2.0 Operating Profit 42.5 42.5 - - Ordinary Profit 43.0 43.0 - - Profit attributable to owners of parent 29.0 29.0 - - Exchange rate: USD (Unit:JPY) 150.00 155.00 (Billions of yen) FY2026 Initial Plan (Announced in May) FY2026 Revised Plan Change Change (%) Revised Plan for FY2026 Net sales were revised upward, reflecting the updated foreign exchange assumptions and the strong performance of the Marine Products Business. Profit at all levels remains unchanged from the initial plan.
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Accent Colors Base Colors Base Colors 50% Corporate Color © Nissui All Rights Reserved. 18 Net Sales 980.0 1,000.0 20.0 2.0 Marine Products 407.4 422.4 15.0 3.7 Food Products 520.6 525.6 5.0 1.0 Fine Chemicals 17.4 17.4 - - General Distribution 17.7 17.7 - - Others 16.9 16.9 - - Operating Profit 42.5 42.5 - - Marine Products 21.6 21.9 0.3 1.4 Food Products 27.8 27.5 (0.3) (1.1) Fine Chemicals 1.8 1.8 - - General Distribution 2.6 2.6 - - Others 0.1 0.1 - - Common Costs (11.5) (11.5) - - Ordinary Profit 43.0 43.0 - - Profit attributable to owners of parent 29.0 29.0 - - (Billions of yen) FY2026 Initial Plan (Announced in May) FY2026 Revised Plan Change Change (%) Revised Plan for FY2026 by Segment Operating profit plan remains unchanged. Although the Company expects the impact of the Middle East situation, higher raw material costs, and a slower-than-expected earnings recovery in the South American aquaculture company—none of which were reflected in the initial plan—these impacts are expected to be offset by strong performance in the domestic fisheries business and the overseas processing & trading business.
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Accent Colors Base Colors Base Colors 50% Corporate Color © Nissui All Rights Reserved. 19 Effect Realization Timeline FY2026 (1H) FY2026 (2H) FY2027 onward Factors Behind the Change from the Initial Plan Normalization Improvement in aquaculture performance ▲ Lower survival rates ▲ Lower fish weights Internalization of operations ー Improvement in feed costs ▲ Higher disease-related costs ▲ Higher market feed prices Increase in volume ー SynergiesFarm mix optimization effects ー High value-added products / Expansion of sales areas ー Key Focus: South American Aquaculture Business (Yadran) Despite a slower-than-planned start due to lower survival rates and lower fish weights, we are implementing normalization measures and targeting profitability from Q4 onward. OutlookFactors Behind the Change from the Initial Plan 2024 2025 2026 2027 2030 Approx. 30,000 MT Increasing Production Scale to Over 80,000 MT Through Synergies with the Acquired Company … Lower survival rates caused by fish disease, along with higher disease-related costs. Feeding restrictions due to lower dissolved oxygen levels slowed salmon growth, resulting in reduced fish weights than planned. While the transition to SA's feed is progressing, feed costs are expected to increase due to higher market prices. ー ー ー New Freshwater Hatchery (From 2H FY2026) Feed prices are expected to rise from the second half onward, while the impact of fish disease is expected to be largely contained within FY2026. Through normalization initiatives—including improvement in feed costs and aquaculture performance, and internalization of operations—we target profitability from Q4 onward. A new freshwater hatchery will strengthen smolt supply. From FY2027 onward, we aim to maximize synergies through an optimized farming site mix, higher production volumes, increased value-added products, and expanded sales coverage. ー ー ー
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Accent Colors Base Colors Base Colors 50% Corporate Color © Nissui All Rights Reserved. 20 2025年度 実績 2030年度 目標 Initiatives: Marine Products Business Domestic Aquaculture: Strengthening Seeds Supply and Improving Productivity Processing & Trading: Enhancing Value-added Products Expand production capacity and improve productivity in domestic aquaculture while increasing the production and sales of value-added products in the Processing & Trading Business to achieve sustainable growth. Trading in Japan: Expand value-added products, including foodservice products utilizing fish supplied by Group aquaculture companies and catches from the Group's fishing operations, to improve profitability. ー North America Processing: Improve production rate of fillet for Alaska pollock and promote value-added initiatives to enhance profitability. ー Salmon and Trout 10,000MT 4,100MT Challenge Initiative Seeds ・Insufficient seeds supply ・Secure high-quality seeds • Expand seeds production capacity Product ion • Improve fish weight and survival rates • Reduce feeding costs • Advance aquaculture through AI and IoT • Optimize feeding with automated feeding systems Planned Feed Barge (Illustration) (Example: Salmon and Trout Aquaculture in Japan) （加工・商事）高付加価値化 北米加工は赤字縮小に向け堅調に推移。フィレ比率向上 など高付加価値化、コスト最適化により収益性改善を図る。 ー FY2025 Actual FY2030 Plan
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Accent Colors Base Colors Base Colors 50% Corporate Color © Nissui All Rights Reserved. 21 Initiatives: Food Products Business Strengthen long-term earnings capacity by steadily advancing the construction of the new plant in Japan, the ramp-up of the new plant in North America and the expanded plant in Europe, and price revisions. Smart Factory Initiatives and Production Capacity Expansion Japan: Promote smart factory operations by automating production facilities and utilizing AI and IoT at the new plant. Improve productivity, reduce labor requirements, and strengthen supply capabilities to enhance long-term competitiveness. ー ー Europe: Expanded Plant (Commercial operation from 1H FY2026) North America: New Plant (Commercial operation from 2H FY2026) ー North America & Europe: Expand sales through increased production capacity to absorb higher fixed and manufacturing costs. Price Revisions and Consumer-Oriented Product Development Japan: Offset higher raw material costs, including surimi, through price revisions, while expanding products tailored to consumer demand for convenience, single-serving portions, and health. North America and Europe: Implement price revisions in response to higher whitefish raw material costs. ー (Kitakyushu New Plant) Under Construction The Retort Sterilization Process (Remote Monitoring)
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Accent Colors Base Colors Base Colors 50% Corporate Color © Nissui All Rights Reserved. 22 Initiatives: Fine Chemicals Business Improve profitability by expanding pharmaceutical raw material sales and diversifying raw material procurement. （Pharmaceutical Raw Materials） Enhance procurement stability by expanding the use of sardine oil from regions other than South America and Japan. （Functional Raw Materials） Diversify procurement of bonito oil, a DHA raw material, by developing new suppliers, thereby improving procurement stability. (Pharmaceutical Raw Material) Sales Expansion Diversification of Raw Material Procurement Strengthen production and supply capabilities to support sales expansion beyond Europe and North America into Asia and other overseas regions. Expand product development beyond capsules into food formats such as jellies and gummies, creating new demand in both domestic and overseas markets. ー ー ー ー (Functional Ingredients & Food Products) Strengthening Product Development and Expansion Expanded Procurement Regions for Sardine Oil Japan Asia and Other Regions North America EPA Raw Material Expanded Procurement Regions for Bonito Oil DHA Raw Material Europe
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Accent Colors Base Colors Base Colors 50% Corporate Color © Nissui All Rights Reserved. 23
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Accent Colors Base Colors Base Colors 50% Corporate Color © Nissui All Rights Reserved. 24 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.”
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Accent Colors Base Colors Base Colors 50% Corporate Color © Nissui All Rights Reserved. 25 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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Accent Colors Base Colors Base Colors 50% Corporate Color 26 Appendix
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Accent Colors Base Colors Base Colors 50% Corporate Color © Nissui All Rights Reserved. 27 0.7 (0.3)(0.1) (0.1)(0.3) 0.1 (1.0) 0.0 1.0 4.0 5.0 6.0 7.0 8.0 9.0 10.0 4 5 6 7 8 9 10 11 12 1 2 3 4 5 6 7 8 9 10 11 12 1 2 3 4 5 2024 2025 2026 Chilean Trout Salmon (HG) Chilean Atlantic Salmon (HON) (0.3) 0.1 27/326/3 South American Salmon Aquaculture The assessment of the fish in stock were stable year-on-year. (Source: InfoTrade) Chilean Trout HG and Atlantic Salmon HON Price Trends(USD/kg) HG (Headed & Gutted): Fish with the head and internal organs removed. HON (Head On): Fish with the head intact and the internal organs removed. ＜Breakdown of the Assessment＞ (Billions of yen) 26/3 SA 27/3 SA・Yadran Return to the beginning balance (0.3) 0.4 The assessment gain/loss at the ending balance 0.2 (0.5) The assessment gain/loss of the fish in stock (0.1) (0.1) Profit/loss on the business The assessment gain/loss of the fish in stock (IFRS) Adjustment of unrealized profit ※2 ※1 (Billions of yen) ※1 Assumed profit of pre-shipment fish (resident fish) in the stock ※2 Adjust unrealized profits in inventory
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Accent Colors Base Colors Base Colors 50% Corporate Color © Nissui All Rights Reserved. 28 250 300 350 400 450 500 7 8 9 10 11 12 1 2 3 4 5 6 7 8 9 10 11 12 1 2 3 4 5 6 FY2024 FY2025 FY2026 150 200 250 300 350 7 8 9 10 11 12 1 2 3 4 5 6 7 8 9 10 11 12 1 2 3 4 5 6 2024 2025 2026 Fish meal (Peru) Fish oil (Chile) 0 600 1,200 1,800 2,400 3,000 7 8 9 10 11 12 1 2 3 4 5 6 7 8 9 10 11 12 1 2 3 4 5 6 FY2024 FY2025 FY2026 Aquaculture Wild-caught 600 800 1,000 1,200 1,400 7 8 9 10 11 12 1 2 3 4 5 6 7 8 9 10 11 12 1 2 3 4 5 6 FY2024 FY2025 FY2026 Chile Coho Chile Trout 0.0 2.0 4.0 6.0 8.0 10.0 12.0 14.0 Salmon/Trout Surimi Tuna Processed Marine Food Products Fish Meal/ Fish Oil FY2025 FY2026 0.0 2.0 4.0 6.0 8.0 10.0 12.0 14.0 Frozen Foods for household use Frozen Foods for food service Frozen vegetables Fish sausages & other processed food Shelf-stable FY2025 FY2026 Reference Materials for the Q1 of FY2026 Import Price Trends: Salmon and Trout Import Price Trend: Frozen Surimi Import Price Trends: Fish Oil & Fishmeal Source: Compiled by Nissui based on data from the Tokyo Central Wholesale Market (fresh fish) Wild-caught: average price of “Japanese amberjack”; farmed: average price of “Hamachi (farmed)” Marine Products Sales by main species of Non-consolidated Food Products Sales by categories of Non-consolidated (Billions of yen) (Billions of yen)Japanese amberjack (Calculated based on Ministry of Finance Trade Statistics) (Unit: JPY/kg) (Calculated based on Ministry of Finance Trade Statistics) (Unit: JPY/kg) (Calculated based on Ministry of Finance Trade Statistics) (Unit: JPY/kg) (Unit: JPY/kg)
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Accent Colors Base Colors Base Colors 50% Corporate Color © Nissui All Rights Reserved. 29 (Billions of yen) Q1 of FY2025 Q1 of FY2026 Y-o-Y Main causes of fluctuations Net Sales 225.4 257.2 31.7 Gross Profit 37.7 42.5 4.8 SGA Expenses 27.4 30.1 2.6 Operating Profit 10.2 12.4 2.1 Non-operating profit 0.8 1.8 1.0 Investment income on equity method +0.9 Non-operating expenses 0.8 2.6 1.7 Interest Expense +1.2 Ordinary Profit 10.2 11.6 1.4 Extraordinary profit 0.0 0.0 0.0 Extraordinary losses 0.3 0.2 (0.0) Profit before income taxes 9.9 11.4 1.4 Income taxes - current 2.5 2.8 0.3 Income taxes - deferred 0.4 0.5 0.1 Profit 7.0 8.0 1.0 Profit attributable to non-controlling interests 0.5 0.5 0.0 Profit attributable to owners of parent 6.5 7.4 0.9 Consolidated Profit & Loss Statement in the Q1 of FY2026 (Y-on-Y)
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Accent Colors Base Colors Base Colors 50% Corporate Color © Nissui All Rights Reserved. 30 Exchange rate among overseas subsidiaries Q1 of FY2025 Q1 of FY2026 Y-on-Y Breakdown (Billions of yen) Local Currency JPY (Billions of yen) Local Currency JPY (Billions of yen) Local Currency JPY (Billions of yen) Local Currency Impact of exchange rate 21.2 18.2 2.9 EUR (million) 117 18.7 121 22.2 3 3.4 USD (million) 438 66.3 559 87.5 120 0.4 2.9 DKK (million) 878 18.7 863 21.2 (14) 2.4 (0.3) 2.7 Other Currencies － 10.5 － 12.8 － 2.2 1.0 1.1 29.3 19.5 9.8Total 114.4 143.7 USD 151.21 156.45 3.5% (JPY) Q1 of FY2025 Q1 of FY2026 Variation DKK 21.36 24.56 15.0% EUR 159.35 183.53 15.2% Impact of Currency Translation in the Q1 of FY2026 (Net Sales：Before Consolidated adjustment） 【 Reference: Exchange Rates 】 Note: The foreign exchange rate in the right table is the average of Q1.
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Accent Colors Base Colors Base Colors 50% Corporate Color © Nissui All Rights Reserved. 31 (Billions of yen) 66.3 7.4 29.0 6.8 19.2 8.6 24.9 3.2 1.9 0.2 141.4 26.1 (33.8) (4.9) 107.6 21.2 58.9 22.2 10.6 21.7 1.7 115.3 (28.9) 86.4 79.0 (0.9) 39.1 5.7 25.7 4.3 3.6 0.5 147.5 9.5 (9.3) 0.0 138.2 9.5 79.9 33.4 21.4 3.1 138.0 (9.3) 128.7 4.5 0.8 4.5 0.8 (0.6) 0.0 3.8 0.7 3.7 3.7 (0.6) 3.1 8.5 0.4 8.5 0.4 (4.3) (0.3) 4.2 0.1 8.1 8.1 (4.0) 4.0 3.9 (1.3) 0.0 0.0 3.9 (1.4) (0.6) 1.5 3.3 0.1 5.2 0.0 5.3 (2.1) 3.1 162.3 6.3 68.2 12.6 19.2 8.6 50.6 7.4 5.6 0.7 306.1 35.6 156.0 55.6 10.6 43.2 4.9 270.5 (27.3) (1.1) (7.8) (0.2) (9.5) (2.0) (0.4) (0.1) (3.7) (0.6) (48.8) (3.8) (26.2) (7.6) (7.5) (0.3) (3.1) (45.0) 135.0 5.2 60.4 12.5 9.6 6.6 50.1 7.3 1.9 0.2 257.2 31.7 129.8 47.9 3.0 42.8 1.7 225.4 ※The upper columns indicate the result of current year and the lower columns indicate that of previous year. ※The Italic and bold figures mean increase/decrease. ※Consolidated adjustment include elimination between the group companies. Sub Total Consolidated Adjustment Grand Total Food Products Fine Chemicals General Distribution Others Consolidated Adjustment Grand Total Marine Products Asia Oceania Sub TotalJapan North America South America Europe Segment Matrix of Net Sales in the Q1 of FY2026 (Y-on-Y)
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Accent Colors Base Colors Base Colors 50% Corporate Color © Nissui All Rights Reserved. 32 (Billions of yen) 3.7 1.5 2.9 1.1 (0.6) (1.0) 0.7 0.1 0.1 0.1 6.9 1.9 (1.5) 0.3 5.4 2.2 5.0 1.4 2.1 1.8 0.3 0.6 0.0 5.0 (1.9) 3.1 3.6 3.5 (0.5) 2.3 (0.1) 2.4 0.3 0.1 (0.0) 8.5 (0.4) (0.0) 0.0 8.4 (0.3) 6.1 (0.7) 4.1 2.4 2.1 0.1 8.9 (0.1) 8.8 6.8 0.5 0.4 0.5 0.4 0.0 0.0 0.5 0.5 13.7 13.0 0.0 0.0 (0.0) 0.0 0.6 0.5 (0.0) 0.5 (0.0) 0.0 0.0 0.5 (0.0) 12.4 (1.6) 0.5 0.5 0.0 0.5 14.0 0.0 (0.0) 0.0 0.0 0.0 (0.0) 0.0 0.1 0.1 0.1 5.2 3.5 0.1 0.0 0.1 (0.0) 0.0 1.6 (2.6) (0.3) (2.6) (0.3) 0.0 (0.0) (2.6) (0.3) (2.3) (2.3) 0.0 (2.3) 8.3 1.3 5.2 0.9 (0.6) (1.0) 3.2 0.4 0.3 0.1 (2.6) (0.3) 13.9 1.5 7.0 4.2 0.3 2.7 0.2 (2.3) 12.4 (0.6) (0.1) (0.7) 0.1 0.1 0.5 (0.1) (0.0) (0.1) (0.0) 0.0 0.0 (1.5) 0.6 (0.5) (0.9) (0.4) (0.1) (0.0) 0.0 (2.1) 7.7 1.2 4.4 1.1 (0.4) (0.4) 3.0 0.4 0.2 0.0 (2.6) (0.3) 12.4 2.1 4.8 0.3 6.5 3.3 (0.0) 2.6 0.1 (2.3) 10.2 4.6 ※The upper columns indicate the result of current year and the lower columns indicate that of previous year. ※The Italic and bold figures mean increase/decrease. ※Consolidated Adjustment includes amortization of goodwill and unrealized income in inventory, etc. Japan North America South America Europe Sub Total Consolidated Adjustment Grand Total Ratio of operating profit to net sales(%) Marine Products Asia Oceania Common Costs Grand Total Food Products Fine Chemicals General Distribution Others Common Costs Sub Total Consolidated Adjustment Segment Matrix of Operating Profit in the Q1 of FY2026(Y-on-Y)
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Accent Colors Base Colors Base Colors 50% Corporate Color © Nissui All Rights Reserved. 33 5.5 7.4 20.7 32.9 49.5 59.7 39.3 41.3 (35.0) (25.0) (15.0) (5.0) 5.0 15.0 25.0 35.0 45.0 55.0 65.0 (2.0) (1.0) 0.0 1.0 2.0 3.0 4.0 5.0 6.0 25/6 26/6 25/6 26/6 25/6 26/6 25/6 26/6 25/6 26/6 Marine Products Business of Net Sales and Operating Profit (Y-on-Y) in the Q1 of FY2026 (Billions of yen) ※Including unrealized gains on inventories, amortization of goodwill, etc. ※The italic figures in the lower part of this chart show the accumulation of the bar (operating profit) Net Sales (Line Chart) Operating Profit (Bar Chart) Fishery Aquaculture Processing Trading Non- consolidated Consolidated Adjustment 0.４ 0.７ １.８ 1.４ 2.４ ３.７ 0.２ １.０
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Accent Colors Base Colors Base Colors 50% Corporate Color © Nissui All Rights Reserved. 34 64.6 75.0 32.7 31.2 40.5 41.2 0.0 10.0 20.0 30.0 40.0 50.0 60.0 70.0 80.0 (1.0) 0.0 1.0 2.0 3.0 4.0 5.0 6.0 25/6 26/6 25/6 26/6 25/6 26/6 25/6 26/6 Food Products Business of Net Sales and Operating Profit (Y-on-Y) in the Q1 of FY2026 Net Sales (Line Chart) Operating Profit (Bar Chart) Processing Chilled Non- consolidated Consolidated Adjustment ※Including unrealized gains on inventories, amortization of goodwill, etc. ※The italic figures in the lower part of this chart show the accumulation of the bar (operating profit) (Billions of yen) 4.8 4.9 2.0 1.5 2.0 1.9
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Accent Colors Base Colors Base Colors 50% Corporate Color © Nissui All Rights Reserved.