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NIPPN CORPORATION https://www.nippn.co.jp/en/ Code number: 2001 The Second Quarter of FY2026 Briefing Session on Business Results November 17, 2025 © NIPPN CORPORATION All rights reserved.
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© NIPPN CORPORATION All rights reserved. 2 Table of Contents II III IV Overview of Business Results for the Second Quarter of FY2026 and FY2026 Performance Forecasts Implementation of Strategies to Achieve Medium-term Targets Appendix Digest p.4 p.14 p.3 V p.26Financial Strategy p.33 I
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© NIPPN CORPORATION All rights reserved. 3 DigestⅠ Overview of Business Results for the Second Quarter of FY2026 and FY2026 Performance Forecasts Improving Capital Efficiency A resolution for acquisition of own shares was approved at the Board of Directors meeting held on October 14, 2025. Promote the improvement of capital efficiency and the strengthening of shareholder returns through the implementation of a flexible capital policy Plan to continue selling our cross-shareholdings 5 10 15 20 25 30 Operating income Ordinary incomeBillion yen FY2021 FY2022 FY2023 FY2024 FY2025 FY2026 Forecast Consolidated net sales and operating income for the second quarter of FY2026 both increased, driven by growth in sales volume, etc. For FY2026, we expect consolidated net sales and operating income to both increase for the fifth consecutive year, driven by continued efforts to expand sales, etc.
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© NIPPN CORPORATION All rights reserved. Ⅱ Overview of Business Results for the Second Quarter of FY2026 and FY2026 Performance Forecasts
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© NIPPN CORPORATION All rights reserved. 5 (Millions of yen) FY2025 Q2 FY2026 Q2 Results % of Net Sales Results % of Net Sales YoY YoY Change (%) Compared to Forecast Change (%) from Forecast Net salesFlour Milling 60,483 29.5% 60,303 29.0% (179) (0.3)% Food 119,620 58.4% 122,203 58.8% 2,582 2.2% Other 24,804 12.1% 25,396 12.2% 591 2.4% Total 204,909 100.0% 207,903 100.0% 2,994 1.5% (3,596) (1.7)% Operating income Flour Milling 4,374 7.2% 4,677 7.8% 303 6.9% Food 4,900 4.1% 4,875 4.0% (24) (0.5)% Other, etc. 1,250 5.0% 1,301 5.1% 52 4.2% Total 10,524 5.1% 10,855 5.2% 330 3.1% 255 2.4% Operating income before depreciation 15,774 7.7% 16,112 7.7% 338 2.1% Ordinary income 12,092 5.9% 12,130 5.8% 37 0.3% 30 0.2% Profit attributable to owners of parent 14,039 6.9% 9,269 4.5% (4,769) (34.0)% 770 9.1% FY2026 Second Quarter Results Increased by ¥0.33 billion from the previous year due to steady sales growth, despite increases in various costs across each business, including raw material, personnel, and logistics costs. Operating income Net sales Increased by ¥2.9 billion from the previous year, driven by the expansion of inbound demand, sales promotion utilizing enhanced marketing strategies, and price revisions implemented in response to rising costs.
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© NIPPN CORPORATION All rights reserved. 6 Analysis of Factors for Changes in Net Sales / Operating Income Compared with the same period of FY2025: decrease of ¥179 million [(0.3)%] Compared with the same period of FY2025: increase of ¥303 million [+6.9%] Profitability Fluctuation Changes in Sales Volume Cost-relatedFY2025 Q2 FY2026 Q2 4,374 4,677 +700 +300 (700) Analysis of factors for changes in net sales Analysis of factors for changes in operating income Despite higher costs in areas such as logistics and repair expenses, operating income rose from the same period of the previous year, driven by improved productivity and growth in sales volume. Despite some positive factors, such as increased sales volume of wheat flour, net sales in the business segment decreased from the same period of the previous year due to the significant impact of wheat flour price revisions. TOPICTOPIC Flour Milling Increase of Wheat Flour Shipment Volume Impact of the Wheat Flour Price Revision, etc. Warehou ses, etc. FY2025 Q2 FY2026 Q2 60,483 60,303 +1,300 (1,300) (Millions of yen) (Millions of yen) (200)
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© NIPPN CORPORATION All rights reserved. 7 Analysis of Factors for Changes in Net Sales / Operating Income Food Compared with the same period of FY2025: increase of ¥2,582 million [+2.2%] Compared with the same period of FY2025: decrease of ¥24 million [(0.5)%] 4,900 4,875 +1,300 (600) (1,000) +300 (400) Analysis of factors for changes in net sales Analysis of factors for changes in operating income Despite efforts to implement price revisions in response to rising costs, operating income decreased from the same period of the previous year due to a rise in logistics and personnel costs, etc., and a decrease in sales volume. Net sales of professional-use foods increased, driven by expanding inbound demand and steady performance in overseas business. Despite strengthened sales capabilities through marketing initiatives, net sales of home-use foods decreased due to a growing preference for thrift. Net sales of ready-made meals and deli increased, driven by steady sales and price revisions implemented in response to rising costs of raw materials, etc. TOPICTOPIC FY2025 Q2 FY2026 Q2 119,620 122,203 +1,300 +1,700 (Millions of yen) (Millions of yen) Profitability Fluctuation Decrease in Sales Volume Strategic Costs Cost- related FY2025 Q2 FY2026 Q2Professional- use Foods Home-use Foods Ready-made Meals and Deli
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© NIPPN CORPORATION All rights reserved. 8 Analysis of Factors for Changes in Net Sales / Operating Income Other Compared with the same period of FY2025: increase of ¥591 million [+2.4%] Compared with the same period of FY2025: increase of ¥52 million [+4.2%] Profitability Fluctuation / Changes in Sales Volume Cost- related FY2025 Q2 FY2026 Q2 1,250 1,301 +500 (400) Analysis of factors for changes in net sales Analysis of factors for changes in operating income Although some costs increased, such as personnel costs, operating income in the business segment rose from the same period of the previous year due to increased sales volume and price revisions implemented in response to rising costs. The sales of pet food rose due to its growth in sales volume. Sales in the food service business increased due to strong sales and the implementation of price revisions. TOPICTOPIC Pet Food Food Service Business Engineering and Other FY2025 Q2 FY2026 Q2 24,804 25,396 +500 (200)+300 (Millions of yen) (Millions of yen)
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© NIPPN CORPORATION All rights reserved. 9 Compared with the same period of FY2025: increase of ¥37 million [+0.3%] Compared with the same period of FY2025: decrease of ¥4,769 million [(34.0)%] Analysis of factors for changes in ordinary income Analysis of factors for changes in profit(*) Profit decreased due to a decrease gain on sales of non-current assets. Ordinary income increased based on factors such as higher operating income and dividend income. TOPICTOPIC Change in Operating Income Interest Income and Dividend Income Change in Equity in Earnings/Losses of Affiliates FY2025 Q2 FY2026 Q2 12,092 12,130 +330 +430 (Millions of yen) (Millions of yen) Analysis of Factors for Changes in Ordinary Income / Profit (217) (167) (338) Foreign Exchange Losses (Gains) Other 14,039 +37 (6,800) (69) +2,064 +1 9,269 Change in Ordinary Income Change in Extraordinary Income Change in Income Taxes - Deferred, etc. FY2025 Q2 FY2026 Q2Change in Extraordinary Losses Profit Attributable to Non-controlling Interests (*) Profit attributable to owners of parent
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© NIPPN CORPORATION All rights reserved. 10 (Millions of yen) FY2025 FY2026 Results % of net sales Forecast % of net sales YoY YoY change (%) Net sales Flour Milling 121,663 29.6% 120,000 28.3% (1,663) (1.4)% Food 238,353 58.0% 249,500 58.8% 11,147 4.7% Other 50,861 12.4% 54,500 12.9% 3,639 7.2% Total 410,878 100.0% 424,000 100.0% 13,122 3.2% Operating income Flour Milling 9,203 7.6% 8,600 7.2% (603) (6.6)% Food 9,283 3.9% 9,600 3.8% 317 3.4% Other, etc. 3,000 5.9% 3,300 6.2% 300 10.0% Total 21,486 5.2% 21,500 5.1% 14 0.1% Operating income before depreciation 32,381 7.9% 33,200 7.8% 819 2.5% Ordinary income 24,393 5.9% 24,500 5.8% 107 0.4% Profit attributable to owners of parent 24,757 6.0% 20,200 4.8% (4,557) (18.4)% FY2026 Performance Forecasts Operating income is expected to mark a record high of ¥21.5 billion mainly due to increased sales volume resulting from sales expansion, despite projected increases in various costs, including personnel, logistics, and raw material costs, as well as an increased depreciation burden associated with the operation of the new mill. Operating income Net sales Net sales are expected to reach a record high of ¥424.0 billion, with consumer demand projected to continue on a stable growth track.
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© NIPPN CORPORATION All rights reserved. 11 Analysis of Factors for Changes in Net Sales/ Operating Income Forecasts Flour Milling Analysis of factors for changes in net sales Analysis of factors for changes in operating income Compared with the same period of FY2025: decrease of ¥1,663 million [(1.4)%] Compared with the same period of FY2025: decrease of ¥603 million [(6.6)%] FY2025 Results FY2026 Forecast 9,203 8,600 +700 TOPICTOPIC Increase of Wheat Flour Shipment Volume Impact of the Wheat Flour Price Revision, etc. Warehou ses, etc. FY2025 Results FY2026 Forecast +600 (1,900) Despite some positive factors associated with enhancing productivity and increasing sales volume of wheat flour, operating income in the business segment is expected to decline, mainly due to higher depreciation associated with the operation of the new Chita mill. While sales volume is increasing, net sales in the business segment are expected to decrease due to price revisions for wheat flour for professional use following reductions in the government selling price for imported wheat. 121,663 +1,900 (3,700) +100 120,000 Profitability Fluctuation Changes in Sales Volume Cost- related (Millions of yen)(Millions of yen)
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© NIPPN CORPORATION All rights reserved. 12 Analysis of Factors for Changes in Net Sales/ Operating Income Forecasts Food Analysis of factors for changes in net sales Analysis of factors for changes in operating income Compared with the same period of FY2025: increase of ¥11,147 million [+4.7%] Compared with the same period of FY2025: increase of ¥317 million [+3.4%] While costs, including those for logistics and personnel are projected to rise, operating income is forecast to increase due to strengthened sales of high-value-added products. The sales of professional-use foods are expected to increase, with the higher sales volumes of premix products and frozen foods and price revisions associated with rising costs; the sales of home-use foods are also expected to increase due to a projected rise in the sales volume of processed foods and frozen foods, as well as price revisions associated with increasing costs; and the sales of ready-made meals and deli are expected to increase based on stable sales growth. TOPICTOPIC 238,353 249,500+3,300 +4,800 +3,000 Professional- use Foods Home- use Foods Ready-made Meals and Deli FY2025 Results FY2026 Forecast FY2025 Results FY2026 Forecast 9,283 9,600 (200) +1,400 (900) Profitability Fluctuation Decrease in Sales Volume Cost- related (Millions of yen)(Millions of yen)
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© NIPPN CORPORATION All rights reserved. 13 Profitability Fluctuation / Changes in Sales Volume Cost-related and Other FY2025 Results FY2026 Forecast 3,000 3,300 Analysis of factors for changes in net sales Analysis of factors for changes in operating income Despite increasing fixed costs such as personnel costs, operating income in the business segment is expected to grow with increased sales volume of pet food and increased sales in the engineering business, etc. Increased sales are expected for the pet food and food service businesses based on stable sales growth. Increased sales are also expected in the engineering and healthcare businesses and other businesses. TOPICTOPIC Pet Food Food Service Business Engineering and Other FY2025 Results FY2026 Forecast (Millions of yen) (Millions of yen) 50,861 54,500 (500) +1,000 +800 Analysis of Factors for Changes in Net Sales/ Operating Income Forecasts Other Compared with the same period of FY2025: increase of ¥3,639 million [+7.2%] Compared with the same period of FY2025: increase of ¥300 million [+10.0%] +700 +1,900
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© NIPPN CORPORATION All rights reserved. Ⅲ Implementation of Strategies to Achieve Medium-term Targets
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© NIPPN CORPORATION All rights reserved. 15 Operating income before depreciation 35.8 billion yen ROE 8% or more ROIC 5% or more Operating income before depreciation 30.6 billion yen ROE (*2) 8.2% ROIC 4.8% Long-term Vision 20302027-2029FY2023-2027 Medium-term Targets Steps Toward Long-term Vision 2030 In order to accomplish the Management Philosophy, the Long-Term Vision 2030 was formulated in May 2024. At the same time, upward revisions were made to the FY2023-2027 Medium-term Targets, which are regarded as the milestones for realizing the economic value of the vision. We are aiming to further strengthen the profitability of our core fields to generate cash on a stable and continuous basis, while also expanding our business areas in growth fields. Continuing to take on the challenge of solving social problems through food, as a comprehensive food company Laying the foundations for achieving the Long-term Vision *1 Because the original targets were achieved during FY2024, the medium-term targets have been upwardly revised. *2 Value after adjusting gains on sales of our cross- shareholdings Sustainable growth as a comprehensive food company FY2024 results FY2027 Medium-term Targets (*1) FY2031 Social Value Simultaneously realizing the well- being of employees, society, and consumers Net sales ¥500.0 billion Operating income ¥25.0 billion Economic ValueNet sales ¥450.0 billion Operating income ¥21.0 billion Net sales ¥400.5 billion Operating income ¥20.3 billion
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© NIPPN CORPORATION All rights reserved. 16 8.2% 8%or more 4.8% 4.7% 5%or more Breakdown of Medium-term Targets by Segment (Billions of yen) (*1) *1 Value after adjusting gains on sales of our cross-shareholdings 20.3 21.4 21.5 21.0 30.6 32.3 33.2 35.8 FY2024 FY2025 FY2026 FY2027 Net sales Operating income / Operating income before depreciation ROE ROIC 6.6% (*1) FY2024 results FY2025 results FY2026 performance forecast FY2027 Medium-term Target Net sales Flour Milling 125.3 121.6 120.0 139.0 Food 226.6 238.3 249.5 261.0 Other 48.5 50.8 54.5 50.0 Total 400.5 410.8 424.0 450.0 Operating income Flour Milling 9.1 9.2 8.6 6.8 Food 8.3 9.2 9.6 11.4 Other, etc. 2.7 3.0 3.3 2.8 Total 20.3 21.4 21.5 21.0 Depreciation 10.3 10.8 11.7 14.8 Operating income before depreciation 30.6 32.3 33.2 35.8 ROE 8.2% 6.6% - 8% or more ROIC 4.8% 4.7% - 5% or more 400.5 410.8 424.0 450.0
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© NIPPN CORPORATION All rights reserved. 17 Basic Strategy Policies for Medium-term Targets and Organizational Structure ❷ Strategic investment in growth fields and new business fields ❶ Strengthening profitability in core fields ❸ Pursuing M&A and business partnership opportunities ❹ Strengthening corporate competitiveness through DX promotion ❺ Promoting sustainability management Wheat Flour Business Dept. Food Service Products Dept. Nakashoku (Ready-made Meal) Business Dept. Health Care Business Div. Retail Products Dept. Marketing Dept. International Business Div. Financial Closing Segments OtherFlour Milling Food Basic Strategy Policies for Medium-term Targets Financial Closing Segments, Connection Between Each Business Flour Milling Food Ingredients Processed Food Frozen food Ready- made Meals Healthcare Overseas Organizations Promoting marketing strategies Developing manufacturing facilities Promoting improvements in production efficiency and logistics Expanding sales channels Enhancing production capacity Developing/Providing value-added products Flour Milling Food Ingredients Processed Food Frozen food Ready- made Meals Healthcare Overseas
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© NIPPN CORPORATION All rights reserved. 18 Progress on Key Strategies (1) Construction of a New Flour Mill We will establish a stable supply framework for wheat flour-related products, enhance cost competitiveness, strengthen our profit base, and achieve further sales and profit growth with a view toward the global market. Domestic Chita Mill Overseas Utah Flour Milling Flour Milling Overseas Enhancing production capacity Developing manufacturing facilities Daily processing capacity: 600 tons*1 Daily processing capacity: 340 tons*1 *1 Based on raw wheat Construction work is progressing smoothly toward operation in February 2026. Reduce raw material procurement costs through a location where large grain vessels can berth (raising the share of coastal flour mills from 83% to 95%). Achieve higher efficiency through proprietary automation technologies and DX. A cutting-edge flour mill with strong resilience against natural disasters and consideration given to the BCP and the environment. The new plant of Utah Flour Milling, LLC, in which we hold a 25% stake and participate in its operations, has begun full-scale operation. Concluded a long-term supply agreement with the group company of major US food manufacturer Campbell’s, enabling direct delivery of flour via pipeline. Utilizing Utah Flour Milling’s know-how and adding our Company’s expertise, realize expansion of sales in the US market and the supply of products with competitiveness. 10.3 12.0 12.2 12.4 13.0 FY2023 Results FY2024 Results FY2025 Results FY2026 Forecast FY2027 Target Changes in Operating Income before Depreciation in the Flour Milling Segment (Billion yen) Medium- term Target
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© NIPPN CORPORATION All rights reserved. 19 Progress on Key Strategies (2) Marketing Strategies Established the Marketing Dept., integrating product development and sales support functions Rolled out marketing know-how transferred from Katana Inc. across our company to build a framework for creating consistent consumer value Continued strengthening of the master brand and development of new master brands Expanding consumer-driven marketing also to professional-use products Accumulating and passing on marketing know-how through internal training Marketing Dept. Deepening consumer insights Branding (strategy planning, advertising and sales promotion) Professional-use business support Solution Sales Dept. Solving issues from a consumer-centric perspective Strengthening partnerships with retailers Product Development Dept. Consumer-driven product development New concept creation based on emerging seeds *1 Macromill QPR, ages 15 to 79 market (amount per 100 people), period: July 2024 to June 2025 (year -on-year comparison) *Pasta (frozen + dried) market growth rate *1 123% 106% Entire market Future expansion Launched a new strategy in fall 2023 with “Oh’my Premium,” Pasta that makes your usual meal special Achieved efficient growth through focused investment in both frozen and dried product categories Marketing Dept. Processed Food Frozen Food Promoting marketing strategies April 2025 Food Business Organizational Reform Master Brand Strategy “Enhanced focus on ingredient finishing" made even more delicious with refreshed packaging that better conveys its value. Renewal of the Shigoku series for fall/winter 2025 Limited-time Oh’my Premium taste guarantee campaign Appealing the product’s great taste across temperature ranges to attract new users.
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© NIPPN CORPORATION All rights reserved. 20 Progress on Priority Businesses (1) Frozen Food Business Establishment of new production site: New Hatanaka Foods Plant (for home use) Our Group’s largest frozen foods plant in terms of production capacity Adding new production lines for rice and one-plate products Promoting further labor savings through the introduction of automation technologies at each production stage Enabling highly efficient production even for high-value-added products Frozen Food Enhancing production capacity Developing/Providing value-added products Market trends Begin operations at the end of FY2027 (scheduled) Home use: Continued market expansion driven by needs for time savings, convenience, and improved quality Rapid growth in the market for frozen prepared set-meals, including one-plate offerings Professional use: Demand remains steady due to food services and inbound demand Our products and sales strategies Home use: Rebuilding the supply system and promoting the “Master Brand Strategy” Continuing to provide high-value-added products without compromising on quality Professional use: Expanding the marketing know-how accumulated in the home-use category A one-plate, complete meal combining a staple and a main dish 2016 2018 2020 2022 2024 Changes in Sales in the Frozen Prepared Set-Meal Market*1 Set-meal market Our one-plate products Market size: ¥18.0 billion Our share (Top) Capturing the steadily expanding demand for frozen foods, aim to realize net sales of ¥65 billion in FY2027 and ¥90 billion in FY2031. *1 Source: Intage SCI *Market size estimated based on the former SCI purchase amount per 100 people 2015/4-2019/3: SCI covering consumers up to their 60s, 2019/4- 2025/3: SCI covering consumers up to their 70s 52.0 65.0 90.0 13% 14% 18% FY2024 Results FY2027 Target FY2031 Long-term Vision Sales of the Frozen Food Business / Ratio to Total Company Sales Net sales Ratio of net sales of frozen food Billion yen Billion yen Billion yen FY2024 results FY2027 Medium- term Target FY2031 Long-term Vision Net sales Ratio of frozen food to total company sales
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© NIPPN CORPORATION All rights reserved. 21 Overseas Expanding sales channels Business expansion in North America and Asia Make efforts to expand the sale of high-quality wheat flour mainly in rapidly economically developing Asian countries Develop sales channels for food ingredients, frozen foods, etc., tailored to the needs of each country Utilizing existing distribution channels for wheat flour export sales and strengthen collaboration with Group companies, etc. Expansion into Vietnam and business expansion In Vietnam, where high GDP growth continues, we established a local subsidiary in July 2024, and a new premix plant is scheduled to begin operations in 2027. North America Expansion of sales channels following the construction of the new Utah Flour Milling plant Create synergies with our two U.S. bases (Pasta Montana, L.L.C. and NIPPN California Inc.) Asia We will promote expansion of our sales and business in the Vietnamese market, enhance our supply system within the ASEAN region, and accordingly ensure a more stable supply. Progress on Priority Businesses (2) Overseas Business NIPPN Group’s business in the US Utah Flour Milling, LLC Expansion of exports of Japanese products Through market development both within and outside our bases and proactive investment overseas, aim to achieve net sales of ¥40.0 billion in FY2027 and ¥60.0 billion in FY2031. Existing businesses in the US Pasta Montana, L.L.C. Manufacture and sale of pasta NIPPN California Inc. Sale of premix products, etc. 20.0 40.0 60.0 5% 9% 12% FY2024 results FY2027 Medium-term Target FY2031 Long-term Vision Sales of the Overseas Business / Ratio to Total Company Sales Net sales Ratio of overseas sales to total company sales Billion yen Billion yen Billion yen
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© NIPPN CORPORATION All rights reserved. 22 The 55th Food Industrial Technical Award Product/Technology Category FY2025 Private Sector Category Award for Outstanding Contributions to Agriculture, Forestry and Fisheries Research & Development Award by the Chairman of the Agriculture, Forestry and Fisheries Research Council Wheat flour using "Yawara wheat®“ nippn Super Easy Series “nippn Delicious Flaxseed Oil in Dressing” series “Trendy Meal Soup Curry with Vegetables/ Trendy Meal Sundubu with 6 Ingredients” Slows the progression of starch retrogradation, helping processed products maintain softness and retain a freshly prepared texture over time. Delivers the same performance not only in ambient-temperature products but also in chilled and frozen dough applications. Enables easy confectionery preparation while facilitating parent– child communication. Time-saving products that maintain high quality. Products within the series can be combined, offering strong variation. A dressing series that delivers both functionality and excellent taste. The use of NIPPN’s flaxseed oil provides a strong sense of safety and reliability. A well-balanced sweet-and-sour flavor profile that appeals to a wide range of consumers. Utilizes a newly developed molded tray. Minimal plastic usage* with consideration for the environment. The paper material’s inherent heat-retention properties help maintain an optimal serving temperature. *Approx. 85% reduction in plastic usage. (Compared with plastic containers in the same series) Social Recognition of NIPPN Products (FY2026 awards received) Flour Milling Frozen Food Processed Food Processed Food Evaluation points Evaluation points FeaturesFeatures The 6th Japan Child-rearing Support Grand Prize The 87th Japan Food Selection Grand Prix 2025 Japan Packaging Contest Packaging Category Award
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© NIPPN CORPORATION All rights reserved. 23 NIPPN DX Master Plan DX Vision Our group has been steadily advancing the digitization of analog data (digitization) and the automation and visualization of operations (digitalization). To further shift toward full-scale DX, we established a DX Strategy Office within the Information System Promotion Department in 2024, and furthermore, in 2025, we formulated the “NIPPN DX Master Plan.” Time creation Digital environment development Development of DX human resources NIPPN DX Master Plan Position DX not as a one-off measure but as a sustainable management foundation, and build an environment and foundation in which all employees autonomously pursue optimal business processes and can realize the efficiency and advancement of operations by utilizing internal and external data, AI, and the latest technologies. Long-term Vision 2030
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© NIPPN CORPORATION All rights reserved. 24 Challenges in NIPPN’s DX Initiatives To achieve the “NIPPN DX Master Plan,” set priority issues to be addressed. Promote various measures with the time creation, digital environment development, and development of DX human resources as the core. Long-term Vision 2030 2025 2026 2027 2028 2029 Introduction of in-house SNSs Utilization of AI agents Digitization (optimization) of business processes Building a Zero Trust Network Rebuilding the data infrastructure Firm establishment of data-driven management Time creation Digital environment development Development of DX human resources NIPPN DX Master Plan Promote “business reform,” which optimizes operations across the organization using digital technologies without relying on the current business processes. Reorganize the data infrastructure that links accumulated internal data in order to make future-developing digital technologies usable. Define DX human resources into three levels and support their growth through both training and practical experience. Challenges in NIPPN’s DX Initiatives Time creation Digital environment development Development of DX human resources
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© NIPPN CORPORATION All rights reserved. 25 Initiatives for Human Capital To achieve the well-being of “employees,” who are the source of corporate value creation, formulate a “Human Resources Vision” to align management strategy and human resources strategy. Based on the Human Resources Vision as the core, work on human resource development, revisions to personnel systems, and fostering organizational culture that leads to the creation of the required human resources. In addition, by linking the personnel system with the Human Resources Vision, realize further growth of the organization and individuals. Human Resources Vision “Professionals who continuously take on the challenge of delivering value for an exciting future” Personnel system Labor management and employee benefits Grade system Human resources utilization system Evaluation system Education system Wage system Realize the growth of the organization and individuals based on the proper operation of the personnel system. Broad perspective Collaboration / Co-creation Growth-oriented Professionalism Pride in supporting lives Future-oriented Independence / Self- accountability Ability to enjoy Decisiveness Human resources that, as professionals, support people’s lives and create a rich food future Human resources that treat concerns as their own, discover new challenges, and carve out a new era Human resources that have a broad perspective and pursue sustainable growth toward delivering value © NIPPN CORPORATION All rights reserved. 25 Link the personnel system with the Human Resources Vision
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© NIPPN CORPORATION All rights reserved. Ⅳ Financial Strategy
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© NIPPN CORPORATION All rights reserved. 27 Basic Policy of Financial Strategy Utilize external fund procurement and increase financial leverage Financial indicators (With the premise of maintaining ratings to ensure financial soundness) Equity capital ratio: 54% or higher Net D/E ratio: 0.34 times or lower As a basic policy, funds obtained from asset sales are preferentially allocated to investments based on the business strategy Shareholder return policy Maintain a stable and sustainable dividend, with a target consolidated payout ratio of 30% or more excluding extraordinary gains and losses Flexible acquisition of own shares Acquire ¥4 billion in shares (maximum) by the end of FY2026 Increase in corporate value Pursuit of ROIC-oriented management Set hurdle rates through a combination of ROI, DCF, and IRR Reduce inventories through the promotion of DX and improvement of logistics efficiency Optimize the business portfolio with an awareness of ROE Pursuit of the ability to earn efficiently Financing that balances financial soundness and capital efficiency Maintaining and strengthening shareholder returns © NIPPN CORPORATION All rights reserved. 27 Promote the enhancement of corporate value through the efficient operation of assets and financing that balances financial soundness and capital efficiency, while striving to maintain and expand shareholder returns.
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© NIPPN CORPORATION All rights reserved. 28 Balance Sheet Management Unit: Billions of yenEnd of September 2025 Work on improving the CCC (Cash Conversion Cycle). As a general rule, allocate funds obtained through the reduction to investments based on the business strategy, while also considering their use for shareholder returns. Utilize interest-bearing liabilities and other borrowed capital for investments based on the business strategy, and aim to expand financial leverage. On the premise of maintaining the rating*1, aim for an equity capital ratio of around 55% through the utilization of financial leverage, acquisition of own shares, etc. *1 Long-term issuer rating: A Flat (JCR) Net assets Liabilities Non-current assets Current assets Promote the reduction of the equity ratio through the utilization of financial leverage and acquisition of own shares and, by allocating funds obtained from the sale of non-business assets to investments based on the business strategy to expand profits, improve the efficiency of the balance sheet. Hold cash and deposits equivalent to approximately one month of consolidated net sales. Reduce our cross-shareholdings to under 20% of consolidated net assets by the end of March 2027. Current assets Non-current assets Liabilities Net assets 163.8 257.7 149.0 272.5 Improvement of the CCC and promotion of growth investment Utilization of interest-bearing liabilities, acquisition of own shares, etc. Total assets Net D/E ratio Equity capital ratio ¥421.5 billion 0.02x 62.9%
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© NIPPN CORPORATION All rights reserved. 29 Cash Allocation During the Period of the Medium-term Targets FY2025 Results FY2026 Forecast FY2027 Forecast Cash Flows from Operating Activities ¥22.0 billion ¥21.0 billion ¥21.0 billion Sale of Assets ¥13.5 billion ¥7.0 billion ¥10.0 billion Procurement of Funds Not procured ¥30.0 billion ¥35.0 billion FY2025 Results FY2026 Forecast FY2027 Forecast Investments Based on the Business Strategy Investment and loans for Utah Flour Milling, etc.: ¥5.0 billion New frozen food plant, etc.: ¥8.0 billion New frozen food plant: Other growth investment: ¥10.0 billion ¥10.0 billion Chita mill: Facility renewal/ enhancement: ¥9.0 billion ¥11.0 billion Chita mill: Facility renewal/ enhancement: ¥14.0 billion ¥10.0 billion Production system reallocation: Facility renewal/ enhancement: ¥15.0 billion ¥15.0 billion Investment in DX, advertising, and marketing: ¥3.0 billion Investment in DX, advertising, and marketing: ¥5.0 billion R&D Center: Investment in DX, advertising, and marketing: ¥6.0 billion ¥4.0 billion Total ¥28.0 billion ¥37.0 billion ¥60.0 billion Shareholder Returns Dividends: ¥5.5 billion Dividends: Acquisition of own shares: ¥5.3 billion ¥4.0 billion Dividends and flexible acquisition of own shares: ¥5.4 billion or more Redemption of Bonds ¥11.6 billion Investment for growth Facility renewal/ enhancement Strategic investment Cash-in Cash-out Allocate funds obtained from cash flows from operating activities and sales of assets to growth investment and renewal/enhancement investment and aim to maximize corporate value from a medium- to long-term perspective. While maintaining financial soundness, utilize new borrowings as well and increase financial leverage. With regard to shareholder returns, while maintaining stable and sustainable dividends, strive to improve the total payout ratio. 02 03 01
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© NIPPN CORPORATION All rights reserved. 30 Overview of acquisition of own shares Expansion of shareholder returns through an increase in value per share Improvement of capital efficiency Mitigation of the impact of the secondary offering of common stock on demand for Company shares Regarding Shareholder Returns (1) … Acquisition of Own Shares (Resolution on October 14, 2025) Purpose Class of shares to be acquired Common stock of the Company Total number of shares authorized to be acquired 2.2 million shares (maximum) Total purchase amount of shares to be acquired ¥4.0 billion (maximum) Acquisition period November 25, 2025 - March 31, 2026 Method of acquisition Market purchase on Tokyo Stock Exchange, Inc. 02 03 01 *Calculated excluding extraordinary and special gains and losses Shareholder returns against the FY2026 forecast Approx. ¥16.8 billion Dividends: ¥5.3 billion ＠¥66 Acquisition of own shares: Up to ¥4.0 billion Total payout ratio: Approx. 56% FY2026 Forecast Shareholder Returns Approx. ¥9.3 billion Consolidated profit*
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© NIPPN CORPORATION All rights reserved. 31 (scheduled) Regarding Shareholder Returns (2) … Changes in Dividends Changes in dividends ¥15 ¥15 ¥16 ¥17 ¥18 ¥19 ¥28 ¥33 ¥33 ¥15 ¥17 ¥18 ¥19 ¥20 ¥21 ¥38 ¥33 ¥33 F Y 2 0 1 8 F Y 2 0 1 9 F Y 2 0 2 0 F Y 2 0 2 1 F Y 2 0 2 2 F Y 2 0 2 3 F Y 2 0 2 4 F Y 2 0 2 5 F Y 2 0 2 6 ( F O R E C A S T ) Year-end dividend Interim dividend ¥66 ¥40 ¥66 ¥66 ¥38¥36¥34¥32¥30 Consolidated Payout Ratio 31.5% 29.4% 29.1% 32.0% 31.3% 30.3% 30.3% 33.3% 33.0% Total Payout Ratio 31.5% 112.2% 29.1% 32.0% 31.3% 30.3% 30.3% 33.3% Approx. 56% Basic dividend policy Secure the internal reserves necessary for investment in future growth Strive to improve total payout ratio while also maintaining stable and sustainable dividends We aim to achieve an increase in dividend amounts based on profit growth, with a target dividend payout ratio of 30% or more, which is calculated excluding special and extraordinary gains and losses such as from the sale of assets. In addition to optimizing the capital structure, acquisition of own shares will continue to be carried out flexibly, taking into comprehensive consideration factors such as investment projects and stock price conditions. (The consolidated payout ratio and total payout ratio for FY2024, FY2025, and FY2026 are calculated excluding extraordinary and special gains and losses.) Acquisition of own shares: ¥4.0 billion Acquisition of own shares: ¥7.0 billion
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© NIPPN CORPORATION All rights reserved. 32 Initiatives for Reduction of Our Cross-shareholdings 0 20 40 60 80 100 120 140 160 180 200 10.0% 15.0% 20.0% 25.0% 30.0% 35.0% End of FY2022 FY2023 FY2024 FY2025 The Second Quarter of FY2026 End of FY2027 Sale amount Ratio to consolidated net assets 31.7% 29.5% 24.2％ Sale of ¥15.4 billion 30.7% Sale of ¥2.1 billion Sale of ¥4.9 billion Reductions in our cross-shareholdings The Second Quarter sales of ¥1.7 billion. We will continue to pursue additional sales. 23.7％ ● Reduction target By the final year of the Medium-Term Target period (the end of FY2027), We will verify the significance of holding of each issue with an eye to the cost of capital and keep reducing the shareholdings that we determine should be reduced since the rationale for holding those shares has become weak. We have promoted dialogue with the issuers of the shares held under our cross-shareholdings (business partners), and will continue making substantial reductions during the current fiscal year onward. reduce our cross-shareholdings to under 20% of consolidated net assets Less than 20%
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© NIPPN CORPORATION All rights reserved. AppendixⅤ
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© NIPPN CORPORATION All rights reserved. 34 (Millions of yen) End of FY2025 FY2026 Q2-end (2025.3.31) Component Ratio (2025.9.30) Component Ratio Compared with March 2025 Change (%) Current assets 159,014 39.8% 163,761 38.9% 4,747 3.0% Property, plant and equipment 134,412 33.7% 142,600 33.8% 8,188 6.1% Intangible assets 2,023 0.5% 3,538 0.8% 1,515 74.9% Investments and other assets 103,775 26.0% 111,607 26.5% 7,832 7.5% Non-current assets 240,210 60.2% 257,746 61.1% 17,535 7.3% Deferred assets 1 0.0% - - (1) (100.0)% Total assets 399,226 100.0% 421,508 100.0% 22,281 - Current liabilities 104,407 26.2% 77,779 18.5% (26,628) (25.5)% Non-current liabilities 48,334 12.1% 71,222 16.9% 22,887 47.4% Total liabilities 152,742 38.3% 149,001 35.3% (3,740) (2.4)% Equity capital 242,140 60.7% 265,337 62.9% 23,196 9.6% Share acquisition rights 115 0.0% 98 0.0% (17) (14.8)% Non-controlling interests 4,227 1.1% 7,070 1.7% 2,842 67.2% Total net assets 246,484 61.7% 272,506 64.7% 26,022 10.6% Total liabilities and net assets 399,226 100.0% 421,508 100.0% 22,281 - Consolidated Balance Sheets
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© NIPPN CORPORATION All rights reserved. 35 Consolidated Statements of Income (Millions of yen) FY2025 Q2 FY2026 Q2 Initial Forecast FY2026 Q2 Results Ratio of Net Sales Forecast Ratio of Net Sales Results Ratio of Net Sales YoY Change (%) Compared with the Forecast Change (%) Net sales 204,909 100.0% 211,500 100.0% 207,903 100.0% 2,994 1.5% (3,596) (1.7)% Cost of sales 155,644 76.0% 155,695 74.9% 51 0.0% Gross profit 49,264 24.0% 52,208 25.1% 2,943 6.0% Selling, general and administrative expenses 38,740 18.9% 41,353 19.9% 2,612 6.7% Operating income 10,524 5.1% 10,600 5.0% 10,855 5.2% 330 3.1% 255 2.4% Non-operating income 1,828 0.9% 1,903 0.9% 75 4.1% Non-operating expenses 260 0.1% 628 0.3% 367 141.2% Ordinary income 12,092 5.9% 12,100 5.7% 12,130 5.8% 37 0.3% 30 0.2% Extraordinary income 8,554 4.2% 1,754 0.8% (6,800) (79.5)% Extraordinary expenses 131 0.1% 200 0.1% 69 52.7% Profit before income taxes 20,515 10.0% 13,684 6.6% (6,831) (33.3)% Income taxes - deferred 6,259 3.1% 4,195 2.0% (2,064) (33.0) Profit attributable to non- controlling interests 217 0.1% 218 0.1% 1 0.5% Profit attributable to owners of parent 14,039 6.9% 8,500 4.0% 9,269 4.5% (4,769) (34.0)% 770 9.1%
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© NIPPN CORPORATION All rights reserved. 36 (Millions of yen) FY2025 Q2 FY2026 Q2 Results Results Change Cash flows from operating activities 6,585 9,000 2,415 Cash flows from investing activities (3,307) (13,496) (10,188) Cash flows from financing activities (5,046) 5,378 10,424 Effect of exchange rate changes on cash and cash equivalents 356 (463) (820) Net increase (decrease) in cash and cash equivalents (1,411) 418 1,830 Cash and cash equivalents at beginning of period 40,728 41,471 743 Cash and cash equivalents at end of period 39,316 41,890 2,574 Statements of Cash Flows
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© NIPPN CORPORATION All rights reserved. 37 Changes in Net Sales FY2021 FY2022 FY2023 FY2024 FY2025 FY2026 Forecast FY2025 Q2 FY2026 Q2 Flour Milling 92,595 96,934 117,604 125,316 121,663 120,000 60,483 60,303 Food 160,751 185,911 204,796 226,661 238,353 249,500 119,620 122,203 Other 34,977 38,471 43,123 48,536 50,861 54,500 24,804 25,396 Total 288,324 321,317 365,525 400,514 410,878 424,000 204,909 207,903 0 100,000 200,000 300,000 400,000 500,000 `FY2021 FY2022 FY2023 FY2024 FY2025 Forecast for FY2026 Other Food Flour Milling (Millions of yen) (Millions of yen) * In accordance with the application of the “Accounting Standard for Revenue Recognition” and other standards, the figures for FY2021 are those after retrospective application.
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© NIPPN CORPORATION All rights reserved. 38 Changes in Operating Income FY2021 FY2022 FY2023 FY2024 FY2025 FY2026 Forecast FY2025 Q2 FY2026 Q2 Flour Milling 5,133 6,211 7,528 9,186 9,203 8,600 4,374 4,677 Food 4,272 4,068 3,449 8,354 9,283 9,600 4,900 4,875 Other, etc. 965 1,000 1,309 2,799 3,000 3,300 1,250 1,301 Operating income 10,370 11,282 12,288 20,340 21,486 21,500 10,524 10,855 Operating income before depreciation 19,351 21,514 22,254 30,655 32,381 33,200 15,774 16,112 0 4,000 8,000 12,000 16,000 20,000 FY2021 FY2022 FY2023 FY2024 FY2025 Forecast for FY2026 Other Food Flour Milling (Millions of yen) (Millions of yen) 8,000 13,000 18,000 23,000 28,000 33,000 FY2021 FY2022 FY2023 FY2024 FY2025 Forecast for FY2026 Operating income Operating income before depreciation
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© NIPPN CORPORATION All rights reserved. 39 Changes in Capital Investment Amounts and Depreciation 16,197 11,246 8,154 21,160 20,959 31,400 8,981 10,232 9,966 10,314 10,894 11,700 0 5,000 10,000 15,000 20,000 25,000 30,000 FY2021 FY2022 FY2023 FY2024 FY2025 FY2026 Capital investment Depreciation (scheduled) (Millions of yen)
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© NIPPN CORPORATION All rights reserved. 40 Promotion of Sustainability Management Relationship Among Materiality Items Our long-term vision, “As a comprehensive food company, the NIPPN Group will continue to take on the challenge of solving social problems through food,” represents our growth strategy as a comprehensive food company for simultaneously realizing the creation of economic value through business growth and the well-being of “employees,” “society,” and “consumers” as the social value that serves as the source of value creation. We believe that the familiarization of officers and employees with Long-term Vision 2030 enables them to develop a greater awareness of sustainability and acquire new business opportunities, thereby leading to enhancement of the NIPPN Group’s value. Pursuit of sustainable agriculture Reinforcement of R&D Initiatives for enhancing customer satisfaction Gaining of trust through communication with society Strengthening of quality management systems Execution of dietary education Support by donating food Enhancement of international and community engagement Pursuit of well-being by means of food Contribution to society through food and healthWell-being of people: happiness, health, and smiles Mutual trust with societyCreating new value Strengthening our response to changes Environmental protection initiatives Initiatives for human capital Corporate activities for sustainable growth Strengthening of corporate governance Balancing the two materiality items of “pursuit of well-being by means of food” and “contribution to society through food and health” and maintaining their virtuous cycle “Pursuit of well-being by means of food” ⇒ Creating new value in response to diverse social issues, the diversification of consumer behavior and lifestyles, and the segmentation of needs “Contribution to society through food and health” ⇒ Solving issues through the provision of learning opportunities for next-generation development and through collaboration with local governments and others that support international and regional communities to create communities and experiences centered on food Realization of the management philosophy and strengthening of the system to respond flexibly to rapid environmental changes through the four materiality items: “Environmental protection initiatives,” “Initiatives for human capital,” “Corporate activities for sustainable growth,” and “Strengthening of corporate governance”
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© NIPPN CORPORATION All rights reserved. 41 Product Commercialization of High- added-value Raw Materials Up until now, we, the NIPPN Group, have expanded our business fields by exploring processing technologies using a wide variety of raw materials, from wheat to rice, soybeans, tomatoes, and more. In the future, we aim to become a “comprehensive food company” that creates further value through efforts such as developing plant-based foods and breeding domestic wheat, while also expanding our business to contribute to the “well-being of people.” Relocation of the Chubu Technology Center Pursuit of Well-being by Means of Food Reinforcement of R&DSustainable Agriculture Relocated the Technology Center, which had been adjacent to the Nagoya Mill, to Nakamura-ku, Nagoya City, near Nagoya Station Provide solutions for product development using our food ingredients and for our customers' product development Enhance communication with internal and external stakeholders, explore the possibilities of food in line with a rapidly changing era, and solve social issues centered around food Some facilities use environmentally conscious materials and adopt ethical designs that lead to ease of work and well-being for employees Designed as a media center function that harmonizes with the surrounding area and effectively communicates our initiatives Named the wheat produced in Japan, which has characteristics that delay starch retrogradation and was jointly researched with the National Agriculture and Food Research Organization from the breeding stage, “YAWARA KOMUGI®” and obtained a trademark YAWARA KOMUGI® makes processed products less prone to hardening, demonstrating its effectiveness not only in room temperature products but also in chilled products and frozen dough Launched two professional-use wheat flour products, "Yawara Yell" and "Yawara no Chikara" in February 2025 Stimulate demand for wheat produced in Japan and aim to further expand cultivation Yawara Yell Yawara no Chikara The new Technology Center integrating the presentation area (left) and the prototype area (right)
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© NIPPN CORPORATION All rights reserved. 42 Environmental Protection Initiatives Promotion of Appropriate PackagingPreserving Biodiversity Responding to Climate Change The NIPPN Group conducts its business by benefiting from the blessings of Earth, which are grains, vegetables, and seafood. We recognize that business activities throughout the entire supply chain, from the procurement of these materials to manufacturing, logistics, and processing, have a significant impact on the environment. In order to maintain a sustainable food system, reducing the negative impact on food sustainability by responding to climate change, preserving biodiversity, and realizing a recycling-based society is an urgent issue for the continuation of the NIPPN Group’s business. Disclosure Based on TNFD Recommendations Established the “NIPPN Group Biodiversity Policy” on May 23, 2025, clarifying the recognition and actions related to natural capital Agreeing with the philosophy of the Taskforce on Nature-related Financial Disclosures (hereinafter TNFD), registered as a TNFD Adopter in August 2025 Based on the disclosure recommendations of the TNFD, conducted an analysis of the relationship between the business and natural capital and made initial disclosures regarding “governance,” “strategy,” and “risk and impact management” Adopted a new pulp-molded tray as an environmentally conscious container for the home-use frozen food “Imadoki Gohan Soup Curry / Sundubu,” released in March 2025 Reduced plastic usage by approximately 85% compared with containers of the same shape by using paper material (wood pulp) as the main raw material This product was awarded the “Food Packaging Category Award” at the “2025 Japan Packaging Contest”
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© NIPPN CORPORATION All rights reserved. 43 Corporate Activities for Sustainable Growth By pursuing the simultaneous achievement of social value and economic value, the NIPPN Group is promoting and strengthening activities to enhance the sustainability of both the business and society. In pursuing social value, we are promoting the construction of a sustainable supply chain that also considers the environment and human rights, and are fulfilling social responsibilities in the procurement process as well. In pursuing economic value, we are working to realize AI shifts and data shifts under the DX Vision to improve efficiency and productivity for increasingly complex operations in response to a rapidly changing market environment, and are developing DX human resources to achieve this. Development of a Sustainable Supply Chain Human Rights Policy/Basic Procurement Policy Revision Development of a Sustainable Supply Chain Promotion of Sustainable Procurement Human Rights Response Flow and Employee Education Training Name Frequency Participants Harassment Training Once a year All employees LGBTQ Understanding Promotion Training Once a year Newly appointed managers (all employees depending on the fiscal year) Training on Business and Human Rights Approx. once a year All employees (including Group companies) Human Rights e-Learning Throughout the year All employees (including Group companies) Information disclosure Monitoring of implementation status and results Prevention and mitigation of negative impacts Formulation of the Human Rights Policy Identification and assessment of negative impacts Employee education Stakeholder dialogue After receiving expert advice and engaging in dialogue with stakeholders, revised the “NIPPN Group Human Rights Policy,” which meets the requirements of the International Bill of Human Rights and the ILO Declaration on Fundamental Principles and Rights at Work, etc. Encourage all NIPPN Group business partners in the supply chain to support this policy and strive to respect human rights, and promote respect for human rights in cooperation with them As an implementation process for addressing human rights risks in the value chain, commenced initiatives in accordance with the Human Rights Due Diligence Guidance With the establishment of the Raw Material Procurement Division in 2024, strengthened the capability to gather information to select raw materials in line with customer requests and market needs, the knowledge and experience to ensure safety, and the ability to assess environmental and demand changes Recognizing the need to further deepen cooperative relationships with business partners in promoting sustainable procurement, established the “Basic Procurement Policy” and the “Requests to Suppliers”
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This document includes details of the Company’s current plans and performance forecasts. These future plans and forecast figures are based on information currently available as well as the Company’s plans and projections. Actual results and performance may differ materially from these plans and forecast figures due to a variety of conditions and factors. This document does not represent a definitive commitment or guarantee by the Company to achieve stated plans and forecast figures. Investor Relations Office, Accounting and Finance Div., NIPPN CORPORATION © NIPPN CORPORATION All rights reserved.