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TSE code : 2229 Nov. 5, 2025 Calbee Group Financial Results First half of fiscal year ending March 31, 2026 April 1, 2025 – September 30, 2025
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1© Calbee 1. FY2026/3 H1 Recap, initiatives and shareholder returns Makoto Ehara Representative Director, President & CEO 2. FY2026/3 H1 financial results and revised full year forecast Kazuhiro Tanabe Executive Officer and CFO
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2© Calbee In H1, sales rose and profit fell (net sales +6％, operating profit -32％), and targets were not achieved (net sales 99％, operating profit 78％) Downwardly revised full year forecasts to reflect H1 results and potato procurement status In H2, steadily implement recovery measures and aim to achieve revised plan • Domestic: Both sale revenue and volumes grew, achieving price/content revisions while maintaining brand strength Despite plans to counteract cost increases, including surging depreciation expenses with strong sales growth, the shortfall in summer sales resulted in reduced profit The fall Hokkaido potato harvest is expected to be smaller/lower quality While responding to reduced production, strive to ensure stable snack supply as a leading company • Overseas: Sales achieved double-digit growth on a local-currency basis. Growth initiatives are progressing H1 was impacted by lower profit in the UK/Indonesia continuing from Q1 Decided on shareholder return measures towards realizing management that is conscious of cost of capital and stock price • Decided in accordance with a Change 2025 cash allocation and shareholder return policy, reflecting the revised full-year forecast • Dividend +¥6 per share vs. initial plan, ¥10bn share buyback, planned cancellation of treasury shares (incl. ones from prior buybacks) Financial results executive summary
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3© Calbee Change 2025 growth strategy: Growth guidance progress Growth guidance (3 year) 3-year revised forecast CAGR FY2026/3 revised forecast →FY2026/3 forecast FY2025/3 results FY2024/3 Result + 4-6％＋6.7％ 339.0 → 345.0322.6303.0Consolidated net sales ＋5％+7％＋6％＋8％Organic sales growth rate + 6-8％＋5.4％ 26.029.829.127.3Consolidated operating profit -11％＋3％＋6％+23%Consolidated profit growth rate Over 10%ー8.5％9.7％10.5％10.9％ROE ＋8.0％43.0 （- 1 ％ ） 47.0 （＋8％）43.540.1EBITDA (growth rate) + 6-8％＋3.7％-16％ → -6％＋9％＋22％Domestic operating profit growth 30-35％*－26％26％25%24%Overseas sales ratio 5％*－4.8％4.2％4.3％4.3％Ratio of sale in new areas Main KPI (Reference) Growth guidance （Billion yen） *For FY2026/3 Due to the revision of FY2026/3 full year forecast, performance is expected to fall short of growth guidance Looking ahead to the next 10 years, aim to enhance corporate value (ROE) by driving EBITDA growth and expanding value creation.
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4© Calbee 2016 2021 2025 Plan Results/Forecast 2016 2021 2025 Results/ForecastPlan Maximize use of potato via high level of production technology Increase imported potato volume (utilize Setouchi Hiroshima and Kagoshima Factory) Expand sales of non-potato products, import products from overseas bases Domestic business: Potato procurement status and future initiatives • Initiatives toward stable potato procurement Expand domestic potatoes (decentralize production areas/support harvesting, develop new varieties/switch to varieties) Maximize use of imported potatoes Review equipment to enable use of low-density potatoes • Aim to change to a stable and highly profitable sales portfolio Grow highly profitable products and businesses (souvenir and gift business) Enhance product portfolio with diverse ingredients (accelerate new product development) Potato procurement status and H2 initiatives Medium- to long-term initiatives Hokkaido potato harvest Approx. 10% decline, similar to past poor harvests Lower productivity is anticipated on reduced yield and quality due to high temperatures/drought, but strive to secure profits through sales expansion initiatives and cost control measures.
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5© Calbee FY’25/3 Q3 FY’26/3 Q2 ProgressGrowth direction • Amid stagnant market growth, realized sales growth of Harvest Snaps and brands of Japanese origin • Expanded distribution to key retailers/in east region • Working to enhance sales capabilities 1.Expand sales (existing core→Japanese origin/BFY products) • Expand sales at major North American retailers • Expand distribution from west→east area (incl. inorganic) • Raised production quality while leveraging knowledge from Japan, promoted expanded production of national brands (local production for local consumption) 2.Grow profit by effectively utilizing production facilities • Utilize Madera Factory • Optimal allocation of human resources in key management and functional positions • Effectively levera ged promotion expenses, enhanced supply functions (incl. response to tariffs) • Opened local R&D center in January 2025 ＋accelerated supply of management resources from Japan 3.Stabilize financial results by strengthening the base • Enhance management structure • Supply management resources from Japan (R&D＋MDC*) Overseas business: Europe/Americas initiatives progress Next New Local production promotion status North America *MDC: Marketing Direction Center Aiming to be a niche top brand, focus on expanding Better For You (BFY) & Asian snack categories and strengthening the value chain for stable performance *1 D/S: IRI SPINS: Time: 52w Latest Week Ending 10-05-25 Product: Total BFY Salty Snacks Geo: MULO + Convenience West area Central area East area BFY Market ＋2.8％ ＋9.3％ ＋11.8％ ＋2.2％ Harvest Snaps sales trend （Latest 52 weeks market sales vs. prior year）*1
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6© Calbee Overseas business: Asia/Oceania initiatives progress Achieve stable and sustainable growth by leveraging Japanese brands/technology and advancing initiatives that suit the characteristics of each countryʼs business model ProgressGrowth direction • Grew sales to retailers with setting competitive and affordable pricing (YoY: FYʼ25/3 full year ＋7％, FYʼ26/3 H1 ＋13％) • Increase sales staff+ utilizing Japan sales knowhow • Expanded local OEM production (local production local consumption) Leverage local and neighboring country supply networks to expand retail sales • Leverage familiarity from EC and use diverse distribution channels to expand into new areas • Strengthen local and regional supply systems <Initiatives in Thailand> • Enhanced domestic marketing to raise domestic share (grew sales of Kappa Ebisen, renewed in July 2024) • Leveraging knowledge from Japan to strengthen sales • Leveraged high quality and cost competitiveness to grow exports and drive sales growth in Australia and New Zealand Strengthen supply systems to drive global sales growth • Enhance sales in Australia, New Zealand, Thailand, and Indonesia • Increase production capacity in Thailand and Indonesia to meet domestic and export demand Greater China Other areas Greater China: progress expanding OEM product production Thailand domestic: Sales of Kappa Ebisen FY'24/3 FY'25/3 FY'26/3 ＋19% ＋20% Sales in main Thai export destinations: Australia/NZ FY'24/3 FY'25/3 FY'26/3 THB AUD calculation ＋38% ＋13% H1 H2 Next FYʼ25/3 Q1 FYʼ26/3 H2 Snack New
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7© Calbee Considering the 3-year cash allocation, based on the current shareholder returns policy (stable and sustainable dividend growth by aiming for a total return ratio of 50% or more and a DOE of 4%), the following three points were resolved Shareholder returns Policy3-year (Forecast) FYʼ26/3 (Forecast)FYʼ25/3FYʼ24/3 Stable dividend-66 （＋8） 58 （＋2） 56 （＋4） Dividend per share (yen) (YoY) 4％-4.0％3.7％3.8％DOE 50％ or more56％104％35％35％Total return ratio Dividend (FY2026/3 (revised forecast)) ¥66 per share (＋¥8 YoY) ＋¥6 vs. initial forecast 3-year cash allocation (forecast) (Billion yen) 90.0 98.0 35.0 25.0 30.8 60.0 58.0 80.0 30.0 0 50 100 150 200 Growth Investment Efficiency Investment Shareholder Returns Borrowings Operating CF Change 2025 growth strategy FYʼ24/3-FYʼ26/3 (Forecast) Treasury share cancellation policy In principle, planned cancellation of treasury shares (Treasury stocks acquired based on Board resolutions dated October 29, 2021 and November 7, 2022 together with this purchase are, in principle, scheduled to be cancelled within FY2027/3) Share buyback Up to ¥10.0bn, 4mn shares Period: 2025/11/6-2026/3/31 Loans payable Cash on hand
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8© Calbee 1. FY2026/3 H1 Recap, initiatives and shareholder returns Makoto Ehara Representative Director, President & CEO 2. FY2026/3 H1 financial results and revised full year forecast Kazuhiro Tanabe Executive Officer and CFO
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9© Calbee FY2026/3 H1 results: Summary Reference: Month-end forex rates (¥/$) Planned rateSep. 30Mar. 31 －142.73151.41FY2025/3 152.0148.88149.52FY2026/3 *Profit attributable to owners of parent Vs. plan • Domestically, lower-than-planned summer sales and a decline in productivity had an impact • Overseas, failed to achieve plan due to continued issues in the UK, Indonesia YoY • Net sales: Both domestic and overseas sales volumes rose • Operating profit: ˗ Domestically, despite the positive impact of increased revenue, profit declined due to higher fixed costs, including depreciation expenses from the operation of the Setouchi Hiroshima Factory, as well as delayed price/content revisions in response to rising costs ˗ Overseas, despite improved profit in the US, profit fell amid continued higher costs in the UK, Indonesia (Billion yen) FY2025/3 H1 FY2026/3 H1 Change FY2026/3 H1 Plan vs. plan Ratio Net sales 157.1 165.7 +5.5% 167.8 98.8% Domestic 117.6 123.7 +5.2% 123.4 100.3% Overseas 39.4 42.1 +6.6% 44.5 94.6% Operating profit 14.9 10.2 -31.9% 13.0 78.1% Operating margin 9.5% 6.1% -3.4pts 7.7% -1.6pts Domestic 12.7 8.4 -33.4% 10.2 83.1% Overseas 2.3 1.7 -23.9% 2.8 60.3% Ordinary profit 14.8 10.4 -29.8% 13.3 78.2% Net profit* 10.6 6.8 -36.2% 9.0 75.4% EBITDA 21.6 18.4 -14.7% 21.6 85.3% EBITDA margin 13.7% 11.1% -2.6pts 12.8% -1.7pts Domestic 17.5 14.7 -16.0% 16.7 88.0% Overseas 4.1 3.7 -9.4% 4.8 76.1%
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10© Calbee FY2026/3 H1: EBITDA analysis by factor （Billion yen） Notes: • Effect of higher sales: Increased sales volume (+¥1.3bn), effect of improved sales unit price*1 (+¥3.2bn) *1 Effect of price/content revisions, effect of utilizing PL by SKU (S&OP), improved MIX etc. • Higher costs: Imported raw materials (-¥0.9bn), oil (-¥0.8bn), packaging (-¥0.5bn), domestic potatoes (-¥0.5bn) distribution costs (-¥0.6bn) • Selling expenses/investment: Rose on proactive marketing/sales activities Impact of change in the quarterly recording of promotion expenses*2 (-¥0.5bn) *2 No impact on full year forecasts • Investment in new areas/business platforms : M&A expenses for new business and R&D enhancement • Others: Cost increase due to operation of new factory and inflation and cost for reuse of material, etc. FY2026/3 H1 EBITDA 21.6 18.4 FY2025/3 H1 EBITDA Overseas -0.4 +4.4 -1.2 -0.7 -1.3 -3.4 -0.7 Domestic -2.8 Higher costs (raw material/energy/ distribution costs) Investment in human resources Investment in new areas/ business platforms Selling expenses/ investment Effect of higher sales Others
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11© Calbee FY2026/3 H1 results: Domestic business ■Snacks • Sales rose in all categories • Achieved volume growth while implementing strategic price/content revisions • Increased production at the Setouchi Hiroshima Factory contributed to stabilizing supply • Gift snack items continued to grow on strong travel demand ■Cereals • Growth momentum continued from previous fiscal year (H1 cereal share rose 1.2pts*) ■Other snacks • Personalized food program Body Granola continued to grow Implemented phased revisions and grew sales volumes *Amounts for sales of Snacks, Cereals and Others (Agri, Food and health, Services) are prior to deduction of rebates, etc. *Source: INTAGE SRI+ 123.7 +6.1 +5.2% 116.3 +7.3 +6.7% Potato Chips 51.5 +2.2 +4.4% JagaRico 25.8 +2.6 +11.1% Other snacks 39.0 +2.6 +7.1% 15.8 +0.6 +4.1% 6.9 +0.1 +0.9% -15.2 -1.9 ー 8.4 -4.2 -33.4% 6.8% -3.9pts ー 14.7 -2.8 -16.0% 11.9% -3.0pts ー 9.2 +0.6 +7.3% EBITDA EBITDA margin Gift snack items FY2026/3 H1 Change(YoY) Domestic sales Snacks Cereals (Billion yen) Others (Agri, Food and health, Services) Rebates deducted from sales Domestic operating profit Operating margin
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12© Calbee FY2026/3 H1 results: Domestic business 0 2 4 6 8 10 12 14 16 FY'24/3 H1 FY'25/3 H1 FY'26/3 H1 Others Less Carbs Original Sales of cereal (domestic consumption) （Billion yen） +15% -5％ +1% (YoY) （売上⾼ +4％） +17% +19％ +16% +4%+17% Snacks (Sales +7%) Potato Chips: (volume grew 4%) • Sales of staple products including Consomme Punch and Kataage Potato were firm • Affordable large bag products also contributed • Launched increased volume campaign and created a new flavor based on a fan vote with 10,000 participants as projects for the 50th anniversary JagaRico: (volume grew 4%) • Sales volume growth, primarily of staple products, continued on sustained high demand after revisions • Announced 30th anniversary project product created together with fans in H2 Other snacks: • Sales of flour-based, corn-based and bean-based snacks all rose • Kappa Ebisen sales volumes rose on staple products and contribution from Kappa Ebisen Zeppin • Sales rose on main Frito-Lay brand products • Double-digit growth of fabricated potato chip Crisp and bean-based snack miino on increased recognition due to marketing 30th anniversary project JagaRico Bacon Butter Soy Sauce 50th anniversary project Potato Chips Scallop Salt taste Cereals (Sales +4%) • Limited-time project item and flavor variations stimulated new/repeat demand • Mygra, which responds to diverse consumer needs, remained popular, pushing up overall sales volume Mygra brands Frito-Lay Mike Popcorn Butter Soy Source Taste
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13© Calbee Change ex. forex in ％ Overseas sales 42.1 +2.6 +6.6% +10.1% Europe/Americas 22.4 +1.0 +4.8% +7.2% North America (existing) 13.7 -0.4 -2.7% +1.1% Asia/Oceania 24.5 +1.9 +8.4% +13.1% Greater China 7.9 +0.4 +5.9% +9.9% Rebates deducted from sales -4.8 -0.3 ー ー Overseas operating profit 1.71 -0.54 -23.9% ー Operating margin 4.1% -1.6pts ーー Europe/Americas 0.48 +0.06 +14.1% ー North America (existing) 0.60 +0.57 +1581.1% ー Asia/Oceania 1.24 -0.60 -32.6% ー Greater China 0.64 +0.04 +6.2% ー EBITDA 3.69 -0.38 -9.4% ー EBITDA margin 8.8% -1.5pts ーー Europe/Americas 1.94 +0.21 +12.4% ー North America (existing) 1.41 +0.55 +64.8% ー Asia/Oceania 1.75 -0.59 -25.3% ー Greater China 0.78 +0.04 +4.9% ー FY2026/3 H1 Change(YoY)(Billion yen) FY2026/3 H1 results: Overseas business *4 *1 *4 *2 *3 ■Europe/Americas • Existing core brands in North America/UK drove higher sales • Made Hodo, Inc. a consolidated subsidiary in the food and health business in August • Operating profit saw higher costs in the UK offset higher profit in North America ■Asia/Oceania • Greater China, Australia/New Zealand and Indonesia drove higher sales, with double-digit growth on a local- currency basis continuing • Profit fell on continued higher raw material costs and lower efficiency in Indonesia *1 Sales by region are amounts prior to deduction of rebates, etc. *2 Includes new business Hodo, Inc. *3 Excludes new business Hodo, Inc. *4 From FY2026/3, changed the method of recording sales before rebates, etc., in Greater China. Sales for the prior fiscal year have also been adjusted accordingly Continued double-digit growth on a local-currency basis (See P.24)
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14© Calbee FY2026/3 H1 results: Overseas business (Million USD) Sales in North America (existing) (＋1％) -1％ -0％ 0 20 40 60 80 100 FY'25/3 H1 FY'26/3 H1 Others Brands of Japanese origin Harvest Snaps +2％ (YoY) Seabrook staple product section Europe/Americas North America (existing): • Expanded distribution of Harvest Snaps, mainly to key retail chains • In addition to the effect of higher sales, ongoing productivity improvements at the Madera Factory and local production contributed to increased profit • While the impact of tariff policies in H1 were offset by purchasing efforts and other measures, sales were stagnant • In H2, minimize the impact of external factors such as tariffs while expanding sales regions and improving product turnover rates UK: • Seabrook brand maintained firm demand despite challenging market conditions, leveraging increased production capacity to grow revenue • Brands of Japanese origin also performed well, and saw accelerated growth • Rising raw material and labor costs continued to squeeze profit, leading to a decline in profit • Aim to maintain sales momentum through effective marketing initiatives despite challenging market conditions expected in H2 • To improve profit, focus on high-margin products while striving to enhance productivity Snack section of a Japanese supermarket on the East Coast
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15© Calbee FY2026/3 H1 results: Overseas business 0 100 200 300 400 FY'25/3 H1 FY'26/3 H1 EC: Cereals EC: Snacks Retail store: Cereals Retail store: Snacks Sales in Greater China(+10%) +43% +3％ -7％ +17％ Retail store︓ +13％ EC︓ +3％ (Million RMB) (YoY) Asia/Oceania Indonesia: • Sales saw double-digit growth in Q2 on the success of Potato Chips, which had new production lines launched in June, and GuriBee • Continued to strengthen distribution in traditional trade channels by leveraging the distribution capabilities of our joint venture partner and enhance marketing • Operating profit was impacted by higher raw material costs, reduced production efficiency due to product portfolio changes, and increased selling expenses • In H2, focus on expanding sales and improving productivity Greater China: • Continuously enhanced sales for retail stores alongside effective marketing through special edition products • Sales of Jagabee grew on expanded supply from within China and neighboring countries • Starting in H2, sell competitively priced cereals and snacks tailored to specific channels and areas, aiming to capture additional demand from the middle class Creating sales spaces leveraging IP in China
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16© Calbee Revised FY2026/3 forecast Downwardly revised forecasts for net sales -¥6.0bn, operating profit -¥3.8bn and net profit -¥3.0bn <H2 initiatives> • Domestic: mitigate impact of potato procurement shortages via sales growth initiatives and cost control • Overseas: improving profitability through enhanced productivity and optimized selling expenses Revised forecast operating profit analysis *Profit attributable to owners of parent Sales growth Cost control Increase potato imports Expand sales of non-potato and import products Further price revisions ＋1.5 Control selling expenses and other cost＋1.5 Domestic potato procurement shortages Overseas -0.2 （Billion yen） -3.8 -2.8 H1 Result Adjustment -3.8 (Billion yen) FY2026/3 (Initial Plan) FY2026/3 (Revised Forecasts) Change (vs Initial Plan) Net sales 345.0 339.0 -6.0 Domestic 255.0 251.4 -3.6 Overseas 90.0 87.6 -2.4 Operating profit 29.8 26.0 -3.8 Operating margin 8.6% 7.7% -1.0pts Domestic 24.4 21.9 -2.5 Overseas 5.4 4.1 -1.3 Ordinary profit 30.4 26.3 -4.1 Net profit* 20.5 17.5 -3.0 EBITDA 47.0 43.0 -4.0 EBITDA margin 13.6% 12.7% -0.9pts Domestic 37.7 34.9 -2.8 Overseas 9.3 8.1 -1.2 *Exchange rate: USD1=JPY147.6
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17© Calbee Price and Content Revisions in February 2026 FYʼ26/3FYʼ25/3FYʼ24/3FYʼ23/3FYʼ22/3Effective date Feb. 2026 Sep. 2025 Jul. 2025 Jun. 2025 Apr. 2025 Feb. 2025 Jun. 2024 Aug.-Oct. 2023 Jun. 2023 Nov. 2022 Sep.-Oct. 2022 Jun.-Jul. 2022 Jan.-Feb. 2022 Gift snack Items (partial) Gift snack Items (partial) Target products Price: +8-15% Price: +5-10% Content: -8％ Price: +4-10% Price: +5-19％ Content: -7-10％ Price: +3-10％ Price: +5-20％ Price: +3-15％ Price: +10-20% Price: +10-20％ Content: -10％ Price: +10-20％ Content: -5％ Price: +7-10% Revisions
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18© Calbee Reference material
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19© Calbee Consolidated profit and loss statement *Profit attributable to owners of parent Percent of total(％) Change （YoY) （％） vs. Revised forecast （％） Percent of total(％) Change （YoY) （％） 165,746 100.0 +5.5 98.8 345,000 100.0 +7.0 51,869 31.3 -3.7 94.6 114,500 33.2 +4.2 41,710 25.2 +7.1 99.7 84,700 24.6 +4.8 Selling 6,892 4.2 +4.1 92.4 15,200 4.4 +5.4 Distribution 12,617 7.6 +8.9 103.8 25,000 7.2 +5.1 Labor 13,070 7.9 +3.5 98.6 26,800 7.8 +3.6 Others 9,130 5.5 +12.4 101.9 17,700 5.1 +5.8 10,158 6.1 -31.9 78.1 29,800 8.6 +2.5 10,397 6.3 -29.8 78.2 30,400 8.8 +1.9 6,788 4.1 -36.2 75.4 20,500 5.9 -1.8 Operating profit Ordinary profit Net profit* (Million yen) FY2026/3 H1 Results FY2026/3 Initial Plan Net sales Gross profit SG&A Percent of total(％) Change （YoY) （％） 339,000 100.0 +5.1 109,400 32.3 -0.4 83,400 24.6 +3.2 14,200 4.2 -1.5 25,100 7.4 +5.5 26,200 7.7 +1.3 17,900 5.3 +7.0 26,000 7.7 -10.5 26,300 7.8 -11.9 17,500 5.2 -16.2 FY2026/3 Revised Forecasts
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20© Calbee Financial condition and Cash flows *1 Current assets: Cash and deposits -5,881 Non-current assets: Property, plant and equipment +7,023 (mainly relating to the new factory site in Kanto） *2 Cash flows from operating activities: decrease in trade receivables -15,193 *3 Cash flows from financing activities: Proceeds from long- term borrowings -10,000 Notes: *1 *2 *1 *3 As of March 31, 2025 As of September 30, 2025 Change 319,169 319,280 +111 Current assets 133,837 126,964 -6,873 Non-current assets 185,331 192,316 +6,985 104,101 103,135 -965 Current liabilities 55,705 54,060 -1,644 Non-current liabilities 48,396 49,075 +679 215,067 216,145 +1,077 20,194 12,907 -7,287 64.3% 64.4% +0.1pts Net Cash Equity ratio (Million yen) Total assets Total liabilities Net assets As of September 30, 2024 As of September 30, 2025 Change Cash flows from operating activities 27,393 19,864 -7,529 Cash flows from investing activities -21,344 -21,688 -344 Cash flows from financing activities 3,330 -6,544 -9,874 (Million yen) (Million yen)
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21© Calbee FY2026/3: operating profit analysis Notes: （Billion yen） Increase Decrease Overseas -0.5 14.9 10.2 FY2026/3 H1 Domestic -4.2 FY2025/3 H1 Sales volume Effect of price/ content revisions ↑4.4 Other costs ↓3.1 Selling expenses ↓1.3 Labor costs ↓0.1 Other SG&A expenses ↓1.4 Raw material and energy costs ↓2.8 Raw material/energy costs: Imported raw materials (-¥0.9bn), Oil (-¥0.8bn), packaging (-¥0.5bn), domestic potatoes (-¥0.5bn), energy costs (-¥0.1bn) Other costs: Cost increases due to the launch of Setouchi Hiroshima Factory (-¥2.1bn), maintenance and repair costs and labor cost increase Selling expenses: Rose on proactive marketing/sales activities Impact of change in the quarterly recording of promotion expenses (-¥0.5bn) (No impact on full year forecasts) Other expenses: Distribution costs (-¥0.6bn), M&A expenses for new business and R&D enhancement, etc.
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22© Calbee Revised FY2026/3 forecast: EBITDA analysis FY2026/3 Revised Forecasts EBITDA FY2025/3 EBITDA 43.5 43.0 Overseas +1.4 +7.7 +0.2 -0.6 -1.4 -6.7 -1.1 Domestic -1.9 ＜vs. initial plan＞＜ vs. previous year＞ FY2026/3 Revised Forecasts EBITDA 47.0 43.0 FY2026/3 Initial Plan EBITDA Overseas -1.2 -1.2 +0.8 -0.4 -1.3 -0.5 -0.2 Domestic -2.8 Higher costs (raw material/energy/ distribution costs) Investment in human resources Investment in new areas/ business platforms Selling expenses/ investment Effect of higher sales Others Higher costs (raw material/energy/ distribution costs) Investment in human resources Investment in new areas/ business platforms Selling expenses/ investment Effect of higher sales Others (Billion yen)(Billion yen)
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23© Calbee Domestic market share 40% 45% 50% 55% 60% 65% 70% 75% 80% 25% 30% 35% 40% 45% 50% 55% 60% 65% Potato chips market share FY2026/3 H1 total 67.7％ YoY 2.3P↓ Snack market share FY2026/3 H1 total 51.9％ YoY 0.1P↓ Granola market share FY2026/3 H1 total 57.6％ Cereals market share FY2026/3 H1 total 38.0％ YoY 1.2P↑ YoY 1.2P↑ Source: Intage SRI+ based on sales amount (nationwide, all reta il formats) FY2026/3 H1 total: April 2025 – September 2025 Comparison period: April 2024 - September 2024 FYʼ22/3-FYʼ25/3: April 2021 - March 2025 Snack market share: Total of Calbee and Japan Frito-Lay Potato chips: Total of potato chips (thick- and thin-sliced), shoestring and kettle types; includes private brand products Granola: Granola category of Cereals market
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24© Calbee Cultivating the US food and health market: Acquired stake in tofu manufacturer Hodo, Inc. https://www.hodofoods.com/ Headquarters: Oakland, California Business: Production and sale of processed soybean products (tofu, yuba, organic soy milk, etc.) Founding: 2004 Business results for reference (FY2024/12) - Net sales: $23.5mn - Net assets: $8.2mn Entry into the manufacture and sale of the plant-based protein food in the US market, where interest in health and environmental issues is rising Aiming to establish a position in the market with tofu as a clean protein • Formed partnership with Sagamiya Foods Co., Ltd., a leader in Japanʼs tofu industry • Ownership of Hodo, Inc.: Calbee 58%, Sagamiya Foods 10% • Made a consolidated subsidiary in August 2025
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25© Calbee Introduction of Disclosure Materials and Information Calbee Group Integrated Report 2025 https://www.calbee.co.jp/en/ir/library/report/ Human Capital Report 2025 https://www.calbee.co.jp/en/ir/library/humancapitalreport/ Sustainability Website（English site: to be updated later） https://www.calbee.co.jp/sustainability/en/ Information Disclosure in Line with TCFD/TNFD Recommendations （English site: to be updated later） https://www.calbee.co.jp/sustainability/tcfd_tnfd.php（Japanese site）
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Ensuring a stable procurement of potatoes 〜 Calbee Potatoʼs medium- to long-term strategies 〜
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27© Calbee Calbee Potatoʼs potato business Cultivation experts Locally rooted cultivation support Potato R&D Joint research of new varieties/cultivation techniques with universities/testing grounds High quality potatoes Feedback from growers Cultivation proposals, growing/harvest support Technical support/ knowledge sharing Contracted potato growers Approx. 1,600 Working together with growers, providing technology and structure to supply potatoes without waste Around 50 in 2025 Advanced storage technologies Maintaining freshness/managing in accordance with potato condition and weather Distribution functions Just-in-time delivery by distributing according to needs
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28© Calbee Calbee Potatoʼs strengths: Dispatching cultivation experts across Japan ➽Provide technical information on cultivation, harvesting ➽Advise on issues ➽Trial new varieties 1.Communication with growers 2. As a potato supervisor Yield prediction Classification Delivery ➽Field monitoring ➽Field surveying To raise yield/quality Determine yield/quality and respond Support growersʼ growth Ensure quantity, improve quality
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29© Calbee Initiatives for stable potato procurement 1. Decentralize production areas and expand cultivated land • Decentralize production areas within Hokkaido and develop production area in Tohoku/northern Kyushu • Increased cultivated area in key development areas 1.5x in 10 years Work to ensure a stable domestic potato procurement while responding to climate change and a shortage of growers 2. Advance labor-saving • Harvest labor-saving Procuring contract farmersʼ entire harvest Loose storage Sorting at the time of shipping • Harvest support via tractor business Large, 2-row harvester used by a contractor firm Loose storage Abashiri (Aug.-Oct.) Tokachi (Aug.-Oct.) Tohoku (July-Aug.) Kanto (June-July) Shikoku/Chubu (June) Kyushu (May) Douo (Sep.-Oct.) Donan (July-Aug.) Kamikawa (Aug.-Oct.) Major domestic potato-producing regions and harvest seasons
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30© Calbee Initiatives for stable potato procurement 3. Development/popularization of new varieties • Conduct R&D with consideration to how the climate will change over the next 20-30 years • Improve both product quality and farmer productivity by advancing development/popularization of new varieties Registered new proprietary Poroshiri* variety in 2017 Started test cultivation of new varieties *Developed proprietary Poroshiri variety with high pest and disease resistance and easier harvesting Work for stable production by leveraging new technology via R&D and cultivation expert support 4. Promotion of science-based cultivation technology • New technology × cultivation expert support Irrigated Unirrigated Soil moisture monitoring and alerts Appropriate fertilization based on soil analysis Calbee Potato Potato Research Institute Provide pest control information based on weather data Soil moisture meter installed in a potato field Comparison of irrigated and unirrigated land Promoting use of low-phosphate fertilizer
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Contact details for IR inquiries: Calbee, Inc. Investor Relations E-mail: 2229ir@calbee.co.jp https://www.calbee.co.jp/en/ir/ ■ The Companyʼs fiscal year ends on March 31. The fiscal year ending March 31, 2026 is referred to throughout this report as “FY2026/3 (FYʼ26/3),” and other fiscal years are referred to in a corresponding manner. References to years not specified as being fiscal years are to calendar years. ■ This document contains Calbeeʼs current plans, outlook and strategies. Items which are not historical facts are forecasts pertaining to future performance, and are discretionary and based on information currently available to Calbee. This document does not purport to provide any guarantee of actual results. Actual results may differ significantly from forecasts due to various factors. ■ This document also contains unaudited figures for reference purposes only.