Slides
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0 © Meiji Holdings Co., Ltd. All rights reserved. February 12, 2026 Financial Results for the Q1-Q3 of FYE March 2026 (FY2025) (From April 1, 2025 to December 31, 2025)
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1 © Meiji Holdings Co., Ltd. All rights reserved. (JPY bn) FY2024 Q1-Q3 Results FY2025 Q1-Q3 Results FY2025 Plan (Rev. Nov)YoY Change vs. FY2025 Plan Net sales 875.0 882.3 +0.8% +7.3 75.0% 1,177.0 (Overseas sales) 117.9 117.7 -0.1% -0.1 74.5% 158.2 Operating profit 66.4 70.0 +5.4% +3.6 77.0% 91.0 Op. profit margin 7.6% 7.9% +0.3pt ― 7.7% Profit attributable to owners of parent 43.6 38.8 -11.0% -4.8 71.9% 54.0 EPS (JPY) 159.38 143.24 -16.14 ― 197.80 Summary for Q1-Q3 FY2025 Consolidated Results Net sales: Increased in Food segment, decreased in Pharmaceutical segment, in line with FY2025 plan Operating profit: Increased in both segments, on track as planned Profit attributable to owners of parent: Decreased due to impairment loss recorded, as a result of optimization of production system and lower gains on sales of shares of investment securities
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2 © Meiji Holdings Co., Ltd. All rights reserved. (JPY bn) FY2024 Q1-Q3 Results FY2025 Q1-Q3 Results FY2025 Plan (Rev. Nov)YoY Change vs. FY2025 Plan Net sales 701.6 711.1 +1.3% +9.4 76.1% 935.0 Operating profit 49.4 53.6 +8.4% +4.1 75.6% 71.0 Food: Summary – Q1-Q3 FY2025 : Impact of price increase +35.6 Changes in sales volume and product mix -14.0 : Favorable performance in the U.S.. For China, profit loss narrowed for Dairy business due to profitability improvement plan, while Chocolate business posted profit decline from raw material costs increase Analysis of changes in operating profit : Increase in logistics and indirect selling expenses (incl. DX), despite decrease in promotional expenses : Increase in general administrative expenses incl. upfront investment expenses for global business expansion, despite decrease in indirect manufacturing costs (incl. depreciation) : Increase in raw material costs -17.6 (incl. cocoa beans and domestic raw milk) Cost reduction +1.2 (incl. decrease in product amount) Japan: +3.0 Overseas: +1.1 53.6 49.4 +0.5 -0.0 -1.5 -16.4 +21.6 Q1-Q3 Results - FY2025 Other (incl. change in results of subsidiaries) Changes in other SG&A expenses Changes in marketing expenses Changes in costs of goods sold Due to increased/decreased sales Q1-Q3 Results - FY2024
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3 © Meiji Holdings Co., Ltd. All rights reserved. Food: Analysis of Operating Profit by Business – Q1-Q3 FY2025 (JPY bn) Food Total Dairy Chocolate Nutrition Food solutions Other Q1-Q3 Op. profit – FY2024 49.4 16.2 11.3 13.2 6.5 2.1 Due to increased/decreased Sales +21.6 +4.6 +10.2 -0.1 +7.8 -0.9 Changes in COGS -16.4 -1.3 -7.0 -1.9 -5.5 -0.7 Changes in other SG&A expenses -1.5 +0.9 -1.0 -0.0 -0.9 -0.5 Changes in marketing expenses -1.5 -0.1 -1.2 +0.2 -0.8 +0.3 Changes in other expenses (R&D expenses) -0.0 (-0.6) +0.9 +0.1 -0.2 -0.1 -0.8 Other (incl. changes in results of subsidiaries) +0.5 +0.7 -0.8 +0.3 -0.1 +0.4 Q1-Q3 Op. profit – FY2025 53.6 21.0 12.7 11.5 7.8 0.3
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4 © Meiji Holdings Co., Ltd. All rights reserved. Food: Strengthening Measures to Secure Profits amid Rising Costs (JPY bn) The cost of raw materials expected to rise in H2, largely due to cocoa beans, domestic raw milk and imported dairy ingredients While market prices for cocoa beans are currently falling, we project to see the benefits of lower prices in H2 of FY2026 due to the continued use of inventory secured at higher prices FX trends and cost increases in the supply chain (such as labor and logistics costs) remain risk factors Outlook for rising costs Jun. 2025 Chocolate SAVAS (Protein Bar) +10 to +36% +8 to +9% Jul. 2025 Cheese Butter, margarine +3 to +4% +3 to +11% Aug. 2025 Yogurt Beverages (Drinking milk etc) SAVAS (Milk Protein) +2 to +17% Sep. 2025 Ice cream +5 to +9% 〈FY2025 Major price increase〉 Working under assumption of prolonged cost increases, we will continue efforts focused on Price increase x Added value strategy x Cost structure optimization -17.9 -10.1 -7.8 -10.8 -11.3 -7.9 -17.4 +30.4 +30.0 +10.2 +18.5 +23.4 +13.4 +36.8 -30 -20 -10 0 10 20 30 40 FY23 H1 FY23 H2 FY24 H1 FY24 H2 FY25 H1 FY25 Q3 FY25 H2 Plan +60.4 Price increase + Product amount change +28.8 -28.0 -18.6 Cost increase (Raw materials + Energy cost) Impact on operating profit
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5 © Meiji Holdings Co., Ltd. All rights reserved. Domestic (Japan) Market size (Q1-Q3) • Yogurt (incl. Functional yogurt): +3 to +4% • Drinking milk: Same level as FY2024 Meiji Probio Yogurt R-1: Grew by continued promotional efforts. Sales of home delivery channels remain challenging (Consumer: +6.3%, Home delivery: -2.2%) Meiji Hemoglobin A1c Yogurt: Strong sales exceeding plan, since its launch in Oct Meiji Bulgaria Yogurt: Mainstay plain type showed solid growth Higher profit due to price increase and decrease in indirect manufacturing expenses Overseas Profitability improvement plan contributed to narrowing profit loss for China business (Review of unprofitable transaction and sales structure) (JPY bn) FY2025 Q1-Q3 Results FY2025 Plan (Rev. Nov)YoY change YoY change Net Sales 205.2 +0.8% +1.5 273.4 +0.8% +2.0 Domestic (Japan) 202.4 +0.7% +1.4 269.1 +0.4% +1.1 Overseas 2.7 +3.5% +0.0 4.2 +29.2% +0.9 Op. Profit 21.0 +30.0% +4.8 27.9 +17.4% +4.1 Domestic (Japan) 23.2 +19.1% +3.7 30.7 +9.3% +2.6 Overseas -2.1 ― +1.1 -2.7 ― +1.5 Mainstay products net sales in Japan* (JPY bn) FY2025 Q1-Q3 Results YoY change FY2025 Plan YoY change Functional yogurt 71.4 +3.1% 93.8 -1.9% Yogurt 59.9 +3.1% 78.9 +3.3% Consumer /Home delivery drinking milk 59.9 +0.2% 78.8 +1.0% Food: Q1-Q3 FY2025 Results by Business Dairy business * Non-consolidated basis. Not calculated as net sales after applying revenue recognition accounting standard
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6 © Meiji Holdings Co., Ltd. All rights reserved. Mainstay products net sales in Japan* (JPY bn) Chocolate business * Non-consolidated basis. Not calculated as net sales after applying revenue recognition accounting standard Domestic (Japan) Market size (Q1-Q3) • Chocolate: +7 to +8% • Gummy: +11 to +12% Chocolate: Plain chocolate sales expanded, supported by the 99th anniversary for Meiji Milk Chocolate Newly launched Meiji Nama no Toki performed above plan Gummy: Higher sales led by new products Profit increased, benefitted from price increase, despite increase in promotional expenses Overseas Sales increased from growth of mainstay chocolate products in China and sales expansion of chocolate snacks in the U.S. In China, profit decreased due to increase in raw material costs and indirect manufacturing expenses In the U.S., profit increased resulting from higher sales Food: Q1-Q3 FY2025 Results by Business (JPY bn) FY2025 Q1-Q3 Results FY2025 Plan (Rev. Nov)YoY change YoY change Net Sales 137.3 +8.7% +10.9 177.1 +3.6% +6.1 Domestic (Japan) 85.1 +9.6% +7.4 112.3 +4.7% +5.0 Overseas 52.1 +7.3% +3.5 64.8 +1.8% +1.1 Op. Profit 12.7 +12.2% +1.3 17.6 +8.2% +1.3 Domestic (Japan) 11.5 +24.5% +2.2 16.2 +19.5% +2.6 Overseas 1.2 -41.3% -0.8 1.3 -49.1% -1.3 FY2025 Q1-Q3 Results YoY change FY2025 Plan YoY change Chocolate 86.7 +9.7% 116.7 +5.8%
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7 © Meiji Holdings Co., Ltd. All rights reserved. Mainstay products net sales in Japan* (JPY bn) FY2025 Q1-Q3 Results YoY change FY2025 Plan YoY change Infant/Enteral formula 51.4 -5.0% 66.8 -2.8% Sports nutrition 42.2 +3.1% 51.9 +0.3% Nutrition business * Non-consolidated basis. Not calculated as net sales after applying revenue recognition accounting standard Domestic (Japan) Market size (Q1-Q3) • Sports protein (Ready-to-drink): +3 to +4% Infant formula: Sales declined due to shrinking inbound demand SAVAS (Powder): Maintained same level as FY2024, on the back of promotional activities SAVAS Milk: Continued to perform well after price increase Profit decreased resulting from higher raw material costs and lower sales for infant formula Overseas Weak trend in infant formula exports Profit loss narrowed due to the absence of upfront expenses for business expansion recorded in FY2024 Food: Q1-Q3 FY2025 Results by Business (JPY bn) FY2025 Q1-Q3 Results FY2025 Plan (Rev. Nov)YoY change YoY change Net Sales 92.4 -2.8% -2.6 117.6 -1.1% -1.3 Domestic (Japan) 84.8 -2.0% -1.7 106.9 -1.8% -1.9 Overseas 7.6 -10.0% -0.8 10.6 +5.5% +0.5 Op. Profit 11.5 -13.0% -1.7 13.2 -7.3% -1.0 Domestic (Japan) 11.6 -17.3% -2.4 13.5 -12.6% -1.9 Overseas -0.1 ― +0.7 -0.3 ― +0.9
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8 © Meiji Holdings Co., Ltd. All rights reserved. Mainstay products net sales in Japan* (JPY bn) FY2025 Q1-Q3 Results YoY change FY2025 Plan YoY change B2B business 78.2 +5.6% 101.9 +3.7% Cheese for B2C 21.5 +4.9% 28.0 +4.5% Ice cream for B2C 41.9 +4.9% 51.6 +5.0% Food solutions business * Non-consolidated basis. Not calculated as net sales after applying revenue recognition accounting standard Domestic (Japan) B2B: Cream and chocolate contributed to higher sales Cheese for B2C: Camembert performed well Ice cream for B2C: Mainstay products led solid sales Profit increased positively impacted by price increase, despite rising logistics expenses Overseas China: Higher sales from cream and drinking milk for B2B China: Ice cream business posted lower sales due to intensifying competition Profit loss narrowed due to cost reduction efforts Food: Q1-Q3 FY2025 Results by Business (JPY bn) FY2025 Q1-Q3 Results FY2025 Plan (Rev. Nov)YoY change YoY change Net Sales 155.2 +3.8% +5.6 206.8 +6.0% +11.6 Domestic (Japan) 146.2 +3.9% +5.5 193.8 +6.1% +11.1 Overseas 9.0 +1.6% +0.1 12.9 +3.8% +0.4 Op. Profit 7.8 +20.5% +1.3 11.6 +44.2% +3.5 Domestic (Japan) 10.6 +11.9% +1.1 15.1 +24.9% +3.0 Overseas -2.7 ― +0.2 -3.4 ― +0.5
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9 © Meiji Holdings Co., Ltd. All rights reserved. Pharmaceutical: Summary – Q1-Q3 FY2025 (JPY bn) FY2024 Q1-Q3 Results FY2025 Q1-Q3 Results FY2025 Plan (Rev. Nov)YoY Change vs. FY2025 Plan Net sales 174.0 172.2 -1.1% -1.8 70.8% 243.3 Operating profit 20.3 20.5 +1.1% +0.2 79.1% 26.0 Analysis of changes in operating profit : Cost reduction : Increase in marketing expenses for new drugs : Worsening product mix : Contribution from manufacturing efficiency improvement for vaccine : Decrease in inventory write-downs, increase in R&D expenses 20.5 20.3 +2.9 +4.6 -1.0 +0.3 -2.1 -4.6 Q1-Q3 Results - FY2025 Other (incl. changes in results of subsidiaries) Changes in other SG&A expenses Changes in marketing expenses Changes in costs of goods sold Impact of drug price revision Due to increased/decreased sales Q1-Q3 Results - FY2024
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10 © Meiji Holdings Co., Ltd. All rights reserved. *1 Includes generic drugs in each disease area *2 Net sales for generic drugs not included into each disease area ＊ Net sales before applying revenue recognition accounting standard Pharmaceutical: Net sales by Major Area in Japan – Q1-Q3 FY2025 (JPY bn) FY2025 Q1-Q3 Results FY2025 Plan (Rev. Nov)YoY change YoY change Domestic pharma- ceuticals (Japan) Infectious Diseases*1 31.0 -14.4% -5.2 45.8 -6.7% -3.2 Sulbacillin ＊ 10.3 -12.0% -1.4 15.3 -6.2% -1.0 TAZOPIPE ＊ 6.8 +2.3% +0.1 10.0 +7.6% +0.7 MEIACT ＊ 3.6 -36.0% -2.0 6.4 -15.5% -1.1 Immune System*1 23.3 +30.8% +5.5 36.5 +40.6% +10.5 Blood plasma products ＊ 11.5 +17.4% +1.7 16.5 +28.2% +3.6 REZUROCK ＊ 6.5 +262.2% +4.7 8.9 +208.6% +6.0 CNS*1 15.2 -11.4% -1.9 20.2 -7.4% -1.6 Generic drugs*2 16.8 +7.0% +1.0 22.6 +8.8% +1.8 Vaccines and Veterinary drugs Human vaccine 31.9 +6.2% +1.8 41.9 +10.5% +3.9 Influenza vaccine ＊ 23.4 +4.5% +1.0 21.1 +1.3% +0.2 Overseas pharmaceuticals 46.5 -5.5% -2.6 65.7 +3.1% +1.9
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11 © Meiji Holdings Co., Ltd. All rights reserved. FY2025 Full-year Plan: No revisions (JPY bn) FY2024 Results FY2025 Plan (Rev. Nov) YoY Change Total payout ratio 112.8% ― ― Dividend payout ratio 53.7% 53.1% -0.7 pt ROE 6.8% 7.0% +0.2 pt ROIC 6.8% 7.0% +0.2 pt Capital expenditures 56.6 106.0 +87.4% +49.4 Cash flows from operating activities 68.9 58.4 -15.2％ -10.5 Free cash flows 28.3 -42.3 ― -70.7 (JPY bn) FY2024 Results FY2025 Plan (Rev. Nov) YoY Change Meiji ROESG 9.5pt 8.3pt -1.2 pt Net sales 1,154.0 1,177.0 +2.0% +22.9 (Included in the above) Overseas 153.1 158.2 +3.3% +5.0 Operating profit 84.7 91.0 +7.4% +6.2 Op. profit margin 7.3% 7.7% +0.4 pt Profit attributable to owners of parent 50.8 54.0 +6.3% +3.1 EPS (JPY) 186.08 197.80 +11.71 Cash dividends per share (JPY) 100 105 +5
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12 © Meiji Holdings Co., Ltd. All rights reserved. 12 © Meiji Holdings Co., Ltd. All rights reserved. Appendices
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13 © Meiji Holdings Co., Ltd. All rights reserved. Analysis of Consolidated Operating Profit – Q1-Q3 FY2025 *1: Including the effect of price increase *2: Food: Increase in raw materials costs (incl. domestic raw milk and cocoa beans): -17.6, Others (Incl. decrease in product amount) +1.2 Pharma: Costs reduction: +0.3 *3: Food: Increase in marketing expenses: -1.5 Pharma: Increase in marketing expenses: -1.0, Decrease in other costs: +4.6 Consolidated Operating Profit Food Pharma Other 49.4 20.3 -3.3 +21.6 -4.6 ― ― -2.1 ― -16.4 +0.3 ― -1.5 +3.6 ― +0.5 +2.9 -0.7 53.6 20.5 -4.170.0 66.4 +2.7 +2.1 -16.1 -2.1 +17.1 Q1-Q3 Results - FY2025 Other (incl. change in results of subsidiaries) Changes in other SG&A expenses Changes in costs of goods sold Impact of drug price revision Due to increased/decreased sales Q1-Q3 Results - FY2024 (JPY bn) *1 *2 *3
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14 © Meiji Holdings Co., Ltd. All rights reserved. Food: Analysis of Operating Profit by Business – FY2025 Plan (JPY bn) Food Total Dairy Chocolate Nutrition Food solutions Other Op. profit results – FY2024 64.6 23.8 16.3 14.2 8.0 2.1 Due to increased/decreased sales +29.9 +5.3 +11.7 +1.5 +11.8 -0.4 Changes in COGS -20.0 -1.5 -8.5 -2.7 -6.6 -0.7 Changes in other SG&A expenses -4.1 -0.3 -0.8 -0.5 -1.9 -0.5 Changes in marketing expenses -3.7 -1.7 -1.6 +0.3 -1.2 +0.6 Changes in other expenses (R&D expenses) -0.4 (-0.2) +1.4 +0.8 -0.8 -0.7 -1.1 Other (incl. changes in results of subsidiaries) +0.6 +0.7 -1.0 +0.6 +0.2 -0.0 Op. profit plan – FY2025 71.0 27.9 17.6 13.2 11.6 0.4
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15 © Meiji Holdings Co., Ltd. All rights reserved. Food: Progress on Overseas Business – Q1-Q3 FY2025 (JPY bn) FY2025 Q1-Q3 Results FY2025 Plan (Rev. Nov)YoY Change YoY Change China Net sales 20.2 +5.9% +1.1 27.5 +7.9% +2.0 Op. Profit -4.6 ― +0.6 -6.0 ― +1.0 Asia Net sales 22.9 -4.0% -0.9 30.0 -3.1% -0.9 Op. Profit 1.2 -31.3% -0.5 1.8 +4.5% +0.0 Europe Americas Net sales 30.6 +5.6% +1.6 39.0 +3.6% +1.3 Op. Profit 1.7 +38.1% +0.4 2.0 +19.3% +0.3 Overseas total Net sales 71.2 +3.7% +2.5 92.4 +3.5% +3.0 Op. Profit -4.0 ― +1.1 -5.5 ― +1.8 Overseas business
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16 © Meiji Holdings Co., Ltd. All rights reserved. Food: China Business – Q1-Q3 FY2025 (JPY bn) FY2025 Q1-Q3 Results FY2025 Plan (Rev. Nov)YoY Change YoY Change Net sales 20.2 +5.9% +1.1 27.5 +7.9% +2.0 (Included in the above) Dairy 2.5 +2.8％ +0.0 4.0 +31.8% +0.9 Chocolate 9.7 +14.6% +1.2 11.9 +9.6% +1.0 Nutrition -0.0 ― -0.1 -0.0 ― -0.1 Food solutions 8.0 -0.5% -0.0 11.5 +1.1% +0.1 Op. Profit -4.6 ― +0.6 -6.0 ― +1.0 (Included in the above) Dairy -1.6 ― +1.1 -2.0 ― +1.4 Chocolate -0.4 ― -0.7 -0.7 ― -0.7 Nutrition -0.1 ― +0.3 -0.3 ― +0.3 Food solutions -2.3 ― -0.0 -3.0 ― +0.0
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17 © Meiji Holdings Co., Ltd. All rights reserved. Source: Bloomberg (USD/MT) (USD/MT) (GBP/MT) (USd/lb) Market Prices of Main Imported Raw Materials 0 1,000 2,000 3,000 4,000 5,000 Cheese 0 1,000 2,000 3,000 4,000 Nonfat Dry Milk 0 5 10 15 20 25 Sugar 0 2,000 4,000 6,000 8,000 10,000 Cocoa beans
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18 © Meiji Holdings Co., Ltd. All rights reserved. Overseas pharmaceuticals Domestic pharmaceuticals (Japan) (JPY bn) FY2025 Q1-Q3 Results FY2025 Plan (Rev. Nov) YoY Change YoY Change Net sales 86.4 -0.7% -0.5 125.2 +6.4% +7.5 Operating profit 14.4 -17.6% -3.0 18.0 -16.6% -3.5 (JPY bn) FY2025 Q1-Q3 Results FY2025 Plan (Rev. Nov) YoY Change YoY Change Net sales 46.5 -5.5% -2.6 65.7 +3.1% +1.9 Operating profit 5.5 +4.5% +0.2 4.7 +32.7% +1.1 Net sales • Same level as FY2024 from sluggish antibacterial drugs, despite robust growth of REZUROCK launched in May 2024, and blood plasma products Operating profit • Significantly dropped negatively impacted by NHI price revision and others Net sales • Subsidiaries in India and Spain posted lower sales Operating profit • Increased as result of decrease in R&D expenses among others Pharmaceutical: Results by Business – Q1-Q3 FY2025
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19 © Meiji Holdings Co., Ltd. All rights reserved. Vaccines and Veterinary drugs (JPY bn) FY2025 Q1-Q3 Results FY2025 Plan (Rev. Nov) YoY Change YoY Change Net sales 39.2 +3.7% +1.4 52.3 +8.7% +4.1 Operating profit 0.5 ― +3.0 3.1 ― +3.6 Net sales • Higher sales driven by five-in-one combination vaccine Operating profit • Returned to profitability due to absence of inventory write-downs that occurred in FY2024 and operating profit margin improvement at KM Biologics Pharmaceutical: Results by Business – Q1-Q3 FY2025
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20 © Meiji Holdings Co., Ltd. All rights reserved. Pharmaceutical: Analysis of Operating Profit by Business – Q1-Q3 FY2025 (JPY bn) Pharma Total Domestic pharmaceuticals (Japan) Overseas pharmaceuticals Vaccine/Veterinary drugs Q1-Q3 Op. profit – FY2024 20.3 17.5 5.2 -2.5 Due to increased/decreased sales -4.6 -0.6 -1.4 -2.6 Impact of drug price revision -2.1 -2.1 ー ー Changes in COGS +0.3 +0.2 +0.1 -0.0 Changes in other SG&A expenses +3.6 -1.0 +1.8 +2.8 Changes in marketing expenses -1.0 -0.6 -0.0 -0.3 Changes in other expenses (R&D expenses) +4.6 (-1.6) -0.4 +1.8 +3.2 Other (incl. changes in results of subsidiaries) +2.9 +0.4 -0.3 +2.8 Q1-Q3 Op. profit – FY2025 20.5 14.4 5.5 0.5
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21 © Meiji Holdings Co., Ltd. All rights reserved. Pharmaceutical: Analysis of Operating Profit by Business – FY2025 Plan (JPY bn) Pharma Total Domestic pharmaceuticals (Japan) Overseas pharmaceuticals Vaccine/Veterinary drugs Op. profit results – FY2024 24.7 21.6 3.5 -0.5 Due to increased/decreased sales -0.2 +2.4 -1.3 -1.3 Impact of drug price revision -3.2 -3.2 ー ー Changes in COGS +0.1 +0.1 +0.0 -0.0 Changes in other SG&A expenses +3.5 -2.5 +2.2 +3.8 Changes in marketing expenses -0.5 -1.0 -0.5 +1.0 Changes in other expenses (R&D expenses) +4.0 (-1.1) -1.4 +2.7 +2.8 Other (incl. changes in results of subsidiaries) +1.1 -0.2 +0.3 +1.1 Op. profit plan – FY2025 26.0 18.0 4.7 3.1
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22 © Meiji Holdings Co., Ltd. All rights reserved. Pharmaceutical: R&D Pipeline - 1 *Discovered in-house **Multi-Regional Clinical Trials Code No. (Generic Name) Efficacy Classification Target Disease Stage Infectious disease OP0595* (Nacubactam) β-lactamase inhibitor Infections caused by carbapenem-resistant bacteria Filed (Japan) Phase III (Overseas)** Immune system KD-380 (Immune globulin 10% liquid) Human plasma-derived products Induction and maintenance therapy for patients with chronic inflammatory demyelinating polyneuropathy (CIDP) and multifocal motor neuropathy (MMN) Phase III (Japan) KD-416* (Blood coagulation factor X agent) Human plasma-derived products Suppression of bleeding tendency in blood coagulation factor X deficiency Phase III (Japan) New fields ME3208 (Belumosudil) ROCK2 inhibitor Chronic Graft Versus Host Disease Launched (Japan), Product name: REZUROCK Tablets (Launched on May 22, 2024) Approved (South Korea), Product name: REZUROCK Tablets (Launched in Nov 2024) Approved (Taiwan, Thailand) DMB-3115 (Ustekinumab Biosimilar) Biosimilar Plaque psoriasis/Psoriatic arthritis/Crohn's disease /Ulcerative colitis Launched, Product name (Europe, the U.S., Middle East): IMULDOSA (launched starting Jan 2025) Approved (Middle East, Europe) Filed (Overseas) Phase I (Japan) HBI-8000 (Tucidinostat) Histone deacetylase (HDAC) inhibitor Unresectable or metastatic melanoma Phase III (Japan, Overseas)** ME3183* Selective PDE4 inhibitor Psoriasis Phase II (Overseas) (Reviewing development plan in light of market environment) HBI-8000 (Tucidinostat) Histone deacetylase (HDAC) inhibitor Relapsed or refractory B-cell non-Hodgkin's lymphoma Phase Ib / II (Japan) **
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23 © Meiji Holdings Co., Ltd. All rights reserved. *Discovered in-house **Multi-Regional Clinical Trials Pharmaceutical: R&D Pipeline - 2 Code No. (Generic Name) Efficacy Classification Target Disease Stage Vaccine KOSTAIVE Vaccine Self-amplifying mRNA vaccine against COVID-19, 2 dose vial Launched (18 years old or older, Japan) KOSTAIVE Vaccine Self-amplifying mRNA vaccine against COVID-19 Phase III (12-17 yrs old, Japan) KD-414 Vaccine Inactivated vaccine against COVID-19 (Adults, Original strain) Phase III (18-40 yrs old, Japan)** KD-414 Vaccine Inactivated vaccine against COVID-19 (Pediatric, Original strain) Phase III (6 month-11 yrs old, Japan) KD-414 Vaccine Inactivated vaccine against COVID-19 (Pediatric, Omicron strain) Phase III (6 month-12 yrs old, Japan) KD2-396 Vaccine Hexavalent vaccine against diphtheria, tetanus, pertussis, poliovirus, Haemophilus influenza type b, and Hepatitis B virus (Six-in-one combination vaccine) Phase II (Japan) KD-382 Vaccine Live attenuated tetravalent vaccine against dengue fever Phase II (Overseas)
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24 © Meiji Holdings Co., Ltd. All rights reserved. Code No. Efficacy Classification Stage Veterinary drugs KD-412* Vaccine for cattle Launched (Japan) Product name: BOVISUNT AKABANE (Launched on October 1, 2025) MD-22-3002 Anti-inflammatory drug for cattle, swine and horse Launched (Japan) Product name: Flunixin injection meiji (Launched on January 6, 2026) ME4305* Antibacterial drug for cattle Filed (Japan) MD-22-1001-1 Injectable antibacterial drug for cattle Under development ME4406* Feed Additive Under development *Discovered in-house Pharmaceutical: R&D Pipeline - 3
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© Meiji Holdings Co., Ltd. All rights reserved. Information in this material is not intended to solicit sale or purchase of shares in Meiji Holdings. The final decision relating to investments should be made based on the judgment of users themselves. Business forecasts and other forward-looking statements are based on information available at the time of the release of this presentation and reasonable assumptions made by the Company. Actual results could differ materially from forecasts due to various factors. The earnings summary is not subject to audit. Although this material includes information concerning pharmaceutical products (including those currently under development),such descriptions are not intended to advertise the products or provide any medical advice.