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Now ideas for wellness meiji Financial Results for the Q1 of FYE March 2027 ( FY2026 ) ( From April 1 , 2026 to June 30 , 2026 ) August 5 , 2026 Meiji Holdings Co. , Ltd.
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1 © Meiji Holdings Co., Ltd. All rights reserved. Executive Summary: Q1 Off to a Strong Start Toward Full-Year Plan Consolidated operating profit for Q1 FY2026: JPY 22.6 billion (up 27.7% YoY) • Profit increased significantly for both Food and Pharmaceutical segments • Food segment: Price increases worked to absorb cost increases for cocoa beans and imported dairy ingredients. Key products and brands such as functional yogurt, chocolate, and SAVAS continued to show solid performance • Pharmaceutical segment: Sales growth was driven by new drugs, in addition to strong performance of mainstay antibacterial drugs and vaccines In the Food segment, proactively advanced structural reforms both in Japan and overseas • China: Decision made to transfer the dairy and B2B businesses (December 2026 planned) • Japan: Decision made to discontinue the frozen foods business and closed the Ibaraki Plant (End of March 2027 planned) On track to achieve consolidated operating profit of JPY 100.0 billion in FY2026 • While flexibly addressing additional cost pressures arising from yen depreciation and geopolitical tensions in the Middle East, advancing company-wide structural reforms in preparation for the next Medium-Term Business Plan
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2 © Meiji Holdings Co., Ltd. All rights reserved. 3.4 3.0 2.9 4.9 8.6 10.9 13.8 14.80.0 0.1 0.0 0.0 6.0 7.1 7.3 8.3 6.1 4.3 4.1 4.9 FY2023 FY2024 FY2025 FY2026 Initial plan Net sales by business Ice cream B2B Nutrition Chocolate Dairy 33.0 Target business to transfer -3.8 -3.4 -2.1 -1.6 0.7 -0.0 -0.9 0.7 -0.3 -0.6 -0.2 -0.0 -0.6 -1.3 -0.9 -0.1 0.4 -1.7 -1.7 0.1 FY2023 FY2024 FY2025 FY2026 Initial plan Op. profit by business Chocolate Food: Business Portfolio Restructuring (China) Decision made to transfer the dairy and B2B businesses. By focusing management resources on businesses with strong competitive advantages, we will aim to achieve profitability for overall China business in FY2027 25.5 28.2 24.3 (JPY bn) -7.1 -3.7 -6.0 -0.8 Nutrition • Transfer of the target business planned for Dec. 2026 at approx. JPY 7.6 billion. Despite extraordinary loss, the transaction will generate positive cash proceeds • Losses expected to remain in FY2026, with a return to profitability anticipated in FY2027
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3 © Meiji Holdings Co., Ltd. All rights reserved. Food: Business Portfolio Restructuring (China) Past Management Focused on Sales Growth Overseas expansion driven independently by each business unit, resulting in a lack of swift decision-making from a company-wide perspective Broad-based expansion and inefficient resource allocation Overreliance on self-led expansion Overly optimistic assessment of market conditions and competitive advantages FY2026 Onward Management Focused on Capital Efficiency and Profitability In a Challenging business environment, pursuing a strategy of Selection and Concentration Established Overseas Business HQ in April 2026 Appointing mid-career talent to key leadership positions Leveraging external partners Restructuring business portfolio based on competitive advantage and profitability -> Divest low-profitability businesses. Focus management resources on the Chocolate business, where we hold a strong competitive advantage
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4 © Meiji Holdings Co., Ltd. All rights reserved. Food: Business Portfolio Restructuring (Japan) 8.0 7.6 -0.2 -0.3 FY2024 FY2025 Recent performance trends ■Net sales ■Op. profit (JPY bn) Will close the Ibaraki Plant and discontinue the frozen foods business at the end of March 2027 To return to a growth trajectory, we will continue to implement fundamental structural reforms Background • Frozen foods production began in 1976 • Despite structural reforms, including the discontinuation of unprofitable products, a shift toward growth categories, and cost reduction initiatives, the business failed to achieve profitability -> Determined that further investment in aging production facilities was not feasible Expected impact • FY2026 Extraordinary losses of JPY 2.0-2.5 billion from asset impairment and equipment disposal (already included in the initial plan of FY2026) • FY2027 onward Limited impact on operating profit -> Reallocate generated resources to businesses with stronger competitive advantages
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5 © Meiji Holdings Co., Ltd. All rights reserved. (JPY bn) FY2025 Q1 Results FY2026 Q1 Results FY2026 H1 PlanYoY change vs. H1 Plan Net sales 273.5 289.4 +5.8% +15.8 48.7% 594.5 Operating profit 17.7 22.6 +27.7% +4.9 50.4% 45.0 Op. profit margin 6.5% 7.8% +1.3pt ー 7.6% Profit attributable to owners of parent 10.0 15.2 +51.3% +5.1 55.5% 27.5 EPS (JPY) 37.27 56.33 19.06 ー 101.46 Results for Q1: Sales increased, while operating profit grew significantly • Food: Sales increased and operating profit rose significantly Pharma: Both sales and operating profit grew strongly • Profit attributable to owners of parent: Increased significantly, driven by higher operating profit and lower tax expenses Summary for Q1 FY2026 Consolidated Results
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6 © Meiji Holdings Co., Ltd. All rights reserved. （JPY bn） FY2025 Q1 Results FY2026 Q1 Results FY2026 H1 PlanYoY change vs. H1 Plan Net sales 224.8 233.9 +4.1% +9.1 49.9% 468.6 Operating profit 13.6 15.1 +10.9% +1.4 47.4% 32.0 Food: Summary – Q1 FY2026 15.1 13.6 +1.7 -0.3 -1.6 -5.3 +6.9 Q1 Results - FY2026 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 Results - FY2025 Analysis of changes in operating profit : Impact of price increase +7.5 Changes in sales volume and product mix -0.6 : Profit increased from feed subsidiary and others Absence of upfront investment expenses for overseas business expansion recorded in the previous fiscal year : Increase in logistics and promotional costs and others : Increase in general and administrative expenses and others (including JPY 0.6 billion profit contribution from lower indirect manufacturing costs resulting from structural reforms) : Increase in raw material costs -5.3 (incl. domestic raw milk and cocoa beans)
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7 © Meiji Holdings Co., Ltd. All rights reserved. Food: Analysis of Operating Profit by Business – Q1 FY2026 (JPY bn) Segment Total Dairy Chocolate Nutrition Food solutions Other Q1 Operating Profit – FY2025 13.6 6.0 3.1 3.1 1.7 -0.4 Due to increased/decreased sales +6.9 +2.3 +2.0 +0.9 +1.7 +0.0 Changes in COGS -5.3 -0.9 -2.9 -0.3 -1.3 -0.0 Changes in other SG&A expenses -1.8 -0.8 -0.2 +0.1 -0.7 -0.2 Change in marketing expenses -1.6 -1.1 -0.1 +0.0 -0.4 +0.1 Change in other expenses (R&D expenses) -0.3 (-0.1) +0.3 -0.1 +0.0 -0.2 -0.3 Other (incl. change in results of subsidiaries) +1.7 -0.3 -0.0 +0.0 +0.6 +1.4 Net change +1.4 +0.3 -1.0 +0.6 +0.2 +1.2 Q1 Operating Profit – FY2026 15.1 6.4 2.0 3.7 2.0 0.8
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8 © Meiji Holdings Co., Ltd. All rights reserved. Domestic (Japan) Market size (Q1) • Yogurt (incl. Functional yogurt): +6 to +7% • Drinking milk: +3 to +4% Functional Yogurt: Progressing well especially for consumer markets (Consumer: +5.1%, Home delivery: -2.4%) Meiji Probio Yogurt R-1: Solid growth (+1.0%), Meiji Hemoglobin A1c Yogurt exceeding the plan by 1.5 times Meiji Bulgaria Yogurt: Flat as FY2025 Q1 Higher profit due to price increase, offsetting increase in sales promotional and logistic expenses Overseas Expanded sales of Meiji Oishii Gyunyu in China, launched in 2025 Profit increased on a local currency basis, but remained in line with the previous year due to FX impacts (JPY bn) FY2026 Q1 Results FY2026 H1 PlanYoY change YoY change Net Sales 67.5 +0.8% +0.5 139.2 +3.3% +4.4 Domestic (Japan) 66.4 +0.6% +0.3 136.6 +2.7% +3.6 Overseas 1.0 +18.9% +0.1 2.6 +44.9% +0.8 Op. Profit 6.4 +6.2% +0.3 13.8 +15.1% +1.8 Domestic (Japan) 7.0 +6.4% +0.4 15.0 +11.9% +1.6 Overseas -0.6 ― -0.0 -1.2 ― +0.2 Mainstay products net sales in Japan* (JPY bn) Q1 Results YoY change H1 Plan YoY change Functional yogurt 23.1 +3.6% 45.3 +2.6% Yogurt 20.4 -0.8% 41.6 +1.6% Consumer/Home delivery drinking milk 19.7 +3.5% 42.0 +3.9% Food: Q1 FY2026 Results by Business Dairy business * Non-consolidated basis. Not calculated as net sales after applying revenue recognition accounting standard
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9 © Meiji Holdings Co., Ltd. All rights reserved. (JPY bn) FY2026 Q1 Results FY2026 H1 PlanYoY change YoY change Net Sales 43.6 +12.7% +4.9 87.1 +10.1% +8.0 Domestic (Japan) 27.2 +9.5% +2.3 51.0 +6.5% +3.1 Overseas 16.4 +18.4% +2.5 36.0 +15.6% +4.8 Op. Profit 2.0 -34.2% -1.0 4.3 -10.0% -0.4 Domestic (Japan) 2.4 -29.3% -1.0 3.5 -26.2% -1.2 Overseas -0.3 ― -0.0 0.7 ― +0.7 Q1 Results YoY change H1 Plan YoY change Chocolate 27.5 +8.9% 50.0 +5.1% Domestic (Japan) Market size (Q1) • Chocolate: +4 to +5% • Gummy: +0 to +1% Chocolate: Favorable performance of mainstay chocolate products including Chocolate Koka and chocolate snacks Gummy: New products contributed to higher sales Lower profit, due to increase in chocolate raw material costs -> The impact of rising costs is expected to peak in Q1. Will continue to address by expanding sales of high value-added products Overseas Chocolate snacks performed well in the U.S. and Singapore, while Almond Chocolate and chocolate bars saw strong growth in China Profit declined due to higher indirect manufacturing costs in the U.S., such as depreciation and labor costs Food: Q1 FY2026 Results by Business Chocolate business * Non-consolidated basis. Not calculated as net sales after applying revenue recognition accounting standard Mainstay products net sales in Japan* (JPY bn)
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10 © Meiji Holdings Co., Ltd. All rights reserved. (JPY bn) FY2026 Q1 Results FY2026 H1 PlanYoY change YoY change Net Sales 30.9 +6.3% +1.8 60.5 -1.3% -0.7 Domestic (Japan) 27.7 +5.7% +1.4 55.0 -1.8% -1.0 Overseas 3.2 +12.3% +0.3 5.4 +4.5% +0.2 Op. Profit 3.7 +20.9% +0.6 6.8 -6.8% -0.5 Domestic (Japan) 3.7 +24.1% +0.7 7.0 -5.4% -0.4 Overseas 0.0 -74.6% -0.0 -0.1 ― -0.0 Q1 Results YoY change H1 Plan YoY change Infant/Enteral formula 15.8 +0.6% 32.6 -2.4% Sports nutrition 15.1 +13.6% 28.8 +1.8% Domestic (Japan) Market size (Q1) • Sports protein (ready-to-drink): +21% • The protein nutrition market continues to expand year by year. Growing consumer interest in protein is driving long- term market expansion. Will continue to closely monitor domestic demand related to diabetes treatments Infant formula: Sales decreased due to weak inbound demand SAVAS (powder): Delivered significant sales growth, supported by a narrower price gap with competitors and the acquisition of new users SAVAS (Milk Protein): Achieved strong sales growth thanks to contributions from new products and enhanced promotional activities Profit increased due to the positive impact of price increases and cost reductions resulting from structural reforms Overseas Infant formula exports to Pakistan showed strong growth Profit declined due to lower sales at Vietnam subsidiary Food: Q1 FY2026 Results by Business Nutrition business * Non-consolidated basis. Not calculated as net sales after applying revenue recognition accounting standard Mainstay products net sales in Japan* (JPY bn)
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11 © Meiji Holdings Co., Ltd. All rights reserved. (JPY bn) FY2026 Q1 Results FY2026 H1 PlanYoY change YoY change Net Sales 49.9 +2.6% +1.2 106.6 +3.6% +3.7 Domestic (Japan) 45.9 +2.5% +1.1 98.6 +2.3% +2.2 Overseas 4.0 +3.4% +0.1 8.0 +22.9% +1.4 Op. Profit 2.0 +15.4% +0.2 7.0 +34.6% +1.8 Domestic (Japan) 2.3 -10.9% -0.2 7.4 +6.5% +0.4 Overseas -0.2 ― +0.5 -0.4 ― +1.3 Q1 Results YoY change H1 Plan YoY change B2B business 24.1 +2.5% 49.3 -0.0% Cheese for B2C 7.2 +3.0% 14.2 +4.6% Ice cream for B2C 13.8 +7.0% 32.5 +2.7% Domestic (Japan) B2B business: Higher sales mainly from cream for B2B Cheese for B2C: Mainstay camembert cheese strongly grew Ice cream for B2C: Mainstay Meiji Essel Super Cup led solid sales Profit declined due to increased promotional and indirect manufacturing costs -> By focusing on growth categories, including B2B, aim to secure profitability through improved product mix Overseas China: Higher sales contributed from cream for B2B Profit loss narrowed mainly from lower depreciation costs, resulting from impairment loss recorded in FY2025 Food: Q1 FY2026 Results by Business Food solutions business * Non-consolidated basis. Not calculated as net sales after applying revenue recognition accounting standard Mainstay products net sales in Japan* (JPY bn)
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12 © Meiji Holdings Co., Ltd. All rights reserved. Food: Cost Increases and Countermeasures -6.5 -12.5 -1.5 -14.0 +7.5 +11.8 +3.5 +15.3 FY26-Q1 Initial Plan FY26-H1 Initial Plan FY26-H2 As of Q1 FY26 Outlook Impact on Operating profit Worst-case scenario for additional cost increases driven by yen depreciation, geopolitical tensions in the Middle East, and rising imported dairy ingredient costs Price increase + Product amount change +15.3 Cost increase (Raw materials + Energy cost) -14.0 -8.0 to -9.0 (Worst-case scenario) • A portion of these additional costs has already been absorbed in Q1 • Will offset cost increases through cost reduction initiatives, including specification change, and by increasing sales volume, shifting sales mix toward higher-margin products • Aim to achieve the full-year plan by implementing measures such as price increase and product amount change, when necessary (JPY bn) Major cost increase in Q1 Cocoa beans -2.4bn, Domestic raw milk -1.3bn, Imported dairy ingredients -1.1bn, Fat -0.3bn Sugar -0.1bn, Packaging materials -0.1bn - Cocoa beans costs are expected to turn favorable from FY2026 H2 as inventories procured during the period of elevated market prices are gradually being consumed - Costs for imported raw materials continue to trend upward due to the depreciation of Japanese yen
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13 © Meiji Holdings Co., Ltd. All rights reserved. （JPY bn） FY2025 Q1 Results FY2026 Q1 Results FY2026 H1 PlanYoY change vs. H1 Plan Net sales 49.0 55.6 +13.6% +6.6 43.9% 126.7 Operating profit 4.7 8.4 +76.3% +3.6 52.3% 16.1 Analysis of changes in operating profit : Higher sales of REZUROCK, selective ROCK2 inhibitor and antibacterial drugs : Increase in procurement costs : Profit increased from KM biologics and India subsidiary : Increase in marketing expenses : Increase in R&D expenses Pharmaceutical: Summary – Q1 FY2026 8.4 4.7 +1.7 -0.4 -0.3 -0.5 +0.5 +2.8 Q1 Results - FY2026 Other (incl. change in results of subsidiaries) Changes in other SG&A expenses Changes in marketing expeses Changes in costs of goods sold Impact of drug price revision Due to increased/decreased sales Q1 Results - FY2025
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14 © 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 (JPY bn) FY2026 Q1 Results FY2026 H1 PlanYoY change YoY change Domestic pharma- ceuticals (Japan) Infectious Diseases *1 11.5 +28.1% +2.5 23.8 +16.9% +3.4 Sulbacillin 3.5 +23.8% +0.6 7.0 +2.4% +0.1 TAZOPIPE 2.9 +53.9% +1.0 6.1 +37.5% +1.6 MEIACT 1.4 +32.3% +0.3 2.7 +19.6% +0.4 Immune System*1 7.6 -5.6% -0.4 14.2 -4.0% -0.5 Blood plasma products 2.9 -37.3% -1.7 8.2 -5.8% -0.5 REZUROCK 3.4 +71.0% +1.4 4.9 +15.9% +0.6 CNS*1 5.0 +4.0% +0.1 9.3 -8.9% -0.9 Generic drugs*2 7.5 +34.7% +1.9 14.3 +29.6% +3.2 Vaccines and Veterinary drugs Human vaccine 4.8 +27.0% +1.0 24.5 +6.8% +1.5 Influenza vaccine -0.7 ― -0.0 17.2 +3.0% +0.4 Overseas pharmaceuticals business 17.0 +11.7% +1.7 35.7 +9.6% +3.1 Pharmaceutical: Q1 FY2026 Net sales by Major Area Growth driven by expanded prescribing Vorzzz for insomnia treatment tracking at approx. 1.5x the initial plan Temporary decline due to transition to in-house sales Benefit from NHI drug upward price revisions, etc. ENCEVAC for Japanese encephalitis delivered strong performance India subsidiary performed well Q1 Highlights
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15 © Meiji Holdings Co., Ltd. All rights reserved. (JPY bn) FY2025 Results FY2026 Plan H1 Full-year H1 YoY change Full-year YoY change Net sales 574.8 1,173.6 594.5 +3.4% +19.6 1,212.0 +3.3% +38.3 Operating profit 40.9 93.3 45.0 +9.9% +4.0 100.0 +7.2% +6.6 Op. profit margin 7.1% 7.9% 7.6% +0.4 pt 8.3% +0.3 pt Profit attributable to owners of parent 21.4 35.0 27.5 +28.0% +6.0 62.5 +78.2% +27.4 EPS (JPY) 79.27 129.42 101.46 +22.19 230.61 +101.19 Cash dividends per share (JPY) 52.50 105.00 55.00 +2.50 110.00 +5.00 Dividend payout ratio ― 81.1% ― ― ― ― ROE ― 4.6% ― ― 8.0% +3.4 pt ROIC ― 7.8% ― ― 8.0% +0.2 pt Capital expenditures 38.1 103.7 53.0 +39.2% +14.9 129.0 +24.4% +25.3 Cash flows from operating activities -9.4 56.5 ― ― 103.0 +82.2％ +46.4 Free cash flows -48.3 -53.8 ― ― -17.0 ー -36.8 Outlook for FY2026: No revisions for H1 and Full-year
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16 © Meiji Holdings Co., Ltd. All rights reserved. 16 © Meiji Holdings Co., Ltd. All rights reserved. Appendices
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17 © Meiji Holdings Co., Ltd. All rights reserved. Analysis of Consolidated Operating Profit – Q1 FY2026 Consolidated Operating Profit Food Pharma Other 13.6 4.7 -0.7 ＋6.9 +2.8 ー ー +0.5 ー -5.3 -0.5 ー -1.8 -0.8 ー +1.7 +1.7 -0.2 15.1 8.4 -0.922.6 17.7 +3.2 -2.6 -5.9 +0.5 +9.7 Q1 Results - FY2026 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 Results - FY2025 （JPY bn） *1 *2 *3 *1: Including the effect of price increase *2: [Food] Increase in raw materials costs (incl. domestic raw milk and cocoa beans): -5.3 [Pharma] Increase in procurement costs : -0.5 *3: [Food] Increase in marketing expenses: -1.6, Increase in other costs: -0.3 [Pharma] Increase in marketing expenses: -0.3, Increase in other costs: -0.4
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18 © Meiji Holdings Co., Ltd. All rights reserved. Food: Q1 FY2026 Overseas Business Results Overseas by region (JPY bn) FY2026 Q1 Results FY2026 H1 PlanYoY change YoY change Net sales 6.8 +14.1% +0.8 15.3 +26.8% +3.2 (Included in the above) Dairy 1.0 +19.2% +0.1 2.4 +48.8% +0.8 Chocolate 2.1 +31.2% +0.5 5.7 +25.7% +1.1 Nutrition 0.0 ― -0.0 0.0 ― +0.0 Food solutions 3.6 +5.0% +0.1 7.0 +21.4% +1.2 Op. Profit -1.0 ― +0.7 -1.1 ― +2.3 (Included in the above) Dairy -0.4 ― -0.0 -0.8 ― +0.2 Chocolate -0.5 ― +0.1 -0.1 ― +0.6 Nutrition -0.0 ― +0.0 -0.0 ― +0.1 Food solutions -0.1 ― +0.5 -0.1 ― +1.4 China business (JPY bn) FY2026 Q1 Results FY2026 H1 PlanYoY change YoY change China Net sales 6.8 +14.1% +0.8 15.3 +26.8% +3.2 Op. Profit -1.0 ― +0.7 -1.1 ― +2.3 Asia Net sales 9.2 +42.4% +2.7 16.4 +15.7% +2.2 Op. Profit 0.4 -31.8% -0.2 0.6 -28.9% -0.2 Europe and Americas Net sales 10.0 +9.7% +0.8 20.9 +7.1% +1.3 Op. Profit 0.1 -76.4% -0.3 0.9 +7.1% +0.0 Overseas Net sales 24.5 +14.9% +3.1 52.2 +17.4% +7.7 Op. Profit -1.2 ― +1.3 -1.0 ― +2.4
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19 © Meiji Holdings Co., Ltd. All rights reserved. (JPY bn) FY2025 Q1 Results FY2026 Q1 Results FY2026 H1 PlanYoY change vs. H1 Plan Functional yogurt 22.3 23.1 +3.6% 50.9％ 45.3 Yogurt 20.6 20.4 -0.8% 49.1％ 41.6 Drinking milk, milk for home delivery 19.0 19.7 +3.5% 47.0％ 42.0 Chocolate 25.2 27.5 +8.9% 55.0％ 50.0 Infant formula and enteral formula 15.7 15.8 +0.6% 48.5％ 32.6 Sports nutrition (incl. SAVAS Milk Protein) 13.3 15.1 +13.6% 52.4％ 28.8 B2B 23.5 24.1 +2.5% 48.8% 49.3 Cheese for B2C 7.0 7.2 +3.0% 50.8％ 14.2 Ice cream for B2C 12.9 13.8 +7.0% 42.5％ 32.5 * Not calculated as net sales after applying revenue recognition accounting standards Food: Sales by Main Product for Q1 FY2026
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20 © Meiji Holdings Co., Ltd. All rights reserved. Market Prices of Main Raw Materials Imported Source: Factset (USD/MT) (USD/MT) (GBP/MT) (USd/lb) Nonfat Dry Milk Cocoa beans Sugar Cheese
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21 © Meiji Holdings Co., Ltd. All rights reserved. (JPY bn) Segment Total Domestic pharmaceuticals (Japan) Overseas pharmaceuticals Vaccines and Veterinary drugs Q1 Operating Profit – FY2025 4.7 4.3 2.2 -1.8 Due to increased/decreased sales +2.8 +2.4 +0.1 +0.2 Impact of drug price revision +0.5 +0.5 － － Changes in COGS -0.5 -0.4 -0.1 -0.1 Changes in other SG&A expenses -0.8 -0.5 -0.3 +0.1 Change in marketing expenses -0.3 -0.4 -0.2 +0.2 Change in other expenses (R&D expenses) -0.4 (-0.3) -0.1 -0.2 -0.1 Other (incl. change in results of subsidiaries) +1.7 -0.3 +0.9 +1.1 Q1 Operating Profit – FY2026 8.4 6.0 2.8 -0.4 Pharmaceutical: Analysis of Operating Profit – Q1 FY2026
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22 © Meiji Holdings Co., Ltd. All rights reserved. Overseas pharmaceuticals Domestic pharmaceuticals (Japan) Net sales • Antibacterial drugs posted higher sales, reflecting a rebound from the weak market environment in the previous year and the impact of NHI drug price revisions • REZUROCK Tablets continued to achieve growth in prescriptions Operating profit • Increased significantly, driven by higher sales and the impact of NHI drug price revisions Net sales • increased due to favorable FX effects and sales growth at the Indian subsidiary Operating profit • Increased significantly, supported by higher sales at the Indian subsidiary and a lower cost-of-sales ratio (JPY bn) FY2026 Q1 Results FY2026 H1 PlanYoY change YoY change Net sales 31.7 +15.3% +4.2 61.8 +9.2% +5.2 Op. profit 6.0 +38.3% +1.6 8.3 -14.3% -1.3 (JPY bn) FY2026 Q1 Results FY2026 H1 PlanYoY change YoY change Net sales 17.0 +11.7% +1.7 35.7 +9.6% +3.1 Op. profit 2.8 +26.6% +0.5 2.8 -30.4% -1.2 Pharmaceutical: Q1 FY2026 Results by business
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23 © Meiji Holdings Co., Ltd. All rights reserved. Vaccines and Veterinary drugs Net sales • Sales increased for ENCEVAC, Japanese encephalitis vaccine and Quintovac, five-in-one combination vaccine Operating profit • Loss narrowed as a result of increased sales (JPY bn) FY2026 Q1 Results FY2026 H1 PlanYoY change YoY change Net sales 6.8 +10.6% +0.6 29.0 +5.0% +1.3 Op. profit -0.4 ― +1.3 4.9 +883.9% +4.4 Pharmaceutical: Q1 FY2026 Results by business
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24 © Meiji Holdings Co., Ltd. All rights reserved. Pharmaceutical: R&D Pipeline - 1 Product name/Development Code (generic name) Therapeutic Category/Indication Stage Notes Infectious diseases OP0595 (Nacubactam) Infections caused by Gram-negative bacteria suspected of being resistant to carbapenem (β-lactamase inhibitor) Japan I II III F A Discovered in-house Overseas I II III F A KOSTAIVE Self-amplifying mRNA vaccine against COVID-19 (12-17 years old) Japan I II III F A Partnership: CSL Seqirus (The U.S.) KD-414 Inactivated vaccine against COVID-19 (Pediatric） Japan I II III F A KD2-396 Hexavalent vaccine against diphtheria, tetanus, pertussis, poliovirus, Haemophilus influenzae type b, and Hepatitis B virus (Six-in-one combination vaccine) Japan I II III F A KD-382 Live attenuated tetravalent vaccine against dengue fever Overseas I II III F A Hematology / Oncology LASERPHYRIN/ME2906 (Talaporfin sodium) Cervical Intraepithelial Neoplasia（CIN） （PhotodynamicTherapy） Japan I II III F A HIYASTA/HBI-8000 (Tucidinostat) Unresectable or metastatic melanoma (HDAC inhibitor) Overseas I II III F A Co-development: HUYABIO International, LLC (The U.S.) KD-380 (Immunoglobulin 10% liquid) Induction and maintenance therapy for patients with chronic inflammatory demyelinating polyneuropathy (CIDP) and multifocal motor neuropathy (MMN) (Human plasma-derived products) Japan I II III F A KD-416 (Blood coagulation factor X agent) Suppression of bleeding tendency in blood coagulation factor X deficiency (Human plasma-derived products) Japan I II III F A Discovered in-house * The stage indicates the development status of each pipeline. I, II and III denote the phases of clinical trials; F indicates the submission of a marketing authorization application, and A indicates the receipt of marketing authorization
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25 © Meiji Holdings Co., Ltd. All rights reserved. Pharmaceutical: R&D Pipeline - 2 Product name/Development Code (generic name) Therapeutic Category/Indication Stage Notes Immune and Inflammatory diseases REZUROCK/ME3208 （Belumosudil） Chronic Graft Versus Host Disease (Selective ROCK2 inhibitor) Overseas I II III F A Approved (South Korea, Taiwan, Thailand) Chronic Graft Versus Host Disease (Pediatric) (Selective ROCK2 inhibitor) Japan I II III F A Chronic Lung Allograft Dysfunction (Selective ROCK2 inhibitor) Japan I II III F A IMULDOSA/DMB-3115 （Ustekinumab Biosimilar） Plaque psoriasis/Psoriatic arthritis/Crohn's disease/Ulcerative colitis (Biosimilar) Overseas I II III F A Co-development: Dong-A ST Co., Ltd. (South Korea) / Out-license: Intas Pharmaceuticals Ltd. (India) Japan I II III F A ME3183 Psoriasis (Selective PDE4 inhibitor) Overseas I II III F A Discovered in-house (Reviewing development plan in light of market environment) Palmoplantar pustulosis (Selective PDE4 inhibitor) Overseas I II III F A Discovered in-house (Orphan Medicinal Product Designation by the European Commission) ME3241 Autoimmune disorders (Anti-PD-1 agonist antibody) Overseas I II III F A Joint research： The Foundation for Biomedical Research and Innovation at Kobe * The stage indicates the development status of each pipeline. I, II and III denote the phases of clinical trials; F indicates the submission of a marketing authorization application, and A indicates the receipt of marketing authorization
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26 © Meiji Holdings Co., Ltd. All rights reserved. Pharmaceutical: R&D Pipeline - 3 Product name/Development Code (generic name) Therapeutic Category/Indication Stage Notes Veterinary Drugs BOVISUNT AKABANE/KD-412 Vaccine for cattle Launched in Japan Discovered in-house Launched on October 1, 2025 Flunixin injection meiji/MD-22-3002 Anti-inflammatory drug for cattle, swine and horse Launched in Japan Launched on January 6, 2026 ME4305 Antibacterial drug for cattle Filed in Japan Discovered in-house MD-22-1001-1 Injectable antibacterial drug for cattle Filed in Japan ME4406 Feed Additive Under development
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