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FY2027/3 2Q Business Results for the Second Quarter of FY2027/3 NH Foods Ltd. November 2, 2026 Copyright © NH Foods Ltd. All Rights Reserved. (Unauthorized reproduction prohibited)
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Copyright © NH Foods Ltd. All Rights Reserved. （無断転載禁止） * The Company has adopted International Financial Reporting Standards (“IFRS”). * “Business profit” is calculated by deducting the cost of goods sold and selling, general and administrative expenses from net sales, and accounting for foreign exchange gains and losses determined by the Group, while deducting adjustments in accordance with IFRS and non-recurring items. * Due to rounding, numbers may not match totals. * In FY2027/3, the Group established the Sports & Entertainment Business Division and reorganized our structure to place the fo rmer Ballpark Business under its umbrella. Consequently, beginning with the current interim consolidated accounting period, we have changed the classification of the reportable segment to the Sports & Entertainment Business Division. In addition, due to changes in the scope of business divisions included in corporate overhead expenses, we have also adjusted the amounts of corporate overhead expenses allocated to each reportable segment. Reportable segment information for the previous interim consolidated accounting period has been restated to reflect the new reportable segments. * On October 1, 2026, the Company conducted a three-for-one share split of its common stock. "Earnings per share (basic)" is calculated as if the share split had occurred at the beginning of the year ended March 31, 2026. CONTENTS Results/Segment Results Plan Key Financial Data/ Appendix 14 17 19 Plan Highlights for FY2027/3 Full-Year Plan FY2027/3 Full-Year Plan: Processed Foods Business Division FY2027/3 Full-Year Plan: Fresh Meats Business Division FY2026/3 Business Results at a Glance and FY2027/3 Plan Consolidated Statements of Financial Position and Cash Flows Capital Expenditures, Depreciation and Amortization Appendix 22 23 24 25 01 02 03 Copyright © NH Foods Ltd. All Rights Reserved. (Unauthorized reproduction prohibited) 03 04 05 08 10 12 FY2027/3 First Half Results Summary FY2027/3 Full-Year Plan Summary Financial Highlights FY2027/3 First Half Results FY2027/3 First Half Results: Processed Foods Business Division FY2027/3 First Half Results: Fresh Meats Business Division FY2027/3 First Half Results: Sports & Entertainment Business Division
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Copyright © NH Foods Ltd. All Rights Reserved. （無断転載禁止） FY2027/3 First Half Results Net sales Business profit Profit attributable to owners of the parent Management indicators FY2027/3 First Half Results Summary (25.0%) year-on-year 3 FY2027/3 First Half Results FY2027/3 Full-Year Plan Financial Data Appendix [Net sales] • Growth was driven by strong domestic sales volume and appropriate pricing in response to soaring procurement costs in the Fresh Meats Business, as well as the recovery of overseas processed foods and domestic mainstay brands and dairy products and extract in the Processed Foods Business [Business profit] Although the revenue base in the Fresh Meats and SE* Business was strengthened and the mainstay brands in the Processed Foods Business grew, profits declined due to failure to secure the gross profit expected from the projected increase in sales volume, due to the deteriorating business environment in Australia and sharp cost increases in the Processed Foods Business * SE: Sports & Entertainment Business Internal factors • Fresh Meats: Improved productivity in domestic chicken production and an increase in the number of domestic pigs raised, and the implementation of appropriate price pass-through and sales initiatives • SE: Profitability improved through the provision of new experiential value and attractive products • Processed Foods: Progress was made in improving unit prices for mainstay brands and the product mix, but the increase in sales volume needed to absorb sharp cost increases fell short of plan External factors • Soaring cattle prices and sluggish selling prices in the Australia business • Rising costs of key raw materials, packaging materials, and electric power, as well as higher feed prices, put pressure on profits [Profit attributable to owners of the parent] • Profit declined due to a significant decrease in operating profit Topics ¥769.4 billion ¥28.8 billion ¥17.4 billion +6.5% year-on-year (20.7%) year-on-year (0.7%) year-on-yearROIC 2.5% EPS ¥(16.1) year-on-year¥62.3 (1.1%) year-on-yearROE 3.3%
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Copyright © NH Foods Ltd. All Rights Reserved. （無断転載禁止） [Net sales] • Processed Foods: Net sales are expected to increase due to strengthened sales promotions for domestic mainstay brands, the introduction of new products, and the growth of sales in North America • Fresh Meats: Timely price pass-through to sales will contribute to securing an increase in net sales amid unstable production and procurement conditions [Business profit] • Processed Foods: Although overseas volume expansion and streamlining efforts will progress, gross profit from ham, sausage, and processed foods is insufficient, and the Company will be unable to fully absorb the surge in manufacturing costs, resulting in a decline in profit • Fresh Meats: Profit will decline due to soaring cattle prices in Australia and rising feed and fuel costs both domestically and internationally [Profit attributable to owners of the parent] • While fire insurance proceeds have been posted, net profit is also expected to decline due to a decrease in operating profit [Management indicators] • ROE: Improved by 0.1% due to a reduction in equity resulting from share repurchases and other measures FY2027/3 Full-Year Plan Summary4 Topics 68.3 (1.2) (16.3) 50.0 FY2026/3 Processed Foods Business Fresh Meats Business SE Business Eliminations, Adjustments FY2027/3 FY2027/3 First Half Results FY2027/3 Full-Year Plan Financial Data Appendix FY2027/3 Full-Year Plan Net sales Business profit Profit attributable to owners of the parent Management indicators +2.9% year-on-year (26.8%) year-on-year (0.2%) year-on-year (1.7%) year-on-yearROIC EPS +¥8.3 year-on-year +0.1% year-on-yearROE ¥1,500.0 billion 4.4% ¥128.7 6.7% (¥ billion) ¥50.0 billion ¥35.0 billion (0.5) (0.5)
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Copyright © NH Foods Ltd. All Rights Reserved. （無断転載禁止） Financial Highlights (1) FY2027/3 First Half Results5 FY2026/3 First half FY2027/3 First half Variance Variance (%) Net sales 722.6 769.4 46.8 6.5% Business profit 36.3 28.8 (7.5) (20.7%) Business profit ratio 5.0% 3.7% (1.3%) - Profit before tax 38.3 30.8 (7.4) (19.4%) Profit attributable to owners of the parent 23.2 17.4 (5.8) (25.0%) (¥ billion) FY2027/3 First Half Results FY2027/3 Full-Year Plan Financial Data Appendix
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Copyright © NH Foods Ltd. All Rights Reserved. （無断転載禁止） Financial Highlights (2) FY2027/3 First Half Results6 FY2027/3 First Half Results FY2027/3 2Q FY2027/3 First half Variance Variance (%) FY2027/3 2Q FY2027/3 First half Variance Variance (%) Processed Foods Business Division 138.2 270.4 12.1 4.7% 0.6 1.3 (0.9) (40.1%) Fresh Meats Business Division 271.1 551.9 45.2 8.9% 5.0 20.3 (7.4) (26.8%) Sports & Entertainment Business Division 12.6 25.2 2.4 10.6% 4.7 9.6 1.2 14.6% Eliminations, Adjustments and Others (37.5) (78.1) (13.0) - (0.9) (2.4) (0.4) - Consolidated 384.4 769.4 46.8 6.5% 9.4 28.8 (7.5) (20.7%) Net sales Business profit (¥ billion) FY2027/3 First Half Results FY2027/3 Full-Year Plan Financial Data Appendix
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Copyright © NH Foods Ltd. All Rights Reserved. （無断転載禁止） 36.3 (0.9) (7.4) 1.2 (0.4) 28.8 FY2026/3 First half Processed Foods Business Division Fresh Meats Business Division Sports & Entertainment Business Division Eliminations, Adjustments and Others FY2027/3 First half 0.0 5.0 10.0 15.0 20.0 25.0 30.0 35.0 40.0 7 Financial Highlights (3) FY2027/3 First Half Results Changes in Business Profit Results • External environment ¥(2.4) billion • Internal improvement ¥(0.5) billion • Dairy products, etc. ¥0.4 billion • Other ¥0.9 billion • Overseas ¥0.7 billion • External environment ¥(1.8) billion • Expenses ¥(5.1) billion • Internal improvement ¥6.3 billion • Australia ¥(6.4) billion • Other overseas ¥1.1 billion • Other ¥1.1 billion • Impact of the fire ¥(2.6) billion (¥ billion) FY2027/3 First Half Results FY2027/3 Full-Year Plan Financial Data Appendix
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Copyright © NH Foods Ltd. All Rights Reserved. （無断転載禁止） FY2027/3 First Half Results: Processed Foods Business Division (1)8 FY2027/3 First Half Results (¥ billion) FY2027/3 2Q FY2027/3 First half Variance Variance (%) Net sales 138.2 270.4 12.1 4.7% of which domestic business 102.8 200.4 2.9 1.5% of which overseas business 35.4 69.9 9.3 15.3% Business profit 0.6 1.3 (0.9) (40.1%) of which domestic business 0.6 1.7 (1.6) (48.5%) of which overseas business 0.0 (0.4) 0.7 - Business profit ratio 0.4% 0.5% (0.4%) ‐ of which domestic business 0.6% 0.9% (0.8%) ‐ of which overseas business - - - ‐ Sales result by consumer product/channel for the 1st half of FY2027/3 (YoY) * The Schau Essen category includes Schau Essen and Schau Essen Slice. Ham and sausages Amount Wieners 105% Schau Essen category* 106% Other wieners 104% Loin hams, bacon 97% Consumer 103% Commercial-use 102% Total 103% Processed foods Amount Chilled bakery 105% Chuka Meisai 99% Fried chicken 95% Hamburg and meatball 101% Consumer 105% Commercial-use 95% Total 101% Increase in net sales Decrease in business profit Domestic: Soaring prices for raw materials and electric power, as well as increased expenses such as logistics costs and sales commissions Overseas: North America: Stable chicken raw material prices and improved manufacturing efficiency Thailand: Rising raw material prices and foreign exchange impacts, despite improvements in productivity Domestic: While sales of mainstay consumer product brands, extracts, and dairy products remained strong, the Commercial-use segment struggled with sales to convenience stores (CVS) Overseas: North America: Sales of the main product groups remained steady Thailand: Sales of products for the Japanese market grew FY2027/3 First Half Results FY2027/3 Full-Year Plan Financial Data Appendix
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Copyright © NH Foods Ltd. All Rights Reserved. （無断転載禁止） 1.7 3.3 0.9 0.4 (0.5) (2.4) FY2027/3 First half Business profit (domestic) Other (domestic account settlement adjustments, etc.) Dairy/marine products & extract/primary processed products and others Internal improvement External environment FY2026/3 First half Business profit (domestic) FY2027/3 First Half Results: Processed Foods Business Division (2)9 Analysis of factors for changes in business profit Overseas business Domestic business Volume and mix improvements +0.7 Higher costs (1.2) (0.4) (1.1) FY2027/3 First half Business profit (overseas) Overseas FY2026/3 First half Business profit (overseas) 0.7 (¥ billion) [External environment] • Sharp increase in prices for raw materials, including pork • Sharply increased prices for packaging materials and other materials, and electric power costs [Internal improvement] (Net sales) • Product mix improved thanks to a sales strategy focused on mainstay brands such as Schau Essen and Ishigama Kobo • While overall net sales in the Commercial-use segment showed signs of recovery, gross profit declined due to soaring raw material prices (Expenses) • Increases in logistics costs, sales commissions, and other expenses • Reduction in fixed costs through measures such as production line reductions [Dairy/marine products & extract/primary processed products and others] • Appropriate price pass-through in response to rising raw material and other material costs progressed, driving profits in the Processed Foods Business [Overseas] • North America: Sales of mainstay products remained strong The manufacturing system at the acquired plant was established, leading to YoY growth in production volume • Thailand: Although profit declined due to foreign exchange impacts and soaring chicken raw material prices, productivity improved through manufacturing efficiency measures such as product consolidation and workforce control FY2027/3 First Half Results FY2027/3 Full-Year Plan Financial Data Appendix
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Copyright © NH Foods Ltd. All Rights Reserved. （無断転載禁止） FY2027/3 First Half Results: Fresh Meats Business Division (1)10 100% 107% 97% Volume retailers Restaurants Other FY2027/3 First Half Results FY2027/3 2Q FY2027/3 First half Variance Variance (%) Net sales 271.1 551.9 45.2 8.9% of which domestic business 225.2 454.0 30.2 7.1% of which Australia business 45.9 97.8 15.0 18.1% Business profit 5.0 20.3 (7.4) (26.8%) of which domestic business 5.3 18.9 (1.1) (5.5%) of which Australia business (0.3) 1.4 (6.4) (81.9%) Business profit ratio 1.8% 3.7% (1.8%) ‐ of which domestic business 2.4% 4.2% (0.6%) ‐ of which Australia business - 1.4% (7.9%) ‐ (¥ billion) * Domestic businesses include overseas subsidiaries, excluding those in Australia Nippon Food Sales Group Yearly sales volumes by channel Nippon Food Sales Group Yearly sales volumes and values by meat type (YoY) • Sales volumes remained steady despite unstable production and procurement conditions • Net sales increased through appropriate price pass-through amid unstable procurement costs for various livestock categories • Sales prices stagnated due to soaring cattle prices in the Australia business and easing of supply and demand in Australia due to poor export demand, and profit declined as a result • Rising costs, including feed prices, personnel expenses, and logistics costs • Profit declined due to lower production of domestic chickens following the fire at the Shiretoko food processing plant Increase in net sales Decrease in business profit Volume: 99% YoY (Amount: 107% YoY)Domestic Imported Total Volume Amount Volume Amount Volume Amount Beef 101% 114% 98% 115% 99% 115% Pork 105% 105% 97% 101% 102% 104% Chicken 101% 102% 76% 99% 94% 101% Total 102% 106% 90% 107% 98% 106% * Nippon Food Group sales refers to fresh meat sales companies. Higashi Nippon Food, Kanto Nippon Food, Naka Nippon Food, Nishi Nippon Food, NH Japan Food FY2027/3 First Half Results FY2027/3 Full-Year Plan Financial Data Appendix
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Copyright © NH Foods Ltd. All Rights Reserved. （無断転載禁止） 20.3 20.3 20.7 27.7 (2.6) 1.1 1.1 (6.4) 6.3 (5.1) (1.8) FY2027/3 First half Business profit Impact of the fire Others (Adjustments etc.) Other overseas Australia Internal improvement Expenses External environment FY2026/3 First half Business profit FY2027/3 First Half Results: Fresh Meats Business Division (2)11 FY2027/3 First Half Results [External environment] • Rising feed costs for domestic pork and chicken [Expenses] • Rising costs for personnel expenses and logistics costs [Internal improvement] • Improved productivity in domestic chicken production and an increase in the number of domestic pigs raised • Sales earnings improved due to price pass-through and the implementation of sales initiatives [Australia] • Sales prices remained sluggish due to changes in the supply-demand environment following the implementation of SG* measures in China and South Korea • Cattle prices remained persistently high due to weather factors and other causes • The increase in the ratio of high-value-added beef supported earnings and reduced volatility [Other overseas] • Good progress was made in the procurement of Chilean and Brazilian pork as substitutes for Spanish pork * Impact of the fire: Profit declined due to lower production of domestic chickens and lost opportunities caused by the fire at the Shiretoko food processing plant * SG: Safeguard FY2027/3 First Half Results FY2027/3 Full-Year Plan Financial Data Appendix Analysis of factors for changes in business profit (¥ billion)
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Copyright © NH Foods Ltd. All Rights Reserved. （無断転載禁止） FY2027/3 First Half Results: Sports & Entertainment Business Division12 FY2027/3 First Half Results FY2027/3 First Half Results FY2027/3 Full-Year Plan Financial Data Appendix Increases in net sales and business profit • Steady attendance was maintained after a fierce battle for the standings that lasted until the end of the season • Increased sales and profits driven by improved profitability through the continued provision of new experiential value and attractive services to visitors (The world's first restaurant to produce wine at a baseball stadium) Providing a new style of dining experience where guests can enjoy the finest wine and cuisine in the unique setting of a baseball stadium (Recipient of the Japan Tourism Award 2026) We were recognized for innovative initiatives that contribute to the development of domestic tourism and regional revitalization (Hosting the Fighters Super Summer Festival) We provided a wide range of entertainment events— including festival stalls, beer gardens, and the Schau Festival and Sakurahime Festival featuring our own brands—to attract a broad audience (Hosted six farm team games in Hokkaido) Achieved total attendance of approx. 55,000, including approx. 19,000 at the ES CON FIELD game 0 50 100 150 200 250 300 350 400 FY2026/3 First half FY2027/3 First half Official professional baseball games 2.23 million visitors Other 1.17 million visitors Other 1.11 million visitors Official professional baseball games 2.21 million visitors Hokkaido Ballpark F Village Visitors (10,000 visitors) Total 3.40 million Total 3.32 million FY2027/3 2Q FY2027/3 First half Variance Variance (%) Net sales 12.6 25.2 2.4 10.6% Business profit 4.7 9.6 1.2 14.6% Business profit ratio 37.3% 38.2% 1.3% ‐ (¥ billion)
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Copyright © NH Foods Ltd. All Rights Reserved. （無断転載禁止） CONTENTS Results/Segment Results Plan Key Financial Data/ Appendix 14 17 19 Plan Highlights for FY2027/3 Full-Year Plan FY2027/3 Full-Year Plan: Processed Foods Business Division FY2027/3 Full-Year Plan: Fresh Meats Business Division FY2026/3 Business Results at a Glance and FY2027/3 Plan Consolidated Statements of Financial Position and Cash Flows Capital Expenditures, Depreciation and Amortization Appendix 22 23 24 25 01 02 03 Copyright © NH Foods Ltd. All Rights Reserved. (Unauthorized reproduction prohibited) 03 04 05 08 10 12 FY2027/3 First Half Results Summary FY2027/3 Full-Year Plan Summary Financial Highlights FY2027/3 First Half Results FY2027/3 First Half Results: Processed Foods Business Division FY2027/3 First Half Results: Fresh Meats Business Division FY2027/3 First Half Results: Sports & Entertainment Business Division
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Copyright © NH Foods Ltd. All Rights Reserved. （無断転載禁止） FY2026/3 Full-year Results FY2027/3 Full-year plan Variance Variance (%) Net sales 1,457.4 1,500.0 42.6 2.9% Business profit 68.3 50.0 (18.3) (26.8%) Business profit ratio 4.7% 3.3% (1.4%) - Profit before tax 54.5 52.0 (2.5) (4.7%) Profit attributable to owners of the parent 35.1 35.0 (0.1) (0.2%) ROE 6.6% 6.7% 0.1% - ROIC 6.1% 4.4% (1.7%) - EPS (yen) 120.4 128.7 8.3 - (¥ billion) Plan Highlights (1) for FY2027/3 Full-Year Plan14 FY2027/3 First Half Results FY2027/3 Full-Year Plan Financial Data Appendix
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Copyright © NH Foods Ltd. All Rights Reserved. （無断転載禁止） 1Q 1st half 2nd half Full year Results Forecast as of 1Q Results Variance Forecast as of 1Q Forecast as of 2Q Variance Forecast as of 1Q Forecast as of 2Q Variance Processed Foods Business Division 0.7 3.0 1.3 (1.7) 9.0 4.7 (4.3) 12.0 6.0 (6.0) Fresh Meats Business Division 15.3 24.0 20.3 (3.7) 26.0 24.7 (1.3) 50.0 45.0 (5.0) Sports & Entertainment Business Division 4.9 9.5 9.6 0.1 (5.5) (5.6) (0.1) 4.0 4.0 0 Eliminations, Adjustments and Others (1.5) (2.5) (2.4) 0.1 (2.5) (2.6) (0.1) (5.0) (5.0) 0 Consolidated 19.4 34.0 28.8 (5.2) 27.0 21.2 (5.8) 61.0 50.0 (11.0) Business profit targets by segment Plan Highlights (2) for FY2027/3 Full-Year Plan15 FY2027/3 First Half Results FY2027/3 Full-Year Plan Financial Data Appendix (¥ billion)
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Copyright © NH Foods Ltd. All Rights Reserved. （無断転載禁止） Changes in Business Profit Plan 61.0 (6.0) (5.0) 0 50.0 0 FY2027/3 Full-year Forecast as of 1Q Processed Foods Business Division Fresh Meats Business Division Sports & Entertainment Business Division Eliminations, Adjustments and Others FY2027/3 Full-year Forecast as of 2Q 0.0 10.0 20.0 30.0 40.0 50.0 60.0 70.0 80.0 Plan Highlights (3) for FY2027/3 Full-Year Plan16 FY2027/3 First Half Results FY2027/3 Full-Year Plan Financial Data Appendix • External environment ¥0.7 billion • Internal improvement ¥(6.8) billion • Dairy products, etc. ¥0 billion • Other ¥0.2 billion • Overseas ¥(0.2) billion • External environment ¥(1.3) billion • Expenses ¥(1.0) billion • Internal improvement ¥(0.3) billion • Australia ¥(2.6) billion • Other overseas ¥0 billion • Impact of the fire ¥0 billion (¥ billion)
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Copyright © NH Foods Ltd. All Rights Reserved. （無断転載禁止） Full-Year Plan: Processed Foods Business Division (1)17 FY2027/3 First Half Results FY2027/3 Full-Year Plan Financial Data Appendix (¥ billion) FY2026/3 Results FY2027/3 Plan as of 1Q FY2027/3 Forecast as of 2Q Variance Variance (%) Net sales 530.3 560.0 560.0 29.7 5.6% of which domestic business 403.2 420.0 420.0 16.8 4.2% of which overseas business 127.1 140.0 140.0 12.9 10.1% Business profit 7.2 12.0 6.0 (1.2) (16.5%) of which domestic business 9.4 12.0 6.1 (3.3) (35.3%) of which overseas business (2.2) 0 (0.1) 2.1 ‐ Business profit ratio 1.4% 2.1% 1.1% (0.3%) ‐ of which domestic business 2.3% 2.9% 1.5% (0.9%) ‐ of which overseas business ‐ ‐ ‐ ‐ ‐ Increase in net sales Decrease in business profit Domestic: Delays in expanding top line will prevent the securing of gross profit, resulting in a decline in profit Overseas: North America: Gross profit growth will be driven by increased sales volume Thailand: Cost reductions through business streamlining aimed at returning to profitability Domestic: In the consumer segment, sales volume will expand through strengthened sales promotions for mainstay brands and the introduction of new products In the commercial-use segment, sales will be secured through large-scale promotional campaigns targeting the year-end peak demand period, and by targeting untapped markets Overseas: North America: Securing sales through the development of new channels and sales growth * The Schau Essen category includes Schau Essen and Schau Essen Slice. Full-year sales plan by consumer product/channel (YoY) Ham and sausages Amount Wieners 106% Schau Essen category* 107% Other wieners 103% Loin hams, bacon 96% Consumer 104% Commercial-use 104% Total 104% Processed foods Amount Chilled bakery 105% Chuka Meisai 100% Fried chicken 99% Hamburg and meatball 100% Consumer 104% Commercial-use 98% Total 102%
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Copyright © NH Foods Ltd. All Rights Reserved. （無断転載禁止） 6.1 9.4 1.0 0.5 2.5 (7.4) FY2027/3 Business profit (domestic) Other (domestic account settlement adjustments, etc.) Dairy/marine products & extract/primary processed products and others Internal improvement External environment FY2026/3 Business profit (domestic) 2.2 (2.2) (0.1) FY2027/3 Business profit (overseas) Overseas FY2026/3 Business profit (overseas) Full-Year Plan: Processed Foods Business Division (2)18 FY2027/3 First Half Results FY2027/3 Full-Year Plan Financial Data Appendix [External environment] • Sharp increase in prices for raw materials, including pork, and other materials • Sharply increased prices for packaging materials and other materials, and electric power costs [Internal improvement] (Improving profitability through volume growth in key brands and the commercial- use sector, as well as price revisions) • Price revisions: Ensuring the absorption of external costs that exceeded initial projections • Pursuing volume growth and product mix improvement through concentrated promotional efforts on key brands and the introduction of new brand products • To expand volume in the commercial-use sector, we are strengthening proposals aimed at introducing new products and tapping into untapped corporate clients (Expenses) • Rise in logistics costs and sales commissions • Implementing product promotions to expand sales and establish primarily key brands • Continuing to improve production efficiency and reduce fixed costs through workforce optimization and the consolidation of production lines [Dairy/marine products & extract/primary processed products and others] • Continuing to expand top line through appropriate product proposals • Securing profits through appropriate price pass-through in response to soaring procurement costs [Overseas] • North America: Following the completion of production infrastructure development, we are transitioning to a phase of sales volume expansion * We conducted test production at full capacity at the acquired plant to thoroughly identify challenges and implement response measures with an eye to the next fiscal year. • Thailand: We are reducing expenses by accelerating structural reforms and strengthening internal sales through co-creation with CPF Business Profit Plan: Analysis of Factors Behind Change vs. Previous Year Overseas business Domestic business (¥ billion) * CPF: Charoen Pokphand Foods Public Company Limited. Volume and mix improvements +5.7 Higher costs (3.2)
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Copyright © NH Foods Ltd. All Rights Reserved. （無断転載禁止） FY2026/3 Results FY2027/3 Plan as of 1Q FY2027/3 Forecast as of 2Q Variance Variance (%) Net sales 1,034.1 1,045.0 1,045.0 10.9 1.1% of which domestic business 863.6 869.0 869.0 5.4 0.6% of which Australia business 170.5 176.0 176.0 5.5 3.2% Business profit 61.3 50.0 45.0 (16.3) (26.6%) of which domestic business 46.5 43.0 41.6 (4.9) (10.5%) of which Australia business 14.8 7.0 3.4 (11.4) (77.0%) Business profit ratio 5.9% 4.8% 4.3% (1.6%) ‐ of which domestic business 5.4% 4.9% 4.8% (0.6%) ‐ of which Australia business 8.7% 4.0% 1.9% (6.8%) ‐ * Domestic businesses include overseas subsidiaries, excluding those in Australia About the Australian beef business Production Fattening Sales Sharply increased market prices for cattle Deepening added value strategy, including grain feeding and premium grass Building a geographically diversified, well-balanced global sales portfolio Full-Year Plan: Fresh Meats Business Division (1)19 FY2027/3 First Half Results FY2027/3 Full-Year Plan Financial Data Appendix (¥ billion) Increase in net sales Decrease in business profit • Timely price pass-through to sales will progress, leading to an increase in net sales amid unstable production and stock purchasing conditions • Decrease in profit due to sharp increases in cattle prices in Australia • Gross profit will fall due to the worsening of the procurement environment for imported chicken and weak sales prices • Continued increases in feed and fuel costs Purchasing from external sources We increased the number of cattle processed under premium brands, achieving a brand ratio of over 60% in the first half of the year
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Copyright © NH Foods Ltd. All Rights Reserved. （無断転載禁止） Full-Year Plan: Fresh Meats Business Division (2)20 FY2027/3 First Half Results FY2027/3 Full-Year Plan Financial Data Appendix Business Profit Plan: Analysis of Factors Behind Change vs. Previous Year [External environment] • Further surge in feed prices [Expenses] • Increase in personnel expenses and logistics costs, etc. • Increase in packaging material, fuel, and other costs [Internal improvement] (Production) Improve profitability by strengthening the domestic production base and expanding sales of branded fresh meats • Chicken: Thoroughly improve production efficiency at four plants to cover the decrease in production at the Shiretoko food processing plant • Pork: Pursue further productivity gains at new farms • Thoroughly prevent business disruption risks, such as diseases caused by seasonal factors (Sales) We aim to increase unit prices through appropriate price pass-through and high-value-added offerings • Improve profitability by expanding sales of branded fresh meats and processed products • Expand sales volume by deepening distribution channel reforms and strengthening strategic proposals to growth-driving companies • Enhance cost competitiveness through logistics efficiency [Australia] • Although sales prices are expected to recover in the second half of the fiscal year, cattle prices are expected to remain high [Other overseas] • Sales volumes of Chilean and Brazilian pork will grow as a substitute for Spanish pork (¥ billion) * Impact of the fire: Profit declined due to lower production of domestic chickens and lost opportunities caused by the fire at the Shiretoko food processing plant 45.0 45 48.3 61.3 (3.8) 0 0.5 (11.4) 11.9 (10.6) (2.9) FY2027/3 Business profit Impact of the fire* Others (Adjustments etc.) Other overseas Australia Internal improvement Costs External environment FY2026/3 Business profit
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Copyright © NH Foods Ltd. All Rights Reserved. （無断転載禁止） CONTENTS Results/Segment Results Plan Key Financial Data/ Appendix 14 17 19 Plan Highlights for FY2027/3 Full-Year Plan FY2027/3 Full-Year Plan: Processed Foods Business Division FY2027/3 Full-Year Plan: Fresh Meats Business Division FY2026/3 Business Results at a Glance and FY2027/3 Plan Consolidated Statements of Financial Position and Cash Flows Capital Expenditures, Depreciation and Amortization Appendix 22 23 24 25 01 02 03 Copyright © NH Foods Ltd. All Rights Reserved. (Unauthorized reproduction prohibited) 03 04 05 08 10 12 FY2027/3 First Half Results Summary FY2027/3 Full-Year Plan Summary Financial Highlights FY2027/3 First Half Results FY2027/3 First Half Results: Processed Foods Business Division FY2027/3 First Half Results: Fresh Meats Business Division FY2027/3 First Half Results: Sports & Entertainment Business Division
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Copyright © NH Foods Ltd. All Rights Reserved. （無断転載禁止） FY2026/3 Business Results at a Glance and FY2027/3 Plan22 FY2027/3 First Half Results FY2027/3 Full-Year Plan Financial Data Appendix (¥ million) FY2026/3 results FY2027/3 plan 1st half results 2nd half results Full-year results 1st half results Variance (%) 2nd half plan Variance (%) Full-year plan Variance (%) Net sales 722,599 734,792 1,457,391 769,358 6.5% 730,642 (0.6%) 1,500,000 2.9% Cost of goods sold 592,562 614,245 1,206,807 647,490 9.3% 612,510 (0.3%) 1,260,000 4.4% Gross profit 130,037 120,547 250,584 121,868 (6.3%) 118,132 (2.0%) 240,000 (4.2%) Gross profit ratio 18.0% 16.4% 17.2% 15.8% - 16.2% - 16.0% - Selling expenses and general and administrative expenses 94,723 98,261 192,984 97,949 3.4% 100,051 1.8% 198,000 2.6% Operating profit 35,314 22,286 57,600 23,919 (32.3%) 18,081 (18.9%) 42,000 (27.1%) Other income and expenses 3,641 (5,122) (1,481) 8,753 140.4% 5,247 - 14,000 - Finance income and costs (124) (130) (254) (661) - (1,339) - (2,000) - Share of profit (loss) in investments accounted for using the equity method (558) (762) (1,320) (1,179) - (821) - (2,000) - Profit before tax 38,273 16,272 54,545 30,832 (19.4%) 21,168 30.1% 52,000 (4.7%) Income tax expense 12,622 5,005 17,627 10,564 (16.3%) 5,436 8.6% 16,000 (9.2%) Tax rate 33.0% 30.8% 32.3% 34.3% - 25.7% - 30.8% - Profit attributable to owners of the parent 23,188 11,878 35,066 17,394 (25.0%) 17,606 48.2% 35,000 (0.2%) ROE 4.4% - 6.6% 3.3% (1.1%) - - 6.7% - ROIC 3.2% - 6.1% 2.5% (0.7%) - - 4.4% - EPS (yen) 78.4 - 120.4 62.3 - - - 128.7 - Operating profit 35,314 22,286 57,600 23,919 (32.3%) 18,081 (18.9%) 42,000 (27.1%) Foreign exchange gain (loss) 1,078 4,885 5,963 4,297 - - - - - Adjustments for IFRS, etc. (51) 4,830 4,779 590 - - - - - Business profit 36,341 32,001 68,342 28,806 (20.7%) 21,194 (33.8%) 50,000 (26.8%) FY2027/3 First Half Result [Other income and expenses] Other income increased primarily due to fire insurance proceeds of ¥7.2 billion FY2027/3 Full-year plan [Other income and expenses] Foreign exchange loss of approximately ¥5.4 billion is expected to be recorded [Finance income and costs] Interest expense of approximately ¥1.5 billion is expected to be recorded
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Copyright © NH Foods Ltd. All Rights Reserved. （無断転載禁止） <Net cash provided by (used in) operating activities> The increase in inventories amounted to ¥30,763 million, the decrease in other liabilities amounted to ¥13,039 million and income tax paid amounted to ¥17,107 million, while profit before tax amounted to ¥30,832 million. As a result, net cash used by operating activities amounted to ¥9,762 million. <Net cash provided by (used in) investing activities> Acquisition of fixed assets amounted to ¥19,889 million. As a result, net cash used in investing activities amounted to ¥20,257 million. <Net cash provided by (used in) financing activities> The increase in short-term bank loans amounted to ¥67,411 million, while payments for acquisition of treasury stock amounted to ¥30,002 million. As a result, net cash provided in financing activities amounted to ¥15,023 million. <Total current assets> Current assets increased by 6.6% from the end of the previous fiscal year to ¥467,277 million, as inventories increased by 19.8% to ¥183,942 million mainly due to an increase in unit prices and stocks of fresh meats, and other financial assets increased by 73.2% to ¥12,709 million while cash and cash equivalents decreased by 21.6% to ¥53,852 million. <Total non-current assets> Non-current assets decreased by 0.6% from the end of the previous fiscal year to ¥555,734 million, partly because right-of-use assets decreased by 5.6% to ¥42,434 million, while intangible assets and goodwill increased by 6.1% to ¥41,453 million due to the increase in software under development associated with the DX promotion. <Total liabilities> Total liabilities increased by 9.6% from the end of the previous fiscal year to ¥488,626 million, mainly because interest-bearing liabilities increased by 26.8% to ¥289,804 million, due to an increase in borrowings prepared for current capital needs, although other current liabilities decreased by 22.8% to ¥44,957 million due to reducing unearned revenue as the season progressed related to SE Business. Consolidated Statements of Financial Position and Cash Flows23 End of FY2025/3 End of FY2026/3 FY2027/3 First half Variance Variance (%) Total current assets 406,308 438,302 467,277 28,975 6.6% Total non-current assets 542,964 559,175 555,734 (3,441) (0.6%) Total assets 949,272 997,477 1,023,011 25,534 2.6% Total current liabilities 257,743 247,066 291,392 44,326 17.9% Total non-current liabilities 154,457 198,719 197,234 (1,485) (0.7%) Total liabilities 412,200 445,785 488,626 42,841 9.6% Total equity 537,072 551,692 534,385 (17,307) (3.1%) Total liabilities and equity 949,272 997,477 1,023,011 25,534 2.6% DE ratio 0.43 0.43 0.56 - - FY2025/3 First half FY2026/3 First half FY2027/3 First half Variance Variance (%) Cash flows from operating activities 22,374 42,463 (9,762) (52,225) - Cash flows from investing activities (15,744) (9,809) (20,257) (10,448) - Cash flows from financing activities 64 (30,425) 15,023 45,448 - (¥ million) (¥ million) FY2027/3 First Half Results FY2027/3 Full-Year Plan Financial Data Appendix
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Copyright © NH Foods Ltd. All Rights Reserved. （無断転載禁止） Capital Expenditures, Depreciation and Amortization24 * Excluding capital expenditures and depreciation related to right-of-use assets 1st half results 1st half results Variance YoY variance (%) Full-year plan Capital expenditures 12,219 17,600 5,381 44.0% 60,000 Processed Foods Business Division 4,728 4,754 26 0.5% 17,200 Fresh Meats Business Division 5,546 8,826 3,280 59.1% 31,700 Sports & Entertainment Business Division 1,352 276 (1,076) (79.6%) 3,100 Eliminations, Adjustments and Others 593 3,744 3,151 531.4% 8,000 Depreciation and amortization 15,165 15,384 219 1.4% 32,000 We will accelerate strategic allocation to growth fields while reinforcing existing businesses through maintenance, upgrades, and structural reforms. [Processed Foods Business Division] We expect to make investments focusing mainly on the maintenance and renewal of domestic and overseas production facilities [Fresh Meats Business Division] We expect investments to strengthen domestic upstream operations and expand feedlots in Australia [Sports & Entertainment Business Division] We expect to make growth investments for enhancing customer experience and developing surrounding facilities in preparation for the opening of a new station in 2028 [Growth areas] We anticipate investments in brand enhancement, overseas business expansion, R&D enhancement, and environmental initiatives FY2027/3 Plan FY2027/3FY2026/3 (¥ million) FY2027/3 First Half Results FY2027/3 Full-Year Plan Financial Data Appendix
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Copyright © NH Foods Ltd. All Rights Reserved. （無断転載禁止） Appendix
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Copyright © NH Foods Ltd. All Rights Reserved. （無断転載禁止） Processed Foods Business Division FY2027/3 First-Half Business Profit Factor analysis: year-on-year changes 26 YoY change in the 1st half Main reasons for year on year changes 1Q variance Hams and sausages and processed products (2.9) (1.9) Total gross profit (1.5) (1.7) Volume factors 0.3 Sales volume increased due to a sales strategy focused primarily on key brands such as Schau Essen and Ishigama Kobo (2.2) Unit price factors (1.8) 0.4 Product mix 0.4 Profit improved through the recovery of mainstay brands and continued reviews of low-profit products 0.0 External environment (2.2) 0.4 Principal raw materials (1.2) Sharp increase in prices for raw materials, including pork 0.3 Other materials (1.0) Sharply increased prices for packaging materials 0.2 Other costs (1.4) (0.1) Electric power (0.2) 0.0 Other expenses (manufacturing expenses, SG&A expenses, etc.) (1.2) Logistics costs, sales commissions, and labor costs increased despite reducing fixed costs through production line reductions, etc. (0.1) Dairy/marine products & extract/ primary processed products and others 0.4 Performance was strong primarily in the extract and primary processed foods businesses Profits were secured through appropriate price pass-through in response to sharply increased raw materials and other materials costs 0.0 Other (domestic account settlement adjustments, etc.) 0.9 DX and IT-related costs and other expenses improved compared to the previous year 0.3 Overseas 0.7 North America: Sales growth of flagship products, stable raw material prices, and a year-on-year increase in production volume at acquired plants Thailand: Profits declined due to foreign exchange impacts and soaring chicken raw material prices, despite improvements in productivity (0.1) Total (0.9) (1.7) (¥ billion) FY2027/3 First Half Results FY2027/3 Full-Year Plan Financial Data Appendix
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Copyright © NH Foods Ltd. All Rights Reserved. （無断転載禁止） FY2027/3 Processed Foods Business Division Full-Year Business Profit Plan Factor analysis: year-on-year changes 27 YoY change Main reasons for year on year changes 1Q variance Hams and sausages and processed products (4.9) (6.0) Total gross profit (0.3) (5.2) Volume factors 0.6 In the consumer segment, sales volume will expand through strengthened sales promotions for mainstay brands and the introduction of new products In the commercial-use segment, sales will be secured through large-scale promotional campaigns targeting the year-end peak demand period, and by targeting untapped markets (8.1) Unit price factors (0.9) 2.9 Product mix 5.1 Price revisions: Ensuring the absorption of external costs that exceeded initial projections 1.8 External environment (6.0) 1.1 Principal raw materials (2.8) Sharp increase in prices for raw materials, including pork 0.9 Other materials (3.2) Sharply increased prices for packaging materials 0.2 Other costs (4.6) (0.9) Electric power (1.4) (0.4) Other expenses (manufacturing expenses, SG&A expenses, etc.) (3.2) Implementing product promotions to expand sales and establish primarily key brands Continuing to improve production efficiency and reduce fixed costs through workforce optimization and the consolidation of production lines (0.5) Dairy/marine products & extract/ primary processed products and others 0.5 Continuing to expand top line through appropriate product proposals Securing profits through appropriate price pass-through in response to soaring procurement costs 0.0 Other (domestic account settlement adjustments, etc.) 1.0 DX and IT-related costs and other expenses improved compared to the previous year 0.2 Overseas 2.2 North America: Following the completion of production infrastructure development, we are transitioning to a phase of sales volume expansion Thailand:We are reducing expenses by accelerating structural reforms and strengthening internal sales through co-creation with CPF (0.2) Total (1.2) (6.0) (¥ billion) FY2027/3 First Half Results FY2027/3 Full-Year Plan Financial Data Appendix
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Copyright © NH Foods Ltd. All Rights Reserved. （無断転載禁止） (¥ billion) Fresh Meats Business Division FY2027/3 First-Half Business Profit Factor analysis: year-on-year changes 28 YoY change in the 1st half Main reasons for year on year changes 1Q variance Domestic beef/pork business 0.6 Expansion of domestic pork production volume offset rising feed prices and production costs 0.0 Domestic chicken business (3.3) Shiretoko fire had a negative impact of ¥2.6 billion, and feed prices and production costs also increased. (0.4) Imported fresh meats business (0.1) (3.1) Domestic imported fresh meats business (1.2) Domestic sales prices are sagging with the sharp increase in local procurement prices (3.1) Other overseas 1.1 Good progress was made in the procurement of Chilean and Brazilian pork as substitutes for Spanish pork 0.0 Sales (Nippon Food Group companies) and logistics section 1.2 Earnings improved at sales due to price pass-through and the implementation of sales initiatives (0.2) Australia business (6.4) In addition to sluggish sales prices resulting from changes in the supply-demand environment following the implementation of SG measures in China and South Korea, cattle prices remained high due to weather factors and other reasons (0.4) Other (adjustments, etc.) 0.5 0.4 Total (7.4) (3.7) FY2027/3 First Half Results FY2027/3 Full-Year Plan Financial Data Appendix
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Copyright © NH Foods Ltd. All Rights Reserved. （無断転載禁止） FY2027/3 Fresh Meats Business Division Full-Year Business Profit Plan Factor analysis: year-on-year changes 29 YoY change Main reasons for year on year changes 1Q variance Domestic beef/pork business 0.4 Securing income by pursuing stable operation and further productivity at new domestic hog farming facilities, despite soaring feed prices 0.0 Domestic chicken business (3.1) Despite suffering a negative impact amounting to ¥3.8 billion due to the Shiretoko fire, we thoroughly improved production efficiency at four plants to cover the decrease in production at the Shiretoko food processing plant 0.0 Imported fresh meats business (3.0) (2.4) Domestic imported fresh meats business (3.5) Gross profit will fall due to the worsening of the procurement environment for imported chicken and weak sales prices (2.4) Other overseas 0.5 Leveraging value chain strengths and sought sales volume expansion through procurement that meets demand in Japan 0.0 Sales (Nippon Food Group companies) and logistics section 0.9 Proposing and implementing corporate strategies for solving issues faced by each growth-driving company and executing route sales strategies according to the characteristics of urban and regional areas Securing further income by strengthening sales of processed products and branded fresh meats 0.0 Australia business (11.4) Although sales prices are expected to recover in the second half of the fiscal year, cattle prices are expected to remain high. (2.6) Other (adjustments, etc.) 0.0 0.0 Total (16.3) (5.0) (¥ billion) FY2027/3 First Half Results FY2027/3 Full-Year Plan Financial Data Appendix
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Copyright © NH Foods Ltd. All Rights Reserved. （無断転載禁止） 400 450 500 550 600 650 700 750 Apr. May Jun. Jul. Aug. Sep. Oct. Nov. Dec. Jan. Feb. Mar. FY2025/3 FY2026/3 FY2027/3 External Environment: Market Conditions (1)30 (¥/kg) (¥/kg) (¥/kg)(A$/kg) Source: Weighted average price for chicken meat* Simple average unit price based on Agriculture & Livestock Industries Corporation (ALIC) and Ministry of Agriculture, Forestry and Fisheries "Poultry Market Information" Source: Average price for top grade on the Tokyo Meat Market * TOKYO MEAT MARKET CO., LTD Source: Simple average unit price cited in "Daily Meat & Livestock" published by Shokuhin Sangyo Shimbunsha Co., Ltd.Source: MLA Domestic chicken market price Domestic pork carcass wholesale price Price of young Australian beef (producer sales price) Domestic price of Brazilian chicken thigh meat Scan the QR code or click the URL below for other data (collection of materials on market trends) https://www.nipponham.co.jp/ir/library/market_trend/ 450 500 550 600 650 700 750 800 850 900 950 Apr. May Jun. Jul. Aug. Sep. Oct. Nov. Dec. Jan. Feb. Mar. FY2025/3 FY2026/3 FY2027/3 400.00 500.00 600.00 700.00 800.00 900.00 1,000.00 1,100.00 1,200.00 Apr. May Jun. Jul. Aug. Sep. Oct. Nov. Dec. Jan. Feb. Mar. FY2025/3 FY2026/3 FY2027/3 300 350 400 450 500 550 600 650 700 750 800 Apr. May Jun. Jul. Aug. Sep. Oct. Nov. Dec. Jan. Feb. Mar. FY2025/3 FY2026/3 FY2027/3 FY2027/3 First Half Results FY2027/3 Full-Year Plan Financial Data Appendix
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Copyright © NH Foods Ltd. All Rights Reserved. （無断転載禁止） 3,500 4,000 4,500 5,000 5,500 6,000 6,500 Apr. May Jun. Jul. Aug. Sep. Oct. Nov. Dec. Jan. Feb. Mar. FY2025/3 FY2026/3 FY2027/3 500 550 600 650 700 Apr. May Jun. Jul. Aug. Sep. Oct. Nov. Dec. Jan. Feb. Mar. FY2025/3 FY2026/3 FY2027/3 75,000 80,000 85,000 90,000 95,000 Apr. May Jun. Jul. Aug. Sep. Oct. Nov. Dec. Jan. Feb. Mar. FY2025/3 FY2026/3 FY2027/3 External Environment: Market Conditions (2)31 (¥/kg) Source: Ministry of Finance's "Trade Statistics" (calculated as value / volume) Source: Ministry of Finance's "Trade Statistics" (calculated as value / volume) Source: Agriculture & Livestock Industries Corporation (ALIC) (¥ / ton) (¥/kg) Compound feed price Price for imported natural intestines * Mainly sheep casing (also including pork and beef intestines, etc.) Import price for seasoned pork (GSP) FY2027/3 First Half Results FY2027/3 Full-Year Plan Financial Data Appendix
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Copyright © NH Foods Ltd. All Rights Reserved. （無断転載禁止） Contact VBM Promotion Office NH Foods Ltd. ThinkPark Tower 2-1-1 Osaki, Shinagawa-ku, Tokyo 141-6014 Tel: +81-3-4555-8052 Email: nhfoods.ir@nipponham.co.jp Forward-looking statements This presentation includes forecasts regarding targets, strategies and earnings. These forecasts are based on information available at the current time and contain certain assumptions about the future. They are subject to numerous external uncertainties in areas such as economic environment, market trends and exchange rates. Actual performance may differ significantly from the targets in this presentation, and investment decisions should not be based exclusively on them