Slides
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FY2026 Q1 IT . FUJI OIL CO . , LTD . FY2026 Q1 Earning Conference Materials August 7 , 2026
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Contents 2 1． FY2026 Q1 Results 2． FY2026 Full-Year Forecast 3． Reference Materials
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FY2026 Q1 Results 3 1
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4 FY2026 Q1 Results * Figures are rounded to the nearest JPY billion. *¹ For the Vegetable Oils and Fats Business in FY2025, we finalized the provisional accounting treatments for business combinations, and indicated figures reflect finalized business profit. 1. FY2026 Q1 Results FY2025 Q1 Results *¹ FY2026 Q1 Results YOY Net Sales 181.8 179.8 (2.0) Business Profit 5.5 9.6 +4.1 Profit Attributable to Owners of Parent 3.1 5.6 +2.4 Net sales decreased due to lower sales prices reflecting declining raw material prices at Blommer on Industrial Chocolate Business, despite solid sales growth on Vegetable Oils and Fats Business. Net Sales 179.8 billion yen YOY -2.0 billion yen Business Profit 9.6 billion yen YOY +4.1 billion yen Profits increased because of the decrease of expenses of Cocoa Special Factors at Blommer and the increase of business profit on Soy-based Ingredients Business. Business profit increased mainly because of the decrease of expenses of cocoa-related factors (hereinafter, referred to as “Cocoa Special Factors”) at Blommer on Industrial Chocolate Business and the increase of sales volume on Soy-based Ingredients Business which captured expanding demand for protein. Profit Attributable to Owners of Parent 5.6 billion yen YOY +2.4 billion yen Unit: JPY billion FY2026 Q1 Results
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5 * Figures are rounded to the nearest JPY billion. *¹ For the Vegetable Oils and Fats Business in FY2025, we finalized the provisional accounting treatments for business combinations, and indicated figures reflect finalized business profit. FY2025 Q1 Results *¹ FY2026 Q1 Results YOY Net Sales 181.8 179.8 (2.0) Vegetable Oils and Fats 63.2 71.9 +8.7 Industrial Chocolate 87.6 75.4 (12.3) Emulsified and Fermented Ingredients 22.5 23.5 +1.0 Soy-based Ingredients 8.5 9.1 +0.6 Business Profit 5.5 9.6 +4.1 Vegetable Oils and Fats 8.9 8.4 (0.5) Industrial Chocolate (3.3) 0.5 +3.8 Emulsified and Fermented Ingredients 0.1 0.1 +0.0 Soy-based Ingredients (0.0) 0.7 +0.7 Consolidated Adjustment (0.1) (0.1) +0.0 • Sales of vegetable fats for chocolate (CBE) was firm. • Profits supported by stable raw material prices was not recognized this year as much as last year. Business Profit by Business Vegetable Oils and Fats • Sales volume of soy protein ingredients increased thanks to capturing growing protein demand by strengthening customer proposals and promoting quality improvement. Industrial Chocolate • Expenses of Cocoa Special Factors reduced, and sales volume of compound products grew at Blommer. • Profitability improved by price revision in Brazil. Emulsified and Fermented Ingredients • Sales volume of whipping cream and margarin increased in Japan. • Weak market situation continued in Asia. Soy-based Ingredients FY2026 Q1 Results by Business Unit: JPY billion FY2026 Q1 Results / by Business 1. FY2026 Q1 Results
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6 *¹ For the Vegetable Oils and Fats Business in FY2025, we finalized the provisional accounting treatments for business combinations, and indicated figures reflect finalized business profit. 5.5 +1.3 (11.2) +13.8 +0.1 9.6 FY2025 Q1 Business Profit *¹ Sales Volume Factor Price Revision Raw Material, etc Expenses and Exchanges FY2026 Q1 Business Profit Business Profit Analysis YOY Sales Volume Factor Sales volume of vegetable fats for chocolate (CBE) on Vegetable Oils and Fats Business and soy protein ingredients on Soy-based Ingredients Business increased. Price Factor Sales prices influenced by declining cocoa market price at Blommer, but the expenses of Cocoa Special Factors reduced. Expenses and Exchanges Fixed costs, such as labor costs, increased, but profits were benefited from JPY depreciation. Price Factor +2.6 FY2026 Q1 Business Profit Analysis Unit: JPY billion 1. FY2026 Q1 Results 0
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7 Vegetable Oils and Fats Japan Europe and Americas Asia Sales volume of CBE increased as customer adoption expanded. Sales volume of CBE increased as customer adoption expanded in the Americas. Although demand for CBE remained solid, sales volume decreased because of adjustments in customers’ inventory. Demand of vegetable fats for chocolate (CBE) remined firm and sales volume was strong. Vegetable Oils and Fats / Emulsified and Fermented Ingredients / Soy-based Ingredients 1. FY2026 Q1 Results FY26Q1 Business Profit 8.4 billion yen (YOY -0.5 billion yen) Regional Trends FY2023 Q1 Results FY2024 Q1 Results FY2025 Q1 Results FY2026 Q1 Results CBE sales volume including internal sales for Fuji group YOY +18％ YOY +7％YOY +32％ Emulsified and Fermented Ingredients FY26Q1 Business Profit 0.1 billion yen (YOY +0.0 billion yen) Regional Trends Thanks to customer proposals which capturing market trends, sales volume increased in Japan. Sales price was optimized at each area, while raw material price increased. Japan Asia Soy-based Ingredients FY26Q1 Business Profit 0.7 billion yen (YOY +0.7 billion yen) Sales volume of whipping cream and margarine increased, driven mainly by demand in the confectionery and bakery markets. Despite weak market conditions, sales price optimization progressed. Japan Regional Trends Thanks to capturing growing protein demand by strengthening customer proposals and promoting quality improvement, soy protein ingredients sales expanded. Asia Strong customer proposals and promoting quality improvement responding to growing demand contributed to sales volume. Sales volume of functional ingredients increased in China.
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8 Industrial Chocolate Results at Blommer 1. FY2026 Q1 Results Losses improved as Cocoa Special Factors declined at Blommer. We will promote sales expansion through the start of the new line operation in the second half of the fiscal year. FY26Q1 Business Profit 0.5 billion yen (YOY +3.8 billion yen) Regional Trends Japan Europe and Americas Asia FY2025 Q1 Results FY2026 Q1 Results YOY Net Sales 50.0 34.4 (15.6) Business Profit *¹ (5.4) (1.5) +3.9 （Japan） New product: Soyeux Chocolat A new soft chocolate that is easy to process and delivers a rich cocoa flavor. Unit: JPY billion Sales Trends at Blommer FY2024 Q1 Results FY2025 Q1 Results FY2026 Q1 Results YOY +11％ YOY +4％ (Japan) New plant started operation from May 2026. (Brazil) Launched the campaign to expand sales at off- season. The impact of high-cost cocoa inventories remained. We will promote sales expansion by leveraging the increased production capacity of the new plant. Brazil saw decreased sales volume but demand for compound chocolate was strong. Profitability improved thanks to price revision. Sales volume of compound chocolate increased as demand remained solid. Sales volume of chocolate products at Blommer had been declining year on year due to sluggish market conditions, but recovered in the first quarter and exceeded the previous year’s level. Sales volume of compound products Business profit improved significantly thanks to the reduction of Cocoa Special Factors year on year, in which costs on switching contract month of future continued in the first quarter. *¹ Before consolidation adjustments (Blommer) The new line is set to start operations in the second half of FY2026, with sales contracts under negotiation.
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9 B/S Working capital and Net interest-bearing debt increased slightly, while free cash flow improved steadily. (vs. FY2025 year-end) Net interest-bearing debt increased due to higher capital expenditures and an increase in working capital. We will continue to improve working capital efficiency and reduce net interest-bearing debt. C/F B/S, C/F Unit: JPY billion Unit: JPY billion （vs. FY2025 Q1） Although working capital increased, operating cash flow remained positive thanks to profit growth and other factors. Investing cash flow decreased following the absence of expenditures related to the acquisition of a newly consolidated subsidiary recorded in the first quarter of the previous fiscal year. 1.48 1.49 1.53 1.25 1.27 1.11 0.00 0.20 0.40 0.60 0.80 1.00 1.20 1.40 1.60 1.80 0 50 100 150 200 250 300 FY2025 Q1 FY2025 Q2 FY2025 Q3 FY2025 Q4 FY2026 Q1 FY2026 Forecast Working Capital(Left Axis) Net Interest-bearing debt(Left Axis) Net D/E ratio(Right Axis) (36.0) (42.6) (50.1) 8.0 (4.4) 18.0 (60) (40) (20) 0 20 40 60 80 FY2025 Q1 FY2025 Q2 FY2025 Q3 FY2025 Q4 FY2026 Q1 FY2026 Forecast Operating CF Investing CF Financing CF Free CF 1. FY2026 Q1 Results
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10 FY2026 Q1：Net Sales, Business Profit (by Business, Area) Unit: JPY million * Our Group has voluntarily applied International Financial Reporting Standards (IFRS) since FY2025. Figures for FY2024 have been modified and are indicated based on IFRS. * For the Vegetable Oils and Fats Business in FY2025, we finalized the provisional accounting treatments for business combinations, and indicated figures reflect finalized business profit. 1. FY2026 Q1 Results Net Sales FY Japan Europe and Americas Asia Consolidated Total YOY YOY YOY YOY Vegetable Oils and Fats 2026 Q1 (IFRS) 18,218 (772) 39,243 +6,890 14,406 +2,553 71,869 +8,671 2025 Q1 (IFRS) 18,990 +4,823 32,353 +7,800 11,853 +2,885 63,197 +15,509 2024 Q1 (IFRS) 14,167 - 24,552 - 8,968 - 47,688 - Industrial Chocolate 2026 Q1 (IFRS) 15,647 (359) 48,898 (13,321) 10,816 +1,400 75,362 (12,279) 2025 Q1 (IFRS) 16,006 +4,126 62,220 +8,887 9,415 +1,054 87,641 +14,068 2024 Q1 (IFRS) 11,879 - 53,332 - 8,360 - 73,573 - Emulsified and Fermented Ingredients 2026 Q1 (IFRS) 15,619 +578 - - 7,893 +447 23,513 +1,026 2025 Q1 (IFRS) 15,040 +451 - - 7,446 (130) 22,486 +320 2024 Q1 (IFRS) 14,589 - - - 7,576 - 22,166 - Soy-based Ingredients 2026 Q1 (IFRS) 8,818 +476 17 +17 225 +63 9,062 +557 2025 Q1 (IFRS) 8,342 (410) - - 161 (23) 8,504 (433) 2024 Q1 (IFRS) 8,753 - - - 185 - 8,938 - Net Sales Total 2026 Q1 (IFRS) 58,303 (76) 88,160 (6,413) 33,342 +4,465 179,807 (2,024) 2025 Q1 (IFRS) 58,380 +8,991 94,573 +16,688 28,876 +3,785 181,831 +29,465 2024 Q1 (IFRS) 49,389 - 77,885 - 25,091 - 152,366 - Business Profit FY Japan Europe and Americas Asia Consolidated Adjustment Consolidated Total YOY YOY YOY YOY YOY Vegetable Oils and Fats 2026 Q1 (IFRS) 2,772 (172) 3,164 +164 2,210 (952) 210 +459 8,356 (501) 2025 Q1 (IFRS) 2,944 +1,755 3,000 +671 3,162 +1,714 (249) +139 8,858 +4,281 2024 Q1 (IFRS) 1,189 - 2,328 - 1,447 - (388) - 4,576 - Industrial Chocolate 2026 Q1 (IFRS) 851 (1,006) (1,324) +4,374 696 +237 251 +173 475 +3,777 2025 Q1 (IFRS) 1,857 +363 (5,698) (6,658) 459 (381) 78 +114 (3,302) (6,562) 2024 Q1 (IFRS) 1,494 - 960 - 840 - (35) - 3,259 - Emulsified and Fermented Ingredients 2026 Q1 (IFRS) 306 +53 - - (207) +86 13 (97) 112 +42 2025 Q1 (IFRS) 252 (287) - - (294) (333) 111 +164 70 (456) 2024 Q1 (IFRS) 540 - - - 39 - (52) - 527 - Soy-based Ingredients 2026 Q1 (IFRS) 761 +596 (187) +17 189 +102 (67) +7 695 +723 2025 Q1 (IFRS) 164 +48 (204) +1 87 +1 (75) (76) (27) (25) 2024 Q1 (IFRS) 115 - (205) - 86 - 1 - (2) - Consolidated Adjustment 2026 Q1 (IFRS) (9) +36 (149) (158) (19) +119 121 +37 (56) +34 2025 Q1 (IFRS) (45) (31) 8 +117 (138) (146) 84 (15) (91) (76) 2024 Q1 (IFRS) (14) - (108) - 7 - 100 - (14) - Business Profit Total 2026 Q1 (IFRS) 4,681 (492) 1,503 +4,397 2,869 (407) 529 +579 9,584 +4,076 2025 Q1 (IFRS) 5,174 +1,848 (2,893) (5,868) 3,276 +855 (50) +325 5,508 (2,838) 2024 Q1 (IFRS) 3,325 - 2,974 - 2,421 - (375) - 8,346 -
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FY2026 Full-Year Forecast 11 2
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FY2026 Full-Year Forecast 12 2. FY2026 Full-Year Forecast Results on Vegetable Oils and Fats Business and Soy-based Ingredients Business were firm and that expect to help firm group results which exceeds our forecast. FY2025 Results FY2026 Forecast YOY Net Sales 772.3 754.0 (18.3) Business Profit 36.0 37.5 +1.5 Profit Attributable to Owners of Parent 11.1 19.5 +8.4 Outlook for the second quarter onward Vegetable Oils and Fats Industrial Chocolate Emulsified and Fermented Ingredients Soy-based Ingredients Stable profits are expected to be secured through firm sales of vegetable fats for chocolate (CBE). Profitability is expected to improve due to the reduction of Cocoa Special Factors at Blommer, expanded sales at each group company, and the consumption of high-cost inventories. In Japan, sales volume is expected to remain firm, while efforts to address rising costs will continue. Overseas, we are optimizing sales and manufacturing and rebuilding sales strategies in response to changes in the market environment. Unit: JPY billion Full-Year Forecast We expect to improve profitability on continued firm sales of vegetable fats for chocolate (CBE) on Vegetable Fats and Oils Business as well as decreased expenses from Cocoa Special Factors and growth in sales of compound products at Blommer in the U.S. As for the impact of conditions in the Middle East, no major risks manifested during the first quarter and we expect any future impact to be limited. An improvement of profitability is expected thanks to capturing growing protein demand by strengthening customer proposals and promoting quality improvement.
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13 3 Reference Materials
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14 3. Reference Materials Notes FY2025 Total FY2026 Q1 Vegetable Oils and Fats 7.5 1.4 Industrial Chocolate 13.6 7.3 Emulsified and Fermented Ingredients 4.1 0.7 Soy-based Ingredients 3.2 0.3 Total 29.2 10.0 FUJI ROIC Business profit after tax / (working capital＋fixed assets＋equity method investments) FY2025 Q1 FY2026 Q1 Vegetable Oils and Fats 4.4％ 3.5% Industrial Chocolate (1.1％) 0.0% Emulsified and Fermented Ingredients (0.1％) 0.1% Soy-based Ingredients 0.1％ 1.4% Total 0.8％ 1.3% ・P/L：Average rate、B/S：Current rate ・Compare P/L with the same period last year and B/S with the previous fiscal year-end (FY2025). FY2025 FY2025 FY2026 YOY FY2026 Q1 End Q1 Change Rate of change Plan ＄ P/L 144.59 150.77 159.49 +14.90 +10.3% 153.00 B/S 144.81 159.88 162.39 +2.51 +1.6% － BRL P/L 25.53 27.76 31.60 +6.07 +23.8% 28.80 B/S 26.54 30.63 31.37 +0.74 +2.4% － € P/L 163.80 174.79 185.39 +21.59 +13.2% 177.00 B/S 169.66 183.41 185.35 +1.94 +1.1% － RMB P/L 19.99 21.25 23.43 +3.44 +17.2% 21.50 B/S 20.19 23.11 23.87 +0.76 +3.3% － Main Exchange Rate Major Capital Expenditures Unit: JPY billion FUJI ROIC FY2024* FY2025 FY2026 Forecast FY2027 Plan Companywide FUJI ROIC Vegetable Oils and Fats Industrial Chocolate Emulsified and Fermented Ingredients Soy-based Ingredients FUJI ROIC over 6.0% *With the voluntary adoption of IFRS starting in FY2025, we have revised the calculation formula for FUJI ROIC. Figures for FY2024 have been modified and are indicated based on IFRS. 15.3% 1.1% (1.5％) 5.1% 0.3% 5.1% 10.8% 2.1% (0.3％) 4.1%2.1% FY2027 Mid-term Plan Target
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15 3. Reference Materials Net Sales FY2021 FY2022 FY2023 FY2024 FY2025 FY2026 Q1 29.0 49.2 45.7 47.7 63.2 71.9 Q2 32.6 52.2 47.1 49.0 68.7 Q3 34.7 52.3 46.9 55.0 69.8 Q4 38.5 49.8 45.7 55.6 69.4 Full Year 135.0 203.4 185.4 207.3 271.1 71.9 Vegetable Oils and Fats Business Profit FY2021 FY2022 FY2023 FY2024 FY2025 FY2026 Q1 2.1 1.6 3.1 4.4 8.9 8.4 Q2 2.2 1.7 4.4 6.4 9.5 Q3 1.4 1.9 4.2 7.2 8.3 Q4 1.7 1.8 3.7 8.2 6.7 Full Year 7.4 7.0 15.4 26.3 33.4 8.4 Net Sales FY2021 FY2022 FY2023 FY2024 FY2025 FY2026 Q1 41.7 47.9 55.0 73.6 87.6 75.4 Q2 45.9 57.6 61.6 82.3 92.7 Q3 50.2 61.9 70.1 86.1 102.3 Q4 47.7 61.1 66.7 92.7 88.3 Full Year 185.5 228.5 253.4 334.7 370.9 75.4 Business Profit FY2021 FY2022 FY2023 FY2024 FY2025 FY2026 Q1 1.1 1.0 0.4 2.9 (3.3) 0.5 Q2 1.7 1.7 0.3 (9.5) (0.2) Q3 2.4 1.4 (1.0) (11.3) 4.9 Q4 2.3 0.9 2.1 2.1 1.0 Full Year 7.5 5.0 1.8 (15.8) 2.4 0.5 Industrial Chocolate * FY2021 to FY2024 results are operating profit based on J-GAAP. FY2025 onwards are business profit based on IFRS. * Group administrative expenses previously treated as company-wide expenses have been allocated to segments from FY2025. * Figures are rounded to the nearest JPY billion. * For the Vegetable Oils and Fats Business in FY2025, we finalized the provisional accounting treatments for business combinations, and indicated figures reflect finalized business profit. Business Performance Trends by Segment Unit: JPY billion Unit: JPY billion J-GAAP IFRS J-GAAP IFRS J-GAAP IFRS J-GAAP IFRS
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16 3. Reference Materials * FY2021 to FY2024 results are operating profit based on J-GAAP. FY2025 onwards are business profit based on IFRS. * Group administrative expenses previously treated as company-wide expenses have been allocated to segments from FY2025. * Figures are rounded to the nearest JPY billion. Business Performance Trends by Segment Net Sales FY2021 FY2022 FY2023 FY2024 FY2025 FY2026 Q1 19.0 22.5 21.5 22.1 22.5 23.5 Q2 18.7 22.1 22.2 23.1 24.4 Q3 21.8 25.2 24.3 25.9 26.5 Q4 19.7 21.4 22.0 23.0 24.0 Full Year 79.1 91.2 89.9 94.2 97.4 23.5 Business Profit FY2021 FY2022 FY2023 FY2024 FY2025 FY2026 Q1 0.7 0.2 0.6 0.9 0.1 0.1 Q2 0.3 (0.2) 0.9 0.9 0.4 Q3 0.7 0.9 1.6 1.3 0.9 Q4 (0.0) 0.6 0.8 0.4 (0.2) Full Year 1.6 1.5 3.8 3.4 1.1 0.1 Net Sales FY2021 FY2022 FY2023 FY2024 FY2025 FY2026 Q1 9.0 8.3 8.9 9.0 8.5 9.1 Q2 8.5 8.6 9.1 9.1 8.0 Q3 8.6 8.9 9.2 8.9 8.5 Q4 8.0 8.5 8.3 8.1 7.8 Full Year 34.2 34.3 35.5 35.1 32.9 9.1 Business Profit FY2021 FY2022 FY2023 FY2024 FY2025 FY2026 Q1 1.1 0.6 0.4 0.3 (0.0) 0.7 Q2 0.6 0.4 0.6 0.5 0.1 Q3 0.3 0.4 0.3 (0.0) (0.3) Q4 0.0 (0.1) (0.2) (0.1) (0.6) Full Year 2.1 1.3 1.0 0.7 (0.9) 0.7 Emulsified and Fermented Ingredients Soy-based Ingredients Unit: JPY billion Unit: JPY billion J-GAAP IFRS J-GAAP IFRS J-GAAP IFRS J-GAAP IFRS
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17 3. Reference Materials ＊ If the previous year’s figure has changed, the retroactively connected figure is shown. ＊¹ ROA, ROE and ROIC are annualized figures for reference. Major Indicators（PL related） Primary Item Item Unit Note FY2025 FY2026 (Total Results） FY2026 ForecastQ1 Q2 Q3 Q4 PL related Business profit JPY billion 36.0 9.6 37.5 Business profit growth rate ％ 171.8％ 74.0% 4.0％ EBITDA JPY billion 51.2 14.5 - Capital expenditures JPY billion Capital expenditure for tangible fixed assets 29.2 10.0 - Depreciation JPY billion Depreciation for tangible fixed assets 17.4 4.5 - ROA ％ Profit before taxes / Total assets 3.8％ 4.7% 4.7％ ROE ％ Net profit margin × Total assets turnover × Financial leverage 5.0％ 9.1% 7.9％ Net profit margin ％ Profit attributable to owners of parent / Net sales 1.4％ 3.1% - Total assets turnover Times Net sales / Total assets 1.25 1.12 - Financial leverage Times Total assets / Equity attributable to owners of parent 2.7 2.6 - ROIC ％ Operating profit × (1- corporate tax rate) / (Shareholders’ equity at end of period + Interest-bearing debt) 4.1％ 4.7% - EPS JPY 129.60 64.81 226.79 ＊¹ Major Indicators
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18 3. Reference Materials Major Indicators（BS,CF related） ＊ If the previous year’s figure has changed, the retroactively connected figure is shown. ＊¹ Equity capital：Equity attributable to owners of parent - Other components of equity. Primary Item Item Unit Note FY2025 FY2026(Total Results） FY2026 ForecastQ1 Q2 Q3 Q4 BS related Total assets JPY billion 636.9 643.8 603.0 Interest-bearing debt JPY billion 268.4 273.7 248.0 NET Interest-bearing debt JPY billion 221.6 230.4 210.0 Working capital JPY billion 229.4 236.8 227.0 NET Working capital JPY billion Current assets - Current liabilities 101.7 113.5 - Equity attributable to owners of parent ratio ％ Equity ratio 37.7% 38.5% 42.0％ Debt ratio ％ 163.4% 158.4% - D/E ratio Times Interest-bearing debt / Equity attributable to owners of parent 1.12 1.11 0.99 Net D/E ratio Times Net Interest-bearing debt (interest-bearing debt - cash and deposits) / equity capital＊¹ 1.25 1.27 1.11 CF related Cash flows from operating activities JPY billion 54.8 2.9 47.0 Cash flows from Investing activities JPY billion (46.8) (7.3) (29.0) Free cash flows JPY billion 8.0 (4.4) 18.0 Cash flows from financing activities JPY billion (38.6) 1.6 (27.0) CCC Day 108 120 110 Major Indicators
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19 3. Reference Materials Area Product FY2025 Results (Comparison for the Three-month Period) FY2026 Results (Comparison for the Three-month Period) Q1 Q2 Q3 Q4 Total Q1 Q2 Q3 Q4 Total Vegetable Oils and Fats Japan Vegetable fats for chocolate（CBE,CBR,CBS） 102％ 106％ 110% 110% 107% 113% Americas 76％ 101% 62% 87% 81% 167% SE Asia 108％ 77% 93% 92% 92% 88% Europe 112％ 110% 98% 120% 110% 76% Industrial Chocolate Japan Chocolate 100％ 97% 100% 95% 98% 96% Americas (Brazil) 125％ 104% 107% 84% 102% 89% SE Asia 96％ 100% 107% 110% 103% 119% China 96％ 103% 106% 143% 111% 84% Europe 94％ 108% 87% 114% 100% 95% Total (excluding Blommer) 105％ 102% 103% 97% 101% 99% Blommer 88％ 88% 90% 90% 89% 101% Total (including Blommer) 99％ 97% 99% 95% 98% 99% Emulsified and Fermented Ingredients Japan Whipping cream 101％ 104% 101% 103% 102% 108% Margarine / Shortening 96％ 96% 96% 98% 96% 104% SE Asia Whipping cream 86％ 101% 91% 85% 91% 140% China Margarine / Shortening 117％ 117% 81% 119% 106% 87% Filling 93％ 98% 94% 92% 94% 85% Soy-based Ingredients Japan Soy protein ingredients 99％ 94% 103% 99% 99% 104% Functional ingredients 89％ 83% 79% 81% 83% 107% Sales Volumes of Major Product Categories (YOY) * If the previous year’s figure has changed due to a revision of the product category definition, etc., the retroactively corrected figure is shown. * From FY2026, figures exclude Blommer’s cocoa products. Historical figures are presented on a retrospectively adjusted basis.
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20 3. Reference Materials Main Raw Material Prices (~ the End of July 2026) Market Conditions Market Conditions Palm oil prices remain high due to fluctuations in crude oil prices driven by the situation in the Middle East, increased demand for use as biofuel, and concerns of decreased production due to an El Niño. (Strong factors) Rise in prices driven by higher crude oil prices amid Middle East tensions. Concerns over lower production due to El Niño. (Weak factors) Build-up of Malaysian palm oil inventories. While there were temporary adjustments due to a recovery in coconut oil production, palm kernel oil prices largely remained at high levels due to strong demand as well as fluctuations in crude oil prices attributable to increasing tensions in the Middle East and palm oil prices that have remained high. (Strong factors) Concerns over lower production due to El Niño. (Weak factors) Upside capped by coconut oil market conditions. Build-up of Malaysian palm oil inventories.
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21 3. Reference Materials Main Raw Material Prices (~ the End of July 2026) Market Conditions Market Conditions Market prices rose on concerns of an El Niño. However, volatility has remained high as the market also saw prices drop on concerns of increased supply volume and lower demand. (Strong factors) Concerns over lower production due to El Niño. Expectation on chocolate demand recover. (Weak factors) Ample supply of cocoa from South America. Although favorable crop conditions and increased production are projected, market prices rose due to factors such as concerns of an El Niño, higher crude oil prices, and China expanding imports of U.S. soybeans. (Strong factors) Concerns over lower supply due to El Niño. Expansion of U.S. soy bean purchase by China. (Weak factors) Favorable U.S. soybean crop and higher production.
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22 3. Reference Materials Topics / Pick out Notice Concerning the Launch of SIMPUL KAKAO, a Sustainable Cocoa Production Project in Indonesia Fuji Oil Co., Ltd. is pleased to announce the start of SIMPUL KAKAO, a project aiming to establish sustainable cocoa production in the Cilacap Regency, Indonesia. Through the SIMPUL KAKAO Project, comprehensive support will be provided through an industry-academia-government collaboration to strengthen the value chain for supporting everything from cocoa production to quality improvements in Cilacap Regency, Indonesia. Specifically, the program will provide support for introducing high-quality planting materials, agroforestry, cultivation management and fermentation technology improvements, and training programs aimed at supporting cocoa farmer independence. Our Company will work on developing technology that will support cocoa quality and sustainability while also providing technical and financial support. In the future, we hope to purchase the cocoa beans produced by farmers. By creating a supply structure for high-quality cocoa beans produced via sustainable methods, we aim to make long-term enhancements to the resilience of our supply chain for cocoa raw materials. Fuji Oil will continue contributing to the realization of a society that co-exists in nature with our stakeholders as we strive to co-create a sustainable future for food. https://www.fujioil.co.jp/assets/20260630/20260630_newsrelease.pdf Fuji Oil Bestowed with AREA 2026 Recognized for Its Human Rights Initiatives in the Palm Oil Supply Chain Fuji Oil Co., Ltd. has received an award in the Social Empowerment category at the Asia Responsible Enterprise Awards 2026 (AREA 2026). Award-Winning Initiative The Company is promoting the Labor Transformation Program (LTP) as a transformative approach that goes beyond conventional engagement methods to address issues such as forced labor and inappropriate labor practices in the palm oil supply chain. This initiative was recognized not only for protecting the rights of workers in the supply chain, but also for enhancing suppliers’ capacity for autonomous improvement and contributing to the overall sustainability of local communities. This program aims to realize respect for human rights across the entire supply chain through initiatives such as the following: • Ensuring fair and transparent employment contracts • Improving comprehensive working conditions, including worker safety, health, living conditions, and grievance mechanisms • Capacity building and continuous improvement support to strengthen supplier management systems （For more details, please visit: https://www.fujioil.co.jp/en/sustainability/palm_oil/） About AREA Asia Responsible Enterprise Awards (AREA), organized by Enterprise Asia, is an international award that recognizes companies—primarily in Asia—for outstanding initiatives in sustainability and corporate social responsibility. The awards consist of multiple categories, including Social Empowerment, Green Leadership, and Corporate Governance. (For more details, please visit: https://enterpriseasia.org/area/) (Available in Japanese only)
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23 3. Reference Materials Reference Links IR Website Integrated Report Investor’s Guide Sustainability Report Glossary https://www.fujioil.co.jp/en/ir/other/glossary/ https://www.fujioil.co.jp/en/ir/library/integrated_report/https://www.fujioil.co.jp/en/ir/ https://www.fujioil.co.jp/en/sustainability/ For Individual Investors *Currently available in Japanese only. https://www.fujioil.co.jp/ir/individual/ https://www.fujioil.co.jp/en/pdf/ir/investorsguide_en.pdf
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This document has been translated from the Japanese original for reference purposes only. In the event of any discrepancy between this translated document and the Japanese original, the original shall prevail. The forward-looking statements, including earnings forecasts, contained in this document are based on management's assumptions and beliefs in light of information currently available and involve risks and uncertainties, and are subject to change without notice. Actual results may differ materially due to a variety of factors.