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January 14, 2026 Kewpie Corporation (Securities code: 2809) FY2025 Financial Results Briefing Materials
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© Kewpie Corporation All rights reserved. Today’s Message 2 Building on 3 consecutive years of record-high operating income to evolve our earning power for the next growth phase FY2025 results Achieved record-high profit of operating income at ¥34.6 billion despite cost environment exceeding expectations. ⚫ In Japan, we implemented swift price revisions for major categories to strengthen market responsiveness. ⚫ Overseas, we built supply systems in the Americas and Asia-Pacific for the period through to 2030. We achieved double-digit growth in the Americas and Asia-Pacific through demand creation via expanded brand investment. ⚫ We promoted management focused on capital efficiency by acquiring treasury shares, etc. FY2026 outlook Highly reliable growth trajectory toward achieving the Medium-Term Business Plan ROE target ⚫ Operating income is projected at ¥38.0 billion driven by the effects of price revisions and accelerated overseas growth. ⚫ In Japan, we will advance the high value-added enhancement of core products and promote pricing strategies through labor-saving products. ⚫ Overseas, we will accelerate growth, focusing on the Americas along with growth in the Asia-Pacific region, to enter a profit expansion phase. ⚫ With a view towards achieving the ROE target early on, we will continuously implement capital efficiency measures, and conduct a treasury share acquisition of ¥10.0 billion and an ordinary dividend increase by ¥11 to ¥65.
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© Kewpie Corporation All rights reserved. 1. FY2025 Financial Results 2. FY2026 Target 3. FY2026 Outlook 4. Reference Materials Notes regarding the information in this document • The amounts stated in this document are rounded to the nearest ¥100 million when figures are presented in billions of yen. • The numbers related to Overseas cover the period from October through September of the following year and include exports from Japan. Figures for the Australian subsidiary and exports from Japan are based on the period of December to November of the following year. • Changes for Overseas in FY2025 include foreign exchange effects (Net sales +¥0.3 billion, operating income +¥0.0 billion). Changes for Overseas in the FY2026 forecast include foreign exchange effects (Net sales +¥1.8 billion, operating income +¥0.2 billion). 3
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© Kewpie Corporation All rights reserved. FY2025 Financial Results Highlights 4 Achieved operating income of ¥34.6 billion, surpassing last year’s figure, driven by rapid price revisions in Japan and overseas growth despite the cost environment exceeding expectations. © Kewpie Corporation All rights reserved. Net sales ¥513.4bn YoY +6% Operating income ¥34.6bn YoY +1% Ordinary income ¥37.4bn YoY +1% Profit ¥30.5bn YoY +42% ROE 9.7% YoY change +2.4% ROIC 6.6% YoY change -0.2% Gain on sale of factory site Domestic business profit margin 6.6% YoY change -0.7% Overseas growth rate +8% (YoY in local currency)
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© Kewpie Corporation All rights reserved. FY2022 FY2023 FY2024 FY2025FY2022 FY2023 FY2024 FY2025 FY2025 Financial Results Highlights Net sales (¥bn) ¥513.4bn • Maintained steady growth overseas, led by strong performance in the Americas and Asia-Pacific markets. • In Japan, revenue increased due to the effect of price revisions for condiments, eggs, and cut vegetables, plus the contribution from increased egg volume. Increase in sales (+¥29.4bn) Percentage change +6% 124.1 123.1 131.6 130.0 0.0 20.0 40.0 60.0 80.0 100.0 120.0 140.0 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 10.9 4.5 10.9 7.6 0.0 2.0 4.0 6.0 8.0 10.0 12.0 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Operating income ¥34.6bn • Overseas, income increased due to sales growth exceeding depreciation and advertising expenses aimed at growth. • In Japan, price revisions and business structural reforms succeeded, overcoming headwinds from soaring raw material costs to achieve income growth. Increase in income (+¥0.3bn) YoY change +1% FY profit margin 5.9% 4.3% 7.1% 6.7% 5
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© Kewpie Corporation All rights reserved. FY2025: ¥34.6bn YoY change: +¥0.3bn (¥bn) Operating income Effect of price revisions +8.8 Increased production efficiency +0.3 Enhanced added value, etc. +1.8 Overseas and other -1.1 “Growing headwinds” to watch -¥11.9bn The resulting “earning power” +¥13.7bn FY2025 Full-Year Performance - Factors Behind the Change in Operating Income 6 Overseas +3.0 Japan +0.9 + + +
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© Kewpie Corporation All rights reserved. FY2025 Full-Year Net Sales and Business Profit by Segment FY2025 full-year YoY change YoY change (%) 1H 2H 1H YoY change 2H YoY change Retail Market 189.8 +3.1 +2% 94.6 95.3 +2.2 +0.9 Food Service 185.6 +15.5 +9% 89.1 96.5 +5.8 +9.7 Overseas 100.3 +8.1 +9% 49.4 50.9 +5.7 +2.4 Fruits Solutions 17.6 +0.6 +3% 8.6 9.0 -0.2 +0.8 Fine Chemicals 11.8 +0.5 +4% 6.2 5.6 +0.4 +0.1 Common Business 8.3 +1.8 +27% 4.0 4.3 +1.1 +0.6 Total 513.4 +29.4 +6% 251.9 261.6 +15.0 +14.4 Operating income FY2025 ¥34.6bn YoY change +¥0.3bn YoY change (%) +1% Profit margin 6.7% (¥bn) FY2025 full-year YoY change YoY change (%) 1H 2H 1H YoY change 2H YoY change Retail Market 12.6 -1.7 -12% 5.7 6.8 -2.3 +0.6 Food Service 11.9 -0.1 -1% 4.4 7.4 -2.0 +1.9 Overseas 13.6 +1.1 +9% 7.9 5.7 +1.4 -0.2 Fruits Solutions 0.7 +0.5 +245% 0.3 0.4 +0.1 +0.3 Fine Chemicals 0.7 +0.1 +24% -0.2 0.9 +0.0 +0.1 Common Business 1.4 +0.0 +0% 0.7 0.7 +0.1 -0.1 Company-wide expenses -6.1 +0.3 - -2.6 -3.5 +0.0 +0.3 Total 34.6 +0.3 +1% 16.2 18.5 -2.7 +3.0 Net sales FY2025 ¥513.4bn YoY change +¥29.4bn YoY change (%) +6% 7
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© Kewpie Corporation All rights reserved. FY2025 Full-Year Retail Market Segment 8 FY2025 YoY change YoY change (%) 1H 2H 1H YoY change 2H YoY change Condiments 77.5 +0.0 +0% 38.5 39.0 -0.2 +0.2 Delicatessen 65.4 +0.0 +0% 32.1 33.2 -0.4 +0.4 Cut vegetables 30.0 +1.4 +5% 15.3 14.8 +1.8 -0.4 Other 16.9 +1.6 +11% 8.6 8.3 +1.0 +0.6 Total 189.8 +3.1 +2% 94.6 95.3 +2.2 +0.9 (¥bn) FY2025 YoY change YoY change (%) 1H 2H 1H YoY change 2H YoY change Condiments 8.5 -1.7 -17% 4.2 4.2 -1.4 -0.3 Delicatessen 2.8 -0.3 -10% 1.3 1.5 -0.6 +0.3 Cut vegetables 0.8 -0.1 -9% -0.1 0.9 -0.5 +0.4 Other 0.5 +0.4 +245% 0.3 0.2 +0.1 +0.2 Total 12.6 -1.7 -12% 5.7 6.8 -2.3 +0.6 ¥189.8bn YoY change +¥3.1bn (+2%)Net sales ¥12.6bn YoY change -¥1.7bn (-12%)Business profit Status in FY2025 • Price revisions of condiments and cut vegetables • Stimulation of demand through mayonnaise 100th anniversary events • Took on challenge of brand business for delicatessen products FY2026 measures • Strengthen sales promotions for Kewpie Half • Expand containers, functions, and flavors for dressings • Strengthen potato salad to an overwhelming top market position • Establish a robust procurement base for vegetable raw materials 85.7 87.2 92.4 1H 94.6 87.7 90.2 94.4 2H 95.3 FY2022 FY2023 FY2024 FY2025 7.4 4.4 8.1 1H 5.7 6.0 5.5 6.2 2H 6.8 FY2022 FY2023 FY2024 FY2025 (¥bn) Retail Market: Increase in sales & decrease in incomeNet sales Business profit
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© Kewpie Corporation All rights reserved. FY2025 Full-Year Food Service Segment 9 FY2025 YoY change YoY change (%) 1H 2H 1H YoY change 2H YoY change Condiments 53.2 +1.2 +2% 26.1 27.1 +0.2 +1.0 Eggs 115.8 +14.1 +14% 55.0 60.7 +5.9 +8.2 Other 16.7 +0.2 +1% 8.0 8.7 -0.3 +0.5 Total 185.6 +15.5 +9% 89.1 96.5 +5.8 +9.7 FY2025 YoY change YoY change (%) 1H 2H 1H YoY change 2H YoY change Condiments 4.4 +0.7 +18% 1.7 2.6 -0.3 +1.0 Eggs 6.2 -1.4 -18% 2.2 4.0 -1.6 +0.2 Other 1.2 +0.6 +108% 0.5 0.8 -0.0 +0.7 Total 11.9 -0.1 -1% 4.4 7.4 -2.0 +1.9 75.9 81.4 83.3 1H 89.1 82.9 83.9 86.8 2H 96.5 FY2022 FY2023 FY2024 FY2025 4.1 1.4 6.4 1H 4.4 2.8 2.7 5.6 2H 7.4 FY2022 FY2023 FY2024 FY2025 (¥bn)¥185.6bn YoY change +¥15.5bn (+9%)Net sales ¥11.9bn YoY change -¥0.1bn (-1%)Business profit Status in FY2025 • Expand high-value-added products (Sauces, processed egg products) • Implementation of flexible price revisions • Item differentiation FY2026 measures • Price revisions for major categories in April • Category assessment and improvement of production and sales efficiency • Concentration and increased production in growth areas (¥bn) Net sales Business profit Food Service: Increase in sales & decrease in income
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© Kewpie Corporation All rights reserved. (¥bn)¥100.3bn YoY change +¥8.1bn (+9%)Net sales ¥13.6bn YoY change +¥1.1bn (+9%)Business profit • Initiatives to capture the middle-class market in China and the Asia-Pacific region • Establishment of production systems in Americas and Asia-Pacific • Full-scale global branding • Continue initiatives to capture the middle-class market in China and the Asia-Pacific region • Expand in all segments, including cooking at home, prepared meals, and dining out, in the Americas • Strengthen trade in Europe and expand into new countries and regions FY2025 Full-Year Overseas Segment 10 FY2025 YoY change YoY change (%) YoY change (%) (in local currency) 1H 2H 1H YoY change 2H YoY change China 36.9 +0.9 +3% +4% 17.5 19.4 +1.2 -0.3 Asia- Pacific 29.4 +3.5 +13% +11% 15.3 14.1 +2.8 +0.7 Americas 23.8 +3.0 +14% +16% 11.5 12.3 +1.4 +1.7 Other 10.1 +0.6 +7% +6% 5.1 5.1 +0.3 +0.4 Total 100.3 +8.1 +9% +8% 49.4 50.9 +5.7 +2.4 FY2025 YoY change YoY change (%) 1H 2H 1H YoY change 2H YoY change China 5.5 +1.1 +25% 3.1 2.3 +0.9 +0.2 Asia- Pacific 3.9 +0.4 +13% 2.3 1.6 +0.6 -0.1 Americas 3.2 -0.4 -10% 1.8 1.4 +0.1 -0.4 Other 1.0 -0.0 -4% 0.6 0.4 -0.1 +0.1 Total 13.6 +1.1 +9% 7.9 5.7 +1.4 -0.2 3.5 2.8 6.5 1H 7.9 3.6 6.0 5.9 2H 5.7 FY2022 FY2023 FY2024 FY2025 29.8 34.4 43.7 1H 49.4 36.4 43.8 48.5 2H 50.9 FY2022 FY2023 FY2024 FY2025 *Foreign exchange effects: YoY change in net sales is +¥1.5bn in 1H, -¥1.2bn in 2H, and +¥0.3bn annually. *Foreign exchange effects: YoY change in business profit is +¥0.2bn in 1H, -¥0.2bn in 2H, and +¥0.0bn annually. *Figures for business profit are after retroactive application. FY2026 measures Status in FY2025 (¥bn) Net sales Business profit Overseas: Increase in sales and income *AP: Asia-Pacific
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© Kewpie Corporation All rights reserved. 2. FY2026 Target 11
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© Kewpie Corporation All rights reserved. FY2026 Target 12© Kewpie Corporation All rights reserved. Envision highly reliable growth trajectory toward achieving the Medium-Term Business Plan ROE target. Net sales ¥530.0bn YoY +3% Operating income ¥38.0bn YoY +10% Ordinary income ¥40.0bn Profit ¥25.5bn ROE 8.0% YoY change -1.7% ROIC 7.1% YoY change +0.5% YoY +7% YoY -16% Domestic business profit margin 7.3% YoY change +0.7% Overseas growth rate +11% (YoY in local currency)
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© Kewpie Corporation All rights reserved. FY2026 Full-Year Net Sales and Business profit Targets by Segment FY2025 full-year FY2026 full-year YoY change YoY change (%) Medium-Term Business Plan FY2028 target Retail Market 189.8 191.5 +1.7 +1% 196.0 Food Service 185.6 186.0 +0.4 +0% 179.0 Overseas 100.3 113.2 +12.9 +13% 180.0 Fruits Solutions 17.6 18.9 +1.3 +8% 45.0Fine Chemicals 11.8 14.0 +2.2 +18% Common Business 8.3 6.4 -1.9 -23% Total 513.4 530.0 +16.6 +3% 600.0 FY2025 full-year FY2026 full-year YoY change YoY change (%) Medium-Term Business Plan FY2028 target Retail Market 12.6 14.5 +1.9 +15% 15.6 Food Service 11.9 12.6 +0.7 +6% 14.1 Overseas 13.6 14.8 +1.2 +9% 18.0 Fruits Solutions 0.7 0.9 +0.2 +32% 4.3Fine Chemicals 0.7 1.0 +0.3 +40% Common Business 1.4 1.3 -0.1 -4% Company-wide expenses -6.1 -7.1 -1.0 ー -7.0 Total 34.6 38.0 +3.4 +10% 45.0 Operating income FY2026 full-year ¥38.0bn YoY change +¥3.4bn YoY change (%) +10% Profit margin 7.2% (¥bn) Net sales FY2026 full-year ¥530.0bn YoY change +¥16.6bn YoY change (%) +3% 13
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© Kewpie Corporation All rights reserved. FY2026 Full-year Plan: Factors behind Changes in Operating Income (¥bn) FY2026 plan: ¥38.0bn YoY change: +¥3.4bnOperating income Effect of price revisions +6.9 Increased production efficiency +0.6 Enhanced added value, etc.+2.3 Overseas and other -0.6 “Growing headwinds” to watch -¥5.9bn Generating “earning power” +¥15.3bn34.6 38.0 14 Assumed market price and exchange rate Egg market price @ ¥305/kg Exchange rate 1 USD equivalent to ¥150 1 CNY equivalent to ¥21 Overseas +4.7 Japan +1.4 @ ¥325 @ ¥275 to+ +
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© Kewpie Corporation All rights reserved. Towards Improving ROE - Growth Investment 15 Medium-Term Business Plan Progress (Cumulative FY2025–FY2026) Steadily implementing “aggressive investment”, and increasing our ability to generate future cash flow Aggressive investment Aggressive investment ¥40.0bn Business continuity investment ¥30.0bn Aggressive investment ¥75.0bn Business continuity investment ¥25.0bn Compared to previous Medium- Term Business Plan 1.8 times FY2021-FY2024 Medium-Term Business Plan FY2025-FY2028 Medium-Term Business Plan ¥70.0bn ⚫ Growth and added value ⚫ Automation and optimization of business locations ⚫ DX, new development, and sustainability ¥43.1 billion Progress rate 43% Business continuity investment Overseas growth investment, reinforce core products, and develop new technology ¥27.4 billion Progress rate 37% Latter 2 years: Automation and optimization of business locations, preparing business locations for further overseas growth (Japan: ¥15.1bn, Overseas: ¥12.3bn) Quality improvements, repairs for each Group business location ¥15.7 billion Progress rate 63% Increase the effectiveness for “further growth investment” Capital investment ¥100.0bn
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© Kewpie Corporation All rights reserved. Towards Improving ROE - Shareholder Returns 16 Steadily implement the ¥50.0 billion shareholder return framework under the Medium-Term Business Plan, with additional returns. Continuously increasing capital efficiency through “gradually increasing dividends” and “acquiring treasury shares” ¥64 Ordinary dividend ¥54 Commemorative dividend ¥10 ¥65 Ordinary dividend ¥65 ¥16.0bn ¥8.0bn ¥10.0bn 2025 2026 Dividend per share (yen) FY2025 plan FY2026 plan ¥24.0 billion (Capital efficiency approx. ¥10.0 billion) AOHATA approx. ¥14.0 billion ¥10.0 billion (Capital efficiency ¥10.0 billion) FY2025 share repurchase authorization FY2026 share repurchase authorization +¥11 increase We are considering the acquisition of treasury shares for these years 2027 2028 Dividend Acquisition of treasury shares 47 47 50 54 54 65 2021 2022 2023 2024 2025 2026 10
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© Kewpie Corporation All rights reserved. 3. FY2026 Outlook 17
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© Kewpie Corporation All rights reserved. Medium-Term Business Plan Progress Evaluation 18 ROE At least 8.5% 4.8% 7.3% 8.0% FY2023 FY2024 FY2025 FY2026 FY2027 FY2028 Medium-term KPI is proceeding as expected, and the probability of achieving the ROE target has increased. ROIC At least 8.5% Domestic business profit margin At least 8.0% Overseas sales CAGR At least double digit % FY2023 FY2024 FY2025 FY2026 FY2027 FY2028 +11% +8% +11% +10% 4.1% 6.8% 6.6% 7.1% FY2023 FY2024 FY2025 FY2026 FY2027 FY2028 Achieve the medium-term target early on and promote further improvements in capital efficiency. Enhance added value and use structural reforms to build a stable profit base. Accelerate growth primarily focused on the Americas with the aim of achieving continuous double-digit growth. Further increase profitability with aggressive investment and efficiency improvements. Capital efficiency Profitability Growth potential Capital efficiency Gain on sale of land 16.6 28.5 27.3 30.3 4.4% 7.2% 6.6% 7.3% FY2023 FY2024 FY2025 FY2026 FY2027 FY2028 Domestic business profit margin (%) Domestic business profit (¥bn) Net sales ROIC (%)ROE (%) (in local currency)
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© Kewpie Corporation All rights reserved. Business profit margin (domestic) 7.2% 7.3% At least 8.0% (overseas) 13.5% 13.1% Over 10.0% Operating income ¥34.3bn ¥38.0bn ¥45.0bn Consolidated net sales ¥513.4bn Summary of Current Position Toward Improving Profitability in the Medium-Term Business Plan 19Business profit margin: low profit < 5% < stable profit < 10% < high profit FY2028FY2026FY2024 Shift to a high-profitability portfolio, significant improvement from low profit to stable profit Expansion of overseas business Creation of demand through development of supply system Strengthening market responsiveness Price revisions, added value, and automation Acceleration of global expansion Deepen existing areas and develop new areas Low-profit businesses Stable-profit businesses High-profit businesses Consolidated net sales ¥484.0bn 70% 30% FY2025 Consolidated net sales ¥530.0bn 90% 40% Consolidated net sales ¥600.0bn 50%
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© Kewpie Corporation All rights reserved. Initiatives for Overseas Growth: Overall Picture 20 Shift from strengthening supply to a demand creation phase, accelerating growth focusing on the Americas FY2026 sales growth rate (in local currency) Overseas overall +11% Accelerating growth by strengthening branding Shift to expand sales areas and channels Negotiations are progressing smoothly, accelerating from the start of the new year. Beginning of FY2026 End of FY2026 Americas Annual +19% Capturing growing markets The most stable growth Beginning of FY2026 End of FY2026 Asia-Pacific Annual +13% Promoting the middle-class market shift Acceleration in the second half after the strategic shift Beginning of FY2026 End of FY2026 China Annual +3%
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© Kewpie Corporation All rights reserved. Initiatives for Overseas Growth: The Americas 21 Achieving 19% growth by expanding sales areas and channels as well as branding investment Branding investment To create greater recognition Accelerate market penetration using billboard and TV commercials *Conceptual image of the initiative Expanding sales areas Expand into the entire US and surrounding countries. (such as Canada and Mexico) Establish sales bases on the east coast New Tennessee Factory California Factory Establish N.Y.office CANADA MEXICO Expanding channels Negotiations are progressing smoothly. Develop major distribution across the entire US, including private brands (PB), and major CVS, sequentially introduced Introduce mayonnaise for egg sandwiches Brand penetration in the entire US market “KEWPIE MAYONNAISE” *Concept image
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© Kewpie Corporation All rights reserved. Initiatives for Overseas Growth: Asia-Pacific © Kewpie Corporation All rights reserved. 22 Steady growth centered on Thailand and Indonesia Aiming for 13% growth Other countries IndonesiaThailand FY2026 approx. +10% Strengthen exports for commercial use in Australia, etc. Grow dining out in addition to mini-marts. Strengthen localized strategies for the middle-class market. 2021 2022 2023 2024 2025 2026 2021 2022 2023 2024 2025 2026 Net sales double in 5 years 2021 2022 2023 2024 2025 2026 Net sales quadruplein 5 years Net sales double in 5 years *FY21 as the base year (FY21 = 100) FY2026 approx. +20% FY2026 approx. + over 10% *FY21 as the base year (FY21 = 100) *FY21 as the base year (FY21 = 100)
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© Kewpie Corporation All rights reserved. Establish a competitive advantage Expand middle-class channels Initiatives for Overseas Growth: China 23 Capturing the expanding middle-class market with the aim of achieving +3% growth To overcome the increased competition because many manufacturers are entering this growing market Strengthen price competitiveness in addition to the delicious taste and quality • Concentrate resources on key distribution channels • Expand to inland areas → Expand sales for dining out and e-commerce Strengthen sales measures • Promote greater efficiency in production and sales • Lower costs and improve convenience by converting mayonnaise and dressing packaging to PET bottles • Invest in highly efficient factories with thorough automation *Concept image
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© Kewpie Corporation All rights reserved. Overview of Domestic Structural Reform: Initiatives for a High-Profitability Portfolio 24 Maximize added value, optimize and reorganize SCM, and assess profit-generating output to advance higher domestic profitability, increasing ¥8.8 billion in profit. Support changes in the business environment Shift to a high-profitability portfolio Focus on strong products Further strengthen focus products Optimize and reorganize SCM Assess profit- generating output Maximize added value • Strengthen sales of high value- added products • Promote pricing strategies Maximize added value • Improve profitability of the entire supply chain • Optimize production by automating the production line • Restructure organizations and systems Optimize and reorganize SCM FY2025: ¥10.0bn FY2026: ¥8.2bn FY2025: ¥0.3bn FY2026: ¥0.6bn • Select and focus • Manage the budget for individual items to a high degree of precision • Accelerate originality and ingenuity in the workplace Assess profit-generating output Breakdown of effect Strengthen added value Price revisions FY2025 ¥1.3bn ¥8.8bn FY2026 ¥1.3bn ¥6.9bn
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© Kewpie Corporation All rights reserved. Domestic Structural Reform: Maximizing Added Value 25 For appropriate pricing that reflects customer value while considering market fluctuations Promote pricing strategies Reach an appropriate price that corresponds to the product’s value built on delicious taste, quality, and brand. Strengthen sales of high value- added products Demonstrate our competitive advantage by providing value that meets customer requirements—such as delicious taste, shelf- life, and functionality. 50 60 70 FY2024 FY2025 FY2026 Increase profit gains due to strengthening high value-added products +¥1.3bn Increase profit gains due to price revisions +¥6.9bn (¥bn) Sales growth rate +10%
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© Kewpie Corporation All rights reserved. Domestic Structural Reform: SCM Optimization and Reorganization 26 Evolving the value creation process for a sustainable high-profit structure Product development and procurement Production logistics Sales Renewing the development process and reducing costs Optimizing business locations and overcoming labor shortages Maximizing sales efficiency Consolidating and integrating management resources by reorganizing Group companies and organizations ⚫ Improve the hit rate for new products ⚫ Strategic core product development ⚫ Unify suppliers to optimize procurement ⚫ Optimize production lines and business locations ⚫ Expand production capacity for high- value-added products ⚫ Optimize through the use of external collaborative robots ⚫ Concentrate resources on key business categories and sales areas ⚫ Shelf allocation and share countermeasures based on data ⚫ Reorganize and optimize the sales organizationCreated labor savings equivalent to 130 employees 4% increase Net sales per person (Kewpie) Deep-roasted sesame dressing FY2025→FY2026 10% increase Series sales volume Sales efficiency FY2025→FY2026
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© Kewpie Corporation All rights reserved. Expansion into New Areas 27 Unique “Acetic acid bacteria GK-1” Expanding our own products and the sale of raw materials to other companies Expansion of the health mail order business through Kewpie’s e-commerce site Mail order supplements Sale of raw materials to other companies Incorporation into healthy and frequently consumed products Immunity care products Expanding plant-based food Introduce our products on international flights As a starting point for global expansion Expanding overseas We are moving forward with expanding products into New Zealand and India. Accelerating product launches and promotional activities to develop new regions Sale as raw materials for immunity care products *Conceptual image of an in-flight meal Expanding domestic and international sales
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© Kewpie Corporation All rights reserved. <Contact for inquiries> IR Team, Financial Strategy Promotion Department, Kewpie Corporation TEL: +81-3-3486-3331 Information regarding future performance, such as Kewpie Corporation’s earnings forecasts, presented in these briefing materials is based on certain assumptions determined as rational using the obtainable information at the time of publication. Actual results, etc. may differ from these forecasts due to various risks, uncertainties, and economic circumstances, etc. Information disclosed by the Company is intended to deepen the reader’s understanding of the Company and is not intended as an investment recommendation. Please make any investment decisions according to your own judgment. If by chance the user of this information incurs any loss or damage, the Company and the Company’s information provider bears no responsibility for this loss. 28
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© Kewpie Corporation All rights reserved. 4. Reference Materials 29
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© Kewpie Corporation All rights reserved. Sustainability and Enhancing the Value of Human Capital 30 Promote initiatives to create social value for the future Toward the realization of the Kewpie Group Environmental Vision 2050 For the effective use and recycling of resources Contribution to extending healthy life expectancy through dietary habits Supporting the dietary habits and health of every person Plastic reduction Reducing the weight of plastic containers and packaging Adopting recycled PET bottles With vegetables Evolving salad into a meal for gaining positive happiness Utilization of unused portion of vegetables Resource recycling by growing vegetables from vegetables Solving challenges in the poultry industry Toward frailty prevention and improvement of dietary habits Establishing the Japan Frailty Prevention Industry Association with 10 participating companies Cycle of improving engagement and performance Strengthen diverse individual capabilities Expansion of learning opportunities that support autonomous learning throughout the entire Group Creation of new value through investment in human capital FY2024 85% FY2025 84% FY2028 target 88% Enhance HR system Introducing a new human resources system that clarifies expected roles and enhances individual expertise and motivation for growth Consideration for the environment Contributing to food culture and health Enhancing the value of human capital Utilization of unused portion of vegetables FY2025 101% FY2028 target 105% Number of salads eaten (compared to FY2024) FY2024 69 points FY2025 70 points FY2028 target 75 points Engagement score Decrease in FY2025 due to poor harvests of agricultural raw materials caused by rising temperatures
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Reference © Kewpie Corporation All rights reserved. FY2024 results FY2025 results FY2026 Target YoY change (2026-2025) YoY change (%) (2026/2025) Net sales 484.0 513.4 530.0 +16.6 +3% Operating income 34.3 34.6 38.0 +3.4 +10% Operating income ratio (%) 7.1% 6.7% 7.2% +0.5% ー Ordinary income 36.9 37.4 40.0 +2.6 +7% Profit attributable to owners of parent 21.4 30.5 25.5 -5.0 -16% ROE (%) 7.3% 9.7% 8.0% -1.7% ー ROIC (%) 6.8% 6.6% 7.1% +0.5% ー EPS (yen) 154.1 220.6 184.9 -35.7 -16% Overseas net sales growth rate (%) (local currency-based) +11% +8% +11% +3% ー USD (yen) 151 149 150 +1 ー CNY (yen) 21 21 21 +0 ー Lorry market price (yen/kg) 351 376 420 +44 ー Chicken egg market price (yen/kg) 223 319 305 -14 ー FY2026 Financial Results Summary (¥bn) FY2028 Medium- Term Business Plan target At least 600.0 At least 45.0 At least 7.5% ー ー At least 8.5% At least 8.5% ー At least +10% ー ー ー ー 31
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Reference © Kewpie Corporation All rights reserved. Increase in purchases of treasury shares -16.3 Decrease in proceeds from long-term borrowings -5.0 Decrease in repayment of long-term loans payable +15.0 Increase in proceeds from sale of non- current assets +9.8 Decrease in purchase of non-current assets +7.4 Increase in payments into time deposits -8.2 FY2025 Cash Flow Status Increase/Decrease in notes and accounts payable - trade -11.9 Increase/Decrease in accounts payable - other -7.5 Increase/Decrease in inventories -6.3 (¥bn) YoY change 23.7 63.1 31.8 Cash Flows from Operating Activities YoY change -17.7 -23.9 -16.9 Cash Flows from Investing Activities YoY change -9.5 -21.1 -30.1 Cash Flows from Financing Activities FY2025 full year: ¥16.9 billion, FY2026 target: ¥26.2 billion Status of capital investments 32 FY2023 full-year FY2025 full-year FY2024 full-year
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Reference © Kewpie Corporation All rights reserved. FY2025 Points to Note regarding Changes in Balance Sheet • Increase in earned surplus +21.7 • Decrease in capital surplus -7.5 • Increase in deferred tax liabilities +4.6 • Increase in income taxes payable +2.8 • Decrease in accrued consumption taxes -1.6 • Decrease in accounts payable - other -1.5 • Increase in retirement benefit assets +11.9 • Increase in investment securities +4.4 • Increase in long-term time deposits +3.5 • Decrease in cash and deposits -12.5 • Increase in securities +5.0 • Increase in notes and accounts receivable - trade +3.3 182.8 249.8 203.7 258.6 203.4 277.2 Current assets Fixed assets YoY change Current assets -¥0.4bn Fixed assets +¥18.5bn YoY change Liabilities +¥2.2bn Net assets +¥16.0bn (¥bn) Assets 111.3 321.3 130.7 331.6 132.9 347.6 Liabilities Net assets Liabilities and Net Assets 33 FY2023 full-year FY2025 full-year FY2024 full-year
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Reference © Kewpie Corporation All rights reserved. Net Sales by Segment FY2024 full-year FY2025 full-year YoY change YoY change (%) FY2026 Target Target YoY change YoY change (%) Retail Market 186.7 189.8 +3.1 +2% 191.5 +1.7 +1% Condiments 77.5 77.5 +0.0 +0% 80.3 +2.8 +4% Delicatessen 65.3 65.4 +0.0 +0% 66.1 +0.7 +1% Cut vegetables 28.6 30.0 +1.4 +5% 30.0 -0.0 -0% Other 15.3 16.9 +1.6 +11% 15.1 -1.8 -11% Food Service 170.1 185.6 +15.5 +9% 186.0 +0.4 +0% Condiments 52.0 53.2 +1.2 +2% 53.2 +0.0 +0% Eggs 101.6 115.8 +14.1 +14% 116.5 +0.7 +1% Other 16.5 16.7 +0.2 +1% 16.3 -0.4 -2% Overseas 92.2 100.3 +8.1 +9% 113.2 +12.9 +13% China 36.0 36.9 +0.9 +3% 38.6 +1.7 +5% Asia Pacific 25.9 29.4 +3.5 +13% 33.7 +4.3 +15% Americas 20.8 23.8 +3.0 +14% 28.4 +4.6 +19% Other 9.5 10.1 +0.6 +7% 12.5 +2.4 +23% Fruits Solutions 17.0 17.6 +0.6 +3% 18.9 +1.3 +7% Fine Chemicals 11.4 11.8 +0.5 +4% 14.0 +2.2 +18% Common Business 6.6 8.3 +1.8 +27% 6.4 -1.9 -23% Total 484.0 513.4 +29.4 +6% 530.0 +16.6 +3% * Year-on-year changes in Overseas include foreign exchange effects (YoY change in FY2025 full -year: Net sales +¥0.3 billion, FY2026 target YoY change: Net sales + ¥1.8 billion). (¥bn) 34
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Reference © Kewpie Corporation All rights reserved. Business Profit by Segment FY2024 full-year FY2025 full-year YoY change YoY change (%) FY2026 Target Target YoY change YoY change (%) Retail Market 14.3 12.6 -1.7 -12% 14.5 +1.9 +15% Condiments 10.2 8.5 -1.7 -17% 9.3 +0.8 +10% Delicatessen 3.1 2.8 -0.3 -10% 3.3 +0.5 +18% Cut vegetables 0.9 0.8 -0.1 -9% 1.6 +0.8 +104% Other 0.2 0.5 +0.4 +245% 0.3 -0.2 -42% Food Service 12.0 11.9 -0.1 -1% 12.6 +0.7 +6% Condiments 3.7 4.4 +0.7 +18% 4.4 +0.0 +1% Eggs 7.6 6.2 -1.4 -18% 7.2 +1.0 +15% Other 0.6 1.2 +0.6 +108% 1.0 -0.2 -19% Overseas 12.5 13.6 +1.1 +9% 14.8 +1.2 +9% China 4.4 5.5 +1.1 +25% 5.6 +0.1 +2% Asia Pacific 3.5 3.9 +0.4 +13% 4.5 +0.6 +15% Americas 3.5 3.2 -0.4 -10% 3.5 +0.3 +10% Other 1.1 1.0 -0.0 -4% 1.2 +0.2 +16% Fruits Solutions 0.2 0.7 +0.5 +245% 0.9 +0.2 +32% Fine Chemicals 0.6 0.7 +0.1 +25% 1.0 +0.3 +40% Common Business 1.4 1.4 +0.0 +0% 1.3 -0.1 -4% Company-wide expenses -6.5 -6.1 +0.3 ー -7.1 -1.0 ー Total 34.3 34.6 +0.3 +1% 38.0 +3.4 +10% * Year-on-year changes in Overseas include foreign exchange effects (YoY change in FY2025 full -year: Business profit +¥0.0 billi on, FY2026 target YoY change: Business profit +¥0.2 billion). (¥bn) *Figures for overseas FY2024 business profit are after retroactive application. 35
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Reference © Kewpie Corporation All rights reserved. Factors behind Changes in Business Profit (by Segment) Change in gross profit resulting from increase (decrease) in net sales Change in gross profit margin Sales promotion expenses and advertising expenses Transportation and warehousing expenses Other selling, general and administrative (SG&A) expenses YoY change Retail Market +0.3 -1.7 +0.5 -0.2 -0.5 -1.7 Food Service -0.1 +0.3 -0.0 -0.3 -0.0 -0.1 Overseas +3.0 -0.2 -0.6 -0.2 -0.7 +1.1 Fruits Solutions +0.1 +0.5 -0.1 -0.1 +0.1 +0.5 Fine Chemicals +0.6 -0.2 -0.2 -0.0 -0.1 +0.1 Total +3.9 -1.2 -0.5 -0.9 -1.4 -0.1 Change in gross profit resulting from increase (decrease) in net sales Change in gross profit margin Sales promotion expenses and advertising expenses Transportation and warehousing expenses Other selling, general and administrative (SG&A) expenses YoY change Retail Market -0.1 +2.1 +0.5 +0.0 -0.6 +1.9 Food Service -0.3 +2.7 -0.3 -0.4 -1.1 +0.7 Overseas +4.7 -0.6 -1.1 -0.5 -1.3 +1.2 Fruits Solutions +0.4 +0.0 -0.1 -0.0 -0.1 +0.2 Fine Chemicals +1.4 -0.0 -0.5 -0.1 -0.5 +0.3 Total +6.1 +4.3 -1.5 -1.0 -3.6 +4.4 (¥bn) FY2025 full-year FY2026 target 36
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Reference © Kewpie Corporation All rights reserved. Overview of Non-operating Income (Expenses) and Extraordinary Gains (Losses) FY2024 full-year FY2025 full-year YoY change Main factors Operating income 34.3 34.6 +0.3 Non-operating income (expenses), net 2.5 2.8 +0.2 • Change in equity-method investment income +0.3 Ordinary income 36.9 37.4 +0.5 Extraordinary gains (losses), net -3.2 10.1 +13.4 • Increase in gain on sale of non-current assets • Decrease in loss on retirement of non-current assets +12.0 +0.8 Profit before income taxes 33.6 47.5 +13.9 Income taxes Profit attributable to non-controlling interests 12.2 17.0 +4.8 Profit attributable to owners of parent 21.4 30.5 +9.1 (¥bn) FY2025 full-year FY2026 full-year target YoY change Main factors Operating income 34.6 38.0 +3.4 Non-operating income (expenses), net 2.8 2.0 -0.8 • Decrease in interest income • Change in equity-method investment income -0.2 -0.2 Ordinary income 37.4 40.0 +2.6 Extraordinary gains (losses), net 10.1 0.7 -9.4 • Decrease in gain on sale of factory site -12.0 Profit before income taxes 47.5 40.7 -6.8 Income taxes Profit attributable to non-controlling interests 17.0 15.2 -1.8 Profit attributable to owners of parent 30.5 25.5 -5.0 FY2025 full-year FY2026 target 37
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Reference © Kewpie Corporation All rights reserved. Mayonnaise/Dressings Changes in Net Sales FY2023 full-year FY2024 full-year FY2025 full-year Mayonnaise Japan 57.0 59.1 59.3 Overseas 40.9 48.0 54.0 Dressings Japan 38.7 39.3 39.1 Overseas 22.3 24.2 25.6 Total Japan 95.7 98.4 98.4 Overseas 63.2 72.2 79.6 Total 158.8 170.6 178.0 (¥bn) 38
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Reference © Kewpie Corporation All rights reserved. Sustainability and Human Capital Targets and Performance 39 Key issues Themes of initiatives Indicators Baseline FY2025 results FY2028 target FY2030 target Alignment with SDGs Contributing to food culture and health Contribution to extending healthy life expectancy We are promoting initiatives centered on increasing opportunities to eat salads and adding value to eggs in order to contribute to our customers’ healthy eating habits. Mental and physical health support for children Number of children’s smiles via our activities Cumulative since FY2019 603 thousand people At least 800 thousand people At least 1,000 thousand people Effective use and recycling of resources Reduction and effective utilization of food loss Rate of reduction of food waste FY2015 61.4% At least 63% At least 65% Rate of effective utilization of unused portion of vegetables (Main vegetables: Cabbage, etc.) Current year 84.3% At least 88% At least 90% Rate of product waste volume reduction FY2015 53.1% At least 70% At least 70% Reduction and reuse of plastics Rate of plastic volume reduction FY2018 Scheduled for disclosure in February 2026 At least 25% At least 30% Sustainable use of water resources Water usage (per-unit-basis) reduction rate FY2020 9.7% At least 8% At least 10% Dealing with climate change Reduction of CO2 emissions Reduction of CO2 emissions rate FY2013 50.6% At least 46% At least 50% Conservation of biodiversity Conservation of biodiversity Procurement rate of sustainable paper 100% by FY2025 (container packaging materials, printed booklets, sales promotion materials, office supplies) Current year Scheduled for disclosure in February 2026 Maintain 100% Maintain 100% Sustainable procurement Promotion of sustainable procurement Promote Fundamental Policy for Sustainable Procurement in cooperation with business partners. Respect for human rights Respect for human rights Promote the Kewpie Group Human Rights Policy to respect the human rights of all people involved in our business. Enhancing the value of human capital Improve employee engagement Engagement score Current year 70 points At least 75 points At least 75 points ー