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Euglena Group Q2 FY2026 Financial Highlight Euglena Co. , Ltd. Prime Market of the Tokyo Stock Exchange ( Securities code : 2931 ) August 7 , 2026 [ Note ] Figures in this document are rounded to the nearest JPY million and may differ from those in the financial statements , where amounts below JPY one million are truncated . [ Disclaimer Policy ] Forecasts , outlooks , strategies and other non - historical facts contained in this document are based on information available to the Group at the time this document was prepared , and the Group does not guarantee the accuracy of such information . These factors may differ significantly from forecasts due to changes in the economic and business environment . Copyright Euglena Co. , Ltd. All rights reserved . euglena
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2 Copyright Euglena Co., Ltd. All rights reserved. Biofuel Business Executive Summary Financial Summary Healthcare business Agri-Business ⚫ BtoC: Sales increased YoY across all group companies ⚫ # of subscribers reached 720K; online marketplaces continued to grow ⚫ Euglena products entered a strong growth trend, driven by products for parents & kids ⚫ Qsai delivered solid growth in both D2C and wholesale channels ⚫ Agri-Business centered on Daikyo Fertilizer grew in both sales and profitability ⚫ Acquired Yamase Co to expand production capacity and eliminate a key growth bottleneck ⚫ “Grown with Euglena” certified products expanded to over 10 items Gold Euglena (¥ Million) FY2025 H1 FY2026 H1 YoY Change % Sales 24,554 26,507 +1,954 +8% o/w Healthcare Business 22,672 24,320 +1,648 +7% Adjusted EBITDA 3,508 3,804 +297 +8% o/w Healthcare Business 4,412 4,646 +234 +5% Operating Profit 1,637 1,871 +235 +14% Ordinary Profit 1,173 1,709 +537 1.5x Net Income (559) 74 +633 ⚫ Business environment improved due to expansion of feedstock trading and product sales track record, as well as rising SAF/HVO prices ⚫ Commercial Plant construction progressing as planned ⚫ Continuous use of SUSTEO expanded, including by TOKYU BUS and for Green Expo construction ⚫ BtoB: Acquired the “Gold Euglena” business with notified "immune" functional claims Upward Revision Turn Profitable ⚫ Sales grew by +8% YoY, driven by Healthcare organic growth ⚫ Profits maintained/improved despite higher ad. spend ⚫ First-half net income turned profitable for the first time in 9 fiscal years ⚫ Full-year revenue forecast revised upward to ¥53B on strong progress
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3 FY2026 Q2 Results Summary
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4 Copyright Euglena Co., Ltd. All rights reserved. 22,030 22,672 24,320 306 458 764 1,313 1,424 1,42423,649 24,554 26,507 '24H1 '25H1 '26H1 Healthcare Biofuel Others Sales (¥ Million) YoY +8%YoY +4% Sales growth accelerated to + 8% Driven by organic growth in the Healthcare business, with performance ahead ofplan
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5 Copyright Euglena Co., Ltd. All rights reserved. *1: PPA (allocation of goodwill to customer-related assets and backlog of orders) related to Saticine Medical group consolidation were retroactively applied to FY2024 Q2 Adjusted EBITDA / Operating Profit*1 2,122 3,508 3,804 200 1,637 1,871 '24H1 '25H1 '26H1 Adjusted EBITDA Operating Profit Sustainable profitability, established in 2024, is now firmly embedded The primary driver of earnings growth has shifted from cost reduction to sales growth (¥ Million) YoY +8% YoY +14%
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6 Copyright Euglena Co., Ltd. All rights reserved. Advertising Spend and Profitability 9.0% 14.3% 14.4% 0.8% 6.7% 7.1% -5% 0% 5% 10% 15% '24H1 '25H1 '26H1 Ad. Spend YoY Adjusted EBITDA Margin Operating Profit Margin Expanding ad. spend whilemaintaining and improving profitability Transitioning from “Defensive Profitability” to “Growth-oriented Profitability” Ad. spend increase
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7 Copyright Euglena Co., Ltd. All rights reserved. *1: PPA (allocation of goodwill to customer-related assets and backlog of orders) related to Saticine Medical group consolidation were retroactively applied to FY2024 Q2 *2: Net income attributable to owners of parent Ordinary Profit*1, Net Income*1,2 162 1,173 1,709 (327) (559) 74 '24H1 '25H1 '26H1 Ordinary Profit Net Income YoY 1.5x Returned profitable Net income returned profitable in H1 for the first time in 9 fiscal years Stepping up growth investments in H2 while continuing to target full-yearprofitability (¥ Million)
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8 Copyright Euglena Co., Ltd. All rights reserved. 24,554 26,507 50,370 52,000 53,000 FY2025 FY2026 Original FY2026 Revised (¥ Million) 3,508 3,804 6,939 7,000 FY2025 FY2026 Revised our full-year revenue forecast upward to ¥53B, reflecting progress ahead of plan Profit forecasts remain unchanged, with upside allocated to growth investments for mid-term revenue growth FY2026 Financial Performance and Earnings Forecast *1: Adjusted EBITDA is our own financial measure. The formula is EBITDA (Operating income + Goodwill Amortization and Depreci ation) + Subsidy income + Stock related compensation *2: Annual forecast announced on February 13, 2026 1,637 1,871 3,123 3,200 FY2025 FY2026 Ordinary ProfitOperating Profit 1,173 1,709 2,366 2,800 FY2025 FY2026 Sales Adjusted EBITDA*1 Progress rate 51% Progress rate 54% Progress rate 58% Progress Rate 61% *2 *2 *2 *2+8% +8% +14% 1.5x Upward Revision
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9 Healthcare Business
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10 Copyright Euglena Co., Ltd. All rights reserved. Healthcare sales grew across all main channels, with growth drivers diversified across multiple products and businesses *1: "Other" includes the impact of the subsidiary sold in FY2024 and the elimination of intra-company transactions. "OEM (Saticine Medical)" has been recorded since FY2024Q2 Healthcare Sales Healthcare Sales*1 5,075 5,159 5,691 11,420 11,545 11,961 1,769 1,939 2,036619 529 575 1,638 3,465 4,030 1,509 35 26 22,030 22,672 24,320 '24H1 '25H1 '26H1 Other OEM (Saticine Medical) OEM (excl. Saticine Medical) Wholesale Direct Sales (Qsai) Direct Sales (excl. Qsai) 6% 13% 14% 4% 16% 0% 50% 0 400 800 Euglena Healthcare epauler MEJ Qsai Saticine Medical Increase Amount Growth rate YoY Change in H1 Sales (by Company) + ¥0.24B + ¥ 0.56B + ¥0.06B + ¥0.58B + ¥0.21B YoY +7%YoY +3% BtoC BtoB (¥ Million)
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11 Copyright Euglena Co., Ltd. All rights reserved. Owned channels: Stable growth in the number of subscribers Online marketplaces: Expanding customer touchpoints 5,075 5,159 5,691 11,420 11,545 11,961 16,495 16,704 17,653 '24H1 '25H1 '26H1 Direct sales (Qsai) Direct sales (excl. Qsai) Direct sales revenue increased on steady subscription customer growth and strong online marketplace expansion *1: Figures for Euglena Healthcare exclude LIGUNA (merged into Euglena Co. from 3Q 2024) BtoC - Growth drivers for direct sales channels YoY +4%YoY +1% YoY +10%YoY +2% '24/6 '25/6 '26/6 Excl. Qsai Qsai 720K customers Growth Driver (1) 699K Direct sales (Owned Channels + Marketplaces) (¥ Million) 701K YoY +6% YoY (2%) YoY +1%YoY +1.5% Growth Driver (2) Online marketplaces sales*1 '24H1 '25H1 '26H1 Euglna Healthcare epauler MEJ Qsai In 2 years Doubled Strong growth in online marketplace sales across all group companies, expanding reach to middle-aged consumers
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12 Copyright Euglena Co., Ltd. All rights reserved. *1: Figures prior to '20, which were based on a September fiscal year-end, have been recalculated on a calendar year basis. Excludes products from the former Hook Co., Ltd. and LIGUNA BtoC - Euglenaproduct direct sales *1 '15 '16 '17 '18 '19 '20 '21 '22 '23 '24 '25 '26 1.6 x vs. '23 New management team Aiming for record-high levels Products for parents & kids growing rapidly Achieved a strong V-shaped recovery driven by products for parents & kids Aiming to reach record-high performance under the new management team
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13 Copyright Euglena Co., Ltd. All rights reserved. 7% 9% 24% 0% 20% 40% '25/6 '25/12 '26/6 ⚫ Replicated the winning formula for solution-led advertising by rolling it out to beverages '24/6 '24/12 '25/6 '25/12 '26/6 '25/6 '25/12 '26/6 Euglena for Healthcare expanded its success from soup stock to drink products; CONC increased customer spending through growth in two-bottle subscription plans BtoC - Euglena Healthcare Euglena for Healthcare '24/6 '24/12 '25/6 '25/12 '26/6 Euglena for Healthcare total CONC # of subscribers of products for parents & kids 13,000+ Products for parents & kids rapidly expanding new customer acquisition Growth of products for parents & kids # of Subscribers Building a stable foundation with products for seniors Replicating winning formulas and expanding customer touchpoints ⚫ Online marketplaces expanded as a new customer touchpoint YoY +3% Preparing for renewed growth # of Subscribers # of Subscribers Customer spending improved by two- unit subscription plans for Wrinkle Injection Two-unit subscription ratio YoY 9X YoY 1.2X
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14 Copyright Euglena Co., Ltd. All rights reserved. Premium Hematin remained strong, while NAISHIWA emerged as a new growth product BtoC - epauler '24/6 '24/12 '25/6 '25/12 '26/6 # of Subscribers epo ⚫ Hair serum "Premium Hematin" continues to perform well Premium Hematin YoY +25% Launched in Nov 2025'25/11 '26/1 '26/3 '26/5 '24/6 '24/12 '25/6 '25/12 '26/6 YoY +8% “epo” brand total NAISHIWA Growth driven by Premium Hematin ⚫ "Medicated Wrinkle Cream NAISHIWA," which uses vibration to deliver beauty ingredients deep into the skin, achieved rapid growth # of Subscribers # of subscribers is growing rapidly # of Subscribers
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15 Copyright Euglena Co., Ltd. All rights reserved. Growth in online marketplaces and expansion into wholesale channels accelerated the multi-channel strategy *1: Number of stores carrying “Knee Support Collagen 100g” in the last 12 months BtoC - Qsai 11,420 11,545 11,961 '24H1 '25H1 '26H1 YoY +4%YoY +1% Direct Sales Growth (¥ Million) Direct Sales 3 Growth Factors 1 Number of subscribers for core brands remains steady 2 Online marketplace sales doubled in 2 years ; new products launched to sustain growth Launch of new brand "DAYLIS" “cola-rich soar" expanding new products 3 Increased average spend per existing customer through campaigns and cross-selling Wholesale Growth Leveraging existing brand recognition to expand sales opportunities in wholesale channels 1,233 1,427 1,587 '24H1 '25H1 '26H1 YoY +11%YoY +16 % Wholesale Sales Available in over 12,000 stores*1 (¥ Million)
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16 Copyright Euglena Co., Ltd. All rights reserved. Acquired the “Gold Euglena” business featuring a notified “immune” functional claim; Expanded ingredient portfolio and scientific evidence to strengthen BtoB competitiveness Note: For details on this page, please refer to the press release dated April 24, 2026 (https://www.euglena.jp/en/news/20260424-1/) BtoB - Acquisition of "Gold Euglena" business The integration of functional evidence and other research assets accelerates the transformation of Paramylon into a multifunctional ingredient ⚫ Microalgae Euglena EOD-1 strain ⚫ Patents and trademarks ⚫ Know-how for functional claim notifications ⚫ Cultivation technology ⚫ Launch of immune health claim products ⚫ Strengthen ingredient sales to food manufacturers, etc. ⚫ Expand functionality research and the ingredient portfolio Significance of the acquisition ⚫ Integrate intellectual property and research assets ⚫ Enhance proposal capabilities as a functional ingredient ⚫ Resolve patent restrictions ⚫ Utilization in our own products Assets acquired Connection to business Cold-pressed juice from Kenko Marche Gold Tsukigesho from Aoki Shofuan Use cases In-House Replacement products to be launched in H2; new product development underway
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17 Copyright Euglena Co., Ltd. All rights reserved. *1: CKD Clinical Practice Guidelines 2024 *2: Annual Statistical Survey of the Japanese Society for Dialysis Therapy (as of the end of 2024) *3: Ministry of Health, Labour and Welfare, 139th Social Security Council (Medical Insurance Subcommittee), Reference Material 2 (2021, https://www.mhlw.go.jp/stf/newpage_15981.html) *4: Event Report (https://prtimes.jp/main/html/rd/p/000000743.000036462.html) Chronic Kidney Disease (CKD) Area- H1 FY2026 Progress Promoting awareness of CKD prevention and validation activities for the use of Paramylon ⚫ Awareness event*4 on health checkup utilization and CKD prevention, held with Li-fe Holdings Presentation on the functions of Paramylon and its potential applications in CKD management Lecture on CKD ⚫ Japan has approx. 20 million CKD patients (one in five adults)*1, with around 330K dialysis patients*2 ⚫ Associated medical costs exceed ¥1.6T annually*3, representing over 4% of total healthcare spending ⚫ Kidney disease can progress unnoticed and become irreversible ⚫ Need to slow progression & ease the dietary burden Social Issue Health Issue CKD awareness improved significantly: correct response rate increased from 34.6% to 91.3% Strengthening Awareness ActivitiesChallenges and Paramylon’s Potential Targeting a market of over ¥10B in the early 2030s Aiming to develop Paramylon as a medical food to help slow CKD progression, by leveraging accumulated research findings and conducting validation studies in collaboration with medical institutions etc.,
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18 Copyright Euglena Co., Ltd. All rights reserved. Overseas Expansion - H1 FY2026 Progress Expanded awareness and generated business opportunities through product launches, partnerships, and trade show activities in key markets Expanding market reach by leading with Chlorella, Paving the way for increased sales of Euglena ingredients and products Business OpportunitiesProduct ExpansionExpanding Market Touchpoints Newsletter LinkedIn Korea: Launched Chlorella powder products on TV shopping Philippines, etc.: Rolled out Euglena matcha products Singapore: Euglena Group products available at Donki/Welcia, etc. Vietnam: Formed a business partnership with a local company U.S.: Introduced Euglena ingredients in collaboration with NURA at "IFT FIRST 2026" U.S.: Participated in health-related trade shows and generated business opportunities Expanding awareness of Euglena and Chlorella ingredients and increasing customer touchpoints, through BtoB digital marketing China: Participated in food exhibition, conducted numerous business meetings
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19 Biofuel Business
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20 Copyright Euglena Co., Ltd. All rights reserved. 0.0 0.5 1.0 1.5 2.0 2.5 3.0 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 2023 2024 2025 2026 SAF HVO Used Cooking Oil Fossil diesel fuel *1: The illustrated trends based on Argus Co. data; actual prices vary depending on regions and trading conditions. Calculated assuming the gravity of 0.8 g/cm3 for fuels and 0.9 g/cm3 for Used Cooking Oil oil and the exchanging rate of 1USD = JPY160. Profitability Prospects after Commercialization Sales growth & higher SAF/HVO prices boost profitability prospects after ramp-up A widening product-feedstock price spread improves commercial plant economics Biofuel Sales （$/L） Biofuel price (Europe) *1 Traded at around US$2.2-2.3/ℓ (approx. ¥350-370/ℓ)*1 in FY2026 Q2 Spread widened Revenue Potential Handling approx. 100 ML/year Biofuel price @¥300/L ⚫ Sales (feedstock/product trading): approx. ¥30B/year ⚫ Profit before tax (excl. impact of financing): over ¥6B/year + Trading profits (15% Stake) After full ramp-up 306 458 764 '24H1 '25H1 '26H1 YoY 1.7x YoY 1.5x Expansion of feedstock trading and product sales (¥ Million) (Joint venture of three parties) Production Capacity：725 ML/Year Operational Start：by 2H of FY2028
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21 Copyright Euglena Co., Ltd. All rights reserved. Future Supply Capacity Taking Shape - Biorefinery in Malaysia Construction making tangible progress toward start-up by H2 FY2028 A 15% stake enables handling of approx. 100,000 KL/year Module fabrication (January 2026) Continuously promoting feedstock procurement, construction, and sales preparations toward the start of operations Building construction (March 2026) Tank construction (June 2026) Building construction (June 2026) Construction Schedule (Joint venture of three parties)
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22 Copyright Euglena Co., Ltd. All rights reserved. Demandin Japan Taking Shape - Expanding HVO adoption Continuous use of HVO is expanding in hard-to-abate sectors, such as logistics and construction Construction Work at GREEN×EXPO 2027 ⚫ Business type : Construction ⚫ Details of introduction : • Taisei introduced SUSTEO100/SUSTEO51 as fuel for construction machinery in construction work within the 2027 International GREEN Expo ⚫ Key points • Continuous use of SUSTEO100 ⚫ Business type : Public transportation ⚫ Details of introduction : • Use of SUSTEO51 in 65 existing route buses ⚫ Key points • Integrated into regular schedule operations • Implementation in actual operations rather than a demonstration Route Buses
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23 Copyright Euglena Co., Ltd. All rights reserved. Demandin Japan Taking Shape - Shipper-led Low-Carbon Logistics Model Launched a low-carbon logistics model in which shippers bear the incremental cost Strengthening sales network through collaboration with Marubeni Energy Shipper-led Low-Carbon Logistics Model ⚫ Industry : Logistics ⚫ Details of introduction : • Started transport between shippers bases using SUSTEO51 • Shippers adopt and bear the cost of low-carbon transport ⚫ Key points • Promoting decarbonization across the entire supply chain, including shippers Marubeni Energy joined as a sales and supply partner for SUSTEO, strengthening the sales network To expand distribution in Japan
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24 Agri-Business
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25 Copyright Euglena Co., Ltd. All rights reserved. *1: Agri-Tech is disclosed as a component of "Other businesses“ *2: For details, please refer to the press release dated August 3, 2026 (https://www.euglena.jp/en/news/20260803-1/) Agri - Strengthening the Foundation Toward 2030 Goals Led by Daikyo Fertilizer, the Agri-Business delivered higher sales and profitability; The Yamase acquisition added production capacity to support ¥10B in revenue by 2030 YoY +10%YoY +11% Agri-Tech Financial Results*1 Daikyo Fertilizer x Yamase: Expanding Organic Fertilizer Supply Capacity Daikyo Hiryo acquires Shiga Prefecture-based organic fertilizer manufacturer Yamase as a subsidiary*2 The first step toward building supply capacity to achieve ¥10B revenue by 2030 ⚫ Production facilities Expanding production capacity for organic pellet fertilizer ⚫ Feedstock procurement capability Acquiring a regional organic resource procurement network ⚫ Distribution network Expanding sales area and customer base Acquiring functions necessary for continuous growth 1,105 1,228 1,351 8% 9% 10% 0% 10% 20% 30% 40% 50% 0 500 1,000 1,500 '24H1 '25H1 '26H1 Sales Adjusted EBITDA Margin Daikyo Fertilizer drives growth in sales and profit Growing adoption of algae-based fertilizers contributed to sales growth (¥ Million)
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26 Copyright Euglena Co., Ltd. All rights reserved. “Grown with Euglena” certified products continue to be launched across fisheries, livestock, and agriculture Fertilizer/Feed containing Euglena - Expanding Consumer Touchpoints Expansion of Consumer Touchpoints Vegetables : sold at direct sales stores and supermarkets in Nagano Prefecture, etc. Kuruma Prawns: sold by Taketomi EbiEggs: sold by Miyamoto Poultry Farm and Shizen Megumi Farms “YES! Yellowtail” sold by UTAKICHI “Pikamaru” sold by Matsuendon What is “Grown with Euglena”? A system to certify agricultural, livestock, and fishery products produced using feed and fertilizer containing Euglena “Grown with Euglena” certified products 10+ Image photo “Eel” sold by Takamasa Fish Farm
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27 Copyright Euglena Co., Ltd. All rights reserved. Continuing to evaluate the effectiveness of Euglena ingredients in improving soil conditions, plant growth, and crop quality *1: Lysozyme is an enzyme (protein) that degrades the cell wall of bacteria Fertilizer/Feed containing Euglena - Research Progress Immune function: ⚫ Antibody production 1.2x Growth: ⚫ Body weight 1.2x *Photos are for illustration purposes Growth: ⚫ Weight-increase rate +7% ⚫ Blood lysozyme activity*1 1.3x Mizuna Petunias Fertilizer Feed ⚫ Potential benefits identified, including activation of soil microbiota ⚫ Potential to support healthy plant growth and efficacy under dry conditions also being evaluated Approach to growth, health, and quality Chicken Amberjack Kuruma prawns Taste: ⚫ Umami components 1.3x Approach to soil environment and growth Research progress in the fisheries sector Started collaborative research with Sabah University on functional ingredients for aquaculture (from April 2026)
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28 Appendices : Financial Summary
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29 Copyright Euglena Co., Ltd. All rights reserved. Healthcare business grew 8% YoY, driven by direct sales and cosmetic OEM *1: "Other" includes the elimination of intra-company transactions within segments *2: "Other" includes the impact of the subsidiary sold in FY2024 and the elimination of intra-company transactions. "OEM (Saticine Medical)" has contributed to consolidation since FY24Q2 Sales 22,030 22,317 22,672 24,349 24,320 23,649 23,969 24,554 25,816 26,507 H1 H2 H1 H2 H1 FY2024 FY2025 FY2026 (¥ Million) Healthcare Biofuel Other Sales*1 Healthcare Sales*2 5,075 5,301 5,159 5,663 5,691 11,420 11,279 11,545 11,683 11,961 1,769 2,099 1,939 2,238 2,036619 770 529 770 575 1,638 2,826 3,465 3,868 4,030 1,509 42 35 127 26 22,030 22,317 22,672 24,349 24,320 (2,023) (1,766) (1,787) (2,225) (2,280) (3,254) (3,609) (3,415) (3,601) (3,605) H1 H2 H1 H2 H1 FY2024 FY2025 FY2026 Other OEM and others (Saticine Medical) OEM and others (excl. Saticine Medical) Wholesale Direct sales (Qsai) Direct sales (excl. Qsai) Ad. spend (excl. Qsai) Ad. spend (Qsai) YoY +8%
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30 Copyright Euglena Co., Ltd. All rights reserved. 1,505 1,448 2,761 2,727 3,040 (251) (160) (115) (210) (160) (242) (344) (218) (315) (203) (812) (844) (791) (715) (805) 200 100 1,637 1,487 1,871 H1 H2 H1 H2 H1 FY2024 FY2025 FY2026 Corporate Other Biofuel Healthcare Operating Profit 3,251 3,317 4,412 4,452 4,646 (246) (179) (111) (206) (93) (165) (251) (165) (237) (108) (719) (680) (628) (579) (641) 2,122 2,208 3,508 3,431 3,804 H1 H2 H1 H2 H1 FY2024 FY2025 FY2026 (¥ Million) Corporate Other Biofuel Healthcare Adjusted EBITDA Adjusted EBITDA +8%, operating profit +14%, driven by growth in the Healthcare business *1: PPA (allocation of goodwill to customer-related assets and backlog of orders) related to Saticine Medical group consolidation were retroactively applied to FY2024 Q2 Adjusted EBITDA / Operating Profit*1 - Trends by Segment Operating ProfitAdjusted EBITDA YoY +8% YoY +14%
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31 Copyright Euglena Co., Ltd. All rights reserved. 200 100 1,637 1,487 1,871 49 54 27 49 116 490 488 477 449 421 971 1,049 877 862 857 296 295 306 370 347 116 222 185 213 192 2,122 2,208 3,508 3,431 3,804 H1 H2 H1 H2 H1 FY2024 FY2025 FY2026 (¥ Million) Stock-related compensation Depreciation （Non-M&A） Depreciation (M&A-related) Goodwill amortization Subsidy income Operating Profit Adjusted EBITDA 16,434 16,834 17,149 17,885 18,337 (5,366) (5,459) (5,248) (5,877) (5,919) (4,761) (4,680) (4,315) (4,472) (4,499) (2,586) (3,060) (2,730) (2,833) (2,689) (3,115) (3,096) (2,862) (2,897) (3,044) (405) (439) (357) (319) (315) 200 100 1,637 1,487 1,871 H1 H2 H1 H2 H1 FY2024 FY2025 FY2026 R&D expenses Admin expenses Personnel expenses Other sales expenses Ad. spend Gross Profit Operationg Profit Adjusted EBITDA and operating income increased while expanding Ad. spend Maintained profitability through sales growth and cost reduction, while continuing growth investments Adjusted EBITDA / Operating Profit*1 - Trends by Account *1: PPA (allocation of goodwill to customer-related assets and backlog of orders) related to Saticine Medical group consolidation were retroactively applied to FY2024 Q2 Operating ProfitAdjusted EBITDA
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32 Copyright Euglena Co., Ltd. All rights reserved. Net income returned profitable in H1 for the first time in 9 fiscal years Ordinary income increased 1.5x YoY, driven by higher operating income and lower non-operating expenses Ordinary income*1 / Net income*1,2 *1: PPA (allocation of goodwill to customer-related assets and backlog of orders) related to Saticine Medical group consolidation were retroactively applied to FY2024 Q2 *2: Net income attributable to owners of parent Ordinary Profit Net Income 162 270 1,173 1,193 1,709 (2,000) (1,000) 0 1,000 2,000 H1 H2 H1 H2 H1 FY2024 FY2025 FY2026 (¥ Million) Non-operating income/loss Operating Profit Ordinary Profit (327) (324) (559) (246) 74 H1 H2 H1 H2 H1 FY2024 FY2025 FY2026 Income taxes Non-controlling interests Extraordinary income/loss Ordinary Profit Net income YoY 1.5X Return to profitability
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33 Copyright Euglena Co., Ltd. All rights reserved. *1: The amount, within consolidated P&L, excluding Qsai Group P&L (after intra-group elimination) and including subsidiary P&L. *2: Adjusted EBITDA is our own financial measure. The formula is EBITDA (Operating income + Goodwill Amortization and Depreci ation) + Subsidy income + Stock related compensation *3: The amount used to calculate adjusted EBITDA, which differs from the figures in the consolidated cash flow statement Consolidated Income Statement (JPY million) Q1 Q2 Q3 Q4 total Q1 Q2 Q3 Q4 total Q1 Q2 Q3 Q4 total Q1 Q2 total Q1 Q2 total Q1 Q2 total 11,936 12,618 12,533 13,284 50,370 5,452 6,092 5,908 6,450 23,902 6,484 6,526 6,624 6,833 26,468 13,197 13,310 26,507 6,456 6,447 12,903 6,741 6,864 13,604 Direct Sales (BtoC) 8,277 8,427 8,459 8,887 34,050 2,518 2,641 2,719 2,944 10,822 5,759 5,786 5,740 5,943 23,228 8,708 8,944 17,653 2,746 2,945 5,691 5,962 5,999 11,961 Wholesale (BtoB) 976 963 1,077 1,161 4,178 278 234 299 314 1,125 698 729 779 847 3,053 972 1,064 2,036 231 218 449 740 846 1,587 1,646 2,347 2,271 2,367 8,631 1,631 2,337 2,242 2,358 8,568 15 10 29 9 64 2,501 2,103 4,605 2,469 2,098 4,567 32 6 38 Other 1,036 881 726 869 3,511 1,025 879 649 835 3,388 11 2 77 34 124 1,016 1,198 2,214 1,010 1,186 2,196 6 12 18 3,600 3,805 3,816 4,116 15,337 2,470 2,697 2,600 2,927 10,694 1,130 1,108 1,217 1,189 4,643 4,205 3,966 8,171 3,097 2,869 5,967 1,107 1,097 2,204 8,336 8,813 8,717 9,168 35,034 2,982 3,394 3,309 3,524 13,209 5,354 5,418 5,408 5,645 21,825 8,993 9,344 18,337 3,359 3,577 6,936 5,634 5,767 11,400 70% 70% 70% 69% 70% 55% 56% 56% 55% 55% 83% 83% 82% 83% 82% 68% 70% 69% 52% 55% 54% 84% 84% 84% 74% 73% 72% 72% 73% 62% 60% 60% 60% 60% 83% 83% 82% 83% 82% 72% 75% 73% 57% 62% 60% 84% 84% 84% 7,718 7,795 7,734 8,664 31,910 3,300 3,393 3,402 3,724 13,820 4,417 4,401 4,332 4,940 18,090 8,156 8,310 16,466 3,584 3,690 7,274 4,571 4,620 9,192 Selling Expenses 4,737 4,826 4,874 5,475 19,912 1,656 1,757 1,865 2,141 7,418 3,081 3,069 3,009 3,334 12,494 5,187 5,230 10,417 1,980 2,091 4,071 3,207 3,139 6,346 (o/w advertising expenses) 2,562 2,686 2,769 3,108 11,125 872 961 1,089 1,187 4,109 1,690 1,725 1,680 1,921 7,016 2,940 2,979 5,919 1,111 1,202 2,314 1,829 1,776 3,605 Personnel expenses 1,367 1,363 1,319 1,514 5,563 859 823 785 810 3,277 509 540 535 704 2,287 1,307 1,382 2,689 789 840 1,629 517 542 1,059 Administrative expenses 1,447 1,416 1,401 1,496 5,759 655 630 623 624 2,532 792 785 778 872 3,227 1,501 1,544 3,044 667 613 1,280 834 931 1,764 R&D expenses 167 190 140 179 676 131 183 130 149 593 36 7 10 30 83 161 154 315 148 145 293 13 9 22 Operating income/loss 618 1,018 982 504 3,123 -319 1 -93 -200 -612 937 1,017 1,076 705 3,735 837 1,034 1,871 -225 -112 -337 1,062 1,146 2,208 Adjusted EBITDA*2 1,546 1,962 1,950 1,481 6,939 82 419 349 203 1,053 1,464 1,542 1,601 1,278 5,885 1,822 1,983 3,804 223 290 513 1,599 1,693 3,292 Non-operating income/loss -182 -282 -11 -283 -758 -80 -189 68 25 -176 -102 -93 -79 -308 -582 -55 -107 -162 77 21 98 -132 -128 -260 (o/w subsidy income) 4 22 46 3 76 4 20 45 0 69 1 2 1 3 7 79 36 116 78 35 112 1 2 3 Ordinary income/loss 436 736 972 221 2,366 -398 -188 -25 -176 -787 834 925 997 397 3,153 782 927 1,709 -148 -91 -240 930 1,018 1,949 Extraordinary income/loss -261 -2 1 -214 -476 -261 -2 1 -214 -476 0 0 0 0 0 0 1 1 0 1 1 0 0 0 -507 -52 179 -425 -806 na na na na na na na na na na -32 106 74 na na na na na na <Reference Indicators> Depreciation and amortization*3 589 593 594 639 2,415 206 214 213 212 845 382 380 381 427 1,570 597 607 1,204 205 206 411 392 402 794 (o/w M&A-related) 439 438 434 428 1,739 127 126 123 117 493 312 312 312 312 1,246 428 429 857 117 117 234 312 312 623 Amortization of goodwill 244 234 227 223 927 100 90 83 79 353 143 143 143 143 573 210 211 421 66 68 134 143 143 287 FY12/2026 total o/w Euglena*1 o/w Q’sai FY12/2025 total o/w Euglena*1 o/w Q’sai Net income/loss attributable to owners of parent Sales (Based on new segmentation) OEM, Ingredients Supply, Overseas Cost of sales Gross profit Gross profit rate (Healthcare Business) SG&A expenses
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34 Copyright Euglena Co., Ltd. All rights reserved. *1: Total of Euglena's Healthcare Business and Yaeyama Shokusan *2: Figures differ from those on the previous page due to elimination of intra-company transactions *3: Saticine Medical and JAPAN BeauTech and NAYUTA (absorbed into JAPAN BeauTech after October 2025) *4: Total of common expenses for the entire Healthcare Business, elimination of intra-company transactions Income Statement by Segment FY12/2025 FY12/2026 FY12/2025 FY12/2026 (JPY million) '25Q1 '25Q2 '25Q3 '25Q4 total '26Q1 '26Q2 total (JPY million) '25Q1 '25Q2 '25Q3 '25Q4 total '26Q1 '26Q2 total Euglena Healthcare *1 Sales 11,936 12,618 12,533 13,284 50,370 13,197 13,310 26,507 Sales 2,061 2,225 2,296 2,414 8,996 2,165 2,362 4,527 Q on Q -3% 6% -1% 6% 6% -1% 1% na Gross profit 1,527 1,636 1,663 1,734 6,560 1,557 1,748 3,305 Gross profit 8,336 8,813 8,717 9,168 35,034 8,993 9,344 18,337 Gross margin 74% 74% 72% 72% 73% 72% 74% 73% Gross margin 70% 70% 70% 69% 70% 68% 70% 69% Adjusted EBITDA 315 337 422 220 1,294 223 296 519 Adjusted EBITDA 1,546 1,962 1,950 1,481 6,939 1,822 1,983 3,804 EBITDA margin 15% 15% 18% 9% 14% 10% 13% 11% EBITDA margin 13% 16% 16% 11% 14% 14% 15% 14% epauler Sales 831 794 964 1,024 3,613 870 964 1,833 Sales 10,924 11,748 11,890 12,459 47,021 12,189 12,130 24,320 Gross profit 631 620 740 782 2,774 688 759 1,448 Q on Q -4% 8% 1% 5% 6% -2% 0% na Gross margin 76% 78% 77% 76% 77% 79% 79% 79% Gross profit 8,106 8,573 8,577 9,003 34,259 8,762 9,057 17,819 Adjusted EBITDA 91 25 59 178 353 51 78 129 Gross margin 74% 73% 72% 72% 73% 72% 75% 73% EBITDA margin 11% 3% 6% 17% 10% 6% 8% 7% Adjusted EBITDA 2,033 2,379 2,404 2,048 8,865 2,301 2,345 4,646 MEJ EBITDA margin 19% 20% 20% 16% 19% 19% 19% 19% Sales 206 223 209 253 891 242 245 488 Gross profit 170 182 171 203 726 192 196 388 Sales 253 205 259 376 1,092 256 508 764 Gross margin 83% 81% 82% 80% 82% 79% 80% 80% Q on Q -21% -19% 26% 45% 17% -32% 98% na Adjusted EBITDA 36 32 2 14 83 10 6 16 Gross profit 58 43 44 71 215 43 89 132 EBITDA margin 17% 14% 1% 5% 9% 4% 2% 3% Gross margin 23% 21% 17% 19% 20% 17% 18% 17% Q'sai group*2 Adjusted EBITDA -52 -59 -57 -149 -317 -72 -21 -93 Sales 6,536 6,570 6,668 6,876 26,651 6,788 6,901 13,690 Other Business Gross profit 5,402 5,459 5,447 5,682 21,991 5,677 5,802 11,479 Sales 763 669 390 476 2,299 757 672 1,428 Gross margin 83% 83% 82% 83% 83% 84% 84% 84% Q on Q 26% -12% -42% 22% -2% 59% -11% na Adjusted EBITDA 1,511 1,584 1,640 1,316 6,051 1,642 1,728 3,370 Gross profit 172 198 96 118 584 188 197 385 EBITDA margin 23% 24% 25% 19% 23% 24% 25% 25% Gross margin 23% 30% 25% 25% 25% 25% 29% 27% Saticine Medical group *3 Adjusted EBITDA -80 -86 -99 -138 -402 -65 -42 -108 Sales 1,437 2,102 1,878 2,026 7,443 2,273 1,823 4,096 EBITDA margin -10% -13% -25% -29% -17% -9% -6% -8% Adjusted EBITDA 91 404 283 330 1,109 409 255 664 Corporate EBITDA margin 6% 19% 15% 16% 15% 18% 14% 16% Sales -5 -4 -5 -28 -42 -5 -0 -5 Within business/elimination *4 Gross profit -0 -1 -1 -23 -25 -0 0 0 Sales -147 -167 -125 -133 -572 -149 -165 -314 Adjusted EBITDA -356 -273 -299 -280 -1,207 -342 -300 -641 Adjusted EBITDA -11 -2 -2 -10 -25 -34 -18 -52 Biofuel Business Healthcare business Consolidated Total Breakdown of business segments Breakdown of healthcare business
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35 Copyright Euglena Co., Ltd. All rights reserved. (JPY million) 12/2024 3/2025 6/2025 9/2025 12/2025 3/2026 6/2026 Current assets 30,865 30,094 29,398 30,258 33,438 32,222 30,949 Cash and cash equivalents 20,631 19,051 18,539 19,067 21,163 18,870 17,175 Inventory 3,661 4,150 4,301 4,341 4,179 4,356 4,485 Other 6,573 6,893 6,558 6,851 8,096 8,996 9,289 Non-current assets 42,391 41,467 39,692 39,455 38,894 38,437 38,324 Property, plant and equipment 6,048 5,972 5,930 5,849 5,751 5,707 5,639 Intangible assets 33,565 32,911 32,258 31,668 30,964 30,379 30,022 (Goodwill) 12,231 11,988 11,754 11,528 11,107 10,924 10,824 (Customer related intangible assets) 19,976 19,555 19,136 18,720 18,310 17,901 17,491 Investments and other assets 2,778 2,585 1,505 1,937 2,180 2,350 2,662 Total assets 73,256 71,561 69,090 69,713 72,332 70,659 69,273 Total liabilities 41,143 39,972 37,390 37,194 43,806 39,860 37,703 Total current liabilities 12,812 11,940 11,970 12,161 13,978 27,541 25,707 (Short-term borrowings) 4,145 3,874 3,695 3,803 3,938 19,275 17,059 Total long-term liabilities 28,331 28,032 25,420 25,033 29,827 12,318 11,996 (Long-term borrowings) 15,964 15,695 13,155 12,915 17,917 2,342 2,178 (Deferred tax liabilities) 5,944 5,916 5,826 5,685 5,480 5,560 5,387 (Bonds) 5,800 5,800 5,800 5,800 5,800 3,800 3,800 Total equity 32,113 31,589 31,700 32,519 28,527 30,799 31,569 Shareholders' equity 30,918 30,457 30,443 30,622 30,197 31,892 32,098 (Capital stock) 16,331 16,331 16,373 16,373 16,373 17,373 17,424 (Capital surplus) 16,882 16,882 16,925 16,925 16,925 14,071 14,121 (Retained earnings) (2,261) (2,722) (2,820) (2,641) (3,066) 482 588 Other 1,195 1,132 1,257 1,896 (1,670) (1,093) (529) Total liabilities and total equity 73,256 71,561 69,090 69,713 72,332 70,659 69,273 Consolidated Balance Sheet
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36 Appendices : Healthcare business
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37 Copyright Euglena Co., Ltd. All rights reserved. Ingredients Features and Value Proposition • Contains 59 nutrients • Applicable to health foods and foods with functional claims • High content of Paramylon (β-1,3-glucan) • Can be used for functional claims • High-purity Paramylon • Milky white and neutral taste, making it easy to use in food and beverages • Rich in protein, vitamins, and minerals • Food additive ingredient that improves color, texture, and flavor Expanding applications by proposing microalgae ingredients tailored to customer needs B2B - OEM/Ingredient Supply of Microalgae Materials Green Euglena Gold Euglena Purified Paramylon Chlorella Expanding microalgae production through creating new sources of demand Features of Each Microalgae Ingredient Business Development Microalgae ingredients Expansion into food & beverages, supplements, and cosmetics Japanese market Overseas market Expanding in ASEAN, China, South Korea, and the U.S.
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38 Copyright Euglena Co., Ltd. All rights reserved. 2021: Phased acquisition of a 49% stake in Qsai for ¥11.9B total (consolidated). 2025: Recovery of ¥4.0B via refinancing and capital surplus dividends. *1: Q-Partners acquired the 100% stake from Coca-Cola Bottlers Japan Holdings Inc. *2: Euglena Co made Qsai Group consolidated subsidiaries with 30 June 2021 as the deemed acquisition date *3: Conditions after the dividend payment in Dec 2025 (each transfer price is adjusted downward to reflect the capital surplus dividend) QsaiGroup - Investment Structure and Capital Policy Q-Partners (SPC: Special Purpose Company) Approx. 47% Approx. 4% Initial investment*1 (2021/2/1) Investment Structure (2021) 49% 12.84 % (¥3B) 67.22% (¥15.7B) 19.94% (¥4.7B) Additional investment*2 (2021/5/17) Exercised a call option to acquire 36.16% for ¥8.9B Bank LBO loan (¥22B) Exit Mechanisms for Other Shareholders*3 Mechanism(1): Call Option by Euglena Co Mechanism(2): Sale to a Third Party Mechanism(3): Put Option by Other Shareholders ⚫ Euglena Co has the right to acquire all Q-Partners shares held by the AP Fund and Tokyo Century. ⚫ The total transfer price for the 51% stake is fixed at approximately ¥25.6B. ⚫ The AP Fund and Tokyo Century have the right to sell all their Q- Partners shares to Euglena Co. ⚫ The total transfer price for the 51% stake fluctuates between approximately ¥10.1B and ¥19.7B, based on the LTM consolidated EBITDA of the Qsai Group on a quarterly basis (approximately ¥19.7B as of end-2025). ⚫ Some or all shareholders may jointly sell Q-Partners shares to a third party. ⚫ The AP Fund and Tokyo Century may exercise drag-along rights against Euglena Co. Refinancing and Dividend by Qsai Group (Dec 2025) Bank LBO loan (¥11.56B →¥17.56B) Refinancing Q-Partners Capital surplus dividends (¥8.18B) Improving capital efficiency and partial investment recovery ¥4B received
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39 Appendices : Biofuel Business
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40 Copyright Euglena Co., Ltd. All rights reserved. Our revenue potential of approx. ¥30B in sales and ¥6B+ in PBT is within reach, based on our handling volume, pricing assumptions, and the plant’s global competitiveness *1: Assuming our biofuel handling volume of 100 ML/year, biofuel price @¥300/L, the JVCo’s net profit margin of 20%+, dividend payout ratio of 100%, and no financing such as bank loans. The figures are provided for illustrative purposes and actual results may differ materially depending on market conditions and other factors. *2: Illustrative trends based on Argus Co. data, assuming a specific gravity of 0.8 g/cm3 fuel and 0.9 g/cm3; actual prices vary depending on regions and trading conditions ($1=¥160 assumed). Biorefinery - Likelihood of Revenue Potential 15% Stake=Handling approx. 100 ML/year ($/L) ⚫ Production capacity of approx. 725 ML/year ⚫ Flexible to produce both SAF and HVO depending on supply-demand dynamics ⚫ Geographical advantages with access to abundant feedstock sources in Asia and major international shipping routes Global Competitiveness→Profitability (Joint venture of three parties) Biofuel price @¥300/L Sales (feedstock/product trading): approx. ¥30B/year Profit before tax (excl. impact of financing): over ¥6B/year + Trading profits Partners with advanced technology and feedstock sourcing capabilities Our Revenue Potential*1 Biofuel price (Europe) Prices expected to rise further toward 2030 Prices have risen since March due to the impact of the Iran situation. 0.0 1.0 2.0 3.0 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 2023 2024 2025 2026 SAF HVO Used Cooking Oil Fossil diesel fuel Traded at around US$2.2-2.3/ℓ (approx. ¥350-370/ℓ)*1 in FY2026 Q2
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41 Copyright Euglena Co., Ltd. All rights reserved. PETRONAS Mobility Lestari Sdn. Bhd. Euglena Sustainable Investment Limited ⚫ Established a bank loan facility Financing by JVCo Parent companies Investment entities *1: Equity investment, shareholder loans and bank guarantees provided to support JVCo funding requirements. Initial commitment was approximately US$67.5 million, subsequently updated to reflect FX movements and construction plan revisions. Biorefinery - Financing for 15% Stake in a JVCo Secured a 15% equity stake and committed approx. $71M in total funding*1 Our (and our SPC’s) financing Third-Party allotment (common shares and mandatory CBs) Green bonds Debt-like financing facility (SPC’s preferred shares) 47.5%⇒ 42.5% 47.5%⇒ 42.5% 5%⇒ 15% Pro-rata funding commitment*1 Call option exercised in June 2025 Completed increasing our stake to 15% in July 2025 Total funding commitment*1: approx. $71M Up to $30M¥6,865M ¥1,000M Secured over $80M funding capacity Joint venture of three parties
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42 Appendices : Other Topics
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43 Copyright Euglena Co., Ltd. All rights reserved. Enhanced market understanding of our business and growth story through executive communications and integrated IR/PR efforts Strengthening IR/PR to Enhance Market Understanding Strengthening Dialogue with InvestorsExpanding Media Exposure ⚫ Conducted 4 seminars for individual investors • Management shared business strategy and growth story • Total reach: 103K ⚫ Expanding engagement with institutional investors in Japan and overseas • Issued sponsored reports for overseas institutional investors • Investor DM open rate 40% (+20pt YoY) • H1 total meetings 61 (2.1x YoY) ⚫ Expanding exposure in national newspapers, business papers, and specialized media Key Coverage Highlights The Nikkei Business succession of Gold Euglena Nikkei MJ B2C expansion strategy Nikkei ESG Progress in biofuel business Nikkei CNBC Progress in earnings improvement The Chemical Daily B2B Growth Strategy * Article photos and layouts are not reproduced; organized by media name and theme Monthly Business Concept Introduction to Agri business
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44 Copyright Euglena Co., Ltd. All rights reserved. Founded August 09, 2005 Headquarters 5-29-11 Shiba, Minato-ku, Tokyo, Japan Capital stock ¥17,424M Headcount*1 1,042 (Consolidated) Subsidiaries 15 consolidated subsidiaries, including 4 Qsai group companies, 1 overseas joint venture Philosophy Sustainability First Purpose Make People and the Earth Healthy Listings Prime Market of the Tokyo Stock Exchange Ticker 2931 Number of shareholders 108,468 Company Overview *1: Total number of permanent, contract and part-time employees As of the end of Dec. 2025 As of the end of Jun. 2026 As of the end of Jun. 2026 As of the end of Jun. 2026
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Copyright Euglena Co., Ltd. All rights reserved.