Itoham Yonekyu Holdings, Inc. · TSE:2296

Itoham Yonekyu — H1 FY2026 Earnings Presentation

46 slides from Itoham Yonekyu's earnings presentation, Nov 4, 2026

  1. Slide 1: FY2026 H1 Financial Results

    ITOHAM YONEKYU HOLDINGS INC. （TSE Prime：2296） ITOHAM YONEKYU FY2026 H1 Financial Results HOLDINGS (Apr 1, 2026 – Sep 30, 2026) November 04, 2026

  2. Slide 2: H1 Results for FY2026 Earnings Summary and Full-Year Forecast

    H1 Results for FY2026 Consolidated ✓ Lower Revenue and Profit: Revenue: JPY539.1 B (YoY: -0.6%), Ordinary profit: 11.3 B Earnings Summary (YoY: -17.0%) Ordinary profit was roughly flat YoY in Q1 but declined in both the Processed Food and Meat divisions in Q2. As a result, H1 ordinary profit fell be

  3. Slide 3: FY2026 H1 Topics

    Processed Food Div. Meat Div. FY2026 H1 Topics ✓Plant Reorganization ✓Strengthening Overseas Operations Mishima Plant Completed Greenlea Group Limited ・Mishima Plant Completed Further Strengthening Overseas Operations Commercial Production Commenced in Oct 2026 ・Completed the acquisition of all shar

  4. Slide 4: Agenda: FY2026 H1 Results

    01 Earnings Results ・FY2026 H1 Results 5 3 ・Full Year Forecast for FY2026 15 02 Supplemental Data 24 03 Appendix 34 Note: The financial information disclosed by Japanese GAAP and FY2026 shows from Apr 1, 2026 to March 31, 2027. This material is rounded off to second decimal places. Therefore, sums a

  5. Slide 5: Consolidated FY2026 H1 Results

    01 Earnings Results （FY2026 H1 Results） [Consolidated] FY2026 H1 results billion yen % Year-on-Year Previous forecast Amount FY2026 H1 Results of sales Change Change% Rev 3-Aug Change Lower Revenue, Lower Profit Sales 539.1 - -3.3 -0.6% 510.0 +29.1 Sales : - 3.3 B Operating Ordinary Profit : - 2.3 B

  6. Slide 6: Consolidated Ordinary Profit Variance Analysis

    01 Earnings Results （FY2026 H1 Results） billion yen -1.3 -0.4 [Consolidated] 経常利益増減分析 FY2026 H1 Results YoY 経営統合後のシナジー発現に • Variance Factors 伴い、稼ぐ力が着実に向上、 Processed Food : - 1.3 B 当社の強みは Meat : - 0.4 B 安定した基礎収益力と認識 Other / Adj. : - 0.6 B Ordinary Profit Ordinary (vs. 稼ぐ力を原資に成長投資を実行、 • Previous Forec

  7. Slide 7: Processed Food Division: H1 Results

    01 Earnings Results （FY2026 H1 Results） Segment Info FY2026 H1 results billion yen Year-on-Year [Processed Food Division] % Previous forecast Amount Change of sales Change Change% Rev 3-Aug Sales 197.0 - -1.5 -0.8% 205.0 -8.0 FY2026 H1 Results Operating profit 2.2 (1Q)100％ 1.1% 横12.73 -1.3縦3.22-37.4

  8. Slide 8: Processed Food Division: Ordinary Profit Factors

    01 Earnings Results （FY2026 H1 Results） [Processed Food Division] Ordinary profit factors billion yen Q1 Q2 H1 FY2026 H1 Year Main Factors results results results change Variance Analysis FY2025 Ordinary profit 2.2 1.6 3.8 from prev. [Quantity] - Sales volume declined YoY (by weight) Ham & Sausage :

  9. Slide 9: Processed Food Division: Market Share and Growth by Category

    Data：QPR 01 Earnings Results （FY2026 H1 Results） Ham & Sausage [Processed Food Division] Share （YoY change） 21.8% (-0.6%) Growth Rate of Purchases Market -4.3% per 100 People Growth rates by category and product for key Wiener Ham & Bacon CH Cooked Chicken CH Pizza & Snack household items 20.6% (-0.

  10. Slide 10: Processed Food Division: Consumer/Commercial Performance

    01 Earnings Results （FY2026 H1 Results） Consumer／Commercial company performance growth rate （volume/amount） Ham & Sausage Cooked Foods Total [Processed Food Division] Our growth rate B2C / B2B (volume / amount） External environment data ・Lower retail ham and bacon sales reduced both ham and sausage

  11. Slide 11: Meat Division: H1 Results

    01 Earnings Results （FY2026 H1 Results） Segment Info FY2026 H1 results billion yen Year-on-Year [Meat Division] % Previous forecast Amount Change of sales Change Change% Rev 3-Aug Sales 342.0 - -1.7 -0.5% 305.0 +37.0 FY2026 H1 Results Operating (1Q)100％ 3.0% 横12.73 縦3.22 profit 10.4 +0.0 (2Q~)85％横11

  12. Slide 12: Meat Division: Ordinary Profit Factors

    01 Earnings Results （FY2026 H1 Results） [Meat Division] Ordinary profit factors billion yen Q1 Q2 H1 Year Main Factors FY2026 H1 results results results change from Variance Analysis FY2025 Ordinary profit 7.3 3.2 10.5 prev. [Quantity] - Continue rigorous position management. - Domestic Beef: Higher

  13. Slide 13: Meat Division: Sales Performance and Market Data

    01 Earnings Results （FY2026 H1 Results） Domestic/Imported Growth rate ％ [Meat Division] Results(excl. ANZCO) MIC Survey(Apr.-Aug.) Purchase Volume Amount Expenditure QTY Sales Performance Beef Domestic -6.8 +3.6 -3.9 +5.7 Imported -6.2 +7.6 Growth rate by livestock category Pork Domestic +1.0 +1.1 +

  14. Slide 14: Agenda: Full Year Forecast for FY2026

    01 Earnings Results ・FY2026 H1 Results 5 ・Full Year Forecast for FY2026 15 02 Supplemental Data 24 03 Appendix 34 Note: The financial information disclosed by Japanese GAAP and FY2026 shows from Apr 1, 2026 to March 31, 2027. This material is rounded off to second decimal places. Therefore, sums and

  15. Slide 15: Consolidated FY2026 Full-Year Forecast

    01 Earnings Results （FY2026 Forecast） [Consolidated] FY2026 full year financial earnings forecast billion yen % Year-on-Year Previous forecast FY2026 Full-Year Forecast Amount Change of sales Change Change% Rev 3-Aug Forecast Higher Revenue, Lower Profit Sales 1,120.0 - +48.6 +4.5% 1,040.0 +80.0 Ope

  16. Slide 16: Consolidated Full-Year Ordinary Profit Variance Analysis

    01 Earnings Results （FY2026 Forecast） -0.7 -1.6 billion yen [Consolidated] 経常利益増減分析 FY2026 Full-Year Forecast YoY 経営統合後のシナジー発現に • Variance Factors 伴い、稼ぐ力が着実に向上、 当社の強みは Processed Food : - 0.7 B Meat安定した基礎収益力と認識 : - 1.6 B Ordinary Others/Adjustment : - 0.6 B Profit Ordinary • 稼ぐ力を原資に成長投資を実行、 30.4 Prof

  17. Slide 17: Processed Food Division: Full-Year Forecast

    01 Earnings Results （FY2026 Forecast） [Processed Food Division] Segment Info FY2026 full year financial earnings forecast billion yen Previous % Year-on-Year forecast Amount Change FY2026 Full-Year Forecast of sales Change (1Q)100％ Change% 横12.73 縦3.22 Rev 3-Aug (2Q~)87％横11.76、縦3.42 Forecast Higher

  18. Slide 18: Processed Food Division: Forecast Ordinary Profit Factors

    01 Earnings Results （FY2026 Forecast） [Processed Food Division] Ordinary profit factors billion yen H1 H2 Year Year Main Factors Full-Year Forecast for Results Forecast Forecast change FY2026 – Variance Analysis FY2025 Ordinary profit 3.8 5.4 9.2 from prev. [Quantity] - H2 sales volume is expected t

  19. Slide 19: Meat Division: Full-Year Forecast

    01 Earnings Results （FY2026 Forecast） [Meat Division] Segment Info FY2026 full year financial earnings forecast billion yen Previous % Year-on-Year forecast Amount Change FY2026 Full-Year Forecast of sales Change Change% Rev 3-Aug Forecast Higher Revenue, Lower Sales 720.0 - +47.1 +7.0% 630.0 +90.0

  20. Slide 20: Meat Division: Forecast Ordinary Profit Factors

    01 Earnings Results （FY2026 Forecast） [Meat Division] Ordinary profit factors billion yen H1 H2 Year Year Main Factors Full-Year Forecast for FY2025 Results Forecast Forecast change from prev. FY2026 – Variance Analysis Ordinary profit 10.5 12.1 22.6 ［Quantity］ - Continued strict position management

  21. Slide 21: Meat Division: ANZCO Market Trends

    01 Earnings Results （ANZCO Foods） ※MLA Comparison of the change in accounting period impact Transition of beef 90CL price : US and imported from NZ (FY2025: Jan-Dec 2025 + Jan-Mar 2026, FY2026: Apr 2026 - Mar 2027 ) *Except Greenlea [Meat Division] Market Trends (ANZCO) Transition of beef FOB and pr

  22. Slide 22: Shareholder Returns

    *Incl. commemorative dividend 01 Earnings Results 600 89.8% * 62.8% 6.8% * 47.5% 45.7% 48.9% 500 43.9% 40.8% 40.7% 35.2% DPR 30.6% Shareholder Returns 3.1% 3.1% 3.2% 2.6% 2.7% 2.7% 2.7% 400 2.3% 2.3% Shareholder Returns DOE 300 FY2026 (Forecast) Commemorative 10th anniversary DPS: JPY155 commemorati

  23. Slide 23: Agenda: Supplemental Data

    01 Earnings Results ・FY2026 H1 Results 5 ・Full Year Forecast for FY2026 15 02 Supplemental Data 24 03 Appendix 34 Note: The financial information disclosed by Japanese GAAP and FY2026 shows from Apr 1, 2026 to March 31, 2027. This material is rounded off to second decimal places. Therefore, sums and

  24. Slide 24: Income Statement and Sales by Region

    02 Supplemental Data Results Sale of each country and region billion yen billion yen Income Statement FY2025 FY2026 FY2025 FY2026 Q2 Q2 Change Q2 Q2 Change Sales 542.4 539.1 -3.3 Sales 542.4 539.1 -3.3 COGS 469.5 467.7 -1.7 Japan 423.5 427.5 +4.1 Gross Profit 72.9 71.3 -1.5 Overseas Total 118.9 111.

  25. Slide 25: SG&A Expenses and Non-operational Gain/Loss

    02 Supplemental Data SG & A Expenses Non-operational Gain/Loss billion yen billion yen SG & A Expenses FY2025 FY2026 FY2025 FY2026 Non-operational G/L Q2 Q2 Change Q2 Q2 Change Non-Operational G/L 0.5 -0.2 -0.7 Sales 542.4 539.1 -3.3 Non-controlling 0.6 -0.2 -0.8 Selling, General and interests 59.7

  26. Slide 26: Balance Sheet

    02 Supplemental Data Total Assets billion yen 609.5 (+84.7) billion yen Balance Sheet Current Assets +11.1 Liabilities +88.0 Cash and Term Deposits +0.8 Payables -0.9 Current Assets Liabilities Receivables +0.1 Short Term Debts +93.9 Inventories +7.3 322.5 317.2 Long Term Debts -0.1 Net Assets -3.3

  27. Slide 27: Cash Flow Statement

    02 Supplemental Data Movements in free cash flow billion yen billion yen Cash Flow FY2025 FY2026 Statement Q2 Q2 Change 2025 Q2 Equity in ①Cash Flow from Operation 12.8 1.0 -11.8 Income Depreciation earnings Before & Working Taxes Amortization Income Before Taxes 13.7 11.3 -2.4 of goodwill capital &

  28. Slide 28: Results by Product Category

    決算補足データData 03 Supplemental 02 商品分類別実績 Results by billion yen Product Category Consolidated Processed Food Div. Meat Div. FY2025 FY2026 FY2025 FY2026 FY2025 FY2026 Q2 Q2 change Q2 Q2 change Q2 Q2 change Sales 542.4 539.1 -3.3 198.6 197.0 -1.5 343.8 342.0 -1.7 Ham & Sausage 95.2 93.7 -1.5 87.6 86.5 -

  29. Slide 29: Growth Rates by Category and Product (Quarterly Trends)

    Data：QPR 02 決算補足データData 03 Supplemental FY2025 FY2026 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Share(%) 22.4 22.4 23.4 21.4 21.9 21.7 Ham & Sausage YoY +0.4 +0.5 +0.8 -0.3 -0.5 -0.7 Sales Growth Rate +3.7 +0.5 -1.9 +0.2 -2.1 -2.1 Share(%) 20.9 20.8 20.3 19.6 20.7 20.6 商品分類別実績 Wiener YoY +0.3 +0.4 +0.4 -0.4 -0.3 -0.1

  30. Slide 30: FY2026 Quarterly Results Details

    02 決算補足データData 03 Supplemental billion yen Q1 Q2 Q3 Q4 Apr - Jun Jul - Sep Oct - Dec Jan - Mar FY2025 FY2026 FY2025 FY2026 FY2025 FY2026 FY2025 FY2026 Change Change Change Change results results results results results results results results 商品分類別実績 FY2026 Sales 297.1 281.1 -16.0 245.3 258.0 +12.8

  31. Slide 31: FY2026 Forecast Details

    billion yen 02 決算補足データ 03 Supplemental Data H1 H2 Year FY2025 FY2026 Last FY2025 FY2026 Last FY2025 FY2026 Last Change Chage Change Chage Change Chage results results F'cast results F'cast F'cast results F'cast F'cast Rev 4-Nov Rev 3-Aug Rev 4-Nov Rev 3-Aug Rev 4-Nov Rev 3-Aug Sales 542.4 539.1 -3.3

  32. Slide 32: Profit Change Analysis Trends

    02 決算補足データ 03 Supplemental Data billion yen Processed Food Div. Q1 Q2 H1 H2 Year Profit Change FY2025 Ordinary profit results 2.2 results 1.6 Rev 1-May. 3.8 Rev 3-Aug. 3.8 results 3.8 Rev 1-May. 5.4 Rev 3-Aug. 5.4 F'cast 5.4 Rev 1-May. 9.2 Rev 3-Aug. 9.2 F'cast 9.2 Analysis Trends Sales Volume Gross

  33. Slide 33: Agenda: Appendix

    01 Earnings Results ・FY2026 H1 Results 5 ・Full Year Forecast for FY2026 15 02 Supplemental Data 24 03 Appendix 34 Note: The financial information disclosed by Japanese GAAP and FY2026 shows from Apr 1, 2026 to March 31, 2027. This material is rounded off to second decimal places. Therefore, sums and

  34. Slide 34: Overseas Markets

    03 Appendix Pork Carcass - Spain Picnic - USA Overseas Markets 95％ ４つまとめて貼り付 け Pork Bellies - USA Loin - USA Copyright © 2026 ITOHAM YONEKYU HOLDINGS INC. All rights reserved. 34

  35. Slide 35: CPI Index

    03 Appendix Beef Chicken CPI Index Pork Processed Meat Copyright © 2026 ITOHAM YONEKYU HOLDINGS INC. All rights reserved. Date：Ministry of Internal Affairs and Communications 35

  36. Slide 36: Ham & Sausage Supply

    03 Appendix Domestic Production Imports Ham & Sausage Supply Apr.-Aug. 【Domestic】 YoY -1.7% FY2025 207,375 ton FY2026 203,799 ton 【Import】 YoY +5.3% FY2025 13,419 ton FY2026 14,127 ton (ton) Apr. May Jun. Jul. Aug. Sep. Oct. Nov. Dec. Jan. Feb. Mar. Year Domestic FY2025 Volume 43,426 41,061 40,704 4

  37. Slide 37: Ham/Sausage Domestic Market Share

    Date：QPR 03 Appendix ham/sausage domestic market ham/sausage domestic market Our share Value per 100 monitors year-on-year Average price year-on-year Ham/Sausage Domestic Market Share 【 Share 】 Apr.-Sep. Last year 22.4％ This year 21.8％ YoY - 0.5％ Apr. May Jun. Jul. Aug. Sep. Oct. Nov. Dec. Jan. Feb.

  38. Slide 38: Wiener Domestic Market Share

    Date：QPR 03 Appendix Wiener domestic market Wiener domestic market Our share Value per 100 monitors year-on-year Average price year-on-year Wiener Domestic Market Share 【 Share 】 Apr.-Sep. Last year 20.8％ This year 20.6％ YoY - 0.2％ Apr. May Jun. Jul. Aug. Sep. Oct. Nov. Dec. Jan. Feb. Mar. Year 【sha

  39. Slide 39: Slice Pack of Ham, Bacon, etc. Domestic Market

    Date：QPR 03 Appendix Our share Slice pack of ham, bacon, etc. domestic market Slice pack of ham, bacon, etc. domestic market Value per 100 monitors year-on-year Average price year-on-year Slice Pack of Ham, Bacon, etc. Domestic Market Share 【 Share 】 Apr.-Sep. Last year 22.5％ This year 21.4％ YoY - 1

  40. Slide 40: Pizza/Snacks Domestic Market Share

    Date：QPR 03 Appendix Our share Pizza/Snacks domestic market Pizza/Snacks domestic market Value per 100 monitors year-on-year Average price year-on-year Pizza/Snacks Domestic Market Share 【 Share 】 Apr.-Sep. Last year 32.7％ This year 27.4％ YoY - 5.4％ Apr. May Jun. Jul. Aug. Sep. Oct. Nov. Dec. Jan. F

  41. Slide 41: Hamburger Steak/Meatball Domestic Market

    Date：QPR 03 Appendix Our share Hamburger steak/Meatball domestic market Hamburger steak/Meatball domestic market Value per 100 monitors year-on-year Average price year-on-year Hamburger steak/ Meatball Domestic Market Share 【 Share 】 Apr.-Sep. Last year 13.3％ This year 13.9％ YoY + 0.7％ Apr. May Jun.

  42. Slide 42: Processed Chicken Food Domestic Market

    Date：QPR 03 Appendix Our share Processed chicken food domestic market Processed chicken food domestic market Value per 100 monitors year-on-year Average price year-on-year Processed Chicken Food Domestic Market Share 【 Share 】 Apr.-Sep. Last year 21.1％ This year 21.7％ YoY + 0.6％ Apr. May Jun. Jul. A

  43. Slide 43: Marketed Volume/Ending Stock/Market Price (Beef)

    03 Appendix Estimated Marketed Volume Estimated Marketed Volume Estimated Ending Stock (Imported) (Domestic) (Imported) ※including meat for processed products ※including meat for processed products ※including meat for processed products Marketed Volume/ Ending Stock/ Market Price (Beef) ※including m

  44. Slide 44: Marketed Volume/Ending Stock/Market Price (Pork)

    03 Appendix Estimated Marketed Volume Estimated Marketed Volume Estimated Ending Stock (Imported) (Domestic) (Imported) ※including meat for processed products ※including meat for processed products ※including meat for processed products Marketed Volume/ Ending Stock/ Market Price (Pork) Domestic Por

  45. Slide 45: Marketed Volume/Ending Stock/Market Price (Chicken)

    03 Appendix Estimated Marketed Volume Estimated Marketed Volume Estimated Ending Stock (Imported) (Domestic) (Imported) ※including meat for processed products ※including meat for processed products ※including meat for processed products ※bone-in meat base Marketed Volume/ Ending Stock/ Market Price

  46. Slide 46: FY2026 Q3 Results Schedule and Contact Information

    FY2026 Q3 results Scheduled Disclosure : Thu, Feb 4, 2027 Contact Information ALT ITO Bldg. 1-6-21, MITA, MEGURO-KU, TOKYO , 153-8587, JAPAN ITOHAM YONEKYU HOLDINGS INC. Public & Investor Relations Office TEL : +81-3-5723-6892 You can also contact us from the company website. https://www.itoham-yone

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