Kewpie Corporation · TSE:2809
Kewpie — FY2025 Earnings Presentation
39 slides from Kewpie's earnings presentation, Jan 14, 2026
Slide 1: FY2025 Financial Results Briefing Materials
FY2025 Financial Results Briefing Materials January 14, 2026 Kewpie Corporation (Securities code: 2809)
Slide 2: Today's Message
Today’s Message Building on 3 consecutive years of record-high operating income to evolve our earning power for the next growth phase Achieved record-high profit of operating income at ¥34.6 billion despite cost environment exceeding expectations. FY2025 ⚫ In Japan, we implemented swift price revisi
Slide 3: Notes regarding the information in this document
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 1. FY2025 Financial Results following
Slide 4: FY2025 Financial Results Highlights
FY2025 Financial Results Highlights 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. Gain on sale of factory site Net sales Operating income Ordinary income Pro
Slide 5: FY2025 Financial Results Highlights
FY2025 Financial Results Highlights (¥bn) Increase in sales (+¥29.4bn) Operating Net sales ¥513.4bn Percentage change +6% income ¥34.6bn Increase in income (+¥0.3bn) YoY change +1% • Maintained steady growth overseas, led by strong performance in the • Overseas, income increased due to sales growth
Slide 6: FY2025 Full-Year Performance - Factors Behind the Change in Operating Income
FY2025 Full-Year Performance - Factors Behind the Change in Operating Income Operating income FY2025: ¥34.6bn YoY change: +¥0.3bn (¥bn) + Overseas +3.0 Japan +0.9 The resulting + “earning power” + +¥13.7bn Effect of price revisions +8.8 Increased production efficiency +0.3 “Growing Enhanced added va
Slide 7: FY2025 Full-Year Net Sales and Business Profit by Segment
FY2025 Full-Year Net Sales and Business Profit by Segment (¥bn) YoY change 1H YoY 2H YoY Net sales FY2025 full-year YoY change (%) 1H 2H change change Retail Market 189.8 +3.1 +2% 94.6 95.3 +2.2 +0.9 FY2025 ¥513.4bn 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 +
Slide 8: FY2025 Full-Year Retail Market Segment
FY2025 Full-Year Retail Market Segment Business Net sales ¥189.8bn YoY change +¥3.1bn (+2%)(¥bn) profit ¥12.6bn YoY change -¥1.7bn (-12%) (¥bn) Retail Market: Increase in sales Net sales YoY change 1H YoY 2H YoY FY2025 YoY change (%) 1H 2H change change & decrease in income Condiments 77.5 +0.0 +0%
Slide 9: FY2025 Full-Year Food Service Segment
FY2025 Full-Year Food Service Segment Business Net sales ¥185.6bn YoY change +¥15.5bn (+9%) (¥bn) profit ¥11.9bn YoY change -¥0.1bn (-1%) (¥bn) Food Service: Increase in sales Net sales YoY change 1H YoY 2H YoY FY2025 YoY change (%) 1H 2H change change & decrease in income Condiments 53.2 +1.2 +2% 2
Slide 10: FY2025 Full-Year Overseas Segment
FY2025 Full-Year Overseas Segment Business Net sales ¥100.3bn YoY change +¥8.1bn (+9%) (¥bn) profit ¥13.6bn YoY change +¥1.1bn (+9%) (¥bn) *AP: Asia-Pacific YoY change Overseas: Increase in sales and Net sales YoY YoY change 1H YoY 2H YoY FY2025 change (%) (%) (in local 1H 2H change change income cu
Slide 11: 2. FY2026 Target
2. FY2026 Target © Kewpie Corporation All rights reserved. 11
Slide 12: FY2026 Target
FY2026 Target Envision highly reliable growth trajectory toward achieving the Medium-Term Business Plan ROE target. Net sales Operating income Ordinary income Profit ¥530.0bn ¥38.0bn ¥40.0bn ¥25.5bn YoY +3% YoY +10% YoY +7% YoY -16% Domestic business Overseas ROE ROIC profit margin growth rate 8.0%
Slide 13: FY2026 Full-Year Net Sales and Business Profit Targets by Segment
FY2026 Full-Year Net Sales and Business profit Targets by Segment (¥bn) Medium-Term Net sales FY2025 full-year FY2026 full-year YoY change YoY change (%) Business Plan FY2028 target FY2026 full-year ¥530.0bn Retail Market 189.8 191.5 +1.7 +1% 196.0 Food Service 185.6 186.0 +0.4 +0% 179.0 YoY change
Slide 14: FY2026 Full-year Plan: Factors behind Changes in Operating Income
FY2026 Full-year Plan: Factors behind Changes in Operating Income Operating income FY2026 plan: ¥38.0bn YoY change: +¥3.4bn Assumed market price and exchange rate (¥bn) @ ¥325 + Egg market price @ ¥305/kg 1 USD equivalent to to Overseas +4.7 ¥150 @ ¥275 Exchange rate 1 CNY equivalent to Japan +1.4 ¥
Slide 15: Towards Improving ROE - Growth Investment
Towards Improving ROE - Growth Investment Steadily implementing “aggressive investment”, and increasing our ability to generate future cash flow Capital investment Medium-Term Business Plan Progress (Cumulative FY2025–FY2026) ¥100.0bn ¥43.1 billion Progress rate 43% Overseas growth investment, reinf
Slide 16: Towards Improving ROE - Shareholder Returns
Towards Improving ROE - Shareholder Returns Continuously increasing capital efficiency through “gradually increasing dividends” and “acquiring treasury shares” Steadily implement the ¥50.0 billion shareholder return framework under the Medium-Term Business Plan, with additional returns. Dividend Acq
Slide 17: 3. FY2026 Outlook
3. FY2026 Outlook © Kewpie Corporation All rights reserved. 17
Slide 18: Medium-Term Business Plan Progress Evaluation
Medium-Term Business Plan Progress Evaluation Medium-term KPI is proceeding as expected, and the probability of achieving the ROE target has increased. Capital efficiency Profitability Growth potential Capital efficiency Domestic business Overseas sales CAGR ROE ROIC profit margin At least At least
Slide 19: Summary of Current Position Toward Improving Profitability in the Medium-Term Business Plan
Summary of Current Position Toward Improving Profitability in the Medium-Term Business Plan Shift to a high-profitability portfolio, significant improvement from low profit to stable profit FY2024 FY2026 FY2028 Business profit margin (domestic) 7.2% 7.3% At least 8.0% (overseas) 13.5% 13.1% Over 10.
Slide 20: Initiatives for Overseas Growth: Overall Picture
Initiatives for Overseas Growth: Overall Picture Shift from strengthening supply to a demand creation phase, accelerating growth focusing on the Americas FY2026 sales growth rate (in local currency) Accelerating growth by Overseas overall +11% strengthening branding Americas Asia-Pacific China Annua
Slide 21: Initiatives for Overseas Growth: The Americas
Initiatives for Overseas Growth: The Americas Achieving 19% growth by expanding sales areas and channels as well as branding investment Expanding sales areas Expanding channels Branding investment Develop major distribution across the entire Establish sales bases on the US, including private brands
Slide 22: Initiatives for Overseas Growth: Asia-Pacific
Initiatives for Overseas Growth: Asia-Pacific Steady growth centered on Thailand and Indonesia Aiming for 13% growth Thailand Indonesia Other Strengthen exports for Grow dining out in addition to countries Strengthen localized strategies commercial use in Australia, etc. mini-marts. for the middle-c
Slide 23: Initiatives for Overseas Growth: China
Initiatives for Overseas Growth: China 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 Expand middle-class channels Establish a competitive advantage • Promote greater e
Slide 24: Overview of Domestic Structural Reform: Initiatives for a High-Profitability Portfolio
Overview of Domestic Structural Reform: Initiatives for a High-Profitability Portfolio Maximize added value, optimize and reorganize SCM, and assess profit-generating output to advance higher domestic profitability, increasing ¥8.8 billion in profit. Maximize added value FY2025: ¥10.0bn Maximize • S
Slide 25: Domestic Structural Reform: Maximizing Added Value
Domestic Structural Reform: Maximizing Added Value Reach an appropriate price that corresponds to the product’s value built on delicious taste, quality, and brand. Demonstrate our competitive advantage by Increase profit gains Strengthen sales of high value- providing value that meets customer requi
Slide 26: Domestic Structural Reform: SCM Optimization and Reorganization
Domestic Structural Reform: SCM Optimization and Reorganization Evolving the value creation process for a sustainable high-profit structure Product development Production logistics Sales and procurement Renewing the development process and Optimizing business locations and Maximizing sales efficienc
Slide 27: Expansion into New Areas
Expansion into New Areas Accelerating product launches and promotional activities to develop new regions Unique “Acetic acid bacteria GK-1” Expanding Expanding our own products and the sale of plant-based food raw materials to other companies Mail order supplements Expanding domestic and internation
Slide 28: Disclaimer and contact for inquiries
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 du
Slide 29: 4. Reference Materials
4. Reference Materials © Kewpie Corporation All rights reserved. 29
Slide 30: Sustainability and Enhancing the Value of Human Capital
Sustainability and Enhancing the Value of Human Capital Promote initiatives to create social value for the future Consideration for the environment Contributing to food culture and health Enhancing the value of human capital Utilization of unused portion of vegetables Number of salads eaten (compare
Slide 31: FY2026 Financial Results Summary
Reference FY2026 Financial Results Summary (¥bn) YoY change YoY change (%) FY2028 Medium- FY2024 results FY2025 results FY2026 Target Term Business Plan (2026-2025) (2026/2025) target Net sales 484.0 513.4 530.0 +16.6 +3% At least 600.0 Operating income 34.3 34.6 38.0 +3.4 +10% At least 45.0 Operati
Slide 32: FY2025 Cash Flow Status
Reference FY2025 Cash Flow Status (¥bn) Cash Flows from Operating Activities Cash Flows from Investing Activities Cash Flows from Financing Activities FY2023 full-year 63.1 FY2024 full-year 31.8 FY2025 23.7 full-year -9.5 -17.7 -16.9 -23.9 -21.1 -30.1 YoY change YoY change YoY change Increase/Decrea
Slide 33: FY2025 Points to Note regarding Changes in Balance Sheet
Reference FY2025 Points to Note regarding Changes in Balance Sheet (¥bn) Assets Liabilities and Net Assets FY2023 277.2 347.6 full-year 249.8 258.6 321.3 331.6 FY2024 203.7 203.4 full-year 182.8 FY2025 full-year 130.7 132.9 111.3 Current assets Fixed assets Liabilities Net assets YoY change YoY chan
Slide 34: Net Sales by Segment
Reference Net Sales by Segment (¥bn) FY2026 Target FY2024 full-year FY2025 full-year YoY change YoY change (%) 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 2
Slide 35: Business Profit by Segment
Reference Business Profit by Segment FY2026 Target (¥bn) FY2024 full-year FY2025 full-year YoY change YoY change (%) 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 vegetabl
Slide 36: Factors behind Changes in Business Profit (by Segment)
Reference Factors behind Changes in Business Profit (by Segment) (¥bn) Change in gross Other selling, FY2025 full-year profit resulting from Change in gross Sales promotion expenses and Transportation and warehousing general and YoY change increase (decrease) profit margin administrative advertising
Slide 37: Overview of Non-operating Income (Expenses) and Extraordinary Gains (Losses)
Reference Overview of Non-operating Income (Expenses) and Extraordinary Gains (Losses) FY2025 full-year FY2024 full-year FY2025 full-year YoY change Main factors (¥bn) Operating income 34.3 34.6 +0.3 • Change in equity-method Non-operating income (expenses), net 2.5 2.8 +0.2 investment income +0.3 O
Slide 38: Mayonnaise/Dressings Changes in Net Sales
Reference Mayonnaise/Dressings Changes in Net Sales (¥bn) FY2023 full-year FY2024 full-year FY2025 full-year Japan 57.0 59.1 59.3 Mayonnaise Overseas 40.9 48.0 54.0 Japan 38.7 39.3 39.1 Dressings Overseas 22.3 24.2 25.6 Japan 95.7 98.4 98.4 Total Overseas 63.2 72.2 79.6 Total 158.8 170.6 178.0 © Kew
Slide 39: Sustainability and Human Capital Targets and Performance
Reference Sustainability and Human Capital Targets and Performance FY2025 FY2028 FY2030 Alignment with Key issues Themes of initiatives Indicators Baseline results target target SDGs Contribution to extending We are promoting initiatives centered on increasing opportunities to eat salads and adding