Kewpie Corporation · TSE:2809
Kewpie — FY2026 1H Earnings Presentation
34 slides from Kewpie's earnings presentation, Jul 9, 2026
Slide 1: FY2026 1H Financial Results Briefing Materials
FY2026 1H (Interim Period) Financial Results Briefing Materials Kewpie Corporation July 9, 2026 (Securities code: 2809)
Slide 2: Today's Message
Today’s Message Sustainably growing incomes by countering headwinds from the situation in the Middle East through well-established domestic earning power and full-scale overseas growth ⚫ In Japan, profitability improved thanks to a “¥6.0 billion synergy effect” from the shift to value- added product
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 0.1 billion yen when figures are presented in billions of yen. • The numbers related to Overseas cover the period from October through September of the 1. FY2026 1H Financial Results fol
Slide 4: FY2026 1H Performance - Financial Results Highlights
FY2026 1H Performance - Financial Results Highlights Net sales Operating income In Japan, the shift to value- ¥261.6bn ¥20.0bn added products synergized YoY +4% YoY +24% with price revisions to drive Impact of the gain on sale of factory site in the previous fiscal year significant income growth. Or
Slide 5: FY2026 1H Performance - Financial Results Highlights
FY2026 1H Performance - Financial Results Highlights (¥bn) Increase in sales (+¥9.8bn) Operating Increase in income (+¥3.9bn) Net sales ¥261.6bn Percentage change +4% income ¥20.0bn Percentage change +24% • In Japan, sales increased due to higher sales volumes for processed egg • In Japan, incomes i
Slide 6: Factors Behind the Change in Operating Income (Middle East Impact)
FY2026 1H Performance - Factors Behind the Change in Operating Income (Impact of Situation in the Middle East) Operating income FY2026 1H: ¥20.0bn YoY change: +¥3.9bn (¥bn) + +0.3 Overseas +2.1 + Japan -0.2 The resulting “earning power” + Includes negative Effect of price revisions ＋5.2 impact of ¥0
Slide 7: Net Sales and Business Income by Segment
FY2026 1H Performance - Net Sales and Business Income by Segment (¥bn) Net sales FY2025 1H FY2026 1H YoY change YoY change (%) Q1 YoY change Q2 YoY change Retail Market 94.6 95.6 +1.0 +1% +0.7 +0.4 FY2026 1H ¥261.6bn Food Service 89.1 93.8 +4.8 +5% +3.7 +1.1 Overseas 49.4 53.6 +4.2 +9% +0.3 +3.9 YoY
Slide 8: Retail Market Segment
FY2026 1H Performance and Financial Results Outlook Retail Market Segment Business Net sales ¥95.6bn YoY change +¥1.0bn (+1%) (¥bn) income ¥8.4bn YoY change +¥2.6bn (+46%) (¥bn) Retail Market: Increase Net sales FY2026 YoY YoY Q1 Q2 Revised Annual 2H 1H change change (%) YoY YoY change change foreca
Slide 9: Food Service Segment
FY2026 1H Performance and Financial Results Outlook Food Service Segment Business Net sales ¥93.8bn YoY change +¥4.8bn (+5%) (¥bn) income ¥6.9bn YoY change +¥2.5bn (+56%) (¥bn) Food Service: Increase Net sales FY2026 1H YoY YoY Q1 YoY Q2 YoY Revised YoY 2H YoY in sales and income change change (%) f
Slide 10: Overseas Segment
FY2026 1H Performance and Financial Results Outlook Overseas Segment Business Net sales ¥53.6bn YoY change +¥4.2bn (+9%) (¥bn) income ¥6.9bn YoY change -1.0bn (-13%) (¥bn) Overseas: Increase in sales YoY Net sales FY2026 YoY YoY change change Q1 (%) YoY Q2 YoY Revised YoY 2H YoY and decrease in inco
Slide 11: 2. FY2026 Financial Results Outlook
2. FY2026 Financial Results Outlook © Kewpie Corporation All rights reserved. 11
Slide 12: FY2026 Outlook - Net Sales and Business Income by Segment
FY2026 Financial Results Outlook - Net Sales and Business Income by Segment *No change to company-wide targets, revised breakdown for each segment (¥bn) Net sales FY2025 FY2026 Initial target FY2026 Revised forecast YoY change YoY percentage change Change from initial target FY2026 Retail Market 189
Slide 13: FY2026 Outlook - Factors Behind the Change in Operating Income
FY2026 Financial Results Outlook - Factors Behind the Change in Operating Income (Impact of Situation in the Middle East) Operating income FY2026 plan: ¥38.0bn YoY change: +¥3.4bn (¥bn) + -1.9 Overseas +7.5 -4.7 Japan +0.2 -1.1 + Includes negative impact of 38.0 The resulting 34.6 ¥4.5bn from the Mi
Slide 14: Financial Strategy and Progress toward Improving ROE
Financial Strategy and Progress toward Improving ROE Appropriately allocating cash generated through earning power to growth and shareholder returns Generating cash flows from operating activities Capital investments Shareholder returns Cumulative Two-year cumulative total Two-year cumulative total
Slide 15: FY2026 Financial Results Outlook
FY2026 Financial Results Outlook We expect to achieve the goals of the annual plan by countering the effects of the Middle East situation with improved domestic profitability and overseas growth. Impact of the gain on sale of factory site in the previous fiscal year Net sales Operating income Ordina
Slide 16: 3. Outlook for 2H and Beyond
3. Outlook for 2H and Beyond © Kewpie Corporation All rights reserved. 16
Slide 17: Overview of Domestic Structural Reform
Overview of Domestic Structural Reform: Initiatives for a High-Profitability Portfolio Maximize added value, optimize and reorganize SCM, and assess profit-generating output to significantly advance higher domestic profitability, increasing +¥9.3 billion in annual income. Maximize added value FY2026
Slide 18: Domestic Structural Reform: Maximizing Added Value
Domestic Structural Reform: Maximizing Added Value Shift to value-added products synergizes with pricing strategy to sustainably enhance earning power. Strengthen sales of Value-added × pricing strategy Progress on pricing strategy value-added products Penetration of appropriate Creating new markets
Slide 19: Domestic Structural Reform: Optimize and Reorganize SCM
Domestic Structural Reform: Optimize and Reorganize SCM, and Assess Profit-Generating Output Accelerating structural reforms by strengthening cost competitiveness and shifting to value-added products Optimize and reorganize SCM Assess profit-generating output Group Global Selection and concentration
Slide 20: Initiatives for Overseas Growth: Overview
Initiatives for Overseas Growth: Overview Heading into a full-scale growth phase supported by the Americas and the Asia-Pacific region FY2026 net sales growth rate (local currency-based) Overseas overall +9% (Change from initial target +11%) Americas Asia Pacific China Annual growth +5% Annual growt
Slide 21: Initiatives for Overseas Growth: The Americas
Initiatives for Overseas Growth: The Americas Accelerating growth through both supply enhancement and sales expansion, centered on KEWPIE brand products KEWPIE brand products Absorbed temporary decline in sales and achieved marginal growth in the first half Achieving significant growth of over 30% i
Slide 22: Initiatives for Overseas Growth: Asia-Pacific Region
Initiatives for Overseas Growth: Asia-Pacific Region Accelerating growth by capturing the expanding middle-class market Further market expansion (channels and business areas) Stabilizing supply systems Number of Japanese cuisine restaurants (rate of increase during the past two years) Asia-Pacific o
Slide 23: Expansion into New Areas
Expansion into New Areas Developing the wellness sector into a future pillar Expanding sales centered on Expansion leveraging our strengths our own channels in ingredient research Hyaluronic acid (¥bn) Supplying to various Mail-order business net 10 applications Raising awareness sales trends (medic
Slide 24: Information regarding future performance
Information regarding future performance, such as Kewpie Corporation’s earnings forecasts, presented in these briefing materials are based on certain assumptions determined as rational using the obtainable information at the time of their publishing. Actual results, etc. may differ from these foreca
Slide 25: 4. Reference Materials
4. Reference Materials © Kewpie Corporation All rights reserved. 25
Slide 26: FY2026 Full-Year Outlook
Reference FY2026 Full-Year Outlook (¥bn) FY2026 FY2026 Initial target Change from FY2028 FY2025 Revised forecast YoY change (Announced initial target Medium-term target (Announced July 9) January 14) Net sales 513.4 530.0 530.0 +16.6 ― At least 600.0 Operating income 34.6 38.0 38.0 +3.4 ― At least 4
Slide 27: FY2026 1H Cash Flow Status
Reference FY2026 1H Cash Flow Status (¥bn) Cash Flows from Operating Activities Cash Flows from Investing Activities Cash Flows from Financing Activities FY2024 1H 32.2 FY2025 1H FY2026 1H 13.0 10.1 -6.3 -8.1 -6.1 -12.4 -10.9 -15.4 YoY change YoY change YoY change Decrease in gain (loss) Decrease in
Slide 28: Points to Note regarding Changes in Balance Sheet
Reference FY2026 1H Points to Note regarding Changes in Balance Sheet (¥bn) Assets Liabilities and Net Assets FY2025 1H 277.2 277.6 345.9 347.6 350.3 263.8 FY2025 full-year 207.0 203.4 208.5 FY2026 1H 124.9 132.9 135.8 Current assets Fixed assets Liabilities Net assets Change Change Current assets +
Slide 29: Non-operating Income (Expenses) and Extraordinary Gains (Losses)
Reference Overview of Non-operating Income (Expenses) and Extraordinary Gains (Losses) (¥bn) FY2025 FY2026 FY2026 1H 1H 1H YoY change Main factors Operating income 16.2 20.0 +3.9 • Decrease in other Non-operating income (expenses), net 1.3 1.5 +0.2 non-operating expenses +0.3 Ordinary income 17.4 21
Slide 30: Net Sales by Segment
Reference Net Sales by Segment (¥bn) FY2026 full-year target FY2025 1H FY2026 1H YoY change YoY change (%) Revised forecast YoY change YoY change (%) Retail Market 94.6 95.6 +1.0 +1% 191.0 +1.2 +1% Condiments 38.5 40.7 +2.1 +5% 79.8 +2.3 +3% Delicatessen 32.1 32.9 +0.8 +2% 66.6 +1.2 +2% Cut vegetabl
Slide 31: Business Income by Segment
Reference Business Income by Segment (¥bn) FY2026 full-year target FY2025 1H FY2026 1H YoY change YoY change (%) Revised forecast YoY change YoY change (%) Retail Market 5.7 8.4 +2.6 +46% 13.9 +1.3 +11% Condiments 4.2 5.6 +1.3 +32% 8.7 +0.2 +3% Delicatessen 1.3 1.6 +0.3 +27% 3.2 +0.4 +14% Cut vegeta
Slide 32: Factors behind Changes in Business Income (by Segment)
Reference Factors behind Changes in Business Income (by Segment) (¥bn) Change in gross Other selling, FY2026 1H profit resulting from Change in gross Sales promotion expenses and Transportation and warehousing general and YoY change increase (decrease) profit margin administrative advertising expens
Slide 33: Net Sales Trends for Mayonnaise and Dressings
Reference Net Sales Trends for Mayonnaise and Dressings (¥bn) FY2024 1H FY2025 1H FY2026 1H Japan 29.6 29.5 30.9 Mayonnaise Overseas 23.1 26.9 28.9 Japan 19.5 19.2 19.6 Dressings Overseas 11.1 12.4 14.4 Japan 49.1 48.7 50.5 Total Overseas 34.3 39.3 43.3 Total 83.4 88.0 93.8 © Kewpie Corporation All
Slide 34: Sustainability and Human Capital Targets and Performance
Reference Sustainability and Human Capital Targets and Performance FY2026 FY2028 FY2030 Alignment with Material Issues Initiative Theme Indicators Baseline 1H Target Target SDGs Contribution to extending We are promoting initiatives centered on increasing opportunities to eat salads and adding value