(Translation)
July 4, 2024
Dear Sirs:
Company name:Kewpie Corporation

Name of representative:

Mitsuru Takamiya,
Representative Director,President and Chief Executive
Corporate Officer(Securities code: 2809; Prime of the Tokyo Stock Exchange)
Inquiries:

Shinichiro Yamamoto,Director, Senior Corporate Officer,(TEL: 03-3486-3331)

Notice regarding Revision of the Forecasts of Consolidated Operating Results
and Year-end Dividend for the Fiscal Year Ending November 30, 2024
It is hereby notified that Kewpie Corporation (the "Company"), in consideration of therecent developments of its operating results and other factors, came to a resolution to revise theforecasts of consolidated operating results and year-end dividend for the fiscal year ending
November 30, 2024 (from December 1, 2023 to November 30, 2024), as described below:
Description
1.

Revision of the forecasts of consolidated operating results:
For the fiscal year ending November 30, 2024 (from December 1, 2023 to November 30, 2024):
Profitattributable
Net sales
to ownersof parent(million yen) (million yen) (million yen) (million yen)
OperatingincomeOrdinary
incomeEarnings
per share(yen)Previous forecasts (A)(announced on April 5, 2024)

480,000

31,00032,20017,400125.18

Revised forecasts (B)486,000

34,00036,10020,700148.92

Amount of increase ordecrease (B – A)

6,000

3,000

3,900

3,300

Rate of increase or decrease

1.3%

9.7%

12.1%

19.0%

455,086

19,694

20,49013,174(For reference)
Results for the fiscal year ended
November 30, 2023

94.78

Reasons for revision of the forecasts of consolidated operating results:
The Company made revisions to the last forecasts of consolidated operating results(announced on April 5, 2024) with consideration for the consolidated operating results for the six
months ended May 31, 2024 and the recent business environment. The Company has decided-1-upward revisions of the previous forecasts in light of sales growth in Retail Market, Food Service,
and Overseas segments, and the associated improvement in earnings that exceeded the initialexpectations.
2.

Revision of the dividend forecasts:
Annual dividend per share
End of the2nd quarter

Year-end

Total

(yen)

(yen)

(yen)

Previous forecasts(announced on January 10, 2024)

27.00

50.00

Revised forecasts

31.00

54.00

27.00

50.00

Results for the fiscal year ending
November 30, 2024

23.00

(For reference)
Results for the fiscal year ended
November 30, 2023

23.00

Reasons for the revision of the dividend forecasts:
The Company maintains a basic policy of providing returns to its shareholders with toppriority on dividend payments, and provides returns to its shareholders based on the policy set
forth in each Medium-term Business Plan. While aiming to continue stable dividend distributions,the Company also reviews options for repurchase and retirement of its own stocks as necessary,considering factors such as stock price trends and financial conditions.
In determining dividends under the Medium-term Business Plan through 2024, with its
assumption that the annual dividend per share would be 45 yen or more, the Company aims to set
targets for dividend payout ratio of 35% or more and accumulated total return ratio over four fiscal
years of 50% or more.
The year-end dividend forecasts for the fiscal year ending November 30, 2024, which wasexpected to be 27 yen per share before, has been revised to 31 yen per share, an increase of 4 yenfrom the previous forecasts, in line with the revision of the forecasts of consolidated operatingresults.

(Note)

The forward-looking statements including the forecasts of operating results describedabove are based on information available to the Company and certain assumptions that
the Company deems reasonable at the time. Actual results may differ from these forecasts
due to developments of various risks and uncertain factors, economic conditions, etc.
- END - 2 -