Ingredient Market
Price Trends and Price
Increases©2023 KENKO Mayonnaise Co., Ltd.

1

Egg Market PriceAppendix (1) Ingredient Market Trends

JA ZEN-NOH, Eggs Size M, Tokyo (up to October 2023)*Average price for each month（Yen/kg）
400

2Q

350
300

327

343

350

350

349

320
282

280

292

283

2022

2021

250
200
150

2020

2019

100
50
0Jan.

Feb.

Mar.

2019

©2023 KENKO Mayonnaise Co., Ltd.

Apr.
2020

MayJun.
2021

Jul.

Aug.
2022

Sep.

Oct.

Nov.

Dec.

2023

2

Edible Oil Market Prices

Appendix (1) Ingredient Market Trends

Nikkei avg. prices of soybeans and rapeseed (incl. land transport)(Yen/kg)*Average three-monthly price

500
437

450
400

357

350300250200239

150
10050020192020

20212022

2023*For FY2023, average price up to July – September is shown.
©2023 KENKO Mayonnaise Co., Ltd.

3

Changes in Potato Production

Appendix (1) Ingredient Market Trends<HOKUREN (Hokkaido)＞

10,000
tons
単位：㌧

※平年値
957,578㌧

105
1,050,000

100

100
1,000,000*Average year:
approx. 957,000

97.5

950,000
9590
900,000

850,000
85

800,000
08420142015

2016

20172018

2019

2020

2021

2022

2023

*Average year: average for the past 10 years, excluding the maximum and minimum*Outlook for 2023 as of September 1©2023 KENKO Mayonnaise Co., Ltd.

4

Exchange Rate (USD/JPY)Appendix (1) Ingredient Market Trends

(Yen)

160
Sep,29 closing price149.35 yen

150
140
130
120
110
100
2019

2020

2021

2022

2023

*Change in closing price for each month refer to Kabutan©2023 KENKO Mayonnaise Co., Ltd.

5

Price Increases

Appendix (1) Price Increases

FY 3/2022

1Q

2Q

3Q

4Q

1Q

2Q

3Q

●

●

Dressing●●

Sauce●●Mayonnaise●

FY 3/2023●EggsSaladJapaneseside dishes●FY 3/2024

4Q

1Q

2Q

●●●●

●

●=time of commencement©2023 KENKO Mayonnaise Co., Ltd.

6

Company Overview©2023 KENKO Mayonnaise Co., Ltd.

7

Company Overview

Appendix(2)Company Overview

Trade nameKENKO Mayonnaise Co., Ltd.

Established inMarch 1958

Capital5,424.03 million yen

Address of Head
Office3-3-16, Miyakodori, Nada-ku, Kobe-shi, Hyogo(Tokyo Headquarters）3-8-13, Takaido Higashi, Suginami-ku, Tokyo

Representative

Kunikazu Shimamoto, President and Representative Director

Business details

Manufacture and sales of salads and delicatessen, mayonnaise, dressings and processed egg
products

Net sales

82,363 million yen (FY 3/2023) (consolidated)

Ordinary profit

169 million yen (FY 3/2023) (consolidated)

No. of employees

3,177 employees (consolidated) as of March 31, 2023 (including temporary staff)

Stock market

Prime Market (from 2022)©2023 KENKO Mayonnaise Co., Ltd.

8

Group History

Appendix(2)Company Overview

1958

Company established

1961

Manufacture and sale of KENKO Mayonnaise AS for commercial salads commenced

1966

Trade name changed to KENKO-Mayonnaise Co., Ltd.

1977Launched industry’s first long-life salad “Fashion Delica Foods®”
Introduced long-life salad and created markets as dining out and ready-to-eat
meals markets expanded

Launched burdock salad for commercial use

1986↑”KENKO Mayonnaise AS

Pioneer of fiber boom

Expanded business to prepared processed foods and processed egg↑Fashion Delica Foods®

products, with salad as the mainstay

2005

Established Salad Cafe Co., Ltd.

2012

Listed on First Section of the Tokyo Stock Exchange
Established site in Indonesia (Jakarta)

2015

Established Vancouver Research Office (Vancouver, Canada)

2018

Completed new factory of DIET COOK SHIRAOI Co., Ltd. and Kanagawa Factory ofKANTOH DIET COOK Co., Ltd.

2019

Invested in U.S. ready-to-eat meal manufacturer
Completed No. 2 Plant of Shizuoka Fujisan Factory and extension to Nishi-Nihon

2022

Factory
Moved to Prime Market of Tokyo Stock Exchange©2023 KENKO Mayonnaise Co., Ltd.

9

Group Philosophy and Policy

Appendix(2)Company Overview● Company Philosophy
Contributing to the world by providing quality foods
Body and Mind (mind/body/soul) and Environment● Group Management Philosophy
To become No. 1 Salad Company
To provide the number one quality products/services
in Japan©2023 KENKO Mayonnaise Co., Ltd.

10

The KENKO Mayonnaise GroupAppendix(2)Company Overview【KENKO Mayonnaise】【Consolidatedsubsidiaries】

Consolidatedsubsidiaries

Salad Cafe

【Salad Cafe】

In addition to the manufacturing business of KENKO Mayonnaise, which has expertise in developing and manufacturing
processed egg product, particularly salads and delicatessen, mayonnaise, and dressings, the Group operates the delicatessen
business of its consolidated subsidiaries with expertise in the production of fresh delicatessen and design of new menus, and theshop & website business of Salad Cafe which operates retail stores, mainly in department stores and shopping malls in Kansai
and Kanto, and disseminates recipes via its website and social media. These businesses support each other and pursue
customer satisfaction through the collection and distribution of information.
©2023 KENKO Mayonnaise Co., Ltd.

11

Industry Position
SaladsAppendix(2)Company Overview

Mayonnaise anddressings

Omelet products

46%

*1

Industry pioneer
Maintains top*2*1

Market share 10%

Market share 15%

market share
Aim to continue expanding industry share in the future*1 Source: Prepared by KENKO Mayonnaise based on data from Processed Foods Marketing Data Book (2023 outlook), Fuji Keizai Group*2 Source: Prepared by KANKO Mayonnaise based on data from Japan Association of Mayonnaise & Dressings (2022 results)©2023 KENKO Mayonnaise Co., Ltd.

12

Product Line upAppendix(2)Company Overview

Over 1,500* products to match every dining setting
Salads and delicatessen

Processed egg products

Mayonnaise and dressingsLong-life salads, fresh salads,
Japanese side dishes, etc.

Shredded egg, fresh eggs,

Mayonnaise, dressings,omelet products, etc.

cooking sauces, etc.

Products (items)

FDF® (Fashion Delica Foods)
FR&FR® (Fresh & Fresh)

Frozen products, etc.

SaucesMayonnaise

Processed egg products

Japanese side dishesDressings

Menu examples

RENJIDEOTEGARU
TORORITAMAGO(Easy microwavesoft egg)

Potato and mincedmeat croquettes
BUTANOKAKUNI DON（Braised pork rice bowl）©2023 KENKO Mayonnaise Co., Ltd.

Fragrant sobasaladFried potatoes andbacon with garlicbutter（*）Figure for KENKO Mayonnaise

Egg and avocado
green saladwith mayonnaise13What is Long-life Salad?

Appendix(2)Company Overview

1958 Company established1977 Developed industry’s first long-life salad

Newlaunch!

《Features of long-life salad》
Low
temperaturesterilization

Sealedpackaging

Refrigeration

 Can be used straight from the bag
 Hygienic, safe, and reliable
 Can be kept for 15 to 60 daysin the refrigerator

Note: 90 days for FDF Plus series, this fiscal year’s new product!

 Wide variety of recipes

Developed Japan’s first Burdock Salad!
Using burdock, which was usuallyused in boiled dishes, in salad!

1986
launched*Photograph shows
example of use©2023 KENKO Mayonnaise Co., Ltd.

14

Production Bases in Japan and OverseasAppendix(2)Company Overview

Production bases nationwide(7 KENKO Mayonnaise factories, 9 factoriesof 7 consolidated subsidiaries)

Production system with close connections tolocal regionSupporting freshnessVarious products, meeting customer needs
and specifications

Overseas network▻PT. Intan Kenkomayo Indonesia Indonesia▻Vancouver Research Office CanadaAizu Wakamatsu Factoryof KANTOH DIET EGG
Co., Ltd.
Higashi Murayama
Factory of KANTOHDIET EGG Co., Ltd.

DIET COOK SHIRAOICo., LTDlilac FOODS Co., Ltd.

Tokorozawa Factory ofKANTOH DIET COOK
Co., Ltd.

Nishi-Nihon Factory

KENKO Mayonnaise factories

Kobe Factory

Consolidated subsidiary bases

Nishi-Kobe Factory
DIET COOK SUPPLY Co.,Ltd.

Tokyo Headquarters
Atsugi Factory

KYUSHU DIET COOKCo., Ltd.

Gotenba Factory
KANSAI DIET COOK Co.,Ltd

Yamanashi Factory

Shizuoka Fujisan Factory
Kanagawa Factory ofKANTOH DIET COOK
Co., Ltd.
©2023 KENKO Mayonnaise Co., Ltd.

15

Online Shop Information

Appendix(2)Company Overview●KENKO Mayonnaise online shop
The online shop stocks a diverse range of products, including mayonnaise, dressings,salads, and omelet products, as well as featuring recipes.
Items handled
Approx. 360<KENKO Mayonnaise product site>

https://www.kenkomayo.com/
Japanese only

©2023 KENKO Mayonnaise Co., Ltd.

16

List of Salad Cafe StoresAppendix(2)Company Overview

Open shops in department stores and shopping malls
as implementation of trinity proposal (13 shops)


Salad Cafe Kintetsu Abeno Harukas

Salad Cafe SALA PARA Hankyu Umeda Main StoreSalad Cafe SALA PARA Senri Hankyu

Salad Cafe Tobu Department Store IkebukuroSalad Cafe Keio Department Store Shinjuku

Salad Cafe Aobadai Tokyu Food ShowSalad Cafe Odakyu Department Store MachidaChef’s DELI / WaSaRa Shibuya Scramble SquareWORLD SALAD Chef’s DELI Hankyu Umeda Main Store

WaSaRa Kintetsu Abeno HarukasSaradaya Ario YaoSaradaya Ito Yokado Abeno

Saradaya Ito Yokado Musashi-Sakai©2023 KENKO Mayonnaise Co., Ltd.

＜Online shop information＞
https://saladcafe.base.shop/

Japanese only The online shop also sells eco-friendly aprons incolors derived from nature dyed with olives or wine.

17Changes in the MainIndicators©2023 KENKO Mayonnaise Co., Ltd.

18Performance Trends: Main Management Indicators (Consolidated)
Appendix(3) Changes in the Indicators（millions of yen）

FY3/2018 FY3/2019 FY3/2020 FY3/2021 FY3/2022 FY3/2023 FY3/2024（Est.）Net sales

72,75973,98974,48068,50275,64782,36387,400Operating profit

4,173

3,116

2,900

1,976

1,616

105

1,220

Ordinary profit

4,149

3,145

3,003

2,050

1,622

169

1,300

Profit attributable to owners of parent

2,877

2,296

2,058

1,458

1,211

485

570

Earnings per share(yen)174.65139.40124.94

88.51

74.32

29.86

35.05

Net assets

30,98432,90034,10335,57736,53936,794ーTotal assets

64,877

70,10563,76762,32061,76062,229

ー

47.8

46.9

53.5

57.1

59.2

59.1

ー

Seasoning andProcessed Foods Business

60,13959,68959,09351,611

57,552

63,678ー

Delicatessen-related Business

11,327

13,105

14,25016,057

17,232

17,733

ー

Other

1,292

1,194

1,136

832

861

951

ー

Equity ratio（％）
Net sales by Segment©2023 KENKO Mayonnaise Co., Ltd.

19

Changes in Consolidated Net Sales and Ordinary ProfitAppendix(3) Changes in the Indicators“KENKONet sales“KENKO
Five Code”（billions of yen）

“Medium-Term
Management Plan IV”

1,000“KENKO
Victory ROAD”

900“KRP520”
rebuilding
800
period874“DASH SALAD”＋ “C-08”
expansion period

823

708
700

530 531498 500 503
14.1

25.3 25.3

511 506 518
28.5

15.2

26.8

545

573

603

34.2

756

744
727 739

Ordinaryprofit

685

669

600

500

“KENKOTransformation
Value Action”
Plan”（billions of yen）

45

40.1 41.4
31.4

27.7

30.0

25.7 22.5

30

20.5
16.2

20.7

13

9.2

400

151.6

300
00

FY3/2006
2005年
2007年
3月期

3月期

FY3/2009
FY3/2012
2009年 2011年
2013年
3月期
3月期
3月期

©2023 KENKO Mayonnaise Co., Ltd.

FY3/2015 2017年
FY3/2018
2015年
2019年
3月期

3月期

3月期

FY3/2021 2023年
FY3/2024
2021年
3月期（Est.）

20

Dividend Trends and Shareholder Benefits

Appendix(3) Changes in the Indicators● Dividends and Payout Ratio（yen）
40■Interim dividend■Term-end dividend●Payout ratio
30

71.3

201319.9
100

70

56.9
15

1719.019.1

101114

FY3/2015

FY3/2016

FY3/2017

25円

192321.2

18FY3/2018● Shareholder benefits
Eligibility criteriaShareholders with 1,000 shares ormore

21.5

15161224.8

22.6

22.9

15

FY3/2019 FY3/2020

1017円（％）
80

15960
50403020878

10

FY3/2021

FY3/2022

FY3/2023

FY3/2024(Est.)

100Gifts
Products worth 2,500 yen

Choice of three varieties↑1,000 shares of more
Products worth 2,500 yen

All shareholders with 100 sharesor more and less than 1,000shares

Products worth 1,000 yen©2023 KENKO Mayonnaise Co., Ltd.

*The photograph shows examples ofshareholder benefits.

←100 shares or more and lessthan 1,000 shares
Products worth 1,000 yen21

For Inquiries• Contact information
Publicity & IR Section
Public Relations Department,
Corporate Planning Division (Tokyo H.Q.)– E‐mail: ir@kenkomayo.co.jp• Notes on the future outlook
This material is intended for providing investors with information only, not forsoliciting the trade of shares. The contents related to forecasts in this material are
based on goals and predictions, so they do not give any promise or guarantee.
Please use the information, while recognizing that actual business performance ofour company may turn out to be different from the current forecast.
In addition, the contents related to business results, etc. have been produced basedon data that are considered reliable, but our company does not guarantee theiraccuracy or safety.
This material is provided, under the assumption that investors will use it at theirdiscretion and on their own responsibility for any purpose, so our company will notassume any responsibility for any outcome.
©2023 KENKO Mayonnaise Co., Ltd.

22