Securities Code: 7956

8th Mid-Term Management PlanFY Dec. 2023 (67th) - FY Dec. 2025 (69th)

Norimasa Kitazawa
President and CEO
February 14, 2023

FY December 2022 (FY 66th)
Review of the FY Dec. 2022 Results and the 7th MTP

P. 3 - 6

Pigeon Group Business Activity Guidelines

P. 7 - 11

The 8th Medium-Term Management Plan

P. 12 - 38

AgendaReview of the 7th Mid-Term
Management Plan

Changes in the External Environment and Challenges for the Pigeon Group

Global Environmental Changes
・Establishment of “With Covid” lifestyle

Challenges for Pigeon Group・Signs of stagflation(Economic Recession and Inflation)

・Decrease in the number of births
In Japan and mainland China, which
are our mainstay markets

・Rapid exchange rate fluctuations

・Slowdown in growth at Japan and
China business・Sustainability Awareness rise
・Increased geopolitical risk

・Increased competition in each market(Rise of new and local brands)

Pandemic of Covid-19 Rapidly Changes Our Business Environment©Pigeon Corporation All Rights Reserved. │ Strictly Confidential

4

Review of the 7th MTP: Summary

Not achieved financial targets because of the intermittent COVID-19 impacts in each region
throughout the three years. However, there were still certain achievements such as promotion of key
strategies, achievement of non-financial targets, and ESG-related awards.

Brand
strategy(Unit: Million JPY)

〇 New branding penetrates globally.
〇 Promote unique activities (Support for breast milk banks)〇 Ranked #65 in Best Japan Brands

Net sales〇 Launched new model of the Nursing bottles in major markets△ Growth of core products are not as strong as our expectation
due to the Covid

Regional
strategy〇 Launched more than 250 SKUs of new products* each year
△ Japan unable to cover the loss of inbound demand

ESG©Pigeon Corporation All Rights Reserved. │ Strictly Confidential*Includes renewed products

Operating income

Operating profit ratio

1,200

Product
Strategy〇 Non-financial KPIs were achieved〇 Reputation of our ESG activities improved due to progress ininitiatives and enhanced disclosure.
〇 Received awards in various areas of ESG[ 7th Mid-Term Business Plan ]

1,000

981

949

30%

1,086

20%

800

600

16.9%

17.3%

12.8%

400

200

0

169

2019

183

121

2020

Actual** Actual**

2021

Actual2022

Actual

2022

10%

0%

7th MTP
Revised Plan**Estimate by the New revenue recognition standard

5

Review of the 7th MTP: Key KPIs
Key management indicators such as PVA, CCC, ROE and ROIC are
ended lower than the final year of the 6th Medium-Term Management Plan
[ PVA and CCC performance trends ](Unit: Million JPY)

PVA

10,000
8,000
6,000

119.2
8,525

140
120
100

88.7

80
4,617

4,000

60
40

2,000

20

0

0

2019

2020

©Pigeon Corporation All Rights Reserved. │ Strictly Confidential

2021

ROE

(Days)

CCC

12,000[ ROE and ROIC performance trends ]

2022

ROIC

25.0%
20.0%
15.0%

17.5%

15.5%
12.2%

17.4%
14.8%

10.0%

12.5%

11.4%
10.9%

5.0%
0.0%

Note: 2019 is the old standard results

2019

2020

2021

2022
6

Pigeon Group Business Activity Guidelines
under the rapidly changing environment

Three Key Elements in our Business Activities

Pigeon Way©Pigeon Corporation All Rights Reserved. │ Strictly Confidential

PurposeKey Issues(Materiality)8

Update of Pigeon Way••

Separate out our Corporate Philosophy and Credo as independent, unchanging
elements
Make our Purpose the core of the Pigeon Way©Pigeon Corporation All Rights Reserved. │ Strictly Confidential

9Update of Pigeon Way

Key Issues for Pigeon over the Mid and Long-term (Materiality)

Enhancing Business
Competitiveness andResilience

Reducing ourEnvironmental Impact

Contributing to
the Resolution ofSocial Issues

Managing talent andCultivating the Right
Culture for our Purpose

Establishing solidmanagement foundations

Becoming essential tosociety by expanding ourcorporate value over the
medium to long term

Practicing eco-friendly
monozukuri and leaving
a rich earth for the
future of babies born
tomorrow

Helping to resolve thesocial issues that affectbabies and families

Cultivating anorganizational culture inwhich all employees canshine as they embrace
new challenges

Securing a structural basis forbold and ambitious endeavorsthat will improve medium- tolong-term corporate value

Supporting nursing babies

Reducing greenhouse gas
emissions (Scope 1, 2 & 3)

Supporting healthy babyskin development

Circular manufacturing

New products andservices for babies
needing support

Working environmentsthat achieveself-fulfillment and growth

Expanding use of
products designed formaternity hospitals

Ambitious
organizational culture

Creating new businesses
Releasing productsthat exceed
customer expectations
Building resilient
distribution systems

Using sustainable
resources(paper & palm oil)

©Pigeon Corporation All Rights Reserved. │ Strictly Confidential

Promoting responsible
procurement

Enriched investment
in human resource
development

Participating in andsupporting communities

PromotingDiversity & inclusion

Reinforcing
group governanceReinforcing complianceReinforcing
risk management
Dialogue withstakeholders

11

The 8th Medium-Term Management Plan
“For Sustainable Growth”

Restructuring of business structure in response to global economic, political,
and environmental changes

Current birth coverage (estimated under the Pigeon brand)
While the number of births is declining worldwide, our global coverage of births is still around 50%.
Considering income levels and other factors in each country, future market opportunities remain large
even in markets where we have already established a presence.

73 million births
in markets alreadyestablished
The World's
Annual Births
Approx.

57 million Births in
untapped markets*When income levels in each country arealso taken into account, our actual
coverage would be about 30 million

130 million
babies*45 million in the African region©Pigeon Corporation All Rights Reserved. │ Strictly Confidential*Calculated by Pigeon

13

8th MTP: Themes and Key Strategy

For Sustainable Growth

Restructuring of business structure in response to global economic, political, and environmental changes

Key Strategy (deepening the ones of the 7th MTP)
Brand Strategy

Centered on “Purpose” for our business activities and strengthening brandpower through products

Product Strategy

Strengthen “Monozukuri”, focus on core categories (Nursing bottles and Skincares),and explore the “New areas”

Regional
Strategy・Strengthen autonomous business operation by each SBU.
・Implement the drastic structural reform to establish production and sales
systems tailored to market characteristics, improve efficiency and profitability,
stabilize the supply chain, and prepare for the expansion of the new markets.

©Pigeon Corporation All Rights Reserved. │ Strictly Confidential

14

8th MTP: Key Actions

Implementation of structural reforms

Sustained growth in “Existing areas” and exploration and cultivation of “New areas”

Existing Business Areas
・Strengthen nursing bottles and baby skincare
which we have a strong competitive edge.
・Structural reforms in each business- Lansinoh and Singapore business: Accelerating Growth- China business: From "High-Growth" to "Stable-Growth"- Japan Business: Improve the profitability

New Business Areas

・Expansion of core customer target group- Toddlers- Mothers To Be- Fathers

・Expansion of our target market- North America (Pigeon brand)- Africa region[Common in Existing and New areas] Strengthen Brand strategy and “Monozukuri”©Pigeon Corporation All Rights Reserved. │ Strictly Confidential

15Brand Strategy

Centered on “Purpose” for our business activities and strengthening
brand power through products

Brand Strategy: What we aim for at the 8th MTP
Centered on “Purpose” for our business activities and strengthening
brand power through products
We draw up the future community which Pigeon aim forfrom a long-term perspective and promote business activities
aimed at realizing our Purpose©Pigeon Corporation All Rights Reserved. │ Strictly Confidential

17Brand Strategy: What we aim for at the 8th MTP
Points to be strengthen
DistinctivenessCoherence

Most important

Sharpen “distinctiveness of Pigeon”

Embody strength and distinctiveness of Pigeon through products
and services. Impress customers with distinctive brand experience.

Provide a consistent brand experience

Ensure consistent communication at all points of contact with customers.

Engage in collaboration with customers and society
Participation

Generate dialogue with customers. Actively incorporate customers' opinion into
products and services.
Engage in collaboration with society to realize “Baby-friendly future”.

©Pigeon Corporation All Rights Reserved. │ Strictly Confidential

18

Product Strategy
Strengthen “Monozukuri”, focus on core categories (Nursing bottles
and Skincares), and explore the “New areas”

Product Strategy: Strengthen our “Monozukuri”
Monozukuri expenses* in the final year of the 8th MTP are planned to increase to about 1.5 times the 2022.
Strengthen lifestyle proposals, new materials, response to local needs and new areas, etc.
*What are “Monozukuri expenses” ?
Total amount of all expenses related to our "monozukuri” activities. In addition to conventional R&D expenses, thisincludes expenses for product planning, etc.

Example of strengthen our “Monozukuri”
1) Baby bottle steam sterilization dryer
POCHItto (Japan)

2) SLIM NECK STEELFEEDING BOTTLE (India)

80[Monozukuri Expenses]

6 billion yen

60
40

4 bn.

20
▲A new proposal for sterilizing nursing bottles that has neverbeen seen before in Japan, and the convenience of fully
automated sterilization, drying, and storage has been wellreceived. Highly rated 4.9 stars on a major e-commerce.
©Pigeon Corporation All Rights Reserved. │ Strictly Confidential▲Stainless steel tableware is widely used in India.
Stainless steel baby bottle developed with a focus on
Indian culture. Sales exceeded expectations.

02022
Actual

2025
Plan

20

Product Strategy: Nursing Bottles and Nipples
Aiming to increase global sales volume and value of wide-neck nursing bottles.
Great opportunities for growth in Indonesia and the Middle East, where we have the largest market sharein the market by expanding sales of wide-neck bottles.

High
80%+

1. Expand sales of wide-neck bottles
Strengthening the brand on the strength of "research" andContinue to create strong reasons for our products to bechosen.

market share
50%+
Marketshare

40%+

2. Improvement of WTP* through value-added increase
Adding value to the nursing bottles with attractive
design and improved usability

Standard-neckbottles

Low©Pigeon Corporation All Rights Reserved. │ Strictly Confidential

Wide-neck bottles
Profitable models

Profitability

WTP: Willingness To Pay: maximum amount consumers are willing to pay for a product or service

High
21

Product Strategy: Skincares
Still significant room for expansion of market share in the skincare category worldwide.
Each business will develop unique products by taking into account consumers’ local needs.
[Reference: Value market share of Baby skincare (Pigeon survey)

Approx.

30%
Existing areas
Expand market shareby strengthening Basic Series©Pigeon Corporation All Rights Reserved. │ Strictly Confidential

Approx.

10%Singapore
BusinessVerylittleNew areas
Capture new market opportunities throughdevelopment of new area such as Skincare for Toddlers

22Product Strategy: Explore and Cultivate New Areas
We will also focus on exploring and nurturing new growth areas where we can leverage our expertise.
Aiming for sales in excess of approximately 10 billion yen in new areas by 2025.
[ Sales image of New Areas ]In three years
Sales growth

New Area

Existing Area

+10 billion yen+9 billion yen

New area +10

100,000

Skincare, Oral development 80,000
support, etc.

Age-up(For toddlers
and beyond)

6 billion

Women'sCare

1.5 billion Pregnancy care, etc.

Others120,000

60,000Existing Area
+9

Prenatal and postpartum care
40,000

2.5 billion©Pigeon Corporation All Rights Reserved. │ Strictly Confidential(Billion JPY)

Next-generation healthcare
and Lifestyle proposals, etc.

20,00002022
Actual

2025
Plan

23

Regional Strategy
Implement the drastic structural reform to establish production and sales systems tailored to market
characteristics, improve efficiency and profitability, stabilize the supply chain, and prepare for the expansion of
the new markets.

Regional Strategies: Japan BusinessJapan Business 3-year CAGR

+2.0%
Operating income: +8.4%
Net sales:

Priority Strategy (Baby Care)
1. Improve profitability through price revision and product portfolio review[ Japan Business plan ]Net sales
gross margin ratio

50,00040,00060%

36,32338,50040%

30,000Focus on Bottles and Nipples, Breastfeeding support, and Skincare

2. Creation of new categories (total sales over 3 years: over 5 billion yen)
New areas in baby (Next generation healthcare, age-up, etc.)
New areas other than baby (e.g., Women's care, Father care, etc.)

3. Strengthen our own e-commerce platform (Target sales in 2025: 4 times
the 2022 level)
Positioned our own EC platform as a major channel for new category products©Pigeon Corporation All Rights Reserved. │ Strictly Confidential

20,00020%

10,00002022
ActualUnit: Million JPY

2025
Plan

0%

25

Japan Business Initiatives: Completion of New Fuji plant(scheduled for August 2023)

Production capacity expansion
Strengthening of baby skin research anddevelopment system
Tackling new fields such as unique products
as well as D2C, etc.
©Pigeon Corporation All Rights Reserved. │ Strictly Confidential

26

Regional Strategies: China Business
China Business 3-year CAGR

+8.4%
Operating income: +8.5%
Net sales:

Priority Strategies
1. further enhancement of baby bottle/nipple and baby skin care
Expanding products for 12+ months babies to achieve 50% market share of the
Nursing bottles.
Expansion of unique skincare product series following avocado and yuzu
2. Creation of new categories
Developing new markets such as women's care, fathercare, and age-appropriateness3. Restructuring by reviewing the supply chain
Improved profitability of factories and shift to own direct sales system in Korea©Pigeon Corporation All Rights Reserved. │ Strictly Confidential[ China Business plan]
Net sales
gross margin ratio

60%

50,00044,30040,00030,00034,77630%

20,00010,00002022
ActualUnit: Million JPY

2025
Plan

0%

27

Regional Strategy: Singapore BusinessSingapore Business 3-year CAGR

[ Singapore Business plan ]Net sales+7.9%
Operating income: +6.7%

30,000Priority Strategies

20,000Net sales:(*3-year CAGR for external sales is +10.0%)

14,153

1. Accelerate business growth centered on Nursing bottles and Skincare
Double-digit annual growth targeted for Indonesia, India, and other major countries
2. Strengthen manufacturing for upper-middle to premium class
Strengthen in-house planning and development systems and utilize promising local
partners
3. Business restructuring by reviewing supply chains, etc.
Review of sales structure in existing markets, restructuring of Thai plants©Pigeon Corporation All Rights Reserved. │ Strictly Confidential

gross margin ratio

17,80010,000

0

60%

40%

20%

2022
ActualUnit: Million JPY

2025
Plan

0%

28

Regional Strategy: Lansinoh Business
Lansinoh Business 3-year CAGR

+6.4%
Operating income: +6.7%
Net sales:

Priority Strategies
1. Strengthening and fostering of anesthetics, prenatal and postpartum care
Introduced a new model of breast pump, making prenatal and postpartum care thenext growth category
2. Development of new products and categories utilizing “Bio-design”
Expansion the brand from “breastfeeding” to “Women’s Health”
3. Business restructuring through review of sales structure, etc.
Improving the efficiency of European operations, including reviewing the distribution
networks©Pigeon Corporation All Rights Reserved. │ Strictly Confidential[ Lansinoh Business plan ]Net sales
gross margin ratio

60%

30,00050%
20,00020,40016,91740%
30%

10,000

20%
10%

0

2022
ActualUnit: Million JPY

2025
Plan

0%

29

Pigeon: Sales Growth by Area (2022 vs. 2025)
Besides Japan and China, the Middle East and Southeast Asian countries arealso expected to grow significantly.

KOR
CHN
UAE

+16%

+17% JPN(Middle East)

IND

+

52%

©Pigeon Corporation All Rights Reserved. │ Strictly Confidential

+194%

+4%

(Baby Care)
MYS

+42%

IDN

*Sell-in plan (local currency basis)

THA

+31%

+65%

30

Lansinoh Sales Growth by Area (2022 vs. 2025)
In addition to the mainstay U.S. market,
impressive sales growth is planned in Europe and China.
GBR
CAN

USA

+40%

+17%

©Pigeon Corporation All Rights Reserved. │ Strictly Confidential

+24%
DEU

BENELUX

+49%

+38%
TUR

*Sell-in plan (local currency basis)

CHN

+14%

+69%

31

Financial Targets and KPIs of the 8th MTP

8th Mid-Term Management Plan : Financial TargetsGroup
consolidation
3-year CAGR

Unit: Million JPY

Net Sales: +6.2%
Operating Income: +9.5%
FY Dec. 2025

FY Dec. 2022
ActualUnit: Million JPY[ Three-Year Growth Image ](Final year of the 8th MTP)

% of Total

Plan% of Total

3-year CAGRNet Sales

94,921100.0%

113,800

100.0%

6.2%

Cost of Sales

50,08752.8%

57,300

50.4%

4.6%

Net sales
150,000

113,800
100,000

Gross Profit

44,83447.2%

56,500

49.6%

8.0%

SG&A Expenses

32,63834.4%

40,500

35.6%

7.5%

Operating income

12,19512.8%

16,000

14.1%

9.5%

Ordinary income

13,46514.2%

16,000

14.1%

5.9%

Net Income Attributableto Owners of Parent

8,581

9.0%

10,400

9.1%

6.6%©Pigeon Corporation All Rights Reserved. │ Strictly Confidential

Operating income

94,92150,00012,19516,00002022
Actual2025
Plan[Currency rates] FY Dec. 2022 Results: US$1 = JPY 131.55 / CNY 1 = JPY 19.50
8th Mid-term Plan: US$1 = JPY 130.00 / CNY 1 = JPY 19.50

33

8th MTP : Growth Image (Group Consolidated)
Aim to achieve record-high sales and improve operating margin in the final year of the 8th MTP(*Revenue recognition standard was changed since FY Dec. 2021)(Unit: Million JPY)

Net sales

140,000

Operating income

120,000➡New Standard

100,000

94,92180,00012.8%

60,000Operating profit ratio
106,500

100,000

113,800

25%
20%

12.4%

13.1%

14.1%

15%
10%

40,00012,19520,000
0

30%

2018

Dec. 2019 2020
Jan.
2019 2019.12
2019.01

6th MTP©Pigeon Corporation All Rights Reserved. │ Strictly Confidential

2021

7th MTP

2022

12,4002023

14,0002024

8th MTP

16,000
2025

5%
0%

34

8th MTP : Growth Image (by Business Segment)(Unit: Million JPY)

Japan Business

China BusinessSingapore Business[ Sales Plan by Segment ]150,000

Lansinoh Business[ Operating Income Plan by Segment ]30,00025,000100,000

20,40016,917

17,80014,15350,00034,77636,32302022
Actual©Pigeon Corporation All Rights Reserved. │ Strictly Confidential

20,00015,00044,30038,500
2025
Plan

1,154
2,140

10,0005,000
010,408
1,491
2022
ActualNote: Elimination of inter-segment transactions are not included.

1,400
2,600

13,300

1,900
2025
Plan
35

8th MTP : Capital Policy and Shareholder Returns[ Cash flows ]Increase in operating cash flow (3 years): Approx. 34 billion yen

Shareholder Return Policy

Continue stable dividend payments by maintaining
current dividend levels along with further improvement
in consolidated performance and financial condition.

[ Investment ]Investment for growth (3 years): Approx. 12 billion yen[ KPI targets at final year of the 8th MTP ]ROE
14.0% or more
ROIC
15.0% or morePVA
7 billion yen or more

[ Dividend per share ]

(Yen)
90
70

72

74

76

76

2019
19/12期

2020
20/12期

2021
21/12期

2022
22/12期FY
Dec. 2023
23/12期*ROE:
Calculatedwithequitybeing
the average of the beginning and ending balances©Pigeon Corporation
All Rights
Reserved.
│ Strictly
Confidential*ROIC: NOPAT/Invested capital, calculated with a tax rate of 30.0% and invested capital being the average of the beginning and ending balances

36

60

30

(Scheduled)(Forecast)Final Draft of Key Issues (Materiality) & Individual Issues
5 Key Issues(Materiality)

What We Aim to Achieve

1. Enhancing businesscompetitiveness andresilience

Building a resilient distribution systems that can 'create','produce' and 'deliver', expand our corporate value over the
medium to long term, and become essential to society

2. Reducing ourenvironmental impact

Implementing the Pigeon Green Action Plan, which aims for
decarbonization, circular society and coexistence with naturein order to leave a rich earth for the future of babies born
tomorrow

3. Contributing to
the resolution ofsocial issues

Helping to resolve the social issues that affect babies andfamilies

4. Managing talentand cultivating theright culture for our
PurposeManaging talent and cultivating the right culture in which
diverse human resources share the Pigeon Way and Purpose,are proud of the company, organization and their work, aremotivated to contribute voluntarily, and continue to take onchallenges to be themselves

5. Establishing solidmanagementfoundations

Reinforcing the GHO/4SBU structure and Enhancing corporate
governance system capable of taking on aggressive
challenges in order to increase corporate value over the
medium to long term

20 Individual issues to be realized

Supporting
nursing babies

Supporting healthy baby skindevelopment

Releasing products thatexceed customer expectations
Reducing
greenhouse gas
emissions(Scope 1, 2 & 3)

Promoting responsible
procurement©Pigeon Corporation All Rights Reserved. │ Strictly Confidential

Building resilient
distribution systems

Circularmanufacturing

New products and services
for babies needing support

Reinforcing
group
governanceReinforcing
compliance

Using sustainable
resources (paper &palm oil)

Expanding use of products designed
for maternity hospitals
Participating in andsupporting communities

Working environments that achieveself-fulfillment and growth
Enriched investment in humanresource development

Creating new
businesses

Ambitious organizational
culturePromoting Diversity & inclusion

Reinforcing risk
management

Dialogue withstakeholders

37©Pigeon Corporation All Rights Reserved. │ Strictly Confidential

38Appendix

Vision of a Baby-Friendly Future

Six specific faces of society
Babies are part ofeveryone’s everyday life

Loose, friendly ties facilitating
easy cooperation aroundraising children
Creativity from babies
brings excitement to society
No barriers toraising children

All babies are helped to develop
and grow, regardless ofthe conditions of their birth
A comfortable world
where babies are not troubled
by environmental risks

We formulated Vision of a Baby-Friendly Future by describing, in terms of six specific faces of society, the “baby-friendly” world envisaged in that
Purpose. In order to realize its Vision of a Baby-Friendly Future, Pigeon will move forward step by step, seeking to increase the number of people
in society who empathize with the vision and co-creating and taking action with a diverse range of stakeholders.
Vision of a Baby-Friendly Future website: https://www.pigeon.com/vision-of-a-baby-friendly-future/
40©Pigeon Corporation All Rights Reserved. │ Strictly Confidential

8th MTP : Financial Targets (Consolidated / three years)
Unit: Million JPY

FY Dec. 2022
Actual

FY 2023
Forecast

FY 2024Plan

FY 2025
Plan

Net Sales

94,921

100,000

106,500

113,800

Cost of Sales

50,08751,80054,60057,300Gross Profit

44,834

48,20051,90056,500

SG&A Expenses

32,63835,80037,90040,500Operating Income

12,195

12,40014,00016,000Net Income Attributable to
Owners of Parent

8,581

8,100

9,100

10,400EPS (yen)

71.72

67.70

76.05

86.92

Gross Margin

47.2%

48.2%

48.7%

49.6%

Operating Margin

12.8%

12.4%

13.1%

14.1%

Net Income Attributable to
Owners of Parent Margin

9.0%

8.1%

8.5%

9.1%

©Pigeon Corporation All Rights Reserved. │ Strictly Confidential[Currency rates] FY Dec. 2022 Results: US$1 = JPY 131.55 / CNY 1 = JPY 19.50
8th Mid-term Plan: US$1 = JPY 130.00 / CNY 1 = JPY 19.50

41

8th MTP : Financial Targets (by Segment / three years)
Unit: Million JPY

Net sales

FY 2023
Forecast

FY 2024Plan

FY 2025Plan

3-yearCAGR

Growth in Amount(FY25 vs. FY22)

Consolidated

94,921

100,000

106,500

113,800+6.2%+18,879

Japan Business

36,32336,80037,00038,500+2.0%+2,177China Business

34,77637,70041,40044,300+8.4%+9,524Singapore Business

14,153

15,40016,20017,800+7.9%+3,647

Lansinoh Business

16,917

18,20019,30020,400+6.4%+3,483Elimination ofintersegment transactions(7,248)(8,100)(7,400)(7,200)ーー

Unit: Million JPY

Operating
IncomeFY Dec 2022
ActualFY Dec 2022
Actual

FY 2023
Forecast

FY 2024Plan

FY 2025Plan

3-yearCAGR

Growth in Amount(FY25 vs. FY22)

Consolidated

12,195

12,40014,00016,000+9.5%+3,806

Japan Business

1,491

1,200

1,600

1,900

+8.4%

+409

China Business

10,40811,30012,40013,300+8.5%+2,892Singapore Business

2,140

2,100

2,200

2,600

+6.7%

+460

Lansinoh Business

1,154

1,300

1,300

1,400

+6.7%

+246

©Pigeon Corporation All Rights Reserved. │ Strictly Confidential[Currency rates] FY Dec. 2022 Results: US$1 = JPY 131.55 / CNY 1 = JPY 19.50
8th Mid-term Plan: US$1 = JPY 130.00 / CNY 1 = JPY 19.50

42

8th MTP : Financial Targets (by Region / three years)
Unit: Million JPY

FY Dec 2022
Actual

FY 2023
Forecast

FY 2024Plan

FY 2025
Plan

Overseas Total

60,68965,433

71,614

77,208+8.4%

127.2%

China (incl. Hong Kong)

32,12932,95935,56437,286+5.1%

116.1%

Other Asia

9,521

11,992

13,917

15,963+18.8%

167.6%

North America

11,486

11,911

12,89914,005+6.8%

121.9%

Europe

3,632

4,371

4,859

5,146

+12.3%

141.7%

Near and Middle East

2,550

2,647

2,784

2,995

+5.5%

117.4%

Others

1,371

1,553

1,592

1,813

+9.8%

132.4%

2022 Actual

2025
2025年
Plan

3-year
CAGR

3 yr Growth(FY25 vs. FY22)

2025 Plan

77,2082022
Actual36%

60,6892022年

020,00040,000©Pigeon Corporation All Rights Reserved. │ Strictly Confidential

60,00064%
80,000100,000

32%
68%

日本
■ Japan
海外■ Overseas

FY Dec. 2022 Results: US$1 = JPY 131.55 / CNY 1 = JPY 19.50[Currency rates] 8th Mid-term Plan: US$1 = JPY 130.00 / CNY 1 = JPY 19.50

43

Disclaimer on Forward-Looking Statements
This material includes certain forward-looking statements about the Pigeon Group.
To the extent that statements in this material do not related to historical or current
facts, they constitute forward-looking statements.
These forward-looking statements are based on the current assumptions andjudgments of the Pigeon Group in light of the information currently available to it,
and involve know and unknown risks, uncertainties and other factors, which may
affect the statements made in this material.

P
Head Office
4-4, Nihonbashi-Hisamatsucho, Chuo-ku, Tokyo
103-8480, Japan©Pigeon Corporation All Rights Reserved. │ Strictly Confidential

URL http://www.pigeon.co.jp/
http://www.pigeon.com/

44