KENKO Mayonnaise Co., Ltd. [Securities code: 2915]

Material for Briefing Session
For FY 3/2024
May 22, 2024

©2024 KENKO Mayonnaise Co., Ltd.

*Points to consider
This English document was created with an emphasis on fairness and promptness in disclosing information.
Please refer to the Japanese text for the original text.
Thank you for your understanding.

Table of Contents

1.Results for FY 3/2024
2.Forecast for FY 3/2025
3.Medium-to Long-Term Management Plan
"KENKO Vision 2035"
4. Action to Implement Management that is
Conscious of Cost of Capital and Stock prices©2024 KENKO Mayonnaise Co., Ltd.

2

1. Results for FY 3/2024©2024 KENKO Mayonnaise Co., Ltd.

3

Highlights for FY 3/2024 (Consolidated)
Net sales up ¥6.3 billion and ordinary income up ¥2.9 billion
・Sales increased due to a recovery in demand for restaurants
and an increase in sales to fast foods.
・Profit increased due to penetration of Price Increases

Net sales recorded all time highFY 3/2024

FY 3/2023(Millions of yen)

ActualActualYoY

Net sales

82,36388,724+7.7%

Gross profit

14,62518,017+23.2%

Selling, general andadministrative expenses

14,52015,068+3.8%Operating profit

105

2,949

-

Ordinary profit

169

3,099

-

Profit attributable toowners of parent

485

2,735

+463.3%29.86yen

169.90yen(Gross profit margin)(SG&A ratio)(Operating margin)(Ordinary profit margin)

Earning per share©2024 KENKO Mayonnaise Co., Ltd.

17.8%

17.6%

0.1%

0.2%

0.6%

20.3%

17.0%

3.3%

3.5%

3.1%

※Rounded down to the nearest million yen

4Factors in Changes in Consolidated Ordinary Profit (YoY)(Millions of yen)

１H +4,748
２H +4,115

１H -25２H -36

１H -272
２H -104

１H +99２H -630

3,099
169

１H -4,346
２H -620～～2023.3

Price Increases

Production efficiency Decreased sales volume Fixed costs,etc

Ingredient impact

2024.3

YoY +2.929 billion yen©2024 KENKO Mayonnaise Co., Ltd.

※Rounded down to the nearest million yen

5Sales Results by Segment(Millions of yen)

88,72490,00082,36380,00026,99623,80370,000

Segment■Seasoning and Processed
Foods Business

YoY

Main Points+8.5%●Recovery in restaurant demand●Effects of price increases●Expand sales of mayonnaise for mass retailers andrestaurants and dressings for overseas markets●Effects of price increases■Mayonnaise and Dressings+13.4%■Processed Egg products-8.3%●Menu proposals with adjusted egg usage●２H remained unchanged from the previous fiscal year
due to the impact of supply-related restrictions.

■Salads and Delicatessen+20.6%●Expansion of low volume salads under B to B to C
strategies●Strong performance of the mainstay products “potato
salads, pasta salads, tuna salads, and rice noodles salads"for restaurants.

■Other

+14.4%●Growth in frozen potato and frozen sweet potato products

60,00050,00018,74820,44640,00021,90330,00018,157
1,270

20,00017,733

10,000

0

1,453

951

18,714■Delicatessen-related Business+5.5%●Effects of price increases●Expansion of sales categories and channels●Expand product categories such as rice dishes anddelicatessen foods

2024.3■Other (Salad Cafe)-4.6%●Closure of 1 store●Decline in department store deli demand due to recovery
in restaurant business

908
2023.3©2024 KENKO Mayonnaise Co., Ltd.

※Rounded down to the nearest million yen

6Segment Results(Millions of yen)

Net sales

FY 3/2024

FY 3/2023

82,363

Seasoning and Processed Foods Business

YoY

+7.7%

88,724

63,678

69,101+8.5%

Mayonnaise and Dressings

23,803

26,996+13.4%

Processed Egg products

20,446

18,748-8.3%

Salads and delicatessen

18,157

21,903+20.6%

1,270

1,453

+14.4%

17,73318,714

+5.5%

951

908

-4.6%

*Business of KENKO Mayonnaise

Other

Delicatessen-related Business*Businesses of consolidated subsidiaries

Other *Salad Cafe

Profit by segment

169

3,099

ー

Seasoning and Processed Foods Business

-235

2,571

ー

Delicatessen-related Business

720

936

+30.0%

Other

14

41

+182.0%

-329

-450

Adjustments©2024 KENKO Mayonnaise Co., Ltd.

ー※Rounded down to the nearest million yen

7Sales by Channels (Consolidated)(Millions of yen)

Variationsin Sales by Channels

88,72482,36329%

Mass retailers

28%

68,502

Convenience
storesMass retailers+11.3%
Convenience
stores
-6.1%
Bread
+9.3%

22%

20%

Bread

12%

10%

Other

5%

School lunch+4.2%
2020.3

FY 3/20202021.3

FY 3/2021©2024 KENKO Mayonnaise Co., Ltd.

Restaurants

30%

Restaurants+12.9%

75,64774,480

Variations in Sales Composition
by Channels

2022.3

FY 3/2022

2023.3

FY 3/2023

2024.3

FY 3/2024

Other+29.9%

School lunch

4%0%2020.32021.32022.32023.32024.3※Rounded down to the nearest million yen

8Overview of the Balance Sheet (Consolidated)
Assets: Increase in accounts receivable- trade and cash and deposits(Effect of holidays at the end of March)

Liabilities: Increase in accounts payabl

Equity ratio 57.9%.
Stable financial foundation(Effect of holidays at the end of March)

Decrease in interest-bearing debt
* Include long-term accounts payable

Assets(Millions of yen)

29,651

36,575+23.3%

Non-current assets

32,57730,795-5.5%

62,22967,370

+8.3%

8,102

6,881

-15.1%

25,43528,391+11.6%

36,79438,978+5.9%

62,22967,370+8.3%

2281.75yen

2439.95yen

59.1%

57.9%

Balance of interest-bearing debt*

Net assets
Total liabilities and net assets
Net assets per share
Equity Ratio©2024 KENKO Mayonnaise Co., Ltd.

YoY

Current assets

Total assets
Liabilities

FY 3/2024

FY 3/2023-1.2%※Rounded down to the nearest million yen

9Overview of Cash Flows (Consolidated)
Operating CF

Increase in profit before income taxes

Investment CF

Increase in proceeds from sales of investment securities

Finance CF(Millions of yen)

Operating CF
営業CF

Investing CF
投資CF

Decrease in payments of installment payables

Financing
財務CFCF

Free cash flow
フリーCF

6,000

5,717

5,000
4,000

2,669

3,000
2,000

5,957

3,526

1,000
0
-1,000-2,000-3,000FY 3/2023

FY 3/2024

Cash flows fromoperating activities

3,526

5,957

+2,431

Cash flows frominvesting activities

-856

-239

+616

Free cash flow

2,669

5,717

+3,047

Cash flows fromfinancing activities-2,822-2,277+545

12,28915,729+3,440(Millions of yen)

△ 856

△ 2,822

FY 3/2023©2024 KENKO Mayonnaise Co., Ltd.

△ 239

△ 2,277

FY 3/2024

Cash and cash
equivalents
at end of period

Change※Rounded down to the nearest million yen

102. Forecast for FY 3/2025©2024 KENKO Mayonnaise Co., Ltd.

11

Earning Estimate for FY 3/2025 (Consolidated)
Sales up 1.4%, Operating profit up 8.5%
Formulatinga new management plan

Aiming for higher sales and profits
by improving profitability and productivity
FY 3/2025(Est.)

FY 3/2024(Actual)(Millions of yen)AmountAmountYoY

Net sales

88,72490,000+1.4%

Operating profit

2,949

3,200

+8.5%

3.3%

3.6%

3,099

3,300

3.5%

3.7%

2,735

2,260

3.1%

2.5%

169.90yen

140.37yen%

Ordinary profit%
Profit attributable to owners of parent%

Earnings per share©2024 KENKO Mayonnaise Co., Ltd.

+6.5%
-17.4%※Rounded down to the nearest million yen

12Forecast of sales by Segment for FY 3/2025(Millions of yen)

90,00088,72490,000

Segment
80,00026,39626,99670,00060,00019,994

18,74850,00040,00030,00020,00022,517

1,453

1,435

881

908
2024.3©2024 KENKO Mayonnaise Co., Ltd.

■Seasoning and Processed
Foods Business+1.8%■Mayonnaise and dressings-2.2%■Processed egg products+6.6%■Salads and delicatessen+2.8%■Other

-1.3%

Points●Expansion of demand for restaurants●Recovering Processed Egg products■ Delicatessen-related Business+0.3%●Expansion of sales categories and channels■Other (Salad Cafe)-2.9%●Strengthen the brand of Salad Cafe

18,774

18,71410,000021,903

YoY

2025.3(Est.)※Rounded down to the nearest million yen

13Forecast for Changes in Operating Profit (Consolidated)(Millions of yen)2024.3©2024 KENKO Mayonnaise Co., Ltd.

Ingredient impact

Price Increases

Production
efficiency

Sales volume
and Sales
expenses

Fixed costs,etc

2025.3(Est.)

YoY +250 million yen※Rounded down to the nearest million yen

14Shareholder Return and Dividend Forecast
FY 3/2025
Interim dividend 17 yen
Year-end dividend 17 yen Total 34 yen

FY 3/2024
Interim dividend 10 yen
Year-end dividend 20 yen Total 30 yen
FY 3/2018

FY 3/2019

FY 3/2020

FY 3/2021

FY 3/2022

FY 3/2023

FY 3/2024

FY 3/2025(Est.)

37

30

31

20

17

17

30

34

Payout ratio (%)

21.2

21.5

24.8

22.6

22.9

56.9

17.7

24.2

Dividend yield (%)

1.06

1.37

1.52

1.06

1.23

1.41

1.49

-

2.1

1.6

1.6

1.0

0.8

0.8

1.3

-

Dividends ( yen / share)

DOE (%)(yen/share)
40■Year- enn dividend■Interim dividend

30

19

20
10
0

18

15
15

16
15

12
8

10
7

Dividend yield = Dividend per share (total)/Share price as of March 31 of each year (closing price) x 100
Dividends on equity (DOE) = Total dividends/((Shareholders' equity at the beginning of the period + Shareholders' equity at the end of the period)/2) x 100©2024 KENKO Mayonnaise Co., Ltd.

9
8

20
10

17
17
FY 3/2025(Est.)

15

3.Medium- to Long-Term Plan
“KENKO Vision 2035”©2024 KENKO Mayonnaise Co., Ltd.

16

“KENKO Transformation Plan” external conditions
FY 3/2022

FY 3/2023

FY 3/2024

Situation in the world

Reclassified COVID-19 as Class 5

Spread of novel coronavirus
Russia-Ukraine war
Rising energy costs
Global warming and an abnormal climate

Raw material
procurement

Raw material price hikes (potatoes and edible oil) (secondary raw materials and materials) (egg)Highly pathogenic Bird-flu pandemic

Business
environment

Continued weakness of the yen
Realignment of the Tokyo Stock Exchange, Transition to the Prime Market©2024 KENKO Mayonnaise Co., Ltd.

17

External changes
Assumed external environment

Population Decline and Aging in Japan

 Shift from deflation to inflation
 Increasing Geopolitical Risk
 Changes in lifestyles following
COVID-19
 Societies with aging anddeclining populations in Japan
 Labor shortages and risinglabor costs in Japan Abnormal climate
 Moves toward decarbonisation©2024 KENKO Mayonnaise Co., Ltd.

Total population(Thousands of people)→ Estimate

13,00065 years and older
Percentage
(%)

35.3

12,50035
30

12,00011,500

40

25

17.4

20

11,00015
10

10,5005
10,000
2000

2005

2010

2015

2020

2025

2030

2035

2040

0

Sources: Cabinet Office, 2022 White Paper on the Aging Society (Overall Edition).
Excerpt from Chapter 1, "Situation of Aging" > "Trends in Aging and Future Trends"

18

Overview of KENKO Vision 2035
Corporate Philosophy(Mission + Purpose)

Vision (Target)

PurposeMission"Aim to be the world's leading salad company"

KENKO Vision 2035 Basic Strategy
Growth Strategy

Investment inPeopleStrengthening our management base©2024 KENKO Mayonnaise Co., Ltd.

Identification of Materiality

Automation andInnovation

KENKO Vision 2035
Basic Strategy

Natural resource
sustainability,
Socialresponsibility

Nurturing mind, Health, Life and Planet
Contributing to the World Through FoodContributing
to lifestylechanges

Consideration
for Global
Environment

Human resource
developmentwith respectfor human rights
and diversity

Pursuit offood safety,
securityandstability

Strengthening
governance19Outline of the Medium-to Long-Term Management Plan

KENKO Vision 2035
Basic
PolicyBasic Policy Aiming for fundamental reforms and further
enhancement of corporate value for sustainable growth

Phase1 2024-2027

Phase2 2028-2031

Phase3 2032-2035< Reforming Business
Structures >< Renewed Growth>

Phase1

Phase2Phase3

Under the new philosophy,
we will reform our businessportfolio and take on
the challenge of newtechnologies.

Expand into new technologies,
accelerate changes
in business structure,and reorganize

Based on a new businessmodel, we aim to strengthen
our earnings base andimplement solutions
to social issues.

©2024 KENKO Mayonnaise Co., Ltd.

< Progress andExpansion >20

Basic Strategy (1)●Growth Strategy
Strengthen the earnings base of existing businesses,implement brand building,restructure the business portfolio and adapt to changes in the business environment
Basic Policy
Product development basedon the market-in concept
Increase the ratio of
NB(national brand) products whilebranding core products

Phase1(2024-2027)
Product development and branding
・Market environment and the discovery ofcustomer issues
・Improving mobility to meet customer needs
Ratio of NB
products

Increase in ratio of overseas' sale
Expand EC business using SNS
Sustainable procurement of
raw materials
Challenge to new businesses©2024 KENKO Mayonnaise Co., Ltd.

Privatebrand
products
and others

FY 3/2024
About 30%

Considering of research offices,
sales companies,
local manufacturing and M&A

Overseas Business
Target Net sales ratio of 10% or more

To 50%

Expansion of EC business・Original products that take advantage of
our strengths

Concept of commercializationof technology and knowledge
Cooking
ClassroomCommoditiesExportFY 3/2028

Improve branding and recognition

Menu
recipesales

Promotion of overseas business

Qualitycontrol
technical

FY 2023

Expansion ofscale

FY 2035■Seasoning and Processed Foods Business■ Delicatessen-related Business, etc.
■International Business ■ New Business ■ Other

Stable procurement and expansionof production areas

・Consideration of new suppliers and countries
・Group supply system
・Building and expanding relationships with producers

21Basic Strategy (2)●Automation and Innovation

Improve corporate restructuring and productivity through DX
Reorganization of business bases to achieve growth, streamlining, and efficiency
Basic Policy

Promotion of DX(Efficient use of RPA, AI)
Optimization of
the group system
Building new technologies,
streamlining and consolidatingproduction, and improving
environmental efficiency©2024 KENKO Mayonnaise Co., Ltd.

Phase1(2024-2027)
Streamlining the operations of individual departments
through the use of RPA, AI
S t r e n g th e n p e r s o n n e l i n
d e p a r t m e n ts r e q u i r e d

Productivity
i m p r ov e m e n t

Systemization
・Strengthen recipe search system for sales support
・Restructuring of commercialization schemes

Digitaldate
Utilization

Evolution of
manufacturing
technology

Manufacturing
Streamliningof lines

Efficiency of group management
・Early visualization of profits

Improving lbor productivity for optimal production
Demandforecasting AI

Cooperating robot

Restructuring
production bases

Visualization of

Use of video

Quality and safety

production conditions

manuals

promotion System

Environmental
Considerations

Using
robots

FY 2035Labor
p r o d u c t i vi t y

30%UP

22

Basic Strategy (3)●Investment in People
Promoting Diversity as a Global Enterprise and Working Style Reform
Strengthen human resource development and consider measures that can form career plans
Basic Policy

Enhancement of humanresource development
Establishment of adevelopment system
Implementing work stylereforms(To raise employee’s
satisfaction and motivation)
Responding to diversity©2024 KENKO Mayonnaise Co., Ltd.

Phase1(2024-2027)
In response to diversity introduce
work styles

Introduced training to realize career plans

・Examination of work system
・Consideration of extension of shortened working
hours for childcare
・Review of total annual working hours

・To enhance training programs
・Support for acquisition of qualifications

Employees

Realize self-realization andgrowth introduced a system

Strategic staffing,building a training systemthrough transfers
・Revitalization of career hiring
・Recruitment activities with an eye to globalization

・Start of new personnel system
・Practicing high-quality feedback(Skill improvement education for managers)

・Fostering a corporate culturethat supports challenges

Corporate23

Basic Strategy (4)●Natural resource sustainability, Social responsibility
Promoting environmental initiatives and activities that contribute to local communities
Aiming for health management focused on the health and job satisfaction of group employees
Basic Policy

Implementation of road maps
and investments in line withthe sustainability policy
Promoting the concept ofhealth management thatvalues people
Contributing to local
communities and co-creation
Thorough risk management
Strengthening
corporate governance©2024 KENKO Mayonnaise Co., Ltd.

Phase1(2024-2027)
Measures for CO2 and waste reduction
Energy visualization (fuel and electricity), reuse(steam), optimization, energy conversion, andintroduction of renewable energy
Promotion of environmentally friendly
containers and packaging materials
Circular Economy● Compost of our waste

Raw materials grown in

Bioprocessing

Raw materials

Examination and verification of strategic
shareholdings

Manufacturing
Recycling

FY 2030: 50% reduction
FY 2050: Carbon neutral (per unit of production compared tofiscal 2019)

・Strengthen committee activities (risk, BCP)
・TCFD Initiatives, Producer Support, and Risk-Diversification

By improvingAward period
Extension●Waste composting

Recycling-oriented

Promotion of modal shift

Enhance the work environment
Risk countermeasures● Disinfectant technology

EconomyConsumption● Pla products using

eggshell pellet● Up Cycle
commodities

Improving raw materials Quality
Establishment of raw material evaluation standards
Materials research

Establishing a risk map

Strengthen quality control in overseas markets
24Medium-to Long-Term Management Plan Targets

KENKO Vision 2035

Aiming for Fundamental Reforms and ]Further Improvement of Corporate Value for Sustainable Growth
GrowthStrategy
Phase1 2024-2027< Reforming Business Structures >Natural resource
sustainability, Social
responsibility

Investment inPeopleAutomation andInnovation

Phase2 2028-2031

Phase3 2032-2035< Renewed Growth >< Progress and Expansion >Fiscal 2035 Targets

Fiscal 2027 Targets

Net sales

ReturnConsolidated
operating profit

DOE(Dividends on equity ratio)

102 billion yen or more
3.3 billion yen or more
1.5% or more (level)

Financial Indicators

Financial
Indicators
Shareholders

Net sales

Shareholder
Return©2024 KENKO Mayonnaise Co., Ltd.

Consolidated
operating profit
Operating profit
ratio

125 billion yen or more
7.5 billion yen or more
6% or more

ROE

8% or more

Overseas Sales
ratio

10% or more

DOE

(Dividends on equity ratio)

2.5% or more (level)25

4.Action to Implement Management that is
Conscious of Cost of Capital and Stock prices©2024 KENKO Mayonnaise Co., Ltd.

26

Analysis of the current situation
Decline in profitability despite maintaining a strong financial base due tosignificant changes in the environment such as the corona disaster

Balance between
capital and earnings

FutureChallenges

ROE

Equity Ratio

Lower ROE due to a decline in net
income due to the corona incident

Maintaining a Strong Financial Baseto Respond to Social Changes

PBR
Recovered due to efforts thatemphasized profitability despite
a PBR of more than one
due to the Corona calamity (times)
1.8(one-time gain on sale of securities in fiscal 2023)
11.2
9.6

1.9

9.7
7.2

1.3

0.8

2020

2023

※Stock prices are closing prices as of the end of March©2024 KENKO Mayonnaise Co., Ltd.

2020

2023
(FY)

45.5
3.4
1.3

0.6 0.5
2017

57.9

47.8
4.2

0.9

57.1
7.2

6.1

1.1
1.0

(%)

(%)

12.0

1.6

2014

Strengthen
profitability

2014

2017

2020

2023

2014

2017

27

Decomposition of ROE for analyzing the current situation

11.2
9.6

Net income
margin

ROE
12.0
9.7

6.1
Median 5.9%*

4.2

3.4

2014

2017

2020

2023

Financial
Leverage

1.3

Total asset
turnover

7.2

7.2

4.0
2.7

1.5

2.2

4.0

3.1

3.1

2.8

3.1
2.1

1.6

Median
3.3%※

0.6

1.6
1.4

2.2

1.1

1.1

2.1

2.1

1.2

1.9

1.8

1.1

1.8

1.2

1.3

1.3
Median1.1times※

1.7

1.7

1.7

Median1.8times※

2023

(FY)

(FY)
※Fiscal 2022 Median for Foods: Extracted from the Financial Analysis Manual©2024 KENKO Mayonnaise Co., Ltd.

2014

2017

2020

28

Initiatives Policy
Strengthen the business foundation and restructure the business portfolio.
Promote Growth strategy and enhance corporate value
while strengthening capital-strategy.
Growth strategies●Creating products with value
based on market-in ideas●Strengthen profitability ofexisting products throughproduct consolidation●Accelerate global expansion
and expand new businesses
by restructuring business portfolio©2024 KENKO Mayonnaise Co., Ltd.

Capital and financial strategies●Strengthen shareholder returns(stable dividends)●Reduction of strategic stockholdings●Purchase of treasury stock●Strengthening dialogue withshareholders and investors

29

Initiatives(1) Measures aimed at achieving
a consolidated operating profit margin of at least 6%
Implementing measures to improve operating profit margin
Restructuring of business portfolio
Streamlining by reorganiz ing business bases
Increase labour productivity by 30% throughpromotion of DX

00

00

Net sales
102 billion yen or more

00 Net sales

Operating profit ratio

6% or more

Net sales
114 billion yen or more

Net sales
125 billion yen or more

6.0% or more

90 billion yen
Operating profit
5 billion yen or more

00

Operating profit
7.5 billion yen
or moreNet sales
Operating profit margin
00
Operating profit
Operating profit
3.3 billion yen or more
3.2 billion yen

00

00

0

Phase1 2024-2027

Phase2 2028-2031

Phase3 2032-2035

KENKO Vision 2035
©2024 KENKO Mayonnaise Co., Ltd.

※Rounded down to the nearest million yen

30Initiatives (2) Measures aimed at achieving ROE 8% or more
Reduction of shareholders' equity to increase corporate value
Purchase of treasury stock
Reduction of strategic stockholdings

ROE

8% or more
8.0%
or morePhase1 2024-2027

Phase2 2028-2031

Phase3 2032-2035

KENKO Vision 2035
©2024 KENKO Mayonnaise Co., Ltd.

31

Initiatives (3) Boost shareholders returns
Stable shareholder returns

DOE

Stable dividends that are not affected bybusiness performance
Increase DOE for each phase

2.5% or more level

Dividend payout
ratio

Dividend payout ratio
be volatile
Phase1DOE
Cash dividends

1.9%

2.1%

23

28

2014

2015

©2024 KENKO Mayonnaise Co., Ltd.

2.5%

2.1%

37

37

2016

2017

1.6%

1.6%

1.0%

0.8%

0.8%

1.3%

30

31

20

17

17

30

2018

2019

2020

Previous
medium-term plan

1.5％

or more●Phase22.0％●

or morePhase3

2.5％

or more●KENKO Vision 2035
32

Initiatives (4) Financial Strategy
Details

Summary
74.9 billion yen
Growth strategy
23.9 billion yen

Automation andInnovation
18.2 billion yen

29 billion yen
10.9 billion yen
8.6 billion yen
4.3 billion yen

Investment in People
12.2 billion yen

Naturalresource sustainability,
Social responsibility
20.5 billion yen

5.1 billion yen
2024‐2027
2024‐2035
Capital allocation (investment amount)©2024 KENKO Mayonnaise Co., Ltd.

Phase1

Phase3 sum(2024-2027)

Growth strategy

New business development, etc.

●Overseas expansion (including M&A) 3.8 billion yen●To invest in a new businessー●Investing in systems
1.1 billion yen●Strengthen business bases
6 billion yen
Automation andInnovation

7 billion yen
11.2 billion yen

Human resources, diversity, working environment, etc.

●Education and Human Resource
1.6 billion yen
development Measures●Engagement Enhancement Measures 2.7 billion yen
Naturalr e s o u r c e s u s t a i n a b i l i t y,Social responsibility

6.2 billion yen
2.5 billion yen
3.1 billion yen
12 billion yen

Reorganization of domestic operations●Restructuring of business operations 4.8 billion yen●Promotion of DX, etc.
3.8 billion yen
Investment in People(2024‐2035)

6.2 billion yen
6 billion yen

Shareholder Returns and Environmental Investments●Shareholder Returns●Capital Policy (Share Repurchase)●Investing in ESG

2.3 billion yen
1.4 billion yen
1.4 billion yen

10.4 billion yen
4.5 billion yen
5.4 billion yen※Rounded down to the nearest million yen

33

Initiatives (5) Strengthen investor relations activities
Promote improved PBR
by strengthening and growing our businessand further strengthening our IR activities
Establishment of foundations
for IR activities●Issuance

Integrated Report inJapanese and English●Improving IR site

Strengthen dialogue
with the market● Strengthen briefings and interviewsfor institutional investors and analysts●Hold the explanatory meetings
for Private Investors●Hold for shareholders corporate briefings

2022 Our Comprehensive Group Fair
Briefings for shareholders©2024 KENKO Mayonnaise Co., Ltd.

34

For Inquiries• Contact information
IR Section, Corporate Administration Department, Corporate Planning Office
Tokyo Head Office: 3-8-13 Takaido-higashi, Suginami-ku, Tokyo– E‐mail: ir@kenkomayo.co.jp• Notes on the future outlook
This material is intended for providing investors with information only, not for soliciting 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 of our company may
turn out to be different from the current forecast.
In addition, the contents related to business results, etc. have been produced based on data that are considered
reliable, but our company does not guarantee their accuracy or safety.
This material is provided, under the assumption that investors will use it at their discretion and on their own
responsibility for any purpose, so our company will not assume any responsibility for any outcome.

©2024 KENKO Mayonnaise Co., Ltd.