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

Supplementary Material
for the Three Months Ended June 30, 2024

©2024 KENKO Mayonnaise Co., Ltd.

Table of Contents

1. Results for Q1 FY 3/2025 (P3～P10)
2. Forecast for FY 3/2025 (P11～P12)
3. Shareholder Returns (P13～P14)
4. Appendix (P15～P20)©2024 KENKO Mayonnaise Co., Ltd.

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1. Results for Q1 FY 3/2025©2024 KENKO Mayonnaise Co., Ltd.

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Highlights of the Results for Q1 FY 3/2025(Consolidated)Year on year

Operatingprofit

Up 1.59 billion yen

Net sales(millions of yen)Highly pathogenic
May 2023
Bird-flu pandemic
Reclassified
COVID-19 as Class 5

30,00023,002

Feb 2022
Russia's invasionof Ukraine

25,000Up 1.53 billion yen Raw materials prices stabilize Effectiveness of price increases

 Sales of Processed Egg products recovered(millions of yen)

Year on year

1,735

2,000

21,40220,0001,500
15,000Highlypathogenic
Feb 2022
Bird-flu
May 2023
Russia's invasion
pandemic Reclassifiedof Ukraine
COVID-19
as Class 5

1,000
10,000
500

5,000

199
00Q1Q2Q3

FY 3/2022

Q4

Q1

Q2

Q3

FY 3/2023

Q4Q1Q2Q3

FY 3/2024

Q4Q1Q1Q1

FY 3/2025
FY 3/2025

Q2Q3

FY 3/2022

Q4Q1Q2Q3

FY 3/2023

Q4Q1Q2Q3

FY 3/2024

Q4Q1Q1FY 3/2025
FY 3/2025△ 500*Amounts less than one million yen are rounded down

©2024 KENKO Mayonnaise Co., Ltd.

△4Overview of the statements of income (Consolidated)
Sales up 1.59 billion yen, OP up 1.53 billion yen
Increased in sales due to recovering Processed Egg products.
Increased in profit due to raw materials prices eased and price increases penetrated.

Q1 FY 3/2025

Q1 FY 3/2024(millions of yen)

ActualActual

YoY

Net sales

21,402

23,002+7.5%

Gross profit

3,852

5,596

18.0%

24.3%

+45.3%

3,652

3,861

17.1%

16.8%

199

1,735

0.9%

7.5%

244

1,795

1.1%

7.8%

Profit attributableto owners of parent

142

1,227

Earnings per share (yen)

8.83

76.86

(Gross profit margin)

Selling, general andadministrative expenses(SG&A ratio)

Operating profit(Operating margin)

Ordinary profit(Ordinary profit margin)©2024 KENKO Mayonnaise Co., Ltd.

+5.7%
+769.3%+633.1%+762.0%*Amounts less than one million yen are rounded down5Factors in Changes in Consolidated Operating profit for Q1 (YoY)(millions of yen)

Q1 FY3/2024©2024 KENKO Mayonnaise Co., Ltd.

Price Increases

IngredientimpactProduction
efficiency

Increasein sales volume

Increasein fixed costs,etc

Q1 FY3/2025*Amounts less than one million yen are rounded down

6

Q1 Net Sales by Segment
25,000(millions of yen)Segment

23,002■Seasoning and21,402

Main Points+9.0%●Recovery in restaurant demand●Effects of price increases■Mayonnaise and Dressings+2.7%●Strong performance of mayonnaise for mass retailers●Effects of price increases■Processed Egg products+28.2%●Recovering menus using Processed Egg products■Salads and Delicatessen+2.0%●Expansion of low volume salads■Other+8.9%●Growth in ingredient-based products■Delicatessen-related Business+2.5%●Effects of price increases●Expansion of sales categories and channels●Development and sales of high-value-added products■Other (Salad Cafe)△5.9%●Closure of 1 store●Decrease in department store deli demand due torecovery of restaurants

Processed Foods Business

20,000

YoY

6,966
6,784

15,000

5,349

4,172

10,000

5,450

5,344

431

396

5,000

4,585

4,4720232

218
Q1 FY3/2024©2024 KENKO Mayonnaise Co., Ltd.

Q1 FY 3/2025*Amounts less than one million yen are rounded down

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Q1 Results by Segment(millions of yen)

Net sales

Q1 FY 3/2025

Q1 FY 3/2024

YoY

21,402

23,002+7.5%

16,697

18,197+9.0%

Mayonnaise and Dressings

6,784

6,966

+2.7%

Processed Egg products

4,172

5,349+28.2%

Salads and Delicatessen

5,344

5,450+2.0%

396

431+8.9%

4,472

4,585+2.5%

232

218

△5.9%

199

1,735+769.3%

Seasoning and Processed Foods Business△221,440―

Delicatessen-related Business

222

243+9.5%

0△0―

△051

Seasoning and Processed Foods Business*Kenko Mayonnaise Co.,Ltd.'s business

Other

Delicatessen-related Business
Other*Businesses ofconsolidated subsidiaries*Salad Cafe

Segment profit

Other
Adjustments

NOTE) We have changed the operating profit from ordinary profit of our segment profit in this fiscal year.
Because we set out our management indicator with operating profit for the medium- to long-term plan.
©2024 KENKO Mayonnaise Co., Ltd.

ー*Amounts less than one million yen are rounded down8

Variations in Sales Composition by Channels for Q1 FY 3/2025
School lunch
School lunch /Health services facility
for the aged

Other 5.5%

4.6%

Restaurants

Fast food, cafes, hotels,Izakaya (Japanese-style pub),family restaurants, etc.

BreadMajor bakeries /Bakery in town

11.8%

29.0%

21.2%
CVS
Convenience stores

28.0%

Mass retailers
Supermarkets and drugstores*Round off to one decimal place.
©2024 KENKO Mayonnaise Co., Ltd.

9Overview of the Balance sheet (Consolidated)
Assets: Increase in accounts receivable,
decrease in machinery, equipment and vehicles, net
Liabilities: Decrease in income taxes payable

Equity Ratio 58.9%
To maintain a stable financial base

FY 3/2024
As of Mar 31, 2024

Q1 FY 3/2025
As of Jun 30, 2024

Current assets

36,57537,452+2.4%

Non-current assets

30,79530,644

0.5%

67,37068,096

+1.1%

6,881

6,629

3.7%

28,39128,010

1.3%

Net assets

38,97840,086+2.8%

Total liabilities and net assets

67,37068,096

+1.1%

57.9%

58.9%

+1.0%

(millions of yen)

Assets* Include long-term accounts payable

Total assets

Liabilities

Balance ofinterest-bearing debt*

Equity Ratio©2024 KENKO Mayonnaise Co., Ltd.

YoY

*Amounts less than one million yen are rounded down

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2. Forecast for FY 3/2025*Revised forecast on Aug 5, 2024

©2024 KENKO Mayonnaise Co., Ltd.

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Forecast for FY 3/2025 (Consolidated)
Net sales are expected to grow due to rising inbound tourism demand.
Earnings are expected to be better than originally anticipated due to improved pricing
for the main raw materials.

(millions of yen)

FY 3/2024(Actual)

FY 3/2025 (Forecast)(May 13, 2024)

AmountAmountFY 3/2025 (Reviced forecast)(Aug 5, 2024)
Comparison
with forecast

AmountNet sales

88,72490,00092,000＋2.2％

Operating profit

2,949

3,200

4,500

+40.6%

3.3%

3.6%

4.9%

3,099

3,300

4,650

3.5%

3.7%

5.1%

2,735

2,260

3,185

3.1%

2.5%

3.5%

160.90140.37

197.82(%)

Ordinary profit(%)

Profit attributableto owners of parent(%)

Earnings per share(yen)©2024 KENKO Mayonnaise Co., Ltd.

+40.9%+40.9％*Amounts less than one million yen are rounded down

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3.Shareholder Returns©2024 KENKO Mayonnaise Co., Ltd.

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Shareholder Returns
Setting DOE as a target from Apr 2024

Aiming for stable shareholder<Announced as of May 13>
FY 3/2025
2nd quarter-end dividend 17 yen
Fiscal year-end dividend 17 yen Total 34 yen (FCST)<Revised as of Aug 5>
FY 3/2025
2nd quarter-end dividend 19 yen
Fiscal year-end dividend 19 yen Total 38 yen (FCST)

38

Annualdividends
45
per share (yen)2022.3

Dividends on equity(DOE)* (%)
Annual dividends
per share (yen)2023.32024.32025.3(FCST)(FCST)

30

30
0.8
170.8
171.3
30

-15

17

17

2022.32023.338
02024.32025.32025.3(予想）(FCST)*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.

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4. Appendix©2024 KENKO Mayonnaise Co., Ltd.

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Quarterly trends and results (Consolidated)(millions of yen)

Apr. 2020
Declared a stateof emergency

25,000Net sales

Feb. 2022
Russia's invasionof Ukraine

Highly pathogenic
Bird-flu pandemic

Q3

Q2May. 2023
Reclassified
COVID-19 as Class 5

23,00220,00015,00010,000
5,000
0Q1

Q2

Q3

Q4

Q1

FY 3/2020

Q2

Q3

Q4

Q1

FY 3/2021

Q2

Q4

Q1

FY 3/2022

Q3

Q4

Q1

FY 3/2023

Q2

Q3

Q4

FY 3/2024

Q1FYFY 3/2025
3/2025KENKO Vision
2035(millions of yen)

Operating profit

2,0001,735

1,5001,0005000Q1△ 500Q2Q3

FY 3/2020△ 1,000©2024 KENKO Mayonnaise Co., Ltd.

Q4Q1Q2Q3

FY 3/2021

Q4Q1Q2Q3

FY 3/2022

Q4Q1

Q2Q3

FY 3/2023

Q4Q1

Q2

Q3

FY 3/2024

Q4

Q1
FY 3/2025
3/202516

Shareholder Returns
FY 3/2018

FY 3/2019

FY 3/2020

FY 3/2021

FY 3/2022

FY 3/2023

FY 3/2024

FY 3/2025(FCST)

Annual dividends
per share (yen)3730312017173038

Dividends on equity(DOE)*1 (%)

2.11.61.6

1.00.80.8

1.3-

Dividend yield*2 (%)

1.06

1.37

1.52

1.06

1.23

1.41

1.49-

Payout ratio*3 (%)

21.2

21.5

24.8

22.6

22.9

56.9

17.7

3,495

2,194

2,037

1,887

1,387

1,207

2,007

Closing stock price as of theend of Mar. 2024 (yen)Dividends on equity (DOE) (%)
1.6
1

2018.32019.3-

KENKO Vision 2035

2.1
1.6

19.2

2020.32021.3

1.3
0.8

0.8

2022.32023.32024.3*1 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*2 Dividend yield = Annual dividend per share (total)/Share price as of Mar 31 of each year (closing price) x 100*3 Payout ratio = Dividends per share ÷ Net profit per share × 100©2024 KENKO Mayonnaise Co., Ltd.

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Egg Market Price(Yen /kg)

<JA ZEN-NOH, Eggs Size M, Tokyo (up to Jul. 2024)>*Average price for per each month400
1st quarter
350
2023

300
2021
250
200

2024

180

2022

219
211

204

200

190200

150
2019

2020

100
500JanFeb2019©2024 KENKO Mayonnaise Co., Ltd.

MarApr2020

MayJun2021

JulAug2022

Sep2023

OctNovDec

2024
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Edible Oil Market Prices<Nikkei avg. prices of soybeans and rapeseed (incl. land transport)> *Average three - monthly price(Yen /kg)

500

436.8

450
400

344.0

350
300
250

239.0

200
150
100
500

2019

2020

2021

2022

2023

2024

*Figures for FY2024 are averages from January to March.
©2024 KENKO Mayonnaise Co., Ltd.

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Exchange rate
<USD/JPY>

(yen)

170
160
150
7/31 Closing price149.88 yen

140
130
120
110
100
2019

2020

2021

2022

2023

2024

*See Kabutan of changes in closing prices for each month.
©2024 KENKO Mayonnaise Co., Ltd.

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Inquiries• IR inquiries– Tokyo Head Office: 3-8-13 Takaido-higashi, Suginami-ku, Tokyo– Person in charge: IR Section, Corporate Administration Department,Corporate Planning Office– E mail : ir@kenkomayo.co.jp• Cautionary Statement with Respect to Future Forecast
This document is presented for the sole purpose of providing information to investors and is not intended to solicit sales or purchases.
Forward-looking statements in this document are based on targets and forecasts and do not constitute guarantees or guarantees.
Please be aware that actual results may differ materially from those anticipated in our future performance.
Statements regarding business performance and other matters are also prepared based on various types of data that we believe to be reliable,
but we do not guarantee their accuracy or safety.
We provide this material on the assumption that it will be used for your own judgment and responsibility in the event that investors use it forany purpose, and we assume no responsibility in any case.

©2024 KENKO Mayonnaise Co., Ltd.

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