Financial Results of Q2 / December 2021
(65th Fiscal Year)（Securities Code：7956）

Norimasa Kitazawa
President and CEO
August 5, 2021

Q2 / December 2021 Update
Highlights for Q2 / Dec. 2021

P. 2 - 4

Results for Q2 / Dec. 2021

P. 5 - 13

Toward Achieving Medium- to Long-term
Business GrowthP. 14 - 19

Forecast for the Fiscal Year Ending Dec. 31, 2021

P. 20 - 24

AgendaHighlights for Q2 / Dec. 2021

618 Shopping Festival (China)Achieved sales comparable to the previous
year, which were boosted by the flood of
post-Covid-19 purchases (revenge
consumption) (138% compared to 2019).



Nursing bottles and skincare products
ranked as No. 1 by category in JD.com.

Ranked in the top 10 for overall baby &mother products at both T-mall and
JD.com. (See the figure on the right.)©Pigeon Corporation All Rights Reserved. │ Strictly Confidential

Source: ECdataway3

Launched a New Category (Lansinoh)

Launched pre- and post-partum careproducts in June.



Focuses on sensitive care products such
postpartum wash bottles, pain relievers,
and hot & cold postpartum therapy
packs.

Started selling in the U.S., Germany andChina. Creating markets by expanding
the number of products and themarketing areas.

©Pigeon Corporation All Rights Reserved. │ Strictly Confidential

4Results for Q2 / Dec. 2021

Results – Consolidated PL (under New Standard)(Results of FY12/2020 under the new revenue recognition standard was estimated by Pigeon for your reference)(Unit: Million JPY)

Q2 / Dec. 2020
ActualQ2 / Dec. 2021

% of Total

Actual% of Total

YoY Change

Net Sales

45,902100.0%

47,277100.0%

103.0%

Cost of Sales

24,021

52.3%

24,71952.3%

102.9%

Gross Profit

21,881

47.7%

22,55847.7%

103.1%

SG&A Expenses

13,971

30.4%

14,96931.7%

107.1%

Operating Income

7,909

17.2%

7,589

16.1%

95.9%

Ordinary Income

8,532

18.6%

8,536

18.1%

100.0%Net Income Attributableto Owners of Parent

5,855

12.8%

5,085

10.8%

86.8%

©Pigeon Corporation All Rights Reserved. │ Strictly Confidential[Currency Rates]
Dec. 2021 Results: US$1 = JPY 107.76 / CNY 1 = JPY 16.65
Dec. 2020 Results: US$1 = JPY 108.26 / CNY 1 = JPY 15.39

6

Results – by Business Segment (under New Standard)(Results of FY12/2020 under the new revenue recognition standard was estimated by Pigeon for your reference)(Unit: Million JPY)

Q2 / Dec. 2020

Q2 / Dec. 2021

Actual% of Ttl

Gross
MarginSegment
ProfitActual% of Ttl

YoY
ChangeGross
MarginSegment
Profit45,902100.0%

47.7%

7,909

47,277100.0%

103.0%

47.7%

7,589

Japan

20,698

45.1%

33.9%

1,458

19,888

42.1%

96.1%

34.4%

1,172

China

16,814

36.6%

52.8%

6,118

19,44041.1%

115.6%

52.0%

6,766

Singapore

6,443

14.0%

39.8%

1,257

6,024

12.7%

93.5%

36.9%

807

Lansinoh

6,312

13.8%

56.6%

907

6,231

13.2%

98.7%

55.1%

522

(4,364)(9.5%)－(4,306)(9.1%)－－

Consolidated
Net Sales
Business
Business
Business

Business

Elimination ofinter-segment
transactions©Pigeon Corporation All Rights Reserved. │ Strictly Confidential

7Summary of Results by Business Segment (Q2 YTD)

* Sell-In (Local Currency)

Net sales declined mainly due to the spread of COVID-19 and easing
special demand driven by the pandemic

Japan

Business

・Sales in Domestic Baby and Mother Care Business declined year on year as special demand for consumables
driven by the pandemic eased and demand from inbound travelers vanished.
・Health and Elder Care Business experienced year-on-year sales decline because of the streamlining some
unprofitable products.
・Sales of the skincare products, baby dental care products and baby foods increased from the same quarter inthe previous fiscal year.
・Among new products, the newly-designed nursing bottles and electric toothbrushes are sold well.
・Gross margin improved by +0.5 points due to a decrease in the composition of consumables.
・Sales promotion expenses rose in response to the aggressive sales promotion of new baby stroller including
NautR.

Net sales in mainland China* increased year on year driven by nursing
bottles and skincare products

・Net sales in mainland China* increased significantly by 10% year on year driven by sales increases of nursing
bottles and skincare products by 5% and 39% from the same quarter in the previous fiscal year, respectively.
・E-commerce sales accounts for 65% of total sales, up 1.0 points from the same quarter in the previous fiscal
year.
・Pigeon’s nursing bottles keep the largest market share.
・New products such as limited design edition of nursing bottle, avocado skincare products, and hot-spring
skincare products show robust sales.
・Gross margin decreased 0.8 points due to a change in product mix.
・Expenses rose owning to increases in R&D costs to strengthen R&D and monozurkuri (manufacturing), as wellas in logistics costs in line with the sales growth through major EC platforms.
8©Pigeon Corporation All Rights Reserved. │ Strictly Confidential

China
BusinessSummary of Results by Business Segment (Q2 YTD)

* Sell-In (Local Currency)

Net sales plunged amid the resurgence of COVID-19 cases in Southeast
Asia

Singapore
Business

・The resurgence of COVID-19 cases and the periodic lockdown in each country restricted business activity
significantly.
・Delayed shipment due to the effect of the spread of COVID-19 and shortage of container muddled the businesses
in the Middle East and Indonesia.
Meanwhile, net sales in India grew 37% year on year partly due to strong EC sales, while Malaysia also showed anincrease in net sales by 34% owing to the higher number of stores for distribution and resilient EC business.
・Newly launched products include Disney design nursing bottles and new lineup of skincare products.
・Loss of demand from inbound travelers to Japan dampened the utilization of the factory in Thailand, leading to adecrease in gross margin by 2.9 points.
・Aggressive marketing promotion despite the pandemic put upward pressure on the advertisement and sales
promotion expenses.

Disruption in global logistics reduced net sales, affecting profit
significantly

LansinohBusiness

・Net sales in North America* declined 2% year on year partly due to delayed shipment for the reason of the buyer.
・Europe, especially Germany increased net sales by 18% year on year, driven by strong sales in both existing andnew products through EC and offline sales channels. Businesses in the Benelux countries grew 33% year on year
thanks to a strong sales via pharmacies and EC.
・Pre- and postpartum care products were launched in June.
・Escalating logistics costs offsetting an improvement of sales mix, gross margin shrunk by 1.6 points.
・SG&A expenses rose owing to an increase in sales promotion expenses and expenses for strengthening R&D andmonozurkuri (manufacturing).

©Pigeon Corporation All Rights Reserved. │ Strictly Confidential

9New Products in China
Launched Several Unique Series in Chinese Market, Getting Off to a Flying Start
Avocado skincare

Limited edition offered through theoffline channel

Yuzu (a kind of citrus fruit) skincare(starting from June 2021)
Upgraded basic lineup to more attractive products

Hot-spring (Onsen) skincare(starting from June 2021)
First launched made-in-Japan skincare product inChinese markets (manufactured in Fuji factory)©Pigeon Corporation All Rights Reserved. │ Strictly Confidential

10Pigeon Sales by Regions* (Q2 YTD / YoY) (under Previous Standard)

-32%

+10%
+37%
©Pigeon Corporation All Rights Reserved. │ Strictly Confidential

+35%

+34%

-4%

-6%
-16%
* Sell-In (Local Currency)

11

Lansinoh Sales by Regions* (Q2 YTD / YoY) (under Previous Standard)

-21%
-2%

©Pigeon Corporation All Rights Reserved. │ Strictly Confidential

-5%

+18%

+33%

+32%

-46％

* Sell-In (Local Currency)

12

Consolidated Balance Sheet (Highlight) (under New Standard)(Unit: Million JPY)

End of Dec. 2020
ActualQ2 / Dec. 2021
ActualYoY Change

YoY Change (%)

37,16335,348(1,815)95.1%

15,085

16,7131,627

110.8%

11,376

13,3061,930

117.0%

4,757

5,383

625

113.2%

1,670

1,749

78

104.7%Net assets

72,62575,7693,143104.3%

Total assets

93,472

97,152

3,680

103.9%

Equity ratio

74.8%

75.1%

Cash and deposits
Notes and accounts
receivable - trade
Inventories
Notes and accounts
payable - trade
Electronically recorded
obligations - operating
Borrowings©Pigeon Corporation All Rights Reserved. │ Strictly Confidential

ー

ー

ー
ー

ー

+0.3Pt13

Toward Achieving Medium- to Long-term
Business GrowthPosition Nursing Bottles and Skincare as “Top Priority Categories”
Nursing Bottles

Evolve the research on infant feeding and create innovations intechnological fields to further increase competitive advantage, thereby
making Nursing Bottles grow into a much stronger category.
• Nursing bottles are the origin of Pigeon and the core of its
brands.
• Nursing bottles have made the largest contributions to net sales
and gross profit.
• Pigeon has accumulated knowledge and increased its
competitive advantage through research over 60 years.
• Pigeon holds the largest market shares in Japan and China.

©Pigeon Corporation All Rights Reserved. │ Strictly Confidential• Pigeon is making its own unique contribution to society byplacing support for breastfeeding at the core.

15

Position Nursing Bottles and Skincare as “Top Priority Categories”

Pigeon’s current market share*

Pigeon11.2％(No. 1 global market share)
Aim for a market share of 15% by 2025
©Pigeon Corporation All Rights Reserved. │ Strictly Confidential*Source: Global Baby Bottles Market 2021 Report16Position Nursing Bottles and Skincare as “Top Priority Categories”
Baby Skincare
With even greater market potential than nursing bottles, seek to growwith products that can differentiate Pigeon from competitors byleveraging knowledge cultivated through research on baby’s skin.
• The global baby skincare market is on a growing trend. The Chinese market, thelargest market in the world, is said to continue to grow by double digits.*• Baby Skincare has made the second largest contributions to net sales and grossprofit, following nursing bottles.
• Pigeon can exert its competitive advantage in the research on baby’s skin.
• The global market share of baby skincare products is lower than that of nursing
bottles, which means there is a greater growth opportunity.
• Specific targets are under development toward the formulation of the next
Medium Term Business Plan.
©Pigeon Corporation All Rights Reserved. │ Strictly Confidential*Source: research by Pigeon 17

[Reference] Japan’s Number of Births and Pigeon’s Growth
Japan’s number of births*, peaking at 2.09 million per year in 1973, has been on a declining trend, and fell below
1.00 million per year for the first time in 2016. Temporary decline in the number of births amid the COVID-19
pandemic is expected to be further accelerated. Against the backdrop, Pigeon maintains its sales while improving
profitability by reinforcing in-store promotion, proposing the new usage, entering new categories such as baby
strollers, and enhancing product competitiveness through adding value to existing products.
2.0Japan’s Number of Births and Pigeon’s Sales(Sales of the former Domestic Baby & Mother Care Business)

1.6

1.5

Sales
売上

40
35

Number of births (in millions)
出生数（百万人）

30
25

0.98

1.0

Recently released new productsin the Japanese market

0.84
0.5

20
15
10
5

0.0
©Pigeon Corporation All Rights Reserved. │ Strictly Confidential

1980
1980 1982 1984 1986 1988 1990 1992 1994 1996 19982000
2000 2002 2004 2006 2008 2010 2012 20142016
2016 20182020
2020

0*Source: Based on research by Pigeon

18[Reference] China’s Number of Births and Pigeon’s Growth
After hitting its peak at 17.90 million in 2016, China’s number of births* these days has been on a downward
trend. Despite the headwind, Pigeon’s sales show a stable increase through the launch of many new products
every year, expansion of sales channels, and strengthening of digital marketing. Therefore, we do not equate adecline in the number of babies born with a contraction of growth opportunities in the medium to long term.

20
15

China’s Number of Births and Pigeon’s Sales (Sales in Mainland China)

17.9

16.1

2000

Sales
売上（百万元）

12.0

Number of births
出生数（百万人）(in millions)

10

2500

5
0

1500

1000

2020 vs. 2016
Number of births: declined by 33%
Pigeon’s sales: grew by 37%

500

02008 09

10

11

12

13

©Pigeon Corporation All Rights Reserved. │ Strictly Confidential

14

15

16

17

18

19 2020*Source: Based on research by Pigeon

19Forecast for the Fiscal Year Ending
Dec. 31, 2021

Initiatives During 2H of Fiscal Year Ending Dec. 31, 2021 (New Products)
Placing the highest priority on strengthening monozukuri (manufacturing), Pigeon plans to launchmore than 200 SKU new products* in the second half this year. The Group will continue to makeinvestments to strengthen monozukuri in the period of the next Medium Term Business Plan.


China: Launching a new model of nursing bottles in China ahead of other markets in the worldJapan: Launched Pigeon’s first baby bouncers “Wuggy,” designed by Naoto Fukasawa, a prominent
product designer

China: Launched stainless thermal cup for babies in collaboration with Zojirushi Corporation

Singapore: Launching several new skincare series©Pigeon Corporation All Rights Reserved. │ Strictly Confidential*Including updated products

21

Forecast for the Fiscal Year Ending Dec. 31, 2021 (Consolidated PL)(under New Standard)

The actual results for the 1H were largely in line with internal expectations; therefore, no changes have been made to
the full-year forecast.
(Unit: Million JPY)FY Dec. 2020
Actual% of total

BudgetFY Dec. 2021
% of total

YoY Change

Net Sales

94,021100.0%

100,800

100.0%

107.2%

Cost of Sales

49,45952.6%

51,30050.9%

103.7%

Gross Profit

44,56247.4%

49,50049.1%

111.1%

SG&A Expenses

29,482

31.4%

33,00032.7%

111.9%

Operating Income

15,08016.0%

16,50016.4%

109.4%

Non-operating Income(Expenses)

1,035

1.1%

200

0.2%

19.3%

Ordinary Income

16,11317.1%

16,700103.6%

Extraordinary Income (Losses)(277)(0.3%)Net Income Attributable toNon-controlling Interests
Net Income Attributable to
Owners of Parent

－

16.6%

216

0.2%

200

0.2%

92.6%

10,643

11.3%

11,10011.0%

104.3%－－(Results of FY12/2020 under the new revenue recognition standard was estimated by Pigeon for your reference.)©Pigeon Corporation All Rights Reserved. │ Strictly Confidential[Currency Rates]
Dec. 2021 Budget: US$1 = JPY 104.00 / CNY 1 = JPY 16.00
Dec. 2020 Results: US$1 = JPY 106.77 / CNY 1 = JPY 15.47

22

Shareholder Return and Investment Related Indicators[Shareholder return indicators under 7th Medium-Term Business Plan (2020 - 2022)]
Achieving the consolidated total shareholder return ratio of approx. 55% with a year-on-year increase in dividends for eachfiscal year.

Dividends
Dividend per Share (JPY)Dividend Payout Ratio

Dec. 2019

Dec. 2020

Interim(Actual)Year-end(Actual)Interim(Actual)Year-end(Actual)

35

35

36

36

72.7％

81.0%

Dec. 2021

InterimYear-end(Scheduled) (Expected)

37

37
79.8%
(Unit: Million JPY)

<Ref.>
Investment-related
Indicators(Consolidated)

Dec. 2019

Dec. 2020

Dec. 2021

Mid-year(Actual)Full-year(Actual) *4

Mid-year(Actual)Full-year(Actual)Mid-year(Actual)Full-year(Forecast)Capex (*1)

2,009

3,869

1,690

4,184

2,013

4,424

Depreciation (*2)

1,966

3,372

1,968

3,971

1,986

3,990

R&D Expenses (*3)

1,536

3,059

1,430

3,115

1,709

3,875

*1 : Property, plant and equipment and intangible assets (including long-term prepaid expense)*2 : Depreciation (including amortization of goodwill)©Pigeon Corporation All Rights Reserved. │ Strictly Confidential*3 : Total expenses of R&D activities, including personnel costs*4 : FY Dec. 2019; 11 months actual for Japan Domestic

23

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/

24

Appendix

Financial Highlights (Consolidated) (under New Standard)(Unit: Million JPY)Net Sales

Q2 / Dec. 2020
Actual% of total
45,902100.0%

Q2 / Dec. 2021
Actual% of total
47,277100.0%

YoY
103.0%

Operating Income

7,909

17.2%

7,589

16.1%

95.9%

Ordinary Income

8,532

18.6%

8,536

18.1%

100.0%Net Income Attributable to
Owners of Parent

5,855

12.8%

5,085

10.8%

86.8%

Net assets

71,033―75,769―106.7%

Total assets

90,315―

97,152―

107.6%EPS (yen)

48.91

―

42.51

―

86.9%

BPS (yen)593.75―633.33―106.7%

ROE*

17.2%

―

14.2%

―

―

ROIC**

15.7%

―

14.3%

―

―

(Results of FY12/2020 under new revenue recognition standard was estimated by Pigeon for your reference.)©Pigeon Corporation All Rights Reserved. │ Strictly Confidential*ROE: Return on Equity (shareholders’ equity + accumulated other comprehensive income), calculated with equity being the
average of the beginning and ending balances**ROIC: Return on Invested Capital (NOPAT/Invested capital, calculated with a tax rate of 30.0% and invested capital being
the average of the beginning and ending balances

27[Reference] Breakdown of Japan Business Segment (under New Standard)(Breakdown of Japan business segment was estimated by Pigeon for your reference)

Q2 / Dec. 2020
(Unit: Million JPY)

Q2 / Dec. 2021
Actual% of Ttl

YoY
ChangeGross
MarginSegment
Profit1,458

19,888

42.1%

96.1%

34.4%

1,172

40.3%

1,547

13,042

－

95.7%

41.2%

1,224

14.3%

44

1,786

98.5%

16.1%

87

28.7%

332

3,075

88.8%

29.5%

294

Actual% of Ttl

Gross
MarginSegment
Profit20,698

45.1%

33.9%

Domestic Baby andMother Care

13,635－

Child Care Service

1,813

Health and Elder
Care

3,462

Japan Business

－
－

－
－

(Results of FY12/2020 under new revenue recognition standard was estimated by Pigeon for your reference.)©Pigeon Corporation All Rights Reserved. │ Strictly Confidential28

[Reference] Comparison of Cash Flows (Consolidated)
8,172 (1,717)(4,867)32,416

37,163
(513)

3,149

(1,764)（Million JPY）
(4,343)33,4891,144

35,348Purchase of tangible and intangible fixed assets: ¥(1,929)[Dec. 2020: ¥(1,747)]
Income before income taxes: ¥7,721[Dec. 2020: ¥8,340]

Q2 / Dec. 2020 (FY64)

Dividends paid: ¥(4,310)[Dec. 2020: ¥(4,207)]

Q2 / Dec. 2021 (FY65)

Balance at

Operating

Investing

FinancingTranslation

Balance atBalance at

Operating

Investing

FinancingTranslation

Balance at

Beginnig

Activities

Activities

Activities

Adjustment

End

Beginnig

Activities

Activities

Activities

Adjustment

End32,416

8,172▲ 1,717▲ 4,867▲ 513

33,48937,163

3,149▲ 1,764▲ 4,343

1,144

35,348©Pigeon Corporation All Rights Reserved. │ Strictly Confidential

29

PVA Tree: Consolidated Results in Q2 / Dec. 2021 (FY65) (under New Standard)
Consolidated

Top: Q2 / Dec. 2021 Results
Bottom: Q2 / Dec. 2020 Results*(Unit : Million JPY)NOPAT

Q2 Results 5,312
LY Q2

5,537

Net sales

Operating profit

Q2 Results 7,589
LY Q2

Q2 Results 47,277

7,909

LY Q2

Tax

Cost of sales

Q2 Results 2,277
LY Q2

Q2 Results
LY Q2

PVA

3,457
3,768

Capital invested

Q2 Results 74,198
LY Q2

70,749(Reference)

Capital invested Q2Q2 Results 37,099
LY Q2

35,374

WACC

common 5.0%
©Pigeon Corporation All Rights Reserved. │ Strictly Confidential

Q2 Results 21,461
LY Q2

20,616

Fixed asset

Q2 Results 28,486
LY Q2

28,004

Cash and otherasset and liability

Q2 Results 22,086
LY Q2

Q2 Results 24,719

2,373

Working capital

22,12945,902LY Q2Trade receivables

Q2 Results 15,900
LY Q2

15,994Inventory asset
Q2 Results 12,341
LY Q2

11,673

Trade payables

Q2 Results 6,780
LY Q2

7,051

24,021

SG&A expenses
Q2 Results 14,969
LY Q2

13,971

（参考）

研究開発費

見込 0
前期 0

発送費

見込 0
前期 0

*The actual figures for the Q2 / Dec. 2020 have been re-calculated based on the new accounting standard.
*B/S Factors for PVA calculation are averaged between beginning and year-end figures.

30

PVA Tree: Consolidated Results in Q2 / Dec. 2021 (FY65) (under New Standard)
Consolidated

Top: Q2 / Dec. 2021 Results
Bottom: Q2 / Dec. 2020 Results*

PVA
SpreadQ2 Results
LY Q2

ROIC

Q2 Results
LY Q2

14.3%
15.7%

ROIC before tax

Q2 Results
LY Q2

20.5%
22.4%

Operating profit ratio

Q2 Results
LY Q2

16.1%
17.2%

Cost of sales ratio

Q2 Results
LY Q2

52.3%
52.3%

SG&A expenses ratio

Q2 Results
LY Q2

31.7%
30.4%

Working capital ratio

9.3%
10.7%

WACC

common 5.0%

Tax ratecommon 30.0%

Capital invested t/o

Q2 Results
LY Q2

1.3
1.3

Q2 Results
LY Q2

22.7%
22.5%

Fixed asset ratio

Q2 Results
LY Q2

30.1%
30.5%

Cash and otherasset and liability ratio

Q2 Results
LY Q2©Pigeon Corporation All Rights Reserved. │ Strictly Confidential

23.4%
24.1%

*B/S Factors for PVA calculation are averaged between beginning and year-end figures.

31

PVA Tree: Consolidated Results in Q2 / Dec. 2021 (FY65) (under New Standard)
Top: Q2 / Dec. 2021 Results
Bottom: Q2 / Dec. 2020 Results*(Unit : Million JPY)

Working capital

Q2 Results 21,461
LY Q2 20,616

Trade receivables

Q2 Results 15,900
LY Q2 15,994

Inventory asset

Q2 Results 12,341
LY Q2 11,673

Trade payables

Q2 Results 6,780
LY Q2 7,051©Pigeon Corporation All Rights Reserved. │ Strictly Confidential(Unit : Days)

Q2 Results
LY Q2

CCC

Receivable turnover period

102.4
98.7

Q2 Results
LY Q2

61.4
63.6

Inventory turnover period

Q2 Results
LY Q2

91.1
88.7

Payables turnover period

Q2 Results
LY Q2

50.1
53.6

*The actual figures for the Q2 / Dec. 2020 have been re-calculated based on the new accounting standard.
*B/S Factors for PVA calculation are averaged between beginning and year-end figures.

32

Sales by Regions (Q2 YTD / Dec. 2021) (under Previous Standard)Overseas Sales Ratio: 60.4% (Q2 /Dec. 2020: 56.6%）
China (incl. Hong Kong)

Other Asia

North America

EuropeMiddle East

Others
1,722(5.7%)

3,903(13.0%)

18,981(Composition: 63.2%)

Q2 / Dec. 2020

107.2% on a local currency basis

4,044(13.5%)

30,028990(3.3%)

98.8% on a local currency basis
1,363

Q2 / Dec. 2021

16,3673,890

388(1.3%)

451

27,390

4,111
1,208

0

5,000

©Pigeon Corporation All Rights Reserved. │ Strictly Confidential

10,00015,00020,00025,00030,000(Million JPY)

[Currency Rates]
Dec. 2021: US$1 = JPY 107.76 / CNY 1 = JPY 16.65
Dec. 2020: US$1 = JPY 108.26 / CNY 1 = JPY 15.39

33

[Reference] E-commerce Ratio in Key Countries (Q2 YTD / Dec. 2021)
EC sales ratio of Pigeon / Lansinoh products
74%

Korea*
65%

China - Pigeon*
India*

50%

UK

49%
33%

US
Singapore*Japan©Pigeon Corporation All Rights Reserved. │ Strictly Confidential

19%
8% (Excl. Cross-border e-commerce)*：Sell-out

Others：Sell-in

34

The Pigeon Group seeks to maximize economic and social value through communications with all
stakeholders, including shareholders and other investors.
For information on Pigeon’s latest management strategies, business and ESG activities, please visit
our corporate website.

・Integrated Reporthttps://www.pigeon.com/ir/library/factbook/
Pigeon’s “Integrated Report 2020” issued last year was selected as an “excellent
integrated report” by GPIF’s asset managers entrusted with domestic equity.
* GPIF: Government Pension Investment Fund・Sustainability

https://www.pigeon.com/sustainability/

・ESG Data Book

https://www.pigeon.com/sustainability/databook/©Pigeon Corporation All Rights Reserved. │ Strictly Confidential

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