An Introduction to
Megmilk Snow Brand Group

Copyright ©MEGMILK SNOW BRAND Co.,Ltd. All Rights Reserved.

Ta b l e o f C o n t e n t s– Group Corporate Philosophy– Company Profile– Founders and History– Business Domains–– Megmilk Snow Brand Group Sustainability
Management– – Financial Data

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G r o u p C o r p o ra t e P h i l o s o p h y
The Megmilk Snow Brand Group strives to fulfill our three missions and create new value for milkin order to exist as a company that contributes to society.

Our Mission
Corporate Slogan
Focus onconsumers

Contribute to
dairy farming
Production

Make the Future with Milk

Put our hearts
into milk

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Company Profile

Company Profile
Trade name

MEGMILK SNOW BRAND Co., Ltd.

Establishment date

October 1, 2009

Head office location(Registered head office)

5-1 Yotsuya-Honshio-cho, Shinjuku-ku, Tokyo

Capital20 billion yen

Representative Director
and President

Masatoshi Sato

Number of employees(1-1, Naebocho 6-chome, Higashi-ku, Sapporo City, Hokkaido)(consolidated)

5,731 (as of March 31, 2024)

Stock exchange listing

Tokyo Stock Exchange, Sapporo Securities Exchange

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Fo u n d e r sFounders“Kendo Kenmin”
Our founders spirit tochallenge to resolve thesocial issues.

Sentaro Utsunomiya“Kendo Kenmin”
Our founders poured their commitment to

Torizo Kurosawa

Zenshichi Sato

A healthy earth ensures a healthy nutrition,a healthy nutrition ensures human healthresolving the social issues of their time into
the phrase, "Kendo Kenmin". This is the spirit

we take over and to drive to resolve today'ssocial issues.
The calligraphy "Kendo Kenmin" written by Kurosawa Torizo, one of the foundersof the company. (owned by Megmilk Snow Brand.)

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History

Our history began with Hokkaido butter
We began manufacturing butter as soon as we were founded.
We launched a modernized factory in 1926 and sold only thebest quality product as “Snow Brand Hokkaido Butter”,
gaining the trust of our customers.

First in Japan to begin mass productionof cheese
From around 1928, we began research, trial manufacturing
and trial sales of cheese, and in 1932 we built a cheese plantand began production. As soon as the product went on sale in1934, it became so popular that it was regularly out of stock,and in no time at all the plant became the first large-scalecheese production facility in Japan.

Opening up the future of milk throughour research
Our Research Department was established in 1933. It was engaged
in research into processing technology, milk components and lactic
acid bacteria. Later, we opened our Sapporo Research Laboratory,
Technical Research Laboratory (now the Milk Science ResearchInstitute in Saitama Prefecture) and Cheese Research Laboratory(Yamanashi Prefecture), allowing us to engage in full-scale
research projects.

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History
History of
MEGMILK SNOW BRAND Co., Ltd.
Founded in 1925

Hokkaido Cooperative
Creamery Association

1948
National Federation of Agricultural
Sales Cooperative Associations andNational Federation of Agricultural
Purchasing Cooperative Associations 1954
established
Zenrakuren Cooperative
established
1972
Zenkoku Nohkyo Milk Whole Sales
1996
Co., Ltd. (“Zen-Noh”) establishedJapan Milk Net Co., Ltd. established
Zen-Noh Chokuhan Co., Ltd.
established

Zenrakuren
Cooperative

Zen-Noh2000
Snow Brand Milk Products Co., Ltd.
food contamination incident
2002
Snow Brand Food Co., Ltd. fraudulent beef
labeling incident
January 2003

Snow Brand Milk
Products Co., Ltd.
Dairy Products
Business

Business spin-off

Management integration

Japan Milk Net Co.,
Ltd. establishedBeverages and Desserts
Business

Snow Brand Milk
Products Co., Ltd.
October 2009

Zen-NohChokuhanNippon Milk Community Co., Ltd.

MEGMILK SNOW BRAND Co., Ltd.

Snow Brand Milk
Products Co., Ltd.

Nippon Milk Community Co., Ltd.

April 2011

MergerMEGMILK SNOW BRAND Co., Ltd.

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Ideal Position for the Megmilk Snow Brand GroupIn May 2025, the Megmilk Snow Brand Group will celebrate the 100th
Hokkaido Cooperative Creamery Association
anniversary* of its founding. ＊The
was founded in May 1925.
With our founding spirit’s driving to solve social issues

Founding

Today

Achieving a stable and abundantfood lifestyleContributing tofood sustainability

The food people take for granted now will not be readily available in the future.

To achieve food sustainability
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Business Domains
Business Sectors and Profile

Dairy
Products

BusinessGroup
Companies

Beverages
and Desserts

Butter, margarine, cheese(domestic and overseas), otherdairy products, etc.
MEGMILK SNOW BRAND Co., Ltd.
KOHNAN OILS AND FATS MFG CO.,LTD.
Yatsugatake Milk Co., Ltd.
SI SYSTEM Corporation
CHESCO LTD.
Snow Brand Australia Pty. Ltd.
Udder Delights Australia Pty Ltd
PT. Megmilk Snow Brand
Indonesia
CRESCO Corporation
Nichiraku Machinery Co. Ltd.,and others

Nutrition

Feedstuffs andSeed Products

Milk and milk beverages,
yogurt, fruit juice andvegetable juice, soft drinks,
desserts, etc.

Infant formula (domestic andoverseas), functional foods,
supplements, functional ingredients,
etc.

Feedstuffs, seeds (forage
grass and crops, vegetables),landscape gardening, cattle
fattening, etc.

MEGMILK SNOW BRAND Co., Ltd.
Michinoku Milk Co., Ltd.
Yatsugatake Milk Co., Ltd.
Ibaraku Co., Ltd.
SI SYSTEM Corporation
Mitsuwa Distribution Industry
Co., Ltd.
Chokuhan Haisou Co., Ltd.
Greenservice Co., Ltd.
CRESCO Corporation,and others

Bean Stalk Snow Co., Ltd.
MEGMILK SNOW BRAND Co., Ltd.
Snow Brand Taiwan Co., Ltd.
Snow Brand Hong Kong Co., Ltd.
Snow Brand Trading (Shanghai) Co.,Ltd.
Snow Brand Australia Pty. Ltd.
EN Otsuka Pharmaceutical Co., Ltd.
Amino Up Co., Ltd.
Belle Neige Direct Co., LTD., andothersSnow Brand Seed Co., Ltd.
Snow Brand Seed USA, Inc.
Doto Feed Corporation
Royal Farm, Ltd.
RF Penkel Farm Co., Ltd.
RF Aomori Farm Co., Ltd.,and others

MEGMILK SNOW BRAND Business Solution Co., Ltd., Snow Brand Parlor Co., Ltd., Snow Brand KODOMO-NO-KUNI Ranch

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Dairy Products Business

ButterMargarine

We began manufacturing and

We sell rich-tasting, melt-in-the-selling butter in 1925, and deliver

mouth margarine products thatunchanging flavor and new value inleverage our expertise in

our butter products.

manufacturing dairy products,
including in Southeast Asia.

Processed Cheese
We began manufacturing andselling cheese in 1934, and havealso been manufacturing andselling cheese in Indonesia since2013.

Natural Cheese
Our mainstay natural cheese

products are the YUKIJIRUSHI
HOKKAIDO 100 series of camembertcheese , and Sakeru Cheese (string
cheese) made from 100% fresh milk
produced in Hokkaido.

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Dairy Products Business
Market Share (FYE3/2024)
Household consumption based on nationwide monetary value

50%

Source: Intage SRI＋

52%

1st

1st

ButterMargarine

49%

27%
1st

1st

CheeseSkim milk
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Dairy Products BusinessBusiness Locations and Group Companies
Horonobe Plant
Okoppe Plant

Nakashibetsu Plant

Isobunnai Plant

Sapporo Research Laboratory

Betsukai Plant

Milk Science
Research Institute
Cheese ResearchLaboratory
Taiki Plant

Ami Plant

Yatsugatake
Milk Co., Ltd.

CHESCO Ltd.
MEGMILK SNOW BRAND
Co., Ltd. (Head Office)

PT. Megmilk Snow Brand
Indonesia(MSBI)

KOHNAN OILS AND FATS
MFG. CO., LTD.

MEGMILK SNOW BRAND Co., Ltd.
Head Office and Plants
MEGMILK SNOW BRAND Co., Ltd.
Research Laboratory
MEGMILK SNOW BRAND Co., Ltd.
Subsidiaries and Affiliates

Udder Delights Australia Pty Ltd

Snow Brand Australia Pty. Ltd.

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Dairy Products BusinessResearch and Development
Megmilk Snow Brand
Milk Science Research Institute
Sapporo Research Laboratory
Cheese Research Laboratory
These research laboratories play core roles in allof our research and development work as acomprehensive manufacturer of dairy products.
We are engaged in a wide range of research
projects across multiple areas relating to dairy
products, including the taste and texture of dairy
products, research into cheese and butter, andtraditional methods of producing natural cheese.
The results of our research are practically used to
produce new and exciting products.

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Dairy Products Business
TV Advertisements

Sakeru Cheese

6P cheese

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B e v e ra g e s a n d D e s s e r t s B u s i n e s s

Milk and Milk
Beverages
Megmilk Snow Brand milk, which
is made using a method thatretains the delicious flavor,
functional milk beverages withfortified calcium, and more.

Yogurtmegumi series, featuring
Lactobacillus gasseri SP strain which
remains live in human intestines forextended periods of time, and more.

Fruit Juice andOther Beverages

Desserts

Dole® fruit juice beverages,

Puddings, jelly, and other

NOKYO vegetable juice

products that show ourbeverages, and more.

dedication to texture, flavor ofmilk, and more.

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B e v e ra g e s a n d D e s s e r t s B u s i n e s sMarket Share (FYE3/2024)
Household consumption based on nationwide monetary value

5%

Source: Intage SRI＋

14%

3rd

2nd

Milk

Milk Beverages

17%

12%
3rd

1st

YogurtDesserts
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B e v e ra g e s a n d D e s s e r t s B u s i n e s sBusiness Locations and Group Companies

Sapporo ResearchLaboratory

Sapporo Plant

Michinoku Milk Co., Ltd.

Milk Science Research Institute
Kawagoe Plant
Ibaraku Co., Ltd.

Kyoto Plant

Noda Plant

MEGMILK SNOW
BRAND Co. Ltd.
(Head Office)

Kobe Plant

Yatsugatake
Milk Co., Ltd.
Toyohashi Plant
Kyoto Plant
Ikegami Branch Plant
Luna Bussan

Fukuoka Plant

Ebina Plant

MEGMILK SNOW BRAND Co., Ltd. Head Office and Plants
MEGMILK SNOW BRAND Co., Ltd. Research Laboratory
MEGMILK SNOW BRAND Co., Ltd. Subsidiaries and Affiliates

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B e v e ra g e s a n d D e s s e r t s B u s i n e s s
Research and Development
Megmilk Snow Brand
Milk Science Research Institute
Sapporo Research Laboratory
These research laboratories play core roles in all of
our research and development work as acomprehensive manufacturer of dairy products. We
are engaged in a wide range of research projects
across multiple areas relating to beverages anddesserts, including health-related functions of lactic
acid bacteria and trace components of milk,
processing technology, and packaging andcontainers. The results of our research arepractically used to produce new and exciting
products.

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B e v e ra g e s a n d D e s s e r t s B u s i n e s s
TV Advertisements

Nature Megumi Plant-Based

Gasseri SP Strain Drink Yogurt

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Nutrition Business

Powdered Milk
Taking advantage of ourresearch into breast milk forover fifty years, we provide
mainly powdered milk giving you
confidence in child raising.

Functional Foods
We offer a lineup of
supplements and functional
foods made from functional
materials such as MBP, which
is found in milk.

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Nutrition BusinessBusiness Locations and Group Companies
Sapporo Research Laboratory

Amino Up Co., Ltd.

Bean Stalk Snow Co., Ltd. (Gunma Plant)

Milk Science Research Institute

EN Otsuka
PharmaceuticalCo., Ltd.
(Tokyo Head Office)

EN Otsuka Pharmaceutical Co., Ltd. (Head Office,Hanamaki Plant, Research & Development Laboratory

EN Otsuka Pharmaceutical Co., Ltd.
(Kitakami Plant)

Bean Stalk Snow Co., Ltd.
Head Office and Plants

Belle Neige Direct
Co., Ltd.

Snow Brand Australia Pty. Ltd.

Snow Brand
Taiwan Co., Ltd.

Snow Brand Trading(Shanghai) Co., Ltd.

Bean Stalk Snow Co., Ltd.
(Head Office)

EN Otsuka Pharmaceutical Co., Ltd.
Head Office and Plants
Megmilk Snow Brand
Research Laboratory
Megmilk Snow Brand Group
Subsidiaries and Affiliates

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Snow Brand Hong Kong Co., Ltd.
Snow Marketing Sdn. Bhd.

MEGMILK SNOW BRAND SINGAPORE

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Nutrition BusinessResearch and Development
Bean Stalk Snow Co., Ltd.
Product Development Department
Promoting mainly research into the components found in breast
milk and their actions, and development of infant formula close tobreast milk.

Megmilk Snow Brand Co., Ltd.
Milk Science Research Institute
Sapporo Research Laboratory
As core players in all of our research and development work as acomprehensive manufacturer of dairy products, these institutes
are engaged in a wide range of research projects across multiple
areas relating to health-related functions of lactic acid bacteria
and trace components of milk, as well as powdered milk. The
results of our research are practically used to produce new andexciting products.

Bean Stalk Snow’s Product Development
Department
Megmilk Snow Brand’s Milk Science Research InstituteMegmilk Snow Brand’s Sapporo Research Laboratory

En Otsuka Pharmaceutical Co., Ltd.
Research and Development Laboratory
EN Otsuka Pharmaceutical’s Research and Development
Laboratory, which was jointly established with the Otsuka Group,
is pursuing scientific investigation and verification of nutrition andadvancing with the development of reliable and superior products
in order to contribute to medical and nursing care.

Amino Up Co., Ltd.
R&D Division
Engaged in research that includes searching for new
biologically active substances, determining the structure ofactive ingredients, and clarifying the mechanism of action.

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Fe e d s t u f f s a n d S e e d P r o d u c t s B u s i n e s s

Feedstuffs

Seeds

Supplying compound feed for

Seeds for pasture, forage

dairy and beef cattle to match

crops, vegetables, and green

conditions in each region frommanure crops, and flower

dedicated production lines forseedlings, etc.

cattle feed.

Landscaping

Livestock
Fattening

Construction and maintenanceIntegrated service from theof parks, trees along streets,

introduction of calves to be

and gardens, rooftop

raised as beef cattle togardening, and turf works atfattening, shipping of fattened

sports facilities.

cattle, and sale of carcasses.

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Fe e d s t u f f s a n d S e e d P r o d u c t s B u s i n e s sBusiness Locations and Group Companies
Hokkaido Research Station

TACS Shibecha

Snow Brand Seed Co., Ltd. (Head Office)Technical Research InstituteTomakomai Plant

Michinoku ShiryoCo., Ltd.

Doto Feed Corporation

Kajima Plant

Ishinomaki ShiryoCo., Ltd.

Snow Brand Seed Co., Ltd.
(Tokyo Headquarters)
Chiba Research Station

Kumamoto Seed center

Chiba Seed center
Head Office and Plants

Royal Farm, Ltd.

Miyazaki Research Station

Seed center
Research Institute andResearch Station
Subsidiaries and Affiliates

Snow Brand Seed USA, Inc.

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Fe e d s t u f f s a n d S e e d P r o d u c t s B u s i n e s s
Research and Development
Snow Brand Seed Co., Ltd
Research Stations(Hokkaido, Chiba, Miyazaki)
Promoting the production of original
varieties and improved varieties of
pasture and forage crops, vegetables,
green manure crops,
flowers, andturf and plants.

Snow Brand Seed Co., Ltd
Research Institute(Hokkaido)
Built in June 201725
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Megmilk Snow Brand Group Sustainability Management

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Sustinability management
Identify core issues (materiality) linking social value and economic value
Achieve foodsustainability
Deliver nutrition

Doma
ins

Material Issues

Provide sustainable food

⚫ Provide appealing milk & dairy products⚫ Provide new options based on knowledge and functions
cultivated through milk
⚫ Provide safe products and services that offer peace ofmind

Contribute to health through food

⚫ Initiatives to extend healthy lifespans

Contribue to sustainable dairy
farming⚫ Activities to strengthen the dairy farming production
infrastructure

Reduce environmental impact⚫ Preventing global warming⚫ Sustainable use of resources⚫ Formation of a circular society

Promote diversity and respecthuman rights⚫ Human resource diversification and development⚫ Achieve work-life balance and improve labor productivity⚫ Respect for human rights

Contribute to local communities⚫ Partnerships with local communities

Basic value of dairy
farming and milk
industry

Environmentfriendly
Establish as
prerequisite forbusiness continuity

Utilize humanresources
Become a driving
force for business
continuity anddevelopment

Core activity themes

Reinforce compliance and corporate ethics

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27

Sustainability management: promotion structure
Responses,
recommendations

Corporate Ethics
Committee

Board of Directors
Inquiries

Group Sustainability Committee (Chairperson: President, meets twice per year)
Sustainability Promotion Subcommittee(Chairperson: Managing Sustainability Director, meets 4 times per year)

Decarbonization
Workgroup

Plastic Reduction
Workgroup

Human Rights
Workgroup

KPI
Reduce CO2 emissions
to 50% by FY2030 (compared to
FY2013)
Constructing solar power plant inEbina(Left photo, planning to start
operations in June) Planning to
adopt in Ami and Kyoto plants in
FY2024
Total power capacity of 3 sites:
1,590kw

FY2030 volume of petroleum-derived
plastic (unit of sales)
Reduce by 25% (compared to FY2018)
Adopt straw-less milk packs
for school lunch programs

Conduct annual human rights due diligenceand enlightment activities, work to identify,
prevent, and reduce human rights risks
caused by business activities

TNFD
Workgroup・Participate in the TNFD Forum inMarch 2024, and plan to make full
disclosure in the fall of 2025.

Visit local sites andengage in dialogue toconfirm human rights
issues affecting smallscale palm farmers

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28

Financial Data

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29

Financial Data
Operating profit/
Operating profit to net sales

Net sales(Million yen)

(Million yen)＊

4.0%
Operating profit

Operating profit to net sales

20,000600,000

3.5%
3.0%

2.5%
2.0%
10,000550,000

1.5%
1.0%

0.5%
0

500,000

FYE3/
2025(FCST)Net sales 615,186 558,403 584,308 605,424 630,000
FYE3/
2021

FYE3/
2022

FYE3/
2023

FYE3/
2024

＊Net sales for the year ending March 31, 2022 (FY2021) and beyond
are not comparable to those in the year ended March 31, 2021 (FY2020)and earlier due to a significant decrease revenue resulting from a change
accounting standards (revenue recognition standards).

FYE3/
2021

FYE3/
2022

FYE3/
2023

FYE3/
2024

Operating profit
19,780Operating profit to net
3.2%
sales

18,05913,054

18,460

FYE3/
2025(FCST)
19,000

3.2%

2.2%

3.0%

3.0%

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0.0%

30

Financial Data
Ordinary profit(Million yen)

(Million yen)

Profit attributable to owners ofparent/Return on sales
Profit attributableto owners of parent

Return on sales
3.0%

20,00020,000

1.5%

10,00010,000

0
0
FYE3/
2021
Ordinary
21,662
profitFYE3/
2022
19,987FYE3/
2023
14,480FYE3/
2024
19,888FYE3/
2025(FCST)
20,300

FYE3/
2021
Profit attributable
14,913to owners of parent
Return on sales
2.4%

FYE3/
2022

FYE3/
2023

FYE3/
2024

FYE3/
2025
(FCST)

12,0689,129

19,43013,600

2.2%

1.6%

3.2%

2.0%

0.0%

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Financial Data
FYE3/2024

FYE3/2024

Sales by segment

Operating profit by segment(Million yen)

(Million yen)

Other,
2,654,
Feedstuffs and 14%

Other,
Feedstuffs and 39,300
,
Seed
7%
Products ,50,831 , 8%

Beverages
andDesserts,
256,064 ,42%

Seed Products ,
296,
2%
Daily
Products ,259,228 ,
43%

Daily
Products ,9,890,
53%
Beverages
andDesserts,
5,662,
31%

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Financial Data
FYE3/2021

FYE3/2022

FYE3/2023

FYE3/2024

Total assets (million yen)

398,654401,890

410,130

431,222Equity (million yen)

195,213

206,777

212,879

232,086

Equity ratio

49.0%

51.5%

51.9%

53.8%

Return on equity (ROE)

8.1%

6.0％

4.4%

8.7%

Return on assets (ROA)

5.0%

4.5%

3.2%

4.4%

Profit per share-basic (yen)220.64178.70135.18287.67

Net asset per share (yen)2,890.65

3,061.75

3,151.74

3,436.02

Cash flows from operating
activities (million yen)

26,56729,42126,80730,465

Cash flows from investing
activities (million yen)

(27,076)(20,206)(19,624)(6,308)Cash flows from financing
activities (million yen)

6,771

(11,262)(7,286)(15,645)

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Financial Data
FYE3/2021

FYE3/2022

FYE3/2023

FYE3/2024

Capital expenditures(million yen)

26,631

18,79819,582

17,129Depreciation andamortization (million yen)

15,917

16,957

17,19017,590R&D expenses (million yen)

4,255

4,348

4,548

5,030

40

60

60

80

18.1%

33.6%

44.4%

27.8%

Dividend per share (yen)Payout ratio

Market Share by Product Category (Household-use Products)
FYE3/2023

FYE3/2024

Butter

49.2%

50.2%

Margarine

52.0%

Cheese26.7%• Intage SRI＋, based on nationwide monetary volume

FYE3/2023

FYE3/2024

Milk

4.8%

5.0%

51.9%

Milk beverages

14.0%

14.1%

26.5%

Yogurt

11.5%

11.5%

Desserts

16.3%

17.2%

*Intage SRI＋, based on nationwide monetary value

34
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Make the Future with Milk

Forward-looking statements such as performance forecasts contained in this document are based on management’s expectations andassumptions in light of information currently available and are not the commitment by the Company. Actual results may differ from theforecasts in this document due to change in the business environment and other factors.
This document has been translated from a part of the Japanese original for reference purposes only. In the event of any discrepancy
between this translated document and the Japanese original, the original shall prevail. The Company assumes no responsibility for thistranslation or for direct, indirect or any other forms of damages arising from the translation.