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Financial results for the Year Ended March 31, 2025 May 15, 2025 Takara Holdings Inc.
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Contents Ⅰ. Financial results for the fiscal year ended March 31, 2025 １．Takara Shuzo ２. Takara Shuzo Int’l Group Ⅳ. Business strategy for the fiscal year ending March 31, 2026 Ⅱ. Financial forecasts for the fiscal year ending March 31, 2026 Ⅴ. Sustainability 2 Ⅲ. Progress of the Medium-Term Management Plan for 2025
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Ⅰ. Financial results for the fiscal year ended March 31, 2025
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’25/3 Actual YOY (%) Change from forecasts announced on February,2025 （％） Net Sales 362,693 ＋6.9 ＋0.2 Gross Profit 119,647 ＋5.0 (0.8) Operating income 20,597 (7.4) (2.8) Ordinary income 22,180 (5.0) (0.5) Net Income attributable to owners of the parent 16,202 ＋0.2 ＋1.9 Takara Holdings (Consolidated) Financial results for the fiscal year ended March 31, 2025 Net sales increased, while operating income and ordinary income decreased. Net income attributable to owners of the parent increased due to the recognition of extraordinary income from the sale of investment securities and noncurrent assets, etc. Compared to previous period 4 (Millions of Yen)
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Compared to previous period ・Net sales of Hon Mirin and other seasonings increased, but sales of light-alcohol refreshers remained at the same level as the previous fiscal year due to competitors not following our lead in the price revision in October 2024. Overall net sales decreased due to the decrease in sales of shochu and sake in line with the contraction of the entire market. ・Operating income decreased due to the decrease in net sales and decrease in gross profit resulting from the increase in the cost of raw materials and containers and packaging, and the impact of exchange rates, despite efforts to make efficient use of SGA expenses such as sales promotion expenses. 5 ’25/3 Actual YOY (%) Change from forecasts announced on February,2025 （％） Takara Shuzo Net Sales 119,663 (3.3) ＋1.0 Gross profit 29,919 (5.7) ＋0.8 Operating income 5,037 (8.5) ＋7.6 Takara Shuzo Financial results for the fiscal year ended March 31, 2025 (Millions of Yen)
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Compared to previous period ’25/3 Actual YOY (%) Change from forecasts announced on February,2025 （％） ・The overseas alcoholic beverages business and Japanese food wholesale business in overseas markets have grown from the previous year organically. Thanks to the additional revenue from M&A in the Japanese food wholesale business in overseas markets and the contribution of the weak yen, net sales have increased. ・Operating income decreased due to increased personnel expenses and amortization of goodwill associated with the expansion of the Japanese food wholesale business in overseas markets, as well as an increase in SGA expenses such as temporary warehousing fees and M&A expenses. This was despite an increase in gross profit due to increased net sales. Takara Shuzo Int’l Group Net Sales 185,803 ＋15.8 ＋0.1 Gross profit 59,694 ＋15.4 (0.5) Operating income 11,655 (5.2) (2.9) 6 Takara Shuzo Int’l Group Financial results for the fiscal year ended March 31, 2025 (Millions of Yen)
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Compared to previous period ’25/3 Actual YOY (%) Change from forecasts announced on February,2025 （％） ・ Although the recovery in the life science research market is delaying globally, net sales increased due to increased sales in all categories. ・ Operating income decreased as a result of an increase in the cost of sales ratio mainly due to a decrease in sales of relatively high-profit margin testing reagents and a change in sales mix, which led to a decrease in gross profit and SGA expenses, such as R&D expenses, remaining largely unchanged from the previous fiscal year. 7 Takara Bio Group Net Sales 45,039 ＋3.5 (1.0) Gross profit 26,067 (3.1) (3.7) Operating income 2,263 (24.6) (24.6) Takara Bio Group Financial results for the fiscal year ended March 31, 2025 (Millions of Yen)
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8 ◇Consolidated Statements of Cash Flows ◇Depreciation and Amortization, Amortization of goodwill ’25/3 Actual Change from ‘24/3 Change YOY（％） Depreciation and Amortization 10,347 348 +3.5 Amortization of goodwill 1,727 547 +46.4 Takara Holdings (Consolidated) Statements of Cash Flows for the fiscal year ended March 31, 2025 (Millions of Yen) (Millions of Yen) ’24/3 Actual ’25/3 Actual Change cash flows from operating activities 29,178 16,155 (13,022) cash flows from investing activities (19,993) (41,562) (21,569) free cash flow 9,185 (25,406) (34,592) cash flows from financing activities (13,448) 6,548 19,996 Effect of exchange rate change on cash and cash equivalents 2,661 3,954 1,292 Cash and cash equivalents at end of period 90,184 75,280 (14,904)
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9 M&A investments, etc. increased in the Takara Shuzo Int’l Group. Investments in the consolidated Takara Group exceeded the initial plan, totaling 44.6 billion yen. ◇Investment Performance Takara Group Consolidated 44.6 25.5 ’25/3 Actual Investment plan announced on May,2024 Overview Change factor Takara Shuzo 4.1 4.2 ・Integration of large line and PET line at Matsudo Plant ・Cubitainer line at Kusu Plant, etc. ー Takara Shuzo Int’l Group 27.7 9.4 ・M&A (TSUKIJI OHTA Group, Agrica Ab, Kagerer & Co. GmbH), etc. ・Unplanned M&A investments, etc. Takara Bio Group 10.6 10.4 ・Construction of the Center for Gene and Cell Processing III, etc. ー Investment Performance for the fiscal year ended March 31, 2025 (Billions of Yen)
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10 ◇Reduction of cross-shareholdings ’24/3 Actual ’25/3 Actual Number of stocks sold 8 10 Sale price 4.8 billion yen 4.7 billion yen Dividends 31yen（Dividend payout ratio 37.4％） ◇Dividends (planned) for ’25/3 ※’24/3 29yen（ Dividend payout ratio 35.3％） Dividends (planned) , Reduction of cross-shareholdings for the fiscal year ended March 31, 2025
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11 ◇Consolidated Balance Sheets 80,657 73,419 (7,237) 22,315 24,067 +1,752 15,008 12,315 (2,693) 43,333 37,035 (6,298) 76,345 103,264 +26,918 25,422 45,689 +20,266 50,921 57,573 +6,652 157,003 176,683 +19,680 183,749 194,376 +10,627 15,942 16,030 +87 169,909 180,449 +10,540 (2,103) (2,103) 0 44,915 50,851 +5,935 51,799 55,675 +3,875 280,465 300,903 +20,438 437,468 477,587 +40,119 '25/3 Change Current liabilities Loans and bonds Others '24/3 Notes and accounts payable-trade Loans and bonds Others Noncurrent liabilities Total liabilities Total shareholders' equity Capital stock and Capital surplus Retained earnings Treasury stock Accumulated other comprehensive income Noncontrolling interests Total net assets Total liabilities and net assets 245,213 245,433 +219 96,085 83,302 (11,783) 70,123 73,319 +3,195 71,052 82,334 +11,281 8,951 6,478 (2,474) 192,254 232,154 +39,899 104,882 123,610 +18,728 18,336 41,662 +23,326 69,036 66,880 (2,155) 437,468 477,587 +40,119 Current assets '24/3 '25/3 Change Cash and deposits Notes and accounts receivable-trade Inventories Others Noncurrent assets Property, plant and equipment Intangible assets Investments and other assets Total assets ・Although investments led to a decrease in cash and deposits, total assets increased due to increases in inventories, goodwill, etc. associated with M&A. ・Liabilities increased as a result of borrowing funds for M&A, and total net assets increased as well, due to an increase in retained earnings, etc. The equity ratio totaled 51.3%. 52.3% 51.3% (1.0%)Equity ratio Takara Holdings (Consolidated) Consolidated Balance Sheets for the fiscal year ended March 31, 2025 (Millions of Yen)
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12 ‘24/3 Actual(%) ‘25/3 Actual(%) Changes from the previous fiscal year ROE 7.5 6.8 ・Net income largely unchanged (16.1 billion yen → 16.2 billion yen) ・Equity increased (216.3 billion yen → 236.9 billion yen) ROIC 4.8 4.0 ・Post-tax operating income decreased (15.3 billion yen →14.2 billion yen) ・Interest bearing debts and net assets increased Interest bearing debts (55.2 billion yen → 73.2 billion yen) Net assets increased (280.4 billion yen → 300.9 billion yen) ROIC by business (reference) Takara Shuzo 5.1 4.6 ・Post-tax operating income decreased (3.7 billion yen → 3.4 billion yen) ・Investment capital largely unchanged (74.1 billion yen → 74.8 billion yen) Takara Shuzo Int’l group 9.0 6.4 ・Post-tax operating income decreased (8.4 billion yen → 8.0 billion yen) ・Non current assets and other invested capital increased (93.9 billion yen → 126.2 billion yen) Takara Bio Group 1.9 1.4 ・Post-tax operating income decreased (2.0 billion yen → 1.5 billion yen) ・Non current assets and other invested capital increased (111.8 billion yen → 114.3 billion yen) Takara Holdings (Consolidated) ROE/ROIC performance for the fiscal year ended March 31, 2025
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Ⅱ. Financial forecasts for the fiscal year ending March 31, 2026
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External environment assumptions for the fiscal year ending March 31, 2026 14 External environment assumptions [Takara Shuzo Int’l Group] ・Since 4Q of the previous fiscal year, the restaurant industry has recovered gradually, and this trend is forecast to continue ・Demand for Japanese food ingredients is forecast to continue to grow [Takara Shuzo] ・There are increased costs associated with raw materials, etc., but exchange rates are forecast to be largely unchanged from the previous fiscal year ・For RTD, for which advance price revisions were carried out in October last year, the price difference with competitors has been eliminated since April, and sales are forecast to grow [Takara Bio Group] ・No rapid recovery is forecast for the life science research market ・Reciprocal tariffs with the US are forecast to negatively impact cost of sales ratio
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'26/3 Forecasts Change(%) Net Sales 401,000 ＋10.6 Gross Profit 135,400 ＋13.2 Operating income 21,900 ＋6.3 Ordinary income 22,200 ＋0.1 Net Income attributable to owners of the parent 16,300 ＋0.6 '26/3 Forecast '25/3 Actual 61.9％ （61.3％） 59.3％ （58.2％） 15 Takara Holdings (Consolidated) Financial forecasts for the fiscal year ending March 31, 2026 (Millions of Yen) Percentage of net sales from overseas operations （except for Takara Bio Group）
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'26/3 Forecasts Change(%) Takara Shuzo Net Sales 120,681 ＋0.9 Gross profit 31,316 ＋4.7 Operating income 5,337 ＋5.9 Takara Shuzo Int’l Group Net Sales 214,600 ＋15.5 Gross profit 69,750 ＋16.8 Operating income 13,500 ＋15.8 Takara Bio Group Net Sales 52,500 ＋16.6 Gross profit 30,025 ＋15.2 Operating income 2,500 ＋10.5 16 Financial forecasts by Business for the fiscal year ending March 31, 2026 (Millions of Yen)
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Takara Shuzo Net Sales 59,493 (4.0) 61,188 ＋6.1 Gross profit 15,294 (1.1) 16,022 ＋10.9 Operating income 2,392 (8.8) 2,945 ＋22.0 Takara Shuzo Int’l Group Net Sales 104,060 ＋16.9 110,540 ＋14.2 Gross profit 33,320 ＋15.4 36,430 ＋18.2 Operating income 6,000 (7.5) 7,500 ＋45.1 Takara Bio Group Net Sales 21,300 ＋7.8 31,200 ＋23.4 Gross profit 12,384 (0.5) 17,641 ＋29.5 Operating income (1,450) ー 3,950 ＋114.0 '26/3 1H Forecasts Change (%) '26/3 2H Forecasts Change (%) Takara Holdings (Consolidated) Net Sales 191,000 ＋8.2 210,000 ＋12.8 Gross profit 63,200 ＋7.6 72,200 ＋18.6 Operating income 7,800 (25.9) 14,100 ＋40.1 17 Financial forecasts by Business for the fiscal year ending March 31, 2026 (1H,2H) (Millions of Yen)
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Impact of exchange rate fluctuations will be insignificant for Takara Shuzo and Takara Shuzo Int’l Group in aggregate. 18 ◇Exchange rate sensitivity of Takara Shuzo and Takara Shuzo Int’l Group ◇Exchange rate forecast for main exchange rates (compared to ‘25/3) '25/3 Actual '26/3 Forecasts Change USD/Yen 151.69 149.00 (2.69) GBP/Yen 193.83 190.00 (3.83) EUR/Yen 164.04 158.00 (6.04) Impact on operating income in the current fiscal year when JPY depreciates by 1 yen against USD Takara Shuzo 110 Takara Shuzo Int’l Group (100) Total 10 Effect of change in exchange rates for the fiscal year ending March 31, 2026 (Millions of Yen)
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19 ◇Consolidated Statements of Cash Flows ◇Depreciation and Amortization, Amortization of goodwill ’26/3 Forecasts Change from ‘25/3 Change YOY（％） Depreciation and Amortization 11,700 1,352 +13.1 Amortization of goodwill 4,100 2,372 +137.4 (Millions of Yen) (Millions of Yen) ’25/3 Actual ’26/3 Forecasts Change cash flows from operating activities 16,155 25,532 9,377 cash flows from investing activities (41,562) (27,183) 13,749 free cash flow (25,406) (2,281) 23,125 cash flows from financing activities 6,548 (6,872) (13,420) Takara Holdings (Consolidated) Statements of Cash Flows forecasts for the fiscal year ending March 31, 2026
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20 Shareholders return for the fiscal year ending March 31, 2026 ◇Acquisition of Treasury Stock Number of shares to be acquired 3.0 million shares (upper limit) Total cost of acquisition 3.0 billion yen (upper limit) Period of acquisition May 15, 2025 to June 30, 2025 Dividends 31yen（Dividend payout ratio 37.1％） ◇Dividends (planned) for ’25/3 ※Ordinary dividend: 29 yen + 100th anniversary dividend: 2 yen
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21 ◇Policy for reducing cross-shareholdings With efforts to make further improvements to capital efficiency, total cross- shareholdings are set to halve from the end of the fiscal year ended March 31, 2025 by the end of the fiscal year ending March 31, 2030. ◇Reduction plan for ‘26/3（May 15,2025） Number of stocks sold ７ Sale price 5.4 billion yen 2025/3 2030/3 Market capitalization at end of period 32.0 billion yen 15.0 billion yen ※Consolidated net asset(‘25/3 300.9 billion yen) ratio：’25/3 10.6％ → ‘30/3 5.0％ Policy for reducing cross-shareholdings for the fiscal year ending March 31, 2026
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‘25/3 Actual(%) ‘26/3 Forecasts(%) ROE 6.8 6.5 ROIC 4.0 4.0 ROIC by business (reference) Takara Shuzo 5.0 * 5.1 * Takara Shuzo Int’l group 6.4 6.2 Takara Bio Group 1.4 1.4 22 *From the fiscal year ending March 31, 2026, the ROIC calculation method at Takara Shuzo will change, with rebate equivalents omitted from notes and accounts receivable-trade leading to a decrease in invested capital. Results for the fiscal year ended March 31, 2025 have been amended in line with this new method. Takara Holdings (Consolidated) ROE/ROIC performance forecasts for the fiscal year ending March 31, 2026
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Ⅲ. Progress of the Medium- Term Management Plan for 2025
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Long-Term Management Plan “TaKaRa Group Challenge for the 100th（TGC100） ” (for 2020-2025) 24 Overview of Medium-Term Management Plan for 2025 Medium-Term Management Plan for 2025 for 2023-2025 Medium-Term Management Plan for 2022 for 2020-2022 During this period, Takara Group intends to accelerate investing in businesses in growth and high-priority fields to increase the Group's enterprise value During this period, each business segment was to transform its business model and operating foundation to make them more robust.
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'26/3 Forecasts Mid-term plan 2025 Target Change (％) Net Sales 401,000 420,000 or more (4.5) Gross profit 21,900 38,000 or more (42.4) Percentage of net sales from overseas operations （except for Takara Bio Group） 61.9％ (61.3％) 60.0％ or more (60.0％ or more) ＋1.9 (＋1.3) 25 Takara Holdings (Consolidated) Financial forecasts for the fiscal year ending March 31, 2026 <vs mid-term plan2025> (Millions of Yen)
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'26/3 Forecasts Mid-term plan 2025 Target Change (％) Takara Shuzo Net Sales 120,681 123,200 (2.0) Gross profit 5,337 5,000 ＋6.7 Takara Shuzo Int’l Group Net Sales 214,600 218,000 (1.6) Gross profit 13,500 16,700 (19.2) Takara Bio Group Net Sales 52,500 68,100 (22.9) Gross profit 2,500 15,000 (83.3) 26 (Millions of Yen) Takara Holdings (Consolidated) Financial forecasts by business for the fiscal year ending March 31, 2026 <vs mid-term plan2025>
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Gaps in external environment Impact on performance Increasing weak yen Takara Shuzo Negative Takara Shuzo Int’l Group Positive Growth stagnation in restaurant markets due to global inflation Takara Shuzo Int’l Group Negative Sluggish life science research market due to factors such as prolonged inflation in Europe and the US, and economic downturn in China Takara Bio Group Negative 27 Medium-Term Management Plan for 2025 Gap Between Planned and Current External Environment
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28 3 3.5 4 4.5 5 5.5 6 '24/3 '25/3 '26/3 (Forecasts) Actual & Forecasts Mid-Term Plan Targets 100 105 110 115 120 125 130 '24/3 '25/3 '26/3 (Forecasts) Actual & Forecasts Mid-Term Plan Targets Net Sales Operating income Since October 2023, appropriate price revisions have been made, but net sales have decreased Net sales are expected to fall below the plan mainly due to price revisions made predominantly to RTD prior to competitors in October 2024 Although there are factors promoting increased profit, such as the effect of price revisions and changes in sales mix, gross profit is forecast to fall slightly below the plan On the other hand, operating income is forecast to exceed the plan due to efficient investment of SGA expenses Takara Shuzo Performance Trends <vs mid-term plan2025> (Billions of Yen) (Billions of Yen)
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29 7 9 11 13 15 17 19 '24/3 '25/3 '26/3 (Forecasts) Actual & Forecasts Mid-Term Plan Targets 100 120 140 160 180 200 220 240 '24/3 '25/3 '26/3 (Forecasts) Actual & Forecasts Mid-Term Plan Targets Net Sales Operating income While organic sales growth has slowed down, due to additional revenue from exchange rates as well as planned and unplanned M&As (such as Kagerer & Co. GmbH), net sales are forecast to be in line with the plan Due to a decrease in gross profit margins resulting from more intense price competition for general products, as well as the continued rise in personnel expenses and an increase in temporary expenses related to warehouse transfers/expansion and M&As, etc., operating income is expected to fall below the plan (Billions of Yen) (Billions of Yen) Takara Shuzo Int’l Group Performance Trends <vs mid-term plan2025>
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30 0 5 10 15 20 '24/3 '25/3 '26/3 (Forecasts) Actual & Forecasts Mid-Term Plan Targets 20 30 40 50 60 70 80 '24/3 '25/3 '26/3 (Forecasts) Actual & Forecasts Mid-Term Plan Targets ＜営業利益計画＆実績・予想＞Operating income Net Sales Sluggishness in the global life science research market, among other factors, led net sales in all categories (reagents, equipment, contract, and gene therapy) forecast to fall below the plan The lack of achievement of sales plans, the increase in the cost of sales ratio due to changes in sales mix, and other factors, resulted in a decrease in gross profit Despite controls on SGA expenses, including R&D expenses, operating income is expected to fall below the plan Takara Bio Group Performance Trends <vs mid-term plan2025> (Billions of Yen) (Billions of Yen)
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Company Major themes Progress (‘26/3) Issues Takara Shuzo Expansion of key brands [Key brands] ・Net sales: 6% below medium-term plan targets *14% above ‘23/3 results ・Profit: 18% below medium-term plan targets *24% above ‘23/3 results ・Stimulating sales of Shochu Highball and Mio ・Developing high-profit-margin brands (Karakuchi Zero Ball, Subaru, etc.) Takara Shuzo Int’l Group [Overseas alcoholic beverages business] Expansion of washu ・Net sales of washu: 15% below medium-term plan targets *2% below ‘23/3 results (33% up excluding sales of Shirakawa whisky) Exports of Mio: 60% below medium-term plan targets *32% above ‘23/3 results ・While the development of overseas-exclusive products and innovative washu products is running behind schedule, progress is being made ・Further raising awareness of Mio, and opening up new distributors and customers ・Expanding washu exports ・Strengthening lineups of overseas- exclusive products, innovative washu products, and other products [Japanese food wholesale business in overseas markets] Expansion of differentiated products Expansion of bases in North America and Europe ・The amount of sales of washu products as a proportion of total sales fell below targets E.g.) Mutual Trading Co., Inc.: 2.5% below medium-term plan targets *1.2% above ‘23/3 results ・Strengthening marine product procurement capabilities through M&As of TSUKIJI OHTA Group and Kagerer & Co. ・Expansion of bases (North America: 13 bases → 15 bases; Europe: new bases in Germany and Finland) ・Strengthening lineups of products with a highly competitive edge: washu products and marine products ・Creating synergies between Group companies Takara Bio Group Expansion of the CDMO (contract development and manufacturing organization) business 7% annual growth for the reagent business ・Significant delays to targets, with changes to the external environment ・Selection and concentration on R&D projects ・Strengthening lineup of products and services through M&As ・Creating immediate synergies with purchased companies ・Pushing forward glocal strategies 31 Medium-Term Management Plan for 2025 Progress toward major themes and issues
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32 M&A investments, etc. increased in the Takara Shuzo Int’l Group. Investments in the consolidated Takara Group exceeded medium-term management plan targets, totaling 99.7 billion yen. ◇Investment Plan Investment Plan for ’24/3-’26/3 Mid-term plan 2025 Target Takara Shuzo 14.1 billion yen 21.0 billion yen Takara Shuzo Int’l Group 43.1 billion yen 20.0 billion yen Takara Bio Group 42.8 billion yen 45.4 billion yen Takara Holdings (Consolidated) 99.7 billion yen 87.7 billion yen Change Factors ・Delays to projects due to difficulties securing construction personnel (plans to carry out after postponement) ・Acquisition of equity in Kagerer & Co. (outside plans) ・Increase in warehouse transfer/expansion expenses ・Changes to capital investment plans due to worsening market conditions Investment Plan for ’24/3-’26/3 <vs mid-term plan2025>
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33 Operating cash flows 87.4 billion yen Capital investment, M&A, etc. 87.7 billion yen Return to shareholders 22.9 billion yen ・mid-term plan 2025 Target for ’24/3-’26/3 Operating cash flows 70.8 billion yen Capital investment, M&A, etc. 99.7 billion yen Return to shareholders 28.8 billion yen Sale of cross- shareholdings 15.0 billion yen Application of cash on hand, etc. 30.6 billion yen ・forecasts for ’24/3-’26/3 CASH IN CASH OUT Sale of cross- shareholdings 3.2 billion yen Procured funds via borrowing 16.5 billion yen Application of cash on hand, etc. 18.8 billion yen Loan repayments 15.3 billion yen Loan repayments 18.4 billion yen Procured funds via borrowing 30.5 billion yen CASH IN CASH OUT Dividends 22.8 billion yen Acquired treasury stock 6.0 billion yen Cash allocation forecasts for ’24/3-’26/3 <vs mid-term plan2025>
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34 *From the fiscal year ending March 31, 2026, the ROIC calculation method at Takara Shuzo will change, with rebate equivalents omitted from notes and accounts receivable- trade leading to a decrease in invested capital of 4.8% (medium-term management plan targets are for pre-change values) ‘26/3 Forecast(%) Mid-term plan 2025 Target(%) Change Factors ROE 6.5 9.0 or more Investment in growth and high-priority fields was accelerated, but net income fell below targets ROIC 4.8 7.5 or more Despite proactive investment in growth and high- priority fields including unplanned M&As overseas, post-tax operating income fell below targets ROIC by business (reference) Takara Shuzo 5.1* 4.5 ・Post-tax operating income exceeded targets ・Noncurrent assets decreased due to investment delays, etc. Takara Shuzo Int’l group 6.2 10.7 ・Post-tax operating income fell below targets ・M&As outside plans, and significant increase in noncurrent assets Takara Bio Group 1.4 8.4 ・Post-tax operating income fell below targets ・Invested capital fell below targets Takara Holdings (Consolidated) ROE/ROIC performance forecasts for the fiscal year ending March 31, 2026 <vs mid-term plan2025>
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１．Takara Shuzo Ⅳ．Business strategy for the fiscal year ending March 31, 2026
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‘24/3 Results (1,512) ‘25/3 Results Advertising And promotion expenses Impact of sales decline (excluding price revision effect)） Effect of exchange rate Cost increases (excluding the effect of exchange rates) Cost increases (1,672) (159) ＋1,308 36 ◇Year-on-year change in operating income (positive factors are shown with a plus sign, and negative factors are shown in parentheses) Gross profit (1,809) 5,037 5,503 Increase due to changes in sales mix, etc. Operating Income (465) Gross profit decreased due to the increase in costs, including the impacts of foreign exchange rates, and the decrease in sales of shochu and sake, despite the effects of price revisions and changes to sales mixes. And operating income decreased despite of reducing advertising and promotion expenses. ＋699 (1,755) Effect of price revisions ＋919 ＜Oct. and Nov. 2023＞ ＋290 ＜Oct. 2024＞ ＋409 ＜Cost decreases＞ Crude distilled alcohol ＜Cost increases ＞ Raw material rice Containers and packaging Other SGA expenses ＋35 Analysis of the Change in Operating Income for the year ended March 31, 2025 (Takara Shuzo) <Year-on-year> (Millions of yen)
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＋138 Cost increases (29) (168) 37 Gross profit +1,396 5,3375,037 Operating Income ＋300 Gross profit is expected to increase due to the effects of price revisions, changes to sales mixes, and other factors, resulting in an increase in operating income despite the increase in advertising and promotion expenses. ＋478 ＋1,172 (776) (224) (321) Analysis of the Change in Operating Income for the year ended March 31, 2026 (Takara Shuzo) <Year-on-year> ◇change in operating income versus the forecasts on May (positive factors are shown with a plus sign, and negative factors are shown in parentheses) ＜Cost decreases＞ Crude distilled alcohol ＜Cost increases ＞ Raw material rice Containers and packaging ‘25/3 Results ‘26/3 Forecasts Advertising And promotion expenses Impact of sales decline (excluding price revision effect)） Effect of exchange rate Cost increases (excluding the effect of exchange rates) Increase due to changes in sales mix, etc. Effect of price revisions Other SGA expenses (Millions of yen) ＜Oct. 2024＞ ＋478
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38 ● Strengthen key brands, food seasonings (dashi stock), and export products, to improve profits and profit margins ● Reduce companywide costs and enhance capital efficiency ● Continue initiatives with a primary focus on safety and security ● Enhance corporate value by strengthening initiatives to promote sustainability Expanding washu to the global market while implementing thorough brand cultivation and improving profit margins —Fostering an awareness of ROIC-focused management for budget achievement and capital efficiency improvement— Basic policy Takara Shuzo: Business Strategy for the fiscal year ended March 31, 2026
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39 ●Sales targets of key brands ‘25/3 Actual YOY （％） Net sales 46,429 +1.5 Gross profit 13,187 (1.2) In the fiscal year ended March 31, 2025, sales of key brands rose by 1.5% year on year, gross profit dropped 1.2% due to cost increases such as those associated with exchange rates. For the fiscal year ending March 31, 2026, target net sales and gross profit are increases of 6.6% and 7.3%, respectively. ‘26/3 Target YOY （％） 49,519 +6.6 14,158 +7.3 Initiatives of Key Brand Development (Millions of yen)
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40 Improving profit margins by increasing sales of high-profit-margin key brands to 41% of total sales ● Sales composition ratio of key brands, Gross profit margin ‘26/3 Forecasts Sales composition (%) Gross profit margin (%) 100.0 26.0 41.0 28.6 59.0 24.1 ‘25/3 Actual Sales composition (%) Gross profit margin (%) Takara Shuzo total 100.0 25.0 Key brands 38.8 28.4 Other 61.2 22.8 Expansion of the sales composition ratio of key brands
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Using advertising with a focus on the key brand core products, Takara Shochu Highball and Sho Chiku Bai Shirakabegura Mio, to acquire new users 41 ◇Sho Chiku Bai Shirakabegura “MIO” Sparkling Sake：’26/3 520,000 C/S（YOY+9％） ◇Takara Shochu Highball：’26/3 18,300,000 C/S（YOY+8％） ・Continuing to promote the product’s “cheap saloons concept” to develop loyal users ・ Launching a new mainstay flavor “dry” of the 5% series to acquire new users ＜Dry＞ Alc. 5％ ●Developing loyal users ・Promote the product’s “cheap saloons concept” by running a BS program ● Acquiring new users ● Acquiring new users ・Media：Tver, Youtube, AmazonFireTV, etc. ・Period：from June to August, 2025 from November, 2025 to January, 2026 ・Implement digital advertisement to promote user benefits ・Renew the 5% series ・Launch a new mainstay flavor “dry” with 5% alcohol on September 9 Streaming videos about Mio which has fruity, gentle sweetness coming from rice, and Mio CLEAR for those who prefer a less sweetness to acquire new users Initiatives of Key Brand Development <Takara Shochu Highball><Sho Chiku Bai Shirakabegura “MIO” Sparkling Sake>
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（OLD） For the growing non-alcoholic and low-alcohol markets, we will encourage greater consumers’ awareness of product concepts by updating package designs for strategic products. 42 Switching from March 2025 ◇ <Takara HAKKO JORYU SOUR>:’26/3 300,000 C/S（YOY +43％） ◇ <Takara Karakuchi Zeroball>: ‘26/3 450,000 C/S (YOY +21%) Release on April 8, 2025 （OLD） （NEW） Strengthening distinctive sake taste with a dry flavor to savor a refreshing, crisp taste Designing packaging with a catchphrase on the front and a taste graph on the back Significantly updating packaging designs with a sub-name Introducing a new flavor “Japanese plum” Initiatives of Key Brand Development <Takara Karakuchi Zeroball ><Takara HAKKO JORYU SOUR> （NEW）
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Developing products that will create new markets based on selling points of washu such as “aroma” and “mixing with soda” 43 ◇ Sho Chiku Bai Subaru: ‘26/3 120,000 C/S (1.8L x 6 bottles) (YOY +15%) Main visual ◇Sho Chiku Bai Mizuoto：’26/3 10,000 C/S (720ml x 6 bottles)（YOY+134％） ※Advance release of restaurant routes ＜Highly rated by users for its aroma and flavor＞ ●To maximize product awareness, TV commercials will be aired during peak seasonal demand periods (spring/summer and autumn/winter) ・Period：from April 21 to May 18, 2025 November (Week 3) – December (Week 2), 2025 ・Ad volume：1,000GRP for each ●Digital advertising will be conducted, with video content distributed via platforms such as TVer and YouTube. ＜Praised by restaurants and bars for its refreshing aroma, pleasant sweetness, and crisp carbonation＞ ●Proposing a new way to enjoy sake at restaurants and bars — served with soda for a refreshing twist ●To boost awareness, we will run PR campaigns using magazines (e.g., dancyu), digital ads, and influencer collaborations, including tie-ups with platforms like BRUTUS.jp. Menu layout image Initiatives of Key Brand Development <Sho Chiku Bai Subaru><Sho Chiku Bai Mizuoto>
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For the growing ready-meal market, strengthening high-profit-margin food seasonings (dashi stock)* *BtoB food seasonings optimized for precooked and processed foods 44 1.6 1.8 2.0 0.0 0.5 1.0 1.5 2.0 2.5 '24/3 '25/3 '26/3 Sales volume Seasonings that draw out rich aromas and umami taste using special manufacturing processes with alcohol Food seasonings (dashi stock) ■ Applications ・Precooked foods, rice balls, etc. for the ready-meal market ・Broth, etc. for noodles at restaurants Food seasonings (dashi stock) (Billions of Yen)
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Utilizing the Seasonings Customer Centers, that make a strength out of their possession of analytical devices and culinary equipment that can quantify their cooking effects and functions, and of their ability to visualize issues, and promoting the development of new customers 45 Seasonings Customer Centers ・Allocating permanent staff at two bases in East and West Japan (East: Chuo-ku, Tokyo; West: Takara Shuzo’s Fushimi Plant), to help resolve customers’ issues ・Numerically visualizing functions of seasonings—cooking effects, strength and quality of aroma, texture, etc.—using varied analytical devices and culinary equipment ・Technicians also attend commercial meetings to accurately grasp customers’ needs and issues when necessary. Directly inquiring about needs and issues enables accurate resolution proposals ＜Strengths of Takara Shuzo＞ Food seasonings (dashi stock)
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Implementing cost reduction measures in response to cost increases and to create product development resources Promoting initiatives to enhance capital efficiency, such as reducing operating capital 46 Main initiatives Target Cost reductions ・Cost reductions via CO2 reduction measures ・Reduction of waste loss and shortages ・Efficiency improvements via updates to dilapidated infrastructure 1.995 billion yen Capital efficiency ・Thorough stock management via more accurate production plans and demand forecasts ・Enhanced capital efficiency via measures such as reducing in-house stock and more efficient sales activities ・Days inventory outstanding: 72.5 days (6 days less YoY, equivalent to around 1.5 billion yen) ・Product elimination and integration ‘26/3: 30 items From ‘24/3 to ‘26/3 (three- year period of the medium- term management plan): 168 items Initiatives for Cost Reduction and Improvement of Capital Efficiency
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２. Takara Shuzo Int’l Group Ⅳ．Business strategy for the fiscal year ending March 31, 2026
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Despite the increase in gross profit due to a net sales increase and the effects of M&As, operating income decreased due to increased amount of SGA expenses, including personnel expenses. 48 Analysis of the Change in Operating Income for the year ended March 31, 2025 (Takara Shuzo Int’l Group) <Year-on-year> ◇Year-on-year change in operating income (positive factors are shown with a plus sign, and negative factors are shown in parentheses) (873) ＋7,978 (184) 12,291 11,655 (7,557) Operating income (636) Decrease in operating income due to an increase in SGA expenses (8,615) Increase in sales, etc. (new M&A portion: +2,235) Personnel Expenses: (3,974) (new M&A portion: (841)) Depreciation Expenses: (901) Rental Fees: (715) Goodwill Amortization: (497) (Millions of yen) ‘24/3 Actual ‘25/3 Actual Other SGA expensesGross profit Advertising and promotion expenses Transportation expenses
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49 (1,548) ＋10,055 (185) 11,655 13,500 (6,477) Operating income ＋1,844 Decrease in operating income due to an increase in SGA expenses (8,211) Due to an increase in gross profit resulting from an increase in net sales and other factors, operating income increased despite the increase in SGA expenses, including personnel expenses. Increase in sales, etc. M&A in ‘25/3 +5,879 Analysis of the Change in Operating Income for the year ended March 31, 2026 (Takara Shuzo Int’l Group) <Year-on-year> ◇Year-on-year change in operating income (positive factors are shown with a plus sign, and negative factors are shown in parentheses) (Millions of yen) ‘25/3 Actual ‘26/3 Forecasts Other SGA expensesGross profit Advertising and promotion expenses Transportation expenses Personnel Expenses: (3,444) (new M&A portion: (1,703)) Depreciation Expenses: (992) Goodwill Amortization: (856)
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50 ＜Strategic Initiatives＞ ●With the registration of Japan’s “Traditional Brewing” as a UNESCO Intangible Cultural Heritage, we will demonstrate strengths not found at other companies, and accelerate growth in the washu and Japanese food wholesale businesses, while also developing high-added-value brands in the Western-style liquor business. ●We will enhance the Group’s profits by expanding business and strengthening our management foundation through the efforts of our existing and new companies in the Group. ●We will cut down operating capital and expenses by strengthening profit-oriented initiatives with top priority on ROIC improvement. We will achieve revenue growth for the whole Group through the rapid growth of the Washu and Japanese food wholesale business and the stable growth of Western-style liquor business Basic policy Takara Shuzo Int’l Group : Business Strategy for the fiscal year ended March 31, 2026
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51 ●Focusing on the four key areas (the US, Hong Kong, the UK, and Taiwan) of Mio, and furthermore, expanding Mio through overseas Japanese food wholesalers. ●Reenergizing the traditional washu such as Shirakabegura products and cultivate markets for smaller quantities. ●Taking on board regional needs, and strengthening the novel, attractive and innovative washu product development. ●Efforts by the Berkeley Brewery (Takara Sake USA Inc.), which is being renewed, will expand the number of sake fans in the US. ●Strengthening awareness-raising activities for washu culture with the Group companies. Overseas Alcoholic Beverages Business (Washu) We will aim for the rapid growth of the Washu business, maximizing synergies between Takara Shuzo and overseas Group companies. Business Policy ＜Strategic Initiatives＞ Target Net sales 9,360 Operating income 553 Overseas Alcoholic Beverages Business (Washu) : Business Strategy for the fiscal year ended March 31, 2026 (Millions of yen)
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5.9 7.3 10.0 24/3 25/3 26/3 (Plan) 52 We will diversify sales channels by newly developing mass retailers in addition to the main route of restaurants, and promote Mio as a global brand. ・ ”Mio” export volume *Unit: 10,000 c/s 300ml x 12 bottles ◇Strategic Indicators Key areas Proportion of total export sales Mass retailers focused strategies US 48％ ・Acquire trial users by strengthening the lineup of reasonable, smaller- quantity products ・Newly introduce Mio to American mass retailer chains Hong Kong 15％ Newly introduce Mio <CLEAR> and Mio <NIGORI> UK ８％ Newly introduce Mio to local mass retailer chains Taiwan 5％ Newly introduce Mio to mass retailers by utilizing leading secondary wholesalers ●Four Key Areas Strategies YOY +36% Overseas Alcoholic Beverages Business(Washu) : Initiatives of “MIO”Brand Development
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53 ●Acquisition of trial users In the US with high sales distribution ratio, we aim to acquire trial users through 150ml bottles of Mio, and promote new introduction of Mio to American mass retailers’ chains by utilizing a new sponsorship contract with an MLB team. ・Following on from the sponsorship contract with the New York Mets from FY2024, in FY2025 an official sponsorship contract was signed with the San Francisco Giants. [West Coast: new] [East Coast: continuation] Mio and Mio <CRISP> 150ml Expected retail price of around 1,240 yen ・150ml bottles of Mio and Mio <CRISP> launched in March 2025 ●Initiatives to introduce the products to American mass retailer chains Overseas Alcoholic Beverages Business(Washu) : Initiatives of “MIO” Brand Development
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54 Washu export net sales 1.35 billion yen (YOY +20%) ◇Strategic Indicator Strengthening the Shirakabegura brand as a high-added-value brand and smaller- quantity items as ordinary brands. [High-added-value lineup] [Ordinary lineup] Strengthening the Shirakabegura brand Strengthening smaller- quantity products Sho Chiku Bai Shirakabegura Kimoto Junmai Muroka Himurochozo 2017 Started exports in March 2025 Focused on US and Europe Sho Chiku Bai Mizuoto 300ml Started exports in March 2025 Focused on Asia and Oceania Expected retail price: Around 1,800 to 2,500 yenExpected retail price: Around 13,000 yen (in the US) Overseas Alcoholic Beverages Business(Washu) : Initiatives of Product Development of “Traditional SAKE” Takara Shuzo Int’l Group Takara Shuzo
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55 In collaboration with Japanese food wholesale business, we have developed a high-alcohol liqueur designed for cocktails. This product combines the global trend of canned SAKE with the refreshing flavor of yuzu—a beloved Japanese citrus—tailored to meet the preferences of overseas markets. ・veloped a unique Kyoto- grown yuzu infusion and yuzu peel extract, achieving an intense and rich yuzu aroma. Sho Chiku Bai SAKE CAN 「SORA」 Junmai SAKE 180ml JAPANESE YUZU LIQUEUR 「YUZUHA」700ml （Alc. 43°） Exports scheduled to start in June 2025 To the UK Exports scheduled to start in August 2025 To the US and Europe Joint development with Tazaki foods Co., Ltd Joint development with Mutual Trading Co., Inc. ・Easy-to-try volume ・Mellow and rich flavor “Junmai Sake” ・Promotes recycling through canned packaging Overseas Alcoholic Beverages Business(Washu) : Initiatives of Product Development of “Innovative SAKE” Takara Shuzo Int’l Group Takara Shuzo
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Strengthening the development and sales of locally produced products, such as innovative sakes which responded to the market conditions and needs, leveraging our strength as a group with a base in the United States. Takara Sake USA Inc. Takara Sake USA has pursued exceptional sake brewing using American rice and water over 40 years since its establishment in 1983. ＜Major products, produced locally, that have long been loved in the US＞ ＜Innovative sake types＞ 56 Overseas Alcoholic Beverages Business(Washu) : Initiatives to expand “Innovative SAKE” Takara Shuzo Int’l Group Takara Shuzo
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To reinforce the Berkeley site’s position as a sake brewery, exterior renovations are being carried out and an improved tasting room will enhance its appeal to visitors. ●Renewal of the head office building that will incorporate Japanese aesthetics (planned for completion in June) ● Tasting room to better attract visitors (reopened in April) Target number of visitors per annum: 10,000 Introducing membership system, strengthening experience-related systems, and opening up a gift shop ＜Exterior image after renovation> ＜Current building exterior＞ 57 Overseas Alcoholic Beverages Business(Washu) : Strengthening brands of Takara Sake USA
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58 ●Position washu and marine products (frozen and fresh seafood) as core differentiated products, and expand lineups by sharing expertise and other knowledge from new Group companies throughout the Group. ●Energize existing priority markets and promote more diverse sales channels by expanding sales of high-added-value products. ●Promote the opening up of new areas in North America and Europe while expanding sales by creating synergies with new Group companies. Japanese Food Wholesale Business ＜Strategic Initiatives＞ We will promote the diversification of sales channels, pioneer new areas, and develop and cultivate differentiated products to achieve rapid growth significantly exceeding market growth. Business policy Japanese Food Wholesale Business: Business Strategy for the fiscal year ended March 31, 2026 Target Net sales 192,098 Operating income 7,489 (Millions of yen)
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Spreading awareness of the appeal of washu, in particular Mio, in various regions with a target of increasing net sales by 10.6% YoY 59 Sales volume of “Mio” through five Japanese food wholesalers 26,000 C/S（YOY＋19%) ◇Strategic Indicator Targets Japanese food wholesalers in overseas markets (five companies total*) Net sales of washu products YoY ‘25/3 ‘26/3 +11.8% ＋10.6％ *Mutual Trading, FOODEX, Comimport, the Tazaki Foods, and Nippon Food, with consideration for foreign exchange impacts. Japanese Food Wholesale Business : Initiatives to expand “washu”
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With strengths in marine products, new markets will be opened up, with a target of increasing net sales by 9.1% YoY. We will create synergies by utilizing strengths in marine product procurement belonging to companies newly added to the Group. 60 Tsukiji Ohta Kagerer（Germany） Fresh fish from Japan Frozen seafood Creating synergies using differentiated products, such as high-quality marine products and fresh fish from Japan, and expertise Japanese Food Wholesale Business : Initiatives to expand “seafood” Targets Japanese food wholesalers in overseas markets (five companies total*) Net sales of seafood products YoY ‘25/3 ‘26/3 ＋18.7％ ＋9.1％ *Mutual Trading, FOODEX, Comimport, the Tazaki Foods, and Nippon Food, with consideration for foreign exchange impacts.
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Expanding sales by promoting the opening up of new markets in North America and Europe and creating synergies with new Group companies 61 Area Major strategies North America ・Expand sales networks for fresh fish and wagyu beef ・Expand sales and open up sales routes for retail products ・Acquire new accounts using differentiated products (washu, fresh fish, wagyu beef, and non-food products) ・Strengthen management structures of new Group companies ・Move forward smoothly with in-house plans to enter new markets (Houston and Seattle) Europe ・Expand sales by strengthening washu and marine products ・Develop differentiated products through cooperation between the four European companies ・Open up new markets using secondary sellers in northern, eastern, and southern Europe ・Expand sales by enhancing lineups of made-in-Japan high-added-value products (Japanese kitchen knives, etc.) and non-food products ・Open up connections with local restaurants in each country Japanese food wholesale business : Sales expansion strategies in North America and Europe
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62 ●Acquire premium zone customers by selling lower value Tomatin products to mass retailers, and raise brand awareness considering the market conditions ●Continuously and dedicatedly develop Blanton’s as a high-added-value brand by strengthening sales of Blanton’s Gold Edition, etc. Business policy We aim to boost the value of our brands, such as Tomatin and Blanton’s, and achieve stable earnings growth. Target Net sales 15,858 Operating income 7,107 Overseas Alcoholic Beverages Business (Western-style liquor) : Business Strategy for the fiscal year ended March 31, 2026 (Millions of yen) Overseas Alcoholic Beverages Business (Western-style liquor) Blanton's Gold Tomatin 10 Year Old Tomatin Double Cask
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63 ・ Cost increases resulting from reciprocal tariffs are forecast to reach around 3.8 billion yen at Mutual Trading Co., Inc. (USA), and we plan to make price revisions in a timely and appropriate manner. ・ Impact on other Japanese food wholesalers in overseas markets and the overseas alcoholic beverages business will be insignificant. Proportion 70% 30% Price revisionsJapan, China, etc. Countermeasure Country or region of origin Main purchasing countries/regionsUS Outside the US ・ Mutual Trading Co., Inc.: Share of purchasing volume by country * Concern: Due to inflation, domestic consumption inside the US is slumping * Forecast cost increases resulting from reciprocal tariffs: approx. 3.8 billion yen Impacts of Reciprocal Tariff Policies under the Trump Administration and Strategic Response Measures
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Ⅴ．Sustainability
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65 ESG scores Promoting initiatives based on those of the FTSE, the ESG score in 2024 was 3.5, which exceeded the beverage sector average of 3.35. As of March 2025, MSCI grade had been retained as A. ● Changes in FTSE score ●MSCI Retained an A grade in 2025 THE USE BY [Takara holdings inc.] OFANY MSCI ESG RESEARCH LLC OR ITS AFFILIATES (“MSCI”) DATA, AND THE USE OF MSCI LOGOS, TRADEMARKS, SERVICE MARKS OR INDEX NAMES HEREIN, DO NOT CONSTITUTE A SPONSORSHIP, ENDORSEMENT, RECOMMENDATION, OR PROMOTION OF [ENTITY] BY MSCI. MSCI SERVICES AND DATA ARE THE PROPERTY OF MSCI OR ITS INFORMATION PROVIDERS, AND ARE PROVIDED ‘AS-IS’ AND WITHOUT WARRANTY. MSCI NAMES AND LOGOS ARE TRADEMARKS OR SERVICE MARKS OF MSCI. Takara Holdings Beverage Sector
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66 Resolve social issues through the business of providing products and services Materiarity Initiatives Environment ・We have installed the solar power equipment at Kurokabegura (Miyazaki Pref.) and switched to electricity derived from renewable energy sources since February 2025, and substantially achieved 100% of consumed electricity from renewable energy sources. ・Moreover, we have switched the boiler fuel used in Kurokabegura from heavy oil to LNG, and reduced CO2 emissions. Solar panels at Kurokabegura We will further enhance the Takara Group’s corporate value by achieving the sustainability vision formulated for each material issue, and working to resolve various social issues through business activities.
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67 Materiarity Initiatives Environment ・The Takara Harmonist Fund, a public trust, was established in 1985 and provides subsidies for research and other activities to protect forest, grassland, and waterside natural environments. ＜No. and cumulative total amount of subsidies (over 39 years)＞ No. of subsidies: 422; Cumulative total amount of subsidies: 199,410,000 yen 40th anniversary of the establishment Subsidy presentation ceremony Initiatives for biodiversity conservation
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Smiles in Life ～Smiles are Life’s Treasures ～ 68 We will progressively achieve our vision of “Smiles in Life ~ Smiles are Life’s Treasures ~” by contributing to a well-balanced diet for people around the world through Washu and Japanese food, and by supporting healthy lifestyles through our biomedical businesses Smiles in Life ~ Smiles are Life’s Treasures ~ Contribute to a well-balanced diet for everyone Create value in the medical and healthcare domains
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Appendix ’25/3 Actual Takara Holdings (Consolidated) Profit and loss statementTakara Shuzo Takara Shuzo Int’l Group Takara Shuzo Int’l Group Major Subsidiaries Net sales and operating income ‘26/3 Forecasts Takara Holdings (Consolidated) Profit and loss statement Statements of Cash Flows Takara Shuzo Profit and loss statementTakara Shuzo Int’l Group Takara Holdings (Consolidated) Profit and loss statement (1H)Takara Shuzo Takara Shuzo Int’l Group Takara Shuzo Int’l Group Major Subsidiaries Net sales and operating income
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70 ◇Consolidated Profit and loss statement Effect of change in exchange rates on net sales Change Change(%) Change Change(%) Change Takara Shuzo 119,663 (4,122) (3.3) 1,174 +1.0 ー Takara Shuzo International Group 185,803 25,375 +15.8 103 +0.1 13,525 Takara Bio Group 45,039 1,533 +3.5 (460) (1.0) 1,980 Other 30,867 596 +2.0 (31) (0.1) ー Adjustment (18,680) (61) － (92) － ー 362,693 23,321 +6.9 693 +0.2 15,505 119,647 5,714 +5.0 (952) (0.8) 99,050 7,359 +8.0 (349) (0.4) Takara Shuzo 5,037 (465) (8.5) 354 +7.6 Takara Shuzo International Group 11,655 (636) (5.2) (344) (2.9) Takara Bio Group 2,263 (740) (24.6) (736) (24.6) Other 2,708 345 +14.6 24 +0.9 Adjustment (1,067) (148) － 99 － 20,597 (1,644) (7.4) (602) (2.8) 22,180 (1,156) (5.0) (119) (0.5) 4,734 700 +17.4 (15) (0.3) 1,099 (32) (2.9) (150) (12.1) 16,202 26 +0.2 302 +1.9 Change from forecasts announced on February, 2025 Ordinary income (loss) Extraordinary income Extraordinary loss Net income attributable to owners of the parent (loss) YOY Net sales Gross profit SG&A expenses Operating income (loss) '25/3 Actual (Millions of yen) Takara Holdings (Consolidated) Financial results for the fiscal year ended March 31, 2025
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71 ◇Profit and loss statement (Net sales ~ Operating income) Change Change(%) Change Change(%) 31,801 (2,522) (7.3) 452 +1.4 10,505 (1,027) (8.9) (119) (1.1) 42,029 (261) (0.6) 798 +1.9 5,068 (382) (7.0) (62) (1.2) 9,796 70 +0.7 72 +0.7 9,230 171 +1.9 66 +0.7 11,231 (171) (1.5) (33) (0.3) 119,663 (4,122) (3.3) 1,174 +1.0 29,919 (1,809) (5.7) 245 +0.8 24,881 (1,344) (5.1) (109) (0.4) 5,037 (465) (8.5) 354 +7.6 SG&A expenses Operating income (loss) Net sales Gross profit Other liquors Hon Mirin Other seasonings YOY Change from forecasts announced on February, 2025 Raw alcohol Shochu Sake Light-alcohol refreshers '25/3 Actual Takara Shuzo Financial results for the fiscal year ended March 31, 2025 (Millions of yen)
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72 Effect of change in exchange rates on net sales Change Change(%) Change Change(%) Change 23,533 2,607 +12.5 46 +0.2 1,751 164,768 22,951 +16.2 (16) (0.0) 11,970 8,352 8,103 － 7,777 － (10,851) (8,287) － (7,703) － 185,803 25,375 +15.8 103 +0.1 13,525 59,694 7,978 +15.4 (305) (0.5) 48,038 8,615 +21.9 38 +0.1 6,993 1,262 +22.0 (39) (0.6) 6,095 (1,802) (22.8) (315) (4.9) 6,862 8,011 － 7,780 － (8,295) (8,108) － (7,769) － 11,655 (636) (5.2) (344) (2.9) Gross profit Elimination Net sales (196) Overseas Alcoholic beverages business Japanese food wholesale business in overseas markets Other '25/3 Actual YOY Change from forecasts announced on February, 2025 Elimination Operating income (loss) SG&A expenses Japanese food wholesale business in overseas markets Other Overseas Alcoholic beverages business Takara Shuzo Int’l Group Financial results for the fiscal year ended March 31, 2025 (Millions of yen) ◇Profit and loss statement (Net sales ~ Operating income)
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73 Net Sales Operating income(loss) Net Sales Operating income(loss) Takara Sake USA Inc. Thousands of US dollar 44,771 5,048 45,357 5,538 Millions of Yen 6,297 710 6,880 840 Takara Shuzo Foods Co.,Ltd. (China) Thousands of Yuan 44,002 (2,983) 41,237 (3,434) Millions of Yen 872 (59) 867 (72) The Tomatin Distillery Co.,Ltd (U.K.) Thousands of Pound 31,429 9,753 23,655 5,241 Millions of Yen 5,501 1,707 4,585 1,015 AGE INTERNATIONAL,INC. (U.S.) Thousands of US dollar 53,371 24,624 67,876 36,028 Millions of Yen 7,507 3,463 10,296 5,465 FOODEX Group (Europe) Thousands of Euro 177,735 7,978 168,596 6,467 Millions of Yen 27,033 1,213 27,652 1,061 Cominport Group (Europe) Thousands of Euro 96,163 10,995 97,668 9,228 Millions of Yen 14,626 1,672 16,021 1,513 Kagerer & Co. GmbH (Europe) Thousands of Euro ー ー 25,968 2,052 Millions of Yen ー ー 4,222 333 TAZAKI FOODS LTD. (U.K.) Thousands of Pound 74,815 4,579 84,279 2,803 Millions of Yen 13,094 801 16,335 543 Mutual Trading Co., Inc. (U.S.) Thousands of US dollar 562,804 29,070 603,899 21,910 Millions of Yen 79,164 4,089 91,605 3,323 Nippon Food Supplies Company Pty Ltd (Australia) Thousands of Australian dollar 67,298 3,974 71,768 3,814 Millions of Yen 6,282 371 7,179 381 Tokyo Mutual Trading Co., Ltd. Millions of Yen 14,285 793 16,548 777 24/3 Actual '25/3 Actual Takara Shuzo Int’l Group Major Subsidiaries Financial Performance for the fiscal year ended March 31, 2025
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74 Change Change (%) Change Takara Shuzo 120,681 1,017 +0.9 － Takara Shuzo International Group 214,600 28,796 +15.5 (5,091) Takara Bio Group 52,500 7,460 +16.6 (927) Other 31,862 994 +3.2 － Adjustment (18,643) 37 ー － 401,000 38,306 +10.6 (6,018) 135,400 15,752 +13.2 113,500 14,449 +14.6 Takara Shuzo 5,337 300 +5.9 Takara Shuzo International Group 13,500 1,844 +15.8 Takara Bio Group 2,500 236 +10.5 Other 2,960 251 +9.3 Adjustment (2,397) (1,329) ー 21,900 1,302 +6.3 22,200 19 +0.1 5,150 415 +8.8 950 (149) (13.6) 16,300 97 +0.6 Extraordinary income Extraordinary loss Net income attributable to owners of the parent (loss) Change from '25/3 Effect of change in exchange rates on net sales Operating income (loss) Ordinary income (loss) Net sales Gross profit SG&A expenses '26/3 Forecasts Takara Holdings (Consolidated) Financial Forecasts for the fiscal year ending March 31, 2026 ◇Consolidated Profit and loss statement (Millions of yen)
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75 ◇Statements of Cash Flows Takara Group Consolidated Takara Shuzo Takara Shuzo Int’l Group Takara Bio Group Ⅰ. cash flows from operating activities 25.5 6.0 12.5 8.4 Ⅱ. cash flows from investing activities (27.8) (5.9) (3.3) (21.1) Ⅲ. free cash flow (2.2) 0.0 9.2 (12.6) Ⅳ. cash flows from financing activities (6.8) (3.7) (0.0) (2.0) Ⅴ. Total (9.1) (3.6) 9.2 (14.7) (Billions of Yen) Takara Holdings (Consolidated) Statements of Cash Flows for the fiscal year ending March 31, 2026
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76 Change Change (%) 30,183 (1,618) (5.1) 10,655 149 +1.4 44,779 2,749 +6.5 4,927 (141) (2.8) 9,745 (51) (0.5) 9,376 145 +1.6 11,013 (218) (1.9) 120,681 1,017 +0.9 31,316 1,396 +4.7 25,979 1,097 +4.4 5,337 300 +5.9 SG&A expenses Operating income (loss) Net sales Gross profit Other liquors Hon Mirin Other seasonings Raw alcohol Change from '25/3 Shochu Sake Light-alcohol refreshers '26/3 Forecasts Takara Shuzo Financial Forecasts for the fiscal year ending March 31, 2026 (Millions of yen) ◇Profit and loss statement (Net sales ~ Operating income)
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77 Change Change (%) Change 25,217 1,683 +7.2 (479) 192,098 27,330 +16.6 (4,662) 586 (7,766) (93.0) (3,301) 7,549 - 214,600 28,796 +15.5 (5,091) 69,750 10,055 +16.8 56,250 8,211 +17.1 7,659 665 +9.5 7,489 1,394 +22.9 (1,053) (7,916) - (594) 7,701 - 13,500 1,844 +15.8 Effect of change in exchange rates on net sales Overseas Alcoholic beverages business Japanese food wholesale business in overseas markets Other Change from '25/3 50 '26/3 Forecasts Other Elimination Operating income (loss) SG&A expenses Overseas Alcoholic beverages business Japanese food wholesale business in overseas markets Elimination Net sales Gross profit Takara Shuzo Int’l Group Financial Forecasts for the fiscal year ending March 31, 2026 (Millions of yen) ◇Profit and loss statement (Net sales ~ Operating income)
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78 Change Change (%) Takara Shuzo 59,493 (2,487) (4.0) Takara Shuzo International Group 104,060 15,080 +16.9 Takara Bio Group 21,300 1,541 +7.8 Other 15,487 104 +0.7 Adjustment (9,340) 220 ー 191,000 14,460 +8.2 63,200 4,454 +7.6 55,400 7,187 +14.9 Takara Shuzo 2,392 (231) (8.8) Takara Shuzo International Group 6,000 (488) (7.5) Takara Bio Group (1,450) (1,867) ー Other 1,551 151 +10.8 Adjustment (693) (297) ー 7,800 (2,732) (25.9) 8,100 (3,066) (27.5) 2,800 (8) (0.3) 100 (156) (61.0) 7,100 (1,988) (21.9) Change from '25/3 1H Net sales Gross profit SG&A expenses Operating income (loss) Ordinary income (loss) Extraordinary income Extraordinary loss Net income attributable to owners of the parent (loss) '26/3 1H Forecasts Takara Holdings (Consolidated) Financial Forecasts for the Second Quarter ending September 30, 2026 (Millions of yen)◇Profit and loss statement
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79 Change Change (%) 15,435 (1,491) (8.8) 4,078 (136) (3.2) 22,503 (666) (2.9) 2,694 (133) (4.7) 4,644 (90) (1.9) 4,557 32 +0.7 5,580 (2) (0.1) 59,493 (2,487) (4.0) 15,294 (177) (1.1) 12,901 53 +0.4 2,392 (231) (8.8) Change from '25/3 1H Shochu Sake Light-alcohol refreshers Other liquors Hon Mirin Other seasonings Raw alcohol '26/3 1H Forecasts Net sales Gross profit SG&A expenses Operating income (loss) ◇Profit and loss statement (Net sales ~ Operating income) Takara Shuzo Financial Forecasts for the Second Quarter ending September 30, 2026 (Millions of yen)
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80 Change Change (%) 12,005 792 +7.1 93,422 14,343 +18.1 543 (1) (0.3) (1,912) (53) - 104,060 15,080 +16.9 33,320 4,445 +15.4 27,320 4,933 +22.0 3,468 474 +15.8 3,313 (909) (21.5) (279) (78) - (502) 25 - 6,000 (488) (7.5) Net sales Gross profit SG&A expenses Overseas Alcoholic beverages business Japanese food wholesale business in overseas markets Other Elimination Operating income (loss) Change from '25/3 1H Overseas Alcoholic beverages business Japanese food wholesale business in overseas markets Other Elimination '26/3 1H Forecasts ◇Profit and loss statement (Net sales ~ Operating income) Takara Shuzo Int’l Group Financial Forecasts for the Second Quarter ending September 30, 2026 (Millions of yen)
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81 Net Sales Operating income(loss) Net Sales Operating income(loss) Takara Sake USA Inc. Thousands of US dollar 45,357 5,538 48,225 5,742 Millions of Yen 6,880 840 7,185 855 Takara Shuzo Foods Co.,Ltd. (China) Thousands of Yuan 41,237 (3,434) 55,658 78 Millions of Yen 867 (72) 1,124 1 The Tomatin Distillery Co.,Ltd (U.K.) Thousands of Pound 23,655 5,241 23,759 5,500 Millions of Yen 4,585 1,015 4,514 1,045 AGE INTERNATIONAL,INC. (U.S.) Thousands of US dollar 67,876 36,028 75,715 40,612 Millions of Yen 10,296 5,465 11,281 6,051 FOODEX Group (Europe) Thousands of Euro 168,569 6,467 181,984 6,875 Millions of Yen 27,652 1,061 28,753 1,086 Cominport Group (Europe) Thousands of Euro 97,668 9,228 103,461 9,817 Millions of Yen 16,021 1,513 16,346 1,551 Kagerer & Co. GmbH (Europe) Thousands of Euro 25,968 2,052 113,000 11,300 Millions of Yen 4,222 333 17,854 1,785 TAZAKI FOODS LTD. (U.K.) Thousands of Pound 84,279 2,803 113,000 5,641 Millions of Yen 16,335 543 21,470 1,071 Mutual Trading Co., Inc. (U.S.) Thousands of US dollar 603,899 21,910 660,000 28,000 Millions of Yen 91,605 3,323 98,340 4,172 Nippon Food Supplies Company Pty Ltd (Australia) Thousands of Australian dollar 71,768 3,814 79,227 4,200 Millions of Yen 7,179 381 7,700 408 Tokyo Mutual Trading Co., Ltd. Millions of Yen 16,548 777 17,992 683 '25/3 Actual '26/3 Forecasts Takara Shuzo Int’l Group Major Subsidiaries Financial Forecasts for the fiscal year ending March 31, 2026
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Forward-Looking Statements Statements in this presentation, other than those based on historical fact, concerning the current plans, prospects, strategies and expectations of the Company and its Group represent forecasts of future results. While such statements are based on the conclusions of management according to information available at the time of writing, they reflect many assumptions and opinions derived from information that includes major risks and uncertainties. Actual results may vary significantly from these forecasts due to various factors. Factors that could influence actual results include, but are not limited to, economic conditions, especially trends in consumer spending, as well as exchange rate fluctuations, changes in laws and government systems, pressure from competitors’ prices and product strategies, declines in selling power of the Company’s existing and new products, disruptions to production, violations of the Company’s intellectual property rights, rapid advances in technology and unfavorable verdicts in major litigation. ＜Inquiry＞ Takara Holdings Inc. Public Relations & Investor Relations Dept. E-Mail ir@takara.co.jp TEL 075-241-5124