Interim report
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i Consolidated Financial Statements for the First Nine Months of the Fiscal Year Ending November 30, 2026 [JAPAN GAAP] October 8, 2026 Listed company name: Kewpie Corporation Listed exchange: Tokyo Stock Exchange Securities code: 2809 URL: https://www.kewpie.com/en/ Representative: Mitsuru Takamiya, Representative Director, President an d Chief Executive Corporate Officer Contact: Takumi Tomita, Corporate Officer in charge of Accounting and Finance Telephone: ＋81-3-3486-3331 Scheduled date for dividend payment: – Supplementary data: Yes Results briefing: None (Amounts are rounded down to the nearest million yen.) 1. Consolidated business results for the first nine months of the fiscal year ending November 30, 2026 (From December 1, 2025 to August 31, 2026) (1) Consolidated operating results (Cumulative) (Percentage figures show changes from the same period of the previous year.) Net sales Operating income Ordinary income Profit attributable to owners of parent Millions of yen % Millions of yen % Millions of yen % Millions of yen % Nine months ended August 31, 2026 397,119 3.6 31,658 17.0 34, 315 17.4 21,311 (18.2) Nine months ended August 31, 2025 383,424 6.2 27,062 (9.2) 29,218 (9.2) 26,055 31.9 (Note) Comprehensive income: Nine months ended August 31, 2026 ¥33,573 million (Increase of 24.6%) Nine months ended August 31, 2025 ¥26,953 million (Decrease of 1.4%) Earnings per share Earnings per share (diluted) Yen Yen Nine months ended August 31, 2026 155.50 – Nine months ended August 31, 2025 187.90 – (2) Consolidated financial position Total assets Net assets Equity ratio Millions of yen Millions of yen % As of August 31, 2026 482,807 353,793 67.9 As of November 30, 2025 480,531 347,600 67.4 (Reference) Shareholders' equity: As of August 31, 2026 ¥327,867 million As of November 30, 2025 ¥324,064 million 2. Dividends Annual dividend per share End of 1st quarter End of 2nd quarter End of 3rd quarter Year-end Total Yen Yen Yen Yen Yen Fiscal year 2025 – 32.00 – 32.00 64.00 Fiscal year 2026 – 32.00 – Fiscal year 2026 (Forecast) 33.00 65.00 (Note) Revision to the most recently announced forecast of dividends: None The annual dividend per share stated as the fiscal year 2025 includes a dividend of ¥10 to commemorate the 100th anniversary of the launch of Kewpie Mayonnaise.
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ii 3. Forecasts of consolidated operating result s for the fiscal year ending November 30, 2026 (From December 1, 2025 to November 30, 2026) (Percentage figures show changes from the previous year.) Net sales Operating income Ordinary income Profit attributable to owners of parent Earnings per share Millions of yen % Millions of yen % Millions of yen % Millions of yen % Yen Year ending November 30, 2026 530,000 3.2 38,000 9.7 40,0 00 7.0 25,500 (16.4) 184.95 (Note) Revision to the most recently announced forecast of consolidated operating results: None * Notes (1) Significant changes in the scope of c onsolidation during the nine months: None (2) Application of special account ing treatments for the preparation of quarterly consolidated financial statements: None (3) Changes in accounting policie s and estimates, and restatements a) Changes in accounting policies due to revision of accounting standards: None b) Changes in accounting policies due to reasons other than "a)" (above): None c) Changes in accounting estimates: None d) Restatements: None (4) Number of issued shares (common stock) a) Number of issued shares at the end of the period (including treasury stock): August 31, 2026 141,500,000 shares November 30, 2025 141,500,000 shares b) Number of shares of treasury stock at the end of the period: August 31, 2026 6,229,707 shares November 30, 2025 2,326,558 shares c) Average number of shares during the period (cum ulative from the beginning of the fiscal year): December 1, 2025 to August 31, 2026 137,049,213 shares December 1, 2024 to August 31, 2025 138,664,857 shares * Review of the Japanese-language originals of the attached quarterly consolidated financial statements by certified public accountants or an audit corporation: None * Statement for an appropriate usage of the forecasts of operating results and other special notes The forecasts and other forward-looking statements c ontained in this summary are based on the information currently available to the Company and certain assumptions considered reasonable by the Company. Therefore, they are not guaranteed to be achiev ed by the Company. As a result, the forecasts of operating results may differ significantly from the actual operating results due to various factor s. With respect to the assumptions underlying the forecast of operating results and cautionary notes concerning the use thereof, please refer to "I. Qualitative information on quarterly consolidated financial re sults, 3. Explanation of forecasts of consolidated operating results and other forward-looking statements" on page 3 of the attached material.
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1 Table of contents l. Qualitative information on quarterly consolidated financial results .......................................................... 2 1. Explanation of operating results ................................................................................................................. 2 2. Explanation of financial position ................................................................................................................. 3 3. Explanation of forecasts of consolidated operating results and other forward-looking statements .................................................................................................................... ............................. 3 II. Quarterly consolidated financial statements and major notes ................................................................... 4 1. Quarterly Consolidated Balance Sheets .................................................................................................... 4 2. Quarterly Consolidated Statements of Income and Quarterly Consolidated Statements of Comprehensive Income ............................................................................................................................. 6 (Quarterly Consolidated Statements of Income) ........................................................................................ 6 (Quarterly Consolidated Statements of Comprehensive Income) .............................................................. 7 3. Notes Regarding Quarterly Consolidated Financial Statements ................................................................ 8 (Notes regarding assumption of a going concern) ............................................................................... ...... 8 (Notes regarding the significant changes in the amount of shareholders' equity) ...................................... 8 (Notes regarding quarterly consolidated statements of cash flows) ........................................................... 8 (Notes regarding segment information) ...................................................................................................... 9
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2 l. Qualitative information on quarterl y consolidated financial results 1. Explanation of operating results The business environment surrounding the Company and its consolidated subsidia ries and affiliates (the "Group") during the first nine months of the consolidated fiscal year ending November 30, 2026 ("Current fiscal year") still remained unstable, mainly due to policy trends in each country and intensifying geopolitical risks such as the situation in the Middle East, as well as fluctuat ions in exchange rates and energy prices. Domestically, despite improvement in the income situation, the business environment remained challenging due to persistent saving-consciousness among consumers, as well as prolonged soaring raw material prices. Egg prices remained at a high level despite signs of stabilization in the supp ly-demand environment following the subsiding of highly pathogenic avian influenza. Under this environment, in the domestic business, the Group made progress in developing high value-added products to meet diversifying needs and made efforts in ensuring reasonable price revisions, reflecting a rise in raw material prices. Overseas, the Group has soug ht to enhance supply capacity and improve production efficiency through the full-scale operation of new plants in the Asia-Pacific and the Americas regions, and worked on the expansion of sales channels and the cultivation of existing markets. As a consequence, net sales for the first nine months of the Current fiscal year increased, due to the steady sales volume of processed egg products and the succe ssful implementation of pric e revisions domestically, in addition to strong sales in the Asia-Pacific and a recovery in sales in the Americas. Operating income increased primarily due to higher sales in the domestic business, a shift towards high value-added products, and improved efficiency in supply chain management, despite the impacts of an increase in depreciation associated with the operation of new overseas plants, a decrease in income in the China region, and other factors. Ordinary income increased reflecting an increase in operating income. However, profit attributable to owners of parent decreased due to the absence of gains on sales of fixed assets recorded in the same period of the previous year. The consolidated financial results for the first nine months of the Current fiscal year were as follows. (Millions of yen) Previous third quarter (Cumulative from December 1, 2024 to August 31, 2025) Current third quarter (Cumulative from December 1, 2025 to August 31, 2026) Change (amount) Change (ratio) Net sales 383,424 397,119 13,695 3.6% Operating income 27,062 31,658 4,596 17.0% Ordinary income 29,218 34,315 5,097 17.4% Profit attributable to owners of parent 26,055 21,311 (4,744) (18.2)% ◇ Business overview by segment [Breakdown of net sales] (Millions of yen) Previous third quarter (Cumulative from December 1, 2024 to August 31, 2025) Current third quarter (Cumulative from December 1, 2025 to August 31, 2026) Change (amount) Change (ratio) Retail Market 143,976 144,502 526 0.4% Food Service 136,995 140,971 3,976 2.9% Overseas 73,567 83,664 10,097 13.7% Fruit Solutions 13,393 13,504 111 0.8% Fine Chemicals 8,973 9,748 775 8.6% Common Business 6,517 4,728 (1,789) (27.5)% Total 383,424 397,119 13,695 3.6% [Breakdown of operating income] (Millions of yen) Previous third quarter (Cumulative from December 1, 2024 to August 31, 2025) Current third quarter (Cumulative from December 1, 2025 to August 31, 2026) Change (amount) Change (ratio) Retail Market 9,777 11,808 2,031 20.8% Food Service 8,209 11,089 2,880 35.1% Overseas 11,070 11,180 110 1.0% Fruit Solutions 633 577 (56) (8.8)% Fine Chemicals 412 716 304 73.8% Common Business 1,116 736 (380) (34.1)% Company-wide expenses (4,157) (4,450) (293) – Total 27,062 31,658 4,596 17.0%
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3 <Retail Market> ・ Sales increased due to a rise in unit prices for condiments and a shift towards high value-added products in delicatessen foods. ・ Operating income increased due to the effects of price revisions for condiments and cut vegetables, as well as the stable price of raw material for cut vegetables. <Food Service> ・ Sales increased due to a rise in unit prices from price revisions for condiments and egg products, and an increase in the sales volume of processed egg products. ・ Operating income increased due to the effects of price revisions and growth in high value-added products. <Overseas> ・ Sales increased amid strong sales in the Asia-Pacific and a recovery in sales in the Americas. ・ Operating income increased due to the effect of increased sales outweighing an increase in depreciation burden for new plants and the impacts of decreased income in China. <Fruit Solutions> ・ Sales increased, but operating income decreased, prim arily due to surging raw material prices despite strong sales of jams and spreads for home use. <Fine Chemicals> ・ Both sales and operating income increased amid strong mail order sales of hyaluronic acid and acetic acid bacteria supplements. <Common Business> ・ Both sales and operating income decreased mainly due to lower sales of machinery. 2. Explanation of financial position ◇ Status of total assets, liabilities and net assets ・ Total assets increased by ¥2,276 million from the end of the previous consolidated fiscal year to ¥482,807 million. This was a result of an increase in purchased goods and products, an increase in raw materials and supplies, an increase in investment securities, and a decrease in cash and deposits. ・ Total liabilities decreased by ¥3,916 million from the end of the previous consolidated fiscal year to ¥129,014 million. This was a result of a decrease in accounts payable - trade, a decrease in short-term loans payable, a decrease in other as current liabilities, and an increase in long-term loans payable. ・ Total net assets increased by ¥6,193 million from t he end of the previous cons olidated fiscal year to ¥353,793 million. This was a result of an increase in earned surplus, an increase in unrealized holding gains on securities, an increase in foreign currency translation adjustments, and purchase of its own shares. 3. Explanation of forecasts of consolidated operating results and other forward-looking statements The forecasts of consolidated operating results and dividend announced on January 14, 2026 remain unchanged.
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4 II. Quarterly consolidated financial statements and major notes 1. Quarterly Consolidated Balance Sheets (Millions of yen) Previous fiscal year (As of November 30, 2025) Current third quarter (As of August 31, 2026) Assets Current assets Cash and deposits 65,598 57,390 Notes and accounts receivable - trade 75,115 72,296 Securities 15,000 16,000 Purchased goods and products 25,282 28,458 Work in process 2,016 1,426 Raw materials and supplies 14,964 18,062 Other 6,123 7,577 Allowances for doubtful accounts (735) (780) Total current assets 203,365 200,430 Fixed assets Tangible fixed assets Buildings and structures 170,414 174,407 Accumulated depreciation (104,155) (108,787) Net book value 66,259 65,619 Machinery, equipment and vehicles 161,197 168,103 Accumulated depreciation (120,417) (126,982) Net book value 40,779 41,120 Land 29,001 29,346 Construction in progress 5,400 6,778 Other 21,235 22,609 Accumulated depreciation (14,721) (15,341) Net book value 6,513 7,268 Total tangible fixed assets 147,954 150,133 Intangible fixed assets Goodwill 73 67 Other 17,598 16,122 Total intangible fixed assets 17,672 16,190 Investments and other assets Investment securities 55,571 60,545 Assets for retirement benefits 46,434 47,070 Other 9,620 8,525 Allowances for doubtful accounts (88) (88) Total investments and other assets 111,538 116,053 Total fixed assets 277,166 282,377 Total assets 480,531 482,807
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5 (Millions of yen) Previous fiscal year (As of November 30, 2025) Current third quarter (As of August 31, 2026) Liabilities Current liabilities Accounts payable - trade 44,660 36,293 Short-term loans payable 7,202 242 Current portion of bonds 10,000 – Accrued income taxes 8,247 3,544 Reserves for bonuses 1,970 6,176 Other reserves 84 78 Other 32,814 27,798 Total current liabilities 104,979 74,135 Non-current liabilities Bonds – 10,000 Long-term loans payable – 15,000 Liabilities for retirement benefits 1,891 2,013 Asset retirement obligations 167 168 Other 25,891 27,696 Total non-current liabilities 27,950 54,878 Total liabilities 132,930 129,014 Net assets Shareholders' equity Paid-in capital 24,104 24,104 Capital surplus 20,935 20,960 Earned surplus 245,952 258,447 Treasury stock (7,912) (24,390) Total shareholders' equity 283,079 279,122 Accumulated other comprehensive income Unrealized holding gains on securities 15,175 17,947 Unrealized gains (losses) on hedges 61 (63) Foreign currency translation adjustments 7,744 14,053 Accumulated adjustments for retirement benefits 18,003 16,807 Total accumulated other comprehensive income 40,984 48,745 Non-controlling interests 23,536 25,925 Total net assets 347,600 353,793 Total liabilities and net assets 480,531 482,807
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6 2. Quarterly Consolidated Statement s of Income and Quarterly Consolid ated Statements of Comprehensive Income (Quarterly Consolidated Statements of Income) (Millions of yen) Previous third quarter (Cumulative) (From December 1, 2024 to August 31, 2025) Current third quarter (Cumulative) (From December 1, 2025 to August 31, 2026) Net sales 383,424 397,119 Cost of sales 270,937 276,429 Gross profit 112,487 120,690 Selling, general and administrative expenses 85,424 89,031 Operating income 27,062 31,658 Non-operating income Interest income 472 528 Dividends income 651 721 Equity in earnings of affiliates 1,278 1,353 Other 803 839 Total non-operating income 3,206 3,443 Non-operating expenses Interest expenses 202 409 Commission expenses 155 114 Share exchange expenses 220 – Other 472 261 Total non-operating expenses 1,050 786 Ordinary income 29,218 34,315 Extraordinary gains Gains on sales of investment securities 4 458 Gains on transfer of business – 350 Gains on sales of fixed assets 12,073 19 Other 344 – Total extraordinary gains 12,423 827 Extraordinary losses Losses on disposal of fixed assets 401 338 Impairment losses 607 330 Other 524 345 Total extraordinary losses 1,533 1,013 Profit before income taxes 40,108 34,129 Income taxes 11,522 10,080 Profit 28,585 24,048 Profit attributable to non-controlling interests 2,530 2,737 Profit attributable to owners of parent 26,055 21,311
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7 (Quarterly Consolidated Statements of Comprehensive Income) (Millions of yen) Previous third quarter (Cumulative) (From December 1, 2024 to August 31, 2025) Current third quarter (Cumulative) (From December 1, 2025 to August 31, 2026) Profit 28,585 24,048 Other comprehensive income Unrealized holding gains (losses) on securities (183) 2,735 Unrealized gains (losses) on hedges 27 (125) Foreign currency translation adjustments (396) 8,045 Adjustments for retirement benefits (898) (1,182) Share of other comprehensive income of entities accounted for using equity method (181) 51 Total other comprehensive income (1,632) 9,524 Comprehensive income 26,953 33,573 (Breakdown) Comprehensive income attributable to owners of parent 24,720 29,070 Comprehensive income attributable to non-controlling interests 2,232 4,503
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8 3. Notes Regarding Quarterly Cons olidated Financial Statements (Notes regarding assumption of a going concern) Not applicable. (Notes regarding the significant changes in the amount of shareholders' equity) Pursuant to the resolutions at the meetings of the Board of Directors held on July 3, 2025, and January 14, 2026, the Company purchased 3,905,300 shares of its own common stock, and treasury stock increased by ¥16,484 million during the first nine months of the Current fiscal year. As a result, treasury stock was ¥24,390 million as of August 31, 2026. (Notes regarding quarterly consolidated statements of cash flows) The quarterly consolidated statements of cash flows fo r the first nine months of the fiscal year ending November 30, 2026 has not been prepared. Depreciation and amortization (including amortization related to intangible fixed assets except for goodwill) and amortiza tion of goodwill for the first nine months of the fiscal year ended November 30, 2025 and the first nine months of the fiscal year ending November 30, 2026 are as follows: (Millions of yen) Previous third quarter (Cumulative) (From December 1, 2024 to August 31, 2025) Current third quarter (Cumulative) (From December 1, 2025 to August 31, 2026) Depreciation and amortization 13,557 14,409 Amortization of goodwill 2 6
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9 (Notes regarding segment information) [Segment information] I. Previous third quarter (Cumulative from December 1, 2024 to August 31, 2025) 1. Information on amounts of net sales and profit or loss by reporting segment and information on disaggregation of revenue (Millions of yen) Retail Market Food Service Overseas Fruit Solutions Fine Chemicals Common Business Total Adjust- ments (Note 1) Amount reported on the quarterly consolidated statements of income (Note 2) Net sales Revenue from contracts with customers 143,976 136,995 73,567 13,393 8,973 6,517 383,424 – 383,424 Other revenue – – – – – – – – – Net sales to outside customers 143,976 136,995 73,567 13,393 8,973 6,517 383,424 – 383,424 Intersegment net sales or transfers 594 3,080 – 280 322 9,339 13,616 (13,616) – Total 144,571 140,075 73,567 13,673 9,295 15,857 397,041 (13,616) 383,424 Segment profit 9,777 8,209 11,070 633 412 1,116 31,220 (4,157) 27,062 (Notes) 1. "Adjustments" of ¥(4,157) million in "Segment profit " includes company-wide expenses unallocated to the respective reporting segments. The company-wide expenses mainly consist of expenditures pertaining to general and administrative expenses not attributable to particular reporting segment. 2. "Segment profit" is adjusted to report "Operating inco me" in the quarterly consolidated statements of income. 2. Information on impairment losses of fixed assets or goodwill, etc. by reporting segment (Significant impairment losses of fixed assets) Not applicable. (Significant changes in amount of goodwill) Not applicable. (Significant gains on negative goodwill) Not applicable.
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10 II. Current third quarter (Cumulative from December 1, 2025 to August 31, 2026) 1. Information on amounts of net sa les and profit or loss by reporting segment and information on disaggregation of revenue (Millions of yen) Retail Market Food Service Overseas Fruit Solutions Fine Chemicals Common Business Total Adjust- ments (Note 1) Amount reported on the quarterly consolidated statements of income (Note 2) Net sales Revenue from contracts with customers 144,502 140,971 83,664 13,504 9,748 4,728 397,119 – 397,119 Other revenue – – – – – – – – – Net sales to outside customers 144,502 140,971 83,664 13,504 9,748 4,728 397,119 – 397,119 Intersegment net sales or transfers 571 3,122 – 207 370 9,821 14,094 (14,094) – Total 145,074 144,094 83,664 13,711 10,119 14,550 411,214 (14,094) 397,119 Segment profit 11,808 11,089 11,180 577 716 736 36,109 (4,450) 31,658 (Notes) 1. "Adjustments" of ¥(4,450) million in "Segment profit " includes company-wide expenses unallocated to the respective reporting segments. The company-wide expenses mainly consist of expenditures pertaining to general and administrative expenses not attributable to particular reporting segment. 2. "Segment profit" is adjusted to report "Operating inco me" in the quarterly consolidated statements of income. 2. Information on impairment losses of fixed assets or goodwill, etc. by reporting segment (Significant impairment losses of fixed assets) Not applicable. (Significant changes in amount of goodwill) Not applicable. (Significant gains on negative goodwill) Not applicable.