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Kewpie, First Half Ordinary Profit Decreases by 14%, Mar-May Ordinary Profit Decreases by 5%

Thu Jul 3, 2025 3:30 pm JST Earnings

2809 Kewpie Corporation 【J-GAAP】

Earnings Report

Kewpie Corporation <2809> [TSE Prime] announced its financial results after the market closed on July 3rd (15:30). The consolidated ordinary profit for the cumulative second quarter of the fiscal year ending November 2025 (December 2024 to May 2025) decreased 14.1% from the same period last year to 17.4 billion yen. Progress toward the full-year plan of 36.6 billion yen was 47.7%, almost the same as the five-year average of 47.4%.

Based on the first-half performance announced by the company and the unchanged full-year plan, our calculation indicates that the consolidated ordinary profit for the June to November period (second half) is expected to grow 15.6% from the same period last year, reaching 19.1 billion yen.

In the most recent three-month period, from March to May (2Q), the consolidated ordinary profit decreased to 10.9 billion yen, a 4.6% decrease compared to the same period last year. The operating profit margin worsened from 8.8% in the same period last year to 7.9%.

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Actual Results

Accumulated Results 2nd Quarter
Fiscal Year Revenue Operating Profit Ordinary Profit Net Profit Adj. EPS Progress Rate vs. First Half Announce Accounting Standards
Dec - May, 2022 220,382 6,846 7,552 4,797 34.5 36.9 Jul 5, 2023 J-GAAP
Dec - May, 2023 236,834 18,882 20,306 12,513 90.0 55.1 Jul 4, 2024 J-GAAP
Dec - May, 2024 251,852 16,164 17,448 18,803 135.3 47.7 Jul 3, 2025 J-GAAP
YoY +6.3% -14.4% -14.1% +50.3% +50.3%

First Half Results vs. Previous Guidance

Fiscal Year Revenue Operating Profit Ordinary Profit Net Profit Adj. EPS Adj. Dividend Announce Accounting Standards
Dec - May, 2024 Guidance ー ー ー ー － 32 Jan 9, 2025 J-GAAP
Dec - May, 2024 Results 251,852 16,164 17,448 18,803 135.3 32 Jul 3, 2025 J-GAAP
Revision Rate － － － － －

Current Period Guidance

Second Half Results

Fiscal Year Revenue Operating Profit Ordinary Profit Net Profit Adj. EPS Adj. Dividend Announce Accounting Standards
Jun - Nov, 2024 247,151 15,447 16,568 8,906 64.1 31 Jan 9, 2025 J-GAAP
Jun - Nov, 2025 Guidance 253,148 18,336 19,152 10,397 74.5 32 Jul 3, 2025 J-GAAP
YoY +2.4% +18.7% +15.6% +16.7% +16.3%

Current Period Guidance

Fiscal Year Revenue Operating Profit Ordinary Profit Net Profit Adj. EPS Adj. Dividend Announce Accounting Standards
Nov, 2023 455,086 19,694 20,490 13,174 94.8 50 Jan 10, 2024 J-GAAP
Nov, 2024 483,985 34,329 36,874 21,419 154.1 54 Jan 9, 2025 J-GAAP
Nov, 2025 Guidance 505,000 34,500 36,600 29,200 209.4 64 Jan 9, 2025 J-GAAP
YoY +4.3% +0.5% -0.7% +36.3% +35.9%

Quarterly Results

Fiscal Year Revenue Operating Profit Ordinary Profit Net Profit Adj. EPS Operating Profit Margin Announce Accounting Standards
Mar - May, 2024 122,202 10,733 11,457 6,475 46.6 8.8 Jul 4, 2024 J-GAAP
Jun - Aug, 2024 124,077 10,933 11,876 7,243 52.1 8.8 Oct 3, 2024 J-GAAP
Sep - Nov, 2024 123,074 4,514 4,692 1,663 12.0 3.7 Jan 9, 2025 J-GAAP
Dec - Feb, 2024 120,040 5,786 6,519 12,777 91.9 4.8 Apr 3, 2025 J-GAAP
Mar - May, 2025 131,812 10,378 10,929 6,026 43.4 7.9 Jul 3, 2025 J-GAAP
YoY +7.9% -3.3% -4.6% -6.9% -6.9%

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