To Our Shareholders and Investors

During the six months ended September 30, 2026, the Japanese economy recovered gradually.
In terms of the future outlook, it is expected that improvements in the employment and income environment combined with the effects of various policies will support a gradual recovery, but we must continue to pay attention to the impact of the situation in the Middle East and fluctuations in financial and capital markets.

In this business environment, the Group is pursuing a number of initiatives in accordance with its Next Design 2030 management plan announced in May 2025.
Its theme is the radical transformation of Megmilk Snow Brand’s assets. Since the management plan was created, the business environment surrounding the Company has changed significantly.
Costs have been rising, especially for raw materials and energy.
Consumer sentiment is weak, and interest and exchange rates have changed considerably.
In light of the current situation, we have lowered our sales volume projections and revised our operating profit forecast for the full year from the initial forecast of 21 billion yen to 18 billion yen.
We believe that FY2026, the second year of the management plan, is a critical year in which we will earnestly implement the initiatives outlined in Next Design 2030 and steadily implement our growth strategies.
The business environment remains uncertain and challenging.
In response, we will flexibly adjust our management and business strategies to accelerate the drastic transformation of our assets and advance our Business Portfolio Transformation ahead of schedule, aiming to meet our targets for FY2030.

We appreciate your ongoing support of the Group’s initiatives.