Supplementary Explanatory Materials for the Financial Results for the Fiscal Year Ending March 2026 | YAKULT HONSHA CO.,LTD. (2267) timely disclosure

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57In focus

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Direction

Deterioration

Direction inferred from the company’s description.

Scale

-10206

¥ million (year-on-year change in operating profit)

Wording

Conditional

How definitive the wording is.

Contents of this document

Supplementary materials to the earnings reportFiscal year ending March 202612 items taken from the company’s own explanation

Financial Results Figures (The key points of this material are explained below)

Net Sales¥486,425 million-2.7%

Operating profit¥45,185 million-18.4%

Ordinary income¥61,084 million-19.5%

Net income¥44,228 million -2.9%net income attributable to owners of the parent

Gross Profit Margin58.8 %

Operating profit margin9.3 %

Selling, general and administrative expenses¥241,050 million

Results for the three months of the current quarter

Period1 January 2026 to 31 March 2026

Net Sales

¥114,647 million+1.1%

Operating profit

¥4,257 million-8.4%

Operating profit by segment

Beverages and food products (Japan)

¥4,026 million-40.2%

Beverages and food products (Overseas)

¥6,812 million+58.8%

Other

¥-1,690 million+90.4%

Full-year earnings forecast

Fiscal year ending March 2027

Net Sales

¥527,000 million

Operating profit

¥44,000 million

Ordinary income

¥57,500 million

Profit attributable to owners of the parent

¥46,500 million

Equity-Method Income and Loss

¥2,800 million

Capital expenditure

¥85,000 million

Depreciation and amortization

¥32,000 million

Research and development costs

¥10,363 million

What the company explained in this material

Breakdown of Factors Affecting the ChangeReasons cited by the Company for the change in the figures.

Foreign exchange impact on overseas revenue¥-7,145 million
Foreign exchange impact on overseas operating profit¥-1,436 million
Foreign exchange impact on ordinary profit¥-1,687 million
Foreign exchange impact on net income attributable to owners of the parent¥-998 million
Increase in Selling, General and Administrative Expenses¥921 million
Increase in Equity-Method Investment Income¥4,057 million

Assumptions Underlying the Business OutlookThe assumptions used by the company in preparing its forecast.

AssumptionsExchange rate
DetailsThe average exchange rate for January–March 2026 was used to convert the full-year forecast for the fiscal year ending March 2027.
AssumptionsReference forecast based on the same exchange rates as the previous fiscal year
DetailsThe average exchange rate for January–December 2025 was used.

New initiatives

Launch of New Yakult with 50% less sugar and calories
Planned launch of Yakult 400 Immune Gut Health and Yakult 400 LT Immune Gut Health
Launch of Muscat-flavored Yakult
Capital investment plan for the fiscal year ending March 2027 (¥85.0 billion)
Research into the feasibility of entering countries where the company has no presence, including local market research

Key KPIsA metric the company considers important as a management benchmark.

EPS¥150.72
Year on year against the same period last year+¥0.24
PER17.6 times
Year on year against the same period last year-1.4x
ROE7.5 %
Year on year against the same period last year-0.6ppt
Dividend payout ratio (consolidated)46.4 %
Year on year against the same period last year+3.9ppt
Total overseas business sales volume29,002 Thousand bottles/day
Year on year against the same period last year+101.5%
Total domestic dairy product sales volume8,933 Thousand bottles/day
Year on year against the same period last year+92.3%

Unit price and quantity metricsThese figures show sales broken down by price and volume.

Unit prices are not disclosed; sales volumes by product for domestic dairy products and soft drinks are disclosed.

Segment results

Beverages and food products (Japan)

Net Sales

¥229,604 million-5.5%

Operating profit

¥27,668 million-26.1%

Beverages and food products (Overseas)

Net Sales

¥240,024 million+0.5%

Operating profit

¥36,318 million-1.1%

Other

Net Sales

¥28,412 million-3.4%

Operating profit

¥1,323 million

Financial targets

Actual ROE

7.5 %

Market Size / Share

Population covered by sales

Asia and Oceania1,793,906

Americas561,586

Europe353,139

Total2,708,631

As a percentage of population

Asia and Oceania1.22%

Americas1.06%

Europe0.21%

Total1.05%

Number of stores and locations

Number of domestic sales companies

101 companies

Vending machines at period-end

34,886 Units

Total number of overseas factories

27 Factories

Number of employees

End of March 2026

2,912 people

End of September 2025

2,979 people

Change during the period-67

Capital expenditures

80,809 Millions of yen fiscal year ended March 2026 actual

Payout ratio

46.4 %

Contents of this document
Item	Details
Document type	Supplementary materials to the earnings report
Fiscal Period Covered	Fiscal year ending March 2026
Net Sales	¥486,425 million (YoY -2.7%)
Operating profit	¥45,185 million (YoY -18.4%)
Ordinary income	¥61,084 million (YoY -19.5%)
Net income	¥44,228 million (net income attributable to owners of the parent) (YoY -2.9%)
Gross Profit Margin	58.8 %
Operating profit margin	9.3 %
Selling, general and administrative expenses	¥241,050 million
Results for the three months of the current quarter	Period 1 January 2026 to 31 March 2026 / Net Sales ¥114,647 million (YoY +1.1%) / Operating profit ¥4,257 million (YoY -8.4%) / Operating profit by segment Beverages and food products (Japan) ¥4,026 million (YoY -40.2%) / Beverages and food products (Overseas) ¥6,812 million (YoY +58.8%) / Other ¥-1,690 million (YoY +90.4%)
Full-year earnings forecast	Fiscal year ending March 2027 Net Sales ¥527,000 million / Operating profit ¥44,000 million / Ordinary income ¥57,500 million / Profit attributable to owners of the parent ¥46,500 million / Equity-Method Income and Loss ¥2,800 million / Capital expenditure ¥85,000 million / Depreciation and amortization ¥32,000 million / Research and development costs ¥10,363 million
Segment results	Beverages and food products (Japan) Net Sales ¥229,604 million (YoY -5.5%) / Operating profit ¥27,668 million (YoY -26.1%) / Beverages and food products (Overseas) Net Sales ¥240,024 million (YoY +0.5%) / Operating profit ¥36,318 million (YoY -1.1%) / Other Net Sales ¥28,412 million (YoY -3.4%) / Operating profit ¥1,323 million
Breakdown of Factors Affecting the Change	Factors Foreign exchange impact on overseas revenue / Amount ¥-7,145 million, Factors Foreign exchange impact on overseas operating profit / Amount ¥-1,436 million, Factors Foreign exchange impact on ordinary profit / Amount ¥-1,687 million, Factors Foreign exchange impact on net income attributable to owners of the parent / Amount ¥-998 million, Factors Increase in Selling, General and Administrative Expenses / Amount ¥921 million, Factors Increase in Equity-Method Investment Income / Amount ¥4,057 million
Key KPIs	Indicator name EPS / Value ¥150.72 / Year on year against the same period last year +¥0.24, Indicator name PER / Value 17.6 times / Year on year against the same period last year -1.4x, Indicator name ROE / Value 7.5 % / Year on year against the same period last year -0.6ppt, Indicator name Dividend payout ratio (consolidated) / Value 46.4 % / Year on year against the same period last year +3.9ppt, Indicator name Total overseas business sales volume / Value 29,002 Thousand bottles/day / Year on year against the same period last year 101.5 Thousand bottles/day, Indicator name Total domestic dairy product sales volume / Value 8,933 Thousand bottles/day / Year on year against the same period last year 92.3 Thousand bottles/day
Unit price and quantity metrics	Unit prices are not disclosed; sales volumes by product for domestic dairy products and soft drinks are disclosed.
Number of stores and locations	Number of domestic sales companies 101 companies / Vending machines at period-end 34,886 Units / Total number of overseas factories 27 Factories
Number of employees	End of March 2026 2,912 people / End of September 2025 2,979 people / Change during the period -67
Assumptions Underlying the Business Outlook	Assumptions Exchange rate / Details The average exchange rate for January–March 2026 was used to convert the full-year forecast for the fiscal year ending March 2027., Assumptions Reference forecast based on the same exchange rates as the previous fiscal year / Details The average exchange rate for January–December 2025 was used.
Financial targets	Actual ROE 7.5 % / Target Not disclosed
Payout ratio	46.4 %
Capital expenditures	80,809 Millions of yen (fiscal year ended March 2026 actual)
Market Size / Share	Population covered by sales Asia and Oceania 1,793,906 / Americas 561,586 / Europe 353,139 / Total 2,708,631 / As a percentage of population Asia and Oceania 1.22% / Americas 1.06% / Europe 0.21% / Total 1.05%
New initiatives	Launch of New Yakult with 50% less sugar and calories, Planned launch of Yakult 400 Immune Gut Health and Yakult 400 LT Immune Gut Health, Launch of Muscat-flavored Yakult, Capital investment plan for the fiscal year ending March 2027 (¥85.0 billion), Research into the feasibility of entering countries where the company has no presence, including local market research

Items this document does not state (8)

Progress against full-year forecastSelf-assessment against the planRisk amount incorporated into the outlookMedium-term management plan targetsAnnual DividendAcquisition of treasury sharesOrders received and order backlogKey points of the Q&A

These are items the company does not state in this document. We do not leave them blank, nor fill them in from other sources or by inference.

The reasons the company gives

The company's own explanation, not something inferred from the numbers.

The company cited a ¥1,337.9 million decline in revenue from beverages and food products in Japan, the impact of foreign exchange movements on the overseas business, which reduced revenue by ¥714.5 million and operating profit by ¥143.6 million, and a ¥92.1 million increase in selling, general and administrative expenses, among other factors.

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