Kikkoman (2801): U.S. Soy Sauce Exports to Canada: Slower April 2026 Recovery, possible seasonality

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Kikkoman (2801): U.S. Soy Sauce Exports to Canada: Slower April 2026 Recovery, possible seasonality

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Kikkoman (2801)

U.S. Soy Sauce Exports to Canada: Slower

April 2026 Recovery, possible seasonality

Maintain Rating: BUY | PO: 1,800 JPY | Price: 1,553 JPY

Slower April 2026 recovery; possible seasonality 10 June 2026

At 21:30 JST on June 9, the U.S. Census Bureau released trade statistics, updating the Equity

status of U.S. soy sauce exports to Canada for April 2026. While the data include

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companies other than Kikkoman, the company’s contribution is estimated to be Research Analyst

significant. Export value in April 2026 increased by +2% YoY. Given the low base in the BofAS Japan manabu.sumoge@bofa.com

same month last year, the growth appears somewhat lacking in momentum. On the

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other hand, April has tended to be a relatively weak month since 2023 (Exhibit 2), Research Analyst

suggesting that seasonality may have had a certain impact. We will continue to monitor BofAS Japan yuxi.dai@bofa.com

the pace of recovery on a monthly basis. In 2025, U.S. soy sauce exports to Canada

remained sluggish, affected by Canada’s retaliatory tariffs imposed on U.S. goods in

March 2025. Although these tariffs were lifted in September 2025, the recovery pace

remained gradual, partly due to consumer preference for domestically produced goods in Stock Data

Canada. However, since January 2026, exports have shown recovery in absolute terms. Price 1,553 JPY

Exhibit 1: Exports trended lower after Canada’s retaliatory tariffs in March 2025, but in Price Objective 1,800 JPY

January 2026, despite a high base last year, export value recovered to a -13% YoY, while Date Established 22-Jan-2026

volume improved to a +0.3% . Investment Opinion B-1-7

U.S.