Key Takeaways from Small Meeting

Research evidence excerpt

Key Takeaways from Small Meeting

Update

June 26, 2026 12:20 PM GMT

Morgan Stanley MUFG Securities Co., Ltd.+MNH Foods (2282) | Japan Tomonobu Tsunoyama

Equity Analyst

Key Takeaways from Small Tomonobu.Tsunoyama@morganstanleymufg.comSeki Li +81 3 6836-8936

Research Associate

Seki.Li@morganstanleymufg.com +81 3 6836-8934

Meeting Haruka Miyake

Haruka.Miyake@morganstanleymufg.com +81 3 6836-5421

NH Foods in F3/27 plans to improve earnings in the processed Jully Ussui

foods business by expanding sales volumes both domestically & Research Associate

Jully.Akina.Ussui.Nakao@morganstanleymufg.com +81 3 6836-5408

overseas, but recent trends suggest the volume recovery is not

progressing as expected. President Maeda conveyed a strong

sense of urgency that further restructuring is needed in

processed foods both in Japan & overseas.

Processed foods off to a slow start: F3/27 company plan at the start of the fiscal NH Foods (2282.T, 2282 JT)

year assumes roughly ¥4bn in cost growth for the processed foods business due to Food | Japan

Stock Rating Equal-weight

the Middle East conflict, to be absorbed through higher sales volumes. In addition,

Industry View In-Line

the price hikes effective August 1 (announced this week) was explained as necessary Price target ¥6,600

Up/downside to price target (%) 8

to offset a further ¥4bn increase in costs from higher material prices. President Shr price, close (Jun 26, 2026) ¥6,091

Maeda stated in today’s meeting that sales volumes, which are key to the processed Mkt cap, curr, basic (bn) ¥582.1

Div yld (03/26e) (%) 2.3

foods business this year, are tracking below plan, particularly in commercial-use

Fiscal Year Ending 03/25 03/26e 03/27e 03/28e

products. Overseas processed foods is gradually recovering in North America, albeit