Kewpie (2809) | Japan F11/26 2Q Earnings Preview

Research evidence excerpt

Kewpie (2809) | Japan F11/26 2Q Earnings Preview

Idea

July 6, 2026 05:02 AM GMT

Morgan Stanley MUFG Securities Co., Ltd.+MKewpie (2809) | Japan Tomonobu Tsunoyama

Equity Analyst

F11/26 2Q Earnings Preview Tomonobu.Tsunoyama@morganstanleymufg.comSeki Li +81 3 6836-8936

Research Associate

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

We forecast 2Q OP up 5% YoY, in line with consensus. Tamago Haruka Miyake

business margins should improve, thanks to lower egg prices. Equity Analyst

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

Sales in N. America will likely come in flat YoY in 2Q, but we see Jully Ussui

2H overall at 25% growth. With vegetable oil prices poised to ResearchJully.Akina.Ussui.Nakao@morganstanleymufg.comAssociate +81 3 6836-5408

rise, we see condiment price increases as essential for domestic

business looking to F11/27.

Expect 2Q OP +5% YoY at ¥10.9bn: We expect slower momentum than in 1Q, when

easy comps delivered a 34% YoY OP rise. Consensus is also for ¥10.9bn. Domestic

egg prices turned downward YoY at ¥318/kg for Mar-May (-5% YoY), and we also Kewpie (2809.T, 2809 JP)

expect price increases to have supported better Tamago (Egg) business margins. In Food | Japan

Condiments, we forecast mayonnaise/dressing sales +1% (retail +3%, commercial Stock Rating Equal-weight

Industry View In-Line

flat), with mayonnaise doing well/dressings subdued for retail use, and industrial- Price target ¥4,300

use seeing effects of price hikes from Apr but also an associated drop in volumes. Up/downside to price target (%) (3)

Shr price, close (Jul 3, 2026) ¥4,416

We forecast overseas OP of ¥4bn (-2% YoY), with sales on a local currency basis flat Mkt cap, curr, basic (bn) ¥608.6

Div yld (11/26e) (%) 1.5

in N. America, +2% in China, +11% in SE Asia.