Kikkoman (2801): U.S. soy sauce exports to Canada: May exports rebound +81%; maintain Buy

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Kikkoman (2801): U.S. soy sauce exports to Canada: May exports rebound +81%; maintain Buy

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Kikkoman (2801)

U.S. soy sauce exports to Canada: May

exports rebound +81%; maintain Buy

Maintain Rating: BUY | PO: 1,800 JPY | Price: 1,679 JPY

07 July 2026

May 2026 export value increased +81% YoY Equity

At 9:30pm JST on July 7, the U.S. Census Bureau released U.S. soy sauce export data to

Canada for May 2026. While the data cover exporters beyond Kikkoman, we estimate Manabu Sumoge >>

Research Analyst

that Kikkoman accounts for a substantial share of the total. Export value in May 2026 BofAS Japan

increased +81% YoY, a sharp improvement from +2% YoY in April. On a cumulative basis manabu.sumoge@bofa.com

for April-May 2026, export value rose +41% YoY. April has tended to be a relatively weak Yuxi Dai >>

month since 2023 (Exhibit 2), suggesting that seasonality may have been a factor. BofAS Japan

Looking ahead, as the prior-year base remains low, YoY growth is likely to stay elevated. yuxi.dai@bofa.com

U.S. soy sauce exports to Canada in 2025 were affected by the retaliatory tariffs Canada

introduced against the U.S. in March 2025. Although the tariffs were subsequently

removed in September 2025, the recovery remained gradual, partly due to consumer Stock Data

preference for Canadian domestic products. That said, exports have shown a recovery in

absolute value terms since January 2026. Price 1,679 JPY

Price Objective 1,800 JPY

Exhibit 1: Exports declined from March 2025 due to the impact of Canada’s retaliatory tariffs, Date Established 22-Jan-2026

but have been recovering since 2026, with May 2026 exports up +81% YoY. Investment Opinion B-1-7

U.S. soy sauce export value to Canada (thousand USD) 52-Week Range 1,200-1,691 JPY

Market Value (mn) 1,627,165 JPY