Summary of Consolidated Financial Statements for the Six Months (1st Half) Ended September 30, 2021

November 5, 2021

Summary of Consolidated Financial Statements

for the Six Months (1st Half) Ended September 30, 2021

	[Prepared under IFRS, UNAUDITED]
NISSIN FOODS HOLDINGS CO., LTD.
Stock code:	2897
Stock exchange listing:	Tokyo
URL:	https://www.nissin.com/jp/
	https://www.nissin.com/en_jp/
Phone:	[phone]
Representative:	Koki Ando, Representative Director, President and CEO
Contact:	Takashi Yano, CFO

Scheduled date of filing of Quarterly Securities Report: November 5, 2021 (in Japanese)

Scheduled date of dividend payment:	November 29, 2021
Preparation of supplementary documents:	Yes
Holding of financial results meeting:	Yes (for institutional investors and analysts) (in Japanese)
	(All amounts are rounded down to the nearest million yen)

1. Consolidated Financial Results for the Six Months of the FY 3/2022 (April 1, 2021-September 30, 2021)

(1) Consolidated Operating Results

(% figures represent year-on-year changes)

				Core operating profit						Profit attributable
		Revenue	Operating profit	Profit before tax	to owners of the
		of existing businesses
Six Months of									parent
(¥ million)	(%)	(¥ million)	(%)	(¥ million)	(%)	(¥ million)	(%)	(¥ million)	(%)
FY 3/2022	275,037	+14.1	27,120	(14.8)	26,836	(15.7)	27,868	(13.3)	17,122	(22.1)
FY 3/2021	241,131	+8.9	31,846	+64.0	31,840	+61.5	32,148	+57.4	21,973	+63.1
		Basic earnings		Diluted earnings
Six Months of			per share		per share
			(¥)			(¥)
FY 3/2022				165.45			164.51
FY 3/2021				210.94			209.74

* Core operating profit of existing businesses

Core operating profit of existing businesses is disclosed from the FY 3/2022

Core operating profit of existing businesses＝operating profit - profit or loss of new businesses - other income and expenses as non-recurring income and expenses

(2) Consolidated Financial Position

	Total assets	Total equity	Equity attributable to	Equity attributable to owners
	owners of the parent	of the parent to total assets
As of
(¥ million)	(¥ million)	(¥ million)	(%)
September 30, 2021	654,971	422,258	387,853	59.2
March 31, 2021	663,530	421,435	384,016	57.9

2. Details of Dividends

		Cash dividend per share
	End of 1st quarter	End of 2nd quarter	End of 3rd quarter		Year-end	Total
	(¥)	(¥)	(¥)		(¥)	(¥)
FY 3/2021	－	55.00	－		65.00	120.00
FY 3/2022	－	70.00
FY 3/2022 (Forecast)			－		60.00	130.00

Note: Modifications to the dividend forecast published most recently: None

Year-end dividend of ¥ 65.00 for the FY 3/2021 includes a commemorative dividend of ¥ 10.00 for market capitalization of 1 trillion yen, in addition to ordinary dividend of ¥ 55.00

End of 2nd quarter dividend of ¥ 70.00 for the FY 3/2022 includes a commemorative dividend of ¥ 10.00 for 50th anniversary of the release of CUP NOODLE, in addition to ordinary dividend of ¥ 60.00

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3. Forecasts of Consolidated Financial Results for the FY 3/2022 (April 1, 2021-March 31, 2022)

(% figures represent changes from the previous year)

			Core operating profit			Profit		Basic
	Revenue		Operating profit	attributable to	earnings
		of existing businesses
					owners of the parent	per share
	(¥ million)	(%)	(¥ million)	(%)	(¥ million)	(%)	(¥ million)	(%)	(¥)
FY 3/2022	540,000	+6.7	47,000	－	42,500	(23.5)	31,000	(24.1)	298
~ 44,500	~ (19.9)	~ 33,000	~ (19.2)	~ 317

Note: Modifications to the forecast published most recently: None

Forecasts of consolidated financial results for the FY 3/2022 are disclosed with certain range, in order to actively invest in new businesses within 5 ~ 10% of core operating profit of existing businesses

Notes:

1. Changes in principal subsidiaries during the Six months of FY 3/2022 (changes in specified subsidiaries that resulted in changes in scope of consolidation): None
   -Newly consolidated: None
   -Excluded from consolidation: None
2. Changes in significant accounting policy and changes in accounting estimates:
3. 1. Changes in accounting policies required by IFRS: None
   2. Changes in accounting policies other than 1): None
   3. Changes in accounting estimates: None
4. Number of shares outstanding (common stock)
5. 1. Number of shares outstanding (including treasury shares) as of the end of:

	Six months of FY 3/2022	105,700,000 shares
	FY 3/2021	105,700,000 shares
2)	Number of treasury shares as of the end of:
	Six months of FY 3/2022	2,645,380 shares
	FY 3/2021	1,528,236 shares
3)	Average number of shares during the period:
	Six months of FY 3/2022	103,485,680 shares
	Six months of FY 3/2021	104,171,436 shares

• This summary of quarterly consolidated financial statements is outside the scope of review by certified public accountants or audit firms.
• Notes for proper use of forecasts and other remarks

Disclaimer regarding appropriate use of forecasts:

Forecasts contain forward-looking statements based on estimates made as of the day of release of these materials. Actual results may differ materially depending on a number of factors including but not limited to potential risks and uncertainties. Please refer to page 5 for "(3) Explanation Concerning Consolidated Forecasts" for the conditions of assumptions for the forecast and cautions to use forecast.

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1. Qualitative Information Concerning Six Months Results

1. Qualitative Information Concerning Consolidated Business Results
   Based on the "Mid- to Long-Term Growth Strategy 2030", the Group is working for achieving the Group's vision and sustainable

growth: 1) Strengthen Cash Generation Capabilities of Existing Businesses, 2) EARTH FOOD CHALLENGE 2030 and 3) Pursue New Businesses.

				(Millions of yen)
	Six months of FY 3/2021	Six months of FY 3/2022	Year on year
	Amount		%
Revenue	241,131	275,037	33,905		14.1
Core operating profit of	31,846	27,120	(4,725)		(14.8)
existing businesses
Operating profit	31,840	26,836	(5,004)		(15.7)
Profit before tax	32,148	27,868	(4,279)		(13.3)
Profit attributable to owners of	21,973	17,122	(4,851)		(22.1)
the parent

Note: The Group aims to adopt core operating profit of existing businesses in order to measure the real growth of existing businesses that form the basis for investment in businesses growth by separating the profit or loss from new businesses planned to be invested aggressively and continuously upfront after the FY 3/2022, from the standpoint of mid- to long-term growth strategy. Core operating profit of existing businesses ＝operating profit - profit or loss of new businesses - other income and expenses as non-recurring income and expenses

				(Millions of yen)
	Six months of FY 3/2021	Six months of FY 3/2022	Year on year
	Amount		%
Revenue	241,131	270,512	29,381		12.2
Core operating profit of	31,846	26,704	(5,141)		(16.1)
existing businesses

Note: The figures in FY 3/2022 are converted into yen at the exchange rate for the same period in FY 3/2021

The following is an overview of performance by reportable segment.

In the current fiscal year, the Group has changed the method of presenting the Chilled and frozen foods and beverages segment, combined the chilled and frozen food businesses and beverages businesses which was included in confectionery and beverages segment, and the Confectionery segment.

Accordingly, the following amount for the previous fiscal year reflected these changes in reportable segments.

1. NISSIN FOOD PRODUCTS

NISSIN FOOD PRODUCTS achieved year-on-year growth in sales due to an increase in sales of cup-type noodles. In cup- type noodles, the CUP NOODLE PRO series, which was launched in April 2021 with high protein content and low sugar content while maintaining good taste, continued to show strong sales from the first quarter. In addition, the CUP NOODLE KARAMEN, which was launched in August 2021 and featured a rich and tasty hot soup and roasted chili pepper, and the CUP NOODLE SUPER GATTAI series, a product commemorating the 50th year anniversary of the launch of the CUP NOODLE, contributed significantly to sales. Also, the KIMETSU RAMEN DONBURI and the KIMETSU ICCHO DONBURI, the collaboration products of "KIMETSU NO YAIBA" which is a popular animation supported by a wide range of people, the CHICKEN RAMEN, and the DEMAE ICCHO, made a significant contribution to sales. Consequently, sales of cup-type noodles increased year-on-year. Sales of bag-type noodles decreased year-on-year despite a significant increase in sales of the NISSIN RAOH series. Sales of cup rice products remained strong and contributed to sales, thanks to the continued strong performance of the NISSIN CURRY MESHI and the BUKKOMI MESHI series due to the growing individual rice dishes. Profit decreased year-on-year due to an increase in depreciation and amortization expenses associated with capital expenditures and a rise in raw material prices and distribution costs, although sales increased.

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Consequently, revenue was ¥ 98,526 million (+1.5%), core operating profit (Note 1) was ¥ 15,375 million (-7.5%) and operating profit was ¥ 15,419 million (-6.8%) in this reportable segment.

1. MYOJO FOODS

MYOJO FOODS achieved year-on-year growth in sales of bag-type noodles due to strong growth in the MYOJO CHARUMERA with a breakthrough in the MIYAZAKI KARAMEN, also the contribution of the MOYASHI GA CHOZETSU UMAI MAZESOBA and the MYOJO MEGAMI. The sales of cup-type noodles also achieved year-on-year growth due to the contribution of the MYOJO MEGAMI and continuous increase of the MYOJO CHUKA ZANMAI,

reflecting the good performance of SURATANMEN. In addition, sales of the MYOJO CHARUMERA and the MYOJO IPPEICHAN YOMISE NO YAKISOBA were solid. In terms of profit, although there was an increase in profit due

to an increase in sales, an increase in advertising expenses, a rise in raw material prices, and an increase in depreciation expenses resulted in a decrease in profit over the same period of last year.

Consequently, revenue was ¥ 18,694 million (+3.2%), core operating profit (Note 1) was ¥ 1,701 million (-26.6%) and operating profit was ¥ 1,714 million (-27.4%) in this reportable segment.

1. Chilled and frozen foods and beverages

At NISSIN CHILLED FOODS, sales and profit increased year-on-year due to mainly steady increases of the GYORETSU NO DEKIRU MISE NO RAMEN, the MAZEMEN NO TATSUJIN, the YUMEITEN series, and cold noodles.

NISSIN FROZEN FOODS achieved sales growth year-on-year, helped by the REITO NISSIN HONMEN, the REITO NISSIN MAZEMENTEI series and the REITO NISSIN MOCHITTO NAMA PASTA series, the REITO NISSIN SPA OH PREMIUM series, as well as the mainstay products of the REITO NISSIN CHUKA SHIRUNASHITANTANMEN OMORI. Meanwhile profits decreased year-on-year, due to usage of advertisement expenses.

Sales of beverage business decreased year-on-year due to sluggish sales at convenience stores due to COVID-19, although NISSIN YORK's mainstay PILKUL brand increased the number of lactic acid bacteria and was launched as PILKUL 400 performed well at mass retailers. Profit decreased year-on-year due to higher advertisement expenses etc.

Consequently, revenue was ¥ 40,989 million (+4.2%), core operating profit (Note 1) was ¥ 2,490 million (-9.9%) and operating profit was ¥ 2,679 million (-13.2%) in this reportable segment.

1. Confectionery

In the confectionery business, the GOROTTO GRANOLA of NISSIN CISCO maintaining strong trend contributed to sales, despite the reaction to increased demand following the declaration of the state of emergency in April 2020. Consequently, sales and profit increased year-on-year, in addition, reflecting the six-months performance of KOIKE-YA Inc. whose high value-added products such as KOIKEYA STRONG performed well, since it became a consolidated subsidiary in December 2020.

Consequently, revenue was ¥ 34,803 million (+136.3%), core operating profit (Note 1) was ¥ 2,173 million (+28.5%) and operating profit was ¥ 2,235 million (+31.2%).

1. The Americas

The Americas are working to enhance the proposal of premium products aimed at creating new demand, enhancing the profitability of existing products.

Sales of the NISSIN LAMEN, a mainstay product in Brazil, remain strong, and sales of the CUP NOODLES increased as well. In addition, the increased demand for instant noodles due to the influence of COVID-19 also contributed to sales. The sales of premium products were strong despite a reaction to increased demand following the declaration of a state of emergency in March 2020. As a result, sales of the Americas increased year-on-year. Meanwhile profits decreased year-on- year due to higher prices of major raw materials and higher distribution costs, despite increased sales, an increase in unit sales price due to price revision and higher sales of premium products.

Consequently, revenue was ¥ 42,418 million (+19.4%), core operating profit (Note 1) was ¥ 2,149 million (-36.5%) and operating profit was ¥ 2,177 million (-36.0%) in this reportable segment.

Excluding the impact of currency translation, revenue was ¥ 40,497 million (+14.0%) and core operating profit was ¥ 2,014 million (-40.5%). (Note 2)

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1. China

In China, as the market for high value-added products is expanding in mainland China, the Group (NISSIN FOODS CO., LTD. and its subsidiaries) has taken steps to expand its geographical sales areas and strengthen its CUP NOODLES brand. Despite negative repercussions after increased demand from the COVID-19 outbreak in the same period of last year, the increase in sales volume of the CUP NOODLES brands in mainland China and the currency translation effect by local currencies appreciation against Japanese Yen contributed to the increase in revenue, compared to the same period of last year. In terms of profit, significant increase in costs incurred by surge in raw material costs resulted in a decrease in profit over the same period of last year.

Consequently, revenue was ¥ 25,880 million (+6.6%), core operating profit (Note 1) was ¥ 2,420 million (-20.7%) and operating profit was ¥ 2,346 million (-24.0%) in this reportable segment.

Excluding the impact of currency translation, revenue was ¥ 23,950 million (-1.4%) and core operating profit was ¥ 2,210 million (-27.6%). (Note 2)

Revenue in "Others," which includes business segments not included in reportable segments such as domestic other business, Europe and Asia was ¥ 13,724 million (+13.2%), core operating profit (Note 1) was ¥ 3,542 million (-21.8%) and operating profit was ¥ 3,636 million (-18.6%).

Excluding the impact of currency translation, revenue was ¥ 13,050 million (+7.6%) and core operating profit was ¥ 3,469 million (-23.4%). (Note 2)

Note 1 : Core operating profit = operating profit - other income and expenses as non-recurring income and expenses

Note 2 : The figures in FY 3/2022 are converted into yen at the exchange rate for the same period in FY 3/2021

1. Analysis of Financial Position
   Note: Refer to pages from 6 to 7 for further information.
2. Explanation Concerning Consolidated Forecasts

The full-year forecasts of the consolidated financial results for the FY 3/2022 remain unchanged from the forecasts that were announced on May 11, 2021.

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