Kewpie : Integrated Report 2023（8.119B）

Kewpie Report 2023

The Kewpie Group Integrated Report 2023

The Kewpie Group Integrated Report 2023

Contents

Basic Policies

Message from the President

Value Creation at the Medium- to Long-term	Bolstering Our
Kewpie Group	Business Management	Management
Strategy	Foundation

Corporate	Performance and
Governance	Company Information

1

Contents / Editorial Policy	1	Medium- to Long-term Business Management Strategy
Basic Policies		Medium-term Business Plan	21
	Sustainability	22
Corporate Philosophy of the Kewpie Group	2
Cash Flow Allocation	25
Message from the President		Bolstering Our Management Foundation
Message from the President	4
Human Resource Strategy	26
Value Creation at the Kewpie Group		Intellectual Property Strategy	28
The Value Creation Process	9	DX Strategy	29
Value Creation Story (1) Overseas Expansion	10	Corporate Governance
Value Creation Story (2)
	Interview with an Outside Director	30
Leading Company for Salads and Eggs	12
Value Creation Story (3) Food Culture and Health	15	Corporate Governance	32
Value Creation Story (4)		Risk Management	41
Creating New Points of Contact Catered to Customers	17	Performance and Company Information
Dialogue
	11-Year Financial and Non-financial Summary	42
Taking changes in our operating environment as an
	Stock Information	43
opportunity to become a health-conscious company that
transcends the boundaries of food through self-transformation.	18	Corporate Information	44

Website The Kewpie Group posts a wide range of information from a variety of perspectives on its website.

IR Information	Sustainability	Recipes / Products
https://www.kewpie.com/en/ir/	https://www.kewpie.com/en/sustainability/	https://www.kewpie.com/en/products

Editorial Policy

In putting together the Integrated Report 2023, the Kewpie Group hopes to deepen the understanding of all stakeholders, including its shareholders and investors, regarding efforts to create value over the medium to long term. This Integrated Report therefore provides an overview of the Group's business as well as comprehensive strategies and plans aimed at creating corporate value.

The Report also summarizes matters of a material nature that underpin the Group's efforts to create corporate value. All other information, including details of the Group's financial results and position, social and environmental initiatives, products, and businesses can be found on its corporate website.

Period Covered by the Report

The Report covers the 12-month period from December 2021 to November 2022.

Past background information and data as well as recent examples of the Group's activities that fall outside the period covered have also been included when considered appropriate.

Forward-looking Statements

The forecasts and forward-looking statements contained in this Integrated Report 2023 are based on information available as of the date of publication and on certain assumptions deemed rational. These forecasts also include certain probable uncertainties.

Actual performance, etc., could differ greatly from forecasts due to a variety of factors including changes in business conditions.

Note: Throughout this report, fractional amounts less than the indicated unit have been discarded. However, monetary figures in billions of yen, as well as percentages, have been rounded to the nearest fractional unit.

The Kewpie Group Integrated Report 2023	Basic Policies	Message from	Value Creation at the	Medium- to Long-term	Bolstering Our	Corporate	Performance and	2
the President	Kewpie Group	Business Management	Management	Governance	Company Information
		Strategy	Foundation

Corporate Philosophy of the Kewpie Group

Corporate Philosophy of the Kewpie Group

Corporate RAKU-GYOU-KAI-ETSU

Motto

Corporate	● Act on Moral Principles
Principles	● Strive for Originality and Ingenuity

• Look After Parent's Well Being

Words to remember: "The world is fairer than you imagine"

Toichiro Nakashima (Founder) was deeply impressed by the following words that he encountered in his younger days: "It may seem that the lazy and sly get ahead in the world. However, the world is actually a place where the people who strive in sincerity and earnestness are the winners in the long run." He held the belief that the world is fairer than you imagine. When faced with difficulties, Toichiro would consider what was true and what was right, and always strove for originality and ingenuity. Throughout his life he continued to show gratitude toward all those who helped him. These words inherited from Toichiro were included in the Kewpie Group corporate principles up to 1992.

We aim to be a group contributing to the food culture and

Our Ideal health of the world through "great taste, empathy, and uniqueness."

Mind-set	Complying with group policies, we strive to earn the highest
degree of trust from our customers and stakeholders.

The Kewpie Group's Code of Ethics and Code of Conduct

Our Corporate Motto and

Corporate Principles

Toichiro Nakashima, the founder of the company, expressed his fundamental beliefs with regard to work as follows:

I think job motivation comes from enjoying work with people who have the same ambitions and rejoicing together. The key aim must be to act on moral principles. In other words, one should make decisions based not on immediate advantage or disadvantage, but on what is true and right. However, this alone is not enough to achieve goals; originality and ingenuity are also required. The world is fairer than you imagine, so if you feel that it is unfair, try reflecting on your own behavior and asking whether you failed to act on moral principles, or whether you were perhaps lacking in originality and ingenuity. And another thing I ask of you is to observe your filial duty toward

your parents; that means feeling grateful to your parents for putting you first, and trying to repay them for their dedication. I believe that people capable of observing filial duty toward their parents are people who can feel gratitude for the goodwill of others and repay that goodwill. These people attract others who interact with goodwill, and the company should progress of its own accord as a result.

Everybody at Kewpie is proud to have inherited Toichiro Nakashima's beliefs with regard to work via our corporate culture.

https://www.kewpie.com/en/company/promise/

The Kewpie Group Integrated Report 2023	Basic Policies	Message from	Value Creation at the	Medium- to Long-term	Bolstering Our	Corporate	Performance and	3
the President	Kewpie Group	Business Management	Management	Governance	Company Information
		Strategy	Foundation

Philosophy, Vision, and Corporate Message

This overview, which clarifies the positioning of our philosophy, vision, and corporate message, is based on our corporate message of "love around the kitchen table" and speaks to what we really want to achieve through our thoughts and feelings.

The Corporate Philosophy of the Kewpie Group contains the fundamental values and aspirations that all employees should hold the most dear.

All activities of the Kewpie Group lead to the sentiment we wish to deliver to customers, "love around the kitchen table," based on the spiritual pillars established in the Corporate Motto and Corporate Principles.

Centered on efforts to expand across all manner of food-related scenes, our ideal is to contribute to the food culture and health of the world through great taste, empathy, and uniqueness.

2030 VISION

				Corporate Message
		love around the kitchen table
				Our Ideal
		We aim to be a group contributing to the food
		culture and health of the world through great taste,
			empathy, and uniqueness.
Corporate Motto						Corporate Principles
	2030 VISION
RAKU-GYOU-KAI-ETSU			Act on Moral Principles
			Leading Company for Salads and Eggs		Strive for Originality and Ingenuity
				Look After Parent's Well Being
			Food Partner for Every Person
				Words to remember:
			Supporter for Bringing Smiles to Children		The world is fairer
							than you imagine
		Medium-Term Business Plan

All the Activities of the Kewpie Group

In December 2018, we drew up Kewpie Group 2030 VISION as a long-term vision. It summarizes what we should be, what we hope to realize and what value we are looking to provide to society toward 2030 to achieve "Our Ideal." We are engaging activities with a focus on the three world, customer, and society perspectives. The Kewpie Group has

strength and uniqueness, and deeply engages in various scenes of "eating," such as home- cooked meals, ready-made foods and restaurants, throughout the lifetime of people from infants

to the elders. By considering closely the diverse and everyone's lifestyles, we will be striving for people to make feel connected to each other, and

to support healthy eating habits. Furthermore, we will support the mental and physical health of the children who are creating future, and will execute various sustainability activities inside and outside the company, to enable us to sustain and leave a better global environment and society in the future.

The Kewpie Group Integrated Report 2023	Basic Policies	Message from	Value Creation at the	Medium- to Long-term	Bolstering Our	Corporate	Performance and	4
the President	Kewpie Group	Business Management	Management	Governance	Company Information
		Strategy	Foundation

Message from the President

Creating the future as a united group, we are committed to achieving our 2030 VISION.

Mitsuru Takamiya

Our Mission

In 2018, we drew up Kewpie Group 2030 VISION as a roadmap for what we should be, what we hope to achieve, and what value we are looking to provide to society in 2030.

Our founder, Toichiro Nakashima, launched the egg yolk-based Kewpie Mayonnaise in an effort to promote its delicious and nutritious appeal while improving the physiques of Japanese people. Carrying forward the aspirations of our founder, our ideal is to contribute to the food culture and health of the world through great taste, empathy, and uniqueness.

In light of the VUCA era, we will accelerate efforts to create the future as a united group to become a "leading company for salads and eggs, a food partner for every person, and a supporter for bringing smiles to children," the core elements of our 2030 VISION.

In this integrated report, we provide details of our efforts to achieve sustainable growth through various measures, including the optimal application of management resources and steps taken to address the challenge of new business areas and the difficult operating environment.

Representative Director

President and Chief Executive Corporate Officer

Kewpie Corporation