WELLNEO SUGAR Co., Ltd. revised earnings guidance for the fiscal year ended March 31, 2023. For the year, the company expects revenue of JPY 57,000 million, operating profit of JPY 1,300 million, profit before tax of JPY 1,500 million, profit of JPY 900 million and basic earnings per share of JPY 36.65, compared to previous guidance of revenue of JPY 50,000 million, operating profit of JPY 1,000 million, profit before tax of JPY 1,200 million, profit of JPY 700 million and basic earnings per share of JPY 31.67. The Company has factored in the consolidated financial results of ITOCHU Sugar Co., Ltd. for the period from January 1, 2023 to March 31, 2023 due to the merger with ITOCHU Sugar Co., Ltd. completed on January 1, 2023.

The merger prompted upward revisions to the consolidated financial results forecast for revenue by 7,000 million yen, operating profit by 300 million yen, profit before tax by 300 million yen, profit by 200 million yen, and profit attributable to owners of the parent company by 200 million yen. The financial results forecast in this document are based on information currently available to the Company regarding its merger with ITOCHU Sugar Co., Ltd. completed on January 1, 2023. Actual results could differ due to various factors.