69th Annual General Meeting of Shareholders Held

On June 25, 2026 (Thu), Kadoya Sesame Mills Co., Ltd. (Location: Shinagawa-ku, Tokyo; President and CEO: Junichi Kitagawa; hereinafter referred to as Kadoya Sesame Mills) held its 69th Annual General Meeting of Shareholders. President and CEO Junichi Kitagawa served as chairman and explained the items for report (69th fiscal year business report and financial statements) and items for resolution. Following a Q&A session with shareholders, a vote was taken on the proposals, and both proposals presented this time, "Regarding the Disposition of Surplus," and "Regarding the Election of One Audit & Supervisory Board Member," were approved and resolved as originally proposed. The number of attending shareholders was 171, and the meeting lasted 1 hour and 20 minutes. This general meeting was held not only as a forum for resolutions but also with the aim of deepening understanding and empathy for Kadoya Sesame Mills through dialogue and experiences with shareholders, and to foster "fan shareholders."

Sharing a Story to Deepen "Fan-Based Management"

The day began with the screening of a corporate movie expressing Kadoya Sesame Mills' desired future and the tagline "Open Up the Possibilities of Sesame," as well as a highlight movie of the nationwide traveling kitchen car project "Kadoya's Sesame Journey." Many shareholders were seen engrossed in the videos at the venue, creating a time to share the brand's worldview.

Following this, an overview of the 69th fiscal year's business performance was presented. In the consolidated fiscal year, sales increased by 1.4% year-on-year to 40.03 billion yen, driven by an increase in sales volume. On the profit side, despite challenges such as increased costs for auxiliary materials and labor, profitability improved due to factors like a decrease in the price of main raw materials, resulting in an increase in operating profit, ordinary profit, and net profit attributable to owners of the parent, securing both increased sales and profits. These results were positioned as a steady manifestation of the outcomes from the ongoing review of the business foundation and initiatives.

Next, it was explained that as an initiative to achieve the medium-term management plan, the company is using the purpose, vision, and values formulated in 2025 as a framework for management decisions. Through "fan-based management," the company aims for sustainable growth by deepening relationships with customers and shareholders, targeting an ordinary profit of 5 billion yen in fiscal year 2028.

In domestic business, the company highlighted efforts to create new demand by proposing a "pour and mix" sesame oil culinary culture and enhance brand value through the launch of individually packaged sesame oil. In overseas business, the North American market was identified as a growth driver, and efforts are being made to strengthen the organizational structure, including the establishment of a local subsidiary in the United States, to build a business foundation in the region. Furthermore, the company shared its initiatives to expand the shareholder base, such as establishing a cross-organizational structure to promote the protein business and brand strategy, introducing a dividend policy based on DOE as an indicator, and implementing a stock split.

Active Dialogue (Q&A) with Shareholders from Diverse Perspectives, from Business to Governance

On the day, a lively dialogue took place with a wide range of questions and opinions submitted by shareholders. It was an opportunity to directly hear the broad perspectives and opinions of shareholders, from expectations regarding business strategy and brand initiatives to concerns about governance and capital policy.

[Opinions and Questions Received]

Overseas Strategy and Global Expansion

- What is the background and purpose behind the establishment of KADOYA America? - What is the scale of KADOYA America (warehouse, personnel, business content, sales functions)? - What is the revenue structure of KADOYA America (where does it generate revenue)?

- What is the specific strategy for developing markets outside of Asia?

- Should the expansion of chili sesame oil be considered for overseas markets with spicy food demand (e.g., Thailand)?

Product and Brand Strategy

- While there is appreciation for the taste of chili sesame oil, its distribution is limited. How are initiatives (e.g., collaborations) being advanced to increase its recognition?

- Should convenience store collaborations using chili sesame oil be considered?

- How can Kadoya's recognition be built through food education for elementary and junior high school students?

- Are merchandise developments such as keychains and plush toys being considered?

New Business and Business Expansion

- What is the progress of developing sweets using sesame?

- What is the business model for the protein business?

- Regarding the utilization of defatted sesame meal, can collaboration with famous chefs be considered?

- Are applications beyond food, such as the cosmetic use of sesame oil, being considered?

- Are there possibilities for using sesame oil outside of food, such as for ear massages or as a moisturizer?

Shareholder Returns and Capital Policy

- How do you perceive the current stock price compared to before the stock split, and what are the specific measures to improve the stock price?

- Regarding the chili sesame oil included in the shareholder benefits, can the capacity or design be improved?

Business Operations and Revenue Structure

- What are the reasons for the significant decrease in sales of the mail-order business (purchased goods), and what are the future countermeasures?

Human Resources and Organization

- What is the recruitment policy and approach to human resource development, considering the decrease in the number of employees?

Governance and Compliance

- Regarding the matter of the Antimonopoly Act, what is the progress of the lawsuit for revocation filed with the Fair Trade Commission?

*Some content has been added or revised for easier understanding.

Proposing New Sesame Oil Experiences Beyond "Pouring and Mixing"

After the general meeting of shareholders, a tasting session was held with the theme of using sesame oil as a seasoning for "pouring and mixing." A special one-plate box, created exclusively for the day, was provided, featuring menu items from "Kadoya's Sesame Journey" and dishes using the new products "Easy-to-Use Pack Pure Sesame Oil" and "Sesame Oil for TKG (Tamago Kake Gohan) Soy Sauce." Additionally, experiential elements were offered, such as a corner to taste sesame seed oil drizzled over vanilla ice cream and a proposal to pair chili sesame oil with pizza, allowing attendees to try unexpected combinations with sesame oil.

Left: "Pouring" dishes such as flavored pork and mapo tofu, as well as "mixing" dishes like salted broccoli and seasoned bean sprouts and carrots. Furthermore, new ways of enjoying sesame oil were introduced, including mixed rice and seasoned eggs using the new "Sesame Oil for TKG Soy Sauce." Right: Experiential menu items to enjoy surprising combinations, such as vanilla ice cream with sesame seed oil and a dish pairing pizza with chili sesame oil. Bottom right: The new product "Easy-to-Use Pack Pure Sesame Oil" was distributed, proposing a style of adding "extra sesame oil" to taste according to preference.

Various sesame oils, from standard to new products, were placed on the tables, and a style of enjoying them as "extra sesame oil" by drizzling them over dishes to taste was also proposed. At the venue, many shareholders were seen enjoying the differences in flavor and aroma while comparing sesame oils, and deepening their understanding by asking questions about the products. Natural conversations centered around "sesame" unfolded between executives, employees, and shareholders, creating a harmonious atmosphere throughout, providing an opportunity to deepen understanding of Kadoya Sesame Mills.

High Praise and Feedback from Shareholders Born from Dialogue and Experience

This general meeting of shareholders was held as an initiative to further deepen relationships with shareholders, make Kadoya Sesame Mills feel closer, and express gratitude for their ongoing support. It was a time for attendees to experience the new possibilities of sesame.

[Survey Results for This General Meeting of Shareholders] June 25, 2026 / Valid Responses: 162 (Paper: 151, Web [QR]: 11)

General Meeting Survey

Understanding has improved from the previous year, and a high level of loyalty from shareholders is maintained.

- Recommendation Rate (Average): 9.1/10 points (94% Promoters, 0% Detractors) - Brand Favorability: "Like" or higher: 95% - Intention to Continue Support: "Want to support": 93% - Long-Term Holding Intention (5+ years): 89% - Understanding of Business Report: "Easy to understand": 85% (+3pt improvement from previous year)

Tasting Session Survey

Improvements have been made to address previous year's issues (crowding, quality of experience), resulting in a significant increase in satisfaction.

- Satisfaction: High rating (8-10 points): 86% (+36pt from previous year) - Low rating: 0% (No critical opinions) - Participant Evaluation: Many expressed "wish to continue" and "want to participate next year."

Comments from Shareholders

Multiple comments praised the employee response and atmosphere, noting that the president and executives spoke in their own words, and expressing expectations for products and business, and a strong sense of loyalty.

- "From the president's way of speaking, the company's direction, and his demeanor, I felt that I want to continue supporting the company as a shareholder. At the tasting session after the meeting, the sincere response of the employees was impressive, and my positive impression of the company further increased."

- "I was very happy to have such a tasting session, and it was a fun experience. The menu was clearly explained in the leaflet, and QR codes for recipes were also included, so I wanted to try them at home. An acquaintance of mine is a fan of Kadoya Sesame Mills, and I was invited to the general meeting this time."

*Some content has been added or revised for easier understanding.

Comments from Participating Employees

Many employees reported experiencing the high expectations and loyalty towards Kadoya Sesame Mills through direct communication with shareholders.

- "This was my first time participating, and through speaking directly with shareholders, I was happy to receive opinions and comments about their expectations for Kadoya Sesame Mills, as well as words of encouragement for the manufacturing site and concern for my health and environment." (Shodoshima Factory - Production Department)

- "The shareholders had read the materials thoroughly in advance, and their serious consideration of the company's current situation and future was very impressive. Also, from the smiles of the shareholders at the venue, I felt their support, and I believe that many are not just investors but are supporting Kadoya Sesame Mills as 'fans.'" (Sodegaura Factory - Administration Department)

- "Seeing the shareholders happily receive their souvenirs and leave after the tasting, I realized the growing interest in Kadoya's sesame oil and that Kadoya Sesame Mills' fan base is steadily expanding." (Head Office - Sales Department)

*Some content has been added or revised for easier understanding.

Kadoya Sesame Mills will continue to utilize the voices and experiences gained from this general meeting of shareholders and tasting session in its future initiatives, and as a company centered on "fan-based management," it will strive to deepen connections with shareholders and customers and remain a company chosen by all stakeholders.

[About Kadoya Sesame Mills Co., Ltd.]

Founded in 1858 (Ansei 5) on Shodoshima Island in the Seto Inland Sea as Kadoya Sesame Oil Mill, it has been a dedicated sesame manufacturer for 168 years, consistently producing products focused on sesame. It has delivered "Pure Sesame Oil," with its rich aroma and deep flavor, as a traditional taste to dining tables worldwide. It holds the No. 1 market share not only in Japan but also in the U.S. sesame oil market (*), with overseas sesame oil sales expanding to 8.75 billion yen in 2025, positioning the North American market as a medium- to long-term growth driver. In the same year, it established Kadoya America Inc., a local subsidiary in the United States, and is working to build its business foundation for purposes such as strengthening sales and marketing systems. Furthermore, it is engaged in research and development for the food utilization of defatted sesame (press cake) remaining after pressing sesame oil, and is working to build a medium-term foundation through application development and value addition.

Under the tagline "Open Up the Possibilities of Sesame," and with the purpose of "Contributing to the world by maximizing the value of sesame," the company advocates a policy of practicing "fan-based management" to jointly enhance corporate value by having all stakeholders, including farmers, consumers, shareholders, government, and employees, become fans of the company.

*Intage SRI+ Sesame Oil Market Brand Cumulative Sales Value (Japan) April 2025 - March 2026

Company Overview

Company Name: Kadoya Sesame Mills Co., Ltd.

Head Office Location: 4F, Sumitomo Fudosan Osaki Twin Building East Tower, 5-1-18 Kita-Shinagawa, Shinagawa-ku, Tokyo

Representative: President and CEO Junichi Kitagawa

Founded: 1858 (Ansei 5)

Business Activities: Manufacturing and sales of sesame oil, food sesame, etc.

Annual Sales: 40,030 million yen (Consolidated) (March 2026)

Official Website: https://www.kadoya.com/

café & izakaya "goma to": https://www.kadoya.com/gomato/

Fan Community Site "Goma Lab": https://goma-lab.kadoya.com

Official X: https://x.com/kadoya_seiyu

Official Instagram: https://www.instagram.com/kadoya_seiyu/