Kikkoman (2801) investor relations material

Executive summary

• Fiscal 2026 revenue rose 5.2% year-over-year to ¥745.5bn, with all profit levels exceeding forecasts and strong performance in both overseas and domestic markets, especially soy milk in Japan and wholesale in North America.

• Profit attributable to owners was ¥61.6bn, nearly flat year-over-year, while comprehensive income surged 73.5% due to favorable exchange differences.

• All major business segments, except the Liquor and Wine Division, recorded higher revenue and profit.

• Medium-term plan targets for sales growth, business profit margin, and ROE are generally on track, despite temporary slowdowns in some overseas soy sauce markets.

• Strategic investments are underway, including a third U.S. plant and ongoing capital allocation for future expansion.

Financial highlights

• Fiscal 2026 revenue: ¥745.5bn (+5.2% YoY), business profit: ¥79.5bn (+2.9% YoY), EPS: ¥65.99 (+1.00 yen YoY).

• Profit attributable to owners: ¥61.6bn, business profit margin: 10.7%.

• Gross profit increased to ¥252.6bn from ¥239.2bn YoY.

• Total assets increased to ¥751.7bn (+¥72.2bn YoY), with equity up to ¥568.8bn.

• Cash flows from operating activities rose to ¥90.5bn, with cash and cash equivalents at year-end reaching ¥111.8bn.

Outlook and guidance

• Fiscal 2027 revenue forecast: ¥799.1bn (+7.2% YoY), business profit: ¥82.3bn (+3.5% YoY), business profit margin: 10.3%.

• Profit attributable to owners forecast: ¥61.3bn, EPS: ¥65.65.

• Growth expected in all segments, with fixed costs from new U.S. plant and higher raw material/transportation costs anticipated.

• Medium-term targets: sales CAGR 5%+, business profit margin 10%+, ROE 12%+ by FY3/2028.

• Assumes USD/JPY at 155.00 for FY2027; Middle East risks not factored into guidance.