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Winner, Winner: The Chicken McNugget Story
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Morinaga Milk Industry Co
Morinaga Milk Industry Co (2264) investor relations material
Morinaga Milk Industry Co Q2 2027 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q2 2027 earnings summary9 Nov, 2026
Executive summary
1H FY2027 net sales rose 2.6% YoY to ¥300.821bn and operating profit rose 1.5% to ¥21.107bn, a record; ordinary profit fell 3.4% and net profit fell 6.6%.
Price revisions, product mix, cost controls and overseas growth supported results, while domestic volume weakness and higher input and operating costs weighed on earnings.
Financial highlights
1H ordinary profit was ¥21.205bn and profit attributable to owners was ¥13.675bn; basic EPS was ¥42.36 on a post-split basis.
Gross profit was ¥74.852bn versus ¥73.869bn YoY; SG&A was ¥53.744bn versus ¥53.064bn.
Domestic business sales fell 2.0% to ¥248.869bn; Global Business sales rose 31.9% to ¥51.952bn.
Outlook and guidance
FY2027 forecast: net sales ¥590bn (+3.2%), operating profit ¥39bn (+13.1%), ordinary profit ¥39.3bn (+5.9%), net profit ¥23bn (+1.8%) and EPS ¥71.24; operating profit guidance rose ¥5bn.
Global Business operating profit forecast is ¥26bn, up ¥9bn YoY; domestic business is forecast at ¥13bn, down ¥4.5bn YoY.
MILEI price increases are assumed to continue through December; some whey prices have eased, leaving the outlook uncertain.
Domestic guidance reflects raw-material, energy and logistics costs and lower volumes; further price revisions remain under consideration.
FY2029 medium-term targets include ¥630bn sales, ¥44bn operating profit, 7% operating margin, 15% Global Business sales ratio, 10% ROE and 7% ROIC.
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Latest events from Morinaga Milk Industry Co
- FY26 profit climbed as global growth and a focused 2029 plan target higher returns.2264
Corporate presentation - Record 1Q profit driven by overseas growth; profit attributable to owners declined on higher costs.2264Q1 2027
- Sales grew slightly, but profits dropped sharply as cost pressures persisted and one-time gains lapsed.2264Q1 2025
- Net sales up 1.4%, but profit fell sharply on higher costs and no extraordinary gain.2264Q2 2025
- Net sales grew 1.8% but profits fell sharply due to higher costs and absence of one-time gains.2264Q3 2025
- Net profit plunged despite higher sales, but a strong rebound and higher dividends are forecast.2264Q4 2025
- Profit attributable to owners of parent surged 30.1% on global business and price revisions.2264Q1 2026
- Record nine-month operating profit, led by Global Business, offset domestic cost and volume pressures.2264Q3 2026
- Record FY26 profit, led by overseas growth, faces a lower FY27 outlook.2264Q4 2026
Next Morinaga Milk Industry Co earnings date
Q3 202710 Feb, 2027
Morinaga Milk Industry Co
Next Morinaga Milk Industry Co earnings date
Q3 202710 Feb, 2027
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