Calbee (2229) Q1 2027 earnings summary

Executive summary

• Q1 net sales rose 5.5% year-over-year to ¥86.8bn, with profit attributable to owners up 15.2%, driven by strong domestic and overseas business, especially in Asia/Oceania.

• Operating profit increased 24.4% to ¥6.6bn, with operating margin up 1.2pts to 7.6%.

• Overseas growth was led by Asia/Oceania, aided by Hodo, Inc. consolidation and favorable FX, while North America focused on organizational strengthening.

• The impact of the Middle East situation was limited in Q1 and within expectations.

Financial highlights

• Net sales rose to ¥86.8bn (+5.5% YoY); domestic sales up 2.0%, overseas up 16.2%.

• Operating profit increased 24.4% to ¥6.6bn; ordinary profit up 26.1% to ¥6.7bn.

• Net profit attributable to owners was ¥4.1bn, up 15.2% YoY; comprehensive income rose 64.4% to ¥5.25bn.

• EBITDA grew 18.0% to ¥11.1bn; EBITDA margin improved by 1.4pts to 12.8%.

• Gross profit margin reached 32.4%, up 8.4% YoY; gross profit was ¥28.1bn.

Outlook and guidance

• Full-year forecast unchanged: net sales ¥370bn (+8.8% YoY), operating profit ¥26.2bn (+0.1% YoY), profit attributable to owners ¥17.4bn (+0.4% YoY).

• No change to forecast for a negative ¥3.0bn impact on operating profit from the Middle East situation for the fiscal year.

• Greatest cost impact from the Middle East expected in Q2; measures include packaging changes and price revisions from October.

• Annual dividend forecast raised to ¥69.00 per share.