Calbee (2229) Q4 2026 earnings summary

Executive summary

• FY2026/3 net sales rose 5.5% YoY to ¥340.2bn, driven by growth in both domestic and overseas businesses, but operating profit declined by 10% due to higher costs and inflation; both net sales and operating profit met revised targets.

• Profit attributable to owners of parent fell 17.0% to ¥17.3bn, impacted by a rebound from prior-year tax benefits.

• Overseas operations achieved record net sales and operating profit, expanding notably in North America, Europe, Greater China, and Asia/Oceania, with the acquisition of Hodo, Inc. boosting plant-based protein business.

• The company advanced sustainability initiatives, including stricter GHG reduction targets and integrated TCFD/TNFD disclosures.

• FY2027/3 forecasts a ¥29.8bn increase in net sales (+8.8% YoY), with operating profit expected to remain flat due to external risks.

Financial highlights

• FY2026/3 net sales: ¥340.2bn (+5.5% YoY); operating profit: ¥26.2bn (-10.0% YoY); net profit: ¥17.3bn (-17.0% YoY).

• EBITDA: ¥43.2bn (-0.7% YoY); EBITDA margin: 12.7%.

• Overseas sales grew 11.6% YoY to ¥88.6bn; domestic sales up 3.4% to ¥251.5bn.

• Gross profit increased slightly to ¥110.8bn, but operating margin dropped to 7.7% from 9.0%.

• Dividend per share increased to ¥66, with a payout ratio of 47.2%.

Outlook and guidance

• FY2027/3 net sales forecast: ¥370.0bn (+8.8% YoY); operating profit: ¥26.2bn (flat YoY); net profit: ¥17.4bn (+0.4% YoY).

• Operating margin expected to decline to 7.1% (-0.6pts YoY); EBITDA forecast at ¥45.2bn (+4.6% YoY).

• Overseas sales projected to rise 10.6% YoY; domestic sales up 8.1% YoY.

• Dividend per share planned at ¥69 (+3 yen YoY), with a 48.2% payout ratio.

• Guidance reflects anticipated cost increases from Middle East tensions, with plans for price/content revisions and cost controls.