Ifuji Sangyo (2924) Q1 2025 earnings summary

Executive summary

• Q1 revenue fell 25.6% YoY to ¥5,204m as lower egg prices reduced selling prices; sales volume rose 9.3% to a Q1 record. Operating income increased 6.7% to ¥795m and ordinary income rose 4.2% to ¥800m, both Q1 record highs for a fourth consecutive year.

• Net income attributable to owners fell 21.6% YoY to ¥545m, as the prior-year benefit from lower taxes related to directors’ retirement benefits did not recur.

Financial highlights

• Revenue ¥5,204m, down 25.6% YoY; operating income ¥795m, up 6.7%; ordinary income ¥800m, up 4.2%.

• Net income attributable to owners ¥545m, down 21.6% YoY; comprehensive income ¥539m, down 23.8%.

• Egg prices fell 40.6% YoY, or ¥135/kg, while liquid egg sales volume increased 9.3% YoY.

Outlook and guidance

• Revised H1 forecast: revenue ¥10,299m, down 21.9% YoY; operating income ¥1,341m, up 10.0%; ordinary income ¥1,350m, up 8.2%; net income ¥921m, down 10.4%.

• FY forecast unchanged: revenue ¥20,582m, down 16.0% YoY; operating income ¥1,979m, up 12.1%; ordinary income ¥1,975m, up 9.2%; net income ¥1,367m, down 14.4%.

• FY guidance reflects expected strong liquid egg volumes, but egg-price uncertainty and the newly consolidated HORIZON FARMS impact require further assessment.

• FY dividend forecast revised to ¥51/share, including ¥26 interim and ¥25 year-end, versus ¥48/share for FY2024.