Ifuji Sangyo (2924) Q2 2027 earnings summary

Executive summary

• H1 FY2027 revenue ¥15,408m, down 3.9% YoY; operating profit ¥1,161m, down 21.6%; net income ¥794m, down 23.4%.

• Profit fell amid lower liquid-egg volume and market prices, higher depreciation, personnel and operating costs; Q2 profit improved YoY and the earnings outlook remains unchanged.

Financial highlights

• Revenue ¥15,408m versus ¥16,036m; gross profit ¥2,826m versus ¥3,024m; operating profit ¥1,161m versus ¥1,480m.

• Ordinary profit ¥1,165m, down 22.3% YoY; net income attributable to owners ¥794m, down 23.4%; comprehensive income ¥782m, down 25.0%.

• Liquid-egg business revenue declined 4.3% to ¥14,386m; seasoning revenue rose 5.9% to ¥630m; organic EC revenue declined 2.6% to ¥425m.

Outlook and guidance

• FY2027 guidance unchanged: revenue ¥33,376m, up 2.5%; operating profit ¥2,913m, up 4.4%; ordinary profit ¥2,887m, up 1.0%; net income ¥2,024m, up 1.0%; EPS ¥248.48.

• Q2 three-month profit was slightly above prior year; liquid-egg volumes are expected to recover as customer usage improves and new small-format products reach mass production.

• Planned price pass-through continues; guidance assumes current information and may differ from actual results, with avian influenza adding uncertainty to supply and demand.