Ifuji Sangyo (2924) Q4 2025 earnings summary

Executive summary

• FY25 revenue reached a record ¥25,557 million, up 4.3% YoY; operating profit rose 69.8% to ¥2,998 million, ordinary profit 68.5% to ¥3,049 million, and net income 31.6% to ¥2,102 million, all records.

• Record liquid-egg volumes, stronger seasoning profit, and nine months of HORIZON FARMS consolidation supported growth; revenue rose for a fourth consecutive year and operating and ordinary profit for an 11th.

Financial highlights

• Gross profit increased to ¥6,069 million from ¥4,188 million; SG&A rose to ¥3,071 million from ¥2,422 million, while operating profit reached ¥2,998 million.

• Net income was ¥2,102 million versus ¥1,597 million; EPS was ¥254.66 versus ¥193.49, and comprehensive income was ¥2,093 million versus ¥1,630 million.

• Operating cash flow was ¥4,031 million versus an outflow of ¥292 million; investing cash flow was an outflow of ¥1,869 million and financing cash flow an outflow of ¥1,281 million.

• Cash and cash equivalents rose ¥880 million to ¥4,014 million; total assets were ¥16,749 million and net assets ¥11,161 million at FY-end.

Outlook and guidance

• FY26 forecast: revenue ¥27,771 million, up 8.7%; operating profit ¥2,689 million, down 10.3%; ordinary profit ¥2,679 million, down 12.1%; net income ¥1,827 million, down 13.1%.

• FY26 H1 forecast: revenue ¥13,781 million, up 24.3%; operating profit ¥1,340 million, down 12.0%; ordinary profit ¥1,339 million, down 12.7%; net income ¥912 million, down 11.9%.

• Higher depreciation from capacity investments is expected to weigh on FY26 profit; ¥3,000 million of capex is planned to expand liquid-egg supply capacity.

• Long-term liquid-egg targets are 80,000 tonnes of sales and 20% market share by FY30; plans include a ¥20,000 monthly base-pay increase and a 13.6% salary-increase rate.

• Seasonings strategy prioritizes contract manufacturing and higher-value products; organic EC plans new product categories and diversified sourcing.