Kamei (8037) Investor update summary

Business profile and portfolio

• Founded in 1903; regional general trading business with ~100 domestic and overseas locations and operations spanning energy, food, construction, automotive, overseas trade, pet-related and pharmacy businesses.

• FY2026 revenue was ¥583.1bn; energy accounted for 48.0% of sales, while overseas trade and automotive accounted for 15.6% and 13.8%, respectively.

• FY2026 segment profit mix was led by energy at 37.2%, automotive at 24.9% and overseas trade at 20.8%, reflecting broader earnings sources beyond energy.

• From FY2013 to FY2026, energy’s share of segment profit fell from 60.9% to 37.2%, while overseas trade rose from 2.4% to 20.8%.

FY2026 performance and FY2027 outlook

• FY2026 revenue, operating profit and net income each reached record highs; revenue was ¥583.1bn, operating profit ¥17.0bn and net income ¥11.9bn.

• FY2027 Q1 revenue rose 6.7% YoY to ¥150.6bn; operating profit increased 50.6% to ¥6.1bn, with operating margin up from 2.8% to 4.0%.

• FY2027 full-year forecast revised to revenue ¥624.9bn (+7.2% YoY), operating profit ¥17.9bn (+5.4%), ordinary profit ¥19.6bn (+4.9%) and net income ¥12.1bn (+1.3%).

• The revised forecast assumes Dubai crude at $100/bbl and ¥160/$; higher energy selling prices support revenue, while segment outlooks vary, including weaker food-market conditions and continued US tariff impacts.

• FY2027 revenue is forecast to exceed ¥600bn for the first time, with net income above ¥12bn; revised H1 estimates also forecast record sales and profits.

Long-term strategy and investment

• Long-term priorities include portfolio renewal, higher operating margins, investment in growth areas and reviewing businesses for profitability and synergies; ROE target is at least 8%.

• Target operating profit of ¥20bn by 2038, from ¥17.0bn in FY2026, supported by core-business growth, efficiency, DX, new businesses and M&A.

• FY2026–FY2028 cash allocation plans ¥65–75bn operating cash flow, ¥35–40bn maintenance investment, ¥15–20bn new investment and ¥12–17bn shareholder returns.

• New business investment of ~¥20bn is planned from FY2026 onward; initiatives include construction labor-saving, water-treatment services, next-generation agriculture and regional solar aggregation.

• Overseas trade and food growth plans emphasize exporting Japanese food through established procurement and retail networks, strengthening North American and ASEAN operations, and exploring Europe and Oceania.