Kewpie (2809) Q2 2026 earnings summary

Executive summary

• Net sales rose 3.9% year-over-year to ¥261.6bn for 1H FY2026, driven by strong domestic and Asia-Pacific sales and successful price revisions.

• Operating income increased 24% year-over-year to ¥20.0bn, reflecting higher domestic sales, a shift to value-added products, and improved supply chain efficiency.

• Profit attributable to owners declined 29.7% year-over-year to ¥13.2bn due to the absence of prior-year extraordinary gains.

• Overseas sales rebounded, especially in Asia-Pacific, while domestic growth was supported by value-added products and price revisions.

• Full-year outlook maintained, targeting ¥530.0bn in net sales and ¥38.0bn in operating income.

Financial highlights

• Net sales: ¥261.6bn (+4% YoY); operating income: ¥20.0bn (+24% YoY); ordinary income: ¥21.5bn (+23% YoY).

• Gross profit increased to ¥79.6bn from ¥73.5bn YoY.

• EPS: ¥95.95 (down from ¥135.27 YoY); profit attributable to owners: ¥13.2bn (-30% YoY, due to prior-year gain on factory sale).

• Comprehensive income rose 5.0% YoY to ¥20.8bn.

• Cash and cash equivalents at period end were ¥61.9bn, down ¥4.0bn from the previous year-end.

Outlook and guidance

• FY2026 full-year targets: net sales ¥530.0bn (+3% YoY), operating income ¥38.0bn (+10% YoY), ordinary income ¥40.0bn (+7% YoY), profit ¥25.5bn (-16% YoY).

• ROE forecast at 8.0% (-1.7% YoY); ROIC at 7.1% (+0.5% YoY).

• Annual dividend forecast is ¥65.00 per share.

• Overseas net sales growth rate expected at +9% YoY in local currency.