Kikkoman (2801) Q2 2026 earnings summary

Executive summary

• H1 FY2026 revenue rose to ¥358.6 billion, up 3.9% year-over-year excluding FX, with business profit up 0.5% and profit margin at 11.5%.

• Profit attributable to owners was ¥31.3 billion, down 6.3% year-over-year excluding FX.

• Domestic soy milk sales grew double digits, and soy sauce in Europe maintained strong growth.

• Despite US tariff disruptions in Q1, stabilization and recovery occurred in Q2, especially in North America and Europe.

• Domestic Foods Manufacturing and Sales saw higher revenue and profit, while Overseas segments had mixed results.

Financial highlights

• H1 FY2026 revenue: ¥358.6bn (+3.9% YoY excl. FX); business profit: ¥41.2bn (+0.5% YoY excl. FX); profit attributable to owners: ¥31.3bn (-6.3% YoY excl. FX).

• Operating profit decreased 5.6% year-over-year to ¥39.6 billion.

• Full-year FY2026 forecast: revenue ¥731.0bn (+4.6% YoY excl. FX), business profit ¥78.0bn (+2.7% YoY excl. FX), profit attributable to owners ¥60.0bn (-0.9% YoY excl. FX).

• Interim dividend maintained at ¥10 per share, with a full-year forecast of ¥25 per share.

• Total assets increased to ¥699.5 billion as of September 30, 2025.

Outlook and guidance

• H2 FY2026 is expected to see over 5% growth in both revenue and profit, with North American soy sauce returning to normal growth and domestic soy milk continuing its expansion.

• Full-year business profit revised upward from initial forecast.

• Assumed exchange rates for FY2026: ¥148.24/USD and ¥168.44/EUR.