Maruha Nichiro (1333) Q1 2026 earnings summary

Executive summary

• Net sales for 1Q rose 2.6% YoY to 263.6 bln JPY, with operating income up 23.1% to 9.4 bln JPY, driven by improved Marine Resources profitability and strong pet food sales.

• Profit attributable to owners of parent decreased 0.6% YoY to 6.5 bln JPY, while comprehensive income dropped 81.8% to 2.7 bln JPY.

• Corporate transformation is underway, including a head office relocation and rebranding, with the company set to become Umios Sumios in March 2026.

Financial highlights

• Gross profit rose to 38.5 bln JPY (+2.8 bln YoY); extraordinary income included a 1.8 bln JPY gain on sale of investment securities.

• Basic earnings per share for the quarter was 129.02 JPY, slightly down from 129.86 JPY a year earlier.

• Total assets grew to 714.3 bln JPY as of June 30, 2025, up from 681.2 bln JPY at the previous fiscal year-end.

• Equity ratio declined to 31.7% from 33.7% YoY; net D/E ratio: 1.1x (up from 1.0x YoY).

• Cash and cash equivalents at period end: 48.9 bln JPY, up 15.7 bln JPY from the previous year.

Outlook and guidance

• Full-year net sales forecast at 1,080.0 bln JPY (+0.1% YoY); operating income now expected at 30.0 bln JPY (+11.1% YoY); ordinary income at 29.0 bln JPY (+11.5% YoY); profit attributable to owners forecast at 17.5 bln JPY (-24.8% YoY).

• Full-year basic earnings per share forecast at 347.44 JPY; annual dividend forecast maintained at 110.00 JPY per share.

• Segment outlooks note continued strong pet food sales, European business expansion, and ongoing cost pressures in aquaculture and foodstuff distribution.