Maruha Nichiro (1333) Q2 2025 earnings summary

Executive summary

• Net sales rose 4.9% year-over-year to ¥532.1 billion, driven by growth in Marine Resources and Processed Foods segments.

• Operating income declined 4.1% year-over-year to ¥16.1 billion, mainly due to lower profits in the Marine Resources segment.

• Ordinary income dropped 25.0% year-over-year to ¥15.7 billion.

• Profit attributable to owners of parent increased 26.8% year-over-year to ¥13.8 billion, aided by extraordinary gains from asset sales.

Financial highlights

• Net sales: ¥532.1B (+4.9% YoY); Operating income: ¥16.1B (-4.1% YoY); Ordinary income: ¥15.7B (-25.0% YoY); EBITDA: ¥26.8B (+1.8% YoY).

• Interim profit per share was ¥274.21, up from ¥215.94 in the previous year.

• Comprehensive income for the interim period was ¥24.3B, a 4.2% increase year-over-year.

• Extraordinary income of ¥7.7B, mainly from gain on sales of investment securities.

• Interim dividend set at ¥50 per share, with a payout ratio over 30%.

Outlook and guidance

• Full-year net sales forecast at ¥1,050.0B; operating income ¥30.0B; profit attributable to owners of parent ¥22.0B.

• Operating income is projected to rise 13.1% YoY; ordinary income forecast at ¥32.0B (+2.9% YoY).

• Full-year profit per share is estimated at ¥436.80.

• Marine Resources segment expected to remain challenging; Foodstuff Distribution and Processed Foods segments to continue steady performance.

• Focus on cost reduction, productivity improvements, and price revisions in key segments.