Maruha Nichiro (1333) Q2 2026 earnings summary

Executive summary

• Operating income for the interim period reached a record high of 18.74 billion JPY, driven by strong North America and European performance.

• Net sales increased 0.9% year-over-year to 536.7 billion JPY, with ordinary income up 16.8% to 18.3 billion JPY.

• Profit attributable to owners of parent declined 9.8% year-over-year to 12.5 billion JPY, while comprehensive income dropped 50.4% to 12.04 billion JPY.

• Gains on sales of investment securities contributed 3.8 billion JPY as extraordinary income due to reduction of cross-shareholdings.

Financial highlights

• Gross profit rose to 78.0 billion JPY from 73.3 billion JPY year-over-year.

• Operating income margin improved to 3.5% from 3.0% year-over-year.

• Cash and cash equivalents at period end increased to 49.9 billion JPY, up 9.3 billion JPY from the previous year.

• Equity-to-asset ratio declined to 32.5% from 33.7%.

• Basic earnings per share for the interim period was 247.23 JPY, down from 274.21 JPY in the prior year.

Outlook and guidance

• Steady progress toward achieving the upwardly revised full-year forecast, with interim results at 49.7% of annual net sales target.

• Full-year net sales forecast at 1,080.0 billion JPY and operating income at 30.0 billion JPY.

• Full-year profit attributable to owners of parent projected to fall 24.8% to 17.5 billion JPY.

• Basic earnings per share for the full year is forecast at 115.81 JPY, reflecting a planned 3-for-1 share split effective January 1, 2026.

• Cautious outlook for the second half due to persistent high production and procurement costs, and challenging market conditions for certain marine products.