NH Foods (2282) Q1 2026 earnings summary

Executive summary

• Net sales for 1Q FY2026/3 reached ¥354.1 billion, up 4.8% year-over-year, driven by higher unit sales prices, increased domestic chicken and pork sales, and expanded Australian beef production.

• Business profit rose by ¥1.7 billion to ¥16.2 billion, the highest ever for 1Q, supported by favorable market conditions, improved product mix, and internal structural reforms.

• Profit attributable to owners fell 12.5% to ¥11.4 billion, with EPS down to 115.40 yen from 127.09 yen year-over-year.

• Processed Foods Business faced profit decline due to structural reforms and higher raw material costs, while Fresh Meats and Ballpark businesses saw significant profit growth.

• Profit before tax declined 7.0% to ¥18,418 million.

Financial highlights

• 1Q net sales: ¥354.1 billion (+4.8% YoY); business profit: ¥16.2 billion (+11.5% YoY); profit attributable to owners: ¥11.4 billion (-12.5% YoY).

• Full-year forecast: net sales ¥1,400.0 billion (+2.1% YoY), business profit ¥54.0 billion (+26.9% YoY), profit attributable to owners ¥30.0 billion (+12.8% YoY).

• ROE for 1Q: 5.8% (+0.7% YoY); ROIC: 4.9% (+1.0% YoY); EPS: 303.24 (full-year forecast).

• Total assets increased 0.6% to ¥954,670 million; equity ratio attributable to owners: 54.6%.

• Cash and cash equivalents at quarter-end were ¥68.1 billion.

Outlook and guidance

• No changes to previously announced forecasts for the second quarter and full year ending March 31, 2026.

• Favorable market conditions for domestic chicken and pork expected to continue; Australian beef sales environment remains strong.

• Structural reforms in Processed Foods and expansion in Australia and North America anticipated to drive further profit growth.

• Full-year business profit plan remains at ¥54.0 billion, with segment profit adjustments reflecting Processed Foods challenges and Fresh Meats strength.

• Full-year basic EPS forecast at 303.24 yen.