NH Foods (2282) Q3 2025 earnings summary

Executive summary

• Net sales for FY2025 3Q YTD reached ¥1,055.0 billion, up 5.7% year-on-year, driven by strong Processed Foods, Fresh Meats, and Ballpark businesses, but overall profit declined due to higher costs and adverse market conditions.

• Business profit was ¥40.0 billion, down 3.7% year-on-year, with Processed Foods and Ballpark segments outperforming, while Fresh Meats and Overseas faced margin pressures from high costs and weak imported meat markets.

• Profit attributable to owners of parent was ¥29.2 billion, a 1.2% decrease year-on-year, impacted by lower foreign exchange gains and equity method investment results.

• The Ballpark Business is now disclosed as a separate segment due to increased importance.

Financial highlights

• Net sales for 1Q-3Q FY2025: ¥1,055.0 billion (+5.7% YoY); business profit: ¥40.0 billion (−3.7% YoY); profit before tax: ¥43.3 billion (−0.9% YoY); profit attributable to owners: ¥29.2 billion (−1.2% YoY).

• Business profit ratio for 1Q-3Q was 3.8%, down 0.5 percentage points year-on-year.

• Full-year FY2025 forecast: net sales ¥1,370.0 billion (+5.1% YoY), business profit ¥45.0 billion (+0.1% YoY), profit attributable to owners ¥26.0 billion (−7.4% YoY), EPS forecast ¥262.90.

• Dividend forecast raised to ¥135.00 per share (from ¥119.00 last year).

• Total assets: ¥996.1 billion (up 4.0% from March 2024); cash and cash equivalents: ¥84.5 billion (+29.0% YoY).

Outlook and guidance

• Processed Foods Business outlook revised upward due to successful reforms and improved product mix; business profit forecast increased to ¥11.0 billion (+13.4% YoY).

• Fresh Meats and Overseas Business outlooks revised downward due to higher feed and cattle prices, with business profit for Fresh Meats forecast at ¥30.0 billion (−11.8% YoY) and Overseas at ¥5.0 billion.

• Ballpark Business expects continued growth in visitors and profitability, supported by strong team performance and expanded events.

• Profit attributable to owners of the parent forecast at ¥26.0 billion, down 7.4% year-on-year.

• Dividend forecast raised to ¥135.00 per share.