Nichirei (2871) Q2 2026 earnings summary

Executive summary

• Net sales for the six months ended September 30, 2025, were ¥347,708 million, nearly flat year-over-year, with Processed Foods and Temperature-controlled Logistics growing but overall Group sales flat due to structural reforms in Marine, Meat, and Poultry segments.

• Operating profit declined by ¥1.4 billion to ¥18,307 million, mainly from weaker Processed Foods performance.

• Profit attributable to owners of parent rose to ¥14,149 million, up ¥1.3 billion (10%) year-over-year, aided by the sale of an investment security.

• Comprehensive income decreased to ¥13,521 million, down 19.2% year-over-year.

• Segment reorganization consolidated reporting to Foods, Logistics, and Real Estate from FY 2025.

Financial highlights

• Gross profit for the period was ¥63,766 million, up slightly from ¥63,323 million year-over-year.

• Ordinary profit was ¥18,770 million, down from ¥20,641 million year-over-year.

• EPS for the period was ¥56.47, reflecting a 2-for-1 share split.

• Total assets increased to ¥515,768 million as of September 30, 2025.

• Equity ratio stood at 51.7% as of September 30, 2025.

Outlook and guidance

• Full-year forecast for FY ending March 31, 2026: net sales ¥700,000 million, operating profit ¥39,500 million, ordinary profit ¥40,300 million, profit attributable to owners of parent ¥28,000 million, and EPS ¥111.74.

• Dividend forecast for FY ending March 31, 2026, is ¥47.00 per share, marking the 10th consecutive year of increases.

• Processed Foods operating profit expected to recover in the second half, but full-year forecast revised down by ¥4.6 billion.

• Temperature-controlled Logistics to drive group performance with 8% sales and 26% operating profit growth forecast.