Umios (1333) Q2 2027 earnings summary

Executive summary

• H1 FY2027 net sales were ¥569,271m, up 6.1%; operating income was ¥14,363m, down 23.4%, and profit attributable to owners was ¥6,978m, down 44.0%.

• Operating income was slightly below plan; Japan aquaculture and processed foods faced headwinds, partly offset by strong fishery performance and overseas reforms.

Financial highlights

• Gross profit increased to ¥79,048m from ¥77,952m, while SG&A rose to ¥64,684m from ¥59,212m.

• Ordinary income fell 22.3% to ¥14,237m; profit before income taxes was ¥14,048m versus ¥22,218m.

• H1 operating margin was 2.5%, down 1.0pt YoY; progress toward the ¥32,000m full-year operating income plan was 44.9%.

• Extraordinary losses rose to ¥2,604m from ¥152m, including a ¥1,773m loss on sale of subsidiary and associate shares.

Outlook and guidance

• FY2027 forecast: net sales ¥1,110,000m, operating income ¥32,000m, ordinary income ¥30,000m and profit attributable to owners ¥15,000m; achievement risk increased.

• H2 drivers include fishery, North America and pet food strength, plus targeted recovery in foodstuff distribution; reforms continue in aquaculture and Japan processed foods.

• FY2028 MTP final-year operating income target is ¥40,000m, supported by structural reforms and growth investment.