Worth reading
78Important
0–100. This measures how worthwhile something is to read, not how good or bad the company is.Direction
Mixed performance
Direction inferred from the company’s description.Scale
8
¥100 million (year-on-year change in operating profit)Wording
Conditional
How definitive the wording is.Contents of this document
Supplementary materials to the earnings reportFiscal year ending March 202613 items taken from the company’s own explanation
Financial Results Figures (The key points of this material are explained below)
Net Sales11,059 Hundreds of millions of yen+2.5%
Operating profit312 Hundreds of millions of yen+2.7%
Ordinary income313 Hundreds of millions of yen-3.1%
Net income¥222 100 million -4.7%net income attributable to owners of the parent
Selling, general and administrative expenses1,228 Hundreds of millions of yen
Operating profit margin2.8%; year-on-year change not stated
Results for the three months of the current quarterFourth quarter of the fiscal year ended March 2026: revenue of ¥268.3 billion and operating profit of ¥1.8 billion (quarterly performance trends and quarterly results by segment)
Full-year earnings forecastFiscal year ending March 2027: revenue of ¥1,110.0 billion, operating profit of ¥32.0 billion, ordinary profit of ¥30.0 billion, net income attributable to owners of the parent of ¥15.0 billion, operating margin of 2.9%, ROIC of 4.3%, dividend payout ratio of 45.4% and annual dividend of ¥45
Progress against full-year forecast 通期の予想に対して、いまどこまで進んだかの割合です。Achievement rate against the plan for the fiscal year ended March 2026: revenue 102%, operating profit 104%, ordinary profit 108%, net income attributable to owners of the parent 114% and EBITDA 106%
What the company explained in this material
Self-assessment against the planThe company's self-assessment against its own plan.
The achievement rates stated were 102% for revenue, 104% for operating profit, 108% for ordinary profit, 114% for net income and 106% for EBITDABreakdown of Factors Affecting the ChangeReasons cited by the Company for the change in the figures.
Year-on-year change in operating profit: Marine Resources +¥6.3 billion, Food Distribution -¥2.2 billion, Processed Foods -¥3.9 billion, Other -¥2.2 billion and business transformation costs -¥2.0 billion. On an actual-results basis, operating profit excluding business transformation costs was ¥33.2 billion versus ¥31.2 billion including those costs. Under the plan for the fiscal year ending March 2027: Marine Resources +¥1.0 billion, Food Distribution +¥1.5 billion, Processed Foods +¥2.8 billion and Other -¥4.5 billion
Assumptions Underlying the Business OutlookThe assumptions used by the company in preparing its forecast.
Foreign exchange assumptions for the plan for the fiscal year ending March 2027: ¥156.56 per U.S. dollar, ¥184.33 per euro and ¥4.97 per Thai baht. The business environment, including increases in raw material and energy prices, fuel prices and prices of major commodities, was also described.New initiatives
Business structure reform, a review of the product portfolio, stronger pet food sales, the transfer of the farmed fish sales business to the Marine Products Trading Unit, the transfer of a 51% stake in Umiosロジ to the Senko Group, differentiation through the use of DHA, expansion of the active pharmaceutical ingredients business, and promotion of the microalgae-derived DHA businessKey KPIsA metric the company considers important as a management benchmark.
EBITDA of ¥53.1 billion (+2.9% year on year), ROE of 9.3% (-1.4 points), ROIC of 4.1% (-0.2 points), net debt-to-equity ratio of 1.0x, equity ratio of 32.9% (-0.8 points) and cash and cash equivalents at fiscal year-end of ¥52.9 billionUnit price and quantity metricsThese figures show sales broken down by price and volume.
Sales volume and value for industrial catering customers in the Food Distribution segment increased by approximately 10% year on year. Sales volumes of domestically processed foods declined after price revisions.Segment results
Fiscal year ended March 2026: Marine Resources, revenue of ¥129.4 billion (+1.4% year on year) and operating profit of ¥2.4 billion (+¥6.3 billion year on year); Food Distribution, revenue of ¥769.9 billion (+2.5%) and operating profit of ¥15.8 billion (-12.5%); Processed Foods, revenue of ¥185.8 billion (+3.3%) and operating profit of ¥10.1 billion (-27.7%); Other, revenue of ¥20.8 billion and operating profit of ¥2.9 billionMedium-term management plan targets
Fiscal year ending March 2028 (final year of the medium-term management plan): revenue of ¥1,150.0 billion, operating profit of ¥40.0 billion, operating margin of 3.5% and ROIC of 5.0%. Plan for the fiscal year ending March 2027: revenue of ¥1,110.0 billion, operating profit of ¥32.0 billion and ROIC of 4.3%Financial targets
ROIC: 4.1% actual for the fiscal year ended March 2026, 4.3% planned for the fiscal year ending March 2027 and a target of 5.0% in the final year of the medium-term management plan. Actual ROE of 9.3%, actual and planned net debt-to-equity ratio of 1.0x, and actual equity ratio of 32.9%Risk amount incorporated into the outlookThe amount representing the range of variation the company expects in its forecast.
The impact of the situation in the Middle East was not incorporated into the plan because it is difficult to make a reasonable estimate. Amount: Not disclosedCapital expenditures
¥253 100 million expenditures for the acquisition of property, plant and equipment
Annual Dividend
Fiscal year ended March 2026: ¥44.67 (interim ¥16.67 and year-end ¥28). Forecast for the fiscal year ending March 2027: ¥45 (interim ¥22 and year-end ¥23)Payout ratio
30.4% for the fiscal year ended March 2026 and a forecast 45.4% for the fiscal year ending March 2027. The medium-term management plan policy is a dividend payout ratio of at least 30% and progressive dividends.| Item | Details |
|---|---|
| Document type | Supplementary materials to the earnings report |
| Fiscal Period Covered | Fiscal year ending March 2026 |
| Net Sales | 11,059 Hundreds of millions of yen (YoY +2.5%) |
| Operating profit | 312 Hundreds of millions of yen (YoY +2.7%) |
| Ordinary income | 313 Hundreds of millions of yen (YoY -3.1%) |
| Net income | ¥222 100 million (net income attributable to owners of the parent) (YoY -4.7%) |
| Operating profit margin | 2.8%; year-on-year change not stated |
| Selling, general and administrative expenses | 1,228 Hundreds of millions of yen |
| Results for the three months of the current quarter | Fourth quarter of the fiscal year ended March 2026: revenue of ¥268.3 billion and operating profit of ¥1.8 billion (quarterly performance trends and quarterly results by segment) |
| Full-year earnings forecast | Fiscal year ending March 2027: revenue of ¥1,110.0 billion, operating profit of ¥32.0 billion, ordinary profit of ¥30.0 billion, net income attributable to owners of the parent of ¥15.0 billion, operating margin of 2.9%, ROIC of 4.3%, dividend payout ratio of 45.4% and annual dividend of ¥45 |
| Progress against full-year forecast | Achievement rate against the plan for the fiscal year ended March 2026: revenue 102%, operating profit 104%, ordinary profit 108%, net income attributable to owners of the parent 114% and EBITDA 106% |
| Self-assessment against the plan | The achievement rates stated were 102% for revenue, 104% for operating profit, 108% for ordinary profit, 114% for net income and 106% for EBITDA |
| Segment results | Fiscal year ended March 2026: Marine Resources, revenue of ¥129.4 billion (+1.4% year on year) and operating profit of ¥2.4 billion (+¥6.3 billion year on year); Food Distribution, revenue of ¥769.9 billion (+2.5%) and operating profit of ¥15.8 billion (-12.5%); Processed Foods, revenue of ¥185.8 billion (+3.3%) and operating profit of ¥10.1 billion (-27.7%); Other, revenue of ¥20.8 billion and operating profit of ¥2.9 billion |
| Breakdown of Factors Affecting the Change | Year-on-year change in operating profit: Marine Resources +¥6.3 billion, Food Distribution -¥2.2 billion, Processed Foods -¥3.9 billion, Other -¥2.2 billion and business transformation costs -¥2.0 billion. On an actual-results basis, operating profit excluding business transformation costs was ¥33.2 billion versus ¥31.2 billion including those costs. Under the plan for the fiscal year ending March 2027: Marine Resources +¥1.0 billion, Food Distribution +¥1.5 billion, Processed Foods +¥2.8 billion and Other -¥4.5 billion |
| Key KPIs | EBITDA of ¥53.1 billion (+2.9% year on year), ROE of 9.3% (-1.4 points), ROIC of 4.1% (-0.2 points), net debt-to-equity ratio of 1.0x, equity ratio of 32.9% (-0.8 points) and cash and cash equivalents at fiscal year-end of ¥52.9 billion |
| Unit price and quantity metrics | Sales volume and value for industrial catering customers in the Food Distribution segment increased by approximately 10% year on year. Sales volumes of domestically processed foods declined after price revisions. |
| Assumptions Underlying the Business Outlook | Foreign exchange assumptions for the plan for the fiscal year ending March 2027: ¥156.56 per U.S. dollar, ¥184.33 per euro and ¥4.97 per Thai baht. The business environment, including increases in raw material and energy prices, fuel prices and prices of major commodities, was also described. |
| Risk amount incorporated into the outlook | The impact of the situation in the Middle East was not incorporated into the plan because it is difficult to make a reasonable estimate. Amount: Not disclosed |
| Medium-term management plan targets | Fiscal year ending March 2028 (final year of the medium-term management plan): revenue of ¥1,150.0 billion, operating profit of ¥40.0 billion, operating margin of 3.5% and ROIC of 5.0%. Plan for the fiscal year ending March 2027: revenue of ¥1,110.0 billion, operating profit of ¥32.0 billion and ROIC of 4.3% |
| Financial targets | ROIC: 4.1% actual for the fiscal year ended March 2026, 4.3% planned for the fiscal year ending March 2027 and a target of 5.0% in the final year of the medium-term management plan. Actual ROE of 9.3%, actual and planned net debt-to-equity ratio of 1.0x, and actual equity ratio of 32.9% |
| Annual Dividend | Fiscal year ended March 2026: ¥44.67 (interim ¥16.67 and year-end ¥28). Forecast for the fiscal year ending March 2027: ¥45 (interim ¥22 and year-end ¥23) |
| Payout ratio | 30.4% for the fiscal year ended March 2026 and a forecast 45.4% for the fiscal year ending March 2027. The medium-term management plan policy is a dividend payout ratio of at least 30% and progressive dividends. |
| Capital expenditures | ¥253 100 million (expenditures for the acquisition of property, plant and equipment) |
| New initiatives | Business structure reform, a review of the product portfolio, stronger pet food sales, the transfer of the farmed fish sales business to the Marine Products Trading Unit, the transfer of a 51% stake in Umiosロジ to the Senko Group, differentiation through the use of DHA, expansion of the active pharmaceutical ingredients business, and promotion of the microalgae-derived DHA business |
Items this document does not state (7)
Gross Profit MarginNumber of stores and locationsNumber of employeesAcquisition of treasury sharesOrders received and order backlogMarket Size / ShareKey points of the Q&A
These are items the company does not state in this document. We do not leave them blank, nor fill them in from other sources or by inference.
The reasons the company gives
The company's own explanation, not something inferred from the numbers.Operating profit benefited from business structure reform, production improvements and higher sales in the Marine Resources segment, as well as strong performance in the European business. These benefits were offset by lower plant utilization due to a decline in sales volumes of domestically processed foods, a review of the earnings structure and price fluctuations in the Livestock business, foreign exchange effects and business transformation costs. Net income declined because, despite extraordinary income from the sale of cross-held shares and real estate, among other items, extraordinary income was lower than in the previous fiscal year and extraordinary losses, including head office relocation costs, were recorded.
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