Worth reading
75Important
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
-44
¥100 million (year-on-year change in operating income)Wording
Conditional
How definitive the wording is.Contents of this document
Earnings presentation materialsFiscal year ending March 2027, second quarter (first half)13 items taken from the company’s own explanation
Financial Results Figures (The key points of this material are explained below)
Net Sales¥5,693 100 million+6.1%
Operating profit¥144 100 million-23.4%
Ordinary income¥142 100 million-22.3%
Net income¥70 100 million -44.0%interim net income attributable to owners of the parent
Selling, general and administrative expenses¥647 100 million
Operating profit margin2.5%, down 1.0 percentage point year on year
Results for the three months of the current quarterRevenue: ¥291.7 billion; operating profit: ¥7.7 billion (second quarter of the fiscal year ending March 2027, 3-month period)
Full-year earnings forecast
Net Sales
¥11,100 100 million
Operating profit
¥320 100 million
Ordinary income
¥300 100 million
Profit attributable to owners of the parent
¥150 100 million
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。
Net Sales51.3%
Operating profit44.9%
Ordinary income47.5%
Interim net profit attributable to owners of the parent46.5%
By segment and business unitRevenue and operating profit are reported by segment and unit.
What the company explained in this material
Self-assessment against the planThe company's self-assessment against its own plan.
Operating profit was slightly below plan for the first half.Breakdown of Factors Affecting the ChangeReasons cited by the Company for the change in the figures.
- Fisheries ResourcesIncluding positive factors and valuation losses, impact on operating profit: negative ¥600 million
- Food Materials Distribution-¥2 billion
- Processed foods-¥2.8 billion
- OtherDisclosed (amounts in the chart are illegible)
Assumptions Underlying the Business OutlookThe assumptions used by the company in preparing its forecast.
Exchange rate
US dollar¥158.30
Euro¥184.76
Thai baht¥4.92
North American Seafood Consumption Market CAGR3～4%
New initiatives
- Acceleration of structural reforms, including aquaculture and domestic processing
- Deployment of a new vessel by Austral Fisheries
- Consolidation of sales offices and branches from 10 sites to 3 sites
- Automated creation of sales plans using digital marketing and AI
- Capital and business alliance through the acquisition of a 25.1% stake in Pataya Food Industries
- Making Pet World International a consolidated subsidiary
- High Liner Foods is scheduled to become a wholly owned subsidiary (acquisition price: approximately ¥89 billion; scheduled for January 2027)
- Capital allocation policy targeting approximately ¥110 billion in cash generation over 2 years
Key KPIsA metric the company considers important as a management benchmark.
- Marine Resources segment operating margin1 %Year on year against the same period last yearDown 1.3 percentage points
- Food Distribution segment operating margin1.7 %Year on year against the same period last yearDown 0.6 percentage points year on year
- Processed Foods segment operating margin4.9 %Year on year against the same period last yearDown 3.1 percentage points
- Marine resources status confirmation rate84.1 %
- Expansion of production capacity at the North American surimi plant25 %
- Number of sites switched to CO2-free electricity11 Location
Unit price and quantity metricsThese figures show sales broken down by price and volume.
In the overseas pet food business within processed foods, both sales volume and value remained firm. In food distribution, sales volumes for school meal providers and care food remained firm. Profit margins for farmed fish improved due to higher selling prices.Segment results
Fisheries Resources
Net Sales¥64.4 billion, up 15.7% year on year
Operating profit¥600 million, down 49.0% year on year
Food Materials Distribution
Net Sales¥398.5 billion, up 5.8% year on year
Operating profit¥6.9 billion, down 22.4% year on year
Processed foods
Net Sales¥95.9 billion, up 2.1% year on year
Operating profit¥4.7 billion, down 37.4% year on year
Other
Net Sales¥10.5 billion
Operating profit¥2.1 billion
Medium-term management plan targets
Operating profit for the fiscal year ending March 2028¥40 billion
Operating profit for the fiscal year ending March 2027¥32 billion
Financial targets
Net debt-to-equity ratio1.1x (1.0x at the end of the same period of the previous year)
Equity ratio32.7% (32.9% at the end of the same period of the previous year)
Market Size / Share
- High Liner Foods has the No. 1 share of the US foodservice frozen food (processed seafood) market, the No. 1 share of the Canadian foodservice and retail frozen food (processed seafood) market, and the No. 3 share of the US retail frozen food (processed seafood) market.
- North American seafood consumption market CAGR: 3–4%
- Umios's share of access to walleye pollock resources: approximately 26%
Number of stores and locations
Sales offices and branches consolidated from 10 sites to 3 sites. Number of stores at the end of the period: Not disclosedCapital expenditures
¥115 100 million expenditures for the acquisition of property, plant and equipment
Payout ratio
At least 30%| Item | Details |
|---|---|
| Document type | Earnings presentation materials |
| Fiscal Period Covered | Fiscal year ending March 2027, second quarter (first half) |
| Net Sales | ¥5,693 100 million (YoY +6.1%) |
| Operating profit | ¥144 100 million (YoY -23.4%) |
| Ordinary income | ¥142 100 million (YoY -22.3%) |
| Net income | ¥70 100 million (interim net income attributable to owners of the parent) (YoY -44.0%) |
| Operating profit margin | 2.5%, down 1.0 percentage point year on year |
| Selling, general and administrative expenses | ¥647 100 million |
| Results for the three months of the current quarter | Revenue: ¥291.7 billion; operating profit: ¥7.7 billion (second quarter of the fiscal year ending March 2027, 3-month period) |
| Full-year earnings forecast | Net Sales ¥11,100 100 million / Operating profit ¥320 100 million / Ordinary income ¥300 100 million / Profit attributable to owners of the parent ¥150 100 million |
| Progress against full-year forecast | Net Sales 51.3% / Operating profit 44.9% / Ordinary income 47.5% / Interim net profit attributable to owners of the parent 46.5% / By segment and business unit Revenue and operating profit are reported by segment and unit. |
| Self-assessment against the plan | Operating profit was slightly below plan for the first half. |
| Segment results | Fisheries Resources Net Sales ¥64.4 billion, up 15.7% year on year / Operating profit ¥600 million, down 49.0% year on year / Food Materials Distribution Net Sales ¥398.5 billion, up 5.8% year on year / Operating profit ¥6.9 billion, down 22.4% year on year / Processed foods Net Sales ¥95.9 billion, up 2.1% year on year / Operating profit ¥4.7 billion, down 37.4% year on year / Other Net Sales ¥10.5 billion / Operating profit ¥2.1 billion |
| Breakdown of Factors Affecting the Change | Factors Fisheries Resources / Amount Including positive factors and valuation losses, impact on operating profit: negative ¥600 million, Factors Food Materials Distribution / Amount -¥2 billion, Factors Processed foods / Amount -¥2.8 billion, Factors Other / Amount Disclosed (amounts in the chart are illegible) |
| Key KPIs | Indicator name Marine Resources segment operating margin / Value 1 % / Year on year against the same period last year Down 1.3 percentage points, Indicator name Food Distribution segment operating margin / Value 1.7 % / Year on year against the same period last year Down 0.6 percentage points year on year, Indicator name Processed Foods segment operating margin / Value 4.9 % / Year on year against the same period last year Down 3.1 percentage points, Indicator name Marine resources status confirmation rate / Value 84.1 % / Year on year against the same period last year Not disclosed, Indicator name Expansion of production capacity at the North American surimi plant / Value 25 % / Year on year against the same period last year Not disclosed, Indicator name Number of sites switched to CO2-free electricity / Value 11 Location / Year on year against the same period last year Not disclosed |
| Unit price and quantity metrics | In the overseas pet food business within processed foods, both sales volume and value remained firm. In food distribution, sales volumes for school meal providers and care food remained firm. Profit margins for farmed fish improved due to higher selling prices. |
| Number of stores and locations | Sales offices and branches consolidated from 10 sites to 3 sites. Number of stores at the end of the period: Not disclosed |
| Assumptions Underlying the Business Outlook | Exchange rate US dollar ¥158.30 / Euro ¥184.76 / Thai baht ¥4.92 / North American Seafood Consumption Market CAGR 3～4% |
| Medium-term management plan targets | Operating profit for the fiscal year ending March 2028 ¥40 billion / Operating profit for the fiscal year ending March 2027 ¥32 billion |
| Financial targets | Net debt-to-equity ratio 1.1x (1.0x at the end of the same period of the previous year) / Equity ratio 32.7% (32.9% at the end of the same period of the previous year) |
| Payout ratio | At least 30% |
| Capital expenditures | ¥115 100 million (expenditures for the acquisition of property, plant and equipment) |
| Market Size / Share | High Liner Foods has the No. 1 share of the US foodservice frozen food (processed seafood) market, the No. 1 share of the Canadian foodservice and retail frozen food (processed seafood) market, and the No. 3 share of the US retail frozen food (processed seafood) market., North American seafood consumption market CAGR: 3–4%, Umios's share of access to walleye pollock resources: approximately 26% |
| New initiatives | Acceleration of structural reforms, including aquaculture and domestic processing, Deployment of a new vessel by Austral Fisheries, Consolidation of sales offices and branches from 10 sites to 3 sites, Automated creation of sales plans using digital marketing and AI, Capital and business alliance through the acquisition of a 25.1% stake in Pataya Food Industries, Making Pet World International a consolidated subsidiary, High Liner Foods is scheduled to become a wholly owned subsidiary (acquisition price: approximately ¥89 billion; scheduled for January 2027), Capital allocation policy targeting approximately ¥110 billion in cash generation over 2 years |
Items this document does not state (7)
Gross Profit MarginNumber of employeesRisk amount incorporated into the outlookAnnual DividendAcquisition of treasury sharesOrders received and order backlogKey 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.In Japan, valuation losses, mainly due to soaring feed costs in aquaculture, higher raw material and packaging costs in processed foods, weaker consumption and lower sales volumes reduced profit. Overseas, fishing and other businesses became more profitable as a result of structural reforms, although there were foreign exchange effects and other factors. The decrease in interim net income was also attributable to the reaction to gains on the sale of cross-held shares recorded in the same period of the previous year.
How to read this page
This is not the documentKomori reads the disclosure the company filed and writes this summary. Figures are as stated by the company and are not audited.
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Corrections happenIf the company reissues this disclosure, the page is rebuilt from the corrected version and the revision number moves up.