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Financial results presentation2060FEED ONE CO.,LTD.Food

Full-Year Financial Results Presentation for the Fiscal Year Ending March 2026

In the fiscal year ended March 2026, revenue declined as feed selling prices and volumes fell, but profits increased substantially as the company prioritized profitability in sales and expanded sales of differentiated products, resulting in record-high profit at every level. For the fiscal year ending March 2027, both revenue and profit are expected to increase, with further record-high profit anticipated.

Worth reading
82Important
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Direction
Mixed performance
Direction inferred from the company’s description.
Scale
1823
Millions of yen (year-on-year increase in recurring profit)
Wording
Definitive
How definitive the wording is.

Contents of this document

Financial results presentationFiscal year ending March 2026, full year12 items taken from the company’s own explanation
Financial Results Figures (The key points of this material are explained below)
Net Sales¥290,675 million-1.8%
Operating profit¥8,091 million+27.6%
Ordinary income¥8,612 million+26.9%
Net income¥6,377 million+18.4%
Selling, general and administrative expenses¥25,755 million
Results for the three months of the current quarterQuarterly standalone results for ordinary profit and net profit are presented in a chart. In the fourth quarter of the fiscal year ended March 2026, ordinary profit was ¥2,462 million and net profit was ¥1,792 million.
Full-year earnings forecast
Net Sales
¥317,000 million
Cost of sales
¥281,600 million
Gross profit
¥35,400 million
Selling, general and administrative expenses
¥26,900 million
Operating profit
¥8,500 million
Ordinary income
¥8,800 million
Net income
¥6,500 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。
Actual results for the fiscal year ending March 2026
Net Sales93.5%
Gross profit100.1%
Operating profit119.0%
Ordinary income123.0%
Net income122.6%
By segment
Livestock Feed Business
Sales volume98.2%
Segment profit116.4%
EBITDA112.9%
Aquatic Feed Business
Sales volume87.3%
Segment profit118.9%
EBITDA111.4%
Food Business
Segment profit81.9%
EBITDA99.7%
What the company explained in this material
Breakdown of Factors Affecting the ChangeReasons cited by the Company for the change in the figures.
  • Livestock feed business: lower sales volume¥-377 million
  • Livestock feed business: wider gross profit margin¥2,001 million
  • Livestock feed business: higher SG&A expenses¥-181 million
  • Livestock feed business: higher non-operating income and expenses, etc.¥268 million
  • Aquaculture feed business: lower sales volume¥-36 million
  • Aquaculture feed business: wider gross profit margin¥380 million
  • Aquaculture feed business: other factors¥-80 million
  • Food business: lower profit in the egg business, etc.¥-120 million
  • Other/adjustments¥-28 million
Assumptions Underlying the Business OutlookThe assumptions used by the company in preparing its forecast.
  • Livestock feed sales volume3,700 thousand tonnes
  • Aquafeed sales volume115 thousand tonnes
  • Livestock feed business segment profit¥10,400 million
  • Aquatic feed business segment profit¥1,500 million
New initiatives
  • Change the dividend policy from a consolidated payout ratio of 25% or higher to progressive dividends with a DOE target of 3%
  • Expand sales of heat-stress countermeasure products
  • Launch and expansion of insect-protein products
  • Expand sales of the fishmeal-free and low-fishmeal ZERO feed series and launch 3 new products
  • Expand milk-replacer production facilities at the Tomakomai Plant in Hokkaido (total investment of approximately ¥2.0 billion, during the fiscal year ending March 2028)
  • Construct a beef cattle research facility and consider investment in aquaculture research and development
  • Reduce and consolidate product lines and optimize inventory
  • Improve group cash efficiency using a cash management system (CMS)
  • Increase the proportion of independent outside directors on the Board of Directors to a majority (scheduled for June 2026)
Key KPIsA metric the company considers important as a management benchmark.
  • Sales volume373 10,000 tonnes
    Year on year against the same period last year-1.4%
  • EBITDA127 Hundreds of millions of yen
    Year on year against the same period last year+20.6%
  • ROE11 %
    Year on year against the same period last year+0.7pt
  • ROIC7.7 %
    Year on year against the same period last year+1.6pt
  • Total investment118 Hundreds of millions of yen
  • Operating CF¥17,090 million
    Year on year against the same period last year+99.4%
Unit price and quantity metricsThese figures show sales broken down by price and volume.
Only sales volume is disclosed. Although the decline in selling prices is mentioned, the per-unit price is not disclosed.
Segment results
Livestock Feed Business
Sales volume
3,635 thousand tonnes-1.4%
Segment profit
¥10,243 million+20.0%
EBITDA
¥12,987 million+17.3%
Aquatic Feed Business
Sales volume
98 thousand tonnes-1.2%
Segment profit
¥1,426 million+22.6%
EBITDA
¥2,005 million+19.4%
Food Business
Segment profit
¥163 million-42.4%
EBITDA
¥398 million-12.8%
Other/adjustments
Segment profit
¥-3,221 million
Medium-term management plan targets
Fiscal year ending March 2027
Sales volume3.90 million tonnes
EBITDA¥11.5 billion
ROE8% or higher
ROICAt least 6%
Fiscal year ending March 2034
Sales volumeMarket share of 20% or higher
EBITDA¥16 billion or more
ROE10% or higher
ROIC8% or higher
Financial targets
Equity ratio
Actual results for the fiscal year ending March 202646.4%
TargetMore than 47% for the fiscal year ending March 2027 and more than 49% for the fiscal year ending March 2030
Debt-to-equity ratio
Actual results for the fiscal year ending March 20260.40
ROE
Actual results for the fiscal year ending March 202611.0%
Target for the fiscal year ending March 202710%
ROIC
Actual results for the fiscal year ending March 20267.7%
Target for the fiscal year ending March 20277%
Market Size / Share
Hokkaido accounts for more than one-third of Japan's beef cattle feed distribution volume. Feed distribution volume in Hokkaido has increased approximately 7% from the fiscal year ended March 2017, while the company's beef cattle feed sales volume has increased approximately 15% over the same period. The sales volume target for the fiscal year ending March 2034 is a market share of 20% or higher.
Capital expenditures
¥75 100 million or more forecast for the fiscal year ending March 2027
Annual Dividend
Fiscal year ending March 2026¥45.5 per share (interim ¥21.0, year-end ¥24.5)
Forecast for the fiscal year ending March 2027¥52.0 per share (interim ¥26.0, year-end ¥26.0)
Payout ratio
25.2% for the fiscal year ended March 2026 and a forecast 27.3% for the fiscal year ending March 2027. DOE target of 3% (forecast 3.3% for the fiscal year ending March 2027)
Contents of this document
ItemDetails
Document typeFinancial results presentation
Fiscal Period CoveredFiscal year ending March 2026, full year
Net Sales¥290,675 million (YoY -1.8%)
Operating profit¥8,091 million (YoY +27.6%)
Ordinary income¥8,612 million (YoY +26.9%)
Net income¥6,377 million (YoY +18.4%)
Selling, general and administrative expenses¥25,755 million
Results for the three months of the current quarterQuarterly standalone results for ordinary profit and net profit are presented in a chart. In the fourth quarter of the fiscal year ended March 2026, ordinary profit was ¥2,462 million and net profit was ¥1,792 million.
Full-year earnings forecastNet Sales ¥317,000 million / Cost of sales ¥281,600 million / Gross profit ¥35,400 million / Selling, general and administrative expenses ¥26,900 million / Operating profit ¥8,500 million / Ordinary income ¥8,800 million / Net income ¥6,500 million
Progress against full-year forecastActual results for the fiscal year ending March 2026 Net Sales 93.5% / Gross profit 100.1% / Operating profit 119.0% / Ordinary income 123.0% / Net income 122.6% / By segment Livestock Feed Business Sales volume 98.2% / Segment profit 116.4% / EBITDA 112.9% / Aquatic Feed Business Sales volume 87.3% / Segment profit 118.9% / EBITDA 111.4% / Food Business Segment profit 81.9% / EBITDA 99.7%
Segment resultsLivestock Feed Business Sales volume 3,635 thousand tonnes (YoY -1.4%) / Segment profit ¥10,243 million (YoY +20.0%) / EBITDA ¥12,987 million (YoY +17.3%) / Aquatic Feed Business Sales volume 98 thousand tonnes (YoY -1.2%) / Segment profit ¥1,426 million (YoY +22.6%) / EBITDA ¥2,005 million (YoY +19.4%) / Food Business Segment profit ¥163 million (YoY -42.4%) / EBITDA ¥398 million (YoY -12.8%) / Other/adjustments Segment profit ¥-3,221 million
Breakdown of Factors Affecting the ChangeFactors Livestock feed business: lower sales volume / Amount ¥-377 million, Factors Livestock feed business: wider gross profit margin / Amount ¥2,001 million, Factors Livestock feed business: higher SG&A expenses / Amount ¥-181 million, Factors Livestock feed business: higher non-operating income and expenses, etc. / Amount ¥268 million, Factors Aquaculture feed business: lower sales volume / Amount ¥-36 million, Factors Aquaculture feed business: wider gross profit margin / Amount ¥380 million, Factors Aquaculture feed business: other factors / Amount ¥-80 million, Factors Food business: lower profit in the egg business, etc. / Amount ¥-120 million, Factors Other/adjustments / Amount ¥-28 million
Key KPIsIndicator name Sales volume / Value 373 10,000 tonnes / Year on year against the same period last year -1.4%, Indicator name EBITDA / Value 127 Hundreds of millions of yen / Year on year against the same period last year +20.6%, Indicator name ROE / Value 11 % / Year on year against the same period last year +0.7pt, Indicator name ROIC / Value 7.7 % / Year on year against the same period last year +1.6pt, Indicator name Total investment / Value 118 Hundreds of millions of yen / Year on year against the same period last year Not disclosed, Indicator name Operating CF / Value ¥17,090 million / Year on year against the same period last year +99.4%
Unit price and quantity metricsOnly sales volume is disclosed. Although the decline in selling prices is mentioned, the per-unit price is not disclosed.
Assumptions Underlying the Business OutlookItem Livestock feed sales volume / Value 3,700 thousand tonnes, Item Aquafeed sales volume / Value 115 thousand tonnes, Item Livestock feed business segment profit / Value ¥10,400 million, Item Aquatic feed business segment profit / Value ¥1,500 million
Medium-term management plan targetsFiscal year ending March 2027 Sales volume 3.90 million tonnes / EBITDA ¥11.5 billion / ROE 8% or higher / ROIC At least 6% / Fiscal year ending March 2034 Sales volume Market share of 20% or higher / EBITDA ¥16 billion or more / ROE 10% or higher / ROIC 8% or higher
Financial targetsEquity ratio Actual results for the fiscal year ending March 2026 46.4% / Target More than 47% for the fiscal year ending March 2027 and more than 49% for the fiscal year ending March 2030 / Debt-to-equity ratio Actual results for the fiscal year ending March 2026 0.40 / ROE Actual results for the fiscal year ending March 2026 11.0% / Target for the fiscal year ending March 2027 10% / ROIC Actual results for the fiscal year ending March 2026 7.7% / Target for the fiscal year ending March 2027 7%
Annual DividendFiscal year ending March 2026 ¥45.5 per share (interim ¥21.0, year-end ¥24.5) / Forecast for the fiscal year ending March 2027 ¥52.0 per share (interim ¥26.0, year-end ¥26.0)
Payout ratio25.2% for the fiscal year ended March 2026 and a forecast 27.3% for the fiscal year ending March 2027. DOE target of 3% (forecast 3.3% for the fiscal year ending March 2027)
Capital expenditures¥75 100 million or more (forecast for the fiscal year ending March 2027)
Market Size / ShareHokkaido accounts for more than one-third of Japan's beef cattle feed distribution volume. Feed distribution volume in Hokkaido has increased approximately 7% from the fiscal year ended March 2017, while the company's beef cattle feed sales volume has increased approximately 15% over the same period. The sales volume target for the fiscal year ending March 2034 is a market share of 20% or higher.
New initiativesChange the dividend policy from a consolidated payout ratio of 25% or higher to progressive dividends with a DOE target of 3%, Expand sales of heat-stress countermeasure products, Launch and expansion of insect-protein products, Expand sales of the fishmeal-free and low-fishmeal ZERO feed series and launch 3 new products, Expand milk-replacer production facilities at the Tomakomai Plant in Hokkaido (total investment of approximately ¥2.0 billion, during the fiscal year ending March 2028), Construct a beef cattle research facility and consider investment in aquaculture research and development, Reduce and consolidate product lines and optimize inventory, Improve group cash efficiency using a cash management system (CMS), Increase the proportion of independent outside directors on the Board of Directors to a majority (scheduled for June 2026)
Items this document does not state (9)
Gross Profit MarginOperating profit marginSelf-assessment against the planNumber of stores and locationsNumber of employeesRisk amount incorporated into the outlookAcquisition 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 the fiscal year ended March 2026, revenue declined due to lower selling prices for livestock and aquaculture feed and lower sales volumes resulting from the prioritization of strengthening the earnings base. On the other hand, softer raw-material prices, improved profitability, expanded sales of differentiated products such as heat-stress countermeasure products, and a sales strategy focused on profitability contributed to higher profit.

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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.
Full-Year Financial Results Presentation for the Fiscal Year Ending March 2026 | FEED ONE CO.,LTD. (2060) timely disclosure | Komori