Worth reading
63In focus
Scored from 5 of 6 sectionsDirection
Improvement
Direction inferred from the company’s description.Scale
21.2
Year-on-year change in ordinary profit (%)Wording
Conditional
How definitive the wording is.Contents of this document
Supplementary materials to the earnings reportInterim period of the fiscal year ending March 202712 items taken from the company’s own explanation
Financial Results Figures (The key points of this material are explained below)
Net Sales¥156,709 million+10.1%
Operating profit¥4,326 million+32.8%
Ordinary income¥4,501 million+21.2%
Net income¥3,276 million+14.0%
Selling, general and administrative expenses¥13,094 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
Profit attributable to owners of the parent
¥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。
Net Sales49.4%
Gross profit49.2%
Operating profit50.9%
Ordinary income51.2%
Profit attributable to owners of the parent50.4%
Sales volume49%
EBITDA52%
Total investment38%
Livestock Feed Business
Net Sales49.9%
Segment profit55.2%
EBITDA54.5%
Aquatic Feed Business
Net Sales51.6%
Segment profit11.8%
EBITDA23.0%
Food Business
Net Sales45.4%
Segment profit56.6%
EBITDA57.3%
What the company explained in this material
Self-assessment against the planThe company's self-assessment against its own plan.
Progress is broadly in line with expectations at this point / progressing without delay against the planBreakdown of Factors Affecting the ChangeReasons cited by the Company for the change in the figures.
Livestock Feed Business
Market Environment99
Gross profit factors1,529
Aquatic Feed Business
Market Environment544
Gross profit factors-922
Food Business
Egg Division162
Meat Division-49
Assumptions Underlying the Business OutlookThe assumptions used by the company in preparing its forecast.
In livestock feed, corn prices peaked in September and have been soft recently. In aquatic feed, fishmeal prices have remained at elevated levels. In Food, prices have remained stable despite the risk of livestock diseases.New initiatives
- Participation in IR fairs to strengthen dialogue with shareholders and investors, and production and release of a corporate profile video
- Development of the industry's first fishmeal-free feed for eels, "神威ZERO"
Key KPIsA metric the company considers important as a management benchmark.
- Sales volume1,851 thousand tonnesYear on year against the same period last year+1.6%
- EBITDA¥6,697 millionYear on year against the same period last year+16.3%
- Total investment¥2,820 million
- Number of IR meetings (cumulative for the first half)23 EngagementsYear on year against the same period last year+14 meetings
- Market capitalization (at end-September)¥555 100 million
Unit price and quantity metricsThese figures show sales broken down by price and volume.
Sales volume: 1,851 thousand tonnes (+1.6% year on year). By segment: 1,790 thousand tonnes of livestock feed and 61 thousand tonnes of aquatic feed. Combined price-and-volume metric: Not disclosedSegment results
Livestock Feed Business
Net Sales
¥119,831 million+9.4%
Segment profit
¥5,735 million+26.4%
EBITDA
¥7,188 million+22.2%
Aquatic Feed Business
Net Sales
¥15,990 million+35.4%
Segment profit
¥176 million-73.6%
EBITDA
¥483 million-49.3%
Food Business
Net Sales
¥20,883 million-0.7%
Segment profit
¥169 million+203.7%
EBITDA
¥286 million+65.3%
Other and adjustments
Net Sales
¥3 million-40.8%
Segment profit
¥-1,580 million
Medium-term management plan targets
Fiscal year ending March 2027
EBITDA¥11.5 billion
ROE8% or higher
ROICAt least 6%
Fiscal year ending March 2034
Livestock feed market share20% or higher
EBITDA¥16 billion or more
ROE10% or higher
ROIC8% or higher
Total investment
Fiscal years ending March 2025 to March 2030Approximately ¥60 billion
FY ending March 2025–FY ending March 2034Approximately ¥80 billion
Financial targets
ROE
Target8% or higher (fiscal year ending March 2027)
ROIC
Target6% or higher (fiscal year ending March 2027)
Equity ratio
Actual results46.8%
Debt-to-equity ratio
Actual results0.39
Market Size / Share
Livestock feed distribution volumeApproximately 24 million tonnes (fiscal year ended March 2026)
Feed One's market share15% (fiscal year ended March 2026, according to the Company)
Target share for FY ending March 203420% or higher
Number of employees
935 people
As ofAs of 31 March 2026 / consolidated
Capital expenditures
¥2,820 million
| Item | Details |
|---|---|
| Document type | Supplementary materials to the earnings report |
| Fiscal Period Covered | Interim period of the fiscal year ending March 2027 |
| Net Sales | ¥156,709 million (YoY +10.1%) |
| Operating profit | ¥4,326 million (YoY +32.8%) |
| Ordinary income | ¥4,501 million (YoY +21.2%) |
| Net income | ¥3,276 million (YoY +14.0%) |
| Selling, general and administrative expenses | ¥13,094 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 / Profit attributable to owners of the parent ¥6,500 million |
| Progress against full-year forecast | Net Sales 49.4% / Gross profit 49.2% / Operating profit 50.9% / Ordinary income 51.2% / Profit attributable to owners of the parent 50.4% / Sales volume 49% / EBITDA 52% / Total investment 38% / Livestock Feed Business Net Sales 49.9% / Segment profit 55.2% / EBITDA 54.5% / Aquatic Feed Business Net Sales 51.6% / Segment profit 11.8% / EBITDA 23.0% / Food Business Net Sales 45.4% / Segment profit 56.6% / EBITDA 57.3% |
| Self-assessment against the plan | Progress is broadly in line with expectations at this point / progressing without delay against the plan |
| Segment results | Livestock Feed Business Net Sales ¥119,831 million (YoY +9.4%) / Segment profit ¥5,735 million (YoY +26.4%) / EBITDA ¥7,188 million (YoY +22.2%) / Aquatic Feed Business Net Sales ¥15,990 million (YoY +35.4%) / Segment profit ¥176 million (YoY -73.6%) / EBITDA ¥483 million (YoY -49.3%) / Food Business Net Sales ¥20,883 million (YoY -0.7%) / Segment profit ¥169 million (YoY +203.7%) / EBITDA ¥286 million (YoY +65.3%) / Other and adjustments Net Sales ¥3 million (YoY -40.8%) / Segment profit ¥-1,580 million |
| Breakdown of Factors Affecting the Change | Livestock Feed Business Market Environment 99 / Volume factor Not disclosed / Gross profit factors 1,529 / Aquatic Feed Business Market Environment 544 / Volume factor Not disclosed / Gross profit factors -922 / Food Business Egg Division 162 / Meat Division -49 |
| Key KPIs | Indicator name Sales volume / Value 1,851 thousand tonnes / Year on year against the same period last year +1.6%, Indicator name EBITDA / Value ¥6,697 million / Year on year against the same period last year +16.3%, Indicator name Total investment / Value ¥2,820 million, Indicator name Number of IR meetings (cumulative for the first half) / Value 23 Engagements / Year on year against the same period last year +14 meetings, Indicator name Market capitalization (at end-September) / Value ¥555 100 million |
| Unit price and quantity metrics | Sales volume: 1,851 thousand tonnes (+1.6% year on year). By segment: 1,790 thousand tonnes of livestock feed and 61 thousand tonnes of aquatic feed. Combined price-and-volume metric: Not disclosed |
| Number of employees | 935 people |
| Assumptions Underlying the Business Outlook | In livestock feed, corn prices peaked in September and have been soft recently. In aquatic feed, fishmeal prices have remained at elevated levels. In Food, prices have remained stable despite the risk of livestock diseases. |
| Medium-term management plan targets | Fiscal year ending March 2027 EBITDA ¥11.5 billion / ROE 8% or higher / ROIC At least 6% / Fiscal year ending March 2034 Livestock feed market share 20% or higher / EBITDA ¥16 billion or more / ROE 10% or higher / ROIC 8% or higher / Total investment Fiscal years ending March 2025 to March 2030 Approximately ¥60 billion / FY ending March 2025–FY ending March 2034 Approximately ¥80 billion |
| Financial targets | ROE Target 8% or higher (fiscal year ending March 2027) / Actual results Not disclosed / ROIC Target 6% or higher (fiscal year ending March 2027) / Actual results Not disclosed / Equity ratio Actual results 46.8% / Debt-to-equity ratio Actual results 0.39 |
| Capital expenditures | ¥2,820 million |
| Market Size / Share | Livestock feed distribution volume Approximately 24 million tonnes (fiscal year ended March 2026) / Feed One's market share 15% (fiscal year ended March 2026, according to the Company) / Target share for FY ending March 2034 20% or higher |
| New initiatives | Participation in IR fairs to strengthen dialogue with shareholders and investors, and production and release of a corporate profile video, Development of the industry's first fishmeal-free feed for eels, "神威ZERO" |
Items this document does not state (10)
Gross Profit MarginOperating profit marginResults for the three months of the current quarterNumber of stores and locationsRisk amount incorporated into the outlookAnnual DividendPayout ratioAcquisition 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.The Livestock Feed business posted higher profits due to increased sales volume, price revisions and expanded sales of differentiated products. The Food business also posted higher profits, while the Aquatic Feed business posted lower profits due to a greater-than-expected surge in fishmeal prices.
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.
Weight is not a verdictIt measures how much this changes what the company had already told the market. It is not a view on the shares.
Corrections happenIf the company reissues this disclosure, the page is rebuilt from the corrected version and the revision number moves up.