Worth reading
57In focus
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
2118
¥ million (year-on-year increase in operating profit for the fiscal year ended March 2026)Wording
Conditional
How definitive the wording is.Contents of this document
Earnings presentationFiscal year ended March 2026 (results) and fiscal year ending March 2027 (forecast)14 items taken from the company’s own explanation
Financial Results Figures (The key points of this material are explained below)
Net Sales¥112,904 million+16.3%
Operating profit¥10,324 million+25.8%
Net income¥6,472 million +12.6%profit attributable to owners of the parent
Full-year earnings forecast
Revenue
¥110,000 million
Operating profit
¥9,200 million
Pretax profit
¥9,400 million
Profit for the period
¥6,500 million
Profit for the period attributable to owners of the parent
¥6,500 million
Sugar revenue
¥94,500 million
Food & Wellness revenue
¥15,500 million
Sugar operating profit
¥9,600 million
Food & Wellness operating profit
¥600 million
What the company explained in this material
Self-assessment against the planThe company's self-assessment against its own plan.
For the fiscal year ended March 2026, revenue was below the published forecast, while operating profit, profit before tax and profit for the year exceeded the published forecastBreakdown of Factors Affecting the ChangeReasons cited by the Company for the change in the figures.
Operating profit, fiscal year ended March 2026
Refined sugar business and other operations1,761
Food science business-40
Fitness Business132
Other42
Corporate Expenses221
Operating profit for the fiscal year ending March 2027
Sugar-1,484
Food & Wellness481
Corporate Expenses-120
Assumptions Underlying the Business OutlookThe assumptions used by the company in preparing its forecast.
- Expect higher energy, packaging and logistics costs
- Expect higher packaging costs
- Expect membership numbers to continue increasing
New initiatives
- Elevate the functional ingredients organization to a head-office-level organization in October 2026
- Transfer 東洋精糖's R&D organization to the Mihama Bioplant
- Construct a new plant for 東洋精糖, scheduled to begin operations in April 2027
- Transfer CI production from the Okinawa Lab to the Mihama Bioplant and expand production capacity approximately tenfold
- Make growth investments focused on M&A to support the growth of the food science business
- Offer shareholder benefits consisting of the Company's products based on the length of the holding period
Key KPIsA metric the company considers important as a management benchmark.
- Percentage of Female Managers8.6 %Year on year against the same period last year7.0% in the previous fiscal year
- Gender pay gap78.2 %Year on year against the same period last year79.1% in the previous fiscal year
- Male parental leave uptake rate100 %Year on year against the same period last year84.6% in the previous fiscal year
- Engagement score3.6 Out of 5.0Year on year against the same period last year3.5 in the previous fiscal year
- Sugar operating profit synergies¥12 100 million over 2 years
Segment results
Sugar
Revenue
¥96,712 million+15.4%
Operating profit
¥11,084 million+18.9%
Food & Wellness
Revenue
¥16,192 million+22.0%
Operating profit
¥118 million
Corporate Expenses
Operating profit
¥-879 million
Medium-term management plan targets
Target fiscal yearFiscal year ending March 2028
Profit for the period attributable to owners of the parent
¥7,000 million
ROE
9 %
Operating profit plus share of profit or loss of investments accounted for using the equity method
¥10,100 million
Comparison with actual resultsFor the fiscal year ended March 2026, profit for the year attributable to owners of the parent was ¥6,472 million and ROE was 8.6%
Financial targets
ROE
Target9% (fiscal year ending March 2028)
Actual results8.6% (fiscal year ended March 2026)
Cost of shareholders’ equity
6 % fiscal year ended March 2026
Market Size / Share
- Functional food ingredients market¥2,500 100 million on an ingredients basis
- Food additives market¥13,000 100 million on an ingredients basis
- Domestic sugar consumption2.29 million tonnes to 1.81 million tonnes
- Number of sugar manufacturers18 companies to 9 companies
- Number of sugar refineries19 refineries to 10 refineries
Number of stores and locations
Number at period-end5 of the 10 sugar refineries are the Company's production sites
Number of employees
Number of EmployeesFunctional ingredients organization: planned to increase from approximately 30 to 80 employees
Changes during the period and hiring planThe functional ingredients organization is scheduled to be elevated to a head-office-level organization in October 2026
Capital expenditures
¥4,560 million fiscal year ended March 2026, acquisition of property, plant and equipment
Annual Dividend
Annual dividend per share
¥119forecast for the fiscal year ending March 2027
Interim¥60
End of period¥59
Payout ratio
60 % consolidated dividend payout ratio
DOE
3 %
| Item | Details |
|---|---|
| Document type | Earnings presentation |
| Fiscal Period Covered | Fiscal year ended March 2026 (results) and fiscal year ending March 2027 (forecast) |
| Net Sales | ¥112,904 million (YoY +16.3%) |
| Operating profit | ¥10,324 million (YoY +25.8%) |
| Net income | ¥6,472 million (profit attributable to owners of the parent) (YoY +12.6%) |
| Full-year earnings forecast | Revenue ¥110,000 million / Operating profit ¥9,200 million / Pretax profit ¥9,400 million / Profit for the period ¥6,500 million / Profit for the period attributable to owners of the parent ¥6,500 million / Sugar revenue ¥94,500 million / Food & Wellness revenue ¥15,500 million / Sugar operating profit ¥9,600 million / Food & Wellness operating profit ¥600 million |
| Self-assessment against the plan | For the fiscal year ended March 2026, revenue was below the published forecast, while operating profit, profit before tax and profit for the year exceeded the published forecast |
| Segment results | Sugar Revenue ¥96,712 million (YoY +15.4%) / Operating profit ¥11,084 million (YoY +18.9%) / Food & Wellness Revenue ¥16,192 million (YoY +22.0%) / Operating profit ¥118 million / Corporate Expenses Operating profit ¥-879 million |
| Breakdown of Factors Affecting the Change | Operating profit, fiscal year ended March 2026 Refined sugar business and other operations 1,761 / Food science business -40 / Fitness Business 132 / Other 42 / Corporate Expenses 221 / Operating profit for the fiscal year ending March 2027 Sugar -1,484 / Food & Wellness 481 / Corporate Expenses -120 |
| Key KPIs | Indicator name Percentage of Female Managers / Value 8.6 % / Year on year against the same period last year 7.0% in the previous fiscal year, Indicator name Gender pay gap / Value 78.2 % / Year on year against the same period last year 79.1% in the previous fiscal year, Indicator name Male parental leave uptake rate / Value 100 % / Year on year against the same period last year 84.6% in the previous fiscal year, Indicator name Engagement score / Value 3.6 Out of 5.0 / Year on year against the same period last year 3.5 in the previous fiscal year, Indicator name Sugar operating profit synergies / Value ¥12 100 million (over 2 years) / Year on year against the same period last year Not disclosed |
| Number of stores and locations | Number at period-end 5 of the 10 sugar refineries are the Company's production sites / Number of store openings and closures during the period Not disclosed |
| Number of employees | Number of Employees Functional ingredients organization: planned to increase from approximately 30 to 80 employees / Changes during the period and hiring plan The functional ingredients organization is scheduled to be elevated to a head-office-level organization in October 2026 |
| Assumptions Underlying the Business Outlook | Expect higher energy, packaging and logistics costs, Expect higher packaging costs, Expect membership numbers to continue increasing |
| Medium-term management plan targets | Target fiscal year Fiscal year ending March 2028 / Profit for the period attributable to owners of the parent ¥7,000 million / ROE 9 % / Operating profit plus share of profit or loss of investments accounted for using the equity method ¥10,100 million / Comparison with actual results For the fiscal year ended March 2026, profit for the year attributable to owners of the parent was ¥6,472 million and ROE was 8.6% |
| Financial targets | ROE Target 9% (fiscal year ending March 2028) / Actual results 8.6% (fiscal year ended March 2026) / Cost of shareholders’ equity 6 % (fiscal year ended March 2026) / ROIC Not disclosed |
| Annual Dividend | Annual dividend per share ¥119 (forecast for the fiscal year ending March 2027) / Interim ¥60 / End of period ¥59 |
| Payout ratio | 60 % (consolidated dividend payout ratio) |
| Capital expenditures | ¥4,560 million (fiscal year ended March 2026, acquisition of property, plant and equipment) |
| Market Size / Share | Functional food ingredients market ¥2,500 100 million (on an ingredients basis), Food additives market ¥13,000 100 million (on an ingredients basis), 2.29 million tonnes to 1.81 million tonnes, 18 companies to 9 companies, 19 refineries to 10 refineries |
| New initiatives | Elevate the functional ingredients organization to a head-office-level organization in October 2026, Transfer 東洋精糖's R&D organization to the Mihama Bioplant, Construct a new plant for 東洋精糖, scheduled to begin operations in April 2027, Transfer CI production from the Okinawa Lab to the Mihama Bioplant and expand production capacity approximately tenfold, Make growth investments focused on M&A to support the growth of the food science business, Offer shareholder benefits consisting of the Company's products based on the length of the holding period |
Items this document does not state (11)
Ordinary incomeGross Profit MarginOperating profit marginSelling, general and administrative expensesResults for the three months of the current quarterProgress against full-year forecastUnit price and quantity metricsRisk 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.Profit increased in the fiscal year ended March 2026, mainly because Sugar consolidated 東洋精糖 and Food & Wellness recorded lower impairment losses on its fitness business and other operations than in the previous fiscal year. For the fiscal year ending March 2027, the Company expects to prioritize profitable sales while factoring in higher energy, packaging and logistics costs associated with worsening conditions in the Middle East, higher fixed costs resulting from the start-up of the Mihama Bioplant, and investment in digital transformation.
How to read this page
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