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Earnings presentation materials2264MORINAGA MILK INDUSTRY CO.,LTD.Food Products

Supplementary Financial Results Materials for the Second Quarter (Interim Period) of the Fiscal Year Ending March 2027

For the interim period of the fiscal year ending March 2027, net sales and operating income exceeded the year-earlier period, while ordinary income and profit attributable to owners of the parent declined. The full-year forecasts were revised upward, with net sales raised from ¥580 billion to ¥590 billion and operating income from ¥34 billion to ¥39 billion.

Worth reading
65In 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
5000
¥ million (full-year operating profit forecast revision)
Wording
Avoiding a definitive answer
How definitive the wording is.

Contents of this document

Supplementary Materials to the Earnings ReportFiscal year ending March 2027, second quarter (first half)12 items taken from the company’s own explanation
Financial Results Figures (The key points of this material are explained below)
Net Sales¥300,821 million+2.6%
Operating profit¥21,107 million+1.5%
Ordinary income¥21,205 million-3.4%
Net income13,675 JPY million -6.6%net income attributable to owners of the parent
Gross Profit Margin24.9%
Operating profit margin7.0%
Selling, general and administrative expenses¥53,744 million
Results for the three months of the current quarter
Net Sales
¥153,722 million+2.7%
Operating profit
¥11,130 million
By segment
Growth Fields
Net Sales
¥37,029 million+11.0%
Operating profit
¥4,393 million
Change in amount-260
Core businesses
Net Sales
¥95,106 million+5.9%
Operating profit
¥5,878 million
Change in amount-328
Developing and other businesses
Net Sales
¥21,587 million-18.5%
Operating profit
¥859 million
Change in amount-252
Full-year earnings forecast
Net Sales
¥590,000 million
Operating profit
¥39,000 million
Ordinary income
¥39,300 million
Net income
23,000 JPY million net income attributable to owners of the parent
Capital expenditures
¥49,100 million
Depreciation and amortization
¥26,300 million
EPS
¥71.24
ROE
8.2 %
ROIC
6.6 %
What the company explained in this material
Breakdown of Factors Affecting the ChangeReasons cited by the Company for the change in the figures.
  • Unit price variance+¥6.7 billion
  • Sales volume-¥2.7 billion
  • Product mix (PM) and other factors+¥3.6 billion
  • Manufacturing expenses-¥100 million
  • Logistics Costs-¥1.7 billion
  • Administrative expenses and other costs+¥0.1 billion
  • Sales promotion expense efficiency-¥500 million
  • Raw milk prices△¥900 million
  • Raw-material and energy prices−¥6.5 billion
  • Manufacturing fixed costs (depreciation)-¥1.1 billion
  • Changes in overseas subsidiaries+¥3.4 billion
Assumptions Underlying the Business OutlookThe assumptions used by the company in preparing its forecast.
  • US dollar (for raw material procurement prices)¥160
  • Euro (for raw material procurement prices)¥185
  • Australian dollar (for raw material procurement prices)¥105
  • US dollar (for overseas subsidiary performance; forecast as of the end of December)¥160
  • Euro (for overseas subsidiary performance; forecast as of the end of December)¥180
New initiatives
  • The Information Systems Center will be reorganized as a head-office department under the name “Digital Management Promotion Department” (April 2026).
Key KPIsA metric the company considers important as a management benchmark.
  • EPS¥42.36
  • Equity ratio49.2 %
  • DER0.46 x
  • Net debt-to-equity ratio0.32 x
  • ROE4.9 %
  • Milk collection volume (non-consolidated)312 thousand tonnes
    Year on year against the same period last year-5.2%
Unit price and quantity metricsThese figures show sales broken down by price and volume.
  • Unit price variance+¥6.7 billion
  • Sales volume-¥2.7 billion
Segment results
Growth Fields
Net Sales
¥71,442 million+9.1%
Operating profit
¥8,646 million
Change in amount-37
Core businesses
Net Sales
¥186,191 million+3.4%
Operating profit
¥10,904 million
Change in amount218
Developing and other businesses
Net Sales
¥43,188 million-9.8%
Operating profit
¥1,557 million
Change in amount121
Domestic Business
Net Sales
¥248,869 million-2.0%
Operating profit
¥9,788 million
Change in amount-4,172
Overseas Business
Net Sales
¥51,952 million+31.9%
Operating profit
¥11,319 million
Change in amount4,474
Financial targets
Equity ratio
49.2 %
DER
0.46 x
Net debt-to-equity ratio
0.32 x
ROE
4.9 %
ROIC
6.6 %
Market Size / Share
  • CategoryChilled cup coffee
    Share37 %
  • CategoryChilled tea beverages
    Share52 %
  • CategoryIce cream
    Share11 %
  • CategoryYogurt
    Share11 %
  • CategoryCheese
    Share10 %
  • CategoryChilled desserts
    Share13 %
Number of employees
Number of Employees7,403 people
Capital expenditures
¥49,100 million
Annual Dividend
Annual dividend per share¥28
Interim and Year-End Breakdown¥12.00 interim dividend and ¥16.00 year-end dividend equivalent (¥28.00 annual dividend)
Payout ratio
39.3 %
Contents of this document
ItemDetails
Document typeSupplementary Materials to the Earnings Report
Fiscal Period CoveredFiscal year ending March 2027, second quarter (first half)
Net Sales¥300,821 million (YoY +2.6%)
Operating profit¥21,107 million (YoY +1.5%)
Ordinary income¥21,205 million (YoY -3.4%)
Net income13,675 JPY million (net income attributable to owners of the parent) (YoY -6.6%)
Gross Profit Margin24.9%
Operating profit margin7.0%
Selling, general and administrative expenses¥53,744 million
Results for the three months of the current quarterNet Sales ¥153,722 million (YoY +2.7%) / Operating profit ¥11,130 million / By segment Growth Fields Net Sales ¥37,029 million (YoY +11.0%) / Operating profit ¥4,393 million / Core businesses Net Sales ¥95,106 million (YoY +5.9%) / Operating profit ¥5,878 million / Developing and other businesses Net Sales ¥21,587 million (YoY -18.5%) / Operating profit ¥859 million
Full-year earnings forecastNet Sales ¥590,000 million / Operating profit ¥39,000 million / Ordinary income ¥39,300 million / Net income 23,000 JPY million (net income attributable to owners of the parent) / Capital expenditures ¥49,100 million / Depreciation and amortization ¥26,300 million / EPS ¥71.24 / ROE 8.2 % / ROIC 6.6 %
Segment resultsGrowth Fields Net Sales ¥71,442 million (YoY +9.1%) / Operating profit ¥8,646 million / Core businesses Net Sales ¥186,191 million (YoY +3.4%) / Operating profit ¥10,904 million / Developing and other businesses Net Sales ¥43,188 million (YoY -9.8%) / Operating profit ¥1,557 million / Domestic Business Net Sales ¥248,869 million (YoY -2.0%) / Operating profit ¥9,788 million / Overseas Business Net Sales ¥51,952 million (YoY +31.9%) / Operating profit ¥11,319 million
Breakdown of Factors Affecting the ChangeFactors Unit price variance / Amount +¥6.7 billion, Factors Sales volume / Amount -¥2.7 billion, Factors Product mix (PM) and other factors / Amount +¥3.6 billion, Factors Manufacturing expenses / Amount -¥100 million, Factors Logistics Costs / Amount -¥1.7 billion, Factors Administrative expenses and other costs / Amount +¥0.1 billion, Factors Sales promotion expense efficiency / Amount -¥500 million, Factors Raw milk prices / Amount △¥900 million, Factors Raw-material and energy prices / Amount −¥6.5 billion, Factors Manufacturing fixed costs (depreciation) / Amount -¥1.1 billion, Factors Changes in overseas subsidiaries / Amount +¥3.4 billion
Key KPIsIndicator name EPS / Value ¥42.36 / Year on year against the same period last year Not disclosed, Indicator name Equity ratio / Value 49.2 % / Year on year against the same period last year Not disclosed, Indicator name DER / Value 0.46 x / Year on year against the same period last year Not disclosed, Indicator name Net debt-to-equity ratio / Value 0.32 x / Year on year against the same period last year Not disclosed, Indicator name ROE / Value 4.9 % / Year on year against the same period last year Not disclosed, Indicator name Milk collection volume (non-consolidated) / Value 312 thousand tonnes / Year on year against the same period last year -5.2 thousand tonnes
Unit price and quantity metricsIndicator name Unit price variance / Value +¥6.7 billion, Indicator name Sales volume / Value -¥2.7 billion
Number of employeesNumber of Employees 7,403 people / Change during the period Not disclosed
Assumptions Underlying the Business OutlookItem US dollar (for raw material procurement prices) / Value ¥160, Item Euro (for raw material procurement prices) / Value ¥185, Item Australian dollar (for raw material procurement prices) / Value ¥105, Item US dollar (for overseas subsidiary performance; forecast as of the end of December) / Value ¥160, Item Euro (for overseas subsidiary performance; forecast as of the end of December) / Value ¥180
Financial targetsEquity ratio Value 49.2 % / DER Value 0.46 x / Net debt-to-equity ratio Value 0.32 x / ROE Value 4.9 % / ROIC Value 6.6 %
Annual DividendAnnual dividend per share ¥28 / Interim and Year-End Breakdown ¥12.00 interim dividend and ¥16.00 year-end dividend equivalent (¥28.00 annual dividend)
Payout ratioValue 39.3 %
Capital expenditures¥49,100 million
Market Size / ShareCategory Chilled cup coffee / Share 37 %, Category Chilled tea beverages / Share 52 %, Category Ice cream / Share 11 %, Category Yogurt / Share 11 %, Category Cheese / Share 10 %, Category Chilled desserts / Share 13 %
New initiativesThe Information Systems Center will be reorganized as a head-office department under the name “Digital Management Promotion Department” (April 2026).
Items this document does not state (8)
Progress against full-year forecastSelf-assessment against the planNumber of stores and locationsRisk amount incorporated into the outlookMedium-term management plan targetsAcquisition 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 increase in operating income was attributed to selling price variance, product mix and higher profit at overseas subsidiaries. Raw material and energy prices, raw milk prices, logistics costs and manufacturing fixed costs, among others, reduced profit.

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.
Supplementary Financial Results Materials for the Second Quarter (Interim Period) of the Fiscal Year Ending March 2027 | MORINAGA MILK INDUSTRY CO.,LTD. (2264) timely disclosure | Komori