Worth reading
60In 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
39
¥100 million (year-on-year change in first-half operating income)Wording
Definitive
How definitive the wording is.Contents of this document
Supplementary materials to the earnings reportSecond quarter (interim period) of the fiscal year ending November 202611 items taken from the company’s own explanation
Financial Results Figures (The key points of this material are explained below)
Net Sales¥261,648 million+3.9%
Operating profit¥20,020 million+23.9%
Ordinary income¥21,518 million+23.3%
Net income¥13,214 million-29.7%
Selling, general and administrative expensesSales promotion expenses ¥2.7 billion, advertising expenses ¥6.5 billion, logistics expenses ¥15.9 billion, labor costs ¥17.8 billion, and research and development expenses ¥1.9 billion
Gross Profit Margin7.7% (the year-on-year change in percentage points represents the impact of changes in the gross profit margin on operating income: +¥1.9 billion)
Operating profit margin7.7% (up 1.3 percentage points year on year)
Results for the three months of the current quarterIn Q2 of fiscal 2026 alone, revenue was ¥136.9 billion and operating income was ¥12.2 billion. Revenue and operating income by segment are also included.
Full-year earnings forecastRevenue of ¥530.0 billion, operating income of ¥38.0 billion, ordinary income of ¥40.0 billion, and net income attributable to owners of the parent of ¥25.5 billion
What the company explained in this material
Breakdown of Factors Affecting the ChangeReasons cited by the Company for the change in the figures.
First-half operating income increased from ¥16.2 billion in the year-earlier period to ¥20.0 billion. The factors were a ¥5.0 billion increase in gross profit accompanying changes in revenue, a ¥1.9 billion impact from changes in the gross profit margin, a ¥1.2 billion negative impact from key raw materials, a ¥400 million negative impact from energy and general raw materials, a ¥300 million positive impact from logistics expenses, a ¥1.5 billion negative impact from sales promotion and advertising expenses, a ¥500 million negative impact from other selling, general and administrative expenses, and a ¥500 million negative impact from common business and corporate expenses and other items.
Assumptions Underlying the Business OutlookThe assumptions used by the company in preparing its forecast.
US dollar at ¥157, Chinese yuan at ¥23, soybean and rapeseed refined oils for processed fats and oils at ¥427/kg, and the benchmark price for M-size eggs under the JA Zen-Noh Tokyo egg market at ¥305New initiatives
The materials present sustainability and human-capital targets, including the sustainable paper procurement rate, food-loss reduction, CO2 emissions reduction, and employee engagement. The start date, investment, and partnerships for new initiatives are Not disclosedKey KPIsA metric the company considers important as a management benchmark.
Overseas revenue growth (on a local-currency basis): +3%; number of children's smiles: 677,000; food waste reduction rate: 70.7%; effective utilization rate of unused vegetable parts: 88.0%; product disposal reduction rate: 66.5%; reduction in water consumption intensity: 9.4%; CO2 emissions reduction rate: 53.0%Unit price and quantity metricsThese figures show sales broken down by price and volume.
Domestic salad dressings: household-use sales volume of 62 thousand tonnes, value of ¥40.6 billion, unit price of ¥655/kg; foodservice-use sales volume of 47 thousand tonnes, value of ¥23.5 billion, unit price of ¥500/kg; export sales volume of 7 thousand tonnes, value of ¥4.0 billion, unit price of ¥571/kgSegment results
Consumer: revenue of ¥95.6 billion (up ¥1.0 billion year on year), operating income of ¥8.4 billion (up ¥2.6 billion); Foodservice: revenue of ¥93.8 billion (up ¥4.8 billion), operating income of ¥6.9 billion (up ¥2.5 billion); Overseas: revenue of ¥53.6 billion (up ¥4.2 billion), operating income of ¥6.9 billion (down ¥1.0 billion); Fruit Solutions: revenue of ¥8.8 billion (up ¥300 million), operating income of ¥400 million (up ¥100 million); Fine Chemicals: revenue of ¥6.6 billion (up ¥400 million), operating loss of ¥0 billion (improvement of ¥200 million)Financial targets
Full-year plan: ROA 8.4%, ROIC 7.1%, and ROE 8.0%. The full-year plan for the equity ratio is Not disclosedCapital expenditures
¥98 100 million cumulative for the first half of fiscal 2026
Annual Dividend
Annual dividend of ¥65.0 per share (interim dividend of ¥32.0 and year-end dividend of ¥33.0)Payout ratio
35.1%Acquisition of treasury shares
Increase of ¥11.9 billion in expenditures for the acquisition of treasury shares. The acquisition limit, number of shares, and acquisition period are Not disclosed| Item | Details |
|---|---|
| Document type | Supplementary materials to the earnings report |
| Fiscal Period Covered | Second quarter (interim period) of the fiscal year ending November 2026 |
| Net Sales | ¥261,648 million (YoY +3.9%) |
| Operating profit | ¥20,020 million (YoY +23.9%) |
| Ordinary income | ¥21,518 million (YoY +23.3%) |
| Net income | ¥13,214 million (YoY -29.7%) |
| Gross Profit Margin | 7.7% (the year-on-year change in percentage points represents the impact of changes in the gross profit margin on operating income: +¥1.9 billion) |
| Operating profit margin | 7.7% (up 1.3 percentage points year on year) |
| Selling, general and administrative expenses | Sales promotion expenses ¥2.7 billion, advertising expenses ¥6.5 billion, logistics expenses ¥15.9 billion, labor costs ¥17.8 billion, and research and development expenses ¥1.9 billion |
| Results for the three months of the current quarter | In Q2 of fiscal 2026 alone, revenue was ¥136.9 billion and operating income was ¥12.2 billion. Revenue and operating income by segment are also included. |
| Full-year earnings forecast | Revenue of ¥530.0 billion, operating income of ¥38.0 billion, ordinary income of ¥40.0 billion, and net income attributable to owners of the parent of ¥25.5 billion |
| Segment results | Consumer: revenue of ¥95.6 billion (up ¥1.0 billion year on year), operating income of ¥8.4 billion (up ¥2.6 billion); Foodservice: revenue of ¥93.8 billion (up ¥4.8 billion), operating income of ¥6.9 billion (up ¥2.5 billion); Overseas: revenue of ¥53.6 billion (up ¥4.2 billion), operating income of ¥6.9 billion (down ¥1.0 billion); Fruit Solutions: revenue of ¥8.8 billion (up ¥300 million), operating income of ¥400 million (up ¥100 million); Fine Chemicals: revenue of ¥6.6 billion (up ¥400 million), operating loss of ¥0 billion (improvement of ¥200 million) |
| Breakdown of Factors Affecting the Change | First-half operating income increased from ¥16.2 billion in the year-earlier period to ¥20.0 billion. The factors were a ¥5.0 billion increase in gross profit accompanying changes in revenue, a ¥1.9 billion impact from changes in the gross profit margin, a ¥1.2 billion negative impact from key raw materials, a ¥400 million negative impact from energy and general raw materials, a ¥300 million positive impact from logistics expenses, a ¥1.5 billion negative impact from sales promotion and advertising expenses, a ¥500 million negative impact from other selling, general and administrative expenses, and a ¥500 million negative impact from common business and corporate expenses and other items. |
| Key KPIs | Overseas revenue growth (on a local-currency basis): +3%; number of children's smiles: 677,000; food waste reduction rate: 70.7%; effective utilization rate of unused vegetable parts: 88.0%; product disposal reduction rate: 66.5%; reduction in water consumption intensity: 9.4%; CO2 emissions reduction rate: 53.0% |
| Unit price and quantity metrics | Domestic salad dressings: household-use sales volume of 62 thousand tonnes, value of ¥40.6 billion, unit price of ¥655/kg; foodservice-use sales volume of 47 thousand tonnes, value of ¥23.5 billion, unit price of ¥500/kg; export sales volume of 7 thousand tonnes, value of ¥4.0 billion, unit price of ¥571/kg |
| Assumptions Underlying the Business Outlook | US dollar at ¥157, Chinese yuan at ¥23, soybean and rapeseed refined oils for processed fats and oils at ¥427/kg, and the benchmark price for M-size eggs under the JA Zen-Noh Tokyo egg market at ¥305 |
| Financial targets | Full-year plan: ROA 8.4%, ROIC 7.1%, and ROE 8.0%. The full-year plan for the equity ratio is Not disclosed |
| Annual Dividend | Annual dividend of ¥65.0 per share (interim dividend of ¥32.0 and year-end dividend of ¥33.0) |
| Payout ratio | 35.1% |
| Acquisition of treasury shares | Increase of ¥11.9 billion in expenditures for the acquisition of treasury shares. The acquisition limit, number of shares, and acquisition period are Not disclosed |
| Capital expenditures | ¥98 100 million (cumulative for the first half of fiscal 2026) |
| New initiatives | The materials present sustainability and human-capital targets, including the sustainable paper procurement rate, food-loss reduction, CO2 emissions reduction, and employee engagement. The start date, investment, and partnerships for new initiatives are Not disclosed |
Items this document does not state (9)
Progress against full-year forecastSelf-assessment against the planNumber of stores and locationsNumber of employeesRisk amount incorporated into the outlookMedium-term management plan targetsOrders received and order backlogMarket Size / ShareKey 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.Operating income was boosted by a ¥5.0 billion increase in gross profit accompanying higher revenue, a ¥1.9 billion impact from changes in the gross profit margin, and other profit-increasing factors of ¥300 million and ¥200 million. These gains were offset by ¥1.2 billion for key raw materials, ¥400 million for energy and general raw materials, ¥1.5 billion for sales promotion and advertising expenses, ¥500 million for other selling, general and administrative expenses, and ¥500 million for common business and corporate expenses and other items. The decrease in net income was mainly attributable to a ¥12.1 billion decrease in gains on sales of fixed assets.
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