Worth reading
89Important
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 operating income)Wording
Conditional
How definitive the wording is.Contents of this document
Presentation materials for financial resultsFirst half (interim period) of the fiscal year ending November 202614 items taken from the company’s own explanation
Financial Results Figures (The key points of this material are explained below)
Net Sales2,616 Hundreds of millions of yen+4.0%
Operating profit200 Hundreds of millions of yen+24.0%
Ordinary income215 Hundreds of millions of yen+23.0%
Net income¥132 100 million -30.0%interim net income attributable to owners of the parent
Gross Profit Margin7.7% (domestic business profit margin; year-on-year change in gross profit margin: Not disclosed)
Operating profit margin7.7% (year-on-year change: Not disclosed)
Results for the three months of the current quarterIn 1Q of FY2026, revenue was ¥124.7 billion and operating profit was ¥7.8 billion; in 2Q, revenue was ¥136.9 billion and operating profit was ¥12.2 billion. Year-on-year changes were +¥4.7 billion in revenue and +¥2.0 billion in operating profit in 1Q, and +¥5.1 billion in revenue and +¥1.8 billion in operating profit in 2Q.
Full-year earnings forecast
Net Sales
5,300 Hundreds of millions of yen
Operating profit
380 Hundreds of millions of yen
Ordinary income
400 Hundreds of millions of yen
Profit attributable to owners of the parent
255 Hundreds of millions of yen
ROE
8 %
ROIC
7.1 %
Overseas revenue growth rate
9 % in local-currency terms
What the company explained in this material
Self-assessment against the planThe company's self-assessment against its own plan.
Expected to achieve the full-year planBreakdown of Factors Affecting the ChangeReasons cited by the Company for the change in the figures.
Operating profit for the first half of FY2026
Impact of price revisions52
Improved production efficiency0
Value enhancement, etc.12
Other overseas-13
Middle East impact-2
Business profit by segment
Change in gross profit accompanying the change in revenue19
Change in gross profit margin41
Sales promotion and advertising expenses2
Logistics Costs-4
Other selling, general and administrative expenses-15
Assumptions Underlying the Business OutlookThe assumptions used by the company in preparing its forecast.
US dollar
¥157
Renminbi
¥23
Rural? commodity price
427 Yen/kg
Egg prices
305 Yen/kg
New initiatives
- Strengthening sales of value-added products and advancing pricing strategies
- Automation of the prepared-food line
- SCM efficiency improvements and reorganization, and reorganization of egg-related sites
- Establishment of a sales company in India
- Expansion of sales channels and geographic coverage for KEWPIE-branded products in the Americas
- Expansion of the Company’s own and third-party products in the wellness sector
Key KPIsA metric the company considers important as a management benchmark.
- Overseas revenue growth rate3 % year-on-year in local-currency terms
- Domestic business profit margin7.7 %Year-on-year change2.4
- Full-year ROE target8 %Year-on-year change-1.7
- Full-year ROIC target7.1 %Year-on-year change0.5
- Expected revenue growth in the direct-to-consumer business20 %
Segment results
Consumer products
Net Sales
956 Hundreds of millions of yen+1.0%
Business profit
84 Hundreds of millions of yen+46.0%
Commercial products
Net Sales
938 Hundreds of millions of yen+5.0%
Business profit
69 Hundreds of millions of yen+56.0%
Overseas expansion
Net Sales
536 Hundreds of millions of yen+9.0%
Business profit
69 Hundreds of millions of yen-13.0%
Fruit Solutions
Net Sales
88 Hundreds of millions of yen+3.0%
Business profit
4 Hundreds of millions of yen+38.0%
Fine chemicals
Net Sales
66 Hundreds of millions of yen+6.0%
Business profit
¥0 100 million △0
Common
Net Sales
32 Hundreds of millions of yen-21.0%
Business profit
5 Hundreds of millions of yen-23.0%
Corporate Expenses
Business profit
-30 Hundreds of millions of yen
Medium-term management plan targets
FY2028
Net Sales
6,000 or more
Operating profit
450 or more
Operating profit margin
7.5 or more
ROE
8.5 or more
ROIC
8.5 or more
Overseas revenue growth rate
10 or morein local-currency terms
Financial targets
ROE
Target8.5% or more in FY2028
Actual resultsFirst half of FY2026: Not disclosed
Full-year plan8.0%
ROIC
Target8.5% or more in FY2028
Actual resultsFirst half of FY2026: Not disclosed
Full-year plan7.1%
Risk amount incorporated into the outlookThe amount representing the range of variation the company expects in its forecast.
Middle East impact
45 Hundreds of millions of yen
DetailsIncluded in the plan as a headwind to operating profit
Market Size / Share
Growth in the number of Japanese restaurants over the latest 2 years: +20% across Asia Pacific and +60% in IndonesiaNumber of stores and locations
The number of production sites is expected to be reduced by 2 during the first 2 years of the medium-term management plan. The number of stores and sites at the end of the period and the number of openings and closures during the period are Not disclosedCapital expenditures
¥98 100 million first half of FY2026) / ¥26.2 billion planned for FY2026
Payout ratio
Total payout ratio of 67% for the first 2 years (forecast)Acquisition of treasury shares
¥10.9 billion in financial cash flow outlays for share repurchases in the first half of FY2026. The number of shares and period covered by the repurchase authorization are Not disclosed| Item | Details |
|---|---|
| Document type | Presentation materials for financial results |
| Fiscal Period Covered | First half (interim period) of the fiscal year ending November 2026 |
| Net Sales | 2,616 Hundreds of millions of yen (YoY +4.0%) |
| Operating profit | 200 Hundreds of millions of yen (YoY +24.0%) |
| Ordinary income | 215 Hundreds of millions of yen (YoY +23.0%) |
| Net income | ¥132 100 million (interim net income attributable to owners of the parent) (YoY -30.0%) |
| Gross Profit Margin | 7.7% (domestic business profit margin; year-on-year change in gross profit margin: Not disclosed) |
| Operating profit margin | 7.7% (year-on-year change: Not disclosed) |
| Results for the three months of the current quarter | In 1Q of FY2026, revenue was ¥124.7 billion and operating profit was ¥7.8 billion; in 2Q, revenue was ¥136.9 billion and operating profit was ¥12.2 billion. Year-on-year changes were +¥4.7 billion in revenue and +¥2.0 billion in operating profit in 1Q, and +¥5.1 billion in revenue and +¥1.8 billion in operating profit in 2Q. |
| Full-year earnings forecast | Net Sales 5,300 Hundreds of millions of yen / Operating profit 380 Hundreds of millions of yen / Ordinary income 400 Hundreds of millions of yen / Profit attributable to owners of the parent 255 Hundreds of millions of yen / ROE 8 % / ROIC 7.1 % / Overseas revenue growth rate 9 % (in local-currency terms) |
| Self-assessment against the plan | Expected to achieve the full-year plan |
| Segment results | Consumer products Net Sales 956 Hundreds of millions of yen (YoY +1.0%) / Business profit 84 Hundreds of millions of yen (YoY +46.0%) / Commercial products Net Sales 938 Hundreds of millions of yen (YoY +5.0%) / Business profit 69 Hundreds of millions of yen (YoY +56.0%) / Overseas expansion Net Sales 536 Hundreds of millions of yen (YoY +9.0%) / Business profit 69 Hundreds of millions of yen (YoY -13.0%) / Fruit Solutions Net Sales 88 Hundreds of millions of yen (YoY +3.0%) / Business profit 4 Hundreds of millions of yen (YoY +38.0%) / Fine chemicals Net Sales 66 Hundreds of millions of yen (YoY +6.0%) / Business profit ¥0 100 million (△0) / Common Net Sales 32 Hundreds of millions of yen (YoY -21.0%) / Business profit 5 Hundreds of millions of yen (YoY -23.0%) / Corporate Expenses Business profit -30 Hundreds of millions of yen |
| Breakdown of Factors Affecting the Change | Operating profit for the first half of FY2026 Impact of price revisions 52 / Improved production efficiency 0 / Value enhancement, etc. 12 / Other overseas -13 / Middle East impact -2 / Business profit by segment Change in gross profit accompanying the change in revenue 19 / Change in gross profit margin 41 / Sales promotion and advertising expenses 2 / Logistics Costs -4 / Other selling, general and administrative expenses -15 |
| Key KPIs | Indicator name Overseas revenue growth rate / Value 3 % (year-on-year in local-currency terms) / Year on year against the same period last year Not disclosed, Indicator name Domestic business profit margin / Value 7.7 % / Year-on-year change 2.4 %, Indicator name Full-year ROE target / Value 8 % / Year-on-year change -1.7 %, Indicator name Full-year ROIC target / Value 7.1 % / Year-on-year change 0.5 %, Indicator name Expected revenue growth in the direct-to-consumer business / Value 20 % / Year on year against the same period last year Not disclosed |
| Number of stores and locations | The number of production sites is expected to be reduced by 2 during the first 2 years of the medium-term management plan. The number of stores and sites at the end of the period and the number of openings and closures during the period are Not disclosed |
| Assumptions Underlying the Business Outlook | US dollar ¥157 / Renminbi ¥23 / Rural? commodity price 427 Yen/kg / Egg prices 305 Yen/kg |
| Risk amount incorporated into the outlook | Middle East impact 45 Hundreds of millions of yen |
| Medium-term management plan targets | FY2028 Net Sales 6,000 or more / Operating profit 450 or more / Operating profit margin 7.5 or more / ROE 8.5 or more / ROIC 8.5 or more / Overseas revenue growth rate 10 or more |
| Financial targets | ROE Target 8.5% or more in FY2028 / Actual results First half of FY2026: Not disclosed / Full-year plan 8.0% / ROIC Target 8.5% or more in FY2028 / Actual results First half of FY2026: Not disclosed / Full-year plan 7.1% |
| Payout ratio | Total payout ratio of 67% for the first 2 years (forecast) |
| Acquisition of treasury shares | ¥10.9 billion in financial cash flow outlays for share repurchases in the first half of FY2026. The number of shares and period covered by the repurchase authorization are Not disclosed |
| Capital expenditures | ¥98 100 million (first half of FY2026) / ¥26.2 billion planned for FY2026 |
| Market Size / Share | Growth in the number of Japanese restaurants over the latest 2 years: +20% across Asia Pacific and +60% in Indonesia |
| New initiatives | Strengthening sales of value-added products and advancing pricing strategies, Automation of the prepared-food line, SCM efficiency improvements and reorganization, and reorganization of egg-related sites, Establishment of a sales company in India, Expansion of sales channels and geographic coverage for KEWPIE-branded products in the Americas, Expansion of the Company’s own and third-party products in the wellness sector |
Items this document does not state (7)
Selling, general and administrative expensesProgress against full-year forecastUnit price and quantity metricsNumber of employeesAnnual DividendOrders 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 Japan, higher sales volumes of value-added products and the increasing penetration of price revisions contributed to higher revenue and profit. Overseas, Asia Pacific grew, but business profit declined due to temporary revenue decreases in the Americas and elsewhere and higher depreciation expenses at new plants. The decline in net income was mainly due to the decrease in the gain on the sale of fixed assets recorded in the previous year.
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