Worth reading
85Important
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
108
¥ hundred millionWording
Conditional
How definitive the wording is.Contents of this document
Financial Results Briefing MaterialsFiscal year ended March 2026; full-year plan for the fiscal year ending December 202615 items taken from the company’s own explanation
Financial Results Figures (The key points of this material are explained below)
Net Sales¥7,161 hundred million+2.0%
Operating profit¥390 hundred million+2.0%
Ordinary income¥401 hundred million+1.0%
Net income¥273 hundred million+11.0%
Operating profit margin5.4%, 0.0 percentage points year on year
Results for the three months of the current quarterIn the fourth quarter, the Processed Foods business reported revenue of ¥82.9 billion and operating income of ¥4.9 billion. Other standalone consolidated figures for the fourth quarter are Not disclosed
Full-year earnings forecastFiscal year ending December 2026: revenue ¥609.4 billion, operating income ¥33.8 billion, ordinary income ¥34.7 billion, net income attributable to owners of the parent ¥25.2 billion, EPS ¥100.6, EBITDA ¥54.7 billion
What the company explained in this material
Self-assessment against the planThe company's self-assessment against its own plan.
Operating income was ¥500 million below the previous forecastBreakdown of Factors Affecting the ChangeReasons cited by the Company for the change in the figures.
Processed Foods operating income: revenue growth effect +¥1.6 billion, price revision effect +¥6.0 billion, productivity improvements +¥900 million, change in depreciation method +¥1.5 billion, other +¥800 million, raw material and procurement costs due to foreign exchange effects -¥2.9 billion, raw material and procurement costs excluding foreign exchange effects -¥6.1 billion, logistics costs -¥400 million, power and fuel costs -¥200 million, impact of overseas affiliates' performance -¥1.2 billion, depreciation and amortization -¥900 million
Assumptions Underlying the Business OutlookThe assumptions used by the company in preparing its forecast.
Assumed exchange rates for the fiscal year ending December 2026: ¥157 to the US dollar, ¥184 to the euro, and ¥4.70 to the baht. The assumption for Dubai crude oil in connection with the situation in the Middle East is US$100 per barrelNew initiatives
From April 2026, the Processed Foods business and the Fisheries and Livestock businesses will be integrated into the Food business. The company will pursue new development of price-responsive products, concentration of resources in strategic categories, expansion of frozen food logistics hubs, establishment of a cross-border ASEAN network, entry into Indonesia, and overseas M&A. The new president will present responses to 5 management issues around the beginning of 2027Key KPIsA metric the company considers important as a management benchmark.
Overseas revenue ¥173.8 billion (up 5% year on year), overseas revenue ratio 24.3%, EPS ¥109.1 (up 12%), EBITDA ¥61.1 billion (down 2%), ROIC 7.3% (down 0.1 percentage points), ROE 10.0% (up 0.4 percentage points), operating margin 5.4% (down 0.1 percentage points)Unit price and quantity metricsThese figures show sales broken down by price and volume.
Breakdown of revenue growth in Processed Foods: household frozen foods, unit price +5% and volume -3%; foodservice frozen foods (prepared products), unit price +5% and volume +3%. In the previous full fiscal year, household prepared products had a unit price increase of +4% and volume of 0%, while foodservice prepared products had a unit price increase of +2% and volume growth of +11%Segment results
Fiscal year ended March 2026: Food, revenue ¥426.7 billion and operating income ¥19.9 billion; Temperature-Controlled Logistics, revenue ¥301.0 billion and operating income ¥18.6 billion; Real Estate, revenue ¥5.0 billion and operating income ¥1.9 billion; Other, revenue ¥5.3 billion and operating income ¥500 million. Year on year, operating income was down 7% in Food, up 18% in Temperature-Controlled Logistics, down 0% in Real Estate, and down 57% in OtherMedium-term management plan targets
Revised targets for the fiscal year ending December 2027: revenue ¥777.3 billion, operating income ¥45.2 billion, operating margin 5.8%, net income attributable to owners of the parent ¥32.0 billion, EPS ¥127.7, EBITDA ¥71.2 billion, ROIC of at least 8%, and ROE of at least 10%. The operating income target was revised downward by ¥10.8 billion, from the initial target of ¥56.0 billionFinancial targets
ROIC target of at least 8% (7.3% actual for the fiscal year ended March 2026), ROE target of at least 10% (10.0% actual), and a D/E ratio of approximately 0.5xRisk amount incorporated into the outlookThe amount representing the range of variation the company expects in its forecast.
The impact of higher costs for electricity, gas, packaging materials and other items is estimated at ¥6.0 billion to ¥7.0 billion. However, this has not been reflected in the current full-year earnings outlook for the fiscal year ending December 2026Market Size / Share
Described as No. 1 in Japan in refrigerated warehouse equipment capacity. Specific figures for market size and market share are Not disclosedCapital expenditures
¥615 100 million cumulative plan for the 3 years following the change to the fiscal year ending December 2026
Annual Dividend
Forecast annual dividend for the fiscal year ending December 2026: ¥47 (regular dividend ¥47, special dividend Not disclosed). An increase in dividends for the 11th consecutive fiscal year is plannedPayout ratio
Progressive dividend policy with a DOE floor of 4.0%. Payout ratio is Not disclosedAcquisition of treasury shares
Share buybacks will be conducted flexibly based on a comprehensive assessment of the financial position, free cash flow outlook and other factors. The amount, number of shares and period of the acquisition program are Not disclosed| Item | Details |
|---|---|
| Document type | Financial Results Briefing Materials |
| Fiscal Period Covered | Fiscal year ended March 2026; full-year plan for the fiscal year ending December 2026 |
| Net Sales | ¥7,161 hundred million (YoY +2.0%) |
| Operating profit | ¥390 hundred million (YoY +2.0%) |
| Ordinary income | ¥401 hundred million (YoY +1.0%) |
| Net income | ¥273 hundred million (YoY +11.0%) |
| Operating profit margin | 5.4%, 0.0 percentage points year on year |
| Results for the three months of the current quarter | In the fourth quarter, the Processed Foods business reported revenue of ¥82.9 billion and operating income of ¥4.9 billion. Other standalone consolidated figures for the fourth quarter are Not disclosed |
| Full-year earnings forecast | Fiscal year ending December 2026: revenue ¥609.4 billion, operating income ¥33.8 billion, ordinary income ¥34.7 billion, net income attributable to owners of the parent ¥25.2 billion, EPS ¥100.6, EBITDA ¥54.7 billion |
| Self-assessment against the plan | Operating income was ¥500 million below the previous forecast |
| Segment results | Fiscal year ended March 2026: Food, revenue ¥426.7 billion and operating income ¥19.9 billion; Temperature-Controlled Logistics, revenue ¥301.0 billion and operating income ¥18.6 billion; Real Estate, revenue ¥5.0 billion and operating income ¥1.9 billion; Other, revenue ¥5.3 billion and operating income ¥500 million. Year on year, operating income was down 7% in Food, up 18% in Temperature-Controlled Logistics, down 0% in Real Estate, and down 57% in Other |
| Breakdown of Factors Affecting the Change | Processed Foods operating income: revenue growth effect +¥1.6 billion, price revision effect +¥6.0 billion, productivity improvements +¥900 million, change in depreciation method +¥1.5 billion, other +¥800 million, raw material and procurement costs due to foreign exchange effects -¥2.9 billion, raw material and procurement costs excluding foreign exchange effects -¥6.1 billion, logistics costs -¥400 million, power and fuel costs -¥200 million, impact of overseas affiliates' performance -¥1.2 billion, depreciation and amortization -¥900 million |
| Key KPIs | Overseas revenue ¥173.8 billion (up 5% year on year), overseas revenue ratio 24.3%, EPS ¥109.1 (up 12%), EBITDA ¥61.1 billion (down 2%), ROIC 7.3% (down 0.1 percentage points), ROE 10.0% (up 0.4 percentage points), operating margin 5.4% (down 0.1 percentage points) |
| Unit price and quantity metrics | Breakdown of revenue growth in Processed Foods: household frozen foods, unit price +5% and volume -3%; foodservice frozen foods (prepared products), unit price +5% and volume +3%. In the previous full fiscal year, household prepared products had a unit price increase of +4% and volume of 0%, while foodservice prepared products had a unit price increase of +2% and volume growth of +11% |
| Assumptions Underlying the Business Outlook | Assumed exchange rates for the fiscal year ending December 2026: ¥157 to the US dollar, ¥184 to the euro, and ¥4.70 to the baht. The assumption for Dubai crude oil in connection with the situation in the Middle East is US$100 per barrel |
| Risk amount incorporated into the outlook | The impact of higher costs for electricity, gas, packaging materials and other items is estimated at ¥6.0 billion to ¥7.0 billion. However, this has not been reflected in the current full-year earnings outlook for the fiscal year ending December 2026 |
| Medium-term management plan targets | Revised targets for the fiscal year ending December 2027: revenue ¥777.3 billion, operating income ¥45.2 billion, operating margin 5.8%, net income attributable to owners of the parent ¥32.0 billion, EPS ¥127.7, EBITDA ¥71.2 billion, ROIC of at least 8%, and ROE of at least 10%. The operating income target was revised downward by ¥10.8 billion, from the initial target of ¥56.0 billion |
| Financial targets | ROIC target of at least 8% (7.3% actual for the fiscal year ended March 2026), ROE target of at least 10% (10.0% actual), and a D/E ratio of approximately 0.5x |
| Annual Dividend | Forecast annual dividend for the fiscal year ending December 2026: ¥47 (regular dividend ¥47, special dividend Not disclosed). An increase in dividends for the 11th consecutive fiscal year is planned |
| Payout ratio | Progressive dividend policy with a DOE floor of 4.0%. Payout ratio is Not disclosed |
| Acquisition of treasury shares | Share buybacks will be conducted flexibly based on a comprehensive assessment of the financial position, free cash flow outlook and other factors. The amount, number of shares and period of the acquisition program are Not disclosed |
| Capital expenditures | ¥615 100 million (cumulative plan for the 3 years following the change to the fiscal year ending December 2026) |
| Market Size / Share | Described as No. 1 in Japan in refrigerated warehouse equipment capacity. Specific figures for market size and market share are Not disclosed |
| New initiatives | From April 2026, the Processed Foods business and the Fisheries and Livestock businesses will be integrated into the Food business. The company will pursue new development of price-responsive products, concentration of resources in strategic categories, expansion of frozen food logistics hubs, establishment of a cross-border ASEAN network, entry into Indonesia, and overseas M&A. The new president will present responses to 5 management issues around the beginning of 2027 |
Items this document does not state (7)
Gross Profit MarginSelling, general and administrative expensesProgress against full-year forecastNumber of stores and locationsNumber of employeesOrders 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.Operating income for the fiscal year ended March 2026 was ¥500 million below the previous forecast. The main factors were higher-than-expected raw material and procurement costs in the Food business, operational disruption caused by delays in bringing a newly built warehouse in Poland online in the Temperature-Controlled Logistics business, and one-off costs related to M&A in Southeast Asia. The medium-term plan's operating income target was revised downward from ¥56.0 billion to ¥45.2 billion due to major changes in the business environment and unexpectedly higher costs in the Food business.
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