Worth reading
68In 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
3393
¥ million (year-on-year increase in consolidated net sales)Wording
Conditional
How definitive the wording is.Contents of this document
Supplementary materials to the earnings reportThird quarter of the fiscal year ending June 202613 items taken from the company’s own explanation
Financial Results Figures (The key points of this material are explained below)
Net Sales¥28,722 million+13.4%
Operating profit¥2,851 million+27.7%
Ordinary income¥3,101 million+45.9%
Net income¥2,111 million +32.9%net income attributable to owners of the parent
Full-year earnings forecast
Net Sales
¥39,035 million
Operating profit
¥3,813 million
Ordinary income
¥3,594 million
Profit attributable to owners of the parent
¥2,577 million
Earnings per share
¥52.37
Progress against full-year forecast 通期の予想に対して、いまどこまで進んだかの割合です。
Overseas wholesale business net sales84.9%
What the company explained in this material
Self-assessment against the planThe company's self-assessment against its own plan.
The overseas wholesale business is progressing smoothly, ahead of plan. Domestic aquaculture volume may finish below plan.Breakdown of Factors Affecting the ChangeReasons cited by the Company for the change in the figures.
Consolidated revenue
Foreign currency translation impact1,052
Other2,341
Consolidated operating profit
Foreign currency translation impact92
Increase in sales687
Higher gross margin526
Increase in SG&A expenses-673
Aquaculture business profit
Increase in gross profit (domestic)52
Increase in SG&A expenses (domestic)-62
Decrease in operating profit (overseas)-242
Foreign Exchange Effects50
Domestic processing business profit
Increase in sales371
Higher gross margin595
Decrease in selling, general and administrative expenses35
Overseas processing business profit
Increase in sales70
Decline in gross margin-185
Increase in SG&A expenses-71
Foreign currency translation impact1
Impact of changes to subsidiary segment classification-39
Overseas wholesale business profit
Increase in sales293
Higher gross margin69
Increase in SG&A expenses-147
Foreign currency translation impact41
Impact of changes to subsidiary segment classification15
Assumptions Underlying the Business OutlookThe assumptions used by the company in preparing its forecast.
- 2026 domestic aquaculture volume plan of 4,300 tonnes, up 824 tonnes year on year
- The full-year plan assumes domestic aquaculture volume will increase by 800 tonnes and overseas aquaculture volume by 600 tonnes from the current fiscal year.
- The assumed selling price for overseas aquaculture is set below the current fiscal year's actual level, reflecting a benchmark for salmon prices.
- The expansion trend in the Asian Japanese-food market is expected to continue.
New initiatives
- Plan to establish a jointly funded company with Yakumo Town, Hokkaido, and the Hiyama Fisheries Cooperative in May 2026
- Begin seedling production at the Akedogawa Salmon and Trout Hatchery in Iwate Prefecture
- Complete a larger new barge in summer 2026 and begin operations toward the end of the year
- Establish the first overseas wholesale base in Europe in the Netherlands
- Plan to begin a pilot salmon-trout aquaculture business in Latvia
Key KPIsA metric the company considers important as a management benchmark.
- Domestic aquaculture volume4,300 Tonnes 2026 planYear on year against the same period last yearUp 824 tonnes year on year
- Overseas wholesale business net sales¥11,006 millionYear on year against the same period last year+27.5%
- Number of regions in which the overseas wholesale business operates7 Region
- Estimated number of Japanese restaurants in Asia11.2 10,000 restaurants 2025
- Seedling production at the 下安家 Salmon and Trout Hatchery85 tonnes
Unit price and quantity metricsThese figures show sales broken down by price and volume.
- Domestic aquaculture volume (4,300-tonne plan)
- Selling prices and sales volume for ikura and sujiko products
- Sales volume and prices for roe from overseas aquaculture
Segment results
Aquaculture
Net Sales
¥5,604 million
Revenue_yoy_pct6.5
Segment profit
¥539 million
Profit_yoy_pct-27.3
Domestic processing
Net Sales
¥9,311 million
Revenue_yoy_pct26.6
Segment profit
¥1,955 million
Profit_yoy_pct105.1
Overseas processing
Net Sales
¥11,100 million
Revenue_yoy_pct5.8
Segment profit
¥546 million
Profit_yoy_pct-29
Overseas wholesale
Net Sales
¥11,006 million
Revenue_yoy_pct27.5
Segment profit
¥726 million
Profit_yoy_pct60
Medium-term management plan targets
泊川 Intermediate Aquaculture FarmExpected production of mature fish of approximately 1,000 tonnes; expected contribution to landings in the fiscal year ending June 2027
Second 今別 Intermediate Aquaculture FarmExpected production of mature fish of approximately 1,000 tonnes; expected contribution to landings in the fiscal year ending June 2028
Latvia aquaculture businessEstablishment of an aquaculture value chain with a scale of 10,000 tonnes between 2036 and 2041 (tentative target)
Market Size / Share
Estimated number of Japanese restaurants in Asia112,000 restaurants (2025)
Total number of Japanese restaurants in countries where the company operatesApproximately 20,000 restaurants, growth rate of +4%
Number of stores and locations
The overseas wholesale business operates in 7 regions. A base was newly established in the Netherlands during the period, offices were relocated in Hong Kong and Thailand, and a production facility began operating in Taiwan. Number of stores: not disclosed.Number of employees
The company referred to higher personnel expenses resulting from an increase in headcount, but the number of employees was not disclosed.Annual Dividend
Fiscal year ending June 2026
Annual¥8 per share
Interim¥4 per share
End of period¥4 per share
Payout ratio
Not disclosed. The policy is to pursue continuous dividend increases, targeting a dividend-on-equity ratio of at least 2%.| Item | Details |
|---|---|
| Document type | Supplementary materials to the earnings report |
| Fiscal Period Covered | Third quarter of the fiscal year ending June 2026 |
| Net Sales | ¥28,722 million (YoY +13.4%) |
| Operating profit | ¥2,851 million (YoY +27.7%) |
| Ordinary income | ¥3,101 million (YoY +45.9%) |
| Net income | ¥2,111 million (net income attributable to owners of the parent) (YoY +32.9%) |
| Full-year earnings forecast | Net Sales ¥39,035 million / Operating profit ¥3,813 million / Ordinary income ¥3,594 million / Profit attributable to owners of the parent ¥2,577 million / Earnings per share ¥52.37 |
| Progress against full-year forecast | Overseas wholesale business net sales 84.9% |
| Self-assessment against the plan | The overseas wholesale business is progressing smoothly, ahead of plan. Domestic aquaculture volume may finish below plan. |
| Segment results | Aquaculture Net Sales ¥5,604 million / Revenue_yoy_pct 6.5 / Segment profit ¥539 million / Profit_yoy_pct -27.3 / Domestic processing Net Sales ¥9,311 million / Revenue_yoy_pct 26.6 / Segment profit ¥1,955 million / Profit_yoy_pct 105.1 / Overseas processing Net Sales ¥11,100 million / Revenue_yoy_pct 5.8 / Segment profit ¥546 million / Profit_yoy_pct -29 / Overseas wholesale Net Sales ¥11,006 million / Revenue_yoy_pct 27.5 / Segment profit ¥726 million / Profit_yoy_pct 60 |
| Breakdown of Factors Affecting the Change | Consolidated revenue Foreign currency translation impact 1,052 / Other 2,341 / Consolidated operating profit Foreign currency translation impact 92 / Increase in sales 687 / Higher gross margin 526 / Increase in SG&A expenses -673 / Aquaculture business profit Increase in gross profit (domestic) 52 / Increase in SG&A expenses (domestic) -62 / Decrease in operating profit (overseas) -242 / Foreign Exchange Effects 50 / Domestic processing business profit Increase in sales 371 / Higher gross margin 595 / Decrease in selling, general and administrative expenses 35 / Overseas processing business profit Increase in sales 70 / Decline in gross margin -185 / Increase in SG&A expenses -71 / Foreign currency translation impact 1 / Impact of changes to subsidiary segment classification -39 / Overseas wholesale business profit Increase in sales 293 / Higher gross margin 69 / Increase in SG&A expenses -147 / Foreign currency translation impact 41 / Impact of changes to subsidiary segment classification 15 |
| Key KPIs | Indicator name Domestic aquaculture volume / Value 4,300 Tonnes (2026 plan) / Year on year against the same period last year Up 824 tonnes year on year, Indicator name Overseas wholesale business net sales / Value ¥11,006 million / Year on year against the same period last year ¥27.5 million, Indicator name Number of regions in which the overseas wholesale business operates / Value 7 Region / Year on year against the same period last year Not disclosed, Indicator name Estimated number of Japanese restaurants in Asia / Value 11.2 10,000 restaurants (2025) / Year on year against the same period last year Not disclosed, Indicator name Seedling production at the 下安家 Salmon and Trout Hatchery / Value 85 tonnes / Year on year against the same period last year Not disclosed |
| Unit price and quantity metrics | Domestic aquaculture volume (4,300-tonne plan), Selling prices and sales volume for ikura and sujiko products, Sales volume and prices for roe from overseas aquaculture |
| Number of stores and locations | The overseas wholesale business operates in 7 regions. A base was newly established in the Netherlands during the period, offices were relocated in Hong Kong and Thailand, and a production facility began operating in Taiwan. Number of stores: not disclosed. |
| Number of employees | The company referred to higher personnel expenses resulting from an increase in headcount, but the number of employees was not disclosed. |
| Assumptions Underlying the Business Outlook | 2026 domestic aquaculture volume plan of 4,300 tonnes, up 824 tonnes year on year, The full-year plan assumes domestic aquaculture volume will increase by 800 tonnes and overseas aquaculture volume by 600 tonnes from the current fiscal year., The assumed selling price for overseas aquaculture is set below the current fiscal year's actual level, reflecting a benchmark for salmon prices., The expansion trend in the Asian Japanese-food market is expected to continue. |
| Medium-term management plan targets | 泊川 Intermediate Aquaculture Farm Expected production of mature fish of approximately 1,000 tonnes; expected contribution to landings in the fiscal year ending June 2027 / Second 今別 Intermediate Aquaculture Farm Expected production of mature fish of approximately 1,000 tonnes; expected contribution to landings in the fiscal year ending June 2028 / Latvia aquaculture business Establishment of an aquaculture value chain with a scale of 10,000 tonnes between 2036 and 2041 (tentative target) |
| Annual Dividend | Fiscal year ending June 2026 Annual ¥8 per share / Interim ¥4 per share / End of period ¥4 per share |
| Payout ratio | Not disclosed. The policy is to pursue continuous dividend increases, targeting a dividend-on-equity ratio of at least 2%. |
| Market Size / Share | Estimated number of Japanese restaurants in Asia 112,000 restaurants (2025) / Total number of Japanese restaurants in countries where the company operates Approximately 20,000 restaurants, growth rate of +4% |
| New initiatives | Plan to establish a jointly funded company with Yakumo Town, Hokkaido, and the Hiyama Fisheries Cooperative in May 2026, Begin seedling production at the Akedogawa Salmon and Trout Hatchery in Iwate Prefecture, Complete a larger new barge in summer 2026 and begin operations toward the end of the year, Establish the first overseas wholesale base in Europe in the Netherlands, Plan to begin a pilot salmon-trout aquaculture business in Latvia |
Items this document does not state (10)
Gross Profit MarginOperating profit marginSelling, general and administrative expensesResults for the three months of the current quarterRisk amount incorporated into the outlookFinancial targetsAcquisition of treasury sharesCapital expendituresOrders 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.Net sales increased because sales prices for roe products in the domestic processing business remained above assumptions, while the overseas wholesale business continued to trend toward higher revenue. The increase in profit from higher sales absorbed increases in SG&A expenses, including personnel expenses associated with an increase in headcount and storage fees related to higher product inventories, resulting in higher operating profit. Ordinary profit improved as foreign exchange gains and losses on foreign-currency-denominated receivables improved from the year-earlier period.
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