Financial Results Briefing Materials for the Fiscal Year Ending March 2026 | Iceco Inc. (7698) timely disclosure

Worth reading

47Recurring

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Direction

Mixed performance

Direction inferred from the company’s description.

Scale

2998

¥ million (change in revenue for the fiscal year ended March 2026)

Wording

Conditional

How definitive the wording is.

Contents of this document

Presentation materials for financial resultsFiscal year ended March 2026 (earnings forecast for the fiscal year ending March 2027)13 items taken from the company’s own explanation

Financial Results Figures (The key points of this material are explained below)

Net Sales¥57,716 million+5.5%

Operating profit¥782 million+24.6%

Ordinary income¥791 million+14.4%

Net income¥374 million-22.1%

Gross Profit Margin17.3%

Operating profit margin1.4%

Selling, general and administrative expenses¥9,209 million

Full-year earnings forecast

Net Sales

¥62,500 million

Operating profit

¥724 million

Ordinary income

¥737 million

Net income for the current fiscal year

¥488 million

What the company explained in this material

Key points of the Q&AKey questions raised by investors at the briefing and the company's answers

Background to higher revenue and lower income for the fiscal year ending March 2027: expanded supply and contributions from new stores will drive revenue growth, while the logistics center start-up, fuel costs and investment in human resources will weigh on earnings.
Timing of the start-up of the Kanto Mother Logistics Center: scheduled for December 2026 as originally planned. Satellite facilities will be expanded in stages.
Opening of the 荏子田店 store: rescheduled to around September 2026 due to delays in procuring materials.
Passing on higher costs: prices will be revised in stages in response to increases in procurement prices, personnel expenses, fuel costs and electricity charges.
Shareholder benefits: enhancements to the benefits program and incentives for long-term shareholders are under consideration, taking into account the overall balance and sustainability of shareholder returns.

Breakdown of Factors Affecting the ChangeReasons cited by the Company for the change in the figures.

Increase in gross profit
Improved logistics efficiency in the Frozen business
Increase in personnel expenses and other costs
Increase in other expenses
Impairment losses on unprofitable stores¥217 million

Assumptions Underlying the Business OutlookThe assumptions used by the company in preparing its forecast.

Higher fuel costs due to surging crude oil prices; higher depreciation expenses and logistics costs associated with the start-up of the Kanto Mother Logistics Center and fleet expansion; and increased investment in human resources. Numerical assumptions: Not disclosed

New initiatives

Construction of the Kanto Mother Logistics Center and introduction of a high-rise automated warehouse
Development of satellite facilities
Opening of the new スーパー生鮮館TAIGA荏子田店 store
Expansion and monetization of FROZEN JOE’S across multiple locations
Full-scale launch of overseas business expansion
Improved logistics efficiency, optimization of procurement terms and phased price revisions

Key KPIsA metric the company considers important as a management benchmark.

PBR2.3 times
Year on year against the same period last yearUp from 1.8x at the previous fiscal year-end
ROE9 %
ROA1.8 %
Net profit margin0.6 %
Total asset turnover2.8 times
Financial Leverage5.1 times
PER25.7 times
Shareholders11,344 People
Year on year against the same period last yearApproximately 8x, up from 1,365 shareholders

Segment results

Frozen Foods Business
Net Sales¥50,876 million (YoY +6.1%)
Segment profit¥699 million (YoY +26.2%)
Supermarket business
Segment profit¥82 million

Medium-term management plan targets

2030 numerical targets

Net Sales¥100 billion

Operating profit¥2.5 billion

Operating profit margin2.5%

Second Medium-Term Management Plan

Net Sales¥60 billion

Operating profit¥1 billion

Payout ratio30.0%

Comparison with actual resultsFiscal 2026 actual revenue: ¥57.7 billion; operating income: ¥780 million; latest forecast revenue: ¥62.6 billion; operating income: ¥720 million

Financial targets

P/B ratio targetAt least 1.0x

Actual results

PBR2.3x

ROE9.0%

ROA1.8%

Equity ratio19.8%

Number of stores and locations

Number at period-end15 logistics facilities at fiscal year-end

Number of employees

Number of Employees868 employees (plus 333 temporary employees)

Changes during the period and hiring plan754 FZ employees (as of 31 March 2026); changes and hiring plans: Not disclosed

Capital expenditures

¥42 100 million total investment in the Kanto Mother Logistics Center

Annual Dividend

Fiscal year ending March 2026

Interim¥10 per share

End of period¥10 per share

Annual¥20/share

Forecast for the fiscal year ending March 2027

Interim¥11 per share

End of period¥10 per share

Annual¥21 per share

Payout ratio

Second medium-term management plan targets30.0%

Latest fiscal 2026 forecast16.10%

Total shareholder return basis32.5%

Contents of this document
Item	Details
Document type	Presentation materials for financial results
Fiscal Period Covered	Fiscal year ended March 2026 (earnings forecast for the fiscal year ending March 2027)
Net Sales	¥57,716 million (YoY +5.5%)
Operating profit	¥782 million (YoY +24.6%)
Ordinary income	¥791 million (YoY +14.4%)
Net income	¥374 million (YoY -22.1%)
Gross Profit Margin	17.3%
Operating profit margin	1.4%
Selling, general and administrative expenses	¥9,209 million
Full-year earnings forecast	Net Sales ¥62,500 million / Operating profit ¥724 million / Ordinary income ¥737 million / Net income for the current fiscal year ¥488 million
Segment results	Segment Frozen Foods Business / Net Sales ¥50,876 million (YoY +6.1%) / Segment profit ¥699 million (YoY +26.2%), Segment Supermarket business / Net Sales Not disclosed / Segment profit ¥82 million
Breakdown of Factors Affecting the Change	Item Increase in gross profit / Amount Not disclosed, Item Improved logistics efficiency in the Frozen business / Amount Not disclosed, Item Increase in personnel expenses and other costs / Amount Not disclosed, Item Increase in other expenses / Amount Not disclosed, Item Impairment losses on unprofitable stores / Amount ¥217 million
Key KPIs	Indicator name PBR / Value 2.3 times / Year on year against the same period last year Up from 1.8x at the previous fiscal year-end, Indicator name ROE / Value 9 % / Year on year against the same period last year Not disclosed, Indicator name ROA / Value 1.8 % / Year on year against the same period last year Not disclosed, Indicator name Net profit margin / Value 0.6 % / Year on year against the same period last year Not disclosed, Indicator name Total asset turnover / Value 2.8 times / Year on year against the same period last year Not disclosed, Indicator name Financial Leverage / Value 5.1 times / Year on year against the same period last year Not disclosed, Indicator name PER / Value 25.7 times / Year on year against the same period last year Not disclosed, Indicator name Shareholders / Value 11,344 People / Year on year against the same period last year Approximately 8x, up from 1,365 shareholders
Number of stores and locations	Number at period-end 15 logistics facilities at fiscal year-end / Number of store openings and closures during the period Not disclosed
Number of employees	Number of Employees 868 employees (plus 333 temporary employees) / Changes during the period and hiring plan 754 FZ employees (as of 31 March 2026); changes and hiring plans: Not disclosed
Assumptions Underlying the Business Outlook	Higher fuel costs due to surging crude oil prices; higher depreciation expenses and logistics costs associated with the start-up of the Kanto Mother Logistics Center and fleet expansion; and increased investment in human resources. Numerical assumptions: Not disclosed
Medium-term management plan targets	2030 numerical targets Net Sales ¥100 billion / Operating profit ¥2.5 billion / Operating profit margin 2.5% / Second Medium-Term Management Plan Net Sales ¥60 billion / Operating profit ¥1 billion / Payout ratio 30.0% / Comparison with actual results Fiscal 2026 actual revenue: ¥57.7 billion; operating income: ¥780 million; latest forecast revenue: ¥62.6 billion; operating income: ¥720 million
Financial targets	P/B ratio target At least 1.0x / Actual results PBR 2.3x / ROE 9.0% / ROA 1.8% / Equity ratio 19.8%
Annual Dividend	Fiscal year ending March 2026 Interim ¥10 per share / End of period ¥10 per share / Annual ¥20/share / Forecast for the fiscal year ending March 2027 Interim ¥11 per share / End of period ¥10 per share / Annual ¥21 per share
Payout ratio	Second medium-term management plan targets 30.0% / Latest fiscal 2026 forecast 16.10% / Total shareholder return basis 32.5%
Capital expenditures	¥42 100 million (total investment in the Kanto Mother Logistics Center)
Key points of the Q&A	Background to higher revenue and lower income for the fiscal year ending March 2027: expanded supply and contributions from new stores will drive revenue growth, while the logistics center start-up, fuel costs and investment in human resources will weigh on earnings., Timing of the start-up of the Kanto Mother Logistics Center: scheduled for December 2026 as originally planned. Satellite facilities will be expanded in stages., Opening of the 荏子田店 store: rescheduled to around September 2026 due to delays in procuring materials., Passing on higher costs: prices will be revised in stages in response to increases in procurement prices, personnel expenses, fuel costs and electricity charges., Shareholder benefits: enhancements to the benefits program and incentives for long-term shareholders are under consideration, taking into account the overall balance and sustainability of shareholder returns.
New initiatives	Construction of the Kanto Mother Logistics Center and introduction of a high-rise automated warehouse, Development of satellite facilities, Opening of the new スーパー生鮮館TAIGA荏子田店 store, Expansion and monetization of FROZEN JOE’S across multiple locations, Full-scale launch of overseas business expansion, Improved logistics efficiency, optimization of procurement terms and phased price revisions

Items this document does not state (8)

Results for the three months of the current quarterProgress against full-year forecastSelf-assessment against the planUnit price and quantity metricsRisk amount incorporated into the outlookAcquisition of treasury sharesOrders received and order backlogMarket Size / Share

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.

For the fiscal year ended March 2026, revenue increased due to expanded business with major customers, while operating income rose on improved delivery efficiency and continued profitability in the supermarket business. Impairment losses on unprofitable stores were a factor in the decline in net income. For the fiscal year ending March 2027, revenue is expected to increase due to expanded supply to drugstores, the acquisition of new customers and contributions from new stores. Income is nevertheless expected to decline because of depreciation expenses associated with the start-up of the Kanto Mother Logistics Center, fleet expansion, higher fuel costs and investment in human resources.

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