Fuji Oil Holdings reported at its FY2026 Q2 earnings briefing that rising cocoa prices had driven increased demand for CBE, resulting in record-high business profit of ¥36 billion in FY2025. It also indicated a policy of considering additional returns, including a dividend increase, in FY2026.
Fuji Oil Holdings held a briefing for individual investors on 16 September and announced that business profit reached ¥36 billion in FY2025, significantly exceeding the previous record of ¥23.6 billion set in FY2019. CFO Maeda (前田) explained that the growth resulted from the combined impact of the company’s technological capabilities and changes in market conditions.
The main driver of the strong performance was growing demand for CBE, a vegetable-based fat, as soaring cocoa bean prices accelerated substitution demand from chocolate manufacturers. CBE sales volume was approximately 1.3x FY2023, and the vegetable-based fats business posted business profit of ¥33.4 billion.
Blommer incurred losses in FY2024–25 due to the impact of cocoa price fluctuations, weighing on the profitability of its industrial chocolate business, but Maeda (前田) expressed the expectation that, having reached a turning point, it would become a driver of group growth going forward. In FY2027, the company plans to increase compound product sales volume to 1.5x FY2024 and bring new facilities on stream in North America, Europe and Australia.
Regarding progress under its medium-term management plan and its investment policy, the company is targeting business profit of ¥36 billion → approximately ¥37.5 billion → ¥45 billion for FY2025–FY2027, ROE of 5.0% → 7.9% → 10.0% or higher, and FUJI ROIC of 5.1% → 5.1% → 6.0% or higher. The company plans to pay a dividend of ¥62 per share in FY2026 (interim ¥31, year-end ¥31), while indicating that the payout ratio could fall below 30% and that it would consider additional returns.