Calbee (2229) Q1 2025 earnings summary

Executive summary

• Q1 net sales rose 6.2% YoY to ¥77.7bn, with operating profit up 5.9% to ¥7.7bn and a record Q1 profit, driven by domestic and overseas growth.

• Profit attributable to owners of parent grew 13.1% YoY to ¥7.1bn, despite a 1.2% decline in ordinary profit due to lower FX gains.

• Domestic business benefited from price/content revisions and strong cereal and snack sales; overseas profit hit a quarterly record despite weak Greater China sales.

• Capex executed as planned, with Setouchi Hiroshima Factory completed and received in June.

• Comprehensive income rose 6.7% to ¥10.7bn.

Financial highlights

• Net sales reached ¥77.7bn (+6.2% YoY), operating profit ¥7.7bn (+5.9% YoY), and net profit ¥7.1bn (+13.1% YoY).

• Domestic sales rose 5.2% YoY to ¥58.1bn; overseas sales up 9.2% YoY to ¥19.6bn.

• Operating margin remained at 9.9%; domestic operating profit fell 2.8% YoY, while overseas operating profit rose 64.3% YoY.

• Gross profit increased to ¥27.0bn from ¥24.4bn YoY.

• Net profit exceeded plan by ¥2.6bn, aided by tax measures and foreign exchange gains.

Outlook and guidance

• FY2025/3 full-year forecast: net sales ¥320bn (+5.6% YoY), operating profit ¥28.9bn (+5.8% YoY), net profit ¥18bn (-9.5% YoY).

• Ordinary profit forecasted to decline 10.1% YoY; net profit expected to decrease due to lower extraordinary gains.

• Annual dividend forecast raised to ¥58.00 per share.