Calbee (2229) Q2 2025 earnings summary

Executive summary

• Net sales and operating profit reached record highs in H1, driven by strong domestic and overseas performance, especially in Indonesia.

• H1 net sales were ¥157.1bn (+6.8% YoY), operating profit ¥14.9bn (+10.5% YoY), both above plan.

• Profit attributable to owners declined 2.1% to ¥10.6bn, mainly due to lower FX gains.

• Full-year forecasts were revised upward: net sales ¥323.0bn, operating profit ¥29.5bn, net profit ¥19.5bn.

• Domestic sales benefited from price/content revisions and strong snack and cereal demand; overseas sales grew in Europe/Americas and Indonesia but fell in Greater China.

Financial highlights

• H1 net sales: ¥157.1bn (+6.8% YoY), operating profit: ¥14.9bn (+10.5% YoY), net profit: ¥10.6bn (−2.1% YoY, impacted by forex).

• Gross profit margin for H1: 34.3% (+11.4% YoY); gross profit rose to ¥53.9bn.

• Ordinary profit decreased 11.0% to ¥14.8bn due to reduced FX gains.

• EPS for the period was ¥85.13, down from ¥86.97 a year earlier.

• Cash and cash equivalents increased by ¥9.0bn to ¥46.7bn.

Outlook and guidance

• Full-year net sales forecast revised to ¥323.0bn (+6.6% YoY), operating profit to ¥29.5bn (+8.0%), net profit to ¥19.5bn (−1.9%).

• Operating margin expected at 9.1% for FY2025/3.

• Organic growth rate guidance: +7% for net sales, +8% for operating profit.

• ROE forecast at 9.8% for FY2025/3.

• Dividend forecast maintained at ¥58.00 per share for the year.