Calbee (2229) Q3 2025 earnings summary

Executive summary

• Net sales and operating profit reached new records for both the quarter and nine-month period, with net sales up ¥6.4bn and operating profit up ¥0.1bn for Q3; cumulative net sales rose ¥16.4bn and operating profit ¥1.5bn year-over-year.

• Domestic net sales surpassed last year's record, driven by growth in snacks and cereals through effective marketing and sales activities.

• Overseas, cumulative net sales and profit increased, but quarterly profit fell short of the revised forecast due to lower profit in the UK and Indonesia.

• Setouchi Hiroshima Factory began operations in January, and collaboration with Shiretoko Shari Agricultural Cooperative aims to secure stable domestic potato procurement.

Financial highlights

• Q3 net sales: ¥86.7bn (+8.0% YoY), operating profit: ¥10.3bn (+1.2% YoY), net profit: ¥7.7bn (+22.5% YoY).

• Nine-month net sales: ¥243.8bn (+7.2% YoY), operating profit: ¥25.2bn (+6.5% YoY), net profit: ¥18.4bn (+6.9% YoY).

• Gross margin for Q3: 35.9%; operating margin: 11.9%.

• Net profit growth benefited from forex gains due to yen depreciation.

Outlook and guidance

• Aiming to achieve the revised full-year plan by focusing on domestic sales growth.

• Continued marketing investment is planned to support sales growth in the next fiscal year.