Calbee (2229) Q4 2025 earnings summary

Executive summary

• Achieved record net sales of ¥322.6bn (+6.4% YoY) and operating profit of ¥29.1bn (+6.5% YoY) for FY2025/3, with profit attributable to owners at ¥20.9bn (+5.0% YoY).

• Comprehensive income declined 21.9% to ¥20.6bn due to negative foreign currency translation adjustments.

• FY2026/3 aims for continued sales and profit growth, introducing EBITDA as a key metric (+8% forecasted growth).

• Final year of Change 2025 strategy focuses on structural reform, business restructuring, and sustainability initiatives.

• New factory operations and entry into frozen food agribusiness advanced.

Financial highlights

• FY2025/3 net sales: ¥322.6bn (+¥19.5bn YoY), operating profit: ¥29.1bn (+¥1.8bn YoY), net profit: ¥20.9bn (+¥1.0bn YoY).

• Total assets increased to ¥319.2bn (+¥27.0bn YoY), net assets at ¥215.1bn, equity ratio 64.3%.

• Operating margin steady at 9.0%; EBITDA: ¥43.5bn (+8.5% YoY).

• Dividend per share for FY2025/3: ¥58 (+¥2 YoY), payout ratio 34.7%; FY2026/3 forecast: ¥60, payout ratio 36.6%.

• Cash and cash equivalents at year-end were ¥51.0bn, up ¥13.3bn; operating cash flow ¥39.1bn.

Outlook and guidance

• FY2026/3 targets net sales of ¥345.0bn (+7.0% YoY), operating profit of ¥29.8bn (+2.5% YoY), and EBITDA of ¥47.0bn (+8.0% YoY).

• Net profit forecasted at ¥20.5bn (-1.8% YoY) due to higher costs.

• Domestic sales expected to rise 4.9% YoY; overseas sales to grow 13.4% YoY.

• Overseas operating profit projected to increase 80.9% YoY, driven by North America and Asia/Oceania.

• Focus on price/content revisions, brand strategy, supply chain optimization, and overseas expansion.