Fuji Oil Holdings (2607) Q4 2025 earnings summary

Executive summary

• Net sales rose 19.0% year-over-year to ¥671.2B, driven by higher sales prices, strong CBE demand, and yen depreciation.

• Operating profit fell 45.7% to ¥9.9B, mainly due to cocoa market turbulence and special factors at Blommer.

• Profit attributable to owners of parent dropped 65.8% to ¥2.2B, impacted by lower operating profit and higher interest expenses.

• Transitioned to a business holding company structure to enhance governance and accelerate strategy execution.

• The final year of "Reborn 2024" saw policy progress but missed financial KPIs due to external shocks, especially cocoa price spikes.

Financial highlights

• FY2024 net sales: ¥671.2B (+19.0% YoY); operating profit: ¥9.9B (–45.7% YoY); net income: ¥2.2B (–65.8% YoY).

• Substantive operating profit excluding cocoa special factors was ¥40.4B, up ¥22.2B year-over-year.

• Operating margin declined to 1.5% from 3.2% year-over-year.

• Cash and cash equivalents at year-end: ¥69.8B, up ¥42.4B YoY.

• Equity ratio decreased to 35.3% from 49.4% YoY; net assets per share fell to ¥2,448.40.

Outlook and guidance

• FY2025 forecast: net sales ¥800.0B, business profit (IFRS) ¥29.5B, profit attributable to owners of parent ¥16.5B.

• Profit recovery expected as cocoa-related losses at Blommer subside and procurement stabilizes.

• Dividend forecast maintained at ¥52 per share.