Maruha Nichiro (1333) Q1 2025 earnings summary

Executive summary

• Net sales rose 2.4% year-over-year to 256.9 billion JPY, driven by strong Marine Resources and Processed Foods segments.

• Operating income remained nearly flat at 7.7 billion JPY, with segmental gains offset by cost pressures.

• Ordinary income declined 12% year-over-year to 9.9 billion JPY.

• Profit attributable to owners of parent decreased 1.7% year-over-year to 6.5 billion JPY.

• Comprehensive income increased 45.3% year-over-year to 14.7 billion JPY.

Financial highlights

• EBITDA increased 4.8% year-over-year to 13.3 billion JPY.

• Gross profit improved to 35.7 billion JPY from 34.1 billion JPY year-over-year.

• Overseas net sales grew 12% year-over-year, with the overseas sales ratio rising to 23.5%.

• Profit per share for Q1 FY2025 was 129.86 JPY, compared to 131.87 JPY in Q1 FY2024.

• Total assets at the end of Q1 FY2025 were 708.2 billion JPY, up from 671.8 billion JPY at the end of FY2024.

Outlook and guidance

• Full-year profit forecast raised to 22.0 billion JPY due to extraordinary income from cross-shareholding sales.

• Full-year net sales forecast for FY2025 is 1,050.0 billion JPY, up 1.9% year-over-year.

• Operating income is projected at 30.0 billion JPY (up 13.1%), ordinary income at 32.0 billion JPY (up 2.9%).

• Annual dividend per share is estimated at 100 JPY, up from 85 JPY in the previous year, aiming for a payout ratio of 30% or more.

• Marine Resources segment to focus on cost reduction and productivity improvements amid high input costs.