Nissui (1332) Q2 2026 earnings summary

Executive summary

• Net sales for the six months ended September 30, 2025, rose 2.8% year-over-year to ¥452.9 billion, with operating profit up 14.6% to ¥19.7 billion and profit attributable to owners of parent up 13.7% to ¥14.2 billion.

• Profit growth exceeded 10% at all levels, driven by improvements in aquaculture, North American seafood processing, and strong domestic chilled foods performance.

• Growth offset higher raw material costs and delayed recovery in domestic seafood trading.

• The Medium Term Management Plan focuses on international business growth, aquaculture advancement, and turnaround of unprofitable operations.

• Interim dividend increased by 2 yen to 14 yen.

Financial highlights

• Ordinary profit increased 11.2% year-over-year to ¥21.2 billion.

• Gross profit improved by ¥3.6 billion year-over-year.

• Comprehensive income dropped 67.5% year-over-year to ¥9.4 billion, mainly due to negative foreign currency translation adjustments.

• Basic earnings per share for the period was ¥46.56, up from ¥40.46 a year earlier.

• Total assets increased 3.5% from March 31, 2025, to ¥657.0 billion, while net assets decreased 0.8% to ¥283.7 billion.

Outlook and guidance

• FY2025 annual plan remains unchanged, targeting ¥900 billion in net sales and ¥34.5 billion in operating profit.

• Progress rates for net sales and operating profit at 50.3% and 57.4%, respectively, at the interim stage.

• Full-year profit attributable to owners of parent forecast at ¥25 billion (down 1.5% year-over-year).

• Annual dividend forecast is ¥28.00 per share, unchanged from the previous year.

• Continued focus on aquaculture expansion, plant operations, and pharmaceutical raw material sales.