Nissui (1332) Q3 2025 earnings summary

Executive summary

• Net sales rose 6.1% year-over-year to 663.3 billion JPY, driven by strong food products and favorable exchange rates, while operating profit declined 5.7% due to marine segment challenges.

• Ordinary profit increased 0.5% to 27.9 billion JPY; profit attributable to owners fell 3.5% to 19.5 billion JPY.

• Comprehensive income dropped 39.8% year-over-year to 22.2 billion JPY.

• Overseas food business contributed positively, but marine products faced adverse weather, high feed costs, and weak tuna and whitefish markets.

Financial highlights

• Net sales: 663.3 billion JPY (+6.1% YoY); operating profit: 24.8 billion JPY (−5.7% YoY); ordinary profit: 27.9 billion JPY (+0.5% YoY); profit attributable to owners: 19.5 billion JPY (−3.5% YoY).

• Gross profit increased by 7.1 billion JPY to 105.3 billion JPY; SGA expenses rose by 8.5 billion JPY.

• Total assets grew to 635.7 billion JPY, with equity ratio stable at 41.2%.

• Basic earnings per share for nine months was 62.99 JPY, down from 65.22 JPY YoY.

• Operating cash flow declined by 3.8 billion JPY YoY due to higher tax payments; cash and equivalents at term-end increased to 22.1 billion JPY.

Outlook and guidance

• FY2024 annual plan revised: net sales to 880.0 billion JPY (+0.6% from initial), operating profit unchanged at 32.5 billion JPY, ordinary profit at 35.0 billion JPY, profit attributable to owners at 24.0 billion JPY.

• Year-end dividend raised by 4 JPY to 28 JPY per share.

• Basic EPS projected at 77.21 JPY for the full year.

• Confidence in achieving record-high mid-term plan targets, with food products expected to offset marine segment challenges.