Nissui (1332) Q3 2026 earnings summary

Executive summary

• Net sales for the nine months ended December 31, 2025, rose 4.0% year-over-year to ¥689.7B, with operating profit up 26.5% to ¥31.4B and profit attributable to owners of parent up 14.1% to ¥22.3B, outpacing initial plans due to strong aquaculture and North American processing, and robust domestic chilled products.

• All major business segments, including Marine Products, Food Products, and Fine Chemicals, reported year-over-year sales growth, with notable profit improvements in Marine Products and Chilled Foods.

• Extraordinary losses included impairment charges in South American fishery and General Distribution, but overall earnings were unaffected due to ongoing sales of cross-shareholdings.

Financial highlights

• Net sales for 3Q FY2025 reached ¥689.7B, up 4.0% year-over-year; operating profit was ¥31.4B, up 26.5%; ordinary profit was ¥33.7B, up 21.1%; profit attributable to owners of parent was ¥22.3B, up 14.1%.

• Gross profit increased by ¥8.6B to ¥113.9B; operating profit margin improved to 4.6%.

• Basic earnings per share for the nine months was ¥73.08, up from ¥62.99 in the prior year.

• Total assets increased by ¥51.9B to ¥686.8B, and net assets rose by ¥8.0B to ¥293.9B compared to March 31, 2025.

• Cash and cash equivalents at term-end rose to ¥25.5B.

Outlook and guidance

• Full-year forecast revised upward to record-high profit: net sales ¥928.0B (+4.7% YoY), operating profit ¥38.0B (+19.6%), ordinary profit ¥41.0B (+16.1%), profit attributable to owners of parent ¥27.5B (+8.3%).

• Year-end dividend increased by ¥4 to ¥18 per share, for a total annual dividend of ¥32 per share.

• Q4 earnings expected to be stable, with some negative impact from South American aquaculture stock assessment and higher overseas raw material costs, offset by domestic trading and fine chemicals.