Nissui (1332) Q4 2025 earnings summary

Executive summary

• FY2024 achieved record highs in net sales (886.1 billion yen, up 6.6%), operating profit (31.7 billion yen, up 7.1%), ordinary profit (35.3 billion yen, up 10.4%), and net profit (25.3 billion yen, up 6.4%), with ROIC improving to 6.1%. Year-end dividend increased for the sixth year to 16 yen, totaling 28 yen annually.

• Strong performance in international trading, food, and fine chemicals; North American processing and aquaculture faced challenges.

• Domestic food business impacted by high rice prices; general distribution improved profitability.

Financial highlights

• Net sales rose 6.6% year-over-year to 886.1 billion yen; operating profit increased 7.1% to 31.7 billion yen; ordinary profit up 10.4% to 35.3 billion yen; profit attributable to owners of parent grew 6.4% to 25.3 billion yen; gross profit increased by 13.6 billion yen.

• Free cash flow remained at 10 billion yen despite higher tax payments; cash and cash equivalents at year-end were 18.6 billion yen.

• Total assets increased by 28.4 billion yen to 634.9 billion yen, with equity ratio improving from 41.1% to 43.6%.

• Basic earnings per share increased to 81.66 yen from 76.67 yen year-over-year.

• Cash flows from operating activities decreased to 40.4 billion yen; investing activities used 30.4 billion yen; financing activities used 11.5 billion yen.

Outlook and guidance

• FY2025/2026 targets net sales of 900 billion yen (+1.6%), operating profit of 34.5 billion yen (+8.6%), ordinary profit of 35.5 billion yen (+0.6%), and net income of 25 billion yen; dividend forecast remains at 28 yen.

• Shareholder returns to be enhanced with a share repurchase (up to 11 million shares, ~8.5 billion yen), aiming for a total return ratio of ~68%.

• Management highlights ongoing global uncertainties, inflation, and climate risks; focus on resilience, sustainability, and value chain enhancement.