Morinaga Milk Industry Co (2264) Q3 2026 earnings summary

Executive summary

• Achieved consolidated net sales of ¥437,822 million for the nine months ended December 31, 2025, up 1.6% year-over-year, with operating profit rising 20.4% and profit attributable to owners of parent up 48.8%.

• Growth driven by strong performance in Global Business, especially MILEI GmbH, and expansion in probiotics and formula milk for overseas markets.

• Domestic business faced higher costs and lower sales volume, but price revisions and high value-added products partially offset these challenges.

Financial highlights

• Net sales: ¥437,822 million (+1.6% YoY); Operating profit: ¥30,681 million (+20.4% YoY); Ordinary profit: ¥32,775 million (+25.8% YoY); Profit attributable to owners of parent: ¥21,936 million (+48.8% YoY).

• Comprehensive income for the period was ¥21,675 million (+26.0% YoY).

• Basic earnings per share increased to ¥266.78 from ¥173.74 year-over-year.

Outlook and guidance

• Full-year forecast for FY ending March 31, 2026: Net sales ¥570,000 million (+1.6% YoY), operating profit ¥33,000 million (+11.3% YoY), ordinary profit ¥33,900 million (+13.5% YoY), profit attributable to owners of parent ¥19,000 million (+248.0% YoY), EPS ¥231.96.

• No amendments to previously disclosed earnings forecasts.

• Medium-term plan targets for FY March 2029: Net sales ¥630,000 million, operating profit margin 7%, ROE 10%, Global Business sales ratio 15%.