Nichirin (5184) Q1 2026 earnings summary

Executive summary

• Revenue for Q1 FY2025 was ¥18,302 million, nearly flat year-over-year, with operating profit at ¥2,571 million, up slightly from the prior year.

• Ordinary profit declined 34.9% year-over-year to ¥2,095 million, and net income attributable to shareholders fell 10.7% to ¥1,579 million.

• The global economic environment was mixed, with U.S. and European recovery offset by China’s slowdown and inflationary pressures.

Financial highlights

• Gross margin improved as cost of sales decreased slightly, but higher SG&A expenses offset gains.

• Comprehensive income turned negative at -¥621 million, compared to ¥4,199 million in the prior year, mainly due to foreign currency translation losses.

• Total assets decreased to ¥79,247 million from ¥82,978 million at the previous year-end.

• Equity ratio rose to 69.3% from 68.4% sequentially.

Outlook and guidance

• Full-year FY2025 guidance is unchanged: revenue ¥72,800 million (+2.0% YoY), operating profit ¥9,400 million (+2.4%), ordinary profit ¥9,600 million (-7.5%), and net income ¥5,800 million (-6.0%).

• The company expects to pass on additional tariff costs to customers and will update guidance if necessary.