Nissui (1332) Q1 2027 earnings summary

Executive summary

• Net sales and operating profit reached record Q1 highs, with net sales up 14.1% year-over-year to ¥257.2bn and operating profit up 20.9% to ¥12.4bn, driven by strong Marine Products and Fine Chemicals performance, while Food Products faced profit pressure from higher raw material costs despite price revisions.

• The company revised its FY2026 net sales plan upward to ¥1,000.0bn (+2.0% vs. initial plan), with profit targets unchanged.

• The company is executing its Medium-Term Management Plan, focusing on international expansion, aquaculture growth, and restructuring unprofitable operations.

Financial highlights

• Q1 FY2026 net sales: ¥257.2bn (+14.1% YoY); operating profit: ¥12.4bn (+20.9% YoY); ordinary profit: ¥11.6bn (+13.7% YoY); profit attributable to owners of parent: ¥7.4bn (+14.3% YoY).

• Gross profit increased by ¥4.8bn YoY; SGA expenses rose by ¥2.6bn.

• Basic earnings per share for the quarter was ¥24.53, up from the previous year.

• Comprehensive income for the quarter was ¥11,493 million, a significant turnaround from a loss of ¥623 million in the prior year.

• Total assets increased to ¥782,619 million, up 4.4% from March 31, 2026.

Outlook and guidance

• FY2026 net sales plan revised upward to ¥1,000.0bn, reflecting strong Marine Products performance and updated FX assumptions; operating profit target remains at ¥42.5bn.

• Profit guidance unchanged despite anticipated headwinds from Middle East situation, higher raw material costs, and slower South American aquaculture recovery, as these are expected to be offset by strong domestic and overseas business.

• Dividend forecast for FY2027 maintained at ¥32.00 per share.