NICHIRYO BAKING, First Half Ordinary Profit Decreases by 49%, Jul-Sep Ordinary Profit Decreases by 51%

Tue Oct 28, 2025 3:30 pm JST Earnings

2218 NICHIRYO BAKING CO.,LTD. 【J-GAAP】

NICHIRYO BAKING CO.,LTD. <2218> [SSE] announced its financial results after the market closed on October 28th (15:30). The ordinary profit (non-consolidated) for the cumulative second quarter of the fiscal year ending March 2026 (April to September) dropped 49.5% from the same period last year to 95 million yen. Progress toward the full-year plan of 280 million yen was 33.9%, also falling below the five-year average of 67.3%.

Based on the first-half performance announced by the company and the unchanged full-year plan, our calculation indicates that the ordinary profit for the October to March period (second half) is expected to surge 2.2 times that of the same period last year, reaching 185 million yen.

In the most recent three-month period, from July to September (2Q), the ordinary profit significantly dropped to 70 million yen, a 50.7% decrease compared to the same period last year. The operating profit margin worsened from 3.0% in the same period last year to 1.5%.

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Actual Performance and Financial Trends

Accumulated Results 2nd Quarter

Fiscal Year	Revenue	Operating Profit	Ordinary Profit	Net Profit	Adj. EPS	Progress Rate vs. First Half	Announce	Accounting Standards
Apr - Sep, 2023	8,897M	215M	223M	145M	69.6	77.2	Oct 24, 2023	J-GAAP
Apr - Sep, 2024	9,115M	182M	188M	118M	56.7	68.6	Oct 29, 2024	J-GAAP
Apr - Sep, 2025	9,314M	91M	95M	52M	25.0	33.9	Oct 28, 2025	J-GAAP
YoY	+2.2%	-50.0%	-49.5%	-55.9%	-55.9%

First Half Results vs. Previous Guidance

Fiscal Year	Revenue	Operating Profit	Ordinary Profit	Net Profit	Adj. EPS	Adj. Dividend	Announce	Accounting Standards
Apr - Sep, 2025 Guidance	ー	ー	ー	ー	－	－	May 13, 2025	J-GAAP
Apr - Sep, 2025 Results	9,314M	91M	95M	52M	25.0	－	Oct 28, 2025	J-GAAP
Revision Rate	－	－	－	－	－

Current Period Guidance

Second Half Results

Fiscal Year	Revenue	Operating Profit	Ordinary Profit	Net Profit	Adj. EPS	Adj. Dividend	Announce	Accounting Standards
Oct - Mar, 2024	9,329M	82M	86M	95M	45.4	15	May 13, 2025	J-GAAP
Guidance Oct - Mar, 2025	9,686M	189M	185M	118M	56.4	15	Oct 28, 2025	J-GAAP
YoY	+3.8%	+130.5%	+115.1%	+24.2%	+24.2%

Current Period Guidance

Fiscal Year	Revenue	Operating Profit	Ordinary Profit	Net Profit	Adj. EPS	Adj. Dividend	Announce	Accounting Standards
Mar, 2024	17,986M	274M	289M	207M	99.0	20	May 14, 2024	J-GAAP
Mar, 2025	18,444M	264M	274M	213M	101.8	15	May 13, 2025	J-GAAP
Guidance Mar, 2026	19,000M	280M	280M	170M	81.2	15	May 13, 2025	J-GAAP
YoY	+3.0%	+6.1%	+2.2%	-20.2%	-20.2%

Quarterly Results

Fiscal Year	Revenue	Operating Profit	Ordinary Profit	Net Profit	Adj. EPS	Operating Profit Margin	Announce	Accounting Standards
Jul - Sep, 2024	4,739M	144M	142M	87M	41.8	3.0	Oct 29, 2024	J-GAAP
Oct - Dec, 2024	4,817M	68M	75M	45M	21.5	1.4	Jan 31, 2025	J-GAAP
Jan - Mar, 2025	4,512M	14M	11M	50M	23.9	0.3	May 13, 2025	J-GAAP
Apr - Jun, 2025	4,501M	17M	25M	11M	5.6	0.4	Jul 25, 2025	J-GAAP
Jul - Sep, 2025	4,813M	74M	70M	41M	19.7	1.5	Oct 28, 2025	J-GAAP
YoY	+1.6%	-48.6%	-50.7%	-52.9%	-52.8%

NICHIRYO BAKING, First Half Ordinary Profit Decreases by 49%, Jul-Sep Ordinary Profit Decreases by 51%

Actual Performance and Financial Trends

Current Period Guidance

Quarterly Results

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