Maruha Nichiro, Net Income Forecast for the Fiscal Year Revised Upward by 11%, Dividend Revised Upward by 4 Yen

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Mon Feb 9, 2026 3:30 pm JST Earnings

1333 Maruha Nichiro Corporation 【J-GAAP】

Earnings Report

Maruha Nichiro Corporation <1333> [TSE Prime] announced its financial results after the market closed on February 9th (15:30). The consolidated net income for the cumulative third quarter of the fiscal year ending March 2026 (April to December) decreased 24.7% from the same period last year to 17.5 billion yen.

However, the full-year forecast for consolidated net income has been revised upward 11.4%, from the previous forecast of 17.5 billion yen to 19.5 billion yen (compared to 23.2 billion yen in the previous period), and the declining rate is expected to decrease from 24.8% to 16.2%.

Based on the full-year plan announced by the company after the upward revision, our estimate of the consolidated net income for the October to March period (second half) has been revised upward 39.6%, from the previous forecast of 5.04 billion yen to 7.04 billion yen (compared to 9.45 billion yen in the same period of the previous year), and the declining rate is expected to decrease from 46.6% to 25.5%.

In light of the strong performance, the company has increased its planned annual dividend for the current fiscal year from the original plan of 70 yen to 74 yen (compared to 110 yen before the 3-for-1 forward stock split in the previous period).

In the most recent three-month period, from October to December (3Q), the consolidated net income dropped to 5.04 billion yen, a 46.5% decrease compared to the same period last year. The operating profit margin worsened from 4.0% in the same period last year to 3.5%.

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Actual Results

Accumulated Results 3rd Quarter

Fiscal Year	Revenue	Operating Profit	Ordinary Profit	Net Profit	Adj. EPS	Progress Rate vs. First Half	Announce	Accounting Standards
Apr - Dec, 2023	787,346	25,358	30,228	22,434	148.3	97.2	Feb 5, 2024	J-GAAP
Apr - Dec, 2024	828,101	27,834	31,024	23,238	153.8	96.2	Feb 10, 2025	J-GAAP
Apr - Dec, 2025	837,577	29,377	29,248	17,500	115.8	100.9	Feb 9, 2026	J-GAAP
YoY	+1.1%	+5.5%	-5.7%	-24.7%	-24.7%

Guidance Update

Second Half Update

Fiscal Year	Revenue	Operating Profit	Ordinary Profit	Net Profit	Adj. EPS	Adj. Dividend	Announce	Accounting Standards
Oct - Mar, 2025 Prev	543,303	11,260	10,668	5,045	33.4	20	Nov 10, 2025	J-GAAP
Oct - Mar, 2025 New	543,303	11,260	10,668	7,045	46.6	24	Feb 9, 2026	J-GAAP
Revision Rate	0.0%	0.0%	0.0%	+39.6%	+39.6%

Full Year Update

Fiscal Year	Revenue	Operating Profit	Ordinary Profit	Net Profit	Adj. EPS	Adj. Dividend	Announce	Accounting Standards
Mar, 2026 Prev	1,080,000	30,000	29,000	17,500	115.8	36.67	Nov 10, 2025	J-GAAP
Mar, 2026 New	1,080,000	30,000	29,000	19,500	129.0	40.67	Feb 9, 2026	J-GAAP
Revision Rate	0.0%	0.0%	0.0%	+11.4%	+11.4%

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	546,497	14,311	16,565	9,454	62.6	20	May 12, 2025	J-GAAP
Oct - Mar, 2025 Guidance	543,303	11,260	10,668	7,045	46.6	24	Feb 9, 2026	J-GAAP
YoY	-0.6%	-21.3%	-35.6%	-25.5%	-25.5%

Current Period Guidance

Fiscal Year	Revenue	Operating Profit	Ordinary Profit	Net Profit	Adj. EPS	Adj. Dividend	Announce	Accounting Standards
Mar, 2024	1,030,674	26,534	31,106	20,853	137.9	28.33	May 7, 2024	J-GAAP
Mar, 2025	1,078,631	30,381	32,254	23,264	154.0	36.67	May 12, 2025	J-GAAP
Mar, 2026 Guidance	1,080,000	30,000	29,000	19,500	129.0	40.67	Feb 9, 2026	J-GAAP
YoY	+0.1%	-1.3%	-10.1%	-16.2%	-16.2%

Quarterly Results

Fiscal Year	Revenue	Operating Profit	Ordinary Profit	Net Profit	Adj. EPS	Operating Profit Margin	Announce	Accounting Standards
Oct - Dec, 2024	295,967	11,764	15,335	9,428	62.4	4.0	Feb 10, 2025	J-GAAP
Jan - Mar, 2025	250,530	2,547	1,230	26	0.2	1.0	May 12, 2025	J-GAAP
Apr - Jun, 2025	263,597	9,428	9,343	6,499	43.0	3.6	Aug 5, 2025	J-GAAP
Jul - Sep, 2025	273,100	9,312	8,989	5,956	39.4	3.4	Nov 10, 2025	J-GAAP
Oct - Dec, 2025	300,880	10,637	10,916	5,045	33.4	3.5	Feb 9, 2026	J-GAAP
YoY	+1.7%	-9.6%	-28.8%	-46.5%	-46.5%