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MORINAGA MILK, 12% Decrease in Ordinary Profit for The Current Fiscal Year

Wed May 13, 2026 2:00 pm JST Earnings

2264 MORINAGA MILK INDUSTRY CO.,LTD 【J-GAAP】

Earnings Report

MORINAGA MILK INDUSTRY CO.,LTD <2264> [TSE Prime] announced its financial results in the afternoon session on May 13th (14:00). The consolidated ordinary profit for the fiscal year ended March 2026 increased by 24.3% from the previous period to 37.1 billion yen. However, for the fiscal year ending March 2027, the consolidated ordinary profit is expected to decrease by 11.9% from the previous period to 32.7 billion yen.

At the same time, the company intends to pay an annual dividend of 25 yen for the current fiscal year, with the actual dividend unchanged from the previous year's dividend after taking the forward stock split into account.

In the most recent three-month period, from January to March (4Q), the consolidated ordinary profit grew 13.7% from the same period last year, reaching 4.34 billion yen. However, the operating profit margin worsened from 3.2% in the same period last year to 2.8%.

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Actual Results

Historical Performance
Fiscal Year Revenue Operating Profit Ordinary Profit Net Profit Adj. EPS Adj. Dividend Announce Accounting Standards
Mar, 2024 547,059 27,839 28,104 61,307 696.9 60 May 14, 2024 J-GAAP
Mar, 2025 561,173 29,658 29,864 5,459 64.6 90 May 13, 2025 J-GAAP
Mar, 2026 571,458 34,479 37,121 22,599 276.0 100 May 13, 2026 J-GAAP
YoY +1.8% +16.3% +24.3% +314.0% +327.3%

Full Year Results vs. Previous Guidance

Fiscal Year Revenue Operating Profit Ordinary Profit Net Profit Adj. EPS Adj. Dividend Announce Accounting Standards
Mar, 2026 Guidance 570,000 33,000 33,900 19,000 235.5 93 Nov 11, 2025 J-GAAP
Mar, 2026 Results 571,458 34,479 37,121 22,599 276.0 100 May 13, 2026 J-GAAP
Revision Rate +0.3% +4.5% +9.5% +18.9% +17.2%

Current Period Guidance

H1 Results

Fiscal Year Revenue Operating Profit Ordinary Profit Net Profit Adj. EPS Adj. Dividend Announce Accounting Standards
Apr - Sep, 2025 293,330 20,805 21,949 14,637 177.0 45 Nov 11, 2025 J-GAAP
Apr - Sep, 2026 Guidance 300,000 17,900 18,400 13,000 161.1 48 May 13, 2026 J-GAAP
YoY +2.3% -14.0% -16.2% -11.2% -9.0%

Current Period Guidance

Fiscal Year Revenue Operating Profit Ordinary Profit Net Profit Adj. EPS Adj. Dividend Announce Accounting Standards
Mar, 2025 561,173 29,658 29,864 5,459 64.6 90 May 13, 2025 J-GAAP
Mar, 2026 571,458 34,479 37,121 22,599 276.0 100 May 13, 2026 J-GAAP
Mar, 2027 Guidance 580,000 32,000 32,700 20,000 247.9 100 May 13, 2026 J-GAAP
YoY +1.5% -7.2% -11.9% -11.5% -10.2%

Quarterly Results

Fiscal Year Revenue Operating Profit Ordinary Profit Net Profit Adj. EPS Operating Profit Margin Announce Accounting Standards
Jan - Mar, 2025 130,452 4,169 3,821 -9,281 -109.8 3.2 May 13, 2025 J-GAAP
Apr - Jun, 2025 143,678 8,835 9,529 6,911 82.9 6.1 Aug 8, 2025 J-GAAP
Jul - Sep, 2025 149,652 11,970 12,420 7,726 93.4 8.0 Nov 11, 2025 J-GAAP
Oct - Dec, 2025 144,492 9,876 10,826 7,299 88.8 6.8 Feb 12, 2026 J-GAAP
Jan - Mar, 2026 133,636 3,798 4,346 663 8.1 2.8 May 13, 2026 J-GAAP
YoY +2.4% -8.9% +13.7% － －

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