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Maruha Nichiro, Jul-Sep (2Q) Ordinary Profit Increases by 54%, Revises Dividend Forecast in Conjunction with Stock Split

Mon Nov 10, 2025 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 November 10th (15:30). The consolidated ordinary profit for the cumulative second quarter of the fiscal year ending March 2026 (April to September) increased 16.8% from the same period last year, reaching 18.3 billion yen. Progress toward the full-year plan of 29.0 billion yen was 63.2%, also surpassing the five-year average of 59.0%.

Based on the first-half performance announced by the company and the unchanged full-year plan, our calculation indicates that the consolidated ordinary profit for the October to March period (second half) is expected to drop 35.6% from the same period last year to 10.6 billion yen.

At the same time, due to a planned 3-for-1 forward stock split is scheduled for December 31, the annual dividend for the current fiscal year has been revised from the original plan of 110 yen to 70 yen (equivalent to 110 yen before the forward stock split), but the actual dividend remains unchanged.

In the most recent three-month period, from July to September (2Q), the consolidated ordinary profit increased 54.4% from the same period last year, reaching 8.98 billion yen. The operating profit margin improved from 3.1% in the same period last year to 3.4%.

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Actual Results

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 507,356 16,757 20,914 10,894 215.9 67.2 Nov 6, 2023 J-GAAP
Apr - Sep, 2024 532,134 16,070 15,689 13,810 274.2 48.6 Nov 11, 2024 J-GAAP
Apr - Sep, 2025 536,697 18,740 18,332 12,455 247.2 63.2 Nov 10, 2025 J-GAAP
YoY +0.9% +16.6% +16.8% -9.8% -9.8%

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 － 50 May 12, 2025 J-GAAP
Apr - Sep, 2025 Results 536,697 18,740 18,332 12,455 247.2 50 Nov 10, 2025 J-GAAP
Revision Rate － － － － －

Guidance Update

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 17,500 347.3 110 Aug 5, 2025 J-GAAP
Mar, 2026 New 1,080,000 30,000 29,000 17,500 347.3 110 Nov 10, 2025 J-GAAP
Revision Rate 0.0% 0.0% 0.0% 0.0% 0.0%

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 9,454 187.7 60 May 12, 2025 J-GAAP
Oct - Mar, 2025 Guidance 543,303 11,260 10,668 5,045 100.1 60 Nov 10, 2025 J-GAAP
YoY -0.6% -21.3% -35.6% -46.6% -46.7%

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 20,853 413.6 85 May 7, 2024 J-GAAP
Mar, 2025 1,078,631 30,381 32,254 23,264 461.9 110 May 12, 2025 J-GAAP
Mar, 2026 Guidance 1,080,000 30,000 29,000 17,500 347.3 110 Nov 10, 2025 J-GAAP
YoY +0.1% -1.3% -10.1% -24.8% -24.8%

Quarterly Results

Fiscal Year Revenue Operating Profit Ordinary Profit Net Profit Adj. EPS Operating Profit Margin Announce Accounting Standards
Jul - Sep, 2024 275,206 8,413 5,821 7,270 144.4 3.1 Nov 11, 2024 J-GAAP
Oct - Dec, 2024 295,967 11,764 15,335 9,428 187.2 4.0 Feb 10, 2025 J-GAAP
Jan - Mar, 2025 250,530 2,547 1,230 26 0.5 1.0 May 12, 2025 J-GAAP
Apr - Jun, 2025 263,597 9,428 9,343 6,499 129.0 3.6 Aug 5, 2025 J-GAAP
Jul - Sep, 2025 273,100 9,312 8,989 5,956 118.2 3.4 Nov 10, 2025 J-GAAP
YoY -0.8% +10.7% +54.4% -18.1% -18.1%

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