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Morinaga &, Ordinary Profit Forecast for the Fiscal Year Revised Upward to an Unexpected 1% Increase, Raises Record High Profit

Wed Nov 12, 2025 3:30 pm JST Earnings

2201 Morinaga & Co.,Ltd. 【J-GAAP】

Earnings Report

Morinaga & Co.,Ltd. <2201> [TSE Prime] announced its financial results after the market closed on November 12th (15:30). The consolidated ordinary profit for the cumulative second quarter of the fiscal year ending March 2026 (April to September) decreased 4.6% from the same period last year to 13.4 billion yen.

However, the full-year forecast for consolidated ordinary profit has been revised upward 3.7%, from the previous forecast of 21.7 billion yen to 22.5 billion yen (compared to 22.3 billion yen in the previous period), record profits reach two consecutive terms, turning to a 0.9% increase in the consolidated ordinary profit outlook.

Based on the first-half performance announced by the company and the full-year plan, our calculation indicates that the consolidated ordinary profit for the October to March period (second half) is expected to grow 10.3% from the same period last year, reaching 9.05 billion yen.

In the most recent three-month period, from July to September (2Q), the consolidated ordinary profit decreased to 6.24 billion yen, a 12.8% decrease compared to the same period last year. The operating profit margin decreased from 11.5% in the same period last year to 10.1%.

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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 109,608 14,167 14,397 10,260 111.3 68.4 Nov 10, 2023 J-GAAP
Apr - Sep, 2024 118,845 13,855 14,099 10,631 118.4 63.2 Nov 12, 2024 J-GAAP
Apr - Sep, 2025 121,869 13,350 13,447 11,031 130.8 59.8 Nov 12, 2025 J-GAAP
YoY +2.5% -3.6% -4.6% +3.8% +10.5%

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 123,500 12,400 12,500 10,700 127.4 32.50 May 9, 2025 J-GAAP
Apr - Sep, 2025 Results 121,869 13,350 13,447 11,031 130.8 32.50 Nov 12, 2025 J-GAAP
Revision Rate -1.3% +7.7% +7.6% +3.1% +2.7%

Guidance Update

Full Year Update

Fiscal Year Revenue Operating Profit Ordinary Profit Net Profit Adj. EPS Adj. Dividend Announce Accounting Standards
Mar, 2026 Prev 240,000 21,400 21,700 17,800 211.9 65 May 9, 2025 J-GAAP
Mar, 2026 New 236,000 22,300 22,500 18,200 216.6 65 Nov 12, 2025 J-GAAP
Revision Rate -1.7% +4.2% +3.7% +2.2% +2.3%

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 110,112 7,411 8,205 7,079 80.3 60 May 9, 2025 J-GAAP
Oct - Mar, 2025 Guidance 114,131 8,950 9,053 7,169 85.3 32.50 Nov 12, 2025 J-GAAP
YoY +3.6% +20.8% +10.3% +1.3% +6.3%

Current Period Guidance

Fiscal Year Revenue Operating Profit Ordinary Profit Net Profit Adj. EPS Adj. Dividend Announce Accounting Standards
Mar, 2024 213,368 20,273 21,039 15,154 165.6 55 May 10, 2024 J-GAAP
Mar, 2025 228,957 21,266 22,304 17,710 200.9 60 May 9, 2025 J-GAAP
Mar, 2026 Guidance 236,000 22,300 22,500 18,200 216.6 65 Nov 12, 2025 J-GAAP
YoY +3.1% +4.9% +0.9% +2.8% +7.9%

Quarterly Results

Fiscal Year Revenue Operating Profit Ordinary Profit Net Profit Adj. EPS Operating Profit Margin Announce Accounting Standards
Jul - Sep, 2024 61,917 7,114 7,161 5,751 64.0 11.5 Nov 12, 2024 J-GAAP
Oct - Dec, 2024 57,739 5,572 5,745 2,970 33.4 9.7 Feb 10, 2025 J-GAAP
Jan - Mar, 2025 52,373 1,839 2,460 4,109 46.6 3.5 May 9, 2025 J-GAAP
Apr - Jun, 2025 60,253 7,098 7,204 5,046 59.6 11.8 Aug 7, 2025 J-GAAP
Jul - Sep, 2025 61,616 6,252 6,243 5,985 71.0 10.1 Nov 12, 2025 J-GAAP
YoY -0.5% -12.1% -12.8% +4.1% +10.9%

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