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NICHIRYO BAKING, Ordinary Profit Forecast for the Fiscal Year Revised Downward to an Unexpected 56% Decrease

Thu Jan 29, 2026 3:30 pm JST Earnings

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

Earnings Report

NICHIRYO BAKING CO.,LTD. <2218> [SSE] announced its financial results after the market closed on January 29th (15:30). The ordinary profit (non-consolidated) for the cumulative third quarter of the fiscal year ending March 2026 (April to December) significantly dropped 61.6% from the same period last year to 101 million yen.

In addition, the full-year forecast for ordinary profit has decreased 57.1%, from the previous forecast of 280 million yen to 120 million yen (compared to 274 million yen in the previous period). This changes the outlook from an anticipated profit increase to a projection of a 56.2% decrease in profit.

Based on the full-year plan announced by the company after the downward revision, our estimate of the ordinary profit for the October to March period (second half) has decreased 86.5%, from the previous forecast of 185 million yen to 25 million yen (compared to 86 million yen in the same period of the previous year). This changes the outlook from an anticipated profit increase to a projection of a 70.9% decrease in profit.

In the most recent three-month period, from October to December (3Q), the ordinary profit significantly dropped to 6 million yen, a 92.0% decrease compared to the same period last year. The operating profit margin worsened from 1.4% in the same period last year to 0.0%.

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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 13,554 277 293 186 89.1 101.4 Jan 26, 2024 J-GAAP
Apr - Dec, 2024 13,932 250 263 163 77.9 96.0 Jan 31, 2025 J-GAAP
Apr - Dec, 2025 14,330 93 101 49 23.5 84.2 Jan 29, 2026 J-GAAP
YoY +2.9% -62.8% -61.6% -69.9% -69.9%

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 9,686 189 185 118 56.4 15 Oct 28, 2025 J-GAAP
Oct - Mar, 2025 New 9,686 29 25 18 8.6 15 Jan 29, 2026 J-GAAP
Revision Rate 0.0% -84.7% -86.5% -84.7% -84.7%

Full Year Update

Fiscal Year Revenue Operating Profit Ordinary Profit Net Profit Adj. EPS Adj. Dividend Announce Accounting Standards
Mar, 2026 Prev 19,000 280 280 170 81.2 15 May 13, 2025 J-GAAP
Mar, 2026 New 19,000 120 120 70 33.5 15 Jan 29, 2026 J-GAAP
Revision Rate 0.0% -57.1% -57.1% -58.8% -58.8%

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 9,329 82 86 95 45.4 15 May 13, 2025 J-GAAP
Oct - Mar, 2025 Guidance 9,686 29 25 18 8.6 15 Jan 29, 2026 J-GAAP
YoY +3.8% -64.6% -70.9% -81.1% -81.1%

Current Period Guidance

Fiscal Year Revenue Operating Profit Ordinary Profit Net Profit Adj. EPS Adj. Dividend Announce Accounting Standards
Mar, 2024 17,986 274 289 207 99.0 20 May 14, 2024 J-GAAP
Mar, 2025 18,444 264 274 213 101.8 15 May 13, 2025 J-GAAP
Mar, 2026 Guidance 19,000 120 120 70 33.5 15 Jan 29, 2026 J-GAAP
YoY +3.0% -54.5% -56.2% -67.1% -67.2%

Quarterly Results

Fiscal Year Revenue Operating Profit Ordinary Profit Net Profit Adj. EPS Operating Profit Margin Announce Accounting Standards
Oct - Dec, 2024 4,817 68 75 45 21.5 1.4 Jan 31, 2025 J-GAAP
Jan - Mar, 2025 4,512 14 11 50 23.9 0.3 May 13, 2025 J-GAAP
Apr - Jun, 2025 4,501 17 25 11 5.6 0.4 Jul 25, 2025 J-GAAP
Jul - Sep, 2025 4,813 74 70 41 19.7 1.5 Oct 28, 2025 J-GAAP
Oct - Dec, 2025 5,016 2 6 -3 -1.4 0.0 Jan 29, 2026 J-GAAP
YoY +4.1% -97.1% -92.0% － －

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