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MORINAGA MILK, Ordinary Profit Forecast for the Fiscal Year Revised Upward by 6%, Exceeded Record Profit Forecast

Tue Nov 11, 2025 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 November 11th (14:00). The consolidated ordinary profit for the cumulative second quarter of the fiscal year ending March 2026 (April to September) increased 27.3% from the same period last year, reaching 21.9 billion yen, exceeded the previous forecast of 18.1 billion yen.

In addition, the full-year forecast for consolidated ordinary profit has been revised upward 6.3%, from the previous forecast of 31.9 billion yen to 33.9 billion yen (compared to 29.8 billion yen in the previous period), increasing the growth rate from 6.8% to 13.5%. The company has further increased its previous forecast of record profits for the first time in four years.

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 decrease 5.3% from the same period last year to 11.9 billion yen.

In the most recent three-month period, from July to September (2Q), the consolidated ordinary profit increased 61.4% from the same period last year, reaching 12.4 billion yen. The operating profit margin improved from 6.0% in the same period last year to 8.0%.

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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 286,590 20,825 21,776 59,121 663.2 77.5 Nov 9, 2023 J-GAAP
Apr - Sep, 2024 290,599 17,499 17,247 9,709 113.6 57.8 Nov 8, 2024 J-GAAP
Apr - Sep, 2025 293,330 20,805 21,949 14,637 177.0 64.7 Nov 11, 2025 J-GAAP
YoY +0.9% +18.9% +27.3% +50.8% +55.8%

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 303,000 18,000 18,100 13,300 162.3 45 May 13, 2025 J-GAAP
Apr - Sep, 2025 Results 293,330 20,805 21,949 14,637 177.0 45 Nov 11, 2025 J-GAAP
Revision Rate -3.2% +15.6% +21.3% +10.1% +9.0%

Guidance Update

Full Year Update

Fiscal Year Revenue Operating Profit Ordinary Profit Net Profit Adj. EPS Adj. Dividend Announce Accounting Standards
Mar, 2026 Prev 580,000 32,000 31,900 19,000 233.9 93 May 13, 2025 J-GAAP
Mar, 2026 New 570,000 33,000 33,900 19,000 233.9 93 Nov 11, 2025 J-GAAP
Revision Rate -1.7% +3.1% +6.3% 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 270,574 12,159 12,617 -4,250 -50.3 45 May 13, 2025 J-GAAP
Oct - Mar, 2025 Guidance 276,670 12,195 11,951 4,363 53.7 48 Nov 11, 2025 J-GAAP
YoY +2.3% +0.3% -5.3% － －

Current Period Guidance

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 Guidance 570,000 33,000 33,900 19,000 233.9 93 Nov 11, 2025 J-GAAP
YoY +1.6% +11.3% +13.5% +248.0% +262.0%

Quarterly Results

Fiscal Year Revenue Operating Profit Ordinary Profit Net Profit Adj. EPS Operating Profit Margin Announce Accounting Standards
Jul - Sep, 2024 149,962 9,027 7,693 4,396 51.4 6.0 Nov 8, 2024 J-GAAP
Oct - Dec, 2024 140,122 7,990 8,796 5,031 59.3 5.7 Feb 12, 2025 J-GAAP
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
YoY -0.2% +32.6% +61.4% +75.8% +81.7%

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