Nichirei Corporation · TSE:2871
Nichirei — Q2 FY2026 Earnings Presentation
30 slides from Nichirei's earnings presentation, Nov 10, 2026
Slide 1: FY2026 Second Quarter Presentation Material
FY2026 Second Quarter Presentation Material November 10,2026 Nichirei Corporation
Slide 2: Key Points of Today's Presentation
Key Points of Today’s Presentation FY2026 Second • Net sales increased 5% for the entire Group driven by the growing overseas business Quarter Results • The Group’s operating profit increased by ¥0.8 billion mainly due to the realization of the 3 months in Japan impact of price revisions in Foods Bu
Slide 3: Index
Index 1. FY2026 Second Quarter Results (P. 3-6) 2. FY2026 Full-year Plan (P. 7-15) 3. Five Management Issues (P. 16-18) 4. Appendix (P. 19-28) Note: Figures in this document’s graphs and charts have been rounded to the nearest unit unless otherwise indicated. Certain figures have been rounded up or
Slide 4: 1. FY2026 Second Quarter Results
1. FY2026 Second Quarter Results
Slide 5: Consolidated Results
Irregular accounting period of Consolidated Results 9 months in Japan ⚫ The Group’s profit increased by ¥0.8 billion in Q2 alone due to improvements of Foods Business (Billions of yen ) Q2 Six Months Net Sales Operating Operating Results YoY Profit/Net Results YoY Profit/Net • Sales in overseas busi
Slide 6: Foods Business - Results
Irregular accounting period of Foods Business - Results 9 months in Japan ⚫ In Q2, operating profit increased by ¥1.3 billion due to the realization of the effects of price revisions in Japan and improvement in the external environment in Thailand (Billions of yen ) Q2 Six Months [Japan] YoY Operati
Slide 7: Temperature-controlled Logistics Business - Results
Irregular accounting period of Temperature-controlled Logistics Business - Results 9 months in Japan ⚫ Net sales increased mainly in the overseas business. Operating profit was maintained at a level similar to the previous fiscal year as the impact of system failures in domestic businesses was offse
Slide 8: 2. FY2026 Full-year Plan
NICHIRE! 2. FY2026 Full-year Plan i
Slide 9: FY2026 Consolidated Forecast
Irregular accounting period of FY2026 Consolidated Forecast 9 months in Japan ⚫ Aiming to achieve the full-year targets for net sales and operating profit by taking measures ahead of the peak demand period at the end of the year ⚫ Profit is revised upward by ¥1.0 billion from the previous plan to be
Slide 10: Foods Business - FY2026 Forecast
Irregular accounting period of Foods Business - FY2026 Forecast 9 months in Japan ⚫ Aiming to achieve the operating profit plan of ¥14.5 billion by reaping the effects of price revisions and responding to peak demand periods (Billions of yen ) Full Year [Japan] YoY Compared with Previous Plan Operat
Slide 11: Foods Business - FY2026 Increase/Decrease in Operating Profit
Foods Business - FY2026 Increase/Decrease in Irregular accounting period of 9 months in Japan Operating Profit (Billions of yen ) Compared Q1 Results Q2 Results Q3 Forecasts Full Year with Previous Main Factors Full-Year Plan FY2025 Operating Profit 6.3 3.8 5.9 16.0 - ⚫ Impact of increased revenue +
Slide 12: Foods Business - FY2026 Supplementary Information on the Situation
Irregular accounting period of 9 Foods Business - FY2026 Supplementary Information months in Japan on the Situation ⚫ In Japan: the issue of volume reduction after the price revision is overcome through various measures ⚫ Overseas: Thailand's external environment is expected to improve as initially
Slide 13: Temperature-controlled Logistics Business - FY2026 Forecast
Temperature-controlled Logistics Business- Irregular accounting period of 9 months in Japan FY2026 Forecast ⚫ Operating profit is expected to reach ¥16.6 billion supported by steady uptake during the peak demand period and surcharge collection (Billions of yen ) Full Year [Japan] YoY Compared with O
Slide 14: Temperature-controlled Logistics - FY2026 Increase/Decrease in Operating Profit
Temperature-controlled Logistics Business - Irregular accounting period of 9 months in Japan FY2026 Increase/Decrease in Operating Profit (Billions of yen ) Compared with Main Factors Q3 Q1 Results Q2 Results Full Year Previous Forecasts Full-Year Plan ⚫ Appropriate fee collection +¥1.2 billion FY20
Slide 15: Overseas Business Growth Strategy
Temperature-controlled Logistics Business – Overseas Business Growth Strategy ⚫ Accelerate growth of overseas business through measures to increase operation of new warehouses and after M&A Short term Medium and long term Overseas Business Operating Profit Trend Expand volume by strengthening sales
Slide 16: Management Aware of Capital Cost and Stock Price
Management Aware of Capital Cost and Stock Price ⚫ Strengthen balance sheet management to promote capital cost- and stock price-conscious management ⚫ Sell some of non-current assets held to improve capital efficiency ✓ Decide to sell some of the non-core assets Target asset ✓ Select properties base
Slide 17: 3. Five Management Issues
NICHIRE! 3. Five Management Issues i
Slide 18: Key Management Issues to be Addressed by the New President
Key Management Issues to be Addressed by the New President Reproduced from the FY2025 presentation material ⚫ Aim to maximizing both corporate value and shareholder value by addressing five management issues as the new president ⚫ Conduct dialogue with capital markets through quarterly financial res
Slide 19: Growth Strategy Policy to Achieve N-FIT 2035
Growth Strategy Policy to Achieve N-FIT 2035 ⚫ Define target markets in 4 areas and leverage competitive advantages to drive enterprise value Issues to address Issue 2 Portfolio Issues 3 4 Target markets & competitive advantages ahead of year-end results Foods (Japan) Strengthen profitability by foc
Slide 20: 4. Appendix
NICHIRE! 4. Appendix i
Slide 21: Factors for Increase/Decrease in Balance Sheet
Factors for Increase/Decrease in Balance Sheet (Billions of yen ) FY2025 Year-end FY2026 Q2 Variance [Factors for increase/decrease] (1) Cash and deposits: +¥12.1 billion Assets Current assets 230.1 252.4 22.3 (1) (2) Intangible assets: +¥7.9 billion Non-current assets 327.1 338.2 11.1 (2) (of which
Slide 22: Foods Business - Results and Plans of Overseas Business
Foods Business - Results and Plans of Overseas Business [Accounting Periods] FY2025: January to December 2025, FY2026: January to December 2026 (Billions of yen) Overseas Net Sales Results and Plan FY2026 Q1 (Jan-Mar) Q1 (Apr-Jun) Q2 (Jul-Sep) Cumulative Q2 Q3 (Oct-Dec) Full Year YoY YoY YoY YoY YoY
Slide 23: Foods Business - Supplementary Information
Foods Business - Supplementary Information ⚫ Consumer Panel for Household-use Prepared Frozen Foods YoY Change in Spending per 100 People Item FY2025 Q1 FY2025 Q2 FY2025 Q3 FY2025 Q4 FY2025 total FY2026 Q1 FY2026 Q2 Overall 106% 103% 104% 101% 104% 102% 101% Deep-fried meat 104% 104% 101% 100% 102%
Slide 24: Temperature-controlled Logistics - Results and Plans of Overseas Business
Temperature-controlled Logistics Business - Results and Plans of Overseas Business [Accounting Periods] FY2025: January to December 2025, FY2026: January to December 2026 Overseas Sales (Billions of yen) FY2026 Q1 (Jan-Mar) Q1 (Apr-Jun) Q2 (Jul-Sep) Cumulative Q2 Q3 (Oct-Dec) Full Year YoY YoY YoY Y
Slide 25: Temperature-controlled Logistics Business - Supplementary Information
Temperature-controlled Logistics Business - Supplementary Information Industry-wide Cold Storage Capacity Utilization Nichirei’s Inventory Trends in 12 Largest Cities (1,000 tonnes) (%) 3,500 40.0 *With inventory tonnage in April 2024 as 100 3,251 3,215 3,194 3,182 38.0 FY2024 FY2025 FY2026 3,000 2,
Slide 26: Performance Results and Plans for FY2026
Performance Results and Plans for FY2026 (Billions of yen) Q1 Q2 Q3 Full Year YoY YoY YoY YoY Results Results Plan plan Variance % Change Variance % Change Variance % Change Variance % Change Foods 124.7 2.3 2% 107.4 3.7 4% 118.1 2.8 2% 350.1 8.8 3% Japan 84.8 0.3 0% 86.4 0.9 1% 101.1 4.6 5% 272.4 5
Slide 27: Reference Figures for FY2026 (Japan & Overseas: January to December)
Reference Figures for FY2026 (Japan & Overseas: January to December) (Billions of yen) Q1 (A) Q1 (B) Q2 Q3 Full Year Japan: Jan 2026 to Mar 2026 Japan: Apr 2026 to Jun 2026 Japan & Overseas: Japan & Overseas: Overseas: Jan 2026 to Mar 2026 Overseas: Apr 2026 to Jun 2026 Jul 2026 to Sep 2026 Oct 2026
Slide 28: Net Sales and Operating Profit by Area & Segment
Net Sales and Operating Profit by Area & Segment - FY2026 Q2 Cumulative Results FY2026 Q2 Cumulative Results [Japan: April to September 2026／Overseas: January to September 2026] * Figures in parentheses are year-on-year changes (Billions of yen) Net Sales Operating Profit Total (excluding Japan) Ope
Slide 29: ROIC Trends By Segment
ROIC Trends By Segment FY2017 FY2018 FY2019 FY2020 FY2021 FY2022 FY2023 FY2024 FY2025 FY2026 E （単位：億円） Group overall ROIC (%) Target: 8% or higher 8.1 7.8 7.6 7.5 7.8 6.9 7.5 7.4 7.3 5.3 Net operating profit after tax (NOPAT) (%) 3.7 3.7 3.6 3.9 4.1 3.5 3.9 3.9 4.2 3.7 Capital employed turnover rati
Slide 30: Forward-looking Statements
Forward-looking Statements Aside from historical facts, Nichirei’s present plans, forecasts and strategies as outlined in this publication consist of forward-looking statements about future business performance. These forecasts of future business performance and explanations of future business activ