Financial Results for the 1st Half ended September, 2025 [PDF: 598KB](Open in a separate window)

Consolidated Financial Statements for the First Half of the Fiscal Year

Ending March 31, 2026

April 1, 2025 to September 30, 2025

First Half Results for the Fiscal Year Ending March 31, 2026

‌Calbee, Inc. November 5, 2025‌

Stock exchange listings: Prime Market of Tokyo, code number 2229

URL: https://www.calbee.co.jp/en/ Contact: Kazuhiro Tanabe Executive Officer & CFO

Telephone: +81-3-5220-6222 Representative: Makoto Ehara, President & CEO, Representative Director

Scheduled date for distribution of dividends: --

Availability of supplementary explanatory material for the first half results: Available Quarterly results presentation meeting: Yes (For institutional investors and analysts)

1. Consolidated results for the first six months (April 1, 2025 to September 30, 2025) of the fiscal year ending March 31, 2026

   1. Consolidated Operating Results Millions of yen, rounded down

      	Six months ended September 30, 2024		Six months ended September 30, 2025
      		% change		% change
      Net sales ............................................................	157,070	6.8	165,746	5.5
      Operating profit...................................................	14,926	10.5	10,158	(31.9)
      Ordinary profit.....................................................	14,801	(11.0)	10,397	(29.8)
      Profit attributable to owners of parent.................	10,633	(2.1)	6,788	(36.2)
      Earnings per share (¥)........................................	85.13		54.33 -
      Earnings per share (diluted) (¥)..........................	-

      Notes: 1. The percentages shown above are a comparison with the same period in the previous fiscal year.

      2. Comprehensive income: Six months ended September 30, 2025: ¥7,852 million ((19.9%))

      Six months ended September 30, 2024: ¥9,806 million ((38.0%))

   2. Consolidated Financial Position Millions of yen, rounded down

   	As of March 31, 2025	As of September 30, 2025
   Total assets ........................................................	319,169	319,280
   Net assets ..........................................................	215,067	216,145
   Shareholders' equity/total assets (%) .................	64.3	64.4

   Shareholders' equity: As of September 30, 2025: ¥205,524 million

   As of March 31, 2025 ¥205,180 million

2. Dividends

   Yen

   	FY ended March 31, 2025	FY ending March 31, 2026(forecast)
   Interim period per share .....................................	0.00	0.00
   Year-end dividend per share ..............................	58.00	66.00
   Annual dividend per share..................................	58.00	66.00

   Note: Changes from the most recently announced dividend forecast: Yes

3. Consolidated forecasts for the fiscal year ending March 31, 2026 (April 1, 2025 to March 31, 2026)

‌Millions of yen

Notes: 1. The percentages shown above are a comparison with the same period in the previous fiscal year.

2. Changes from the most recently announced results forecast: Yes

Notes

1. Significant changes in the scope of consolidation during the period: None New companies: None Excluded companies: None

2. Use of special accounting procedures: None

3. Changes in accounting policy, changes in accounting estimates, and restatements:

   1. Changes in accounting policies following revisions of accounting standards: None

   2. Changes in accounting policies other than 1: None

   3. Changes in accounting estimates: None

   4. Restatements: None

4. Number of outstanding shares (common stock)

   	As of March 31, 2025:	As of September 30, 2025:
   1. Number of outstanding shares (including treasury shares)	133,929,800 shares	133,929,800 shares
   2. Number of treasury shares	8,992,816 shares	8,955,646 shares
   	Six months to September 30, 2024:	Six months to September 30, 2025:
   3. Average number of shares during the period	124,899,101 shares	124,949,566 shares

   Note: Regarding Calbee stock held in trust as treasury stock within shareholders' equity, the number of treasury shares includes 193,075 of these shares as of September 30, 2025 and 230,245 of these shares as of March 31, 2025, and the average number of shares excludes 217,663 treasury shares in the six months to September 30, 2025, and 268,212 treasury shares in the six months to September 30, 2024.

   Financial Statements are not subject to audit by a certified public accountant or audit firm Appropriate use of financial forecasts and other items

   1. Forecasts, etc., recorded in this document include forward-looking statements that are based on management's estimates, assumptions and projections at the time of publication. A number of factors could cause actual results to differ materially from expectations. For details of forecasts, please see Page 8, 1. Operating results (3) Consolidated forecasts for the fiscal year ending March 31, 2026.

   2. The earnings per share forecast for the fiscal year ending March 31, 2026 is calculated using 124,961,826 shares as the expected average number of shares for the period.

   3. Calbee, Inc. has scheduled a financial results conference for institutional investors and analysts for November 5, 2025. An audio recording of the conference will be made available on our Japanese website after the conference.

1. Operating results
   1. Summary of business performance

      (All comparisons are with the same period of the previous fiscal year, unless stated otherwise.)

      Net sales during the first six months of the current fiscal year totaled ¥165,746 million (up 5.5%) due to growth in both the domestic and overseas businesses. Sales in the domestic business were

      ¥123,683 million (up 5.2%). Although sales temporarily slowed during the summer due to the impact of extreme heat and other relevant factors, sales volume increased amid gradual implementation of price and content revisions, and overall sales rose year on year for both snack foods and cereals. Sales in the overseas business were ¥42,062 million (up 6.6%), mainly due to growth in the UK and Australia/New Zealand.

      Operating profit was ¥10,158 million (down 31.9%), and operating margin was 6.1% (down 3.4 percentage points). In the domestic business, there was profit growth driven by the effects of price and content revisions and higher sales volume, but profit fell on increased expenses such as depreciation costs associated with the start of operations at the Setouchi Hiroshima Factory, increased expenses due to inflation, and the delay in price and content revisions in response to rising costs. In the overseas business, a decline in profit in the UK and Indonesia due to factors including continued rising raw material costs and labor costs resulted in a decrease in profits overall. Due to the above factors, ordinary profit was ¥10,397 million (down 29.8%). Profit attributable to owners of parent was ¥6,788 million (down 36.2%).

      Results by business are as follows.

      Millions of yen, rounded down

      		H1 FY ended March 31, 2025	H1 FY ending March 31, 2026
      		Amount	Amount	Growth (%)
      Domestic production and sale of snack and other foods business		117,623	123,683	＋5.2
      	Domestic snack foods	108,960	116,272	＋6.7
      	Domestic cereals	15,173	15,788	＋4.1
      	Domestic, others	6,799	6,858	＋0.9
      	Deduction of rebates, etc.	(13,310)	(15,235)	-
      Overseas production and sale of snack and other foods business		39,447	42,062	＋6.6
      Total, production and sale of snack and other foods business		157,070	165,746	＋5.5

      * Sales of "Domestic snack foods", "Domestic cereals" and "Domestic, others" are before deduction of rebates, etc.

      Production and sale of snack and other foods business

      Sales in the production and sale of snack and other foods business increased on growth in both the domestic and overseas businesses.

      Domestic production and sale of snack and other foods business

      ・Domestic snack foods:

      Domestic snack foods sales increased.

      Sales by product were as follows.

      Millions of yen, rounded down

      	H1 FY ended March 31, 2025	H1 FY ending March 31, 2026
      	Amount	Amount	Growth (%)
      Potato Chips	49,367	51,539	＋4.4
      JagaRico	23,209	25,779	＋11.1
      Other snacks	36,383	38,953	＋7.1
      Total, domestic snack foods	108,960	116,272	＋6.7

      * Net sales by product are before deduction of rebates, etc.

      • Sales of Potato Chips increased due to firm sales of standard products such as Usu-Shio-Aji and

        Kataage Potato, as well as contributions from regionally exclusive products.

      • Sales of JagaRico increased by focusing on regular items amid continued strong demand.

      • Sales of other snacks rose due to higher sales of flour-based snacks such as Kappa-Ebisen and corn/bean-based snacks, as well as growth in gift snack items.

        ・Domestic cereals:

        Sales of domestic cereals were ¥15,788 million (up 4.1%) due to growth in standard products such as Original Frugra and Mygra, as well as contributions from project items.

        ・Domestic, others:

        Sales in other domestic businesses were ¥6,858 million (up 0.9%) due to growth of the Body Granola

        personal food program.

        Overseas production and sale of snack and other foods business

        Sales increased in the overseas production and sale of snack and other foods business.

        Sales by region were as follows.

        Millions of yen, rounded down

        	H1 FY ended March 31, 2025	H1 FY ending March 31, 2026
        	Amount	Amount	Growth (%)	Growth on local currency basis (%)
        Europe/Americas	21,389	22,422	＋4.8	＋7.2
        North America (existing)	14,111	13,726	(2.7)	＋1.1
        Asia/Oceania	22,588	24,480	＋8.4	＋13.1
        Greater China	7,507	7,947	＋5.9	＋9.9
        Deduction of rebates, etc.	(4,531)	(4,840)	-	-
        Total, overseas production and sale of snack and other foods business	39,447	42,062	＋6.6	+10.1

        * Europe/Americas: North America (including Food and Health business) and the UK. "North America (existing)" means excluding Food and Health business.

        ** Asia/Oceania: Greater China, Indonesia, South Korea, Thailand, Singapore and Australia and other relevant areas

        *** Greater China: China and Hong Kong

        **** Net sales by region are before deduction of rebates, etc.

        *****Starting from the fiscal year ending March 2026, we have changed the method of recording sales before deduction of rebates, etc. in Greater China. Accordingly, we have also adjusted sales for the same period of the previous year. There is no change in sales after deduction of rebates, etc.

      • In Europe/Americas, sales increased due to growth in the UK and the consolidation of Hodo, Inc., a company of Food and Health business, in August 2025. In the UK, sales rose due to the expansion of potato chips production capacity and the contribution of the expansion of Seabrook brand products at national retail chains. In North America (existing), sales of the bean-based snack Harvest Snaps remained strong on a local currency basis.

      • In Asia/Oceania, sales rose year on year in Australia/New Zealand and Indonesia where we conducted active sales promotions, as well as in Greater China. In Greater China, we continued to expand sales to retail stores by increasing the production capacity of local contract manufacturers for Jagabee and strengthening supply by increasing imports from neighboring countries.

   2. Analysis of financial position

      (All comparisons are with the end of the previous fiscal year, unless stated otherwise.)

      1. Overview of assets, liabilities and net assets

         Total assets as of September 30, 2025 rose by ¥111 million to ¥319,280 million, mainly due to a decrease in cash and deposits, while property, plant and equipment increased. The decrease in cash and deposits is due to expenditures allocated for the acquisition of tangible fixed assets. The main reason for the increase in tangible fixed assets is the acquisition of land for the new factory in the Kanto region.

         Liabilities decreased by ¥965 million to ¥103,135 million. This was mainly due to an increase in notes and accounts payable - trade, while there was a decrease in provision for bonuses and other current liabilities. The increase in notes and accounts payable - trade was due to an increase in raw material purchases associated with the potato harvest season. The decrease in provision for bonuses is due to the payment of bonuses, and the decrease in other current liabilities was mainly due to a decrease in accounts payable on the acquisition of fixed assets and accrued expenses.

         Net assets rose by ¥1,077 million to ¥216,145 million, mainly due to an increase in non-controlling interests resulting from the acquisition of a new consolidated subsidiary.

         As a result, the shareholders' equity ratio was 64.4%, up 0.1 percentage points.

      2. Overview of cash flows

      Cash and cash equivalents as of September 30, 2025 were ¥43,354 million, a decrease of ¥7,665 million.

      Cash flows from operating activities

      Operating activities resulted in a net cash inflow of ¥19,864 million, a decrease of ¥7,529 million. This was mainly due to the last day of FY ended March 31, 2024 having been a bank holiday, which resulted in the receipt of accounts receivable being delayed to the previous fiscal year's first half.

      Cash flows from investing activities

      Investing activities resulted in a net cash outflow of ¥21,688 million, an increase of ¥344 million. This was mainly due to a decrease in expenditures for the purchase of property, plant and equipment such as the Setouchi Hiroshima Factory, while there was expenditure for the purchase of shares of subsidiaries resulting in change in the scope of consolidation.

      Cash flows from financing activities

      Financing activities resulted in a net cash outflow of ¥6,544 million, an increase of ¥9,874 million, mainly due to a decrease in proceeds from long-term borrowings.

      Information pertaining to financial resources and capital liquidity

      • Developments in capital requirements

      Calbee Group's capital requirements for operating activities include expenditures for costs related to manufacturing, such as raw materials, labor and production expenses, and for sales activities, such as selling, labor, distribution, etc. Expenditures for investing activities are primarily for capital investment and growth investment and expenditures for financing activities are primarily for capital requirements related to the payment of dividends by the parent company.

      In response to these capital requirements, based on our Change 2025 growth strategy we plan to allocate cash flows from operating activities to be generated over the three-year period from the fiscal year ended March 31, 2024 to the fiscal year ending March 31, 2026, cash on hand, and borrowings.

      Details of capital requirements

      Growth investment: Capital investment for growing domestic and overseas business, investment in new areas, M&A for strengthening overseas bases, etc.

      Efficiency investment: Support for ESG, capital investment in areas including automation/labor-saving, to raise productivity

      Shareholder returns: Aim for total return ratio over 50% and DOE 4% on a consolidated basis

      The status of cash outlays as of September 30, 2025 is as follows.

      Millions of yen, rounded down

      	3-year plan	FY ended March 31, 2024	FY ended March 31, 2025	H1 FY ending March 31, 2026	Total, April 1, 2023 to September 30, 2025	Progress (%)
      Growth investment	80,000	10,779	7,420	9,475	27,675	34.6
      Efficiency investment	60,000	22,118	22,350	10,933	55,402	92.3
      Shareholder returns	25,000	6,504	7,005	7,252	20,762	83.0
      Total	165,000	39,402	36,776	27,661	103,840	62.9

      * 3-year plan: period from FY ended March 31, 2024 to FY ending March 31, 2026

      ・Fund-raising methods

      In principle, Calbee Group raises funds by using borrowings from financial institutions in addition to cash provided by operating activities. We and our domestic consolidated subsidiaries have introduced a cash management system (CMS) to centrally manage funds within the Group, thereby centrally managing surplus funds, securing liquidity and improving funding efficiency. In addition, Calbee has entered into overdraft agreements with several financial institutions with the aim of further supplementing our liquidity, and we recognize that we have sufficient liquidity to fund our business operations.

   3. Consolidated forecasts

   The consolidated forecasts for the fiscal year ending March 31, 2026 have been revised as follows, in accordance with the results for the six-month period under review and the latest performance trends.

   Net sales and operating profit are expected to fall short of forecasts due to factors including the forecast for the autumn potato harvest. As a result, ordinary profit and net profit attributable to owners of parent are also expected to fall short of forecasts.

   The exchange rate assumption used in this forecast is 1USD=¥147.6.

   Millions of yen

   	Revised forecast (A)	Previous forecast (B)	Change (A-B)	Change (%)
   Net sales	339,000	345,000	(6,000)	(1.7)
   Operating profit	26,000	29,800	(3,800)	(12.8)
   Ordinary profit	26,300	30,400	(4,100)	(13.5)
   Profit attributable to owners of parent	17,500	20,500	(3,000)	(14.6)

2. Consolidated financial statements and key notes

1. ‌Consolidated balance sheets

   		Millions of yen, rounded down
   As of March 31, 2025		As of September 30, 2025
   Assets
   Current assets
   Cash and deposits	56,755	50,874
   Notes and accounts receivable - trade	41,619	41,334
   Inventories	25,136	29,189
   Other	10,449	5,682
   Allowance for doubtful accounts	(122)	(116)
   Total current assets	133,837	126,964
   Non-current assets
   Property, plant and equipment
   Buildings and structures, net	70,285	72,555
   Machinery, equipment and vehicles, net	49,049	52,391
   Land	16,226	21,216
   Construction in progress	7,194	3,239
   Other, net	3,026	3,403
   Total property, plant and equipment	145,782	152,806
   Intangible assets
   Goodwill	20,548	21,326
   Other	3,659	3,560
   Total intangible assets	24,207	24,887
   Investments and other assets
   Investments and other assets, gross	15,341	14,623
   Allowance for doubtful accounts	(1)	(1)
   Total investments and other assets	15,340	14,622
   Total non-current assets	185,331	192,316
   Total assets	319,169	319,280

   Millions of yen, rounded down
   As of March 31, 2025		As of September 30, 2025
   Liabilities
   Current liabilities
   Notes and accounts payable - trade	13,358	18,091
   Short-term borrowings	883	1,880
   Income taxes payable	3,829	2,926
   Provision for bonuses	6,456	4,744
   Provision for bonuses for directors (and other officers)	153	104
   Provision for share-based remuneration	105	23
   Other	30,918	26,289
   Total current liabilities	55,705	54,060
   Non-current liabilities
   Long-term borrowings	35,000	35,000
   Provision for retirement benefits for directors (and other officers)	98	113
   Provision for share-based remuneration for directors (and other officers)	297	295
   Retirement benefit liability	8,853	8,881
   Asset retirement obligations	1,545	1,598
   Other	2,601	3,185
   Total non-current liabilities	48,396	49,075
   Total liabilities	104,101	103,135
   Net assets
   Shareholders' equity
   Share capital	12,046	12,046
   Capital surplus	2,514	2,514
   Retained earnings	205,571	205,101
   Treasury shares	(24,783)	(24,668)
   Total shareholders' equity	195,348	194,992
   Accumulated other comprehensive income
   Valuation difference on available-for-sale securities	616	589
   Foreign currency translation adjustment	9,372	10,067
   Remeasurements of defined benefit plans	(158)	(125)
   Total accumulated other comprehensive income	9,831	10,532
   Non-controlling interests	9,887	10,620
   Total net assets	215,067	216,145
   Total liabilities and net assets	319,169	319,280

2. ‌Consolidated statements of income and comprehensive income Consolidated statements of income‌

   Millions of yen, rounded down
   	April 1, 2024 to September 30, 2024	April 1, 2025 to September 30, 2025
   Net sales	157,070	165,746
   Cost of sales	103,189	113,876
   Gross profit	53,880	51,869
   Selling, general and administrative expenses	38,953	41,710
   Operating profit	14,926	10,158
   Non-operating income
   Interest income	256	209
   Dividend income	24	20
   Share of profit of entities accounted for using equity method	31	33
   Gain on investments in investment partnerships	457	134
   Other	148	171
   Total non-operating income	918	568
   Non-operating expenses
   Interest expenses	176	181
   Foreign exchange losses	810	85
   Depreciation	24	18
   Other	33	44
   Total non-operating expenses	1,044	329
   Ordinary profit	14,801	10,397
   Extraordinary income
   Gain on sales of non-current assets	2	9
   Gain on sales of investment securities	148	159
   Subsidy income	27	37
   Other	0	-
   Total extraordinary income	177	206
   Extraordinary losses
   Loss on sales of non-current assets	4	13
   Loss on retirement of non-current assets	80	190
   Loss on abandonment of inventories	85	-
   Total extraordinary losses	169	203
   Profit before income taxes	14,809	10,400
   Income taxes - current	2,102	2,712
   Income taxes - deferred	1,555	725
   Total income taxes	3,657	3,437
   Profit	11,151	6,962
   Profit attributable to non-controlling interests	517	173
   Profit attributable to owners of parent	10,633	6,788

   ‌Consolidated statements of comprehensive income

   Millions of yen, rounded down
   April 1, 2024 to September 30, 2024		April 1, 2025 to September 30, 2025
   Profit	11,151	6,962
   Other comprehensive income
   Valuation difference on available-for-sale securities	(75)	(26)
   Foreign currency translation adjustment	(1,317)	884
   Remeasurements of defined benefit plans, net of tax	47	32
   Total other comprehensive income	(1,344)	889
   Comprehensive income	9,806	7,852
   Comprehensive income attributable to
   Owners of parent	9,437	7,489
   Non-controlling interests	369	362

3. ‌Consolidated statements of cash flows

   Millions of yen, rounded down
   April 1, 2024 to September 30, 2024		April 1, 2025 to September 30, 2025
   Cash flows from operating activities
   Profit before income taxes	14,809	10,400
   Depreciation	5,502	7,138
   Amortization of goodwill	1,076	1,093
   Increase (decrease) in allowance for doubtful accounts	83	(6)
   Increase (decrease) in provision for bonuses	(1,849)	(1,720)
   Increase (decrease) in provision for bonuses for directors (and other officers)	(32)	(52)
   Increase (decrease) in provision for share-based remuneration	40	20
   Increase (decrease) in provision for share-based remuneration for directors	60	10
   Increase (decrease) in retirement benefit liability	23	159
   Decrease (increase) in retirement benefit asset	(169)	(217)
   Increase (decrease) in provision for retirement benefits for directors (and other officers)	(22)	15
   Interest and dividend income	(281)	(229)
   Interest expenses	176	181
   Foreign exchange losses (gains)	943	19
   Subsidies income	(27)	(37)
   Loss (gain) on investments in investment partnerships	(457)	(134)
   Loss on abandonment of inventories	85	-
   Share of loss (profit) of entities accounted for using equity method	(31)	(33)
   Loss (gain) on sales of investment securities	(148)	(159)
   Loss (gain) on sales of non-current assets	2	3
   Loss on retirement of non-current assets	80	190
   Decrease (increase) in trade receivables	16,022	829
   Decrease (increase) in inventories	(4,932)	(3,761)
   Increase (decrease) in trade payables	4,189	4,484
   Increase (decrease) in accounts payable - other	(3,181)	(1,103)
   Other, net	814	6,710
   Subtotal	32,778	23,801
   Interest and dividends received	274	221
   Interest paid	(149)	(186)
   Income taxes paid	(5,509)	(3,972)
   Net cash provided by (used in) operating activities	27,393	19,864

   Millions of yen, rounded down
   April 1, 2024 to September 30, 2024		April 1, 2025 to September 30, 2025
   Cash flows from investing activities
   Purchase of property, plant and equipment	(22,811)	(17,223)
   Proceeds from sales of property, plant and equipment	8	12
   Purchase of intangible assets	(551)	(1,060)
   Purchase of investment securities	(205)	(2)
   Proceeds from sales of investment securities	347	308
   Proceeds from collection of loans	100	-
   Payments into time deposits	(9,512)	(12,806)
   Proceeds from withdrawal of time deposits	11,190	11,123
   Payments of guarantee deposits	(40)	(169)
   Proceeds from refund of guarantee deposits	103	11
   Purchase of shares of subsidiaries resulting in change in scope of consolidation	-	(2,125)
   Proceeds from subsidy income	27	37
   Proceeds from distributions from investment partnerships	-	199
   Other, net	0	5
   Net cash provided by (used in) investing activities	(21,344)	(21,688)
   Cash flows from financing activities
   Net increase (decrease) in short-term borrowings	488	1,000
   Proceeds from long-term borrowings	10,000	-
   Purchase of treasury shares	(0)	-
   Dividends paid	(7,002)	(7,252)
   Dividends paid to non-controlling interests	(85)	(85)
   Repayments of lease obligations	(69)	(206)
   Net cash provided by (used in) financing activities	3,330	(6,544)
   Effect of exchange rate change on cash and cash equivalents	(379)	703
   Net increase (decrease) in cash and cash equivalents	9,000	(7,665)
   Cash and cash equivalents at beginning of period	37,718	51,019
   Cash and cash equivalents at end of period	46,719	43,354

4. Notes to consolidated financial statements

   (Notes related to going concern assumption)

   No applicable items.

   (Additional information)

   (Application of "Practical Solution on the Accounting for and Disclosure of Current Taxes Related to Global Minimum Tax Rules")

   We have applied the "Practical Solution on the Accounting for and Disclosure of Current Taxes Related to the Global Minimum Tax Rules" (ASBJ PITF No. 46, March 22, 2024). Current taxes related to global minimum tax rules were not recorded in the financial statements for the first half of the current consolidated fiscal year because ASBJ PITF No.7 was applied.

   (Notes on occurrence of significant changes to shareholders' equity)

   No applicable items.

   (Subsequent events)

   Acquisition of Treasury Stock

   The Board of Directors of the company resolved at a meeting held on November 5, 2025 to acquire treasury stock pursuant to the provisions of Article 156 of the Companies Act of Japan, as applied mutatis mutandis under Article 165, Paragraph 3 of the Companies Act of Japan.

   1. Purpose of Acquisition of Treasury Stock

      The purpose is the aim of enhancing the distribution of profits for shareholders and raising capital efficiency.

   2. Details on Acquisition of Treasury Stock

      1. Class of shares to be acquired Common shares

      2. Total number of shares to be acquired Up to 4,000,000* shares

         *3.20% of total number of outstanding shares (excluding treasury stock)

      3. Total acquisition cost Up to 10 billion yen

      4. Period of acquisition November 6, 2025 to March 31, 2026

      5. Method of acquisition Market purchase on the Tokyo Stock Exchange

(Notes of segment Information, etc.) [Segment information]

Segment information is not disclosed as Calbee Group has only one reporting segment, "Production and sale of snacks and other foods" with little significance.