February 3, 2026
Consolidated Financial Results (Japanese Accounting Standards) for the Nine Months Ended December 31, 2025 (Q3 FY2025)Company name: House Foods Group Inc. Stock exchange listing: Tokyo Stock Exchange Stock code: 2810
URL: https://housefoods-group.com
Representative: Hiroshi Urakami, President
Contact: Eiki Miyake, General Manager, Public & Investors Relations Division Tel. +81-3-5211-6039
Scheduled date of commencement of dividend payment: -Supplementary documents for financial results: Yes
Financial results briefing: None
(Amounts of less than one million yen are rounded to the nearest million yen.)
Consolidated Financial Results for the Nine Months Ended December 31, 2025 (April 1, 2025 – December 31, 2025)
Consolidated Results of Operations (Accumulated Total) (Percentages show year-on-year changes.)
Net sales
Operating profit
Ordinary profit
Profit attributable to owners of parent
Nine months ended
Million yen
%
Million yen
%
Million yen
%
Million yen
%
December 31, 2025
241,958
1.1
14,937
(15.6)
15,611
(15.1)
11,749
(3.5)
December 31, 2024
239,357
6.1
17,699
6.2
18,395
4.5
12,172
(25.6)
(Note) Comprehensive income: 12,694 million yen (8.3%) for the nine months ended December 31, 2025
11,723 million yen (-59.0%) for the nine months ended December 31, 2024
Profit per share
(basic)
Profit per share
(diluted)
Nine months ended
Yen
Yen
December 31, 2025
126.57
-
December 31, 2024
128.14
-
Consolidated Financial Position
Total assets
Net assets
Equity ratio
Net assets per share
As of
December 31, 2025
March 31, 2025
Million yen
433,870
435,074
Million yen
321,578
322,878
%
67.4
67.3
Yen
3,200.39
3,113.86
(Reference) Shareholders’ equity: As of December 31, 2025: 292,420 million yen As of March 31, 2025: 292,823 million yen
Dividends
Dividend per share
End of first quarter
End of second quarter
End of third quarter
Year-end
Annual
Year ended March 31, 2025
Year ending March 31, 2026
Yen
-
-
Yen
24.00
24.00
Yen
-
-
Yen
24.00
Yen
48.00
Year ending March 31, 2026
(forecast)
24.00
48.00
(Note) Revisions to dividend forecasts published most recently: None
Consolidated Forecasts for the Fiscal Year Ending March 31, 2026 (April 1, 2025 – March 31, 2026)
(Percentage figures represent the changes from the previous year)
Net sales | Operating profit | Ordinary | profit | Profit attributable to owners of parent | Profit per share | ||||
Year ending March 31, 2026 | Million yen 321,500 | % 1.9 | Million yen 19,000 | % (5.0) | Million yen 20,300 | % (5.1) | Million yen 13,000 | % 4.1 | Yen 140.68 |
(Note) Revisions to financial forecasts published most recently: None
* Notes
Major changes in the scope of consolidation during the period: Yes
New 1 company (Company name: PT. House Foods Indonesia), Excluded - company (Company name)
Application of particular accounts procedures to the preparation of quarterly consolidated financial statements: Yes
Changes in accounting policies and changes or restatement of accounting estimates
Changes in accounting policies caused by revision of accounting standards: None
Changes in accounting policies other than (i): None
Changes in accounting estimates: None
Restatement: None
Number of shares outstanding (common shares):
Number of shares outstanding at end of period (including treasury shares) As of December 31, 2025: 98,498,416 shares
As of March 31, 2025: 98,498,416 shares
Number of treasury shares at end of period
As of December 31, 2025: 7,128,543 shares
As of March 31, 2025: 4,459,697 shares
Average number of shares outstanding during the term
Nine months ended December 31, 2025: 92,827,739 shares
Nine months ended December 31, 2024: 94,990,174 shares
(Note) Number of treasury shares at end of period includes shares in the Company held by the House Foods Group Employee Shareholding Association Trust (381,400 shares in the nine months ended December 31, 2025, 598,700 shares in the fiscal year ended March 31, 2025). In addition, treasury shares deducted when calculating the average number of shares outstanding during the term include the Company shares held by the trust (489,211 shares during the nine months ended December 31, 2025, 394,933 shares during the nine months ended December 31, 2024).
Review of the accompanying quarterly consolidated financial statements by certified public accountants or audit corporations: None
Explanations and other special notes concerning the appropriate use of business results forecasts
The forward-looking statements such as result forecasts included in this document are based on the information available to the Company at the time of the announcement and on certain assumptions considered reasonable, and the Company makes no representations as to their achievability. Actual results may differ materially from the forecast depending on a range of factors.
For other matters relating to the forecasts, please refer to “1. Analysis of Operating Results and Financial Position, (3) Information on the Future Outlook, Including Consolidated Business Results Forecasts” on page 4 of the accompanying materials.
Accompanying Materials – Contents
Analysis of Operating Results and Financial Position 2
Analysis of Operating Results 2
Analysis of Financial Position 4
Information on the Future Outlook, Including Consolidated Business Results Forecasts 4
Quarterly Consolidated Financial Statements and Key Notes 5
Quarterly Consolidated Balance Sheets 5
Quarterly Consolidated Statements of Income and Comprehensive Income 7
Notes to Quarterly Consolidated Financial Statements 9
Notes Relating to Application of Particular Accounts Procedures to the Preparation of
Quarterly Consolidated Financial Statements 9
Notes to Segment Information 9
Notes for Case Where Shareholders’ Equity underwent Significant Changes in Value 11
Notes Relating to Assumptions for the Going Concern 11
Notes Relating to Quarterly Consolidated Statements of Cash Flows 11
Note to Significant Events after the Reporting Period 12
Supplementary Information 15
Business Results 15
Number of Group Companies 15
Consolidated Statements of Income 16
Consolidated Balance Sheets 20
Capital Investment 21
Depreciation 21
Major Management Indicators, etc 21
Reference Information 22
- Analysis of Operating Results and Financial Position
- Analysis of Operating ResultsThe Group is pursuing its eighth medium-term business plan under the theme of “Striving to become a high quality company that provides “Healthy Life Through Foods” Growth through the establishment of a global value chain (VC).” In our mid-term business plan, we are building a global VC structure to lay the foundation for further growth in the future, and at the same time, we are taking steps to increase corporate value from a back-casting perspective, including the introduction of ROIC (return on invested capital) for management that is conscious of the cost of capital.
During the nine months ended December 31, 2025, the market environment both in Japan and overseas has become increasingly severe chiefly due to the effects of interest rate and exchange rate fluctuations caused by the economic policies of various countries, as well as rising business costs in Japan, especially for raw materials, and consumers’ increasing thriftiness due to the progression of inflation.
Net sales of the Group increased as a result of price revisions for some products and services and efforts to stimulate demand after the revisions. Operating profit decreased, with price revisions having a greater effect but still proving insufficient to absorb the increase in business costs, mainly raw materials. Ordinary profit and profit attributable to owners of the parent also fell.
As a result, the Group’s operating results were as shown below.
Nine months ended December 31, 2025
Amount (million yen)
Year-on-year change (%)
Net sales
241,958
101.1
Operating profit
14,937
84.4
Ordinary profit
15,611
84.9
Profit attributable to owners of parent
11,749
96.5
The following is an overview of results by segment (before the elimination of inter-segment transactions).
Segment
Net sales
Operating profit (Segment profit (loss))
Amount (million yen)
Year-on-year change (%)
Amount (million yen)
Year-on-year change (%)
Spice / Seasoning / Processed Food Business
100,884
100.0
9,495
87.9
Health Food Business
13,303
98.5
1,738
73.5
International Food Business
46,792
100.4
2,557
101.1
Restaurant Business
48,515
107.9
2,773
95.7
Other Food Related Business
40,821
98.3
706
65.3
Subtotal
250,316
101.1
17,268
87.8
Adjustment (elimination)
(8,357)
-
(2,331)
-
Total
241,958
101.1
14,937
84.4
(Note) 1. Adjustment (elimination) comprises profit or loss not distributed to segments and the elimination of inter-segment transactions.
Spice / Seasoning / Processed Food BusinessIn the household use business, sales fell, impacted by sales decline during the first six months, with efforts focused on demand recovery after implementation of price revisions in May last year. The food service business posted an increase in sales due to the success of channel-specific sales measures. As a result, overall business sales were on par with the same period of the previous year. Profits decreased due to higher operating costs and marketing costs incurred to establish the new prices.
During the third quarter of the fiscal year under review, demand for products such as curry roux and stew roux recovered and price revisions had a greater effect, causing the sales and profits of the business as a whole to start trending upward again.
As a result of the above, sales in the Spice / Seasoning / Processed Food Business were 100,884 million yen, mostly unchanged year on year, and operating profit decreased 12.1% year on year, to 9,495 million yen. Consequently, the ratio of operating profit to net sales was 9.4%, declining 1.3 percentage points from the same period of the previous fiscal year.
Health Food BusinessNet sales of the business as a whole decreased, with strong sales of C1000, driven by efforts to expand sales during periods of demand, offset by decline in sales of Ichinichibun No Vitamin Jelly, partly due to the emergence of other products emphasizing health benefits. Profits decreased due to the impact of lower sales and soaring raw material prices.
As a result of the above, sales in the Health Food Business declined 1.5% year on year, to 13,303 million yen, and operating profit decreased 26.5%, to 1,738 million yen. Accordingly, the ratio of operating profit to net sales was 13.1%, declining 4.4 percentage point from the same period of the previous fiscal year.
International Food Business Period covered by the consolidated financial statements: Mainly from January to September 2025In the U.S. soybean business, sales and profits declined due to stagnant sales caused by increasing thrifty consumers and lost sales opportunities caused by production troubles in the first quarter of the fiscal year.
In the Chinese curry business, both sales and profits increased in the household use business due to efforts to optimize distribution inventories in the same period of the previous year, as well as the successful shift to a delivery-type sales strategy. In the food service business, both sales and profits increased due to strengthened menu proposals and efforts to develop new customers. As a result of the above, the Chinese curry business as a whole achieved an increase in both sales and profit.
In the Southeast Asia functional drink business, sales and profits declined due to struggling sales in the traditional trade. In yen terms, sales decreased and operating profit was flat year on year.
As a result of the above, sales in the International Food Business rose 0.4% year on year, to 46,792 million yen, and operating profit increased 1.1%, to 2,557 million yen. Consequently, the ratio of operating profit to net sales was 5.5%, the same level as the same period last year.
Restaurant Business Periods covered by the consolidated financial statements: From March to November 2025 for Ichibanya Co., Ltd. and from January to September 2025 for domestic and overseas subsidiariesNet sales increased, reflecting price revisions in August of the previous year and sales measures targeting a wide range of customers in the domestic business of Ichibanya Co., Ltd., as well as business expansion at domestic subsidiaries. Profits decreased due to higher prices for rice and other raw materials and increased personnel and logistics costs.
As a result of the above, sales in the Restaurant Business increased 7.9% year on year, to 48,515 million yen, and operating profit declined 4.3% year on year, to 2,773 million yen. Accordingly, the ratio of operating profit to net sales was 5.7%, declining 0.7 percentage points from the same period of the previous fiscal year.
Other Food Related BusinessDelica Chef Corporation posted declines in both sales and profit due to struggling sales of side dishes and desserts.
Vox Trading Co., Ltd. posted increased sales due to the strong performance of key goods such as spicy vegetables and frozen fruits; however, profits fell due primarily to lower profitability at overseas subsidiaries.
As a result of the above, sales in Other Food Related Business decreased 1.7% year on year, to 40,821 million yen, and operating profit declined 34.7% year on year, to 706 million yen. Consequently, the ratio of operating profit to net sales was 1.7%, declining 0.9 percentage point from the same period of the previous fiscal year.
- Analysis of Financial Position
The consolidated financial situation at the end of the third quarter of the fiscal year under review is as follows:
Total assets were 433,870 million yen, a decrease of 1,203 million yen from the end of the previous consolidated fiscal year.
Current assets fell 2,735 million yen, to 187,067 million yen mainly due to a decrease in cash and deposits, which offset an increase in notes and accounts receivable-trade. Non-current assets increased 1,531 million yen to 246,803 million yen, mainly due to increases in investment securities and construction in progress, offsetting decreases in machinery, equipment and vehicles, contract-related intangible assets and trademark right.
Liabilities stood at 112,292 million yen, an increase of 96 million yen from the end of the previous consolidated fiscal year.
Current liabilities were down 404 million yen, to 62,717 million yen mainly due to a decrease in income taxes payable, despite an increase in notes and accounts payable - trade. Non-current liabilities increased 501 million yen, to 49, 576 million yen, chiefly due to an increase deferred tax liabilities, offsetting a decrease in retirement benefit liability.
Net assets decreased 1,300 million yen from the end of the previous consolidated fiscal year to 321,578 million yen, mainly due to an increase in treasury shares resulting from the acquisition of treasury shares, while retained earnings increased due to profit attributable to owners of parent.
As a result, the equity ratio stood at 67.4% (compared with 67.3% at the end of the previous fiscal year), and net assets per share amounted to 3,200.39 yen (3,113.86 yen at the end of the previous fiscal year) at the end of the third quarter of the fiscal year under review.
- Information on the Future Outlook, Including Consolidated Business Results Forecasts
The consolidated business performance forecast for the fiscal year ending March 31, 2026 remains unchanged from the business performance forecast announced on November 6, 2025.
- Analysis of Operating ResultsThe Group is pursuing its eighth medium-term business plan under the theme of “Striving to become a high quality company that provides “Healthy Life Through Foods” Growth through the establishment of a global value chain (VC).” In our mid-term business plan, we are building a global VC structure to lay the foundation for further growth in the future, and at the same time, we are taking steps to increase corporate value from a back-casting perspective, including the introduction of ROIC (return on invested capital) for management that is conscious of the cost of capital.
- Quarterly Consolidated Financial Statements and Key Notes
- Quarterly Consolidated Balance Sheets
End of previous fiscal year (As of March 31, 2025)
Assets
Current assets
(Million yen)
End of third quarter of the fiscal year under review (As of December 31, 2025)
Cash and deposits
97,484
81,001
Notes and accounts receivable - trade
53,664
66,358
Securities
999
1,999
Merchandise and finished goods
19,602
18,361
Work in process
4,255
4,591
Raw materials and supplies
8,800
9,102
Other
5,070
5,753
Allowance for doubtful accounts
(72)
(98)
Total current assets
189,802
187,067
Non-current assets
Property, plant and equipment
Buildings and structures, net
39,357
39,435
Machinery, equipment and vehicles, net
24,001
21,279
Land
30,702
30,480
Lease assets, net
1,847
2,243
Construction in progress
8,606
11,211
Other, net
6,184
6,279
Total property, plant and equipment
110,698
110,926
Intangible assets
Goodwill
3,734
3,582
Trademark right
18,081
17,595
Software
3,699
3,236
Contract-related intangible assets
16,602
16,002
Customer-related intangible assets
4,650
4,168
Software in progress
1,211
1,244
Other
1,402
1,435
Total intangible assets
49,379
47,263
Investments and other assets
Investment securities
48,344
51,605
Long-term loans receivable
16
16
Deferred tax assets
1,749
1,716
Long-term time deposits
1,000
1,000
Retirement benefit asset
27,626
27,753
Distressed receivables
171
169
Long-term deposits
985
978
Other
6,555
6,614
Allowance for doubtful accounts
(1,251)
(1,236)
Total investments and other assets
85,195
88,615
Total non-current assets
245,272
246,803
Total assets
435,074
433,870
Liabilities
End of previous fiscal year (As of March 31, 2025)
(Million yen) End of third quarter of the fiscal year under review
(As of December 31, 2025)
Current liabilities
Notes and accounts payable - trade
22,261
23,037
Electronically recorded obligations - operating
1,422
1,690
Short-term borrowings
7,859
6,726
Lease liabilities
856
856
Accounts payable - other
10,637
10,748
Income taxes payable
4,506
3,295
Provision for bonuses
658
305
Provision for bonuses for directors (and other officers)
80
60
Provision for shareholder benefit program
236
236
Asset retirement obligations
14
5
Other
14,591
15,758
Total current liabilities
63,121
62,717
Non-current liabilities
Long-term borrowings
6,549
5,863
Lease liabilities
5,022
4,915
Long-term accounts payable - other
132
430
Deferred tax liabilities
23,358
24,646
Retirement benefit liability
7,333
6,288
Asset retirement obligations
1,228
1,252
Long-term guarantee deposits
3,588
3,582
Other
1,864
2,601
Total non-current liabilities
49,075
49,576
Total liabilities
112,196
112,292
Net assets
Shareholders’ equity
Share capital
9,948
9,948
Capital surplus
22,849
22,848
Retained earnings
232,501
239,745
Treasury shares
(13,008)
(20,647)
Total shareholders’ equity
252,290
251,894
Accumulated other comprehensive income
Valuation difference on available-for- sale securities
20,346
23,404
Deferred gains or losses on hedges
98
(86)
Foreign currency translation adjustment
16,626
13,965
Remeasurements of defined benefit plans
3,463
3,243
Total accumulated other comprehensive income
40,533
40,525
Non-controlling interests
30,055
29,158
Total net assets
322,878
321,578
Total liabilities and net assets
435,074
433,870
- Quarterly Consolidated Statements of Income and Comprehensive Income
First nine-month period of previous fiscal year
(April 1, 2024 -
(Million yen)
First nine-month period of the fiscal year under review (April 1, 2025 -
December 31, 2024)
December 31, 2025)
Net sales
239,357
241,958
Cost of sales
150,775
152,512
Gross profit
88,582
89,446
Selling, general and administrative expenses
70,882
74,509
Operating profit
17,699
14,937
Non-operating income
Interest income
215
259
Dividend income
569
502
Share of profit of entities accounted for using equity method
5
86
Rental income from buildings
656
667
Other
364
514
Total non-operating income
1,809
2,029
Non-operating expenses
Interest expenses
58
293
Rental expenses
506
520
Foreign exchange losses
266
149
Other
282
393
Total non-operating expenses
1,113
1,355
Ordinary profit
18,395
15,611
Extraordinary income
Gain on sale of non-current assets
288
11
Gain on sale of investment securities
1,553
4,505
Gain on sale of restaurants
87
42
Gain on revision of retirement benefit plan
-
72
Other
43
12
Total extraordinary income
1,972
4,643
Extraordinary losses
Loss on sale of non-current assets
8
1
Loss on retirement of non-current assets
162
498
Loss on valuation of investment securities
243
161
Loss on valuation of membership
0
8
Impairment losses
162
362
Other
-
2
Total extraordinary losses
574
1,031
Profit before income taxes
19,793
19,223
Income taxes
6,127
6,427
Profit
13,666
12,796
Profit attributable to
Profit attributable to owners of parent
12,172
11,749
Profit attributable to non-controlling interests
1,494
1,047
Other comprehensive income
First nine-month period of previous fiscal year
(April 1, 2024 -
December 31, 2024)
(Million yen)
First nine-month period of the fiscal year under review (April 1, 2025 -
December 31, 2025)
Valuation difference on available-for- sale securities
(3,357)
3,084
Deferred gains or losses on hedges
(54)
(198)
Foreign currency translation adjustment
1,840
(2,735)
Remeasurements of defined benefit plans, net of tax
(390)
(215)
Share of other comprehensive income of entities accounted for using equity method
18
(38)
Total other comprehensive income
(1,942)
(102)
Comprehensive income
11,723
12,694
Comprehensive income attributable to
Comprehensive income attributable to owners of parent
10,020
11,742
Comprehensive income attributable to non-controlling interests
1,703
952
- Notes to Quarterly Consolidated Financial Statements
Notes Relating to Application of Particular Accounts Procedures to the Preparation of Quarterly Consolidated Financial Statements
(Calculation of tax expenses)
The Company calculates tax expenses by reasonably estimating the effective tax rate after applying tax effect accounting to profit before income taxes for the consolidated fiscal year and multiplying profit before income taxes for the third quarter under review by the estimated effective tax rate.
However, if the calculation of tax expenses using the estimated effective tax rate results in a markedly unreasonable outcome, tax expenses are calculated by using the statutory effective tax rate after adding and subtracting important differences that do not fall under temporary differences to and from profit before income taxes.
Notes to Segment Information
First nine-month period of previous fiscal year (April 1, 2024 - December 31, 2024)
Information on net sales and profits or losses by reported segment
(Million yen)
Reported segments
Other
Total
Adjustment (Note 1)
Amount on consolidated financial statements (Note 2)
Spice / Seasoning / Processed Food Business
Health Food Business
International Food Business
Restaurant Business
Other Food Related Business
Total
Net sales
Sales – outside customers
96,893
13,136
46,176
44,836
38,187
239,228
-
239,228
129
239,357
Sales and transfer -inter-segment
3,984
371
433
133
3,326
8,248
-
8,248
(8,248)
-
Total
100,877
13,508
46,610
44,969
41,513
247,476
-
247,476
(8,119)
239,357
Segment profit (loss)
10,798
2,365
2,529
2,897
1,081
19,670
-
19,670
(1,971)
17,699
(Notes) 1. The details of the adjustments listed are as follows:
Sales-outside customers are mainly real estate rental revenues recorded by the Company.
Segment profit (loss) includes a loss of 1,971 million yen of the Company and House Business Partners Corporation, etc., which is not distributed to business segments.
Segment profit was adjusted with operating profit on the consolidated financial statements.
2. Information on impairment losses on non-current assets and goodwill by reportable segment (Important impairment losses on non-current assets)
In the first nine months of the consolidated fiscal year under review, the Company recorded impairment losses of 162 million yen associated with a fall in profitability of store assets, etc. in the Restaurant Business segment.
(Significant fluctuation in the amount of goodwill)
In the previous fiscal year, the Company used provisional accounting treatment for the acquisition of shares of LFD JAPAN Co., Ltd. implemented by Ichibanya Co., Ltd., which is a consolidated subsidiary of the Company. The provisional figures were finalized in the third quarter of the fiscal year under review. As a result, the amount of goodwill in the Restaurant Business segment decreased.
First nine-month period of the fiscal year under review (April 1, 2025 - December 31, 2025)
Information on net sales and profits or losses by reported segment
(Million yen)
Reported segments
Other
Total
Adjustment (Note 1)
Amount on consolidated financial statements (Note 2)
Spice / Seasoning / Processed Food Business
Health Food Business
International Food Business
Restaurant Business
Other Food Related Business
Total
Net sales
Sales – outside customers
96,751
12,909
46,407
48,437
37,326
241,829
-
241,829
129
241,958
Sales and transfer -inter-segment
4,133
395
385
78
3,496
8,486
-
8,486
(8,486)
-
Total
100,884
13,303
46,792
48,515
40,821
250,316
-
250,316
(8,357)
241,958
Segment profit (loss)
9,495
1,738
2,557
2,773
706
17,268
-
17,268
(2,331)
14,937
(Notes) 1. The details of the adjustments listed are as follows:
Sales-outside customers are mainly real estate rental revenues recorded by the Company.
Segment profit (loss) includes a loss of 2,331 million yen of the Company and House Business Partners Corporation, etc., which is not distributed to business segments.
Segment profit was adjusted with operating profit on the consolidated financial statements.
2. Information on impairment losses on non-current assets and goodwill by reportable segment (Important impairment losses on non-current assets)
In the first nine months of the consolidated fiscal year under review, the Company recorded impairment losses of 362 million yen associated with a fall in profitability of store assets, etc. in the Restaurant Business segment.
Notes for Case Where Shareholders’ Equity underwent Significant Changes in Value
The Company completed the purchase of 2,902,100 treasury shares based on a resolution at the meeting of the Board of Directors held on May 8, 2025. As a result, treasury shares increased by 8,303 million yen during the first nine months under review, and treasury shares amounted to 20,647 million yen as of December 31, 2025.
Notes Relating to Assumptions for the Going Concern
Not applicable.
Notes Relating to Quarterly Consolidated Statements of Cash Flows
First nine-month period of FY2024
First nine-month period of FY2025
Depreciation
9,542 million yen
9,820 million yen
Amortization of goodwill
849 million yen
377 million yen
The Company did not prepare quarterly consolidated statements of cash flows for the first nine months under review. Depreciation (including amortization of intangible assets except for goodwill) and amortization of goodwill for the nine-month period under review are as follows:
Note to Significant Events after the Reporting Period
(Share transfer involving a change in a consolidated subsidiary)
At the meeting of the Board of Directors held on September 2, 2025, the Company resolved to transfer shares in Delica Chef Corporation (hereinafter “Delica Chef”), a consolidated subsidiary of the Company, and all of the assets related to Delica Chef’s business held by the Company to Musashino Co., Ltd. (hereinafter “Musashino”) (hereinafter “the Transfer”). The transfer was completed on January 15, 2026. Due to the Transfer, Delica Chef will be excluded from the scope of consolidated subsidiaries.
Reason for the Transfer
Under the Group Philosophy of “Through food, we aim to be a good corporate citizen, connecting and collaborating with people to create smiles in their lives,” the Group focuses on its “Three Responsibilities (for our customers, for our employees and their families and for society)” by multiplying the strengths it has cultivated since its founding with those of each Group company and pursuing “Healthy Life Through Foods,” and aim to be a quality company with a global presence.
Since its founding in 1985, Delica Chef has contributed to the realization of the Group Philosophy through the production and sale of ready-made dishes, desserts, bread, etc. for Seven-Eleven Japan Co., Ltd., utilizing its strengths in quality management and product development fostered in the Group.
In the ongoing Eighth Medium-term Business Plan, the Company positions three value chains (VCs) of Spice, Soybean and Functional Ingredients as core growth areas and has been concentrating the allocation of management resources to pursue growth through the creation of global VCs. Consequently, the Company decided, in light of the synergies between Delica Chef and the core growth areas, etc. and to enable the continued growth of the business of Delica Chef, to transfer the business of Delica Chef to Musashino, which operates the same business, namely manufacturing food for convenience stores. Musashino’s strengths in product development and production management know-how are highly complementary with the strengths of Delica Chef. Moreover, the Company believes that the business of Delica Chef can be further developed through synergies created by leveraging both companies’ business scales and reinforcing their competitiveness in procurement and logistics.
Outline of subsidiary to be transferred (Delica Chef)
(1) Name
Delica Chef Corporation
(2) Address
49-2 Kiyoku-cho, Kuki-shi, Saitama
(3) Name and title of representative
Yoshihiro Suzuki, Representative Director and President
(4) Business description
Food manufacturing business (ready-made dishes, salads, desserts and baked bread)
(5) Share capital
60 million yen
(6) Established
August 1985
(7) Equity investors and their investment ratio
House Foods Group Inc. 100%
(8) Relationships with the Company
Capital relationship
The subject company is a wholly owned, consolidated subsidiary of the Company.
Personal relationship
Not applicable.
Business relationship
Land, buildings and machine equipment owned by the Company are rented to the subject company.
The Company has been providing loans to the subject company.
(9) Financial position and operating results of the subject company for the most recent three years
Fiscal year
Year ended March 31, 2023
Year ended March 31, 2024
Year ended March 31, 2025
Net assets
2,300 million yen
2,610 million yen
2,533 million yen
Total assets
4,674 million yen
5,049 million yen
4,404 million yen
Net sales
19,281 million yen
19,415 million yen
18,848 million yen
Operating profit
198 million yen
484 million yen
-172 million yen
Profit
141 million yen
310 million yen
-77 million yen
Information of counterparty to the Transfer
(1) Name
Musashino Co., Ltd.
(2) Address
Musashino Building, 1-1-1 Nishihara, Asaka-shi, Saitama
(3) Name and title of representative
Nobuyuki Yasuda, Representative Director and President
(4) Business description
Production and sale of packed lunches, rice balls, sushi, savory bread, processed noodles, etc. Operation and management of sports and leisure facilities
(5) Share capital
100 million yen
(6) Established
December 1969
(7) Equity investors and their investment ratio
Nobuyuki Yasuda 49.2%
Musashino Holdings Corporation 22.5%
(8) Relationships with the Company
Capital relationship
Not applicable.
Personal relationship
Not applicable.
Business relationship
There are no business relationships to be described.
(9) Net assets and total assets in the immediately preceding business year
Fiscal year
As of Mar. 31, 2025
Net assets
56,749 million yen
Total assets
103,101 million yen
Content of the Transfer
Outline of transfer of shares and fixed assets
Overview of the share transfer
(i) Equity interest before the transfer
8,043 shares of common stock (Ownership ratio of voting rights: 100%)
(ii) Number of shares for transfer
8,043 shares of common stock (Ownership ratio of voting rights: 100%)
(iii) Equity interest after the transfer
0 shares (percentage of voting rights 0.00%)
Outline of transfer of fixed assets
(i) Name of the assets
Land and buildings of Kuki Plant, assets of Narashino Plant
Transfer price
9.0 billion yen
Schedule
(1) Date of resolution by the Board of Directors
September 2, 2025
(2) Date of agreement
September 2, 2025
(3) Date of transfer
January 15, 2026
Future outlook
The impact on the Company’s consolidated financial statements for the fiscal year ending March 31, 2026 is expected to be immaterial.
- Quarterly Consolidated Balance Sheets
- Supplementary Information
- Business Results
Consolidated (Million yen)
First nine months of FY2024
First nine months of FY2025
Amount
Year-on-year change
Amount
Year-on-year change
Net sales
239,357
106.1%
241,958
101.1%
Operating profit
17,699
106.2%
14,937
84.4%
Ordinary profit
18,395
104.5%
15,611
84.9%
Profit attributable to owners of parent
12,172
74.4%
11,749
96.5%
Comprehensive income
11,723
41.0%
12,694
108.3%
FY2024
FY2025 Revised Forecast
Amount
Year-on-year change
Amount
Year-on-year change
315,418
105.3%
321,500
101.9%
20,004
102.7%
19,000
95.0%
21,388
101.4%
20,300
94.9%
12,493
71.1%
13,000
104.1%
15,292
54.0%
-
-
Net sales by business segment
Net sales
Amount
Year-on-year change
Amount
Year-on-year change
Spice / Seasoning / Processed Food Business
100,877
105.0%
100,884
100.0%
Health Food Business
13,508
101.4%
13,303
98.5%
International Food Business
46,610
111.1%
46,792
100.4%
Restaurant Business
44,969
109.3%
48,515
107.9%
Other Food Related Business
41,513
101.4%
40,821
98.3%
Adjustment
(8,119)
-
(8,357)
-
Amount
Year-on-year change
Amount
Year-on-year change
131,402
104.1%
133,400
101.5%
17,043
101.1%
17,500
102.7%
62,407
110.7%
63,200
101.3%
60,986
110.6%
67,300
110.4%
54,405
98.8%
51,100
93.9%
(10,824)
-
(11,000)
-
Operating profit by business segment
Operating profit
Amount
Year-on-year change
Amount
Year-on-year change
Spice / Seasoning / Processed Food Business
10,798
125.1%
9,495
87.9%
Health Food Business
2,365
103.0%
1,738
73.5%
International Food Business
2,529
110.7%
2,557
101.1%
Restaurant Business
2,897
99.8%
2,773
95.7%
Other Food Related Business
1,081
69.0%
706
65.3%
Adjustment
(1,971)
-
(2,331)
-
Amount
Year-on-year change
Amount
Year-on-year change
12,816
118.3%
12,800
99.9%
2,437
98.9%
1,600
65.7%
3,044
99.2%
3,600
118.3%
3,604
106.2%
4,100
113.8%
1,235
64.0%
1,000
81.0%
(3,132)
-
(4,100)
-
- Number of Group Companies
First nine months of FY2024
First nine months of FY2025
Consolidated subsidiaries
46
50
Japan
19
21
Overseas
27
29
Equity-method affiliate
5
5
Japan
2
2
Overseas
3
3
FY2024
48
21
27
5
2
3
- Consolidated Statements of Income
Consolidated Statements of Income (Million yen)
First nine months of FY2024
First nine months of FY2025
Year-on-year change
Amount
Percentage
Amount
Percentage
Amount
Rate of change
Net sales
239,357
100.0%
241,958
100.0%
2,601
1.1%
Spice / Seasoning / Processed Food Business
100,877
42.1%
100,884
41.7%
7
0.0%
Health Food Business
13,508
5.6%
13,303
5.5%
(204)
(1.5%)
International Food Business
46,610
19.5%
46,792
19.3%
182
0.4%
Restaurant Business
44,969
18.8%
48,515
20.1%
3,546
7.9%
Other Food Related Business
41,513
17.3%
40,821
16.9%
(691)
(1.7%)
Adjustment
(8,119)
(3.4%)
(8,357)
(3.5%)
(238)
-
Cost of sales
150,775
63.0%
152,512
63.0%
1,736
1.2%
Selling, general and administrative expenses
70,882
29.6%
74,509
30.8%
3,627
5.1%
Operating profit
17,699
7.4%
14,937
6.2%
(2,762)
(15.6%)
Spice / Seasoning / Processed Food Business
10,798
4.5%
9,495
3.9%
(1,304)
(12.1%)
Health Food Business
2,365
1.0%
1,738
0.7%
(627)
(26.5%)
International Food Business
2,529
1.1%
2,557
1.1%
28
1.1%
Restaurant Business
2,897
1.2%
2,773
1.1%
(124)
(4.3%)
Other Food Related Business
1,081
0.5%
706
0.3%
(375)
(34.7%)
Adjustment
(1,971)
(0.8%)
(2,331)
(1.0%)
(360)
-
Non-operating income
1,809
0.8%
2,029
0.8%
220
12.2%
Non-operating expenses
1,113
0.5%
1,355
0.6%
242
21.7%
Ordinary profit
18,395
7.7%
15,611
6.5%
(2,784)
(15.1%)
Extraordinary income
1,972
0.8%
4,643
1.9%
2,671
135.4%
Extraordinary losses
574
0.2%
1,031
0.4%
457
79.5%
Profit before income taxes
19,793
8.3%
19,223
7.9%
(570)
(2.9%)
Income taxes
6,127
2.6%
6,427
2.7%
300
4.9%
Profit
13,666
5.7%
12,796
5.3%
(870)
(6.4%)
Profit attributable to
Profit attributable to owners of parent
12,172
5.1%
11,749
4.9%
(423)
(3.5%)
Profit attributable to non-controlling interests
1,494
0.6%
1,047
0.4%
(447)
(29.9%)
Comprehensive income
11,723
4.9%
12,694
5.2%
971
8.3%
Major Changes in Selling, General and Administrative Expenses (Million yen)
First nine months of FY2024
First nine months of FY2025
Year-on-year change
Advertising expenses
6,123
6,095
(28)
Transportation and storage costs
10,142
10,224
83
Sales commission
70
90
20
Promotion expenses
2,843
3,214
371
Personnel expenses
26,137
27,907
1,770
Research and development expenses
3,499
3,573
75
Amortization of goodwill
849
377
(472)
Other
21,220
23,028
1,809
Total selling, general and administrative expenses
70,882
74,509
3,627
Non-Operating Income (Expenses) (Million yen)
First nine months of FY2024
First nine months of FY2025
Year-on-year change
Interest income
215
259
44
Dividend income
569
502
(67)
Share of profit of entities accounted for using equity method
5
86
81
Rental income from buildings
656
667
11
Other
364
514
151
Total non-operating income
1,809
2,029
220
Interest expenses
58
293
235
Rental expenses
506
520
14
Foreign exchange losses
266
149
(118)
Other
282
393
111
Total non-operating expenses
1,113
1,355
242
Extraordinary Income (Losses) (Million yen)
First nine months of FY2024
First nine months of FY2025
Year-on-year change
Gain on sale of non-current assets
288
11
(277)
Gain on sale of investment securities
1,553
4,505
2,952
Gain on sale of restaurants
87
42
(45)
Gain on revision of retirement benefit plan
-
72
72
Other
43
12
(32)
Total extraordinary income
1,972
4,643
2,671
Loss on sale of non-current assets
8
1
(7)
Loss on retirement of non-current assets
162
498
336
Loss on valuation of investment securities
243
161
(82)
Loss on valuation of membership
0
8
8
Impairment losses
162
362
200
Other
-
2
2
Total extraordinary losses
574
1,031
457
Quarterly Statements
Consolidated (Million yen)
FY2024
FY2025
1Q
2Q
3Q
4Q
Cumulative total
1Q
2Q
3Q
4Q
Cumulative total
Net sales
Year-on-year change
74,733
80,231
84,393
76,061
315,418
75,699
77,903
88,356
241,958
4,280
7,860
1,520
2,158
15,818
966
(2,327)
3,963
2,601
Operating profit
Year-on-year change
5,572
3,686
8,442
2,304
20,004
3,418
2,450
9,069
14,937
658
533
(161)
(496)
534
(2,153)
(1,236)
627
(2,762)
Ordinary profit
Year-on-year change
5,724
3,914
8,757
2,993
21,388
3,666
2,782
9,163
15,611
472
397
(72)
(493)
303
(2,058)
(1,132)
406
(2,784)
Profit attributable to owners of parent
Year-on-year change
3,556
1,954
6,662
321
12,493
1,801
3,801
6,148
11,749
(4,422)
(893)
1,125
(896)
(5,086)
(1,756)
1,846
(514)
(423)
Comprehensive income
Year-on-year change
6,839
6,173
(1,289)
3,569
15,292
1,090
1,938
9,666
12,694
(3,838)
(532)
(12,523)
3,862
(13,031)
(5,749)
(4,235)
10,955
971
Net sales by business segment
Net sales
FY2024
FY2025
1Q
2Q
3Q
4Q
Cumulative total
1Q
2Q
3Q
4Q
Cumulative total
Spice / Seasoning /
Processed Food Business
Year-on-year change
30,749
32,521
37,607
30,525
131,402
29,761
31,987
39,137
100,884
1,154
1,692
1,945
325
5,116
(988)
(534)
1,529
7
Health Food Business
Year-on-year change
4,276
4,445
4,786
3,535
17,043
4,072
4,588
4,643
13,303
140
(22)
62
(3)
178
(204)
143
(143)
(204)
International Food Business
Year-on-year change
15,014
15,748
15,848
15,797
62,407
15,912
14,633
16,247
46,792
1,573
2,733
367
1,359
6,032
898
(1,115)
399
182
Restaurant Business
Year-on-year change
14,240
15,338
15,391
16,016
60,986
15,744
16,260
16,511
48,515
1,342
1,423
1,046
2,042
5,854
1,504
922
1,120
3,546
Other Food Related Business
Year-on-year change
12,935
15,142
13,435
12,892
54,405
12,781
13,460
14,580
40,821
77
2,252
(1,752)
(1,216)
(640)
(154)
(1,682)
1,145
(691)
Adjustment
Year-on-year change
(2,480)
(2,964)
(2,675)
(2,704)
(10,824)
(2,571)
(3,025)
(2,761)
(8,357)
(6)
(217)
(147)
(350)
(721)
(91)
(61)
(87)
(238)
Operating profit by business segment
Operating profit
FY2024
FY2025
1Q
2Q
3Q
4Q
Cumulative total
1Q
2Q
3Q
4Q
Cumulative total
Spice / Seasoning /
Processed Food Business
Year-on-year change
ROS
2,853
2,532
5,414
2,018
12,816
1,167
1,833
6,495
9,495
1,059
660
449
(183)
1,985
(1,686)
(699)
1,081
(1,304)
9.3%
7.8%
14.4%
6.6%
9.8%
3.9%
5.7%
16.6%
9.4%
Health Food Business
Year-on-year change
ROS
779
608
978
72
2,437
356
589
793
1,738
190
(33)
(87)
(96)
(27)
(423)
(19)
(185)
(627)
18.2%
13.7%
20.4%
2.0%
14.3%
8.7%
12.8%
17.1%
13.1%
International Food Business
Year-on-year change
ROS
1,085
613
832
515
3,044
1,328
120
1,109
2,557
(91)
692
(356)
(269)
(23)
243
(493)
277
28
7.2%
3.9%
5.2%
3.3%
4.9%
8.3%
0.8%
6.8%
5.5%
Restaurant Business
Year-on-year change
ROS
749
983
1,165
707
3,604
933
929
912
2,773
(180)
106
69
214
209
183
(54)
(253)
(124)
5.3%
6.4%
7.6%
4.4%
5.9%
5.9%
5.7%
5.5%
5.7%
Other Food Related Business
Year-on-year change
ROS
418
226
437
154
1,235
199
276
232
706
(113)
(329)
(43)
(210)
(695)
(220)
50
(205)
(375)
3.2%
1.5%
3.3%
1.2%
2.3%
1.6%
2.0%
1.6%
1.7%
Adjustment
Year-on-year change
(312)
(1,275)
(383)
(1,162)
(3,132)
(564)
(1,296)
(471)
(2,331)
(206)
(563)
(193)
48
(914)
(251)
(21)
(88)
(360)
Billion yen
Year-on-year change
Spice / Seasoning / Processed Food Business
(1.3)
Change in sales*
+0.0
Change in cost of sales ratio*
+1.2
Marketing costs*
(0.6)
Other expenses*
(1.6)
Affiliated companies, adjustment
(0.4)
Health Food Business
(0.6)
Change in sales
(0.1)
Change in cost of sales ratio
(0.2)
Marketing costs
(0.0)
Other expenses
(0.3)
International Food Business
+0.0
Business in the United States
(0.6)
Business in China
+0.5
Businesses in Southeast Asia
(0.0)
Exports and others
+0.2
Restaurant Business
(0.1)
Other Food Related Business
(0.4)
Delica Chef Corporation
(0.2)
Vox Trading Co., Ltd. (Consolidated)
(0.1)
Adjustment (elimination)
(0.4)
Factors of Changes in Operating Profit by Business Segment (Billion yen)
Changes in operating profit
(2.8)
* Calculated based on results of House Foods Corporation, House Gaban Corporation and House Foods Tohoku Factory Inc.
- Consolidated Balance Sheets
Consolidated Balance Sheets (Million yen)
FY2024
First nine months of FY2025
Increase/decrease from end of FY2024
Major factors for increase/decrease
Amount
Percentage
Amount
Percentage
Amount
Current assets
189,802
43.6%
187,067
43.1%
(2,735)
Decrease in cash and deposits
(16,482)
Increase in notes and accounts receivable - trade
12,694
Non-current assets
245,272
56.4%
246,803
56.9%
1,531
Increase in investment securities
3,261
Increase in construction in progress
2,605
Decrease in machinery, equipment and vehicles
(2,722)
Decrease in contract-related intangible assets
(600)
Decrease in trademark right
(486)
Total assets
435,074
63,121
100.0%
14.5%
433,870
62,717
100.0%
14.5%
(1,203)
(404)
Decrease in income taxes payable Decrease in short-term borrowings Increase in other current liabilities
Increase in notes and accounts payable - trade
(1,210)
(1,133)
1,167
776
Current liabilities
Non-current liabilities
49,075
11.3%
49,576
11.4%
501
Increase in deferred tax liabilities
Decrease in retirement benefit liability
1,288
(1,046)
Total liabilities
112,196
25.8%
112,292
25.9%
96
Total shareholders’ equity
252,290
58.0%
251,894
58.1%
(396)
Increase in treasury shares
(7,640)
Increase in retained earnings
7,244
Total accumulated other comprehensive income
40,533
9.3%
40,525
9.3%
(8)
Increase in valuation difference on available-for-sale securities
3,058
Decrease in foreign currency translation adjustment
(2,662)
Non-controlling interests
30,055
6.9%
29,158
6.7%
(896)
Total net assets
322,878
74.2%
321,578
74.1%
(1,300)
Total liabilities and net assets
435,074
100.0%
433,870
100.0%
(1,203)
- Capital Investment
Consolidated (Million yen)
First nine months of FY2024
First nine months of FY2025
Capital investment
9,544
10,584
Leases
577
882
Total
10,121
11,466
FY2025 Forecast
18,500
900
19,400
- Depreciation
Consolidated (Million yen)
First nine months of FY2024
First nine months of FY2025
Depreciation
9,542
9,820
Lease payments
539
1,313
Total
10,082
11,133
FY2025 Forecast
12,830
850
13,680
* Lease payments for leased property which is recorded as an asset according to the method for sales transactions are included in “depreciation.”
- Major Management Indicators, etc.
Consolidated
FY2024
First nine months of FY2025
Profit per share
131.86 yen
126.57 yen
Net assets per share
3,113.86 yen
3,200.39 yen
Return on invested capital
4.5%
-
ATO
0.73 times
-
Ratio of operating profit to net sales
6.3%
6.2%
EBITDA margin
10.8%
10.3%
Ratio of ordinary profit to net sales
6.8%
6.5%
Ratio of operating profit to total assets
4.6%
-
ROE (Return on equity)
4.3%
-
Equity ratio
67.3%
67.4%
Dividend per share
48.00 yen
-
Dividend payout ratio
36.4%
-
Total payout ratio
84.4%
-
FY2025 Revised Forecast
140.68 yen
3,237.18 yen
4.3%
0.74 times
5.9%
10.1%
6.3%
4.4%
4.4%
68.2%
48.00 yen
34.1%
-
*1. For the purpose of calculating quarterly profit per share, the Company’s shares held by the House Foods Group Employee Shareholding Association Trust, which is a Trust-Type Employee Shareholding Incentive Plan (E-Ship®), are included in the number of treasury shares that are deducted from average number of common shares outstanding during the period..
*2. For the purpose of calculating net assets per share, the Company’s shares held by the House Foods Group Employee Shareholding Association Trust, which is a Trust-Type Employee Shareholding Incentive Plan (E-Ship®), are included in the number of treasury shares that are deducted from the total number of common shares outstanding at the end of the period.
Number of employees
6,666 people
6,773 people
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* Excluding those on leave of absence and part-time workers
- Reference Information
Domestic market scale (according to the survey by House Foods) (Billion yen)
FY2022
FY2023
FY2024
Curry roux
47.1
50.6
52.3
Stew roux
18.4
19.0
19.1
Hashed beef sauce roux
6.4
7.1
7.3
Retort pouched curry
83.3
87.7
89.3
Spice in total
90.5
94.8
98.2
Source: Prepared by the Company based on Intage SRI+ and SCI data (April 2022 - March 2025)
Curry roux market trends (SRI+)
FY2025
1Q
2Q
3Q
4Q
1H
2H
Cumulative total
Overall market
Average selling
price
Change from the previous year
244 yen
260 yen
259 yen
252 yen
254 yen
+7 yen
+21 yen
+23 yen
+14 yen
+17 yen
House Foods Corporation
Average selling
price
Change from the previous year
256 yen
274 yen
272 yen
265 yen
267 yen
+ 10 yen
+29 yen
+28 yen
+19 yen
+22 yen
Share of amount
61.3%
61.9%
61.5%
61.6%
61.5%
Source: SRI+ monthly data of INTAGE Inc. (April 2025 – December 2025)
Trends by Business (Net Sales – Year on Year)
FY2025 | 1Q | 2Q | 3Q | 4Q | 1H | 2H | Cumulative total | |
Spice / Seasoning / Processed Food Business (House Foods) | ||||||||
Curry roux *1 | 98.5% | 97.1% | 106.5% | 97.8% | 100.6% | |||
Retort pouched curry *1 | 89.6% | 89.5% | 95.4% | 89.6% | 91.5% | |||
Stew roux *1 | 103.3% | 87.5% | 105.0% | 92.8% | 100.4% | |||
Spice *1 | 98.8% | 102.8% | 104.2% | 100.8% | 102.0% | |||
Health Food Business (House Wellness Foods) | ||||||||
Ukon No Chikara *1 | 98.9% | 96.8% | 92.3% | 97.8% | 95.4% | |||
C1000 *1 | 107.3% | 116.1% | 109.7% | 112.1% | 111.3% | |||
Ichinichibun No Vitamin *1 | 92.2% | 89.0% | 94.9% | 90.4% | 91.9% | |||
International Food Business (Local currency basis) | ||||||||
Business in the United States | 97.7% | 97.2% | 98.7% | 97.5% | 97.9% | |||
Business in China | 129.7% | 109.8% | 112.4% | 118.2% | 116.1% | |||
Functional drinks business in Thailand | 98.8% | 93.4% | 90.7% | 96.0% | 94.3% | |||
Restaurant Business (Ichibanya) | ||||||||
Net sales of all domestic restaurants | 104.0% | 101.6% | 99.4% | 102.7% | 101.6% | |||
Net sales of existing domestic restaurants | 103.6% | 100.9% | 98.6% | 102.2% | 101.0% | |||
Number of customers | 93.9% | 95.2% | 98.9% | 94.6% | 96.0% | |||
Average sales per customer | 110.3% | 106.0% | 99.7% | 108.1% | 105.2% | |||
*1: Results by product are based on shipments and are for reference only.