November 6, 2025
Consolidated Financial Results (Japanese Accounting Standards) for the Six Months Ended September 30, 2025 (Q2 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 for filing of securities report: November 14, 2025 Scheduled date of commencement of dividend payment: December 2, 2025 Supplementary documents for financial results: Yes
Financial results briefing: Yes (for analysts and institutional investors)
(Amounts of less than one million yen are rounded to the nearest million yen.)
Consolidated Financial Results for the Six Months Ended September 30, 2025 (April 1, 2025 – September 30, 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
Six months ended
Million yen
%
Million yen
%
Million yen
%
Million yen
%
September 30, 2025
153,602
(0.9)
5,868
(36.6)
6,448
(33.1)
5,601
1.6
September 30, 2024
154,964
8.5
9,257
14.8
9,638
9.9
5,510
(49.1)
(Note) Comprehensive income: 3,028 million yen (-76.7%) for the six months ended September 30, 2025
13,012 million yen (-25.1%) for the six months ended September 30, 2024
Profit per share
(basic)
Profit per share
(diluted)
Six months ended
Yen
Yen
September 30, 2025
60.02
-
September 30, 2024
57.69
-
(Note) The provisional accounting method pertaining to business combinations was determined on March 31, 2025. The values for the six months ended September 30, 2025 reflect the content of the determined provisional accounting method.
Consolidated Financial Position
Total assets
Net assets
Equity ratio
Net assets per share
As of
September 30, 2025
March 31, 2025
Million yen
424,060
435,074
Million yen
318,364
322,878
%
68.2
67.3
Yen
3,123.07
3,113.86
(Reference) Shareholders’ equity: As of September 30, 2025: 289,208 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: Yes
For details, 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.
* 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 semi-annual 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 September 30, 2025: 98,498,416 shares
As of Mar. 31, 2025: 98,498,416 shares
Number of treasury shares at end of period
As of September 30, 2025: 5,894,845 shares
As of Mar. 31, 2025: 4,459,697 shares
Average number of shares outstanding during the term
Six months ended September 30, 2025: 93,317,277 shares
Six months ended September 30, 2024: 95,511,435 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 (467,100 shares in the six months ended September 30, 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 (521,267 shares during the six months ended September 30, 2025, 247,400 shares during the six months ended September 30, 2024).
Semi-annual consolidated financial results are not subject to a review by certified public accountants or audit corporations.
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 Position2
Analysis of Operating Results2
Analysis of Financial Position4
Information on the Future Outlook, Including Consolidated Business Results Forecasts4
Semi-annual Consolidated Financial Statements and Key Notes6
Semi-annual Consolidated Balance Sheets6
Semi-annual Consolidated Statements of Income and Comprehensive Income8
Semi-annual Consolidated Statements of Cash Flows10
Notes to Semi-annual Consolidated Financial Statements12
Notes Relating to Application of Particular Accounts Procedures to the Preparation of Semi-annual Consolidated Financial Statements12
Notes to Segment Information12
Notes for Case Where Shareholders’ Equity underwent Significant Changes in Value13
Notes Relating to Assumptions for the Going Concern13
Additional Information13
Supplementary Information16
Business Results16
Number of Group Companies16
Consolidated Statements of Income17
Consolidated Balance Sheets21
Consolidated Statements of Cash Flows21
Capital Investment22
Depreciation22
Major Management Indicators, etc22
Reference Information23
- 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 six months ended September 30, 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 decreased in the six months ended September 30, 2025 due to the ongoing recovery of demand after the price revision and changes in the consumption environment, despite our efforts to revise prices of some products and services and to stimulate demand. Operating profit decreased due to the impact of higher business costs, mainly in raw materials, and ordinary profit also decreased. On the other hand, profit attributable to owners of parent increased due to the sale of cross-shareholdings.
The Group finalized the provisional accounting treatment for business combinations in the fiscal year ended March 31, 2025, and amounts for the six months ended September 30, 2024 used for comparison and analysis reflect adjustment associated with the finalization of provisional accounting treatment due to business combinations.
As a result, the Group’s operating results were as shown below.
Six months ended September 30, 2025
Amount (million yen)
Year-on-year change (%)
Net sales
153,602
99.1
Operating profit
5,868
63.4
Ordinary profit
6,448
66.9
Profit attributable to owners of parent
5,601
101.6
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
61,748
97.6
2,999
55.7
Health Food Business
8,660
99.3
945
68.1
International Food Business
30,545
99.3
1,448
85.3
Restaurant Business
32,004
108.2
1,861
107.5
Other Food Related Business
26,241
93.5
474
73.6
Subtotal
159,198
99.2
7,728
71.3
Adjustment (elimination)
(5,596)
-
(1,860)
-
Annual
153,602
99.1
5,868
63.4
(Note) 1. Adjustment (elimination) comprises profit or loss not distributed to segments and the elimination of inter-segment transactions.
Spice / Seasoning / Processed Food BusinessSince May, this business segment has revised the prices of its main products to absorb rising business costs. In the Household Use Business, the Company is aggressively implementing sales measures to achieve an early recovery in demand, but sales declined during the six months under review as the business is still recovering from the temporary decline in sales volume following the price revisions. The Food Service Business posted an increase in sales due to the success of channel-specific sales measures. As a result, overall business sales declined. Profits decreased due to the still limited effect of price revisions on rising business costs and marketing costs incurred to establish the new prices.
As a result of the above, sales in the Spice/Seasoning/Processed Food Business stood at 61,748 million yen, down 2.4% year on year, and operating profit was 2,999 million yen, down 44.3% year on year. As a result, the ratio of operating profit to net sales was 4.9%, declining 3.7 percentage point from the same period of the previous fiscal year.
Health Food BusinessNet sales decreased due to a decline in sales of Ichinichibun No Vitamin Jelly in an increasingly competitive environment, while C1000, for which the Company focused on expanding sales during periods of demand, performed well. 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 0.7% year on year, to 8,660 million yen, and operating profit decreased 31.9%, to 945 million yen. As a result, the ratio of operating profit to net sales was 10.9%, declining 5.0 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 June 2025In the U.S. soybean business, both sales and profits declined due to stagnant sales caused by increasing thrifty consumers in the U.S. and the impact of lost sales opportunities caused by temporary production troubles in the first quarter of the fiscal year under review.
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 a shift to a delivery-type sales strategy, which led to strong sales. In the Food Service Business, both sales and profits increased as a result of focusing on new customer development. As a result of the above, the Chinese curry business as a whole achieved an increase in both sales and profit. Southeast Asia functional drink business posted declines in both sales and profits due to a drop in the overall beverage market in Thailand caused by unseasonable weather and struggling sales in the traditional trade, but both sales and profits in yen terms were on par with the same period of the previous year.
As a result of the above, sales in the International Food Business decreased 0.7% year on year, to 30,545 million yen, and operating profit decreased 14.7%, to 1,448 million yen. As a result, the ratio of operating profit to net sales was 4.7%, declining 0.8 percentage point from the same period of the previous fiscal year.
Restaurant Business Periods covered by the consolidated financial statements: From March to August 2025 for Ichibanya Co., Ltd. and from January to June 2025 for domestic and overseas subsidiariesNet sales increased due to contributions from the domestic business promoted by Ichibanya Co., Ltd. including price revisions in August last year and sales of limited-time-only menus, as well as business expansion at domestic subsidiaries. Profits increased due to higher sales, which more than offset higher headquarters expenses and other costs.
As a result of the above, sales in the Restaurant Business increased 8.2% year on year, to 32,004 million yen, and operating profit increased 7.5% year on year, to 1,861 million yen. As a result, the ratio of operating profit to net sales was 5.8%, the same level as the same period last 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. recorded a decrease in sales due to a decline in the transaction volume of minimum access rice, but increased profit due to steady sales of focused products such as spicy vegetables and frozen fruits, as well as progress in passing on prices for some products.
As a result of the above, sales in Other Food Related Business decreased 6.5% year on year, to 26,241 million yen, and operating profit declined 26.4% year on year, to 474 million yen. As a result, the ratio of operating profit to net sales was 1.8%, declining 0.5 percentage point from the same period of the previous fiscal year.
- Analysis of Financial Position
The consolidated financial situation at the end of the second quarter of the fiscal year under review is as follows:
Total assets were 424,060 million yen, a decrease of 11,013 million yen from the end of the previous consolidated fiscal year.
Current assets fell 10,382 million yen, to 179,420 million yen mainly due to a decrease in cash and deposits, which offset an increase in merchandise and finished goods. Non-current assets decreased 631 million yen to 244,641 million yen, mainly due to decreases in machinery, equipment and vehicles, customer-related intangible assets, and contract-related intangible assets, while investment securities increased.
Liabilities stood at 105,696 million yen, a decrease of 6,500 million yen from the end of the previous consolidated fiscal year.
Current liabilities decreased 5,974 million yen to 57,147 million yen, mainly due to decreases in notes and accounts payable-trade, accounts payable-other and short-term borrowings. Non-current liabilities decreased 526 million yen, to 48,549 million yen, chiefly due to a decrease in retirement benefit liability, offsetting an increase in deferred tax liabilities. Net assets decreased 4,514 million yen from the end of the previous consolidated fiscal year to 318,364 million yen, mainly due to a decrease in foreign currency translation adjustment and an increase in treasury shares resulting from the purchase of treasury shares, while retained earnings increased due to profit attributable to owners of parent.
As a result, the equity ratio stood at 68.2% (compared with 67.3% at the end of the previous fiscal year), and net assets per share amounted to 3,123.07 yen (3,113.86 yen at the end of the previous fiscal year) at the end of the second quarter of the fiscal year under review.
- Information on the Future Outlook, Including Consolidated Business Results Forecasts
In view of progress made in business results for the six months ended September 30, 2025, recent operating conditions and other factors, the Company has revised its consolidated financial forecasts for the fiscal year ending March 31, 2026, which were announced on May 8, 2025, as shown below.
- Revision to consolidated financial forecast for the fiscal year ending March 31, 2026 (April 1, 2025 to March 31, 2026)
Previous forecast
Revised forecast
Increase/ Decrease
Rate of change
Net sales
Million yen
333,000
Million yen
321,500
Million yen
(11,500)
%
(3.5)
Operating profit
21,500
19,000
(2,500)
(11.6)
Ordinary profit
22,400
20,300
(2,100)
(9.4)
Profit attributable to owners of parent
13,000
13,000
-
-
Reference Results for the
previous fiscal year
Million yen
315,418
20,004
21,388
12,493
- Segment net sales
Previous forecast
Revised forecast
Increase/ Decrease
Rate of change
Spice / Seasoning / Processed Food Business
Million yen
135,500
Million yen
133,400
Million yen
(2,100)
%
(1.5)
Health Food Business
19,500
17,500
(2,000)
(10.3)
International Food Business
67,800
63,200
(4,600)
(6.8)
Restaurant Business
67,300
67,300
-
-
Other Food Related Business
54,100
51,100
(3,000)
(5.5)
Adjustment (elimination)
(11,200)
(11,000)
+200
-
Reference Results for the
previous fiscal year
Million yen
131,402
17,043
62,407
60,986
54,405
(10,824)
- Segment operating profit
Previous forecast
Revised forecast
Increase/ Decrease
Rate of change
Spice / Seasoning / Processed Food Business
Million yen
12,500
Million yen
12,800
Million yen
+300
%
+2.4
Health Food Business
2,500
1,600
(900)
(36.0)
International Food Business
4,800
3,600
(1,200)
(25.0)
Restaurant Business
4,100
4,100
-
-
Other Food Related Business
1,500
1,000
(500)
(33.3)
Adjustment (elimination)
(3,900)
(4,100)
(200)
-
Reference Results for the
previous fiscal year
Million yen
12,816
2,437
3,044
3,604
1,235
(3,132)
(Note) Statements contained in this document, including the forecasts above, are based on information available on November 6, 2025, and actual results may differ from the forecasts. The Company shall make prompt disclosure if the need to revise the business results forecasts arises in the future.
- 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.
- Semi-annual Consolidated Financial Statements and Key Notes
- Semi-annual Consolidated Balance Sheets
End of previous fiscal year (As of March 31, 2025)
Assets
Current assets
(Million yen)
End of first half of the fiscal year under review (As of September 30, 2025)
Cash and deposits
97,484
85,615
Notes and accounts receivable - trade
53,664
53,781
Securities
999
1,000
Merchandise and finished goods
19,602
20,561
Work in process
4,255
4,836
Raw materials and supplies
8,800
9,007
Other
5,070
4,698
Allowance for doubtful accounts
(72)
(78)
Total current assets
189,802
179,420
Non-current assets
Property, plant and equipment
Buildings and structures, net
39,357
39,181
Machinery, equipment and vehicles, net
24,001
21,837
Land
30,702
30,427
Lease assets, net
1,847
2,245
Construction in progress
8,606
9,066
Other, net
6,184
5,715
Total property, plant and equipment
110,698
108,471
Intangible assets
Goodwill
3,734
3,657
Trademark right
18,081
17,752
Software
3,699
3,597
Contract-related intangible assets
16,602
16,202
Customer-related intangible assets
4,650
4,164
Software in progress
1,211
1,005
Other
1,402
1,363
Total intangible assets
49,379
47,740
Investments and other assets
Investment securities
48,344
51,484
Long-term loans receivable
16
17
Deferred tax assets
1,749
1,751
Long-term time deposits
1,000
1,000
Retirement benefit asset
27,626
27,667
Distressed receivables
171
167
Long-term deposits
985
980
Other
6,555
6,601
Allowance for doubtful accounts
(1,251)
(1,237)
Total investments and other assets
85,195
88,429
Total non-current assets
245,272
244,641
Total assets
435,074
424,060
Liabilities
End of previous fiscal year (As of March 31, 2025)
(Million yen) End of first half of the fiscal year under review
(As of September 30, 2025)
Current liabilities
Notes and accounts payable - trade
22,261
20,309
Electronically recorded obligations - operating
1,422
1,567
Short-term borrowings
7,859
6,558
Lease liabilities
856
852
Accounts payable - other
10,637
8,904
Income taxes payable
4,506
4,234
Provision for bonuses
658
585
Provision for bonuses for directors (and other officers)
80
42
Provision for shareholder benefit program
236
284
Asset retirement obligations
14
5
Other
14,591
13,807
Total current liabilities
63,121
57,147
Non-current liabilities
Long-term borrowings
6,549
5,744
Lease liabilities
5,022
4,910
Long-term accounts payable - other
132
431
Deferred tax liabilities
23,358
24,274
Retirement benefit liability
7,333
6,166
Asset retirement obligations
1,228
1,242
Long-term guarantee deposits
3,588
3,575
Other
1,864
2,207
Total non-current liabilities
49,075
48,549
Total liabilities
112,196
105,696
Net assets
Shareholders’ equity
Share capital
9,948
9,948
Capital surplus
22,849
22,848
Retained earnings
232,501
235,831
Treasury shares
(13,008)
(17,072)
Total shareholders’ equity
252,290
251,556
Accumulated other comprehensive income
Valuation difference on available-for- sale securities
20,346
22,686
Deferred gains or losses on hedges
98
(158)
Foreign currency translation adjustment
16,626
11,810
Remeasurements of defined benefit plans
3,463
3,314
Total accumulated other comprehensive income
40,533
37,652
Non-controlling interests
30,055
29,156
Total net assets
322,878
318,364
Total liabilities and net assets
435,074
424,060
- Semi-annual Consolidated Statements of Income and Comprehensive Income
(Million yen)
First six-month period of previous fiscal year
First six-month period of the fiscal year under review
(April 1, 2024 -
(April 1, 2025 -
September 30, 2024)
September 30, 2025)
Net sales
154,964
153,602
Cost of sales
98,161
97,773
Gross profit
56,803
55,829
Selling, general and administrative expenses
47,545
49,961
Operating profit
9,257
5,868
Non-operating income
Interest income
140
171
Dividend income
503
457
Rental income from buildings
438
444
Other
197
381
Total non-operating income
1,277
1,453
Non-operating expenses
Interest expenses
26
199
Rental expenses
341
343
Foreign exchange losses
365
70
Share of loss of entities accounted for using equity method
19
18
Other
145
243
Total non-operating expenses
897
873
Ordinary profit
9,638
6,448
Extraordinary income
Gain on sale of non-current assets
272
15
Gain on sale of investment securities
11
4,470
Gain on sale of restaurants
69
15
Gain on revision of retirement benefit plan
-
72
Other
41
5
Total extraordinary income
393
4,577
Extraordinary losses
Loss on sale of non-current assets
2
0
Loss on retirement of non-current assets
112
382
Loss on valuation of investment securities
243
161
Loss on valuation of membership
-
8
Impairment losses
162
336
Other
-
2
Total extraordinary losses
519
889
Profit before income taxes
9,512
10,136
Income taxes
3,074
3,986
Profit
6,437
6,149
Profit attributable to
Profit attributable to owners of parent
5,510
5,601
Profit attributable to non-controlling interests
927
548
Other comprehensive income
First six-month period of previous fiscal year (April 1, 2024 -
September 30, 2024)
(Million yen)
First six-month period of the fiscal year under review (April 1, 2025 -
September 30, 2025)
Valuation difference on available-for- sale securities
(2,575)
2,359
Deferred gains or losses on hedges
173
(282)
Foreign currency translation adjustment
9,211
(5,010)
Remeasurements of defined benefit plans, net of tax
(259)
(141)
Share of other comprehensive income of entities accounted for using equity method
25
(47)
Total other comprehensive income
6,575
(3,121)
Comprehensive income
13,012
3,028
Comprehensive income attributable to
Comprehensive income attributable to owners of parent
11,657
2,720
Comprehensive income attributable to non-controlling interests
1,354
308
- Semi-annual Consolidated Statements of Cash Flows
Cash flows from operating activities
First six-month period of previous fiscal year (April 1, 2024 -
September 30, 2024)
(Million yen)
First six-month period of the fiscal year under review (April 1, 2025 -
September 30, 2025)
Profit before income taxes
9,512
10,136
Depreciation
6,317
6,521
Amortization of goodwill
572
266
Impairment losses
162
336
Share of (profit) loss of entities accounted for using equity 1918
method
Loss (gain) on valuation of investment securities
243
161
Loss on valuation of membership
-
8
Increase (decrease) in allowance for doubtful accounts
(39)
(8)
Increase (decrease) in provision for bonuses for directors (and other officers)
(19)
(38)
Increase (decrease) in provision for shareholder benefit program
63
48
Increase (decrease) in retirement benefit liability
(135)
(902)
Interest and dividend income
(643)
(628)
Interest expenses
26
199
Foreign exchange losses (gains)
496
130
Loss (gain) on sale of investment securities
(11)
(4,470)
Loss (gain) on sale of non-current assets
(270)
(15)
Loss on retirement of non-current assets
112
382
Loss (gain) on sale of restaurants
(69)
(15)
Gain on revision of retirement benefit plan
-
(72)
Decrease (increase) in trade receivables
555
(616)
Decrease (increase) in inventories
(1,428)
(1,989)
Increase (decrease) in trade payables
(1,150)
(1,239)
Increase (decrease) in accounts payable - bonuses
56
(73)
Increase (decrease) in long-term guarantee deposits
(59)
(13)
Decrease (increase) in other assets
244
127
Increase (decrease) in other liabilities
(3,740)
(742)
Subtotal
10,815
7,514
Interest and dividend income received
516
1,219
Interest paid
(27)
(80)
Income taxes paid
(3,629)
(4,309)
Net cash provided by (used in) operating activities
7,675
4,344
(Million yen)
First six-month period of previous fiscal year
First six-month period of the fiscal year under review
(April 1, 2024 -
(April 1, 2025 -
September 30, 2024)
September 30, 2025)
Cash flows from investing activities
Payments into time deposits
(558)
(12,931)
Proceeds from withdrawal of time deposits
485
18,383
Purchase of securities
(2,000)
(2,000)
Proceeds from sale of securities
-
2,000
Purchase of property, plant and equipment
(7,203)
(6,283)
Proceeds from sale of property, plant and equipment
400
57
Gain on sale of restaurants
128
33
Purchase of intangible assets
(955)
(843)
Purchase of investment securities
(96)
(1,103)
Proceeds from sale of investment securities
2,237
4,973
Purchase of membership
(2)
-
Purchase of shares of subsidiaries and associates
-
(100)
Payments for acquisition of businesses
-
(426)
Proceeds from divestments
0
5
Net cash provided by (used in) investing activities
(7,565)
1,764
Cash flows from financing activities
Net increase (decrease) in short-term borrowings
(489)
(1,346)
Repayments of lease liabilities
(513)
(592)
Repayments of long-term borrowings
(64)
(394)
Proceeds from long-term borrowings
2,089
-
Purchase of treasury shares
(8,088)
(4,485)
Purchase of treasury shares of subsidiaries
(0)
-
Dividends paid
(2,324)
(2,271)
Dividends paid to non-controlling interests
(1,159)
(1,247)
Net cash provided by (used in) financing activities
(10,548)
(10,336)
Effect of exchange rate change on cash and cash equivalents
2,701
(2,127)
Net increase (decrease) in cash and cash equivalents
(7,736)
(6,355)
Cash and cash equivalents at beginning of period
80,165
88,357
Cash and cash equivalents at end of period
72,428
82,002
- Notes to Semi-annual Consolidated Financial Statements
Notes Relating to Application of Particular Accounts Procedures to the Preparation of Semi-annual 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 six months 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 six-month period of previous fiscal year (April 1, 2024 - September 30, 2024)
Information on net sales and profits or losses by reported segment
(Million yen)
Reported segments
Other
Annual
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
60,625
8,471
30,456
29,486
25,842
154,880
-
154,880
84
154,964
Sales and transfer -inter-segment
2,644
250
306
92
2,236
5,529
-
5,529
(5,529)
-
Total
63,270
8,721
30,762
29,578
28,077
160,409
-
160,409
(5,445)
154,964
Segment profit (loss)
5,384
1,387
1,697
1,732
645
10,845
-
10,845
(1,588)
9,257
(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 1,588 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 semi-annual 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 six 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.
First six-month period of the fiscal year under review (April 1, 2025 - September 30, 2025)
Information on net sales and profits or losses by reported segment
(Million yen)
Reported segments
Other
Annual
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
59,148
8,403
30,299
31,955
23,731
153,535
-
153,535
67
153,602
Sales and transfer -inter-segment
2,600
257
246
49
2,511
5,663
-
5,663
(5,663)
-
Total
61,748
8,660
30,545
32,004
26,241
159,198
-
159,198
(5,596)
153,602
Segment profit (loss)
2,999
945
1,448
1,861
474
7,728
-
7,728
(1,860)
5,868
(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 1,860 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 semi-annual consolidated financial statements.
The Group finalized the provisional accounting treatment for business combinations in the fiscal year ended March 31, 2025, and segment information for the six months ended September 30, 2024 discloses amounts after reflecting adjustments for the finalization of provisional accounting treatment.
2. Information on impairment losses on non-current assets and goodwill by reportable segment (Important impairment losses on non-current assets)
In the first six months of the consolidated fiscal year under review, the Company recorded impairment losses of 336 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 1,582,800 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 4,484 million yen during the first six months under review, and treasury shares amounted to 17,072 million yen as of September 30, 2025.
Notes Relating to Assumptions for the Going Concern
Not applicable.
Additional Information
(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”). 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
As of Mar. 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 (plan)
Future outlook
The impact on the Company’s consolidated financial statements for the fiscal year ending March 31, 2026 is expected to be immaterial, but is currently under scrutiny.
- Semi-annual Consolidated Balance Sheets
- Supplementary Information
Allocation of the purchase price paid for LFD JAPAN Co., Ltd. in the acquisition of shares implemented by Ichibanya Co., Ltd., which is a consolidated subsidiary of the Company, on December 28, 2023 was completed during the fiscal year ended March 31, 2025. Accordingly, figures for the previous fiscal year are amounts after the allocation of the purchase price.
- Business Results
Consolidated (Million yen)
First half of FY2024
First half of FY2025
Amount
Year-on-year change
Amount
Year-on-year change
Net sales
154,964
108.5%
153,602
99.1%
Operating profit
9,257
114.8%
5,868
63.4%
Ordinary profit
9,638
109.9%
6,448
66.9%
Profit attributable to owners of parent
5,510
50.9%
5,601
101.6%
Comprehensive income
13,012
74.9%
3,028
23.3%
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
63,270
104.7%
61,748
97.6%
Health Food Business
8,721
101.4%
8,660
99.3%
International Food Business
30,762
116.3%
30,545
99.3%
Restaurant Business
29,578
110.3%
32,004
108.2%
Other Food Related Business
28,077
109.0%
26,241
93.5%
Adjustment
(5,445)
-
(5,596)
-
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
5,384
146.9%
2,999
55.7%
Health Food Business
1,387
112.7%
945
68.1%
International Food Business
1,697
154.9%
1,448
85.3%
Restaurant Business
1,732
95.9%
1,861
107.5%
Other Food Related Business
645
59.3%
474
73.6%
Adjustment
(1,588)
-
(1,860)
-
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 half of FY2024
First half of FY2025
Consolidated subsidiaries
46
50
Japan
19
21
Overseas
27
29
Equity-method affiliate
4
5
Japan
2
2
Overseas
2
3
FY2024
48
21
27
5
2
3
- Consolidated Statements of Income
Consolidated Statements of Income (Million yen)
First half of FY2024
First half of FY2025
Year-on-year change
Amount
Percentage
Amount
Percentage
Amount
Rate of change
Net sales
154,964
100.0%
153,602
100.0%
(1,362)
(0.9%)
Spice / Seasoning / Processed Food Business
63,270
40.8%
61,748
40.2%
(1,522)
(2.4%)
Health Food Business
8,721
5.6%
8,660
5.6%
(61)
(0.7%)
International Food Business
30,762
19.9%
30,545
19.9%
(217)
(0.7%)
Restaurant Business
29,578
19.1%
32,004
20.8%
2,426
8.2%
Other Food Related Business
28,077
18.1%
26,241
17.1%
(1,836)
(6.5%)
Adjustment
(5,445)
(3.5%)
(5,596)
(3.6%)
(152)
-
Cost of sales
98,161
63.3%
97,773
63.7%
(388)
(0.4%)
Selling, general and administrative expenses
47,545
30.7%
49,961
32.5%
2,416
5.1%
Operating profit
9,257
6.0%
5,868
3.8%
(3,389)
(36.6%)
Spice / Seasoning / Processed Food Business
5,384
3.5%
2,999
2.0%
(2,385)
(44.3%)
Health Food Business
1,387
0.9%
945
0.6%
(442)
(31.9%)
International Food Business
1,697
1.1%
1,448
0.9%
(249)
(14.7%)
Restaurant Business
1,732
1.1%
1,861
1.2%
129
7.5%
Other Food Related Business
645
0.4%
474
0.3%
(170)
(26.4%)
Adjustment
(1,588)
(1.0%)
(1,860)
(1.2%)
(272)
-
Non-operating income
1,277
0.8%
1,453
0.9%
176
13.8%
Non-operating expenses
897
0.6%
873
0.6%
(24)
(2.6%)
Ordinary profit
9,638
6.2%
6,448
4.2%
(3,190)
(33.1%)
Extraordinary income
393
0.3%
4,577
3.0%
4,184
1,065.8%
Extraordinary losses
519
0.3%
889
0.6%
370
71.4%
Profit before income taxes
9,512
6.1%
10,136
6.6%
624
6.6%
Income taxes
3,074
2.0%
3,986
2.6%
912
29.7%
Profit
6,437
4.2%
6,149
4.0%
(288)
(4.5%)
Profit attributable to
Profit attributable to owners of parent
5,510
3.6%
5,601
3.6%
91
1.6%
Profit attributable to non-controlling interests
927
0.6%
548
0.4%
(379)
(40.9%)
Comprehensive income
13,012
8.4%
3,028
2.0%
(9,984)
(76.7%)
Major Changes in Selling, General and Administrative Expenses (Million yen)
First half of FY2024
First half of FY2025
Year-on-year change
Advertising expenses
4,084
4,125
42
Transportation and storage costs
6,687
6,682
(5)
Sales commission
47
66
19
Promotion expenses
1,926
2,222
295
Personnel expenses
17,411
18,554
1,143
Research and development expenses
2,339
2,389
50
Amortization of goodwill
572
266
(306)
Other
14,478
15,656
1,178
Total selling, general and administrative expenses
47,545
49,961
2,416
Non-Operating Income (Expenses) (Million yen)
First half of FY2024
First half of FY2025
Year-on-year change
Interest income
140
171
31
Dividend income
503
457
(46)
Rental income from buildings
438
444
6
Other
197
381
185
Total non-operating income
1,277
1,453
176
Interest expenses
26
199
173
Rental expenses
341
343
1
Foreign exchange losses
365
70
(294)
Share of loss of entities accounted for using equity method
19
18
(2)
Other
145
243
98
Total non-operating expenses
897
873
(24)
Extraordinary Income (Losses) (Million yen)
First half of FY2024
First half of FY2025
Year-on-year change
Gain on sale of non-current assets
272
15
(257)
Gain on sale of investment securities
11
4,470
4,460
Gain on sale of restaurants
69
15
(55)
Gain on revision of retirement benefit plan
-
72
72
Other
41
5
(36)
Total extraordinary income
393
4,577
4,184
Loss on sale of non-current assets
2
0
(1)
Loss on retirement of non-current assets
112
382
270
Loss on valuation of investment securities
243
161
(82)
Loss on valuation of membership
—
8
8
Impairment losses
162
336
174
Other
—
2
2
Total extraordinary losses
519
889
370
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
153,602
4,280
7,860
1,520
2,158
15,818
966
(2,327)
(1,362)
Operating profit
Year-on-year change
5,572
3,686
8,442
2,304
20,004
3,418
2,450
5,868
658
533
(161)
(496)
534
(2,153)
(1,236)
(3,389)
Ordinary profit
Year-on-year change
5,724
3,914
8,757
2,993
21,388
3,666
2,782
6,448
472
397
(72)
(493)
303
(2,058)
(1,132)
(3,190)
Profit attributable to owners of parent
Year-on-year change
3,556
1,954
6,662
321
12,493
1,801
3,801
5,601
(4,422)
(893)
1,125
(896)
(5,086)
(1,756)
1,846
91
Comprehensive income
Year-on-year change
6,839
6,173
(1,289)
3,569
15,292
1,090
1,938
3,028
(3,838)
(532)
(12,523)
3,862
(13,031)
(5,749)
(4,235)
(9,984)
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
61,748
1,154
1,692
1,945
325
5,116
(988)
(534)
(1,522)
Health Food Business
Year-on-year change
4,276
4,445
4,786
3,535
17,043
4,072
4,588
8,660
140
(22)
62
(3)
178
(204)
143
(61)
International Food Business
Year-on-year change
15,014
15,748
15,848
15,797
62,407
15,912
14,633
30,545
1,573
2,733
367
1,359
6,032
898
(1,115)
(217)
Restaurant Business
Year-on-year change
14,240
15,338
15,391
16,016
60,986
15,744
16,260
32,004
1,342
1,423
1,046
2,042
5,854
1,504
922
2,426
Other Food Related Business
Year-on-year change
12,935
15,142
13,435
12,892
54,405
12,781
13,460
26,241
77
2,252
(1,752)
(1,216)
(640)
(154)
(1,682)
(1,836)
Adjustment
Year-on-year change
(2,480)
(2,964)
(2,675)
(2,704)
(10,824)
(2,571)
(3,025)
(5,596)
(6)
(217)
(147)
(350)
(721)
(91)
(61)
(152)
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
2,999
1,059
660
449
(183)
1,985
(1,686)
(699)
(2,385)
9.3%
7.8%
14.4%
6.6%
9.8%
3.9%
5.7%
4.9%
Health Food Business
Year-on-year change
ROS
779
608
978
72
2,437
356
589
945
190
(33)
(87)
(96)
(27)
(423)
(19)
(442)
18.2%
13.7%
20.4%
2.0%
14.3%
8.7%
12.8%
10.9%
International Food Business
Year-on-year change
ROS
1,085
613
832
515
3,044
1,328
120
1,448
(91)
692
(356)
(269)
(23)
243
(493)
(249)
7.2%
3.9%
5.2%
3.3%
4.9%
8.3%
0.8%
4.7%
Restaurant Business
Year-on-year change
ROS
749
983
1,165
707
3,604
933
929
1,861
(180)
106
69
214
209
183
(54)
129
5.3%
6.4%
7.6%
4.4%
5.9%
5.9%
5.7%
5.8%
Other Food Related Business
Year-on-year change
ROS
418
226
437
154
1,235
199
276
474
(113)
(329)
(43)
(210)
(695)
(220)
50
(170)
3.2%
1.5%
3.3%
1.2%
2.3%
1.6%
2.0%
1.8%
Adjustment
Year-on-year change
(312)
(1,275)
(383)
(1,162)
(3,132)
(564)
(1,296)
(1,860)
(206)
(563)
(193)
48
(914)
(251)
(21)
(272)
Billion yen
Year-on-year change
Spice / Seasoning / Processed Food Business
(2.4)
Change in sales*
(0.6)
Change in cost of sales ratio*
+0.3
Marketing costs*
(0.5)
Other expenses*
(1.3)
Affiliated companies, adjustment
(0.2)
Health Food Business
(0.4)
Change in sales
(0.1)
Change in cost of sales ratio
(0.2)
Marketing costs
(0.0)
Other expenses
(0.2)
International Food Business
(0.2)
Business in the United States
(0.7)
Business in China
+0.3
Businesses in Southeast Asia
(0.0)
Exports and others
+0.1
Restaurant Business
+0.1
Other Food Related Business
(0.2)
Delica Chef Corporation
(0.1)
Vox Trading Co., Ltd. (Consolidated)
+0.0
Adjustment (elimination)
(0.3)
Factors of Changes in Operating Profit by Business Segment (Billion yen)
Changes in operating profit
(3.4)
* 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 half
of FY2025
Increase/decrease from end of FY2024
Major factors for increase/decrease
Amount
Percentage
Amount
Percentage
Amount
Current assets
189,802
43.6%
179,420
42.3%
(10,382)
Decrease in cash and deposits
(11,869)
Increase in merchandise and finished goods
959
Non-current assets
245,272
56.4%
244,641
57.7%
(631)
Decrease in machinery, equipment and vehicles
(2,164)
Decrease in customer-related intangible assets
(486)
Decrease in other property, plant and equipment
(469)
Decrease in contract-related intangible assets
(400)
Increase in investment securities
3,140
Total assets
435,074
63,121
100.0%
14.5%
424,060
57,147
100.0%
13.5%
(11,013)
(5,974)
Decrease in notes and accounts payable - trade Decrease in accounts payable - other
Decrease in short-term borrowings
Decrease in other current liabilities
(1,953)
(1,734)
(1,301)
(784)
Current liabilities
Non-current liabilities
49,075
11.3%
48,549
11.4%
(526)
Decrease in retirement benefit liability
Increase in deferred tax liabilities
(1,167)
916
Total liabilities
112,196
25.8%
105,696
24.9%
(6,500)
Total shareholders’ equity
252,290
58.0%
251,556
59.3%
(734)
Increase in treasury shares
Increase in retained earnings
(4,064)
3,330
Total accumulated other comprehensive income
40,533
9.3%
37,652
8.9%
(2,881)
Decrease in foreign currency translation adjustment
(4,816)
Increase in valuation difference on available-for-sale securities
2,340
Non-controlling interests
30,055
6.9%
29,156
6.9%
(898)
Total net assets
322,878
74.2%
318,364
75.1%
(4,514)
Total liabilities and net assets
435,074
100.0%
424,060
100.0%
(11,013)
- Consolidated Statements of Cash Flows
Consolidated Statements of Cash Flows (Million yen)
First half of FY2024
First half of FY2025
Year-on-year change
Major factors for increase/decrease
Cash flows from operating activities
7,675
4,344
(3,331)
Loss (gain) on sale of investment securities (4,460) Decrease (increase) in trade receivables (1,171)
Increase (decrease) in other liabilities 2,998
Cash flows from investing activities
(7,565)
1,764
9,329
Proceeds from withdrawal of time deposits 17,898 Proceeds from sale of investment securities 2,735
Payments into time deposits (12,373)
Cash flows from financing activities
(10,548)
(10,336)
212
Purchase of treasury shares 3,603
Proceeds from long-term borrowings (2,089) Net increase (decrease) in short-term borrowings (857)
Cash and cash equivalents at end of period
72,428
82,002
9,574
- Capital Investment
Consolidated (Million yen)
First half of FY2024
First half of FY2025
Capital investment
5,615
6,332
Leases
145
730
Total
5,760
7,062
FY2025 Forecast
18,500
900
19,400
- Depreciation
Consolidated (Million yen)
First half of FY2024
First half of FY2025
Depreciation
6,317
6,521
Lease payments
362
438
Total
6,679
6,959
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
First half of FY2024
First half of FY2025
Profit per share
57.69 yen
60.02 yen
Net assets per share
3,125.41 yen
3,123.07 yen
Return on invested capital
-
-
ATO
-
-
Ratio of operating profit to net sales
6.0%
3.8%
EBITDA margin
10.4%
8.2%
Ratio of ordinary profit to net sales
6.2%
4.2%
Ratio of operating profit to total assets
-
-
ROE (Return on equity)
-
-
Equity ratio
68.8%
68.2%
Dividend per share
24.00 yen
24.00 yen
Dividend payout ratio
41.6%
40.0%
Total payout ratio
-
-
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 semi-annual 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
6,659 people
6,846 people
-
* 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
Market Overall
Average selling price
Change from the previous year
244 yen
260 yen
252 yen
252 yen
+7 yen
+21 yen
+14 yen
+14 yen
House Foods Corporation
Average selling
price
Change from the previous year
256 yen
274 yen
265 yen
265 yen
+10 yen
+29 yen
+19 yen
+19 yen
Share of amount
61.3%
61.9%
61.6%
61.6%
Source: SRI+ monthly data of INTAGE Inc. (April 2025 – September 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% | 97.8% | 97.8% | ||||
Retort pouched curry *1 | 89.6% | 89.5% | 89.6% | 89.6% | ||||
Stew roux *1 | 103.3% | 87.5% | 92.8% | 92.8% | ||||
Spice *1 | 98.8% | 102.8% | 100.8% | 100.8% | ||||
Health Food Business (House Wellness Foods) | ||||||||
Ukon No Chikara *1 | 98.9% | 96.8% | 97.8% | 97.8% | ||||
C1000 *1 | 107.3% | 116.1% | 112.1% | 112.1% | ||||
Ichinichibun No Vitamin *1 | 92.2% | 89.0% | 90.4% | 90.4% | ||||
International Food Business (Local currency basis) | ||||||||
Business in the United States | 97.7% | 97.2% | 97.5% | 97.5% | ||||
Business in China | 129.7% | 109.8% | 118.2% | 118.2% | ||||
Functional drinks business in Thailand | 98.8% | 93.4% | 96.0% | 96.0% | ||||
Restaurant Business (Ichibanya) | ||||||||
Net sales of all domestic restaurants | 104.0% | 101.6% | 102.7% | 102.7% | ||||
Net sales of existing domestic restaurants | 103.6% | 100.9% | 102.2% | 102.2% | ||||
Number of customers | 93.9% | 95.2% | 94.6% | 94.6% | ||||
Average sales per customer | 110.3% | 106.0% | 108.1% | 108.1% | ||||
*1: Results by product are based on shipments and are for reference only.