Note: This document has been translated from the Japanese original for reference purposes only. In the event of any discrepancy between this translated document and the Japanese original, the original shall prevail.
November 12, 2025
Company name: Morinaga & Co., Ltd.
Name of representative: Shinya Mori, Representative Director,
President and COO
(Securities code: 2201; Prime Market of the Tokyo Stock Exchange)
Inquiries: Natsuko Okamoto, General Manager, Corporate Communication Division (Telephone: +81-3-3456-0150)
Notice Regarding Revision of Consolidated Results Forecasts for the Fiscal Year Ending March 31, 2026Morinaga & Co., Ltd. ("the Company") announces that the consolidated results forecasts for the fiscal year ending March 31, 2026 (April 1, 2025 through March 31, 2026) released on May 9, 2025 have been revised in light of recent performance and other factors.
Revision of consolidated results forecasts for the fiscal year ending March 31, 2026 (April 1, 2025 through March 31, 2026)
Net sales
Operating income
Ordinary income
Profit attributable to owners of parent
Net income per share
Previously announced forecast (A)
Million yen
240,000
Million yen
21,400
Million yen
21,700
Million yen
17,800
Yen 211.69
Revised forecast (B)
236,000
22,300
22,500
18,200
216.21
Change (B - A)
(4,000)
900
800
400
Percentage change (%)
(1.7)
4.2
3.7
2.2
(Ref.) Consolidated results of the previous fiscal year (ended March 31, 2025)
228,957
21,266
22,304
17,710
200.85
* The conversion rate used in the forecasts for overseas subsidiaries is ¥147 to the U.S. dollar.
Reasons for revising the consolidated results forecasts
As for consolidated results during the six months of the fiscal year under review, while net sales increased mainly due to the strong performance of the Confectionery & Foodstuffs Business and Frozen Desserts Business, they fell short of initial forecasts partly due to sluggish performance in the "in-" Business. Although operating income decreased due to the impact of lower sales in the "in-" Business and rising promotional costs associated with intensifying competition in the U.S. Business, the positive impact of price revisions successfully offset the effects of soaring raw materials prices, and profits at all levels exceeded initial forecasts.
Having comprehensively taken into account the business results for the six months of the fiscal year under review, the consumption environment for the main businesses in Japan and the U.S. in the second half of the year, continued improvement in profitability through price revisions and other measures, the easing impact of soaring raw materials prices, and the effects of U.S. tariffs, the full-year consolidated results forecasts for the fiscal year ending March 31, 2026 have been revised as above.
The year-end dividend forecast for the fiscal year ending March 31, 2026 remains unchanged at 32.50 yen per share.
* The forecasts in this release have been prepared based on information available as of the date of this release. Actual results and other amounts may differ from the forecasts due to various factors.