DISCLAIMER: This document has been translated from a part of 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 7, 2025
Company name: ＮＩＣＨＩＨＡＣＯＲＰＯＲＡＴＩＯＮ
Listing: Tokyo Stock Exchange / Nagoya Stock Exchange
Securities code: 7943
URL: https://www.nichiha.co.jp
Representative: Narumitsu Yoshioka, President and Representative Director Inquiries: Kazushi Tonoi, Director,Senior Executive Officer Telephone: +81-52-220-5111
Scheduled date to file semi-annual securities report: November 13, 2025
Scheduled date to commence dividend payments: December 1, 2025
Preparation of supplementary material on financial results: Yes
Holding of financial results briefing: Yes (for institutional investors and analysts)
(Yen amounts are rounded down to millions, unless otherwise noted.)
-
Consolidated financial results for the six months ended September 30, 2025 (from April 1, 2025 to September 30, 2025)
-
Consolidated operating results (Percentages indicate year-on-year changes.)
Net sales
Operating profit
Ordinary profit
Profit attributable to owners of parent
Six months ended
Millions of yen
%
Millions of yen
%
Millions of yen
%
Millions of yen
%
September 30, 2025
71,083
(2.7)
3,494
1.7
3,701
14.4
2,467
34.9
September 30, 2024
73,019
6.7
3,435
(9.7)
3,235
(38.5)
1,829
(45.2)
Note: Comprehensive income For the six months ended September 30, 2025:
¥(487) million
[-%]
For the six months ended September 30, 2024:
¥8,036 million
[10.3%]
Basic earnings per share
Diluted earnings per share
Six months ended
Yen
Yen
September 30, 2025
73.27
73.11
September 30, 2024
52.46
52.35
- Consolidated financial position
Total assets
Net assets
Equity-to-asset ratio
Net assets per share
As of
Millions of yen
Millions of yen
%
Yen
September 30, 2025
169,153
119,628
70.9
3,601.32
March 31, 2025
177,455
124,157
70.2
3,659.66
Reference: Equity
As of September 30, 2025: ¥119,999 million
As of March 31, 2025: ¥124,518 million
-
Consolidated operating results (Percentages indicate year-on-year changes.)
-
Cash dividends
Annual dividends per share
First quarter-end
Second quarter-end
Third quarter-end
Fiscal year-end
Total
Yen
Yen
Yen
Yen
Yen
Fiscal year ended March 31, 2025
-
57.00
-
57.00
114.00
Fiscal year ending March 31, 2026
-
57.00
Fiscal year ending
March 31, 2026 (Forecast)
57.00
114.00
Note: Revisions to the forecast of cash dividends most recently announced: None
- Forecast of consolidated financial results for the fiscal year ending March 31, 2026 (from April 1, 2025 to March 31, 2026)
(Percentages indicate year-on-year changes.)
Net sales | Operating profit | Ordinary profit | Profit attributable to owners of parent | Basic earnings per share | |||||
Fiscal year ending March 31, 2026 | Millions of yen 145,000 | % (2.3) | Millions of yen 10,000 | % 43.8 | Millions of yen 10,300 | % 42.0 | Millions of yen 3,000 | % 10.8 | Yen 89.07 |
Note: Revisions to the earnings forecasts most recently announced: Yes
* NotesSignificant changes in the scope of consolidation during the period: None
Adoption of accounting treatment specific to the preparation of semi-annual consolidated financial statements:None
Changes in accounting policies, changes in accounting estimates, and restatement
Changes in accounting policies due to revisions to accounting standards and other regulations: None
Changes in accounting policies due to other reasons: None
Changes in accounting estimates: None
Restatement: None
Number of issued shares (common shares)
Total number of issued shares at the end of the period (including treasury shares)
As of September 30, 2025
37,324,264 shares
As of March 31, 2025
37,324,264 shares
Number of treasury shares at the end of the period
As of September 30, 2025
4,003,333 shares
As of March 31, 2025
3,299,644 shares
Average number of shares outstanding during the period(cumulative from the beginning of the fiscal year)
Six months ended September 30, 2025 | 33,680,726 shares |
Six months ended September 30, 2024 | 34,874,650 shares |
Semi-annual financial results reports are exempt from review conducted by certified public accountants or an audit firm.
Proper use of earnings forecasts, and other special matters
(Cautions on forward-looking statements, etc.)
The forward-looking statements, including forecasts of financial results, contained in these materials are based on information currently available to the Company and on certain assumptions deemed to be reasonable. However, the Company makes no guarantee that these forecasts will be achieved. Actual financial results, etc. may differ substantially due to various factors. For the conditions on which earnings forecasts are predicated and other matters related to earnings forecasts, please refer to Appendix P.3 "1. Qualitative Information on the Interim Financial Results (3) Explanation of Forward-Looking Information such as Consolidated Earnings Forecasts."
Semi-annual consolidated balance sheet(Millions of yen)
As of March 31, 2025 As of September 30, 2025Assets | ||
Current assets | ||
Cash and deposits | 26,481 | 22,871 |
Notes and accounts receivable - trade | 23,444 | 19,964 |
Electronically recorded monetary claims - operating | 5,349 | 7,050 |
Merchandise and finished goods | 19,485 | 18,592 |
Work in process | 3,664 | 3,463 |
Raw materials and supplies | 6,283 | 6,706 |
Other | 1,326 | 1,181 |
Allowance for doubtful accounts | (31) | (33) |
Total current assets | 86,002 | 79,797 |
Non-current assets | ||
Property, plant and equipment | ||
Buildings and structures, net | 14,644 | 13,645 |
Machinery, equipment and vehicles, net | 38,045 | 35,354 |
Tools, furniture and fixtures, net | 495 | 484 |
Land | 20,403 | 20,395 |
Leased assets, net | 244 | 238 |
Construction in progress | 462 | 834 |
Total property, plant and equipment | 74,295 | 70,952 |
Intangible assets | ||
Leased assets | 30 | 27 |
Software | 275 | 218 |
Other | 176 | 173 |
Total intangible assets | 482 | 419 |
Investments and other assets | ||
Investment securities | 10,210 | 11,718 |
Deferred tax assets | 361 | 339 |
Retirement benefit asset | 2,594 | 2,581 |
Other | 3,545 | 3,379 |
Allowance for doubtful accounts | (36) | (35) |
Total investments and other assets | 16,674 | 17,983 |
Total non-current assets | 91,452 | 89,355 |
Total assets | 177,455 | 169,153 |
(Millions of yen)
As of March 31, 2025 | As of September 30, 2025 | ||
Liabilities | |||
Current liabilities | |||
Notes and accounts payable - trade | 14,871 | 13,674 | |
Short-term borrowings | 4,219 | 2,681 | |
Lease liabilities | 107 | 115 | |
Income taxes payable | 2,962 | 1,342 | |
Provision for bonuses | 1,871 | 1,788 | |
Provision for bonuses for directors (and other officers) | 47 | 17 | |
Provision for product warranties | 84 | 53 | |
Other | 10,647 | 9,821 | |
Total current liabilities | 34,813 | 29,495 | |
Non-current liabilities | |||
Long-term borrowings | 11,641 | 13,017 | |
Lease liabilities | 215 | 187 | |
Deferred tax liabilities | 3,191 | 3,626 | |
Provision for retirement benefits for directors (and other officers) | 137 | 86 | |
Provision for product warranties | 1,094 | 1,092 | |
Retirement benefit liability | 1,375 | 1,391 | |
Other | 827 | 627 | |
Total non-current liabilities | 18,484 | 20,028 | |
Total liabilities | 53,297 | 49,524 | |
Net assets | |||
Shareholders' equity | |||
Share capital | 8,136 | 8,136 | |
Capital surplus | 10,950 | 10,949 | |
Retained earnings | 98,008 | 98,563 | |
Treasury shares | (9,733) | (11,862) | |
Total shareholders' equity | 107,361 | 105,787 | |
Accumulated other comprehensive income | |||
Valuation difference on available-for-sale securities | 5,067 | 6,104 | |
Foreign currency translation adjustment | 10,445 | 6,618 | |
Remeasurements of defined benefit plans | 1,644 | 1,489 | |
Total accumulated other comprehensive income | 17,157 | 14,211 | |
Share acquisition rights | 169 | 169 | |
Non-controlling interests | (530) | (540) | |
Total net assets | 124,157 | 119,628 | |
Total liabilities and net assets | 177,455 | 169,153 |
Semi-annual consolidated statement of income | (Millions of yen) | ||
Six months ended September 30, 2024 | Six months ended September 30, 2025 | ||
Net sales | 73,019 | 71,083 | |
Cost of sales | 47,950 | 46,122 | |
Gross profit | 25,069 | 24,961 | |
Selling, general and administrative expenses | 21,633 | 21,466 | |
Operating profit | 3,435 | 3,494 | |
Non-operating income | |||
Interest income | 92 | 69 | |
Dividend income | 153 | 162 | |
Rental income from real estate | 43 | 16 | |
Other | 113 | 182 | |
Total non-operating income | 402 | 430 | |
Non-operating expenses | |||
Interest expenses | 156 | 191 | |
Foreign exchange losses | 416 | 11 | |
Other | 30 | 20 | |
Total non-operating expenses | 603 | 223 | |
Ordinary profit | 3,235 | 3,701 | |
Extraordinary income | |||
Gain on sale of non-current assets | 0 | 10 | |
Gain on sale of investment securities | 42 | - | |
Total extraordinary income | 42 | 10 | |
Extraordinary losses | |||
Loss on sale of non-current assets | - | 0 | |
Loss on retirement of non-current assets | 205 | 228 | |
Loss on retirement of inventories | 72 | 14 | |
Extra retirement payments | 159 | - | |
Total extraordinary losses | 436 | 242 | |
Profit before income taxes | 2,841 | 3,469 | |
Income taxes - current | 598 | 777 | |
Income taxes - deferred | 399 | 234 | |
Total income taxes | 998 | 1,011 | |
Profit | 1,843 | 2,457 | |
Profit attributable to | |||
Profit attributable to owners of parent | 1,829 | 2,467 | |
Profit (loss) attributable to non-controlling interests | 13 | (9) | |
Other comprehensive income | |||
Valuation difference on available-for-sale securities | 741 | 1,037 | |
Foreign currency translation adjustment | 5,558 | (3,827) | |
Remeasurements of defined benefit plans, net of tax | (106) | (155) | |
Total other comprehensive income | 6,193 | (2,945) | |
Comprehensive income | 8,036 | (487) | |
Comprehensive income attributable to | |||
Comprehensive income attributable to owners of parent | 8,022 | (477) | |
Comprehensive income attributable to non-controlling interests | 13 | (9) |
(Millions of yen)
Six months ended September 30, 2025Cash flows from operating activities | ||
Profit before income taxes | 2,841 | 3,469 |
Depreciation | 2,690 | 2,641 |
Loss on retirement of inventories | 72 | 14 |
Extra retirement payments | 159 | - |
Increase (decrease) in provision for product warranties | (36) | (26) |
Increase (decrease) in retirement benefit liability | 0 | 16 |
Decrease (increase) in retirement benefit asset | 40 | 12 |
Interest and dividend income | (245) | (231) |
Interest expenses | 156 | 191 |
Foreign exchange losses (gains) | 377 | 29 |
Loss (gain) on sale of investment securities | (42) | - |
Gain on sale of non-current assets | (0) | (10) |
Loss on retirement of non-current assets | 205 | 228 |
Decrease (increase) in trade receivables | 693 | 1,486 |
Decrease (increase) in inventories | 615 | (477) |
Increase (decrease) in trade payables | (1,519) | (881) |
Other, net | (455) | (1,011) |
Subtotal | 5,553 | 5,450 |
Interest and dividends received | 244 | 233 |
Interest paid | (156) | (190) |
Income taxes paid | (1,816) | (2,273) |
Income taxes refund | 3 | 11 |
Net cash provided by (used in) operating activities | 3,828 | 3,232 |
Cash flows from investing activities | ||
Purchase of property, plant and equipment | (2,313) | (2,208) |
Proceeds from sale of property, plant and equipment | 0 | 11 |
Purchase of intangible assets | (13) | (14) |
Purchase of investment securities | (1) | (1) |
Other, net | (114) | 95 |
Net cash provided by (used in) investing activities | (2,442) | (2,117) |
Cash flows from financing activities | ||
Net increase (decrease) in short-term borrowings | 10 | (36) |
Proceeds from long-term borrowings | 2,900 | 2,900 |
Repayments of long-term borrowings | (3,000) | (3,026) |
Repayments of lease liabilities | (63) | (80) |
Purchase of treasury shares | (4,443) | (2,177) |
Dividends paid | (2,020) | (1,939) |
Other, net | 41 | 48 |
Net cash provided by (used in) financing activities | (6,575) | (4,311) |
Effect of exchange rate change on cash and cash equivalents | 461 | (413) |
Net increase (decrease) in cash and cash equivalents | (4,727) | (3,609) |
Cash and cash equivalents at beginning of period | 26,700 | 26,481 |
Cash and cash equivalents at end of period | 21,972 | 22,871 |
(Notes on segment information, etc.) Segment Information
Previous interim consolidated accounting period (April 1, 2024 to September 30, 2024)
Information on sales and the amount of profit or loss for each reported segment
(Millions of yen)
Reportable segments
Others (Note 1)
Total
Adjustment amount (Note 2)
Interim Consolidated Income and Statement of Comprehensive Income (Note 3)
Exterior building materials business
Sales
Revenues from external customers
68,383
4,636
73,019
-
73,019
Transactions with other segments
485
941
1,427
(1,427)
-
Total
68,868
5,578
74,446
(1,427)
73,019
Segment profit (loss)
4,851
(13)
4,838
(1,402)
3,435
Note: 1. The "Other" category refers to business segments that are not included in the reporting segments and includes the fiberboard business, construction business, FP business, and other businesses.
Adjustments for segment profits or losses include (1,428) million yen in corporate expenses and 25 million yen in adjustments that have not been allocated to each reporting segment. Company-wide expenses are mainly expenses related to the Company's general affairs and other administrative divisions that are not attributable to the reporting segment.
Segment profit or loss is adjusted for operating income in the interim consolidated income and comprehensive income statement.
2. Information on impairment losses or goodwill on fixed assets by reporting segment Not applicable.
The Interim Consolidated Accounting Period (April 1, 2025 to September 30, 2025)
Information on sales and the amount of profit or loss for each reported segment
(Millions of yen)
Reportable segments
Others (Note 1)
Total
Adjustment amount (Note 2)
Interim Consolidated Income and Statement of Comprehensive Income (Note 3)
Exterior building materials business
Sales
Revenues from external customers
66,367
4,715
71,083
-
71,083
Transactions with other segments
526
974
1,501
(1,501)
-
Total
66,894
5,690
72,584
(1,501)
71,083
Segment profit (loss)
4,795
48
4,843
(1,349)
3,494
Note: 1. The "Other" category refers to business segments that are not included in the reporting segments and includes the fiberboard business, construction business, FP business, and other businesses.
Adjustments for segment profits or losses include (1,371) million yen in corporate expenses and 22 million yen in adjustments that have not been allocated to each reporting segment. Company-wide expenses are mainly expenses related to the Company's general affairs and other administrative divisions that are not attributable to the reporting segment.
Segment profit or loss is adjusted for operating income in the interim consolidated income and comprehensive income statement.
2. Information on impairment losses or goodwill on fixed assets by reporting segment Not applicable.