From Ocean to Dining, Challenges For The Better Future.
NICHIMO CO., LTD.
November 7, 2025
8091Prime Market
NICHIMO CO., LTD.
NICHIMO CO., LTD.
Q2 of FYE3/2026NICHIMO CO., LTD.
2
Business environment
There is growing instability overseas due to the economic effect of the U.S. tariff policy and the Middle East military conflict, etc.
Food: Inbound demand grew. On the other hand, higher prices continue to weigh on consumer spending
Machinery:There is solid appetite for capital investment, but labor shortages continue, which tends to increase
delivery times Overseas demand is increasing due to the effect of the weak yen
Situation by segment
Food: Increased sales and lower profits. There was a large increase in sales of frozen fish to China, but there was
no increase in profit margin due to rising raw material prices, so profit reduced
Marine: Sales and profits increased. Solid sales of aquaculture products. Appetite for purchasing fishing equipment and ships is also recovering
Machinery: Sales and profits increased. Increased appetite for capital investment both in Japan and overseas, so sales grew
Materials: Sales and profits increased. Sales of films for construction use and packaging materials were at the same
level as the previous year, and environmentally friendly products were associated with marine sales
Financial Highlights for Q2 of FYE3/2026: A soft landing with increased sales and profits
Net sales: ¥67,022mn, up 8.8% YoY (initial growth forecast: full year 49.6%, Q2 103.1%) Operating profit: ¥1,586mn, up 29.0% YoY (initial growth forecast: full year 48.1%, Q2 96.2%)
Net sales: ¥67,022mn (+8.8%)
There was an increase in sales of food due to a large increase in sales of frozen fish to China
In the marine business there was solid sales of aquaculture products
Operating profit: ¥1,586mn (+29.0%)
In the marine business, profits increased due to growth in aquaculture feed, and
rising prices caused by poor seaweed harvest
In the machinery business, profits increased due to renovation projects by several vendors for Japanese volume retailers
(Millions of yen) | Q2 FYE3/2025 | % of net sales | Q2 FYE3/2026 | % of net sales | YoY change (%) | Q2 FYE3/2026 Initial forecast | FYE3/2026 Initial forecast | Progress to initial forecast (%) |
Net sales | 61,607 | 100.0 | 67,022 | 100.0 | +8.8 | 65,000 | 135,000 | 49.6% |
Gross profit | 5,687 | 9.2 | 6,283 | 9.4 | +10.5 | - | - | - |
SG&A expenses | 4,456 | 7.2 | 4,696 | 7.0 | +5.4 | - | - | - |
Operating profit | 1,230 | 2.0 | 1,586 | 2.4 | +29.0 | 1,650 | 3,300 | 48.1% |
Ordinary profit | 1,436 | 2.3 | 1,803 | 2.7 | +25.5 | 1,750 | 3,500 | 51.5% |
Profit attributable to owners of parent | 1,083 | 1.8 | 1,327 | 2.0 | +22.5 | 1,250 | 2,500 | 53.1% |
Q2 of FYE3/2026 Results: Solid results, Smooth progression in line with the initial plan
(Millions of yen) | Q2 FYE3/2025 | % of total | Q2 FYE3/2026 | % of total | YoY change | |
Total | Net sales | 61,607 | 100.0 | 67,022 | 100.0 | +5,415 |
Operating profit | 1,230 | - | 1,586 | - | +356 | |
Food | Net sales | 38,768 | 62.9 | 42,157 | 62.9 | +3,389 |
Operating profit | 876 | 43.7 | 772 | 31.7 | (104) | |
Marine | Net sales | 11,051 | 17.9 | 12,227 | 18.2 | +1,175 |
Operating profit | 450 | 22.4 | 659 | 27.1 | +208 | |
Machinery | Net sales | 6,009 | 9.8 | 6,670 | 10.0 | +660 |
Operating profit | 391 | 19.5 | 766 | 31.5 | +375 | |
Materials | Net sales | 4,406 | 7.2 | 4,612 | 6.9 | +206 |
Operating profit | 190 | 9.5 | 192 | 7.9 | +1 | |
Biotics | Net sales | 134 | 0.2 | 142 | 0.2 | +8 |
Operating profit | 0 | 0.0 | (0) | - | (0) | |
Distribution | Net sales | 1,182 | 1.9 | 1,158 | 1.7 | (24) |
Operating profit | 54 | 2.7 | (1) | - | (56) | |
Other* | Net sales | 54 | 0.1 | 53 | 0.1 | (0) |
Operating profit | 44 | 2.2 | 42 | 1.8 | (1) | |
Corporate expenses | (777) | - | (845) | - | (67) | |
* The “Other” segment includes real estate leasing, etc. Operating profit percentages of the total is before deducting corporate expenses
Q1 Segment Performance (YoY comparison)
Increased sales and increased profits in three of the main businesses(Marine・Machinery・Materials) compensated for volatility in the food business raw material prices
Food: Sales increased and profit decreased. Overseas sales increased, but sales of products to Japanese volume retailers were low due to rising prices
(Millions of yen) | Q2 FYE3/2025 | Operating margin (%) | Q2 FYE3/2026 | Operating margin (%) | Change |
Net sales | 38,768 | - | 42,157 | - | ＋3,389 |
Operating profit | 876 | 2.3% | 772 | 1.8% | (104) |
(55.6%): Although sales of crab for commercial use were strong, sales were higher and profits were lower due to higher manufacturing costs, etc.
Frozen fish from northern waters saw increased sales and profits due to continuing strong sales to China
Although sales of Pollock roe to volume retailers were poor, sales increased due to a review of production efficiency, and operating profit remained at the same level as the previous year
(27.8%): There was no growth of sales of products to volume retailers due to rising prices, resulting in lower sales and lower profits<surimi (fish paste)>
(16.6%): Sales increased due to higher surimi sales volumes in Japan, but profits declined as South American surimi production decreased amid poor catches.
Marine: Increased sales and increased profits. Aquaculture products remain strong, and the appetite for purchasing fishing equipment and ships is also recovering
(Millions of yen) | Q2 FYE3/2025 | Operating margin (%) | Q2 FYE3/2026 | Operating margin (%) | Change |
Net sales | 11,051 | - | 12,227 | - | ＋1,175 |
Operating profit | 450 | 4.1% | 659 | 5.4% | ＋208 |
(38.5%): There was a rich catch of target fish species such as sardines, so sales of various fishing equipment increased resulting in increased sales and increased profits
(6.1%): Sales of equipment for ships was strong, so sales increased and profits increased
* ( ) indicates the percentage of net sales
Status of the Main Businesses (1) Food Business and Marine Business
Machinery: Increased Sales and Increased Profits. There was Increased Appetite for Capital Investment both in Japan and Overseas, so Sales Expanded
(Millions of yen) | Q2 FYE3/2025 | Operating margin (%) | Q2 FYE3/2026 | Operating margin (%) | Change |
Net sales | 6,009 | - | 6,670 | - | ＋660 |
Operating profit | 391 | 6.5% | 766 | 11.5% | ＋375 |
Materials: There was increased sales and increased profits. Sales of films for construction materials and packaging materials were the same as last year
(Millions of yen) | Q2 FYE3/2025 | Operating margin (%) | Q2 FYE3/2026 | Operating margin (%) | Change |
Net sales | 4,406 | - | 4,612 | - | ＋206 |
Operating profit | 190 | 4.3% | 192 | 4.2% | ＋1 |
(94.0%): | Sales of films for printing and packaging materials were strong, so sales increased. However, operating profit was the same as the same period last year due to the effect of some US policy trends | |
(6.0%): | Due to increased demand for agricultural materials associated with response to climate change, in particular the extreme heat this summer, sales increased and profits increased |
* ( ) indicates the percentage of net sales
Status of the Main Businesses (2) Machinery Business and Materials Business
Assets Liabilities and net assets
(Millions of yen) | As of September 30, 2025 | YoY change | |
Current assets | 64,855 | ＋8,354 | |
Cash and deposits | 6,364 | ＋407 | |
Notes and accounts receivable -trade and electronically recorded monetary claims – operating | 16,280 | (1,130) | |
Merchandise and finished goods | 35,444 | ＋8,442 | |
Non-current assets | 27,679 | ＋1,228 | |
Property, plant and equipment | 10,413 | (179) | |
Intangible assets | 587 | (60) | |
Investments and other assets | 16,677 | ＋1,469 | |
Total assets | 92,661 | ＋9,562 | |
(Millions of yen) | As of September 30, 2025 | YoY change | |
Current liabilities | 38,988 | ＋6,902 | |
Notes and accounts payable -trade and electronically recorded obligations -operating | 11,901 | (2,190) | |
Short-term debt | 23,262 | ＋10,384 | |
Contract liabilities | 1,973 | (1,044) | |
Non-current liabilities | 21,621 | ＋838 | |
Net assets | 32,051 | ＋1,822 | |
Shareholders’ equity | 26,263 | ＋972 | |
Accumulated other comprehensive income | 5,769 | ＋848 | |
Total liabilities and net assets | 92,661 | ＋9,562 | |
Balance Sheet (Condensed)
Proactively built up inventory in anticipation of increase in inbound demand and seasonal demand
* Inventory likely to be steadily liquidated from Q3 to Q4, as in normal years
A characteristic of our business is that we accumulate inventory for sale towards the year-end, and from Q3 onward we sell and collect cash
We maintain a certain level of cash balance and control our loan balance
(Millions of yen) | 2024/4-9 | 2025/4-9 | YoY change | Key factors |
Cash and cash equivalents at start of period | 7,658 | 5,514 | (2,143) | |
Cash flows from operating activities | (13,466) | (9,440) | ＋4,025 | Decrease in trade receivables ＋1,036 Increase in inventory (9,125) Decrease in trade payables and contract liabilities (3,039) |
Cash flow from investment activities | (765) | (458) | ＋307 | Investment in tangible and intangible fixed assets (491) |
Free cash flow | (14,232) | (9,898) | ＋4,333 | |
Cash flow from financing activities | 12,402 | 10,329 | (2,072) | Short-term debt ＋13,224 Long-term debt (2,076) |
Cash and cash equivalents at end of the quarter | 5,795 | 5,927 | ＋132 |
Cash Flow Statement
NICHIMO CO., LTD.
FYE3/2025 ForecastsNICHIMO CO., LTD.
10
Internal Enviroment
Continue to respond to business trends while maintaining vigilance
Food: Aim for recovery by focusing on the Q3 year end sales
Overseas: The trend in aquaculture will continue
Machinery: Increase small and medium-sized orders,
and strengthen sales efforts to secure large orders in next fiscal year
External Environment
Inbound demand expanded, and restaurant and commercial business was solid
Food: Domestic consumer spending was weak, and raw material prices rose due to reduced catches
Machinery: Due to the ongoing labor shortage the appetite for domestic capital investment continues, and overseas demand is increasing due to the weak yen
Internal Enviroment
Food:Supply chain is firmly in place
・Other Business Segment: Market recognition of our products and services, including aquaculture, is advancing steadily with proven results.
External Environment
Japan: We expect improved personal consumption and increased inbound demand due to various production effects under the new government
Overseas: Uncertainty about the future of the international situation including U.S. trade policy is a factor
of concern
Review of FYE3/2026 (First Half) Outlook for FYE3/2026 (Second Half)
Evaluation of the First Half and Business Environment in the Second Half (Outlook for this Term Based on the Review of the First Half)
No Change to the Full Year Outlook. The Food Business will be Affected by the External Environment, but Other Businesses can Compensate for It
Net sales: | (1) | Food is expected to grow on the back of expanding inbound tourism demand and seasonal year-end demand. |
(2) | Marine is expected to grow sales by expanding aquaculture operations. | |
(3) | Machinery is expected to reduce sales due to the absence of large orders as in the previous fiscal year. | |
Operating profit: | (1) | All four core businesses are expected to post profit growth. |
(2) | Food will focus on high-quality, high-value-added products to enhance profitability. |
FYE3/2026 | YoY change | |||||
(Millions of yen) | FYE3/2025 | % of net sales | % of net sales | % | Amount | |
Net sales | 133,900 | 100.0% | 135,000 | 100.0% | +0.8% | +1,099 |
Operating profit | 3,002 | 2.2% | 3,300 | 2.4% | +9.9% | +297 |
Ordinary profit | 3,601 | 2.7% | 3,500 | 2.6% | (2.8)% | (101) |
Profit attributable to owners of parent | 2,666 | 2.0% | 2,500 | 1.9% | (6.3)% | (166) |
Outlook for FYE3/2026: Net Sales of ¥135.0bn (+0.8%) & Operating Profit of ¥3.3bn (+9.9%)
The initial forecasts and assumptions are unchanged.
Both sales and operating profit are expected to reach new record highs.
Previous term Q2: Profits declined due to delivery delays in large machinery projects and poor sales of aquaculture
equipment. However, the results recovered in the second half associated with year-end sales.
This term Q2: Both sales and profits were strong and exceeded the initial plan. Profits are expected to increase,
including year end sales, with results exceeding the plan
(Millions of yen)
Net sales | Operating profit | |||||||
FYE3/2025 (Actual result) | % of total (%) | FYE3/2026 (announced in Q2) | % of net sales | FYE3/2025 (Actual result) | % of total (%) | FYE3/2026 (announced in Q2) | % of total (%) | |
Full year | 133,900 | 100.0 | 135,000 (Plan) | 100.0 | 3,002 | 100.0 | 3,300 (Plan) | 100.0 |
Q1 | 30,297 | 22.6 | 35,305 (Actual result) | 26.1 | 648 | 21.6 | 1,033 (Actual result) | 31.3 |
Q2 | 31,309 | 23.4 | 31,716 (Actual result) | 23.5 | 581 | 19.4 | 553 (Actual result) | 16.8 |
First half | 61,607 | 46.0 | 67,022 (Actual result) | 49.6 | 1,230 | 41.0 | 1,586 (Actual result) | 48.1 |
Q3 | 42,385 | 31.7 | - | - | 1,516 | 50.5 | - | - |
Q4 | 29,907 | 22.3 | - | - | 255 | 8.5 | - | - |
Second half | 72,293 | 54.0 | 67,977 (Plan) | 50.4 | 1,772 | 59.0 | 1,713 (Plan) | 51.9 |
[Machinery] Brought forward
in part
[Food] Year end sales
FYE3/2026: The full year forecast is unchanged, based on the situation up to the first half
(Millions of yen) | FY3/2025 Results | % of total (%) | FY3/2026 Forecast | % of total (%) | Change | |
Total | Net sales | 133,900 | 100.0 | 135,000 | 100.0 | +1,099 |
Operating profit | 3,002 | - | 3,300 | - | +297 | |
Food | Net sales | 84,102 | 62.8 | 84,500 | 62.6 | +398 |
Operating profit | 1,953 | 41.0 | 2,100 | 40.9 | +147 | |
Marine | Net sales | 22,377 | 16.7 | 23,000 | 17.0 | +623 |
Operating profit | 755 | 15.9 | 900 | 17.5 | +145 | |
Machinery | Net sales | 15,618 | 11.7 | 15,000 | 11.1 | (618) |
Operating profit | 1,456 | 30.6 | 1,500 | 29.2 | +44 | |
Materials | Net sales | 9,043 | 6.7 | 9,500 | 7.0 | +457 |
Operating profit | 382 | 8.0 | 400 | 7.8 | +18 | |
Biotics | Net sales | 293 | 0.2 | 350 | 0.3 | +57 |
Operating profit | 17 | 0.3 | 20 | 0.4 | +3 | |
Distribution | Net sales | 2,352 | 1.8 | 2,550 | 1.9 | +198 |
Operating profit | 108 | 2.3 | 120 | 2.3 | +12 | |
Other* | Net sales | 110 | 0.1 | 100 | 0.1 | (10) |
Operating profit | 90 | 1.9 | 90 | 1.8 | 0 | |
Corporate expenses | (1,760) | (1,830) | (70) | |||
* The “Other” segment includes real estate leasing, etc. Operating profit percentages of the total is before deducting corporate expenses
Outlook for FYE/32026 (by Business Segment):
No Major Change to the Initial Forecasts by Business Field
Stable Growth is Forecast Based on the Four Main Businesses, with Increased Profit in Each Field
NICHIMO CO., LTD.
Capital Policy and Shareholder ReturnNICHIMO CO., LTD.
15
In the Medium-term Management Plan,
we plan to set the capital investment + M&A budgets at the same pace up to 12 billion yen
10
Aquaculture business
2
Development of environmental products
28
Food business (strengthening seafood processing)
20
Investment in companywide systems, etc.
60
Total capital investment
60
M&A budget (for Food and Machinery businesses)
Capital investment + M&A investment budget total
Capital investment budget 6 billion yen
+Business investment 4 billion yen
(seafood processing, aquaculture, etc.)
DX investment 2 billion yen (system development, etc.)
M&A budget 6 billion yen
(Focusing on target businesses in the food and machinery fields)
120
NICHIMO CO., LTD. 16
Investment Plan (Medium-term Management Plan)
We will carry out capital investment and M&A, focusing on promising growth areas (aquaculture, environmental development, scallops, machinery)
Although there have been no specific results for M&A over the past six months, we continue to actively select candidates
There is specific progress regarding capital investment in the following two themes
NICHIMO CO., LTD.
17
We have started an initiative to radically restructure our systems
We will increase the company's competitive advantage and speed by digitizing and digitalizing our strengths and know-how cultivated throughout our 100 years of history, and sharing them with all our employees
* This measure also takes into account the decline in the
labor force in the future
We have begun a specific initiative to develop our own land-based aquaculture system
* We aim to establish a test plant in Kuji City, Iwate
Prefecture during this fiscal year!
We aim to be the first company in Japan to undertake everything including design, construction, operation, and maintenance of aquaculture systems
* We are actively publicizing the company’s initiative at
various exhibitions
Progress of the Investment Plan (Medium-term Management Plan) Over the Past Six Months
Other Matters in the Past Six Months
Nichimo’s first television commercial “From Ocean to Dining”
was broadcast as part of our brand strengthening efforts
Access our special website from here
This was the first commercial in Nichimo’s 100-year history, and was produced with the aim of comprehensively
expressing “From Ocean to Dining,” which is also contained in the company’s purpose
Commercial Broadcasting Information
Nippon Television from November 2025 (Friday every week from 10:55) * Kanto local broadcasts scheduled
BS NTV from November 2025
(scheduled to be broadcast on Sunday every week from 24:25, and Monday every week from 25:25)
Dividend Policy: The Interim Dividend for Fiscal Year ending March 2026 has been Set at
50 yen per Share
Scheduled to be 100 yen for Fiscal Year ending March 2026
(+3 yen compared with the previous year: Interim 50 yen + Final 50 yen)
Target value in the new Medium-term Management Plan: In effect, a continuation of the ”progressive dividend policy”
with a payout ratio of 35% or more for the final fiscal year ending March 2028
In the medium to long term (to FYE3/2035), our target is a dividend payout ratio of 40% or more, and a dividend on equity (DOE) of 4.0% or more
2016/3
Payout ratio
(Plan)
29.1%
31.8%
28.2%
30.3%
23.4％
18.6%
14.5%
Commemorative
dividend
11.5%
12.4%
25
25
25
25
25
25
30
45
45
50
20
25
52
35
45
45
50
100
FYE3/16 FYE3/17 FYE3/18 FYE3/19 FYE3/20 FYE3/21 FYE3/22 FYE3/23 FYE3/24 FYE3/25 FYE3/26
Note: Figures for FYE3/2017 and earlier are adjusted for pre-consolidation; figures up to the FY3/2024 interim period are adjusted for the stock split.
A video of the “Briefing of FYE3/2026 2nd Quarter Financial Results” will be made available on November 17, 2025 for your viewing. https://www.nichimo.co.jp/ir/library/brief_note/
The forward-looking statements, including earnings forecasts, contained in this document are based on information available at the time of preparation. Actual results are subject to changes due to various factors.
All rights, including copyrights, to this material are owned by NICHIMO CO., LTD.
For IR Inquiries
NICHIMO CO., LTD.
IR Representative, General Affairs Department E-mail: ir@nichimo.co.jp
TEL: +81-3-3458-3020
November 7, 2025