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.
Consolidated Financial Results for the Third Quarter of FY2026 [J-GAAP]
(February 5, 2026)
Listed company name: NIPPN CORPORATION
Listing: The Prime Market of the Tokyo Stock Exchange
Code number: 2001
URL https://www.nippn.co.jp/en/index.html
Representative: Toshiya Maezuru, President and CEO
Contact: Hideaki Kataoka, General Manager of Corporate Communications Div.
TEL +81-3-3511-5307
Start of cash dividend payments: -
Supplementary materials prepared: None
Results information meeting held: None
*Amounts less than one million yen have been rounded down.
Consolidated financial results for the third quarter of FY2026 (From April 1, 2025 to December 31, 2025)
Consolidated operating results (cumulative)
(Millions of yen, percentage figures show the rate of change from the same period of the previous year.)
Net Sales
Operating Income
Ordinary Income
Profit Attributable to Owners of Parent
Third quarter of FY2026
317,446
1.6%
17,768
4.0%
20,631
3.9%
15,577
(20.1)%
Third quarter of FY2025
312,513
2.5%
17,078
(5.1)%
19,849
(4.1)%
19,489
36.2%
(Note) Comprehensive income: Third quarter of FY2026 ¥25,005million [2.3%] Third quarter of FY2025 ¥24,444million [(5.0%)]
Profit per Share (Yen)
Fully Diluted Profit per Share (Yen)
Third quarter of FY2026
187.50
182.36
Third quarter of FY2025
249.79
217.88
Consolidated financial position (Millions of yen)
Total Assets
Net Assets
Equity Ratio
Third quarter of FY2026
448,097
281,168
61.0
FY2025
399,226
246,484
60.7
(Reference) Equity capital: Third quarter of FY2026
FY2025
¥273,534 million
¥242,140 million
Dividends
Dividends per Share (Yen)
1Q-end
2Q-end
3Q-end
Year-end
Full Year
FY2025
-
33.00
-
33.00
66.00
FY2026
-
33.00
-
FY2026 (Forecast)
33.00
66.00
(Note) Adjustment for the most recent forecast of the dividends in the current term: None
Forecast of consolidated financial results for FY 2026 (From April 1, 2025 to March 31, 2026)
(Millions of yen, percentage figures show the rate of changes from the same period of the previous year.)
Net Sales | Operating Income | Ordinary Income | Profit Attributable to Owners of Parent | Profit per Share (Yen) | |||||
Full Year | 424,000 | 3.2% | 21,500 | 0.1% | 24,500 | 0.4% | 20,200 | (18.4)% | 258.80 |
(Note) Adjustment for the most recent forecast of the consolidated financial results in the current term: None
Notes
Significant changes in the scope of consolidation during the quarter under review: Yes New: 1 company (company name) HATANAKA FOODS Co., Ltd.
Adoption of special accounting methods for preparation of quarterly consolidated financial statements: None
Changes in accounting policies, accounting estimates, and retrospective restatements
Changes in accounting policies due to revisions of accounting standards : None
Changes other than 1) : None
Changes in accounting estimates : None
Retrospective restatements : None
Number of shares issued and outstanding (common stock)
1) Number of shares outstanding at the end of
each period (including treasury shares):
Third quarter
of FY2026
84,727,163
shares
FY2025
78,824,009
shares
2) Number of treasury shares at the end of
each period:
Third quarter
of FY2026
1,021,823
shares
FY2025
771,273
shares
3) Average number of shares (quarterly
consolidated cumulative period):
Third quarter
of FY2026
83,082,359
shares
Third quarter of
FY2025
78,024,762
shares
(Note) The number of treasury shares at the end of the period includes our shares (219,500 shares at the end of the third quarter of FY2026, 225,900 shares at the end of FY2025) held by Custody Bank of Japan, Ltd. (Trust E Account). The number of
treasury shares deducted in calculating the average number of shares during the period includes our shares (221,633 shares at the end of the third quarter of FY2026, 232,167 shares at the end of the third quarter of FY2025) held by Custody Bank of Japan, Ltd. (Trust E Account).
Review of the accompanying quarterly consolidated financial statements by certified public accountants or an audit corporation: None
Explanation regarding the appropriate use of projected financial results and other special instructions
Descriptions regarding the future, including the financial outlook contained in this material, are based on certain information currently available to us and particular assumptions, which are, at our discretion, deemed reasonable, and actual financial results may significantly vary due to various factors. Please refer to "1. Qualitative Information on Quarterly Consolidated Financial
Results (3) Information on forecast of the consolidated financial results" on page 4 for information on preconditions underlying the above outlook and other related information.
Contents
-
Qualitative Information on Quarterly Consolidated Financial Results ....................................................................... 2
- Overview of business results ...................................................................................................................................... 2
- Overview of financial position .................................................................................................................................... 4
- Information on forecast of the consolidated financial results................................................................................... 4
-
Quarterly Consolidated Financial Statements and Primary Notes ............................................................................. 5
- Quarterly consolidated balance sheets ....................................................................................................................... 5
- Quarterly consolidated statements of income and comprehensive income ............................................................. 7 (Quarterly consolidated statements of income) ................................................................................................... 7 (Quarterly consolidated statements of comprehensive income)......................................................................... 8
- Notes on quarterly consolidated financial statements............................................................................................... 9
-
Qualitative Information on Quarterly Consolidated Financial Results
-
Overview of business results
(Millions of yen)
First nine months of Fiscal 2025
First nine months of Fiscal 2026
Difference
Change
Net sales
312,513
317,446
4,932
101.6%
Operating income
17,078
17,768
690
104.0%
Ordinary income
19,849
20,631
781
103.9%
Profit attributable to owners of parent
19,489
15,577
(3,912)
79.9%
During the first nine months of the fiscal year ending March 31, 2026, the Japanese economy has continued to gradually recover against the background of factors such as improvements in the employment and income environment. On the other hand, it is expected that uncertainty will continue, due to the trends in the international trade policy of the United States and the changes in the financial and capital market, as well as factors such as the impact of persistent inflation on consumer spending.
In the food industry, although a gradual upswing has remained thanks to the expansion of inbound demand and the recovery of the food service industry, we continued to pay close attention to the impact on our business environment of factors, such as high raw material prices and logistics costs, and consumer inclination toward spending less due to inflation.
In these circumstances, we are striving to continuously improve our corporate value based on the management philosophy of "Contributing to the realization of a sustainable society by pursuing the wellbeing (happiness, health, and smiles) of people."
During the first nine months of fiscal 2026, as an effort to strengthen our earning capacity, we thoroughly implemented "consumer-based marketing" in all business areas including not only the home use food product category but also the professional use food product category, and we worked to expand our revenue by further raising our brand awareness. Additionally, the construction work for the Chita Mill, which will serve to strengthen the foundation for our domestic Flour Milling business, is entering the final phase toward completion. This Mill will, in addition to reducing the raw material procurement cost with the berthing of large grain vessels, seek to increase the production efficiency by utilizing automation technology and DX, and build a system for supporting stable supply and profitability, as a cutting-edge plant that attaches importance to both BCP and the environment.
In addition, as an effort to expand our growth areas, we are steadily progressing with the construction of a new plant for frozen foods of HATANAKA FOODS Co., Ltd., aiming for completion by the end of FY 2027, in order to enhance our supply system in the light of growth of the demand for frozen foods. Moreover, the plant of Utah Flour Milling, LLC, which has commenced full-scale operations, is expanding production smoothly and is promoting product sales in the U.S. market.
In the first nine months of fiscal 2026, net sales increased by 1.6% year-on-year to ¥317,446 million due to factors such as the expansion of inbound tourism consumption, sales promotion based on the marketing strategy, as well as price revisions implemented due to various rising costs. In terms of profit, despite an increase in various costs, including raw material costs, personnel costs and logistics costs in each business, due to steady sales, operating income increased by 4.0% year-on-year to ¥17,768 million and ordinary income increased by 3.9% year-on-year to ¥20,631 million. On the other hand, due to extraordinary income gains from the sale of idle land last year, profit attributable to owners of parent decreased by 20.1% year-on-year to ¥15,577 million.
The performance of individual business segments was as follows.
-
Flour Milling
(Millions of yen)
First nine months of Fiscal 2025
First nine months of Fiscal 2026
Difference
Change
Net sales
92,766
91,825
(941)
99.0%
Operating income
7,082
7,496
413
105.8%
In the Flour Milling business, although sales remained steady, due to the impact of the price revision for wheat flour following the reduction of the government selling price of foreign wheat in April last year, net sales decreased by 1.0% year-on-year to ¥91,825 million, and operating income increased by 5.8% year-on-year to ¥7,496 million.
Due to the revision of the government selling price of foreign wheat in April and October last year and rising costs such as logistics and personnel costs, we have revised the price of wheat flour for professional use since July of last year and January of this year.
-
Food
(Millions of yen)
First nine months of Fiscal 2025
First nine months of Fiscal 2026
Difference
Change
Net sales
181,696
185,855
4,159
102.3%
Operating income
7,766
7,919
153
102.0%
In the professional use food product category, net sales increased year-on-year, due to factors, such as the expansion of inbound tourism consumption and the steady sales of the Overseas business.
In the home use food product category, net sales decreased year-on-year due to consumers stronger inclination toward spending less, although sales promotion based on our marketing initiatives increased the sales volume of the "Chewy and Delicious Spaghetti" series and helped maintaining a steady sales volume of frozen food products such as the "One Plate Meal Series" and the "Trendy Meal Series."
In the Nakashoku (ready-made meals) business, net sales increased year-on-year due to steady sales, and implementation of price revisions following rising costs such as raw material costs.
As a result, net sales of the Food Business increased by 2.3% year-on-year to ¥185,855 million, and operating income increased by 2.0% year-on-year to ¥7,919 million.
-
Other
(Millions of yen)
First nine months of Fiscal 2025
First nine months of Fiscal 2026
Difference
Change
Net sales
38,051
39,765
1,714
104.5%
Operating income
2,291
2,390
98
104.3%
In the Pet Food business, net sales increased year-on-year, due to sales volume growth, etc.
In the Food Service business, net sales increased year-on-year, due to strong sales and price revisions implemented in the current fiscal year.
As a result, net sales of the Other businesses increased by 4.5% year-on-year to ¥39,765 million, and operating income increased by 4.3% year-on-year to ¥2,390 million.
-
Flour Milling
-
Overview of financial position
(Millions of yen)
As of March 31, 2025
As of December 31, 2025
Difference
Current assets
159,014
176,946
17,932
Non-current assets
240,210
271,150
30,939
Deferred assets
1
-
(1)
Total assets
399,226
448,097
48,870
Current liabilities
104,407
85,900
(18,506)
Non-current
liabilities
48,334
81,027
32,693
Total liabilities
152,742
166,928
14,186
Total net assets
246,484
281,168
34,684
Total liabilities and
net assets
399,226
448,097
48,870
Total assets at the end of the first nine months of fiscal 2026 increased by ¥48,870 million from the previous fiscal year-end (March 31, 2025) to ¥448,097 million. This was mainly because property, plant and equipment, investment securities, notes and accounts receivable - trade and contract assets, and other current assets increased by ¥18,389 million, ¥14,237 million, ¥10,779 million, and ¥7,808 million, respectively.
Total liabilities increased by ¥14,186 million from the previous fiscal year-end to ¥166,928 million. This was mainly because long-term loans payable, other current liabilities, other non-current liabilities, and notes and accounts payable - trade increased by ¥26,787 million, ¥7,043 million, ¥5,289 million, and ¥1,791 million, respectively, and convertible bond-type bonds with subscription rights to shares, and income taxes payable decreased by ¥25,002 million, and ¥1,998 million, respectively.
Total net assets increased by ¥34,684 million from the previous fiscal year-end to ¥281,168 million. This was mainly because retained earnings, unrealized holding gain (loss) on securities, capital surplus, capital stock, and non-controlling interests increased by ¥10,198 million, ¥10,025 million, ¥6,486 million, ¥6,430 million, and ¥3,307 million, respectively.
-
Information on forecast of the consolidated financial results
For the full year, the forecast of the consolidated financial results announced on May 13, 2025 has remained unchanged.
With regard to dividends, we plan to pay total cash dividends of ¥66 per share for the full year ending March 31, 2026, unchanged from the forecast.
-
Overview of business results
-
Quarterly Consolidated Financial Statements and Primary Notes
-
Quarterly consolidated balance sheets
(Millions of yen)
FY2025
(As of March 31, 2025)
First nine months of FY2026 (As of December 31, 2025)
Assets
Current assets
Cash and deposits
44,945
41,408
Notes and accounts receivable - trade and contract
assets
58,128
68,908
Merchandise and finished goods
26,626
29,287
Work in process
109
674
Raw materials and supplies
22,687
22,347
Other current assets
6,542
14,351
Allowance for doubtful accounts
(25)
(30)
Total current assets
159,014
176,946
Non-current assets
Property, plant and equipment
Buildings and structures, net
48,537
47,807
Machinery, equipment, and vehicles, net
23,099
22,362
Land
45,862
46,297
Construction in progress
13,022
32,604
Other, net
3,890
3,730
Total property, plant, and equipment
134,412
152,801
Intangible assets
Goodwill
809
1,620
Other
1,213
1,312
Total intangible assets
2,023
2,932
Investments and other assets
Investment securities
85,530
99,767
Other
18,517
15,877
Allowance for doubtful accounts
(271)
(229)
Total investments and other assets
103,775
115,415
Total non-current assets
240,210
271,150
Deferred assets
1
-
Total assets
399,226
448,097
(Millions of yen)
FY2025
(As of March 31, 2025)
First nine months of FY2026 (As of December 31, 2025)
Liabilities
Current liabilities
Notes and accounts payable - trade
34,279
36,071
Short-term loans payable
17,341
17,542
Current portion of convertible bond-type bonds
with subscription rights to shares
25,002
-
Income taxes payable
3,998
1,999
Provision for bonuses
961
418
Other
22,824
29,868
Total current liabilities
104,407
85,900
Non-current liabilities
Long-term loans payable
14,685
41,473
Retirement benefit liabilities
3,641
4,238
Accrued retirement benefits for directors
361
350
Provision for share awards for directors (and other
officers)
102
132
Other
29,543
34,833
Total non-current liabilities
48,334
81,027
Total liabilities
152,742
166,928
Net assets
Shareholders' equity
Capital stock
12,240
18,670
Capital surplus
9,758
16,244
Retained earnings
170,683
180,881
Treasury shares
(1,183)
(1,957)
Total shareholders' equity
191,499
213,838
Accumulated other comprehensive income
Unrealized holding gain (loss) on securities
41,317
51,343
Deferred gain (loss) on hedges
(23)
42
Foreign currency translation adjustments
5,148
4,404
Retirement benefit liability adjustments
4,199
3,905
Total accumulated other comprehensive income
50,641
59,695
Subscription rights to shares
115
98
Non-controlling interests
4,227
7,535
Total net assets
246,484
281,168
Total liabilities and net assets
399,226
448,097
-
Quarterly consolidated statements of income and comprehensive income (Quarterly consolidated statements of income)
(Quarterly consolidated statements of comprehensive income)
(Millions of yen)
First nine months of FY2025 (From April 1, 2024 to December
31, 2024)
First nine months of FY2026 (From April 1, 2025 to December
31, 2025)
Net sales
312,513
317,446
Cost of sales
236,830
237,709
Gross profit
75,683
79,736
Selling, general and administrative expenses
58,604
61,967
Operating income
17,078
17,768
Non-operating income
Interest income
192
486
Dividend income
2,300
2,462
Other
700
763
Total non-operating income
3,193
3,712
Non-operating expenses
Interest expenses
186
380
Share of loss of entities accounted for using equity
method
78
212
Other
157
257
Total non-operating expenses
422
850
Ordinary income
19,849
20,631
Extraordinary income
Gain on sale of fixed assets
8,686
830
Gain on sale of investment securities
100
1,759
Total extraordinary income
8,787
2,590
Extraordinary expenses
Loss on sale and disposal of fixed assets
62
66
Loss resulting from disaster
-
140
Loss of valuation of investment securities
72
3
Other
13
58
Total extraordinary expenses
148
267
Profit before income taxes
28,488
22,953
Income taxes - current
7,944
6,307
Income taxes - deferred
774
719
Total income taxes
8,719
7,026
Profit
19,769
15,927
Profit attributable to non-controlling interests
279
349
Profit attributable to owners of parent
19,489
15,577
(Millions of yen)
First nine months of FY2025 (From April 1, 2024 to December
31, 2024)
First nine months of FY2026 (From April 1, 2025 to December
31, 2025)
Profit
19,769
15,927
Other comprehensive income (loss)
Unrealized holding gain (loss) on securities
4,172
10,040
Deferred gain (loss) on hedges
38
66
Foreign currency translation adjustments
473
(532)
Retirement benefit liability adjustments
(148)
(293)
Share of other comprehensive income of entities
accounted for using equity method
140
(203)
Total other comprehensive income (loss)
4,675
9,077
Comprehensive income
24,444
25,005
(Comprehensive income attributable to)
Comprehensive income attributable to owners of
parent
24,166
24,630
Comprehensive income attributable to non-controlling
interests
278
374
- Notes on quarterly consolidated financial statements
-
Quarterly consolidated balance sheets
(Notes on going concern assumption)
Not applicable.
(Notes on significant changes in the amount of shareholders' equity)
Not applicable.
(Notes on quarterly consolidated statements of cash flows)
Quarterly consolidated statements of cash flows for the first nine months of fiscal 2026 have not been prepared. Depreciation (including amortization related to intangible assets excluding goodwill) and amortization of goodwill for the first nine months of fiscal 2025 and fiscal 2026 are as follows.
(Millions of yen)
First nine months of FY2025 (From April 1, 2024 to December 2024) | 31, | First nine months of FY2026 (From April 1, 2025 to December 2025) | 31, | |
Depreciation | 8,027 | 8,030 | ||
Amortization of goodwill | 141 | 309 | ||
(Notes on Segment information, etc.)
[Segment information]
-
Third Quarter of FY2025 (From April 1, 2024 to December 31, 2024)
-
Information on net sales and income (loss) by reportable segment and composition of revenue
(Millions of yen)
Reportable segments
Other Note: 1
Total
Adjustments Note: 2
Amount
recorded in quarterly consolidated financial
statements Note: 3
Flour Milling
Food
Total
Net sales
Revenue from contracts
with customers
92,766
181,661
274,427
37,348
311,775
-
311,775
Other revenue
-
34
34
703
738
-
738
Net sales to external
customers
92,766
181,696
274,462
38,051
312,513
-
312,513
Internal sales or transfers
between segments
2,197
861
3,059
2,569
5,628
(5,628)
-
Total
94,964
182,557
277,521
40,620
318,142
(5,628)
312,513
Segment income
7,082
7,766
14,848
2,291
17,140
(61)
17,078
Notes: 1. The "Other" column indicates businesses not included in the reportable segments, including Pet Food, Health Food, Engineering, Food Service, and Real Estate Leasing business.
Segment income adjustment of ¥(61) million refers to elimination of inter-segment transactions.
Segment income is adjusted to reconcile total segment income to operating income in the quarterly consolidated financial statements.
2. Information on impairment losses on non-current assets, goodwill, etc., by reportable segmentNot applicable.
-
Information on net sales and income (loss) by reportable segment and composition of revenue
-
Third Quarter of FY2026 (From April 1, 2025 to December 31, 2025)
-
Information on net sales and income (loss) by reportable segment and composition of revenue
(Millions of yen)
Reportable segments
Other Note: 1
Total
Adjustments Note: 2
Amount
recorded in quarterly consolidated financial
statements Note: 3
Flour Milling
Food
Total
Net Sales
Revenue from contracts
with customers
91,825
185,821
277,646
39,029
316,675
-
316,675
Other revenue
-
34
34
736
771
-
771
Net sales to external
customers
91,825
185,855
277,680
39,765
317,446
-
317,446
Internal sales or transfers
between segments
2,237
697
2,934
2,810
5,745
(5,745)
-
Total
94,062
186,553
280,615
42,576
323,191
(5,745)
317,446
Segment income
7,496
7,919
15,415
2,390
17,805
(36)
17,768
Notes: 1. The "Other" column indicates businesses not included in the reportable segments, including Pet Food, Health Food, Engineering, Food Service, and Real Estate Leasing business.
Segment income adjustment of ¥(36) million refers to elimination of inter-segment transactions.
Segment income is adjusted to reconcile total segment income to operating income in the quarterly consolidated financial statements.
-
Information on net sales and income (loss) by reportable segment and composition of revenue
Not applicable.