Nissui : Financial Statements (August 5, 2025) Consolidated Financial Results

Consolidated Financial Results

for the Three Months Ended June 30, 2025 [Japanese GAAP]

Company name: Nissui Corporation Listing: Tokyo Stock Exchange Securities code: 1332

URL: https://www.nissui.co.jp

Representative: Teru Tanaka Representative Director, President & CEO

Inquiries: Yoichiro Hiroi Executive Officer

August 5, 2025

General Manager of Corporate Strategic Planning & IR Department

Telephone: +81-3-6206-7037

Scheduled date to commence dividend payments: -

Preparation of supplementary material on financial results: Yes Holding of financial results briefing: Yes

(Yen amounts are rounded down to millions, unless otherwise noted.)

1. Consolidated Financial Results for the Three Months Ended June 30, 2025 (April 1, 2025 to June 30, 2025)

   1. Consolidated Operating Results (Percentages indicate year-on-year changes.)

      	Net sales		Operating profit		Ordinary profit		Profit attributable to owners of parent
      Three months ended June 30, 2025 June 30, 2024	Millions of yen 225,485 220,644	% 2.2 10.4	Millions of yen 10,281 9,724	% 5.7 0.0	Millions of yen 10,268 11,626	% (11.7) 19.6	Millions of yen 6,508 7,367	% (11.7) 23.2

      (Note) Comprehensive income:	Three months ended June 30, 2025:	¥	(623) million [	-%]
      	Three months ended June 30, 2024:	¥	14,699 million [	38.7%]

      	Basic earnings per share	Diluted earnings per share
      Three months ended	Yen	Yen
      June 30, 2025	20.94	-
      June 30, 2024	23.70	-

      (Note) In 3Q FY2025/3, provisional accounting treatment for a business combination at an equity-method affiliate was finalized; figures for 1Q FY2025/3 were restated accordingly.

   2. Consolidated Financial Position

   	Total assets	Net assets	Capital adequacy ratio
   As of June 30, 2025 March 31, 2025	Millions of yen 635,512 634,878	Millions of yen 280,063 285,939	% 42.6 43.6

   (Reference) Equity: As of June 30, 2025:	¥	270,930 million
   As of March 31, 2025:	¥	277,039 million

2. Dividends

   	Annual dividends
   	1st quarter-end	2nd quarter-end	3rd quarter-end	Year-end	Total
   Fiscal year ended March 31, 2025 Fiscal year ending March 31, 2026	Yen - -	Yen 12.00	Yen -	Yen 16.00	Yen 28.00
   Fiscal year ending March 31, 2026 (Forecast)		14.00	-	14.00	28.00

   (Note) Revision to the forecast for dividends announced most recently: None

3. Consolidated Financial Results Forecast for the Fiscal Year Ending March 31, 2026(April 1, 2025 to March 31, 2026)

(Percentages indicate year-on-year changes.)

(Note) Revision to the financial results forecast announced most recently: None

(Note) On May 14, 2025, the Board resolved to acquisition of own shares; basic earnings per share forecasts reflect this acquisition.

1. Adoption of accounting treatment specific to the preparation of quarterly consolidated financial statements: None

2. Changes in accounting policies, changes in accounting estimates, and restatement

   1. Changes in accounting policies due to revisions to accounting standards and other regulations: None

   2. Changes in accounting policies due to other reasons: None

   3. Changes in accounting estimates: None

   4. Restatement: None

3. Number of issued shares (common shares)

   1. Total number of issued shares at the end of the period (including treasury shares): June 30, 2025: 312,430,277 shares

      March 31, 2025: 312,430,277 shares

   2. Number of treasury shares at the end of the period:

      June 30, 2025: 1,607,766 shares

      March 31, 2025: 1,607,331 shares

   3. Average number of shares outstanding during the period:

Three months ended June 30, 2025: 310,822,700 shares

Three months ended June 30, 2024: 310,829,101 shares

(Note) Nissui has introduced the “Board Benefit Trust (BBT)” as its performance-linked and share-based compensation plan since FY2018 and, from the first quarter of the current consolidated fiscal period, has changed to the “Board Benefit Trust-Restricted Stock (BBT-RS).” In addition, its own shares remaining in the Trust is included as treasury shares. The number of treasury stocks at the end of the term and the average number of shares during the term is 623,600.

• Review of the Japanese-language originals of the attached consolidated quarterly financial statements by certified public accountants or an audit firm: None

• Proper use of earnings forecasts, and other special matters

This report's performace forecasts in this report are based on information available at present and certain premises thought to be reasonable. Accordingly, the results may change substantially due to various factors. For conditions from which the premises for the forecasts were derived and the other noteworthy items relating to the use of the forecasts, please refert to "(3) Explanation of Consolidated Financial Forecasts" on page 6 of the "1. Qualitative information for the first quarter of the fiscal year ending March 31, 2026 "

1. Qualitative information for the first quarter of the fiscal year ending March 31, 2026

   In the third quarter of the previous fiscal year, the Company finalized the provisional accounting treatment for a business combination involving an equity-method affiliate. Accordingly, the figures for the cumulative first quarter of the previous fiscal year have been restated to reflect that finalization, and these restated amounts are used for comparison and analysis herein. For further details, please refer to “2. Quarterly Consolidated Financial Statements and Primary Notes (3) Notice concerning the consolidated financial statements (Additional Information)”on page 11.

   1. Explanation of consolidated financial results

      During the 1st quarter of the fiscal year, the Japanese economy continued its moderate recovery, driven by increased inbound demand and improvements in employment and income conditions. However, uncertainty persists due to downside economic risks stemming from geopolitical risks and the U.S. tariff policies, as well as consumers

      growing propensity to cut spending in response to rising prices.

      Regarding the global economy (from January to March), last-minute demand surged in Europe and the U.S. ahead of planned tariff hikes; however, that one-off boost has since reversed, and together with softening consumer spending, downside risks to growth are now intensifying.

      Under the Medium Term Management Plan “GOOD FOODS Recipe 2,

      launched in April 2025, our company and its group are reinforcing their business portfolio by pursuing (1) growth in international business, (2) advancement of the aquaculture business, and (3) turnaround of unprofitable operations.

      During the quarter, a delayed recovery in the domestic seafood trading business and higher raw-material costs in the processed foods business weighed on results. Even so, profits improved in the fishing and aquaculture businesses and the North American processing business—both of which had struggled in the previous fiscal year— while for household use foods in Europe and North America and the domestic chilled foods business remained firm, keeping overall progress on track with the plan.

      In the current situation, our consolidated business performance for the first quarter cumulative period is as follows: net sales were 225,485 million yen, up 4,840 million yen year-on-year; operating profit was 10,281 million yen, up 557 million yen year-on-year; ordinary profit was 10,268 million yen, down 1,358 million yen year-on-year; and profit attributable to owners of parent was 6,508 million yen, down 859 million yen year-on-year. In addition, the recognition of approximately 2.1 billion yen in negative goodwill arising from the acquisition of an equity-method affiliate was reflected in the previous corresponding period’s ordinary profit and profit attributable to owners of parent.

      (Unit: million yen)

      	Net Sales	Operating Profit	Ordinary Profit	Profit attributable to owners of parent
      1Q of FY2025	225,485	10,281	10,268	6,508
      1Q of FY2024	220,644	9,724	11,626	7,367
      Difference	4,840	557	(1,358)	(859)
      Percentage difference (%)	102.2%	105.7%	88.3%	88.3%

      The summary by segment is as follows.

      (Unit: million yen)

      	Net Sales	Increase /Decrease (Y-on-Y)	Y-on-Y	Operating Profit loss	Increase /Decrease (Y-on-Y)	Y-on-Y
      Marine Products	86,404	810	100.9%	3,150	1,138	156.6%
      Food Products	128,703	6,078	105.0%	8,802	62	100.7%
      Fine Chemicals	3,112	(449)	87.4%	22	(253)	8.1%
      General Distribution	4,074	77	101.9%	561	(93)	85.7%
      Other (Note)	3,190	(1,676)	65.6%	54	(112)	32.5%
      Common Costs	—	—	―%	(2,308)	(183)	108.6%
      Total	225,485	4,840	102.2%	10,281	557	105.7%

      (Note) “Other” refers to Engineering (planning, design, construction of plants and equipment) business, Ship Operation Business, etc.

      1. Marine Products Business

         The Marine Products Business is engaged in the fishery, aquaculture, and processing and trading businesses.

         We recorded 86,404 million yen (up 810 million yen year-on-year) in sales and operating profit of 3,150 million yen (up 1,138 million yen year-on-year) in the Marine Products Business.

         Fishery Business: Both sales and profits increased year on year. [Japan]

         • Solid tuna catches drove higher sales and profits.

           Aquaculture Business: Both sales and profits increased year on year. [Japan]

         • Although landings and selling prices of Japanese amberjack and coho salmon both increased, intensified competition in tuna—driven by greater supplies of wild-caught and imported tuna—proved challenging. As a result, overall sales declined, but profits rose.

           [South America]

         • Selling prices rose on a market recovery, and improved farming conditions lifted survival rates, resulted in higher sales and profits.

           Processing and Trading Business: Both sales and profits increased year on year. [Japan]

         • Although sales of Japanese amberjack and highly processed seafood products remained firm, higher raw-material costs for salmon and trout, coupled with falling fish oil prices, resulted in lower sales and profits.

           [North America]

         • Sales of Alaska pollock surimi and fillets were steady in both volume and price, while trading saw solid sales of salmon and trout, crab delivering higher sales and profits.

           [Europe]

         • Robust sales in Italy, the Benelux, and the United Kingdom led to higher sales and profits.

      2. Food Products Business

         The Food Products Business is engaged in the food processing and chilled foods businesses.

         We recorded 128,703 million yen (up 6,078 million yen year-on-year) in sales and an operating profit of 8,802 million yen (up 62 million yen year-on-year) in the Food Products Business.

         Processed Foods Business: Both sales and profits decreased year on year. [Japan]

         • For household use sales of fish sausages and frozen foods continued to perform well, and food service frozen products for restaurants and supermarket delicatessen counters remained solid. However, higher rice and surimi raw material costs could not be fully offset by price revisions, resulting in lower profits.

           [North America]

           • For household use sales remained firm and expanded market share, while the food service segment struggled amid weaker dining out demand and higher shrimp raw material costs; overall, sales declined but profits increased.

             [Europe]

           • Strong sales in France and Spain, together with low and stable prices for white-meat fish raw materials, generated higher profits.

             Chilled Foods Business: Both sales and profits increased year on year.

           • Effective sales promotions at convenience stores drove continued strong sales of bento, prepared noodles, and delicatessen items, resulting in higher sales and profits.

      3. Fine Chemicals Business

         The Fine Chemicals Business is engaged in manufacturing and selling pharmaceutical raw materials, functional raw materials (Note 1), and functional foods (Note 2).

         We recorded 3,112 million yen (down 449 million yen year-on-year) in sales and an operating profit of 22 million yen (down 253 million yen year-on-year) in the Fine Chemicals Business.

         • Domestic sales of functional raw materials for supplements remained firm, but lower mail order sales—together with pharmaceutical raw materials sales mainly scheduled for the second half—resulted in lower sales and profits.

      4. General Distribution Business

         The General Distribution Business is engaged in the cold storage, transportation, and customs clearance businesses.

         We recorded 4,074 million yen (up 77 million yen year-on-year) in sales and an operating profit of 561 million yen (down 93 million yen year-on-year) in the General Distribution Business.

         • Higher personnel costs—stemming from headcount growth and wage revisions—together with increased electricity expenses, resulted in lower profits.

      (Note 1) EPA, DHA, and others are mainly used as ingredients in health supplements and infant formula

      (Note 2) Supplements such as “Sesame soy milk” functional food and “i-mark S,” food for specified health uses (FOSHU), mainly for online business

   2. Explanation of the consolidated financial position

      State of assets, liabilities, and net assets

      (Unit: million yen)

      	FY2024	1Q of FY2025	Increase/Decrease
      Current Assets	332,568	337,093	4,524
      (Inventories)	195,008	193,725	(1,283)
      Non-current Assets	302,309	298,419	(3,890)
      Total Assets	634,878	635,512	634
      Current Liabilities	226,179	215,946	(10,233)
      Non-current Liabilities	122,758	139,502	16,744
      Total Liabilities	348,938	355,449	6,510
      Total Net Assets	285,939	280,063	(5,876)

      Assets

      Total assets increased by 634 million yen compared to the end of the previous consolidated fiscal year to 635,512 million yen (up 0.1%).

      Current assets increased by 4,524 million yen to 337,093 million yen (up 1.4%). This is mainly because the notes and accounts receivable increased by 4,665 million yen.

      Non-current assets decreased by 3,890 million yen to 298,419 million yen (down 1.3%), mainly due to a 1,312 million yen decrease in property, plant and equipment and a 1,772 million yen decrease in investments and other assets.

      Liabilities

      Total liabilities increased by 6,510 million yen compared to the end of the previous consolidated fiscal year to 355,449 million yen (up 1.9%).

      Current liabilities decreased by 10,233 million yen to 215,946 million yen (down 4.5%), mainly because of decreased short-term borrowings by 7,631 million yen.

      Non-current liabilities increased by 16,744 million yen to 139,502 million yen (up 13.6%). The main reason was an increase in long-term borrowings of 17,547 million yen.

      Net Assets

      Total net assets decreased by 5,876 million yen compared to the previous consolidated fiscal year’s end to 280,063 million yen (down 2.1%), mainly due to posting profit attributable to owners of parent of 6,508 million yen, payment of dividends of surplus of 4,985 million yen, and a 7,181 million yen decrease in foreign currency translation adjustment owing to yen appreciation.

   3. Explanation of Consolidated Financial Forecasts

      At this moment, there is no revision in the forecast of financial results for the fiscal year ending March 2026, disclosed on May 14, 2025.

2. Quarterly Consolidated Financial Statements and Primary Notes (1)Quarterly Consolidated Balance Sheet

(Millions of yen)

As of March 31, 2025

As of June 30, 2025

Assets

(Millions of yen)

As of March 31, 2025

As of June 30, 2025

Liabilities

Current liabilities

1. Quarterly Consolidated Statements of Income and Comprehensive Income

   Quarterly Consolidated Statement of Income For the three months ended June 30, 2025
   		(Millions of yen)
   	For the three months	For the three months
   	ended June 30, 2024	ended June 30, 2025
   Net sales	220,644	225,485
   Cost of sales	184,776	187,754
   Gross profit	35,868	37,730
   Selling, general and administrative expenses	26,143	27,448
   Operating profit	9,724	10,281
   Non-operating income
   Interest income	133	132
   Dividend income	96	155
   Foreign exchange gains	249	-
   Share of profit of entities accounted for using equity method	2,075	441
   Subsidy income	12	21
   Miscellaneous income	183	126
   Total non-operating income	2,752	877
   Non-operating expenses
   Interest expenses	807	712
   Foreign exchange losses	-	139
   Miscellaneous expenses	42	39
   Total non-operating expenses	850	891
   Ordinary profit	11,626	10,268
   Extraordinary income
   Gain on sale of non-current assets	14	22
   Gain on sale of investment securities	65	-
   Total extraordinary income	79	22
   Extraordinary losses
   Loss on disposal of non-current assets	127	141
   Loss on valuation of investment securities	74	4
   Loss on disaster	313	181
   Total extraordinary losses	515	327
   Profit before income taxes	11,190	9,963
   Income taxes - current	2,581	2,508
   Income taxes - deferred	911	427
   Total income taxes	3,493	2,936
   Profit	7,697	7,027
   Profit attributable to non-controlling interests	329	518
   Profit attributable to owners of parent	7,367	6,508

   Quarterly Consolidated Statement of Comprehensive Income For the three months ended June 30, 2025

   For the three months ended June 30, 2024

   (Millions of yen)

   For the three months ended June 30, 2025

   Profit 7,697 7,027

   Other comprehensive income

   Valuation difference on available-for-sale securities (139) (0)

   Deferred gains or losses on hedges 107 (783)

   Foreign currency translation adjustment 6,944 (5,951)

   Remeasurements of defined benefit plans, net of tax (199) 115

   Share of other comprehensive income of entities

   289 (1,031)

   accounted for using equity method

   Total other comprehensive income 7,001 (7,651)

   Comprehensive income 14,699 (623) Comprehensive income attributable to

   Comprehensive income attributable to owners of parent

   Comprehensive income attributable to non-controlling interests

   14,306 (1,159)

   392 536

2. Notice concerning the consolidated financial statements

   (Notes on Going Concern) Not applicable.

   (Notes Regarding Significant Changes in the Amount of Shareholders’ Equity) Not applicable.

   (Additional Information)

   (Finalization of Provisional Accounting Treatment for Equity-Method Investments)

   Provisional accounting treatment was applied to an equity-method affiliate acquired through a business combination in the first quarter of the previous consolidated fiscal year, and it was finalized in the third quarter of the previous consolidated fiscal year.

   Following this finalization, the equity-method affiliate recorded a gain on negative goodwill. Accordingly, the comparative information presented in the quarterly consolidated financial statements for the first quarter of the previous fiscal year has been revised.

   As a result, in the consolidated statement of income for the first quarter of the previous fiscal year, the share of profit of entities accounted for using the equity method increased by 2,075 million yen, the share of loss of entities accounted for using the equity method decreased by 34 million yen, and the income taxes - deferred increased by 31 million yen. In addition to these changes, the share of other comprehensive income of entities accounted for using the equity method decreased by 24 million yen in the consolidated statement of comprehensive income.

   (Segment Information, etc.)

   1. 1st Quarter of the previous Fiscal Year (April 1, 2024 - June 30, 2024)

      1. Information on net sales and profit by reportable segment

         (Unit: million yen)

         	Information by business segments					Other (Note1)	Total	Adjustement (Note2)	Consolidated (Note3)
         	Marine Products	Food Products	Fine Chemicals	General Distribution	Total
         Sales	85,593 4,456	122,624 281	3,562 142	3,997 3,258	215,778 8,139	4,866 388	220,644 8,528	-(8,528)	220,644 -
         Total	90,050	122,906	3,704	7,256	223,918	5,254	229,173	(8,528)	220,644
         Segment profit	2,011	8,740	275	654	11,683	166	11,850	(2,125)	9,724

         1. Sales to third parties

         2. Inter-segment sales and transfers

         (Note)

         1. The “Other” segment includes the building/repair of ships, engineering, and other businesses not included in the reportable segments.

         2. The (2,125) million yen segment profit adjustment comprises 26 million yen in inter-segment elimination and (2,151) million yen in corporate expenses not allocated to the segments. Corporate expenses include mainly selling, general, and administrative expenses not allocated to the segments.

         3. Segment profit is adjusted to reflect operating profit in the quarterly consolidated income statement.

            1. Information regarding impairment loss on non-current assets and goodwill by reportable segment (Significant impairment loss on non-current assets)

            Not applicable.

            (Significant changes in the amount of goodwill) Not applicable.

            (Significant gain on negative goodwill) Not applicable.

   2. 1st Quarter of the current Fiscal Year (April 1, 2025 -June 30, 2025)

      1. Information on net sales and profit by reportable segment

         (Unit: million yen)

         	Information by business segments					Other (Note1)	Total	Adjustement (Note2)	Consolidated (Note3)
         	Marine Products	Food Products	Fine Chemicals	General Distribution	Total
         Sales	86,404 4,298	128,703 1,326	3,112 100	4,074 3,501	222,295 9,227	3,190 161	225,485 9,388	-(9,388)	225,485 -
         Total	90,703	130,029	3,213	7,575	231,522	3,351	234,873	(9,388)	225,485
         Segment profit	3,150	8,802	22	561	12,536	54	12,590	(2,308)	10,281

         1. Sales to third parties

         2. Inter-segment sales and transfers

         (Note)

         1. The “Other” segment includes the building/repair of ships, engineering, and other businesses not included in the reportable segments.

         2. The (2,308) million yen segment profit adjustment comprises 48 million yen in inter-segment elimination and (2,356) million yen in corporate expenses not allocated to the segments. Corporate expenses include mainly selling, general, and administrative expenses not allocated to the segments.

         3. Segment profit is adjusted to reflect operating profit in the quarterly consolidated profit statement.

      2. Information regarding impairment loss on non-current assets and goodwill by reportable segment (Significant impairment loss on non-current assets)

Not applicable.

(Significant changes in the amount of goodwill) Not applicable.

(Significant gain on negative goodwill) Not applicable.

(Note on Statement of Cash Flows)

We have not prepared a quarterly consolidated statement of cash flows for the first quarter of the current fiscal year. Depreciation and amortization in the first quarter related to the consolidated cumulative period (including depreciation of noncurrent assets excluding goodwill) and the amount of amortization of goodwill shall be as follows:

(Unit: million yen)