Umios Corporation (1333): FY2025 Results Summary — Record Operating Income on a Marine Resources Turnaround

This article is based on publicly available IR materials and is not a recommendation to buy or sell any specific securities.

Umios Corporation, which changed its company name in March 2026 and relocated its headquarters in the same month, reported record operating income for FY2025 (the fiscal year ended March 2026). Net sales rose to 1,105.9 billion yen (+27.3 billion yen, +2.5% year on year) and operating income reached a record high of 31.2 billion yen (+0.8 billion yen, +2.7%), exceeding the revised forecast of 30.0 billion yen. Excluding one-time corporate transformation expenses of approximately 2.0 billion yen, underlying operating income was 33.2 billion yen (+2.8 billion yen, +9.2%). Profit attributable to owners of parent declined to 22.2 billion yen (-1.1 billion yen, -4.7%), as gains on the sale of investment securities were smaller than in the previous fiscal year. For FY2026 (the fiscal year ending March 2027), the company plans operating income of 32.0 billion yen, which would be a third consecutive year of growth.

Consolidated Results (Full-Year Actual)

Growth was driven by a significant earnings improvement in the Marine Resources Business Segment and strong performance of the European business within the Foodstuff Distribution Business Segment. The company had revised its operating income forecast upward in August 2025 from an initial target of 27.0 billion yen to 30.0 billion yen, and the actual result of 31.2 billion yen exceeded even that revised figure. Profit attributable to owners of parent of 22.2 billion yen also significantly exceeded the initial forecast of 17.5 billion yen, achieving 114% of the revised plan. Ordinary income was 31.3 billion yen (-1.0 billion yen, -3.1%) and EBITDA was 53.1 billion yen (+1.5 billion yen, +2.9%). ROE was 9.3% (-1.4pt) and ROIC was 4.1% (-0.2pt), with the net D/E ratio unchanged at 1.0x. Extraordinary income totaled 11.5 billion yen, mainly from the reduction of cross-shareholdings and the sale of real estate and other assets, including a gain on sale of investment securities of 7.7 billion yen and a gain on sale of non-current assets of 3.6 billion yen; extraordinary losses totaled 3.2 billion yen, including headquarters relocation costs. Total assets rose to 751.7 billion yen (+70.5 billion yen) and interest-bearing debt to 306.9 billion yen (+36.0 billion yen), with the equity ratio at 32.9% (-0.8pt). Cash flows from operating activities were 24.8 billion yen (-14.4 billion yen), mainly reflecting an increase in inventories and trade receivables and lower profit before income taxes. Average exchange rates were 150.43 yen to the US dollar (151.44 yen a year earlier), 169.18 yen to the euro (163.80 yen) and 4.57 yen to the Thai baht (4.31 yen).

Item	FY2025 (Mar/26)	FY2024 (Mar/25)	Change	Change %	FY2025 Forecast	Achievement vs. Forecast
Net Sales (billion yen)	1,105.9	1,078.6	+27.3	+2.5%	1,080.0	102%
Operating Income (billion yen)	31.2	30.4	+0.8	+2.7%	30.0	104%
Operating Income excl. one-time corporate transformation expenses (billion yen)	33.2	30.4	+2.8	+9.2%	–	–
Operating Income Ratio	2.8%	2.8%	–	–	2.8%	–
Ordinary Income (billion yen)	31.3	32.3	-1.0	-3.1%	29.0	108%
Profit Attributable to Owners of Parent (billion yen)	22.2	23.3	-1.1	-4.7%	19.5	114%
EBITDA (billion yen)	53.1	51.6	+1.5	+2.9%	50.0	106%
ROE	9.3%	10.7%	-1.4pt	–	7.5%	–
ROIC	4.1%	4.3%	-0.2pt	–	4.0%	–
Net D/E Ratio	1.0x	1.0x	–	–	1.0x	–

Segment Results

By segment, the Marine Resources Business Segment swung to an operating income of 2.4 billion yen from a loss of 3.9 billion yen a year earlier, a year-on-year improvement of 6.3 billion yen, with an operating income ratio of 1.9%. The improvement reflected the withdrawal from unprofitable businesses and improved operational efficiency in the Fishery Business, high water temperature countermeasures and higher yields in the Aquaculture Business, and the consolidation of production sites together with strong sales of imitation crab products in North America Operations. The Foodstuff Distribution Business Segment saw operating income fall to 15.8 billion yen (-2.2 billion yen, -12.5%) with the operating income ratio down to 2.0% from 2.4%; improved profitability of core products in Europe and the contribution of a subsidiary consolidated in May 2025 were more than offset by the review of the earnings structure in the Meat and Products business and price fluctuations from supply-demand adjustments for imported frozen pork. The Processed Foods Business Segment recorded operating income of 10.1 billion yen (-3.9 billion yen, -27.7%), with the operating income ratio down to 5.4% from 7.7%, as lower sales volumes in Japan following price revisions reduced plant utilization; overseas pet food sales remained strong, but operating income declined on foreign exchange impacts and high raw material costs.

Segment / Business Unit	Metric	FY2025 (Mar/26)	FY2024 (Mar/25)	Change	Change %
Marine Resources Business Segment	Net Sales (billion yen)	129.4	127.6	+1.7	+1.4%
Marine Resources Business Segment	Operating Income (billion yen)	2.4	-3.9	+6.3	–
Fishery Business	Net Sales (billion yen)	34.5	38.6	-4.1	-10.6%
Aquaculture Business	Net Sales (billion yen)	21.1	17.4	+3.8	+21.7%
North America Operations	Net Sales (billion yen)	73.8	71.7	+2.1	+2.9%
Foodstuff Distribution Business Segment	Net Sales (billion yen)	769.9	751.1	+18.9	+2.5%
Foodstuff Distribution Business Segment	Operating Income (billion yen)	15.8	18.0	-2.2	-12.5%
Marine Products Trading	Net Sales (billion yen)	442.6	418.4	+24.2	+5.8%
Foodstuff Distribution Business	Net Sales (billion yen)	248.7	240.5	+8.2	+3.4%
Agricultural Foods & Meat and Products	Net Sales (billion yen)	78.7	92.1	-13.5	-14.6%
Processed Foods Business Segment	Net Sales (billion yen)	185.8	179.8	+6.0	+3.3%
Processed Foods Business Segment	Operating Income (billion yen)	10.1	13.9	-3.9	-27.7%
Processed Foods Business	Net Sales (billion yen)	177.4	171.9	+5.5	+3.2%
Fine Chemicals	Net Sales (billion yen)	8.3	7.9	+0.5	+5.9%

FY2026 Forecast

For FY2026 (the fiscal year ending March 2027), Umios forecasts net sales of 1,110.0 billion yen (+4.1 billion yen, +0.4%) and operating income of 32.0 billion yen (+0.8 billion yen, +2.6%), which would mark the third consecutive year of operating income growth since the fiscal year ended March 2024. Excluding one-time corporate transformation expenses of approximately 3.0 billion yen recorded under SG&A, underlying operating income is expected to reach 35.0 billion yen (+1.8 billion yen, +5.4%). Ordinary income is planned at 30.0 billion yen (-1.3 billion yen, -4.0%) and profit attributable to owners of parent at 15.0 billion yen (-7.2 billion yen, -32.4%), mainly due to the absence of the gains on sale of investment securities recorded in the previous fiscal year; extraordinary gains and losses of approximately 2.0 billion yen are expected. All three business segments are planned to grow operating income: Marine Resources by 1.0 billion yen to 2.7 billion yen (+58.8%), Foodstuff Distribution by 1.5 billion yen to 17.9 billion yen (+9.1%, comprising +0.6 billion yen from the Foodstuff Distribution Business Unit and +1.0 billion yen from Agricultural Foods & Meat and Products), and Processed Foods by 2.8 billion yen to 12.9 billion yen (+27.7%). The Others category is a negative factor of 4.5 billion yen, reflecting the deconsolidation of the logistics subsidiary, the approximately 3.0 billion yen of corporate transformation expenses, and increases in DX-related expenses and labor costs. Assumed exchange rates are 156.56 yen to the US dollar, 184.33 yen to the euro and 4.97 yen to the Thai baht. The company states that the full-year forecast does not incorporate the impact of the situation in the Middle East.

Item	FY2026 Forecast (Mar/27)	FY2025 Actual (Mar/26)	Change	Change %	MTP Target (Mar/28)
Net Sales (billion yen)	1,110.0	1,105.9	+4.1	+0.4%	1,150.0
Operating Income (billion yen)	32.0	31.2	+0.8	+2.6%	40.0
Operating Income excl. one-time corporate transformation expenses (billion yen)	35.0	33.2	+1.8	+5.4%	42.0
Operating Income Ratio	2.9%	2.8%	+0.1pt	–	3.5%
Ordinary Income (billion yen)	30.0	31.3	-1.3	-4.0%	–
Profit Attributable to Owners of Parent (billion yen)	15.0	22.2	-7.2	-32.4%	–
ROIC	4.3%	4.1%	+0.2pt	–	5.0%
Dividend Payout Ratio	45.4%	30.4%	+15.0pt	–	–

Shareholder Returns

Under the Mid-term Management Plan policy of a dividend payout ratio of 30% or more combined with a progressive dividend policy, the FY2025 year-end dividend per share was raised by a further 4 yen from the revised forecast of 24 yen announced on February 9, 2026, to 28 yen, subject to approval at the 82nd Annual General Meeting of Shareholders. The annual dividend per share for FY2025 is 44.67 yen after reflecting the stock split, giving a dividend payout ratio of 30.4%. The company conducted a 3-for-1 stock split of its common shares with an effective date of January 1, 2026, and all per-share amounts are presented on a post-split basis. For FY2026, the annual dividend is forecast at 45 yen per share (interim 22 yen, year-end 23 yen), with a projected dividend payout ratio of 45.4%. Separately, the company reports that its target of reducing the outstanding balance of cross-shareholdings to two-thirds, announced during the fiscal year ended March 2025, has been achieved on an acquisition cost basis compared with the fiscal year ended March 2024, and that in principle it will continue reducing cross-shareholdings with progress disclosed every fiscal year.

Item	FY2024 (Mar/25)	FY2025 Revised Forecast	FY2025 (Mar/26)	FY2026 Forecast (Mar/27)
Interim Dividend per Share (yen)	16.67	16.67	16.67	22
Year-end Dividend per Share (yen)	20	24	28	23
Dividend Payout Ratio	23.8%	31.5%	30.4%	45.4%

Medium-Term Plan / Topics

FY2025 was the first year of the Mid-term Management Plan “For the ocean, for life 2027,” which targets operating income of 40.0 billion yen and ROIC of 5% in the final year ending March 2028, growth investments of 140.0 billion yen or more, maintenance of an A- rating from R&I, a dividend payout ratio of 30% or more with progressive dividends, and PBR of 1x or higher. The Long-term Vision targets ROIC of 7%, an overseas ordinary income ratio of 70%, and ranking among the top 10 global meat and seafood protein providers based on market capitalization. ROIC is planned to rise from 4.1% in Mar/26 to 4.3% in the Mar/27 plan and 5.0% in Mar/28, a +0.9pt improvement against a WACC of 4%, driven by an improvement in the operating income margin from 2.8% in Mar/26 to 3.5% in the Mar/27 plan, compression of working capital, and asset optimization. By segment, ROIC targets move from 2.0% in Mar/26 to 2.6% in the Mar/27 plan and 3.8% in Mar/28 for Marine Resources, from 4.7% to 5.1% and 5.5% for Foodstuff Distribution, and from 7.3% to 7.4% and 8.8% for Processed Foods.

Cash allocation over FY2025-FY2027 assumes operating cash flow of approximately 150.0 billion yen, regular capital investments of approximately 40.0 billion yen, growth investments of 140.0 billion yen and shareholder returns of 20.0 billion yen or more. Asset optimization through the reduction of cross-shareholdings, sale of owned real estate and business divestitures generated cash-in of 16.5 billion yen in FY2025, with approximately 50.0 billion yen expected over FY2025 and FY2026 combined. Of the 140.0 billion yen growth investment plan, approximately 56% is planned for downstream strengthening, primarily in North America, and 18% for enhancement of the pet food business. As part of asset efficiency measures, the company will transfer 51% of the issued shares of Umios Logistics Corporation (formerly Maruha Nichiro Logistics) to SENKO Group Holdings Co., Ltd., which is expected to deconsolidate total assets of approximately 50.0 billion yen and interest-bearing debt of approximately 30.0 billion yen from the balance sheet, with Umios Logistics becoming an equity-method affiliate.

Corporate transformation expenses, covering the headquarters relocation in March 2026, CI branding costs associated with the company name change in March 2026, and packaging renewal costs, totaled 4.1 billion yen in FY2025, of which 2.0 billion yen was recorded as SG&A and 2.1 billion yen as extraordinary losses. Against an original plan of 10.0 billion yen of SG&A expenditure over three years, the company had initially planned approximately 5.0 billion yen for FY2025, and plans approximately 3.0 billion yen and approximately 2.0 billion yen for the current and next fiscal years respectively. On first-year progress against the plan, the Marine Resources and Foodstuff Distribution segments exceeded the initial plan, while the Japan Processed Foods Business fell short due to lower sales volumes following price revisions; the company will review domestic production systems and its product portfolio and continue investing in the pet food business.

This article is an analysis based on publicly available information and is not a recommendation to buy or sell any specific securities. Investment decisions are your own responsibility.