Chubu Shiryo (2053): FY2025 Results Summary — Record Highs Across All Profit Lines

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

Note: the company labels this period FY3/26, the fiscal year ended March 31, 2026; it is classified as FY2025 on this site, while the labels in the text and tables below follow the source materials. Note: Chubu Shiryo does not publish an English results presentation; this article is an English translation of the Japanese-language article on our sister site Investalk, which is based on the company’s Japanese-language IR materials, with figures transcribed as reported. On May 7, 2026, Chubu Shiryo announced its consolidated results for the fiscal year ended March 2026 (FY3/26). Net sales were 211,814 million yen (up 1,977 million yen year on year), operating profit was 6,584 million yen (up 2,302 million yen), ordinary profit was 7,168 million yen (up 2,353 million yen) and net income was 5,551 million yen (up 2,048 million yen), for higher sales and higher profits, with the company stating that it renewed record highs in all profit items. Net sales rose because the increase in the Other segment, driven by higher egg sales, outweighed the decline in the Feed segment caused by factors such as lower average selling prices for livestock feed.

Consolidated Results (FY3/26 Actual)

Net sales were 211,814 million yen (up 1,977 million yen year on year, and 814 million yen above plan). Operating profit was 6,584 million yen (up 2,302 million yen year on year, and 84 million yen above plan): positive factors such as an improved raw-material position (+2,820 million yen), higher livestock feed sales volume (+330 million yen) and higher profit from aquaculture feed (+300 million yen) outweighed negative factors such as a lower ratio of differentiated feed (△90 million yen), higher fund contributions (△160 million yen), higher variable costs including electricity and fuel (△180 million yen) and higher fixed costs for livestock feed, producing profit growth. Ordinary profit was 7,168 million yen (up 2,353 million yen year on year) and net income was 5,551 million yen (up 2,048 million yen year on year).

Item	FY3/26 Actual	FY3/25 Actual	YoY Change
Net sales	211,814 million yen	209,837 million yen	+1,977 million yen
Operating profit	6,584 million yen	4,281 million yen	+2,302 million yen
Ordinary profit	7,168 million yen	4,815 million yen	+2,353 million yen
Segment profit	7,661 million yen	4,986 million yen	+2,674 million yen
Net income	5,551 million yen	3,503 million yen	+2,048 million yen

Segment Results

Net sales in the Feed segment were 191,181 million yen (△209 million yen year on year) and segment profit was 6,486 million yen (up 2,528 million yen year on year). Livestock feed sales volume was 3.08 million tons (102.1% of the previous year), short of the plan of 3.11 million tons but above the previous year for every type of livestock. The share of differentiated feed in net sales fell to 44.5% (from 45.9% in the previous year). Aquaculture feed sales volume was 38 thousand tons (109.0% of the previous year), above both the plan and the previous year, reflecting favorable reception for the expanded sales of a new product for eels and for a supply structure that integrates production and sales of feed for yellowtail. Net sales in the Other segment were 20,633 million yen (up 2,186 million yen year on year) and segment profit was 1,214 million yen (△191 million yen year on year, and 264 million yen above plan). Within the segment, egg sales rose in both volume and profit versus the previous year on stronger sales of specialty eggs centered on the mainstay “Goma Tamago”; fertilizer rose in both volume and profit on expanded sales of organic compound fertilizer using compost; and the insurance agency business posted higher profit than the previous year on factors including the renewal of large livestock insurance contracts. By contrast, livestock equipment sold more units than the previous year but its profit margin declined, so profit fell below the previous year.

Segment	Metric	FY3/26 Actual	FY3/25 Actual
Feed	Net sales	191,181 million yen	191,390 million yen
Feed	Segment profit	6,486 million yen	3,958 million yen
Feed	Livestock feed sales volume	3.08 million tons	3.02 million tons
Feed	Aquaculture feed sales volume	38 thousand tons	35 thousand tons
Other	Net sales	20,633 million yen	18,447 million yen
Other	Segment profit	1,214 million yen	1,405 million yen

Full-Year Forecast (FY3/27)

For FY3/27 the company forecasts consolidated net sales of 221,000 million yen (up 9,186 million yen year on year), operating profit of 5,900 million yen (△684 million yen), ordinary profit of 6,200 million yen (△968 million yen), segment profit of 10,100 million yen (up 2,439 million yen) and net income of 6,900 million yen (up 1,349 million yen). For operating profit, negative factors are expected to outweigh positive ones such as an improved raw-material position and higher livestock feed sales volume: higher variable costs including electricity, fuel and fund contributions, against a backdrop of rising energy costs due to heightened tensions in the Middle East and of cost increases accompanying inflation, plus higher fixed costs for livestock feed, are expected to result in lower operating profit. Net income is expected to increase on the recognition of a gain on the transfer of fixed assets, and ROE is expected to rise sharply to 9.2% (up 1.3 pt year on year), while ROIC is expected to fall below the previous year to 4.8% (△0.8 pt) on the increase in invested capital and the decline in operating profit.

Item	FY3/27 Plan	FY3/26 Actual	YoY Change
Net sales	221,000 million yen	211,814 million yen	+9,186 million yen
Operating profit	5,900 million yen	6,584 million yen	△684 million yen
Ordinary profit	6,200 million yen	7,168 million yen	△968 million yen
Segment profit	10,100 million yen	7,661 million yen	+2,439 million yen
Net income	6,900 million yen	5,551 million yen	+1,349 million yen
ROE	9.2%	7.9%	+1.3pt
ROIC	4.8%	5.6%	△0.8pt

Shareholder Returns

For FY3/26 the company plans a year-end dividend of 35 yen per share (an increase of 5 yen) and an annual dividend of 65 yen (DOE of 2.7%). For FY3/27 it plans 38 yen per share for both the interim and the year-end dividend, an annual dividend of 76 yen (DOE of 3.0%), under a policy of raising the dividend on equity ratio (DOE) in stages and targeting a DOE of 3% or more in FY3/27. As for share buybacks, in FY3/26 the company acquired 885 thousand shares for a total of 1.5 billion yen. Its policy is to maintain and improve stable dividends while carrying out share buybacks flexibly and proactively, taking into account the share price level, its financial position and other factors.

Item	FY3/26	FY3/27 (Planned)
Year-end dividend	35 yen per share (an increase of 5 yen)	38 yen per share
Annual dividend	65 yen per share	76 yen per share
DOE	2.7%	3.0%
Share buybacks	885 thousand shares, 1.5 billion yen in total (executed)	Undetermined

Progress on Medium-Term Management Plan 2024

FY3/26, the second year of Medium-Term Management Plan 2024, saw operating profit, ROE and ROIC all come in far above both the medium-term plan (second-year plan) and the FY3/26 earnings forecast. PBR improved substantially from the previous year (end of March 2025) but has still not reached 1 time. On the progress of the quantitative plan, Feed segment profit came to 6,486 million yen against the second-year medium-term plan of 5,500 million yen, and Other segment profit came to 1,214 million yen against the second-year medium-term plan of 950 million yen, both above plan.

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.