Rokko Butter (2266): FY2025 Results Summary — Shift to Consolidated Reporting After Mitsuya Group Buyout

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

Note: Rokko Butter 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. The company refers to this period as the fiscal year ended December 2025, which this site classifies as FY2025; the labels used in the text and tables below follow the source materials. Amounts in the tables are in millions of yen unless otherwise noted. Note also that the company moved to consolidated accounting during this fiscal year, so non-consolidated and consolidated figures are presented separately, exactly as the company reported them.

Rokko Butter Co., Ltd. (securities code: 2266) released its results presentation for the fiscal year ended December 2025 on March 13, 2026. On a non-consolidated basis, net sales were 43.2 billion yen (up 0.3 billion yen year on year and 0.2 billion yen below plan) and operating profit was 1.4 billion yen (down 0.4 billion yen year on year and 0.4 billion yen above plan), representing higher sales and lower profit year on year, and lower sales but higher profit versus plan. Following the conversion of the Mitsuya Group into a wholly owned subsidiary in November 2025, the company moved to consolidated accounting from the fourth quarter of the fiscal year ended December 2025; because this fiscal year is an irregular first year of consolidation, year-on-year comparisons are made on a non-consolidated basis.

FY ended December 2025 Results (Non-consolidated)

On net sales, the company implemented another round of price revisions in April 2025 in light of high raw material costs and the weak yen. Sales volumes, which had been sluggish due to the impact of rising prices, showed a recovery trend in the second half of the year but fell just short of the planned level. On operating profit, although the profit margin improved thanks to the price increases, profit declined year on year due to cost burdens associated with the Expo store and other factors. On the other hand, the company achieved higher profit versus plan through efforts to reduce logistics costs and the effects of currency hedging. Within non-operating income and expenses, foreign exchange gains of ▲137 million yen (change versus the previous fiscal year) were a main factor; within extraordinary income and losses, a valuation loss on shares of affiliated companies of ▲306 million yen and a provision for building demolition costs of ▲224 million yen (both changes versus the previous fiscal year) were the main factors behind the movement.

Item (millions of yen)	FY ended Dec 2024 Actual	FY ended Dec 2025 Plan	FY ended Dec 2025 Actual	YoY change	YoY change (%)
Net sales	42,924	43,500	43,293	+369	+1%
Operating profit	1,865	1,000	1,432	▲433	▲23%
Ordinary profit	1,957	900	1,396	▲561	▲29%
Net income	1,041	600	1,044	+3	+0%
Operating profit margin	4.3%	2.3%	3.3%	－	－
Dividend per share	20 yen	20 yen	20 yen	－	－

Sales by Product Category (Non-consolidated)

In the mainstay cheese division, the effect of the price revisions produced year-on-year gains in both household-use and commercial-use products, but the recovery in volume lagged and results came in below plan (the ratio of household use to commercial use is 8:2). Nuts came in below plan because some of the products handled were transferred to the Mitsuya Group. The large increase in the dessert and other division was mainly due to higher sales from the Expo store.

Division (millions of yen)	FY ended Dec 2024 Actual	FY ended Dec 2025 Plan	FY ended Dec 2025 Actual	YoY change	YoY change (%)
Cheese	41,942	42,325	42,102	+160	+0%
Nuts	636	750	641	+5	+1%
Dessert and other	344	425	549	+205	+60%
Total	42,924	43,500	43,293	+369	+1%

FY ended December 2025 Results (Consolidated)

Because this was the first year of consolidation, net sales were not aggregated. Equity-method gains and losses (49%) for the Mitsuya Group and the Indonesian affiliate (EMINA CHEESE INDONESIA) were recorded in non-operating income and expenses, and the gain on negative goodwill arising from making the Mitsuya Group a subsidiary and the loss on step acquisition were recorded in extraordinary income and losses. Compared with the initial plan (announced on August 29, 2025), sales were lower and profit higher, for the same reasons as at Rokko Butter on a non-consolidated basis.

Item (millions of yen)	FY ended Dec 2025 Plan (Consolidated)	FY ended Dec 2025 Actual (Consolidated)	Change vs plan	Change vs plan (%)
Net sales	43,500	43,293	▲207	▲0%
Operating profit	1,000	1,435	+435	+44%
Ordinary profit	1,000	1,327	+327	+33%
Profit attributable to owners of parent	1,200	1,485	+285	+24%
Operating profit margin	2.3%	3.3%	－	－

FY ending December 2026 Earnings Plan (Consolidated)

Because the fiscal year ended December 2025 was an irregular first year of consolidation, the company compares its plan for the fiscal year ending December 2026 against a simple aggregation of the results of each group company for the fiscal year ended December 2025, used as a reference value. Through further strengthening of promotions in the mainstay cheese division, the full-scale realization of synergies in the nuts division, and expansion of the overseas division, the company aims overall for higher sales and higher profit versus the previous fiscal year’s results. By product, the cheese division is planned at 44,400 million yen (up 2,298 million yen, or 5%, versus the simple aggregation), with higher sales in both household use and commercial use, while the nuts division is planned at 10,400 million yen (up 151 million yen, or 1%), a substantive year-on-year sales increase driven by synergy effects such as the integration of brands and distribution channels and stronger overseas sales channels. The dessert and other division is planned at 200 million yen (down 349 million yen, or 64%), a decline versus the previous fiscal year’s results because Expo sales will no longer be present.

Item (millions of yen)	FY ended Dec 2025 Actual (Consolidated)	FY ended Dec 2025 Actual (Simple aggregation, reference)	FY ending Dec 2026 Plan (Consolidated)	YoY change	YoY change (%)
Net sales	43,302	53,110	55,000	+1,890	+4%
Operating profit	1,435	1,880	2,300	+420	+22%
Ordinary profit	1,314	1,916	2,200	+284	+15%
Profit attributable to owners of parent	1,485	1,563	1,500	▲63	▲4%
Operating profit margin	3.3%	3.5%	4.2%	－	－

Shareholder Returns

For the fiscal year ended December 2025, the company plans to pay an ordinary dividend of 20 yen per share. On acquisitions of treasury shares, taking recent share price trends and other factors into comprehensive consideration, it will again not carry any out in fiscal 2025. Regarding an expansion of shareholder returns in fiscal 2026, the company says it will consider this flexibly while watching future earnings trends, from the perspective of further improving corporate value.

Vision 2030 / Medium-Term Management Plan 2027

In June 2024 the company released “Vision 2030 / Medium-Term Management Plan 2027,” declaring that the form it wants to take in 2030 is that of a high-value-added creation company, and setting numerical targets for the three years through 2027 as the first stage. For the final year of the first stage (the fiscal year ending December 2027), the sales target is 62.0 billion yen, the operating profit target is 4.3 billion yen, and the ROE target is 8% or more. With the Mitsuya Group becoming a subsidiary, sales for fiscal 2026 are planned at 55.0 billion yen, and the company intends to further expand and strengthen each business division, including through M&A, toward achieving the medium-term plan targets. Because changes in the earnings environment made profit results in the first year of the medium-term plan very challenging versus plan, the company says it will seek to catch up to the medium-term plan targets early through measures such as accelerating high-value-added investment.

Topics for the Period

In November 2025 the company additionally acquired 51% of the issued shares of Mitsuya Group Honsha Co., Ltd., making the Mitsuya Group (Mitsuya Group Honsha Co., Ltd., Mitsuya Co., Ltd. and Sennaridou Co., Ltd.) a wholly owned subsidiary. To realize synergies, it has begun changing distribution channels (consolidating the household-use nuts business into the Mitsuya Group) and unifying product brands. In addition, as part of strengthening its overseas business, in November 2025 it established a local manufacturing subsidiary in Dong Nai Province, Vietnam (QBB Asia), with capital of VND 220,236,000,000 (approximately 1.3 billion yen), and is progressively advancing preparations toward the start of production in 2027. In addition, QBB’s “Tsutsumi” series won the 55th Food Industry Technology Achievement Award, hosted by the Food Industry Newspaper, in the products and technology category. The all-plant-based restaurant “QBB Kore mo Ii Kitchen,” which opened at the Osaka-Kansai Expo, served a total of 288,198 meals, of which 176,448 were menu items using plant-based cheese.

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.