Bull-Dog Sauce (2804): FY2025 Results Summary — Net Income Up 291.3% on Sharply Improved Profitability

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

Note: Bull-Dog Sauce 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’s most recently completed fiscal year, which this site classifies as FY2025, is labelled by the company as the fiscal year ended March 31, 2026.

In the results for the fiscal year ended March 31, 2026 announced by Bull-Dog Sauce, net sales were 14.68 billion yen (up 0.5% year on year), operating profit 0.61 billion yen (up 174.9%), ordinary profit 1.31 billion yen (up 52.5%), and profit attributable to owners of parent 2.44 billion yen (up 291.3%). Sales grew both in Japan and overseas, and profitability improved substantially on production efficiency gains at the Nishinomiya Plant and a change in the sales strategy for Ikari Sauce. The company revised its shareholder return policy and raised the dividend (including a special dividend).

Consolidated Results (Fiscal Year Ended March 31, 2026 Actual)

Domestic net sales rose 0.2% year on year to 13.99 billion yen and overseas net sales rose 6.3% to 0.69 billion yen, for a total of 14.68 billion yen (up 0.5%). Reflecting the surge in rice prices, application-specific sauces such as Okonomi Sauce and Yakisoba Sauce grew, while the mainstay Worcester, Chuno and Tonkatsu sauces were sluggish. Operating profit rose 174.9% to 0.61 billion yen, as profitability improved substantially on continued initiatives to raise production capacity at the TATEBAYASHI Creation Center (TCC) together with the change in the sales strategy for Ikari Sauce and production efficiency gains at the Nishinomiya Plant. Ordinary profit was 1.31 billion yen (up 52.5%) on the sale of investment securities, and profit attributable to owners of parent rose 291.3% to 2.44 billion yen.

Item	FY ended March 2025 (Actual)	FY ended March 2026 (Actual)	Change
Net sales	14,617 million yen	14,688 million yen	0.5%
Operating profit	223 million yen	613 million yen	174.9%
Ordinary profit	864 million yen	1,318 million yen	52.5%
Profit attributable to owners of parent	623 million yen	2,440 million yen	291.3%
EPS	46.91 yen	190.21 yen	305.5%
Dividend per share	35.00 yen	45.00 yen	28.6%

Net Sales by Category

Among domestic products, household-use sauces came to 8,120 million yen (down 1.3%), as application-specific sauces performed well on the impact of surging rice prices while mainstay products were sluggish. Commercial-use sauces reached 4,277 million yen (up 6.3%) on strong demand from restaurants, prepared foods and workplace catering. Household-use products other than sauces, such as dressings and tare sauces, came to 1,053 million yen (down 9.4%) as the number of retail outlets declined following the change in the sales strategy for Yasai no Dress. In overseas products, exports grew to 547 million yen (up 2.1%), led by Europe and Asia/Oceania, and the local subsidiary (Shanghai, newly added) reached 150 million yen (up 25.2%) on newly won private-brand business.

Full-Year Forecast for the Fiscal Year Ending March 31, 2027

Amid concern over the impact on the business from the situation in the Middle East, soaring international prices for key raw materials (wheat, oils and fats, and soybeans) and rising domestic costs, and after factoring in the effects that can be identified at this point, the company forecasts for the fiscal year ending March 31, 2027 net sales of 15,200 million yen (up 3.5% year on year), operating profit of 620 million yen (up 1.1%), ordinary profit of 1,350 million yen (up 2.4%) and profit attributable to owners of parent of 950 million yen (down 61.1%). EPS is projected at 74.03 yen (down 61.1%) and the dividend per share at 45.00 yen, the same level as the previous fiscal year.

Item	FY ended March 2026 (Actual)	FY ending March 2027 (Forecast)	Change
Net sales	14,688 million yen	15,200 million yen	3.5%
Operating profit	613 million yen	620 million yen	1.1%
Ordinary profit	1,318 million yen	1,350 million yen	2.4%
Profit attributable to owners of parent	2,440 million yen	950 million yen	-61.1%
EPS	190.21 yen	74.03 yen	-61.1%
Dividend per share	45.00 yen	45.00 yen	—

Shareholder Returns

In the fiscal year ended March 31, 2026 the company revised its shareholder return policy and raised the dividend (including a special dividend), and also acquired and cancelled treasury shares. Treasury share acquisitions amounted to 999 million yen for 535 thousand shares from October 2024 to October 2025, and 399 million yen for 210 thousand shares from November 2025 to March 2026. For the fiscal year ending March 31, 2027 the company forecasts a dividend of 45 yen per share, representing a 5 yen increase in the ordinary dividend, and plans treasury share acquisitions of up to 500 million yen. The total return ratio is projected at 113%, above the 60% set out in its shareholder return policy.

Item	Details
Dividend per share (FY ended March 2026 actual)	45.00 yen (up 10.00 yen year on year)
Dividend per share (FY ending March 2027 forecast)	45 yen (a 5 yen increase in the ordinary dividend)
Upper limit on treasury share acquisitions (FY ending March 2027)	500 million yen
Total return ratio policy	60%
Total return ratio (FY ending March 2027 forecast)	113%
Treasury share acquisitions (October 2024 to October 2025)	999 million yen / 535 thousand shares
Treasury share acquisitions (November 2025 to March 2026)	399 million yen / 210 thousand shares

Review of the Previous Medium-Term Management Plan and the Long-Term Vision

In fiscal 2025, the final year of the previous medium-term management plan “B-Challenge2025,” actual results were net sales of 14,688 million yen (108.8% versus the level at the time the plan was formulated), operating profit of 613 million yen (227.1%), ordinary profit of 1,318 million yen (134.6%), ROE of 10.5% and EBITDA of 1,763 million yen (176.3%). Under its long-term vision “Bull-Dog Global Innovation 2032 (BGI 2032),” the company is targeting net sales of 24.5 billion yen in fiscal 2032 (11.0 billion yen in domestic household-use products, 7.2 billion yen in domestic commercial-use products and 6.3 billion yen in the overseas 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.