TOHO Co., Ltd. (8142): FY2025 Results Summary — Record Operating Profit and Net Income on Steady Foodservice Demand

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TOHO Co., Ltd. (TSE Prime: 8142), a commercial foodservice wholesaler headquartered in Kobe, reported record operating profit and profit attributable to owners of parent for the fiscal year ended January 31, 2026. Note: TOHO’s fiscal year runs from February to January; the company labels the year ended January 31, 2026 as “FY2026/1” and the prior year as “FY2025/1,” but this site classifies the most recently completed full fiscal year as FY2025, and the text and tables below follow the company’s own labels. Net sales rose 5.4% to 259,747 million yen, supported by steady sales to the domestic foodservice industry and the addition of newly consolidated subsidiary Sankyo Shokucho, even as the company completed its withdrawal from the Food Supermarket (FSM) business. Operating profit and profit attributable to owners of parent both reached record-high levels, and the company plans a fifth consecutive year of dividend increases.

Consolidated Results (FY2026/1 Actual)

Net sales increased 5.4% year on year as steady demand from the domestic foodservice industry and the contribution of newly consolidated subsidiaries more than offset the impact of the FSM business withdrawal. Operating profit rose 4.8%, as higher gross profit from increased revenue and the positive impact of exiting the FSM business more than offset a decline in gross profit margin at the Singapore subsidiary and higher freight and packaging expenses.

Item	FY2026/1 (Actual)	FY2025/1 (Actual)	YoY Change
Net sales	259,747	246,465	+5.4% (+13,283)
Gross profit	49,980	49,030	+1.9% (+950)
SG&A expenses	42,126	41,534	+1.4% (+592)
Operating profit	7,853	7,496	+4.8% (+357)
Ordinary profit	7,928	7,693	+3.0% (+235)
Profit attributable to owners of parent	4,576	4,485	+2.0% (+91)

Figures are in millions of yen. Following the withdrawal from the Food Supermarket (FSM) business at the end of the fiscal year ended January 2025, the FSM business has been removed from the company’s reportable segments starting from FY2026/1.

Segment Results

The Distributor Business posted higher net sales on steady domestic foodservice demand and the addition of Sankyo Shokucho, but operating profit declined due to a lower gross profit margin at the Singapore subsidiary and increased freight and packaging expenses. The Cash & Carry Business saw steady sales but lower operating profit due in part to higher depreciation expenses from the replacement of POS systems. The Food Solutions Business grew both sales and profit, driven by system-related businesses for the foodservice industry and the absence of head office renovation costs recorded in the prior-year period.

Segment	Net Sales (FY2026/1)	YoY Change	Operating Profit (FY2026/1)	YoY Change
Distributor Business	200,910	+9.2%	5,810	-6.7%
Cash & Carry Business	45,644	+1.7%	1,543	-9.6%
Food Solutions Business	13,193	+2.1%	500	+25.4%

FY2027/1 Forecast

For the fiscal year ending January 31, 2027 (FY2027/1), TOHO expects net sales, operating profit, ordinary profit and profit attributable to owners of parent to all reach record highs. Net sales are expected to remain steady in the domestic Distributor Business even as demand related to Expo 2025 Osaka, Kansai fades, with sales at overseas subsidiaries also expected to recover to some extent. Higher gross profit from increased net sales is expected to absorb anticipated increases in personnel and freight/packaging expenses, leading to higher operating profit.

Item	FY2027/1 (Forecast)	FY2026/1 (Actual)	YoY Change
Net sales	274,000	259,747	+5.5% (+14,253)
Operating profit	8,200	7,853	+4.4% (+347)
Ordinary profit	8,300	7,928	+4.7% (+372)
Profit attributable to owners of parent	4,800	4,576	+4.9% (+224)
Net profit per share (yen)	150.54	142.93	+7.61 yen

Segment	Net Sales (FY2027/1 Forecast)	YoY Change
Distributor Business	214,200	+6.6%
Cash & Carry Business	46,200	+1.2%
Food Solutions Business	13,600	+3.1%

Shareholder Returns

For FY2026/1, TOHO plans an annual dividend of 150 yen per share (interim 75 yen, year-end 75 yen), an increase of 25 yen from the previous fiscal year, marking a fifth consecutive year of dividend increases and a record-high amount. Effective February 1, 2026, the company conducted a three-for-one stock split of its common shares. For FY2027/1, the company forecasts an annual dividend of 61 yen per share on a post-split basis; converted to a pre-split basis, this is equivalent to 183 yen per share (interim 90 yen, year-end 93 yen), which the company describes as a sixth consecutive year of dividend increases. TOHO’s basic policy is to pay stable dividends with a medium-term target payout ratio of 40%, to be achieved during the current medium-term management plan (a three-year plan).

Item	FY2026/1 (Actual)	FY2027/1 (Forecast)
Annual dividend per share	150 yen (interim 75 yen, year-end 75 yen)	61 yen post-split (pre-split equivalent: 183 yen; interim 90 yen, year-end 93 yen)
Dividend payout ratio	35.0%	40.5%

Medium-Term Plan / Topics

Under its medium-term management plan “SHIFT-UP 2027” (a three-year plan), TOHO revised upward its FY2027/1 net sales target from 270 billion yen to 274 billion yen, as announced in the Financial Results for the Fiscal Year Ended January 2026 released on March 12, 2026. The plan’s immediate targets for FY2027/1 are net sales of 274 billion yen, net profit of 4.8 billion yen, ROE of 10.0% or more, and PBR of 1.0 times or more. The company’s Long-Term Vision 2030 targets net sales of 300 billion yen for the fiscal year ending January 31, 2030.

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