Kamei Corporation (8037): FY2025 Results Summary — Record Sales and Operating Profit on Automotive and Food Segment Growth

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

Note: Kamei Corporation does not publish an English-language 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. This site classifies the most recently completed fiscal year as FY2025, while the company’s own materials label the period as the fiscal year ended March 31, 2026 (2026年3月期). Kamei Corporation reported consolidated net sales of 583,078 million yen for the fiscal year ended March 31, 2026 (up 1.5% year on year; 99.5% of the initial forecast) and operating profit of 16,975 million yen (up 6.7% year on year; 108.1% of the initial forecast), with net sales (for a third consecutive year) and operating profit (for a fifth consecutive year) both reaching record highs. Ordinary profit was 18,655 million yen (up 5.1% year on year), and profit attributable to owners of parent was 11,900 million yen (up 11.3% year on year). By business, sales growth in the Automotive and Food segments contributed to the increase in net sales, while operating profit was driven by higher profit in the Energy segment on higher petroleum sales and other factors, and the Automotive and Food segments also posted higher profit, while the Overseas/Trade and Pharmacy segments posted lower profit.

Consolidated Results (FY Ended March 2026 Actual)

Profitability also improved, with the operating profit margin rising from 2.8% to 2.9% and the ordinary profit margin rising from 3.1% to 3.2%.

Item	FY Ended Mar 2026	FY Ended Mar 2025	Change (YoY)
Net sales (¥ million)	583,078	574,281	+1.5%
Gross profit (¥ million)	99,877	93,037	+7.4%
SG&A expenses (¥ million)	82,901	77,125	+7.5%
Operating profit (¥ million)	16,975	15,912	+6.7%
Ordinary profit (¥ million)	18,655	17,746	+5.1%
Profit attributable to owners of parent (¥ million)	11,900	10,690	+11.3%

Segment Results

Net sales grew in the Energy, Food, and Automotive segments, and these three segments also posted higher operating profit. In the Overseas/Trade segment, net sales grew due to the consolidation of three existing subsidiaries and inflation in the United States, but segment profit declined due to the impact of U.S. tariff policy and other factors. In the Pharmacy segment, net sales increased on higher per-prescription unit prices, but gross profit was insufficient to cover higher expenses such as personnel costs, and segment profit deteriorated from 244 million yen to a loss of 88 million yen.

Segment	Metric	FY Ended Mar 2026	FY Ended Mar 2025
Energy	Net sales (¥ million)	279,608	282,681
Energy	Segment profit (¥ million)	7,456	5,843
Food	Net sales (¥ million)	39,141	36,679
Food	Segment profit (¥ million)	671	85
Construction	Net sales (¥ million)	48,376	48,031
Construction	Segment profit (¥ million)	1,248	1,413
Automotive	Net sales (¥ million)	80,258	73,584
Automotive	Segment profit (¥ million)	4,982	4,547
Overseas/Trade	Net sales (¥ million)	91,164	89,948
Overseas/Trade	Segment profit (¥ million)	4,159	4,986
Pet	Net sales (¥ million)	14,475	14,311
Pet	Segment profit (¥ million)	124	204
Pharmacy	Net sales (¥ million)	20,395	19,861
Pharmacy	Segment profit (¥ million)	△88	244
Other	Net sales (¥ million)	9,658	9,182
Other	Segment profit (¥ million)	1,489	1,186

Full-Year Forecast (FY Ending March 2027)

For the full year, Kamei forecasts an increase in sales (up 5.5% year on year) and a decline in profit (down 7.5% year on year). Due to uncertainty over the situation in Iran, the Energy segment is expected to secure higher sales but post lower profit. The profit margin is expected to decline slightly for the period as a reaction to high profitability in the second half of the prior year. Assumptions used are an exchange rate of 155 yen to the U.S. dollar (150 yen in the prior year) and a crude oil price assumption of 100 dollars per barrel for Dubai crude (72 dollars per barrel in the prior year).

Item	FY2027 Forecast	FY Ended Mar 2026 (Actual)	Change (YoY)
Net sales (¥ million)	615,000	583,078	+5.5%
Operating profit (¥ million)	15,700	16,975	△7.5%
Ordinary profit (¥ million)	17,500	18,655	△6.2%
Profit attributable to owners of parent (¥ million)	11,000	11,900	△7.6%

Shareholder Returns

Kamei raised its year-end dividend to 65 yen per share, bringing the annual dividend for the fiscal year ended March 2026 to 115 yen per share (an 11th consecutive year of dividend increases). The company’s basic shareholder return policy combines a progressive dividend approach with a stepwise increase in the payout ratio target from around 30% to around 40%. For the fiscal year ending March 2027, Kamei plans an annual dividend of 130 yen per share (interim dividend of 65 yen, year-end dividend of 65 yen), which would mark a 12th consecutive year of dividend increases. The company also newly established a shareholder benefit program for shareholders holding 100 shares or more continuously for at least one year as of March 2026.

Item	FY Ended Mar 2026 (Actual)	FY Ending Mar 2027 (Planned)
Year-end dividend	¥65/share	¥65/share
Annual dividend	¥115/share (11th consecutive year of increase)	¥130/share (expected 12th consecutive year of increase)

Topics

In the fourth quarter of the fiscal year ended March 2026, Kamei launched two new businesses. In the Food segment, the company started its next-generation agriculture business in February 2026, applying AI-driven smart agriculture technology to promote labor-saving, high-value-added agricultural production areas, aiming to address challenges such as an aging workforce and labor shortages. In the Energy segment, the company started the Hyakunen Solar Tohoku business in March 2026, acquiring and consolidating small and medium-sized solar power plants in the Tohoku region, with the aim of achieving long-term stable operation and securing green power through the renewal and improved efficiency of these power plants, and of promoting carbon neutrality in the Tohoku region.

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.