Marudai Food (2288): FY2025 Results Summary — Operating Profit Up 37.2% and Annual Dividend Raised to 70 Yen

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 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: Marudai Food 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 14, 2026, Marudai Food released its results briefing materials for the fiscal year ended March 31, 2026. Net sales were 238,396 million yen (up 1.5% year on year), operating profit was 7,504 million yen (up 37.2%), ordinary profit was 7,932 million yen (up 31.0%) and profit attributable to owners of parent was 9,786 million yen (up 78.3%). The company plans an annual dividend of 70 yen per share, 20 yen higher than the previous fiscal year. It also presented its earnings forecast for the fiscal year ending March 31, 2027 and an outline of its medium-term management plan.

Consolidated Results (FY Ended March 31, 2026 Actual)

Net sales rose 1.5% year on year, as sales expanded in the Ham and Sausage Division on the back of sales promotion activities, processed foods such as desserts and beverages grew through sales promotion and the expansion of sales channels, and the Meat business performed steadily. Operating profit increased 37.2% year on year: although there were cost increase factors such as surging raw material prices, higher sales in each business, the implementation of price revisions and the effects of continuous cost reductions more than offset them. Profit attributable to owners of parent rose 78.3% year on year, reflecting the higher operating profit and the recording of a gain on sales of investment securities of 5,041 million yen. On financial position, the equity ratio was 61.1%, up 6.4% from the end of the previous fiscal year, and the D/E ratio fell to 17.3% (▲16.5%).

Item (million yen)	FY ended March 2026 (Actual)	FY ended March 2025 (Actual)	Change	Change (%)
Net sales	238,396	234,970	3,425	1.5%
Operating profit	7,504	5,469	2,034	37.2%
Ordinary profit	7,932	6,056	1,875	31.0%
Profit attributable to owners of parent	9,786	5,488	4,298	78.3%
Earnings per share	399.89 yen	222.06 yen	177.83 yen	–
Dividend per share	70 yen	50 yen	20 yen	–

Segment Results

Net sales in the Processed Foods business rose 1.8% year on year. The Ham and Sausage Division posted a 1.9% increase in sales, helped by a change in the package design of the “Kunseiya” series, which marked its 30th anniversary, expanded sales of “Lemon & Parsley” after it became a year-round product, and the launch of three new flavors. The Prepared and Processed Foods Division posted a 1.7% increase, reflecting expanded sales of “Bistro Club Rich Curry” and commercial-use curry, a steady performance by “Salad Chicken” and growth in desserts. Segment profit rose 37.3% year on year: although the business was affected by surging raw material prices and higher costs including personnel and logistics expenses, higher sales in each division, the implementation of price revisions and the effects of continuous cost reductions more than offset them. In the Meat business, net sales rose 0.8% year on year and segment profit rose 39.2% as the company worked to sell at appropriate prices in response to high market prices. Note that from the fiscal year under review, part of the Prepared and Processed Foods Division within the Processed Foods business segment has been reclassified into the Ham and Sausage Division, and the previous fiscal year’s figures are stated on the reclassified basis.

Segment	Metric (million yen)	FY ended March 2026 (Actual)	FY ended March 2025 (Actual)	Change (%)
Processed Foods	Net sales	160,500	157,660	1.8%
(of which Ham and Sausage)	Net sales	74,499	73,126	1.9%
(of which Prepared and Processed Foods)	Net sales	86,000	84,534	1.7%
Meat	Net sales	77,763	77,183	0.8%
Other	Net sales	132	126	4.6%
Total	Net sales	238,396	234,970	1.5%
Processed Foods	Segment profit	6,788	4,943	37.3%
Meat	Segment profit	689	495	39.2%
Other	Segment profit	26	30	▲14.2%
Total	Segment profit	7,504	5,469	37.2%

Full-Year Forecast (FY Ending March 31, 2027)

For the fiscal year ending March 31, 2027, the company forecasts net sales of 245,000 million yen (up 2.8% year on year), operating profit of 8,000 million yen (up 6.6%), ordinary profit of 8,400 million yen (up 5.9%) and profit attributable to owners of parent of 6,400 million yen (▲34.6%). Setting as the theme for the year “responding to changes in the environment, leveraging the strengths of the Marudai Food Group to improve earning power and expand business scale, and aiming for continuous growth,” the Ham and Sausage Division will work to improve profitability, the Prepared and Processed Foods Division to expand sales, and the Meat business to expand its business domain. The dividend per share is forecast at 80 yen, 10 yen higher than the previous fiscal year.

Item (million yen)	FY ending March 2027 (Plan)	FY ended March 2026 (Actual)	Change	Change (%)
Net sales	245,000	238,396	6,603	2.8%
Operating profit	8,000	7,504	495	6.6%
Ordinary profit	8,400	7,932	467	5.9%
Profit attributable to owners of parent	6,400	9,786	▲3,386	▲34.6%
Dividend per share	80 yen	70 yen	10 yen	–

Shareholder Returns

The year-end dividend for the fiscal year ended March 31, 2026 is 70 yen per share, for a payout ratio of 17.5% and a total return ratio of 30.7%. For the fiscal year ending March 31, 2027 the company forecasts an annual dividend of 80 yen (including an interim dividend of 40 yen). The dividend policy has been revised from the previous policy of “continuing stable dividends (with a floor of 30 yen per share) and targeting the maintenance of a total return ratio of 30% or more” to a new policy, from the fiscal year ending March 31, 2027, of “continuing stable dividends (with a floor of 30 yen per share), a dividend level of 35% of NOPAT, and the introduction of an interim dividend (to be submitted to the annual general meeting of shareholders),” with the aim of delivering stable and highly predictable shareholder returns that are not swayed by special factors and of expanding opportunities to return profits. The company also decided on an acquisition of its own shares (up to 1.3 billion yen), and through an expansion of the shareholder benefit program (from the record date at the end of September 2026, with amounts added according to the number of shares held and the number of years of continuous holding) and a secondary offering of shares (carried out in March 2026) it aims to improve liquidity, broaden its shareholder base and build up a base of fan shareholders and stable shareholders.

Item	FY ended March 2025	FY ended March 2026	FY ending March 2027 (Forecast)
Annual dividend per share	50 yen	70 yen	80 yen (interim 40 yen)
Payout ratio	22.3%	17.5%	30.5%
Total return ratio	34.0%	30.7%	Undetermined

Medium-Term Management Plan

To respond flexibly to changes in the management environment, the company has formulated a rolling medium-term management plan that is revised every year in principle. Under five basic policies — “creation of new customer value,” “reform of the earnings structure,” “expansion of business domains,” “development of human resources” and “contribution to a sustainable society” — it sets out as its vision for 2030 net sales of 300.0 billion yen, operating profit of 10.0 billion yen and ROE of 8.0% or more. Its three-year numerical plan calls for net sales of 245.0 billion yen and operating profit of 8.0 billion yen in fiscal 2026, net sales of 250.0 billion yen and operating profit of 8.5 billion yen in fiscal 2027, and net sales of 255.0 billion yen and operating profit of 9.0 billion yen in fiscal 2028. On management that is conscious of the cost of capital and the share price, ROE for fiscal 2025 improved to 13.8% (8.4% on a recurring basis excluding the impact of sales of fixed assets and investment securities) and the final-year operating profit target of the medium-term plan was achieved two years ahead of schedule. Cross-shareholdings have been reduced to 20.4% of consolidated net assets, and the company aims to achieve its reduction target (20% or less of consolidated net assets) through additional sales during fiscal 2026. Japan Credit Rating Agency (JCR) set its long-term issuer rating and outlook at “BBB+ / Stable → Positive.”

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.