Nissui Corporation (TSE Prime: 1332), a leading Japanese seafood and food company, posted record FY3/2026 results under Japanese GAAP. Consolidated net sales rose 5.1% year-on-year to ¥931.27 billion, operating profit expanded 27.2% to ¥40.43 billion, ordinary profit advanced 22.3% to ¥43.19 billion, and profit attributable to owners of the parent climbed 8.4% to ¥27.52 billion. Basic EPS reached ¥90.17 (versus ¥81.66). The operating margin improved to 4.3% from 3.6%, and ROE was 9.5%.
Marine Products: profit more than doubles
By segment, the Marine Products business delivered the strongest improvement: sales rose 4.4% to ¥380.15 billion and operating profit more than doubled to ¥17.77 billion (+111.1%). Japan saw strong catches and improved pricing of yellowtail, horse mackerel and mackerel, while South American operations narrowed losses through cost cuts. Aquaculture results improved in both Japan and South America on coho salmon, yellowtail and tuna pricing gains.
Food Products posted sales of ¥500.99 billion (+6.4%) and operating profit of ¥29.63 billion (+3.2%), with Japanese household frozen foods, chikuwa and fish sausage performing well, partly offset by raw-material inflation. North American processing was hit by tariff-driven cost pressure on B2B channels. Fine Chemicals sales rose 7.2% to ¥16.98 billion but operating profit slipped to ¥839 million on higher raw-material costs. Logistics operating profit fell to ¥2.41 billion under labor-cost and fuel pressure.
Chile M&A and capital return
A major strategic event was the M&A activity expanding the aquaculture franchise. Through subsidiary SALMONES ANTARTICA S.A., Nissui acquired 100% of Chile-based PESQUERA YADRAN S.A. and its six subsidiaries on January 15, 2026 (deemed January 1, 2026), for a provisional cash consideration of ¥20.47 billion. Goodwill of ¥2.42 billion was provisionally recognized, alongside ¥19.18 billion allocated to non-amortizable sea-area use rights. The acquisition adds Atlantic salmon to the group's trout and coho lineup, supporting the "GOOD FOODS Recipe 2" mid-term plan. Earnings contribution begins from FY3/2027.
Total assets expanded ¥114.63 billion to ¥749.51 billion (+18.1%), with interest-bearing debt rising materially: short-term borrowings up ¥13.90 billion, long-term borrowings up ¥25.10 billion, and the company issued ¥10.0 billion in straight bonds. The equity ratio declined to 40.0% from 43.6%. Net cash from operations improved to ¥53.24 billion; investing cash outflows widened to ¥61.40 billion, including ¥19.05 billion for PESQUERA YADRAN.
For shareholder returns, the annual dividend rose to ¥32 per share (¥14 interim + ¥18 year-end) from ¥28, a 35.5% payout ratio. Share buybacks of ¥6.07 billion were executed, and 7,164,875 treasury shares (2.29% of issued shares) will be cancelled on May 28, 2026.
FY3/27 guidance
Management guides for net sales of ¥980.0 billion (+5.2%), operating profit of ¥42.5 billion (+5.1%), ordinary profit of ¥43.0 billion (-0.4% on higher interest expense), and net profit attributable to owners of ¥29.0 billion (+5.4%), with EPS of ¥95.62. The annual dividend per share is planned at ¥32 (¥16 interim + ¥16 year-end). Marine Products operating profit is guided +21.6% to ¥21.60 billion; Food Products is guided -6.2% to ¥27.80 billion on cost headwinds. Geopolitical risks, fuel/raw-material volatility and U.S. tariff policy were cited as uncertainties not fully reflected.
| Metric | FY3/26 | FY3/25 | YoY |
|---|---|---|---|
| Net sales (¥ billion) | 931.27 | 886.13 | +5.1% |
| Operating profit (¥ billion) | 40.43 | 31.78 | +27.2% |
| Ordinary profit (¥ billion) | 43.19 | 35.31 | +22.3% |
| Net profit attrib. to owners (¥ billion) | 27.52 | 25.38 | +8.4% |
| EPS (¥) | 90.17 | 81.66 | +10.4% |
| Operating margin | 4.3% | 3.6% | +0.7pp |
| Annual dividend (¥) | 32 | 28 | +14.3% |
JapanStockPulse provides informational content only and does not constitute investment advice. Figures are taken from the company's published earnings short report and may be subject to subsequent revision.