Euglena Co., Ltd. (TSE: 2931), the Tokyo-based biotechnology group known for cultivating the microalga Euglena for use in health foods, cosmetics and next-generation biofuels, reported its first-quarter results for the fiscal year ending December 2026 on May 14, 2026. The consolidated J-GAAP figures, covering the three months from January 1 to March 31, 2026, showed broad-based profit improvement. Revenue rose 10.6% year-on-year to ¥13,197 million, operating profit advanced 35.4% to ¥837 million, and ordinary profit climbed 79.3% to ¥782 million from ¥436 million a year earlier.
At the bottom line, the group recorded a net loss attributable to owners of the parent of ¥32 million, a marked improvement from the ¥507 million loss in the prior-year quarter. The per-share loss narrowed to ¥0.23 from ¥3.72. Comprehensive income swung to a positive ¥531 million from a negative ¥570 million a year earlier, helped by favourable movements in other comprehensive income. Adjusted EBITDA — which management highlights as its preferred cash-flow gauge — rose 17.8% to ¥1,821 million.
Loss narrows as operating leverage builds
The quarter underscored the operating leverage emerging across Euglena's portfolio, which spans health-foods (functional foods and dietary supplements), cosmetics, biofuels, and genome-analysis and other bioinformatics businesses. With revenue growing in double digits and operating profit expanding more than three times as fast, the group moved close to break-even at the net level despite the seasonally weaker first quarter, when sales typically lag the back-loaded full-year profile. The 79.3% jump in ordinary profit reflects both the stronger operating result and reduced non-operating drag relative to a year earlier.
Balance sheet and dividend
Total assets stood at ¥72,332 million at quarter-end, up from ¥70,658 million at the close of FY2025. Net assets eased to ¥28,526 million from ¥30,799 million, and the equity ratio slipped to 42.7% from 46.4%, with shareholders' equity of ¥30,919 million. The company maintained its forecast of no dividend for FY2026, consistent with the prior year, as it continues to prioritise reinvestment in its growth platforms and a shift toward cash-flow-focused management.
Full-year guidance reaffirmed
Euglena left its full-year FY2026 guidance unchanged. The company targets revenue of ¥52,000 million (+3.2%), adjusted EBITDA of ¥7,000 million (+0.9%), operating profit of ¥3,200 million (+2.5%), and ordinary profit of ¥2,800 million (+18.4%). With first-quarter operating profit of ¥837 million already representing roughly a quarter of the annual target, the strong start leaves the group tracking comfortably against its plan as it heads into the seasonally stronger remainder of the year.
| Metric | Q1 FY2026 | Q1 FY2025 | YoY |
|---|---|---|---|
| Revenue (¥ million) | 13,197 | 11,935 | +10.6% |
| Adjusted EBITDA (¥ million) | 1,821 | 1,545 | +17.8% |
| Operating profit (¥ million) | 837 | 618 | +35.4% |
| Ordinary profit (¥ million) | 782 | 436 | +79.3% |
| Net loss attributable to owners (¥ million) | −32 | −507 | Narrowed |
| EPS (¥) | −0.23 | −3.72 | Narrowed |
| Comprehensive income (¥ million) | 531 | −570 | Turned positive |
| Total assets (¥ million) | 72,332 | 70,658 | +2.4% |
| Net assets (¥ million) | 28,526 | 30,799 | −7.4% |
| Equity ratio | 42.7% | 46.4% | −3.7pp |
| FY2026 guidance — revenue (¥ million) | 52,000 | — | +3.2% |
| FY2026 guidance — operating profit (¥ million) | 3,200 | — | +2.5% |
| FY2026 guidance — ordinary profit (¥ million) | 2,800 | — | +18.4% |
| FY2026 dividend (¥) | 0.00 | 0.00 | — |
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