Hoshizaki Corporation (TSE: 6465), the Toyoake, Aichi-based global maker of commercial kitchen and foodservice equipment, posted a strong opening quarter to its fiscal year ending December 2026, reporting first-quarter results (the three months from January 1 to March 31, 2026) on May 15, 2026. Consolidated revenue rose 14.7% year-on-year to ¥135,552 million, while operating profit climbed 10.9% to ¥17,027 million and ordinary profit advanced 11.0% to ¥17,324 million. Profit attributable to owners of the parent rose 3.5% to ¥11,210 million, up from ¥10,827 million a year earlier, lifting earnings per share to ¥79.39 from ¥76.48.
The standout figure was adjusted operating profit — which excludes amortization of acquisition-related goodwill and intangibles as well as hyperinflation-accounting effects — which jumped 19.0% to ¥20,147 million from ¥16,930 million. The gap between reported and adjusted operating profit underscores how much of the group's earnings power is being masked by purchase-accounting charges tied to its overseas acquisitions, and the faster growth in the adjusted line points to genuine underlying operating momentum across the business.
Ice machines and refrigeration drive a broad-based gain
Hoshizaki is a global leader in commercial ice machines and a major supplier of commercial refrigerators and freezers, beverage dispensers and dishwashers, serving restaurants, retailers and the wider food industry around the world. The double-digit revenue gain reflects healthy demand across its core foodservice categories and the contribution of its international operations, where the group has expanded through acquisition in recent years. The modest spread between the reported operating-profit growth (+10.9%) and the adjusted figure (+19.0%) is largely a function of the amortization and hyperinflation adjustments carried in the statutory result; stripping those out, the quarter's profitability improved markedly.
Balance sheet remains conservatively financed
Total consolidated assets stood at ¥583,487 million at quarter-end, with net assets of ¥415,706 million and an equity ratio of 67.4% — a notably strong, lightly leveraged capital structure that gives the company ample flexibility for further investment, acquisitions and shareholder returns. Net assets per share came to ¥2,803.51. The conservative balance sheet is consistent with Hoshizaki's track record of funding overseas expansion while maintaining a robust capital base. In February 2026 the company also resolved a share buyback, reinforcing its commitment to returning capital to shareholders.
Full-year guidance and ¥115 dividend maintained
Hoshizaki kept its full-year forecast for the year ending December 2026 unchanged, guiding for revenue of ¥520,000 million (+7.0%), operating profit of ¥55,600 million (+7.1%), adjusted operating profit of ¥68,200 million (+11.6%), ordinary profit of ¥59,000 million (+4.8%) and net profit attributable to owners of ¥38,200 million (+0.1%), equivalent to EPS of ¥271.72. The annual dividend forecast was held at ¥115.00 per share (¥55 interim + ¥60 year-end), unchanged from the prior year's ¥115.00 (which had been split ¥50 interim + ¥65 year-end). With first-quarter net profit already representing roughly 29% of the full-year target, the company enters the rest of the year with comfortable headroom against its guidance.
| Metric | Q1 FY12/2026 | Q1 FY12/2025 | YoY |
|---|---|---|---|
| Revenue (¥ million) | 135,552 | 118,155 | +14.7% |
| Operating profit (¥ million) | 17,027 | 15,354 | +10.9% |
| Adjusted operating profit (¥ million) | 20,147 | 16,930 | +19.0% |
| Ordinary profit (¥ million) | 17,324 | 15,601 | +11.0% |
| Net profit (¥ million) | 11,210 | 10,827 | +3.5% |
| EPS (¥) | 79.39 | 76.48 | +3.8% |
| Total assets (¥ million) | 583,487 | — | — |
| Net assets (¥ million) | 415,706 | — | — |
| Equity ratio | 67.4% | — | — |
| Annual dividend forecast (¥) | 115.00 | 115.00 | ±0.0% |
| FY guidance — revenue (¥ million) | 520,000 | — | +7.0% |
| FY guidance — operating profit (¥ million) | 55,600 | — | +7.1% |
| FY guidance — net profit (¥ million) | 38,200 | — | +0.1% |
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.