Marusan-Ai 9M Net Profit Jumps 41% on Soy Milk Demand — but the Dividend Is Being Cut 40%

Marusan-Ai Co., Ltd. (NSE: 2551) reported consolidated results for the nine months from September 21, 2025 to June 20, 2026 under Japanese GAAP. Revenue was essentially flat, up 0.2% to ¥24,532 million, but profitability improved sharply down the income statement: operating profit rose 13.8% to ¥763 million, recurring profit 23.6% to ¥812 million — helped by foreign-exchange gains on top of the operating improvement — and profit attributable to owners of the parent 40.5% to ¥692 million. Earnings per share jumped to ¥309.05 from ¥217.83, and comprehensive income rose 77.0% to ¥782 million. The company notes that while Japan's economy is recovering gradually, downside risks from Middle East developments and financial-market volatility still warrant caution.

Soy milk grows, miso shrinks by design

The Soy Milk & Beverages business — 88% of group revenue — grew 4.5% to ¥21,524 million. Within it, soy milk rose 4.7% to ¥18,946 million on steady demand for unadjusted soy milk and exports, while beverages added 3.1% to ¥2,578 million, led by almond drinks. Marusan-Ai describes the soy-milk market as progressing soundly, with rising health consciousness and broader interest in plant-based foods driving repeat purchase and wider use in cooking. The Miso business fell 48.5% to ¥932 million — not a demand failure but a deliberate portfolio move: as of March 2025 the group consolidated miso operations into subsidiaries and has since cut the number of SKUs and pursued a profit-focused sales strategy. The miso market itself, the company says, is stable in size even as volumes decline. Other Foods edged up 0.5% to ¥2,076 million on the "Tonyu Gurt" soy-yoghurt range, and there were no royalty or technical-guidance receipts this period against ¥0 million a year earlier.

The balance sheet is being spent on capacity

Total assets rose ¥2,333 million to ¥29,355 million, and almost all of it sits in fixed assets, which grew ¥2,342 million to ¥15,560 million — driven by a ¥1,433 million increase in construction in progress. Current assets were flat at ¥13,795 million (down ¥9 million), with inventories up ¥268 million and cash up ¥126 million against a ¥601 million fall in receivables. That capital spending is being debt-funded: current liabilities rose ¥922 million to ¥13,256 million on a ¥1,100 million increase in short-term borrowings, and long-term liabilities rose ¥740 million to ¥8,410 million on a ¥772 million increase in long-term borrowings, taking total liabilities to ¥21,667 million. Net assets improved ¥670 million to ¥7,688 million on ¥580 million of retained-earnings growth, leaving the equity ratio at just 26.2%, up marginally from 26.0% — a far more leveraged profile than most of the Japanese food sector.

Guidance held; the dividend is where the story turns

Marusan-Ai made no change to the full-year forecast published on May 1, 2026: revenue of ¥32,886 million (flat), operating profit of ¥893 million (+4.2%), recurring profit of ¥973 million (+13.5%) and profit attributable to owners of ¥817 million (+14.7%), for EPS of ¥356.03. With ¥692 million already booked in nine months, the company needs only ¥125 million in the final quarter to reach the net-profit target. The dividend, however, is forecast at ¥30.00 per share for FY9/2026 against ¥50.00 paid for FY9/2025 — a 40% reduction — with the forecast unrevised from the prior announcement. Read alongside the ¥1.9 billion of new borrowings and the plant investment in construction in progress, the picture is of a company choosing to fund capacity for soy-milk growth ahead of shareholder returns. Marusan-Ai applies special accounting treatments permitted for quarterly consolidated statements; there were no changes to accounting policies or estimates. Shares issued were unchanged at 2,296,176.

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.