NH Foods Cuts FY Business Profit Forecast to ¥50 Billion as Australian Beef and Raw-Material Costs Squeeze H1

Meat volumes up, margins down

NH Foods Ltd. (TSE: 2282) reported consolidated results for the first half of FY3/2027, April 1 to September 30, 2026, on November 2, 2026 under IFRS. The Meat division grew revenue 8.9% to ¥551,886 million on strong sales volumes of domestic and imported pork and pricing that tracked procurement costs, but its business profit fell 26.8% to ¥20,270 million as Australian cattle prices rose and feed, labour and logistics costs climbed. Processed foods revenue rose 4.7% to ¥270,386 million on core consumer brands in Japan and a recovery at its North American subsidiary, but business profit fell 40.1% to ¥1,342 million on soaring raw-material prices and higher logistics expenses. The new Sports & entertainment division, which houses the Hokkaido Nippon-Ham Fighters and the Hokkaido Ballpark F Village, grew revenue 10.6% to ¥25,167 million and business profit 14.6% to ¥9,623 million on strong attendance.

Guidance and dividend reset

Profit before tax fell 19.4% to ¥30,832 million and attributable profit 25.0% to ¥17,394 million, or ¥62.26 per share on a basis adjusted for the 3-for-1 stock split of October 1, 2026. The revised FY3/2027 forecast calls for revenue of ¥1,500,000 million, business profit of ¥50,000 million (previously ¥61,000 million, -26.8%), profit before tax of ¥52,000 million and attributable profit of ¥35,000 million. The year-end dividend forecast is ¥60 per post-split share, against ¥160 paid for FY3/2026 before the split. Interest-bearing debt rose 26.8% to ¥289,804 million as the company raised funds and meat inventories grew, and the ratio of equity attributable to owners fell to 50.5%.

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