Morinaga Milk Industry Co., Ltd. Revises Earnings Forecast Upward on Overseas Strength

Morinaga Milk Industry Co., Ltd. (TSE:2264) has raised its earnings guidance for the fiscal year ending March 2027, citing robust performance in its international operations.

ItemBeforeAfterChange
RevenueJPY 300.0bnJPY 300.0bn+0.0%
Operating ProfitJPY 17.9bnJPY 20.0bn+11.7%
Ordinary IncomeJPY 18.4bnJPY 20.5bn+11.4%
親会社株主に帰属する中間純利益JPY 13.0bnJPY 14.0bn+7.7%
１株当たり中間純利益JPY 40.28/shareJPY 43.37/share+JPY 3.09/share

For the six-month interim period ending September 2026, the company raised operating profit to JPY 20.0bn from JPY 17.9bn, a gain of JPY 2.1bn or 11.7%. Ordinary income (keijo rieki), a Japan-specific metric encompassing operating profit plus non-operating items, was lifted to JPY 20.5bn from JPY 18.4bn. Net profit attributable to parent shareholders climbed to JPY 14.0bn from JPY 13.0bn. For the full fiscal year, operating profit guidance increased to JPY 34.0bn from JPY 32.0bn, while ordinary income rose to JPY 35.0bn from JPY 32.7bn. Full-year net profit was raised to JPY 21.0bn from JPY 20.0bn.

Management attributed the upward revision to stronger-than-expected results from overseas operations in the first quarter and an improved outlook for international business going forward. Revenue guidance remained unchanged at JPY 580.0bn for the full year, indicating the profit gains reflect margin expansion rather than top-line growth acceleration.

The revision signals improving operational efficiency in Morinaga’s overseas expansion strategy. With revenue held flat while profits increase materially, the company is demonstrating better cost control and pricing power in international markets—a positive indicator for sustained profitability growth amid competitive pressures in the dairy and nutrition sector.

Source: Original filing (TDnet) | 日本語版

This article is for informational purposes only and does not constitute investment advice. Always verify against the original filing.