Interim report
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Translation January 30, 2026 Consolidated Financial Results for the Nine Months Ended December 31, 2025 <under J-GAAP> Company name: Toyo Suisan Kaisha, Ltd. Listing: Prime Market of the Tokyo Stock Exchange Securities code: 2875 URL: https://www.maruchan.co.jp Representative: Noritaka Sumimoto, Re presentative Director and President Contact: Takashi Hayakawa, General Manager of Accounting Department TEL: +81-3-3458-5246 (from overseas) Scheduled date of start of dividend payment: – Preparation of results presentation materials: Yes Holding of results briefing meeting: None (Amounts less than one million yen have been omitted.) 1. Consolidated Operating Results for the First Nine Months of FY2026 (from April 1, 2025 to December 31, 2025) (1) Consolidated Operating Results (Percentages indicate year-on-year changes.) Net sales Operating profit Ordinary profit Profit attributable to owners of parent Nine months ended Millions of yen % Millions of yen % Millions of yen % Millions of yen % Dec. 31, 2025 402,636 3.6 64,568 6.1 70,812 4.9 53,430 5.0 Dec. 31, 2024 388,782 – 60,878 – 67,531 – 50,876 – Note: Comprehensive income Nine months ende d December 31, 2025: 67,260 million yen [8.7%] Nine months ended December 31, 2024: 61,870 million yen [–%] Basic earnings per share Diluted earnings per share Nine months ended Yen Yen Dec. 31, 2025 541.02 – Dec. 31, 2024 505.70 – Note: The figures for the nine months ended December 31, 2024 ar e presented after retrospective application due to changes in accounting policies. The year-on-year changes for the nine months ended December 31, 2024 are not presented due to the retrospective application resulting from changes in accounting policies. (2) Consolidated Financial Position Total assets Net assets Equity ratio Millions of yen Millions of yen % As of Dec. 31, 2025 629,242 517,397 80.2 As of Mar. 31, 2025 594,978 493,644 80.9 Reference: Equity As of December 31, 2025: 504,482 million yen As of March 31, 2025: 481,192 million yen 2. Dividends Full Year Dividends 1 st quarter-end 2 nd quarter-end 3 rd quarter-end Year-end For the year Yen Yen Yen Yen Yen FY2025 – 80.00 – 120.00 200.00 FY2026 – 80.00 – FY2026 (Forecast) 120.00 200.00 Note: Revisions to the dividends forecasts most recently announced: None
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3. Consolidated Results Forecasts for FY2026 (from April 1, 2025 to March 31, 2026) (Percentages indicate year-on-year changes.) Net sales Operating profit Ordinary profit Profit attributable to owners of parent Basic earnings per share Millions of yen % Millions of yen % Millions of yen % Millions of yen % Yen Full year 535,000 4.4 80,000 4. 6 87,500 2.7 66,000 3.4 668.29 Note: Revisions to the results fore casts most recently announced: None Note: Due to the retrospective application resulting from ch anges in accounting policies, the year-on-year changes are calculated using the figures from the previous period after retrospective application. * Notes (1) Significant changes in the scope of consolidation during the period: Yes Excluded: one company (Tokyo Commercial Co., Ltd.) (2) Application of specific accounting procedures for preparation of the quarterly consolidated financial statements: None (3) Changes in accounting policies, changes in accounting estimates, and restatement a. Changes in accounting policies due to amendmen ts to accounting standards and other regulations: None b. Changes in accounting policies due to other reasons: Yes c. Changes in accounting estimates: None d. Restatement: None (4) Number of shares issued (common stock) a. Number of shares issued at end of period (including treasury shares) As of December 31, 2025 110,881,044 shares As of March 31, 2025 110,881,044 shares b. Number of treasury shares at end of period As of December 31, 2025 13,538,633 shares As of March 31, 2025 11,254,424 shares c. Average number of shares outstanding during the period (cumulative from the beginning of the fiscal year) Nine months ended December 31, 2025 98,758,992 shares Nine months ended December 31, 2024 100,605,525 shares * Review of the Japanese-language originals of the attached quarterly consolidated financial statements by certified public accountants or an audit corporation: None * Explanation related to the appropriate use of the results forecasts and other items warranting special mention (Caution regarding forward-looking statements) Forward-looking statements in this document, including the resu lts forecasts, etc., are based on the information available as o f the date of the release of this document and the preconditions that the Company deemed to be reasonable; they are not meant to be a commitment by the Company, and a variety of factors in the future may cause actual results to differ materially from these forecasts. Please refer to Section: “1. Qualitative Information on Quarterly Consolidated Financial Results for the Nine Months Ended December 31, 2025, (3) Explanation of forward-looking information, including consolidated results forecasts” on page 3 of the attachments for the preconditions for the results forecasts and items to exercise caution in the use of these results forecasts.
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1 Index of Attachments 1. Qualitative Information on Quart erly Consolidated Financial Resu lts for the Nine Months Ended December 31, 2025 ........................................................................................................................................ 2 (1) Explanation of the consolidated operating results .................................................................................... 2 (2) Explanation of the consolidated financial position .................................................................................. 3 (3) Explanation of forward-looking information, including consolidated results forecasts........................... 3 2. Quarterly Consolidated Financial Statements and Significant Notes Thereto ....................................... 4 (1) Quarterly consolidated balance sheets ..................................................................................................... 4 (2) Quarterly consolidated statements of income and comprehensive income .............................................. 6 Quarterly consolidated statements of income (Cumulative) .................................................................... 6 Quarterly consolidated statements of comprehensive income (Cumulative) ........................................... 7 (3) Notes to quarterly consolidated financial statements ............................................................................... 8 (Notes on going concern assumptions) .................................................................................................... 8 (Notes in the event of substantial changes in shareholders’ equity) ......................................................... 8 (Notes on changes in accounting policies) ............................................................................................... 8 (Notes on quarterly consolidated statements of cash flows) .................................................................... 8 (Notes on segment information, etc.) ....................................................................................................... 9
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2 1. Qualitative Information on Quarterly Consolidated Financial Results for the Nine Months Ended December 31, 2025 (1) Explanation of the consolidated operating results During the nine months ended December 31, 2025, the conditions in the Japanese economy gradually recovered, but there were signs of uncertainty due to the U.S. trade policy and other factors. Looking ahead, although moderate recovery in the economy is expected to continue, in part due to the effect of various policies under an improving employment and income environment, it is necessary to closely monitor the impact of rising prices, U.S. policy trends and fluctuations in financial and capital markets, etc. Under these circumstances, the Toyo Suisan Group (hereafter, the “Group”) has remained committed to its mission “to contribute to society through foods” and “to provide safe and secure foods and services to customers” under the corporate slogan of “Smiles for All.” The Group continued to implement further cost reductions and promoted aggressive sales activities in its efforts to face an increasingly competitive sales environment. As a result, net sales were ¥402,636 million (up 3.6% year on year), operating profit was ¥64,568 million (up 6.1% year on year), ordinary profit was ¥70,812 million (up 4.9% year on year), and profit attributable to owners of parent was ¥53,430 million (up 5.0% year on year) for the period under review. The foreign exchange rate as of the end of the period under review (average rate during the period) was ¥148.75 to the U.S. dollar (¥152.57 to the U.S. dollar as of the end of the corresponding period of the previous fiscal year). In addition, starting from the first quarter of the fiscal year ending March 31, 2026, we have changed the method of converting the revenues and expenses of overseas subsidiaries, etc. into yen from using the spot exchange rate on the fiscal year-end date to using the average exchange rate during the period. Accordingly, figures after retrospective application are used for ye ar-on-year comparison. (For details of changes in accounting policies, please refer to Section: “2. Quarterly Consolidated Financial Statements and Significant Notes Thereto, (3) Notes to quarterly consolidated fi nancial statements (Notes on changes in accounting policies)” on page 8.) The operating results by segment are as follows. In the Seafood Segment, sales volume increased mainly in products for restaurants due to proactive sales activities. As a result, segment sales were ¥25,079 million (up 8.2% year on year) and segment profit was ¥1,330 million (up 67.9% year on year), supported mainly by an increased mix of high-margin products in addition to an improved profit margin resulting from price revisions for some products. In the Overseas Instant Noodles Segment, in the U.S., although sales volume remained sluggish due to the inability to implement effective sales promotions, sales increased due to price revisions implemented in July. In Mexico, sales of cup-type noodles and bag-type noodles both continued to perform well following the price revisions implemented in April. As a result, segment sales were ¥181,120 million (up 3.0% year on year). Segment profit was ¥45,718 million (up 6.5% year on year) as the increase in raw material costs, etc. resulting from the shift to paper cups for packaging materials and higher imported raw material costs were offset by price revisions and other factors. In the Domestic Instant Noodles Segment, in cup-type noodles category, although sales of some products were sluggish affected by the price revisions, our signature products, Akai Kitsune Udon and Midori no Tanuki Ten Soba, performed steadily, and Maruchan Yakisoba grew more strongly than expected. In bag-type noodles, sales increased with the steady performance of the Maruchan Seimen series and the Maruchan ZUBAAAN! series. As a result, segment sales were ¥80,133 million (up 1.5% year on year). Segment profit was ¥8,664 million (up 0.8% year on year) due to sales expansion and reduced advertising expenses and other factors. In the Frozen and Refrigerated Foods Segment, as for fresh noodles, in addition to promoting sales of Maruchan Yakisoba (Three-Meal Package) , which marked the 50th anniversary of its launch, through campaigns, promotional events, etc., we launched limited-time products to stir up sales activity for the series, resulting in a sales growth. In addition, sales also grew for the Tama Udon Noodle (Three-Meal Package) series due to expanding demand amid an economy-cons cious consumer mindset. In frozen foods, sales of some products were sluggish, affected by the price revisions implemented in April for frozen prepared foods and frozen vegetable-related products and in June for frozen noodles. However, for our mainstay frozen noodles products, sales of products for industrial catering, restaurants and leisure remained firm. As a result,
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3 segment sales were ¥47,168 million (up 3.5% year on year). Segment profit was ¥6,613 million (up 6.7% year on year) mainly due to sales expansion despite increases in transportation costs and motive utility costs. In the Processed Foods Segment, demand for packaged cooked rice products grew due to soaring rice prices. Sales of freeze-dried products and other products also remained strong, resulting in an increase in sales. As a result, segment sales were ¥17,682 million (up 5.8% year on year). Segment loss was ¥443 million (compared with a segment profit of ¥346 million in the corresponding period of the previous fiscal year) due to an increase in raw material costs, depreciation, and other expenses, despite the effect of sales expansion. In the Cold-Storage Segment, although storage of im ported products, etc. decreased due to the weak yen, cargo movements of frozen foods remained stable. In addition, handling of seasonal products such as ice cream remained firm, and sales also increased for the related transportation and other operations. As a result, segment sales were ¥20,227 million (up 4.6% year on year). Segment profit was ¥2,389 million (up 30.2% year on year) due to firm sales despite increases in personnel expenses and motive utility costs caused by rising prices and other factors. The Other Business Segment consists of mainly the packed lunch/deli food business. Segment sales were ¥31,224 million (up 6.9% year on year) and segment profit was ¥1,064 million (up 17.0% year on year). (2) Explanation of the consolidated financial position At the end of the third quarter of the fiscal year ending March 31, 2026, total assets increased by ¥34,264 million from the previous fiscal year-end to ¥629,242 million, and net assets increased by ¥23,752 million to ¥517,397 million. The main factors contributing to these results are as follows. The main contributing factors for assets were increases in notes and accounts receivable - trade, and contract assets, and buildings and structures, despite a decrease in cash and depos its. The main contributing factors for liabilities were increases in accrued expenses and deferred tax liabilities. The main contributing factors for net assets were increases in retained earnings and foreign currency translation adjustment, despite a decrease due to an increase in the number of treasury shares through purchase of treasury shares. As a result of these factors, the equity ratio was 80.2%. (3) Explanation of forward-looking information, including consolidated results forecasts The Company has not changed its full-year consolidated results forecasts for the fi scal year ending March 31, 2026, as announced on October 31, 2025, as the results for the first nine months ended December 31, 2025 were within the expected range. If there are any changes in the future, the relevant information will be duly disclosed.
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4 2. Quarterly Consolidated Financial Statements and Significant Notes Thereto (1) Quarterly consolidated balance sheets (Millions of yen) As of end FY2025 (March 31, 2025) As of end 3Q FY2026 (December 31, 2025) Assets Current assets Cash and deposits 257,470 233,415 Notes and accounts receivable - trade, and contract assets 63,991 81,546 Merchandise and finished goods 18,455 19,075 Work in process 460 481 Raw materials and supplies 20,029 26,594 Other 7,126 7,770 Allowance for doubtful accounts (811) (644) Total current assets 366,721 368,237 Non-current assets Property, plant and equipment Buildings and structures, net 67,826 81,583 Machinery, equipment and vehicles, net 46,205 51,379 Land 35,812 35,886 Leased assets, net 1,246 1,117 Construction in progress 31,342 36,065 Other, net 1,164 1,438 Total property, plant and equipment 183,599 207,471 Intangible assets Goodwill 670 616 Software 1,761 2,235 Software in progress 2,881 5,261 Other 266 269 Total intangible assets 5,580 8,383 Investments and other assets Investment securities 35,123 41,394 Deferred tax assets 1,051 998 Retirement benefit asset 62 60 Other 2,839 2,697 Total investments and other assets 39,076 45,151 Total non-current assets 228,256 261,005 Total assets 594,978 629,242
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5 (Millions of yen) As of end FY2025 (March 31, 2025) As of end 3Q FY2026 (December 31, 2025) Liabilities Current liabilities Notes and accounts payable - trade 34,959 37,051 Short-term borrowings 442 445 Lease liabilities 288 298 Accrued expenses 27,119 30,000 Income taxes payable 4,088 5,543 Provision for bonuses for directors (and other officers) 251 100 Asset retirement obligations – 7 Other 6,149 7,798 Total current liabilities 73,300 81,245 Non-current liabilities Lease liabilities 2,671 2,514 Deferred tax liabilities 5,558 8,429 Provision for retirement benefits for directors (and other officers) 316 312 Retirement benefit liability 15,807 15,769 Asset retirement obligations 199 201 Other 3,480 3,371 Total non-current liabilities 28,033 30,599 Total liabilities 101,333 111,845 Net assets Shareholders’ equity Share capital 18,969 18,969 Capital surplus 22,940 22,942 Retained earnings 411,423 444,998 Treasury shares (32,181) (55,683) Total shareholders’ equity 421,151 431,226 Accumulated other comprehensive income Valuation difference on available-for-sale securities 13,021 17,214 Deferred gains or losses on hedges (3) 34 Foreign currency translation adjustment 45,909 54,741 Remeasurements of defined benefit plans 1,113 1,265 Total accumulated other comprehensive income 60,040 73,255 Non-controlling interests 12,452 12,915 Total net assets 493,644 517,397 Total liabilities and net assets 594,978 629,242
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6 (2) Quarterly consolidated statements of income and comprehensive income Quarterly consolidated statements of income (Cumulative) (Millions of yen) 3Q FY2025 (from April 1, 2024 to December 31, 2024) 3Q FY2026 (from April 1, 2025 to December 31, 2025) Net sales 388,782 402,636 Cost of sales 270,453 279,011 Gross profit 118,328 123,625 Selling, general and administrative expenses 57,450 59,056 Operating profit 60,878 64,568 Non-operating income Interest income 5,299 4,773 Dividend income 721 812 Share of profit of entities accounted for using equity method 160 153 Miscellaneous income 819 911 Total non-operating income 7,000 6,650 Non-operating expenses Interest expenses 155 148 Provision of allowance for doubtful accounts 1 – Miscellaneous losses 190 258 Total non-operating expenses 346 406 Ordinary profit 67,531 70,812 Extraordinary income Gain on sale of non-current assets 11 272 Gain on sale of investment securities 512 474 Subsidy income 75 18 Other – 1 Total extraordinary income 599 766 Extraordinary losses Loss on sale and retirement of non-current assets 299 177 Impairment losses 20 15 Other 0 4 Total extraordinary losses 319 197 Profit before income taxes 67,811 71,381 Income taxes - current 16,204 16,863 Income taxes - deferred 370 727 Total income taxes 16,574 17,591 Profit 51,236 53,790 Profit attributable to non-controlling interests 359 359 Profit attributable to owners of parent 50,876 53,430
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7 Quarterly consolidated statements of comprehensive income (Cumulative) (Millions of yen) 3Q FY2025 (from April 1, 2024 to December 31, 2024) 3Q FY2026 (from April 1, 2025 to December 31, 2025) Profit 51,236 53,790 Other comprehensive income Valuation difference on available-for-sale securities (100) 4,339 Deferred gains or losses on hedges 20 38 Foreign currency translation adjustment 10,491 8,832 Remeasurements of defined benefit plans, net of tax 176 155 Share of other comprehensive income of entities accounted for using equity method 46 104 Total other comprehensive income 10,634 13,469 Comprehensive income 61,870 67,260 Comprehensive income attributable to Comprehensive income attributable to owners of parent 61,536 66,645 Comprehensive income attributable to non-controlling interests 333 614
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8 (3) Notes to quarterly consolidated financial statements (Notes on going concern assumptions) Not applicable (Notes in the event of substantial changes in shareholders’ equity) The Company purchased 2,283,900 shares of treasur y shares in accordance with a resolution of the Board of Directors meeting held on May 12, 2025. As a result, treasury shares increased by ¥23,502 million, including the purchase of shares less than one unit, during the nine months ended December 31, 2025, resulting in treasury shares of ¥55,683 million at the end of the third quarter of the fiscal year ending March 31, 2026. (Notes on changes in accounting policies) (Change in method of converting revenues and expenses of overseas subsidiaries, etc. into Japanese yen) Revenues and expenses of overseas subsidiaries, etc., which were previously converted into yen based on the spot exchange rate on the fiscal year-end da te, are converted into ye n based on the average exchange rate during the period effective from the first quarter of the fiscal year ending March 31, 2026. This change was made to mitigate the impact of temporary fluctuations in foreign currency exchange rates on profit and loss and to more appropriately reflect the performance of overseas subsidiaries in the consolidated financial statements, due to the growing importance of overseas subsidiaries. The change in accounting policies has been app lied retrospectively. Ther efore, the retrospective application was reflected in the quarterly consolidated financial statements for the nine months ended December 31, 2024 and for the previous fiscal year. As a result, net sales, operating profit, ordinary profit, profit before income taxes, and profit attributable to owners of parent decreased by ¥6,432 million, ¥1,420 million, ¥1,762 million, ¥1,761 million, and ¥1,389 million, respectively, in the nine months ended December 31, 2024, compared with those before retrospective application. The cumulative effect on net assets at the beginning of the previous fiscal year was reflected. As a result, the beginning balance of retained earnings for the previous fiscal year decreased by ¥2,776 million, and the beginning balance of foreign currency translation adjustment for the previous fiscal year increased by the same amount. (Notes on quarterly consolidated statements of cash flows) The quarterly consolidated statements of cash flows for the nine months ended December 31, 2025 have not been prepared. Depreciation (including amortization related to intangible assets excluding goodwill) and amortization of goodwill for the nine months ended December 31 are as follows. (Millions of yen) Nine months ended December 31, 2024 (from April 1, 2024 to December 31, 2024) Nine months ended December 31, 2025 (from April 1, 2025 to December 31, 2025) Depreciation 12,530 13,260 Amortization of goodwill 36 54
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9 (Notes on segment information, etc.) Segment information I. Nine months ended December 31, 2024 (from April 1, 2024 to December 31, 2024) 1. Information relating to net sales, profit and loss, and information on disaggregation of revenue by each reportable segment (Millions of yen) Reportable segment Other (Note 1) Total Adjust- ments (Note 2) Amount reported on quarterly consoli- dated financial statements (Note 3) Seafood Segment Overseas Instant Noodles Segment Domestic Instant Noodles Segment Frozen and Refrigerated Foods Segment Processed Foods Segment Cold- Storage Segment Total N e t s a l e s Japan 22,896 – 78,919 45,564 16,713 19,330 183,423 29,057 212,480 – 212,480 The Americas – 175,874 – – – – 175,874 – 175,874 – 175,874 Other regions 278 – – – – – 278 148 427 – 427 Net sales (Note 4) 23,174 175, 874 78,919 45,564 16,713 19,330 359,576 29,205 388,782 – 388,782 Net sales to outside customers 23,174 175,874 78,919 45,564 16,713 19, 330 359,576 29,205 388,782 – 388,782 Intersegment sales or transfers 881 – 68 9 0 874 1,835 19 1,854 (1,854) – Total 24,056 175,874 78,987 45,574 16,714 20, 205 361,411 29,225 390,636 (1,854) 388,782 Segment profit 792 42,945 8,599 6,199 346 1,835 60,720 910 61,630 (752) 60,878 Notes: 1. The Other Business Segment is one which is not among the reportable segm ents and refers to a business which is mainly involved in the packed lunch/deli food business. 2. The negative ¥752 million in segment profit adjustments includes companywide expenses of negative ¥736 million which have not been allocated to each reportable segment, a negative ¥25 million adjustment to inventories, and other adjustments of ¥10 million. Companywide expenses refer ma inly to general and administrative expenses which do not belong to any reportable segment. Other adjustment s are mainly for the offset elimination of non-operating transactions. 3. Segment profit is adjusted at the operating profit le vel on the quarterly consolidated financial statements. 4. Net sales are revenue mainly recogni zed from contracts with customers, and the amount of revenue recognized from other sources is not significant. 2. Information relating to impairment losses on non-current assets or goodwill for each reportable segment (Significant impairment losses related to non-current assets) Statement is omitted due to the immateriality of the amount. (Significant changes in the amount of goodwill) In the Domestic Instant Noodles Segment, Tsukuba Foods Co., Ltd. was included in the scope of consolidation from the second quarter of the fiscal year ended March 31, 2025 due to the acquisition of all its shares. The increase in the amount of goodwill caused by this event was ¥725 million for the nine months ended December 31, 2024.
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10 II. Nine months ended December 31, 2025 (from April 1, 2025 to December 31, 2025) 1. Information relating to net sales, profit and loss, and information on disaggregation of revenue by each reportable segment (Millions of yen) Reportable segment Other (Note 1) Total Adjust- ments (Note 2) Amount reported on quarterly consoli- dated financial statements (Note 3) Seafood Segment Overseas Instant Noodles Segment Domestic Instant Noodles Segment Frozen and Refrigerated Foods Segment Processed Foods Segment Cold- Storage Segment Total N e t s a l e s Japan 24,749 – 80,133 47,168 17,682 20,227 189,961 31,086 221,047 – 221,047 The Americas – 181,120 – – – – 181,120 – 181,120 – 181,120 Other regions 330 – – – – – 330 137 467 – 467 Net sales (Note 4) 25,079 181, 120 80,133 47,168 17,682 20,227 371,412 31,224 402,636 – 402,636 Net sales to outside customers 25,079 181,120 80,133 47,168 17,682 20, 227 371,412 31,224 402,636 – 402,636 Intersegment sales or transfers 934 – 85 10 0 876 1,908 42 1,950 (1,950) – Total 26,014 181,120 80,219 47,178 17,683 21, 104 373,321 31,266 404,587 (1,950) 402,636 Segment profit (loss) 1,330 45,718 8,664 6,613 (443) 2,389 64,273 1,064 65,338 (769) 64,568 Notes: 1. The Other Business Segment is one which is not among the reportable segm ents and refers to a business which is mainly involved in the packed lunch/deli food business. 2. The negative ¥769 million in segment profit or loss ad justments includes companywide expenses of negative ¥809 million which have not been allocated to each reportable segment, a negative ¥59 million adjustment to inventories, and other adjustments of ¥99 million. Companywide expenses refer mainly to general and administrative expenses which do not belong to any reportable segment. Other ad justments are mainly for the offset elimination of non- operating transactions. 3. Segment profit or loss is adjusted at the operating profit level on the quarterly consolidated financial statements. 4. Net sales are revenue mainly recogni zed from contracts with customers, and the amount of revenue recognized from other sources is not significant. 2. Information relating to impairment losses on non-current assets or goodwill for each reportable segment Statement is omitted due to the immateriality of the amount. 3. Matters related to changes in reportable segments As described in (Notes on changes in accounting policies), effective from the first quarter of the fiscal year ending March 31, 2026, the Company has changed its method of converting revenues and expenses of overseas subsidiaries, etc. into yen to use the average exchange rate during the period. For the nine months ended December 31, 2024, figures are presented after retrospective application.