Japanese seafood company Maruha Nichiro achieved a record high operating income in its third fiscal quarter alongside higher net sales.
The company posted an operating income of JPY 29.4 billion (USD 188.6 million EUR 158.3 million) for the three-month period ending 31 December 2025. That total is 5.5 percent higher than the JPY 27.8 billion (USD 178.3 million, EUR 149.7 million) the company posted in the same period of 2024.
That increased operating income came as the company's net sales increased to JPY 837.6 billion (USD 5.4 billion, EUR 4.5 billion) in the period, or an increase of 1.1 percent over same period of the prior year.
The company attributed its higher net sales and operating income to "significant profit improvement" in its Marine Resources business segment, despite a decrease in net sales in the quarter. The segment posted net sales of JPY 95.2 billion (USD 610.6 million, EUR 512.5 million), down from JPY 97.4 billion (USD 624.7 million, EUR 524.3 million) posted in the prior fiscal year, while its operating income increased to JPY 2.4 billion (USD 15.4 million, EUR 12.9 million), up from a loss of JPY 1.9 billion (USD 12.2 million, EUR 10.2 million).
Maruha Nichiro said the positive performance came thanks to improved operational efficiencies in its fishery business, higher catches, firm fish prices, and increased aquaculture sales and yields.
The majority of the increase in operating income for its Marine Resources segment came from overseas operations, which posted an operating income of JPY 2.1 billion (USD 13.5 million, EUR 11.3 million) compared to a loss of JPY 500 million (USD 3.2 million, EUR 2.7 million) in the same period of the prior fiscal year. Its Japanese division posted an operating income of JPY 300 million (USD 1.9 million, EUR 1.6 million), up from a loss of JPY 1.4 billion (USD 8.9 million, EUR 7.5 million).
The company partially attributed that to firm market prices for its Alaska pollock products.
"Operating income increased significantly, driven by cost reduction effects from production site consolidation, strong sales of imitation crab products, and firm fishmeal prices," Maruha Nichiro said.
The company's marine products trading also saw an increase in net sales in the period, increasing 4.4 percent to JPY 334.2 billion (USD 2.1 billion, EUR 1.8 billion) in Q3. The company said part of that boost came from operating income from its newer European subsidiary Van der Lee Seafish Beheer, which it made a consolidated subsidiary in May 2025. It was also helped by Urk, Netherlands-based Seafood Connection Holding, which the company fully acquired in December 2025.
Sales in Japan also remained strong; however, its operating income in the country decreased slightly from JPY 11.8 billion (USD 75.7 million, EUR 63.5 million) to JPY 10.1 billion (USD 64.8 million, EUR 54.4 million).
Looking forward, the performance in the third quarter was strong enough that Maruha Nichiro issued a revision to its forecasted profit attributable to the owners of the parent company, which will also be affected both positively via the sale of investment securities and negatively by business structure reforms. All told, the company has revised its forecasts from JPY 17.5 billion (USD 112.2 million, EUR 94.2 million) to JPY 19.5 billion (USD 125.1 million, EUR 105 million).
