Japanese seafood conglomerate Nissui posted a double-digit profit increase in its first fiscal quarter of 2026 thanks to higher sales.
For the three-month period spanning 1 April to 30 June 2026, Nissui posted sales of JPY 257 billion (USD 1.63 billion, EUR 1.41 billion), an increase of 14.1 percent year over year. Its operating profit jumped by 20.9 percent, reaching JPY 12.4 billion (USD 78.7 million, EUR 68.1 million), as its Marine Products and Fine Chemicals businesses both saw higher profits.
By division, its Marine Products segment saw net sales of JPY 107.6 billion (USD 682.8 million, EUR 590.5 million) in the quarter, up JPY 21.2 billion (USD 134.5 million, EUR 116.3 million), or 24.6 percent, from the same period of the prior fiscal year. Operating profit also increased to JPY 5.4 billion (USD 34.3 million, EUR 29.6 million), up from JPY 2.2 billion (USD 13.9 million, EUR 12.1 million).
Nissui said the increase in profit for its Marine Products segment was thanks to positive performance in both its primary production and its processing and trading. The company said its fisheries production saw strong domestic fish prices, which helped increase its profits.
“Japanese jack mackerel catches remained strong, while selling prices of sardines and chub mackerel increased,” Nissui said.
Its aquaculture operations also saw higher production volumes of Japanese amberjack, which came alongside firm market prices for the species, boosting its profitability.
The company’s salmon and trout production was also higher than it was in the same period of the prior year, resulting in a boost to profitability. However, its bluefin tuna production saw a drop in profits due to higher feed costs.
Nissui said it is planning to expand production capacity and improve productivity in its domestic aquaculture space by expanding seed production and optimizing its feeding with more automated feed systems.
On the processing side, Nissui said an improved product mix helped heavily increase the profits of its processing overseas, while its domestic processing operations benefitted from firm fish prices.
The company also said its South American aquaculture consolidation helped boost its profits. Nissui fully acquired all shares of Chilean salmon-farming firm Pesquera Yadrán via its subsidiary Salmones Antartica in late 2025. However, it added that slower-than-expected earnings recovery at the consolidated company did impact operating profits.
The company said it has seen lower-than-expected survival rates at Yadran due to disease. Biomass growth has also been slowed by lower dissolved oxygen levels. Nissui said it predicts feed costs will rise in the second half of the year, but that those costs should be offset by containing the disease issues.
“Through normalization initiatives – including improvement in feed costs and aquaculture performance, and internalization of operations – we target profitability from Q4 onward,” Nissui said.
The company said it is also planning a new freshwater smolt hatchery which will strengthen synergies in its operations from FY 2027 onward.
Looking forward into the rest of the fiscal year, Nissui said it is revising its sales upward based on updated foreign exchange assumptions and the strong performance of its Marine Products segment. The company said it now expects its net sales for FY 2026 to achieve JPY 1 trillion (USD 6.35 billion, EUR 5.49 billion), as its expectations for the Marine Products sales increase from JPY 407.4 billion (USD 2.59 billion, EUR 2.24 billion) for the year to JPY 422.4 billion (USD 2.68 billion, EUR 2.32 billion) for the year.
