26/12 Q2 results: Sales volumes look to have been solid despite price hikes: Quick Note

Research evidence excerpt

26/12 Q2 results: Sales volumes look to have been solid despite price hikes: Quick Note

Global Markets Research

31 July 2026Yamazaki Baking

2212.T 2212 JP / EQUITY: JAPAN FOOD, BEVERAGES & TOBACCO

26/12 Q2 results: Sales volumes look to have been Rating Neutralsolid despite price hikes

Target price JPY 3,600Quick Note

Closing price

31 July 2026 JPY 3,359First impression in line: Favorable sales environment, but tough cost environment

too (Note: Quick Note reports are not a

Yamazaki Baking released 26/12 Q2 results after the market close on 31 July, posting vehicle for changes to ratings, target

operating profits of ¥17.5bn (down 2% y-y). Weak sales and higher costs squeezed profits prices, or earnings forecasts)

at the convenience store business, the convenience store vendor business, and the Fujiya

business. However, profits rose at the nonconsolidated baking business, where sales

growth of 1% for bread and 4% for sweet buns (with equivalent growth in sales volumes of

2% and 2% respectively) along with improvements in the sales mix, especially for sweet

Research Analystsbuns, offset higher input and logistics costs.

Japan food

Profits were in line with our forecast of ¥18.1bn. Better-than-expected sales at the

Makoto Morita - NSCnonconsolidated baking business were cancelled out by lower-than-expected sales at the makoto.morita@nomura.com

convenience store and convenience store vendor businesses. +81 3 6703 1211

We think the key point for near-term earnings will be earnings following price hikes in July.

Based on comments made in the earnings release, it looks as though sales were steady in

July and sales volumes were up y-y. Prices for products such as chilled bento boxed

meals and onigiri rice balls remain high, and we think that sweet buns will remain relatively