27/3 Q1 results: Steady progress toward full-year targets, but nothing to boost growth expectations: Quick Note

研报英文原文证据摘录

27/3 Q1 results: Steady progress toward full-year targets, but nothing to boost growth expectations: Quick Note

Global Markets Research

30 July 2026Calbee

2229.T 2229 JP / EQUITY: JAPAN FOOD, BEVERAGES & TOBACCO

27/3 Q1 results: Steady progress toward full-year Rating Neutraltargets, but nothing to boost growth expectations

Target price JPY 3,000Quick Note

Closing price

30 July 2026 JPY 3,119First impression in line: Profits ahead of our forecasts, but sales lack momentum

Calbee released 27/3 Q1 results at 12:00 JST on 30 July. Our first impression is neutral. (Note: Quick Note reports are not a

Q1 operating profits beat our forecast, but sales were lackluster in Japan, partly because vehicle for changes to ratings, target

of the potato shortage a year earlier, and profits fell in North America, which the company prices, or earnings forecasts)

regards as a growth area. We still think the company will be able to eventually pass on

rising input costs caused by the situation in the Middle East, the main issue over the near

term, but we see little to boost expectations for longer-term growth strategies.

Operating profits rose 24% y-y to ¥6.6bn in 27/3 Q1, owing in large part to profit growth in Research Analysts

Japan, where price hikes implemented in 26/3 and lower sales promotion costs offset rises Japan food

in input and labor costs. Overseas profits rose, driven by APAC, where sales were strong, Makoto Morita - NSC

but profits at existing operations in North America fell because of investments designed to makoto.morita@nomura.com

strengthen the business base as well as lower sales on a local currency basis owing to +81 3 6703 1211

fewer OEM transactions. Profits beat our forecast of ¥6.0bn thanks to Japan. Lower-than-