Nissui Corporation
1332・Prime Market・Fishery, Agriculture & Forestry
Marine Products
Nissui's core segment operating fishing, aquaculture, and processing/trading businesses domestically and internationally
| Period | Current | Previous | Change |
|---|---|---|---|
| Net sales (external customers) | ¥380,151 million | ¥364,057 million | ↑ |
| Operating income | ¥17,770 million | ¥8,418 million | ↑ |
| Segment assets | ¥355,957 million | ¥292,079 million | ↑ |
| Depreciation and amortization | ¥9,533 million | ¥9,246 million | ↑ |
| Capital expenditures (increase in tangible and intangible fixed assets) | ¥10,177 million | ¥11,735 million | ↓ |
Business Details
The Marine Products segment consists of three businesses: fishing, aquaculture, and processing/trading. Domestically, the segment operates yellowtail and tuna aquaculture and near-sea fishing through Kurose Suisan Co., Ltd. and other companies. Overseas, it conducts coho salmon aquaculture and fishing in South America (Chile), Alaska pollock and other processing/trading in North America, and trading sales in Europe (Italy, Benelux, the UK, etc.). The segment comprises 39 consolidated subsidiaries, including NISSUI USA, INC., and 19 affiliated companies (such as Daisui Co., Ltd.), forming a global marine products value chain.
Recent Overview
Improvements in fishing, aquaculture, and North American processing drove a sharp recovery, with operating income up 2.1x year on year
In the Marine Products segment for FY2026 (ending March 2026), net sales reached ¥380,151 million (up ¥16,093 million, +4.4% year on year) and operating income reached ¥17,770 million (up ¥9,351 million, +211.1% year on year), achieving a significant profit increase. The main drivers were profitability improvements in the fishing and aquaculture businesses, which had struggled in the prior period, and the North American marine processing business. The acquisition (making it a subsidiary) of South American aquaculture company PESQUERA YADRAN S.A. expanded equity-method investment amounts to ¥48,801 million. Fair value measurement of biological assets (valuation of fish in ponds/pens) is disclosed as a significant accounting estimate. Impairment losses of ¥1,159 million were recorded (compared to ¥20 million in the prior period).
Key Products
Growth Drivers
- Strong catches and rising sales prices for yellowtail, horse mackerel, and mackerel in domestic fishing
- Cost reductions in South American aquaculture (Chile) through increased coho salmon sales volume, higher ratio of value-added products, and improved survival rates
- Solid sales of group products such as cod, salmon and trout, and crab in the North American trading business
- Expansion of aquaculture business scale through the acquisition of South American aquaculture company PESQUERA YADRAN S.A.
- Advancement of aquaculture sophistication and overseas business growth under the medium-term management plan "GOOD FOODS Recipe2"
- Reduction of aquaculture costs and improved productivity through DX initiatives such as the development of a 3D fish measurement system for farmed yellowtail
Risks
- Risk of fluctuations in fair value measurement of biological assets (fish in ponds/pens), reflecting estimation uncertainty in market trends and survival rates
- Structural profitability challenges in the South American fishing business (undergoing vessel reduction)
- Increased expenses in Europe due to compliance with various EU regulations
- Risk of rising raw material prices due to U.S. tariff policy
- Geopolitical risk and foreign exchange risk associated with operations in South America, North America, and Europe
- Risk of impairment of domestic aquaculture fixed assets and valuation risk related to sea use rights held by PESQUERA YADRAN S.A.
Last updated: June 23, 2026