Maruha Nichiro Corporation

Business Details

This segment comprises three units: the Fishery Unit, which conducts fishing operations domestically and overseas; the Aquaculture Unit, which farms bluefin tuna, yellowtail, and amberjack domestically; and the North America Unit, which is based in North America and handles the processing and sale of marine products such as walleye pollock. Under the medium-term management plan "For the ocean, for life 2027," the segment is pursuing "selection and concentration of sustainable businesses," working on structural reform of unprofitable operations and strengthening downstream glocal strategies. Note that from this fiscal year, the European business within the North America Unit has been transferred to the Marine Products Trading Unit within the Food Distribution segment.

Recent Overview

Structural reforms and production improvement effects drove a turnaround from the prior period's operating loss to profit

In FY2026 (ending March 2026), the segment achieved higher sales and profit overall, supported by improved operational efficiency, structural reforms including withdrawal from certain businesses and consolidation of North American production sites, production improvement effects from high water temperature countermeasures and product mix optimization, and increased sales of farmed fish and walleye pollock products. Net sales were ¥129,371 million (up 1.4% year on year), and operating profit improved significantly to ¥2,445 million (versus an operating loss of ¥3,899 million in the prior period).

Key Products

Growth Drivers

• Improved profitability from increased sales of farmed fish (yellowtail, amberjack, etc.) and optimization of the product mix
• Improved earnings in the North America Unit from increased sales of walleye pollock products
• Improved operational efficiency through structural reforms, including consolidation of North American production sites
• Building a value cycle and reducing earnings volatility through strengthened downstream strategy
• Advancing selection and concentration of businesses toward sustainable resource procurement

Risks

• Delayed growth due to high water temperature risk in the Aquaculture Unit, along with rising feed, raw material, and labor costs
• Further increases in fuel prices and logistics costs due to geopolitical risk
• Fluctuation risk in the market prices of key products such as walleye pollock
• Fluctuation risk in catch volumes in the Fishery Unit (e.g., skipjack tuna in Micronesian waters)
• Impact on North American marine product prices and volumes handled due to developments in U.S. trade policy