Ezaki Glico Co., Ltd.
2206・Prime Market・Foods
Business
Ezaki Glico Co., Ltd. is a comprehensive food manufacturer founded in 1922, leading a group composed of 27 subsidiaries and 3 affiliated companies. Domestically, it operates across five segments—Health & Food, Dairy, Nutritional Confectionery, Food Ingredients, and Domestic Other—and holds strong brands such as "Almond Effect," "Pucchin Pudding," "Café au Lait," "Pocky," "Pretz," and "Bisco." Overseas, the company operates in China, Southeast Asia (Thailand, Indonesia, etc.), North America, and Europe; overseas sales for FY2025 (ending December 2025) totaled ¥90,702 million, accounting for approximately 25% of consolidated net sales. Under the purpose statement "A Healthy Everyday, A Rich Life," the company has positioned its focus on pre-disease and preventive health domains, along with overseas business expansion, as pillars of its medium-term management plan.
Business Model
Domestically, the company manufactures and sells products across five segments—Health, Food, Dairy, Nutrition & Confectionery, Food Ingredients, and Others—operating a vertically integrated production system through its own factories (Glico Manufacturing Japan Co., Ltd. and others). While high-margin B2B segments such as the Food Ingredients business (operating margin of 17.1%) underpin overall profitability, the Dairy business continues to post structural losses. Overseas, the company has built local production and sales systems through local joint ventures and subsidiaries, aiming to deepen brand penetration in China and Southeast Asia. Centralized management of surplus funds via TMS improves capital efficiency, and product development grounded in scientific evidence—backed by R&D spending of ¥6,016 million—serves as a source of competitive advantage.
Company Strengths
Since its founding in 1922, the company has held a large portfolio of nationally beloved brands including "Pocky," "Pretz," "Bisco" (celebrating its 92nd anniversary since launch), "Putchin Pudding," "Café au Lait," and "Almond Effect." It also has a track record of international brand expansion, having marketed "Mikado" in France since 1982. These brands form a stable demand base.
R&D expenses for FY2025 (ending December 2025) totaled ¥6,016 million. The company holds a library of approximately 6,000 material types and roughly 10,000 microbial strains, and has continuously produced advanced research achievements in the food domain, including Japan's first patent for cellular senescence removal (senolysis) technology, the discovery of the immunomodulatory lactic acid bacterium strain GCL1815, and research on short-chain fatty acids using the bifidobacterium strain GCL2505.
At the end of FY2025 (ending December 2025), the equity ratio stood at 70.5%, total net assets were ¥278,532 million, and cash and cash equivalents at period-end were ¥64,737 million. Reliance on interest-bearing debt is low, and operating cash flow improved significantly year on year to ¥27,279 million. The introduction of a TMS (treasury management system) has centralized management of surplus funds, enhancing capital efficiency and securing financial capacity for growth investment.
ENVALITH's Perspective
Performance Trend
For Q1 of FY2026 (ending December 2026), net sales were ¥85,277 million (up 10.3% year-on-year), operating profit was ¥3,697 million (up 40.7%), ordinary profit was ¥4,958 million (up 35.5%), and quarterly profit attributable to owners of parent was ¥3,583 million (up 46.0%), marking a substantial improvement across all metrics. The full-year forecast (net sales of ¥380,000 million, operating profit of ¥14,000 million) projects year-on-year increases of +5.1% and +60.2% respectively in revenue and profit. Looking at the trend over the past five fiscal periods, performance was sluggish in FY2025 with net sales of ¥361,390 million and operating profit of ¥8,736 million, but FY2026 (ending December 2026) has entered a phase of improving profitability, driven by the rapid expansion of overseas operations (Q1 net sales up 26.9%) combined with recovery from domestic chilled-product disruptions. While external factors such as rising raw material costs remain a headwind, the operating leverage effect from overseas revenue growth and subsidy income (¥851 million) boosted profit. The operating margin improved from 3.4% in the same period last year to 4.3%.
Growth Strategy
Entering an acceleration phase for FY2026-2027 built on three pillars: providing health value, concentrating research investment, and expanding overseas business
Promoting expanded sales of health-category products such as "Almond Effect" and focusing on the areas of pre-symptomatic disease prevention and functional foods. In Q1 FY2026 (ending December 2026), the health category achieved revenue growth of +29.0% year-on-year, confirming the effectiveness of the strategy.
Concentrating R&D resources on five areas: optimizing development and nutrition, supporting growth, enhancing athletic performance, improving brain function, and healthy aging. Continuing to promote the development and launch of differentiated products based on scientific evidence.
Progress is being made with revenue growth in China (Q1 revenue on a management accounting basis +41.2%, operating profit +94.8%) and expanded sales in the United States (+9.5%). Building a European foundation is also underway through the establishment of Glico Europe B.V. Overseas business revenue in Q1 FY2026 (ending December 2026) expanded rapidly to ¥26,447 million (+26.9% year-on-year).
Continuing to normalize sales following the suspension of chilled product shipments caused by the 2024 system failure. The fermented milk category within the Dairy business recovered significantly, up +21.7% year-on-year. The provision for product recall-related expenses decreased from ¥1,030 million at the end of the previous fiscal year to ¥449 million, indicating that one-time costs are steadily falling away.
Last updated: July 17, 2026