ENVALITH
六甲バター株式会社 logo

ROKKO BUTTER CO., LTD.

2266・Prime Market・Foods

Official website
六甲バター株式会社 logo
ROKKO BUTTER CO., LTD.2266

Business

Rokko Butter Co., Ltd. was founded in 1948 and began process cheese manufacturing in 1958, establishing itself as a food manufacturer. Cheese products under the "Q·B·B" brand constitute the core business, accounting for 97.2% of consolidated net sales, with the Kobe Plant and Nagano Plant serving as the main production sites supplying products to the domestic market. In November 2025, the company made Mitsuya Group, a nuts and bean snacks manufacturer, a wholly owned subsidiary, transitioning to a three-segment structure of Cheese, Nuts, and Other Foods. The main sales customer is Nippon Access, Inc., accounting for 48.9% of net sales. The company is also advancing overseas expansion through its Indonesian joint venture PT EMINA CHEESE INDONESIA and its Vietnamese subsidiary QBB ASIA COMPANY LIMITED. Listed on the Prime Market of the Tokyo Stock Exchange.

Business Model

The core business model manufactures most cheese products at in-house factories (Kobe and Nagano), with some production outsourced to external processors before sale. The company imports and procures raw cheese from overseas, generating earnings by processing it into process cheese and adding value. A price revision in April 2025 achieved higher unit prices. The nuts business established an integrated manufacturing-to-sales structure through the full consolidation of the Mitsuya Group as a wholly owned subsidiary. Against net sales of ¥43,293 million, operating profit was ¥1,435 million (operating margin of 3.3%).

Company Strengths

Since commencing processed cheese production in 1958, the company has created new food culture by developing and launching products such as the world's first stick cheese and Japan's first individually wrapped sliced cheese, establishing itself as a "development-led, dynamic enterprise." It has built the "Q・B・B" brand and stands as a major player in the domestic cheese market, boasting cheese business revenue of ¥42,102 million (97.2% of consolidated revenue).

The company obtained FSSC 22000 certification at its Nagano Plant (May 2019) and Kobe Plant (September 2020). It has also acquired ISO 9001 and ISO 14001 certifications at multiple sites, establishing a quality and safety management system based on international standards for food safety management systems. It has invested ¥352 million in research and development expenses, continuously working on new product development.

Since 1971, the company has maintained a comprehensive sales partnership with Mitsubishi Corporation, sustaining a stable sales channel for over 50 years. Sales to its major customer, Nippon Access, Inc., reached ¥21,185 million (48.9% of revenue), building a stable product supply system that leverages a nationwide food distribution network.

ENVALITH's Perspective

Q1 FY2026 (ending December 2026) results: net sales of ¥12,747 million, operating profit of ¥343 million, ordinary profit of ¥326 million, and quarterly net profit attributable to owners of the parent of ¥179 million. Amid continued external headwinds from surging raw material prices, the effect of the cheese product price revisions implemented in the previous fiscal year contributed to profitability improvement. Gross profit margin stood at 17.6% (gross profit of ¥2,245 million divided by net sales of ¥12,747 million), confirming the effect of price pass-through.

Full-year forecast calls for net sales of ¥55,000 million, operating profit of ¥2,300 million, ordinary profit of ¥2,200 million, and net profit of ¥1,500 million. Q1 operating profit of ¥343 million represents only 14.9% of the full-year forecast, and achieving the cumulative H1 forecast (operating profit of ¥1,100 million) would require an additional ¥757 million in the remaining quarter. External factors such as rising oil prices amid the prolonged Middle East conflict, concerns over rising inflation, and foreign exchange fluctuations remain uncertainties for performance, making progress monitoring important.

As of the end of March 2026, cash and deposits stood at ¥11,918 million (an increase of ¥6,833 million from ¥5,085 million at the end of the previous fiscal year), while accounts receivable stood at ¥12,713 million (a decrease of ¥6,291 million from ¥19,005 million at the end of the previous fiscal year). The substantial decrease in accounts receivable alongside the increase in cash appears to reflect the collection cycle from fiscal year-end into Q1. Meanwhile, short-term borrowings increased by ¥1,120 million to ¥7,876 million (from ¥6,756 million at the end of the previous fiscal year), and working capital trends warrant continued monitoring.

Growth Strategy

Expanding profitability through the addition of value to cheese products and the creation of synergies in the nuts business, based on the 'Medium-Term Management Plan 2027'

The effect of the price revisions for cheese products implemented in the previous consolidated fiscal year contributed to improved earnings in Q1 of FY2026 (ending December 2026). The company will continue to pursue demand stimulation measures for cheese products, aiming to expand sales volume while maintaining and improving profitability.

The company is advancing multiple synergy initiatives, including new market development and logistics efficiency improvements, with the three Mitsuya Group companies that became wholly owned subsidiaries in November 2025. In Q1 of FY2026 (ending December 2026), the nuts business recorded net sales of ¥2,889 million and segment profit of ¥118 million, with the full-scale contribution to full-year results progressing.

In response to the risks of surging raw material prices and unstable supply, the company is working to secure stable procurement of raw materials while continuing the stable operation of all production lines. It is strengthening its earnings base by promoting cost reduction, sales promotion, and improved production efficiency in an integrated manner.

Last updated: July 17, 2026