ENVALITH
伊藤ハム米久ホールディングス株式会社 logo

ITOHAM YONEKYU HOLDINGS INC.

2296・Prime Market・Foods

Official website
伊藤ハム米久ホールディングス株式会社 logo
ITOHAM YONEKYU HOLDINGS INC.2296

Business

Itoham Yonekyu Holdings is a holding company established in 2016 through the business integration of Itoham Foods and Yonekyu Corporation. The group comprises the company itself, 52 subsidiaries, and 9 affiliates, with two core businesses: processed foods (ham, sausages, and prepared processed foods) and meat (domestic and overseas meat production and sales). Domestically, it operates both the Itoham and Yonekyu brands, while overseas it sells beef and lamb to North America and Europe through ANZCO FOODS LTD. of New Zealand. Consolidated net sales for FY2026 (ending March 2026) reached ¥1,071,381 million, with the meat business accounting for approximately 63% of net sales.

Business Model

In the processed foods business, the company manufactures ham, sausages, and similar products at its own factories for sale through household and commercial channels. In the meat business, it handles the domestic pig and chicken business from production through wholesale on an integrated basis, while overseas, ANZCO FOODS integrates operations from ranches to export sales. Profit margins are managed through price revisions, cost reductions, and enhanced risk management, and group funds are centrally managed through a cash management system.

Company Strengths

The company owns two highly recognized domestic brands, Itoham and Yonekyu, and has built a nationwide sales network through its eastern and western sales subsidiaries, Itoham Sales and Itoham Meat Sales. It continues to pursue market share expansion by strengthening the brand power of its mainstay household products and running consumer campaigns.

Through ANZCO FOODS LTD. of New Zealand, made a wholly owned subsidiary in 2017, the company holds sales networks for beef exports to North America and lamb exports to Europe. In FY2026 (ending March 2026), improved profitability at ANZCO contributed significantly to an 84.3% increase in operating income in the meat business, achieving revenue diversification not dependent on domestic operations.

Capital expenditures of ¥28,573 million were made in FY2026 (ending March 2026). In the processed foods business, a new plant is under construction in Mishima City, Shizuoka Prefecture (scheduled to begin operations in the second half of FY2026), with an investment of ¥20,072 million, while ¥7,529 million was also invested in the meat business. The company aims to strengthen its medium- to long-term cost competitiveness through continued capacity expansion and rationalization.

ENVALITH's Perspective

Operating profit for FY2026 (ending March 2026) reached ¥28,456 million (up 45.4% year on year), and profit attributable to owners of parent came to ¥20,225 million (up 54.4%), recovering to the highest level since FY2022 (ended March 2022). Ordinary income in the meat business surged 84.3%, driving the results. However, this includes a temporary factor from Anzco Foods' change in fiscal year-end (resulting in a 15-month reporting period), so the underlying profit level needs careful assessment.

The processed foods business posted revenue of ¥398,553 million (down 0.6% year on year) and ordinary income of ¥9,410 million (down 3.1%), reflecting a decline in both revenue and profit. In addition to sluggish sales volume driven by consumers' thrift-oriented spending, rising raw material costs and logistics unit costs are squeezing profitability. The FY2027 (ending March 2027) forecast remains conservative, projecting revenue of ¥1,040,000 million (down 2.9% year on year) and operating profit of ¥27,000 million (down 5.1%), making recovery in the processed foods business key to overall performance.

The annual dividend for FY2026 (ending March 2026), including a commemorative dividend, reached an exceptionally high ¥320 per share (payout ratio of 89.8%). On an ordinary dividend basis, it stood at ¥145 (DOE of 3.1%), and the policy of continuing progressive dividends toward the FY2027 (ending March 2027) forecast of ¥155 (targeting DOE of 3.2%) is commendable. On the other hand, against total dividend payments of ¥18,158 million, operating cash flow was only ¥13,663 million, warranting attention to the structure of funding dividends through increased borrowings.

Growth Strategy

Strengthening profitability and sustainable growth based on the Long-Term Management Strategy 2035 and Medium-Term Management Plan 2026

Continuing to improve profitability through enhanced risk management for domestic pork and chicken. Unification of Anzco Foods' fiscal year-end (to March) will improve the precision of consolidated management, positioning the profitability improvement of meat sales to North America and Europe as a sustainable growth driver.

Aiming to improve profitability by strengthening brand power and expanding market share for mainstay household products, and by promoting product turnover. Pursuing both price pass-through and internal cost reductions in response to rising raw material and logistics costs. Recovery of sales volume remains a challenge amid continued sluggish consumer demand.

Expenditure for acquisition of tangible fixed assets in FY2026 (ending March 2026) was ¥22,945 million (up 23.6% year on year), and construction in progress doubled to ¥19,246 million (from ¥9,470 million in the previous period), continuing aggressive investment. The company aims to strengthen competitiveness through production cost reductions and quality improvement.

Under the Medium-Term Management Plan 2026, the company has set a dividend policy targeting a DOE of 3.0% or higher and progressive dividends on ordinary dividends. The company achieved an ordinary dividend of ¥145 per share (DOE 3.1%) in FY2026 (ending March 2026), and plans ¥155 per share (DOE target of 3.2%) for FY2027 (ending March 2027).

Last updated: July 19, 2026