EAT&HOLDINGS Co.,Ltd
2882・Prime Market・Foods
Business
Eat & Holdings Co., Ltd. is a holding company for a combined food and restaurant group originating from "Osaka Ohsho," founded in 1969. In the food business, the company manufactures frozen gyoza and Chinese-style prepared dishes under the "Osaka Ohsho" brand at its own factories and sells them nationwide through co-ops, mass retailers, and e-commerce. In the restaurant business, centered on "Osaka Ohsho" (349 stores), the company operates 469 domestic and international stores across multiple formats including franchise chains for ramen, bakery cafes, and tanmen noodle shops. The company also has subsidiaries in Taiwan, China, and the United States, and is pursuing global expansion. Of consolidated net sales of ¥37,335 million (FY2025, ending February 2025), the food business accounted for 57.5% and the restaurant business for 42.5%.
Business Model
The food products business generates sales revenue through wholesale, mass retail, and e-commerce channels, underpinned by high in-house production ratios at its own factories (Gunma and Osaka). The restaurant business operates a model in which ingredients are centrally produced at a central kitchen and supplied to directly-operated and franchise stores, accumulating revenue from franchise fees, royalties, and ingredient supply. Both businesses share the "Osaka Ohsho" brand, creating a synergistic structure in which recognition of the frozen foods boosts restaurant customer traffic, while the restaurant business's store expansion in turn enhances recognition of the frozen foods.
Company Strengths
Frozen food and the restaurant chain share the same brand, and continuous national TV commercial airings mutually reinforce brand recognition. In August 2024, a new commercial talent was engaged and national TV commercials were aired. The company has achieved both an expansion of share in the frozen gyoza market and a recovery in existing-store sales at its restaurants.
The company owns the Kanto No.1, No.2, and No.3 plants in Itakura Town, Gunma Prefecture, and the Kansai plant in Hirakata City, Osaka Prefecture, securing an annual production volume of 37,867 tons (FY2025, ending February 2025). It continues capital investment such as introducing a hybrid production line at the Kanto No.3 plant, maintaining a high in-house production ratio.
Stable operation of the central kitchen in Hanyu City, Saitama Prefecture is accelerating dominant store openings in the Kanto region. The cooking robot "I-Robo" has been introduced mainly at directly managed stores, improving store operation efficiency. Restaurant segment profit achieved a significant improvement, rising 82.2% year on year to ¥510 million (FY2025, ending February 2025).
ENVALITH's Perspective
Performance Trend
Revenue grew for five consecutive periods, from ¥30,881 million in FY2022 to ¥40,456 million in FY2026. In Q1 of FY2027 (ending February 2027), revenue was ¥10,378 million (up 2.6% year on year), maintaining the growth trend. On the profit side, operating profit rose sharply to ¥570 million (up 137.6% year on year), ordinary profit to ¥560 million (up 128.4%), and quarterly net income attributable to owners of the parent to ¥306 million (up 123.5%). These improvements were driven by a lower cost of sales ratio (reflecting productivity gains at in-house factories) and restrained SG&A expenses. External factors such as year-on-year growth in the frozen food market and higher average customer spending due to price revisions in the restaurant market provided tailwinds, while soaring raw material, logistics, and energy costs remained an ongoing cost pressure. The full-year earnings forecast has been revised upward to revenue of ¥43,000 million (up 6.3% year on year) and operating profit of ¥1,250 million (up 9.4%).
Growth Strategy
Pursuing qualitative improvement of the earnings base through three pillars: plant capacity expansion, price revisions, and overseas expansion
The new Kyushu plant is under construction in Miyakonojo City, Miyazaki Prefecture. The company aims to expand production capacity in the West Japan area and geographically diversify supply bases, targeting logistics cost reduction and the establishment of a stable supply system. Construction in progress has accumulated to ¥4,768 million, and investment is proceeding smoothly.
In response to rising raw material, materials, and logistics costs, the company plans to implement price revisions of 5%-15% in the gyoza category, including Frozen Gyoza (Pan-fried Gyoza, Boiled Gyoza, etc.), effective for deliveries from September 1, 2026. The company aims to improve the Food Business profit margin through price pass-through backed by brand strength.
Against the backdrop of stable operation of the central kitchen in Koshu City, Yamanashi Prefecture, R Baker (Bakery & Cafe) has achieved significant growth in both sales and profit. The company is promoting improvement in the profitability of the Restaurant Business as a whole by horizontally expanding the central kitchen model, which achieves quality uniformity and cost reduction.
In May 2026, the first North American Osaka Ohsho store, "OSAKA OHSHO GYOZA & TAPAS," opened in Los Angeles. As of the end of the first quarter, the company operated 33 stores overseas (9 directly managed, 24 franchised). The company is actively promoting overseas franchise expansion centered on Taiwan, East Asia, and North America, aiming to establish a global brand.
Opus Co., Ltd., which has grown in importance, was added to the scope of consolidation from the first quarter of FY2027 (ending February 2027). Goodwill of ¥325 million was recorded. This contributes to expanding the sales and profit base of the Food Business segment and strengthening the product lineup beyond the Chinese food category.
Last updated: July 17, 2026