Okamura Foods Co.,Ltd.
2938・Standard Market・Foods
Business
Okamura Foods Co., Ltd. is a marine products company that operates under the Mission of "continuing to deliver the ocean's bounty to people around the world without depletion," conducting four businesses: aquaculture, domestic processing, overseas processing, and overseas wholesale. The company operates European aquaculture through its Danish subsidiary Musholm A/S, domestic aquaculture through Nippon Salmon Farm in Aomori Prefecture, processing bases in Myanmar and Vietnam, and wholesale bases in Singapore, Malaysia, Taiwan, and Thailand, globally developing a vertically integrated business centered on salmon from upstream to downstream. The company listed on the Standard Market of the Tokyo Stock Exchange in September 2023. Consolidated net sales for FY2025 (ending June 2025) were ¥35,345 million.
Business Model
The company secures a stable supply of raw materials through its own aquaculture operations in Denmark and Aomori, adds value at processing bases in Japan and overseas, and sells to the Asian market, where demand for Japanese food is strong, through a wholesale network spanning four bases in Southeast Asia. This intra-group vertical integration reduces exposure to external market price fluctuations while accumulating profit at each stage of the process. The aquaculture segment achieves a relatively high segment profit margin of approximately 13.4%, while the domestic processing segment achieves 12.5%.
Company Strengths
In 2005, the company acquired Musholm A/S of Denmark, obtaining world-class aquaculture know-how. Leveraging this technology, it established Nippon Salmon Farm in Aomori Prefecture in 2017, achieving domestic farmed salmon output of 3,476 tons in FY2025 (ended June 2025), an increase of 784 tons year-on-year. The company has also obtained ASC certification, differentiating itself in terms of sustainability as well.
The company has built a vertically integrated model that completes aquaculture, processing, and wholesale entirely within the group. Internal raw material supply within the group mitigates the impact of external market price fluctuations while accumulating profit at each stage. In FY2025 (ended June 2025), total segment profit across the four segments reached ¥5,058 million (before adjustments), reflecting effective mutual complementarity among the multiple businesses.
The company operates wholesale subsidiaries in Singapore, Malaysia, Taiwan, and Thailand, directly capturing the expanding Asian market amid the Japanese food boom. In Singapore, it maintains its own ultra-low-temperature warehouse (-60°C), and in Malaysia, a halal-compliant warehouse. In FY2025 (ended June 2025), overseas wholesale segment sales reached ¥11,044 million (124.5% of the prior-year level), continuing high growth.
ENVALITH's Perspective
Performance Trend
For the cumulative nine months of FY2026 (ending June 2026) (July 2025 – March 2026), net sales were ¥28,722 million (up 13.4% year-on-year), operating profit was ¥2,851 million (up 27.7% year-on-year), ordinary profit was ¥3,101 million (up 45.9% year-on-year), and quarterly net profit attributable to owners of the parent was ¥2,111 million (up 32.9% year-on-year), representing substantial profit growth at every income level. As an external factor, the rise in fish roe market prices due to the poor autumn salmon catch in Hokkaido boosted profits in the domestic processing business (segment profit margin of 21.0%), while robust economic demand in Southeast Asia drove expansion of the overseas wholesale business (net sales up 27.5% year-on-year). The recording of a foreign exchange gain of ¥363 million also contributed to the increase in ordinary profit. Looking at net sales trends over the past five periods (FY2023: ¥28,939 million → FY2024: ¥32,665 million → FY2025: ¥35,345 million → cumulative 3Q FY2026: ¥28,722 million) and the full-year forecast of ¥39,035 million (up 10.4% year-on-year), the trend of revenue growth continues. There has been no change to the full-year earnings forecast, and progress through the cumulative 3Q stood at 73.6% for net sales and 74.8% for operating profit, generally on track.
Growth Strategy
Medium-Term Management Targets 2030 built on two pillars: a domestic aquaculture volume target of 12,000 tons and expansion of Southeast Asian wholesale operations
The Company is strengthening cooperation with local governments to develop suitable aquaculture sites, establishing and expanding intermediate aquaculture farms (including the commencement of construction of the Tomarikawa Intermediate Aquaculture Farm), and promoting capital expenditure toward the introduction of new barges. In the third quarter of FY2026 (ending June 2026), capital expenditure progressed smoothly, and property, plant and equipment expanded to ¥12,652 million, an increase of ¥1,708 million from the end of the previous fiscal year.
Business expansion has continued against the backdrop of the growing Japanese food market in Southeast Asian countries. In the third quarter of FY2026 (ending June 2026), the Company newly consolidated OKAMURA TRADING (HONG KONG) COMPANY LIMITED, expanding its business area into Hong Kong. Cumulative overseas wholesale business revenue for the first nine months of FY2026 (ending June 2026) remained on a high-growth trajectory at ¥11,006 million (up 27.5% year on year).
Price increases are being implemented in response to rising foreign exchange rates and procurement prices, but the pace of price pass-through has not kept up, resulting in a decline in gross margin. Combined with higher personnel expenses from an increase in the number of employees, segment profit decreased 29.0% year on year. Recovery in sales volume and completion of price pass-through are key to improving profitability.
The Company is deepening its vertically integrated model, utilizing stable raw material supply from the aquaculture business across domestic processing, overseas processing, and overseas wholesale operations. Cumulative inter-segment internal revenue for the first nine months of FY2026 (ending June 2026) expanded to ¥8,301 million (up from ¥6,414 million in the same period of the previous fiscal year), reflecting the growing effect of integration.
Last updated: July 17, 2026