HOSHIZAKI CORPORATION
6465・Prime Market・Machinery
Business
Hoshizaki Corporation is a global group centered on foodservice equipment such as Ice Makers, Refrigerators, Dishwashers, and Beverage Dispensers, comprising the company itself, 61 consolidated subsidiaries, and 1 affiliated company. The group operates across four segments—Japan, Americas, Europe, and Asia—and recorded consolidated net sales of ¥485,890 million for FY2025 (ending December 2025). Domestically, the company has established a direct sales and maintenance service system through 15 regional sales companies, while overseas it primarily uses distributor-based sales, with wide-ranging operations across North America, Europe, India, Southeast Asia, China, and other regions. In addition to its main customer base in the foodservice industry, including restaurants, hotels, and supermarkets, the company is also actively expanding into non-foodservice markets such as distribution and processing businesses.
Business Model
A vertically integrated business model that handles everything from product planning to R&D, manufacturing, sales, and after-sales service. In Japan, the company builds long-term customer relationships through a regionally focused direct sales structure and accumulates stock-type revenue through Maintenance & Repair Services. Overseas, it leverages distributor networks while accelerating market penetration through M&A to acquire local manufacturing and sales bases. The company maintains a highly profitable structure with a gross profit margin of 37.3% and an adjusted operating profit margin of 12.6% (¥61,094 million).
Company Strengths
In Japan, Hoshizaki Tokyo Corporation and 14 other regional sales companies cover the entire country, providing direct sales through sales offices and prompt after-sales service. In FY2025 (ending December 2025), the Japan segment recorded net sales of ¥226,739 million and a segment profit margin of 13.0%. The high proportion of direct sales contributes to deeper customer relationships and stable earnings.
The company has established a four-region structure with manufacturing and sales bases in the Americas, Europe, and Asia. Starting with the acquisition of LANCER CORPORATION in 2006, it went on to acquire Brema Group (Italy) in 2022 and Structural Concepts Corporation (US) and ASIA REFRIGERATION INDUSTRY (Vietnam) in 2025, among others, continuously expanding its product lineup and geographic coverage.
In FY2025 (ending December 2025), the company completed and expanded the conversion to natural refrigerants (non-fluorocarbon) for its core product groups including Ice Makers, Refrigerators, and Dispensers, reducing GWP by approximately 99% compared to conventional products. It is promoting the development of products that comply with environmental regulations at all bases in Japan, the Americas, Europe, and Asia, and has largely completed proactive investments aimed at capitalizing on tightening regulations such as the F-Gas Regulation and the AIM Act as business opportunities.
ENVALITH's Perspective
Performance Trend
Revenue increased 77% over five years, from ¥274,419 million in FY2021 to ¥485,890 million in FY2025, and growth accelerated further in 1Q FY2026 (ending December 2026) to ¥135,552 million (up 14.7% year on year). On the other hand, the operating margin, which peaked at 11.6% in FY2023, declined to 10.7% in FY2025, and has yet to improve in 1Q FY2026 (ending December 2026) either, standing at 12.6% versus 13.0% in the same period a year earlier. External factors supporting revenue growth include the yen-boosting effect of yen depreciation on overseas sales when translated into yen (the foreign currency translation adjustment account improved by ¥5,065 million), as well as solid domestic capital expenditure demand driven by continued inbound tourism demand. A sharp increase in goodwill amortization expenses (up ¥1,478 million year on year) and expanding SG&A expenses (¥34,691 million, up 17.2% year on year) are constraining margin improvement. The full-year earnings forecast remains unchanged at revenue of ¥520,000 million (up 7.0% year on year) and operating profit of ¥55,600 million (up 7.1% year on year), with the first quarter progress rate of 26.1% for revenue and 30.6% for operating profit, indicating generally steady progress.
Growth Strategy
Sustained growth built on three pillars: expansion into Japan's non-restaurant foodservice market, early entry into overseas emerging markets, and leveraging M&A
Promoting sales expansion targeting non-restaurant foodservice markets such as distribution/retail, processing/sales, and accommodation facilities. In Q1 of FY2026 (ending March 2026), Japan segment sales were ¥63,243 million (up 7.1% year on year), achieving steady growth, with capital investment demand supported by continued inbound tourism demand contributing to this success.
In addition to expanding Refrigerators sales centered on India, the company continues to build out its sales network across Southeast Asian countries. In Q1 of FY2026 (ending March 2026), Asia segment sales were ¥23,289 million (up 15.6% year on year) with a segment profit margin of 18.5%, maintaining high growth and high profitability, confirming the effectiveness of the strategy.
The sales contribution from Americas companies acquired in the previous consolidated fiscal year (such as TECHNOLUX EQUIPMENT AND SUPPLY CORPORATION) has become apparent, with Americas sales achieving 30.1% growth. However, goodwill amortization expenses associated with the acquisitions (¥1,423 million in Americas) are weighing on reported profit, making early realization of integration synergies a challenge.
Based on a resolution by the Board of Directors on February 13, 2026, the company acquired 1,286,100 shares of treasury stock (¥6,572 million) in Q1. The treasury stock balance at period-end reached ¥25,100 million, aiming to improve net assets per share and strengthen shareholder returns. The annual dividend forecast is maintained at ¥115 (unchanged from the previous fiscal year).
Last updated: July 17, 2026