TIEMCO LTD.
7501・Standard Market・Wholesale Trade
Fishing Business
Fishing tackle-focused segment responsible for the planning, development, and sale of fly fishing and lure products
| Period | Current | Previous | Change |
|---|---|---|---|
| Revenue (H1 FY2026, ending November 2026) | ¥572 million | ¥461 million (H1 FY2025, ending November 2025) | ↑ |
| Segment profit (operating income) (H1 FY2026, ending November 2026) | ¥41 million | ¥22 million (H1 FY2025, ending November 2025) | ↑ |
| Revenue YoY change | +24.2% | ― | ↑ |
| Segment profit YoY change | +81.7% | ― | ↑ |
| Revenue (full year FY2025, ending November 2025) | ¥856 million | ― | ↑ |
| Segment profit/loss (full year FY2025, ending November 2025) | -¥2 million | ― | ↓ |
Business Details
The Fishing Business plans, develops, imports/exports, and sells Fly Fishing Products (fly hooks, fly rods, etc.) and Lure Products (lures, rods, etc.). While domestic wholesale remains the core focus, the company is also emphasizing overseas exports (mainly in the fly fishing area). Amid a severe market environment in which consumers' penny-pinching mindset stemming from inflation is directly hitting sales of higher-priced products, strong domestic and overseas lure sales and robust Bear Spray sales drove an increase in revenue and a return to profitability in the first half of FY2026 (ending November 2026).
Recent Overview
H1 FY2026 revenue rose sharply to ¥572 million with segment profit of ¥41 million
In H1 FY2026 (December 2025 to May 2026), the Fishing Business achieved revenue of ¥572 million (up 24.2% year on year) and segment profit of ¥41 million (up 81.7% year on year), marking a substantial increase in both revenue and profit. This was driven by strong domestic and overseas lure sales and continued strong sales of Bear Spray. On the other hand, sluggish sales of higher-priced rods and lost sales opportunities due to stockouts of some floatant products occurred, and the impact of penny-pinching consumer sentiment amid inflation continues to linger.
Key Products
Growth Drivers
- Continued strong sales of Bear Spray (launched in May 2025)
- Robust sales trends for lures (artificial bait) both domestically and in exports
- Recovery trend in the fly fishing products market as the fishing season progresses
- Establishment of an independent export function to strengthen overseas expansion (from December 2025)
- Acquisition of new users through strengthening the e-commerce segment and content marketing
- Response to global expansion and digital transformation (DX) promoted by the new largest shareholder, Kenka Synergy Investment Business Limited Partnership
Risks
- Penny-pinching consumer sentiment amid inflation is directly hitting sales of higher-priced products (rods, etc.)
- Downward pressure on gross margin due to yen depreciation and rising procurement costs
- Lost sales opportunities due to stockouts of certain products (floatant, etc.)
- Risk of sluggish growth in exports of fly hooks and other products due to US tariff policy
- Weather and environmental factors such as record heat waves and increased bear attacks leading to reduced fishing activity
- Market environment in which the adjustment of distribution inventory has not been fully resolved
- Full-year earnings forecast has been withdrawn, and the timing and scale of costs associated with global expansion and DX are uncertain
Last updated: February 26, 2026