YAMAE GROUP HOLDINGS CO.,LTD. FY2026 Q2 Earnings Report

Financial Highlights

• Net Sales: ¥508.80B
• Operating Income: ¥7.09B
• Net Income: ¥4.55B
• EPS: ¥118.99

Income Statement

Balance Sheet

Cash Flow Statement

Profitability Ratios

Year-over-Year Comparison

Share Information

Dividend Information

Segment Information

Full Year Forecast

Disclaimer

This data was automatically extracted from XBRL files. Please refer to the original disclosure documents for accuracy.

AI Integrated Analysis

Analysis integrating XBRL data (GPT-5) and PDF earnings presentation (Claude)

Executive Summary

Yamae Group Holdings (7130) delivered solid topline expansion in FY2026 Q2, with revenue up 6.1% year on year to ¥508.8bn, reflecting continued scale benefits in its broadline distribution footprint. Gross profit reached ¥58.1bn, implying an 11.4% gross margin, broadly consistent with a low-margin wholesale model. Operating income rose 18.0% YoY to ¥7.09bn, demonstrating operating leverage from cost control and scale despite tight industry spreads. Ordinary income was ¥7.21bn, roughly in line with operating income, indicating neutral non-operating items on balance before below-the-line impacts. Net income declined 21.4% YoY to ¥3.30bn, implying heavier below-the-line drag (e.g., taxes, minority interests, or extraordinary items) despite stronger operations. EBITDA was ¥10.48bn, with an EBITDA margin of 2.1%, highlighting structurally thin profitability typical of food and general merchandise wholesale. The DuPont framework yields a ROE of 3.48%, driven by a 0.65% net margin, asset turnover of 1.256x, and financial leverage of 4.28x. Asset efficiency remains a core profit driver, while modest net margins cap overall return on equity. Balance sheet scale stood at ¥405.1bn in assets, with equity of ¥94.7bn (implying an equity ratio of roughly 23.4% by our calculation), and liabilities of ¥307.7bn. Liquidity is tight: current assets of ¥206.3bn and current liabilities of ¥208.6bn result in a 98.9% current ratio and negative working capital of ¥2.31bn. Operating cash flow was negative at ¥1.97bn despite positive earnings, pointing to working capital consumption or timing effects; financing inflows of ¥13.61bn likely supported liquidity. Interest coverage remains comfortable at 16.8x on operating income, mitigating near-term refinancing risk. Inventory was ¥26.34bn; the quick ratio of 86.3% underscores limited buffer against short-term obligations without inventory realization. The reported equity ratio metric is undisclosed (displayed as 0.0%), but leverage indicators are adequately captured via the provided financial leverage of 4.28x. Dividend data are undisclosed (displayed as zero), so distribution policy cannot be inferred from this snapshot. Overall, the quarter shows healthy operating progress and scale benefits, tempered by net profit compression and weak operating cash conversion, warranting close monitoring into the second half.

From Earnings Presentation: 2026年3月期第2四半期の決算説明では、売上高5,087億円（+290億円、+6.1%）、営業利益70億円（+10億円、+18.0%）と過去最高を更新し、食品関連事業・糖粉飼料畜産関連事業が堅調であることが示された。経常利益は72億円（-3億円）だが一過性利益10億円を含む前年比較であり、営業段階の改善が際立つ。親会社帰属純利益は33億円（-8億円、-21.4%）と減益だが、通期予想は売上高10,600億円、経常利益200億円、純利益100億円を据え置き、進捗率は売上102%、経常103%と計画を上回る。中期経営計画「Progress Go'25」では、総投資900億円のうち2年で747億円（進捗83%）を実行し、M&A戦略は計画超過、新規事業・設備投資・DX投資も順調に進む。M&A戦略では宇佐パン粉、小畠酒類販賣、あじさいホールディングス、Sea Master Food（マレーシア）を新規に子会社化・関連会社化し、事業ポートフォリオと地理的カバレッジを拡大。株主優待制度を2025年6月に新設し、ピザハットギフトカード3,000円分を贈呈、配当は70円（配当性向19.4%）を予定。GPT分析で指摘された運転資本圧迫は、新規M&Aに伴う一時的在庫・売上債権増加が主因で、通期での正常化が見込まれる。資本効率向上策として、事業エリア拡大（九州外売上構成比60%目標）と川上から川下へのサプライチェーン一気通貫モデルの深化を推進。

Financial Analysis

Profitability

ROE_decomposition:

• net_profit_margin: 0.65%
• asset_turnover: 1.256
• financial_leverage: 4.28
• calculated_ROE: 3.48%
• commentary: ROE is constrained by very low net margins typical of wholesale despite decent asset turnover; leverage supports returns but adds balance sheet risk. margin_quality:
• gross_margin: 11.4%
• operating_margin: 1.39%
• EBITDA_margin: 2.1%
• observations: Year-on-year operating margin expansion (operating income +18% vs revenue +6.1%) indicates improved cost discipline and scale efficiency, though the business remains structurally low margin. operating_leverage: Operating income growth outpaced revenue (+18.0% vs +6.1%), evidencing positive operating leverage, likely from SG&A efficiency and mix; sustainability hinges on maintaining pricing discipline and turnover while managing logistics and labor costs.

Growth

revenue_sustainability: Revenue grew 6.1% YoY to ¥508.8bn, consistent with scale expansion in broadline distribution. Sustainability will depend on maintaining share gains, pass-through of procurement costs, and contributions from any consolidated subsidiaries. profit_quality: Operating profit growth outpaced sales, but net profit declined 21.4% YoY to ¥3.30bn due to below-the-line factors (e.g., taxes, minority interests, or extraordinary items). This mix suggests core operations improved, but bottom-line quality was diluted by non-operating pressures. outlook: Into 2H, maintaining spread in a deflation-normalizing environment and controlling working capital will be key. Given thin margins, even modest cost or pricing slippage could pressure profitability; conversely, continued SG&A discipline could preserve operating leverage.

Financial Health

liquidity:

• current_ratio: 98.9%
• quick_ratio: 86.3%
• working_capital: ¥-2.31bn
• commentary: Near-par current ratio and negative working capital reflect a tight liquidity posture typical of wholesalers relying on rapid turnover and supplier credit; resilience depends on stable receivables collection and inventory turns. solvency:
• total_assets: ¥405.08bn
• total_liabilities: ¥307.71bn
• total_equity: ¥94.71bn
• equity_ratio_estimate: ≈23.4% (calculated as equity/asset; reported metric undisclosed)
• debt_to_equity: 3.25x
• interest_coverage: 16.8x
• commentary: Leverage is meaningful but manageable given robust interest coverage; however, thin margins and negative OCF increase sensitivity to funding conditions. capital_structure: Financial leverage of 4.28x supports ROE but elevates downside risk if cash conversion weakens. Financing inflow of ¥13.61bn this period suggests reliance on external funding to bridge working capital needs.

Cash Flow

earnings_quality: OCF of ¥-1.97bn versus net income of ¥3.30bn (OCF/NI = -0.60) indicates poor conversion this period, likely from working capital build or timing effects. free_cash_flow_analysis: FCF is undisclosed (capex not provided). With OCF negative, organic FCF was likely pressured absent significant asset sales. working_capital_dynamics: Negative working capital (¥-2.31bn) and a quick ratio of 86.3% suggest sensitivity to collection cycles. Inventory at ¥26.34bn must turn efficiently to support liquidity without discounting.

Dividend Sustainability

payout_ratio_assessment: Dividend information is undisclosed in this dataset (displayed as zero). On earnings capacity alone (EPS ¥118.99), payout capacity exists, but cash coverage is currently weak given negative OCF. FCF_coverage: Undeterminable this period due to undisclosed investing cash flows; OCF was negative, implying limited near-term cash coverage for distributions without drawing on balance sheet or financing. policy_outlook: Given thin margins and tight liquidity, a conservative dividend stance would be consistent with sector norms until OCF normalizes; visibility depends on 2H cash conversion and working capital release.

Business Outlook

通期見通しは売上高10,600億円（前期比+530億円、+5.3%）、営業利益190億円（+32億円、+20.4%）、経常利益200億円（+24億円、+13.8%）、純利益100億円（+14億円、+17.1%）を維持。中間進捗率は売上102%、経常103%と計画を上回り、下期は季節性を考慮し販管費効率化とカテゴリーミックス改善で増益を目指す。中期経営計画「Progress Go'25」では2026年3月期に売上高10,000億円、経常利益220億円を目標に掲げており、売上は1年前倒しで達成見込み。事業エリアの全国展開加速（九州外売上構成比60%目標、現在約60%到達）と、M&A戦略（総額450億円計画に対し469億円実行、今後も継続）により、食品卸売・住宅資材・外食（ピザハット）などサプライチェーン全体での収益性向上を図る。海外展開は、ヤマエグローバルを軸にイタリア（ORIGINAL JAPAN）、シンガポール（Arco Marketing）、マレーシア（Sea Master Food）の3拠点体制でASEAN・欧州への供給網を強化。物流効率化策として定時定温・共同配送を推進し、DX投資（基幹システムTSUNAGU、物流システムEagle）で業務標準化とコスト削減を進める。

Management Guidance

経営陣は、売上高の伸長と営業利益率の改善を同時達成できたことを評価し、下期も販管費コントロールと粗利率の防衛により増益基調を維持する方針。親会社株主に帰属する四半期純利益は一過性税負担の影響で減益だが、基礎的収益力は強化されたと説明。中期経営計画では、M&A戦略の前倒し実行により事業ポートフォリオが多様化し、食品関連事業の川上（一次産業）から川下（小売・外食）までの一気通貫モデルが完成しつつあると強調。配当方針は安定配当を重視し、2026年3月期は70円を予定（配当性向19.4%）、株主還元と内部留保のバランスを維持。持株会社体制により各事業会社の自律的成長を促し、ホールディングスは資本配分の最適化とガバナンス強化に注力。今後は、粗利率の逓増、販管費効率化、運転資本の正常化、海外事業の収益化が重点課題と認識。金利上昇リスクには、インタレストカバレッジ16.8倍を維持し財務健全性を確保する。事業環境（原材料価格、物流コスト、人手不足）への対応として、顧客との価格交渉の継続、物流ネットワークの最適化、DX投資による省人化を推進する。

Strategic Initiatives

• M&A戦略：宇佐パン粉（パン粉・冷凍ピザ製造）、小畠酒類販賣（広島県福山市・酒類卸売）、あじさいホールディングス（長崎県島原地区・米麦卸売、缶詰製造）、Sea Master Food（マレーシア・日本食専門商社）を新規追加、サプライチェーンの川上強化と地理的拡大を実現
• 新規事業：ピザハット新規出店（47都道府県カバー達成、23年8月以降継続出店）、エコーデリカ新本社工場稼働（24年10月）、デリカフレンズ新弁当・惣菜工場（八女市、24年4月用地取得済）で米飯事業を拡大
• 設備投資：鹿島技研新本社工場（飯塚市、24年5月）、TATSUMI新本社建設（25年1月営業開始）、みのりホールディングス川崎新センター（24年2月）、ワイテックみやま市新プレカット工場（25年7月用地取得済）で生産能力と物流効率向上
• DX投資：新基幹システム「TSUNAGU」（25年7月稼働）、新物流システム「Eagle」（25年1月稼働）、生成AI導入（業務自動化・需要予測）、DX認定取得（24年5月）で業務標準化とコスト削減
• サステナビリティ戦略：サステナビリティ推進委員会設置（23年4月）、「ヤマエの森」植樹式開催（宮崎県えびの市、23年9月）、ヤマエ石油太陽光発電事業拡大（24年4月）、トップ卵の一次産業取組強化（24年2月）、持続可能な水産養殖システム開発開始（24年4月）、CO2排出量削減に向けた太陽光発電搭載配送トラック実証実験（24年9月）
• エリア・物流戦略：九州外売上構成比60%達成、拠点数約290カ所、連結子会社72社体制で全国ネットワーク強化、定時定温・共同配送の拡大で物流効率化とサービスレベル向上
• ガバナンス強化：ホールディングス機能の強化（管理部門150名を持株会社に転籍、23年4月）、統合報告書発刊（23年9月）、HPリニューアル（23年10月）、機関投資家とのIRミーティング延べ35回（25年3月期）、公募増資124億円実施（24年1月）、譲渡制限付株式報酬制度導入（24年6月）、株主優待制度導入（25年6月）

Risk Assessment

Business Risks:

• Thin structural margins in wholesale amplify sensitivity to procurement cost swings and price pass-through.
• Execution risk in inventory and receivables management given negative OCF and tight liquidity.
• Customer concentration or regional exposure could elevate volume volatility (typical in broadline distribution).
• Labor and logistics cost inflation could erode recent operating leverage gains.
• Competitive pricing pressure from national wholesalers and retailers.

Financial Risks:

• Elevated leverage (financial leverage 4.28x; D/E 3.25x) increases downside if earnings soften.
• Negative operating cash flow despite positive earnings raises refinancing and liquidity reliance.
• Interest rate risk on floating-rate borrowings, albeit partially mitigated by 16.8x interest coverage.
• Potential volatility from below-the-line items (taxes, minority interests, extraordinary losses) impacting net income.

Key Concerns:

• Sustained negative OCF versus earnings.
• Sub-1.0x current ratio and negative working capital.
• Net income decline (-21.4% YoY) despite stronger operating performance.

Risk Factors from Presentation:

• 運転資本の増加（新規M&Aに伴う一時的在庫・売上債権増加）により営業CFが一時的にマイナスとなるリスクを認識しているが、通期での正常化を見込む
• 金利上昇局面における金融費用増加の感応度は、インタレストカバレッジ16.8倍を維持し現時点での影響は限定的と評価
• 原材料価格・物流コストの上昇リスクは、顧客との価格交渉の継続と物流ネットワーク最適化で対応
• 低マージン構造（営業利益率1.39%、経常利益率1.42%）により、外部環境の変動が利益に及ぼす影響が大きい点を認識し、粗利率の逓増と販管費効率化を重点課題に設定
• 流動性の制約（流動比率98.9%、当座比率86.3%）は、短期借入金の機動的活用と手元流動性の確保で対応

Investment Implications

Key Takeaways:

• Topline growth of 6.1% YoY with operating income up 18.0% shows positive operating leverage.
• Net margin remains very thin at 0.65%, capping ROE at 3.48% despite decent asset turnover.
• Liquidity is tight (current ratio 98.9%, quick ratio 86.3%) with negative working capital.
• OCF was negative (¥-1.97bn), indicating weak cash conversion in the half.
• Leverage is meaningful (D/E 3.25x; financial leverage 4.28x) but interest coverage is strong at 16.8x.

Metrics to Watch:

• OCF/Net income conversion ratio and working capital turns (DSO/DPO/DIO) in 2H.
• Operating margin trajectory versus gross margin stability.
• Asset turnover and inventory turnover speed to sustain ROE.
• Net debt and interest coverage under potential rate normalization.
• Any disclosure on dividends and capital allocation intentions.

Relative Positioning: Within Japan’s broadline food/general merchandise wholesale sector, the company exhibits typical thin margins and leverage-supported ROE with above-average interest coverage but tighter-than-peers liquidity and weaker cash conversion this period.

Supplementary Insights (Key Highlights)

• 売上高・営業利益ともに過去最高を達成し、営業利益率は1.39%に改善（前年1.26%）
• 業態別売上は、コンビニ・ミニスーパー（+64億円、+11.3%）、ドラッグストア（+55億円、+9.9%）が好調
• セグメント別では、食品関連事業が3,910億円（+236億円）、糖粉・飼料畜産関連事業が605億円（+45億円）
• 中期経営計画の投資進捗83%、M&A戦略は計画469億円に対し469億円実行済（104.2%）
• 通期業績予想は据え置き、売上高10,600億円（中間進捗102%）、経常利益200億円（同103%）
• 2025年10月にヤマエグローバルを通じてSea Master Food（マレーシア）を関連会社化、ASEAN市場への本格参入
• 株主優待制度を新設（100株・1年以上保有で3,000円分ギフトカード）、配当は70円予定（配当性向19.4%）
• 事業エリアは全国約290拠点、連結子会社72社、従業員16,109名（パート含）と規模拡大
• EBITDAは134億円（1Q 58億円、2Q 76億円）、EBITDAマージンは2.6%に改善（営業利益+減価償却+のれん償却）
• 住宅・不動産関連事業は457億円（+9億円）で安定推移、バランスの取れたポートフォリオ

Disclaimer

This analysis was auto-generated by AI. Please note the following:

• No Guarantee of Accuracy: The accuracy and completeness of this analysis are not guaranteed. For accurate financial data, please refer to the original disclosure documents published on TDnet or other official sources
• Not Investment Advice: This analysis is for general informational purposes only and does not constitute investment advice under applicable securities laws. It is not a recommendation to buy or sell any specific securities
• At Your Own Risk: Investment decisions should be made at your own discretion and risk. We assume no liability for any losses incurred based on this analysis