Oisix's quarterly numbers look contradictory until you split them apart. Sales for the three months to June fell 8.6% year-on-year to ¥60.68bn, but operating profit rose 23.6% to ¥2.27bn and net profit attributable to parent jumped 71.7% to ¥1.29bn.
| Metric | Year-earlier Q1 | Current Q1 | YoY change |
|---|---|---|---|
| Net sales | ¥66.42bn | ¥60.68bn | -8.6% |
| Operating profit | ¥1.84bn | ¥2.27bn | +23.6% |
| Net profit attributable to parent | ¥750mn | ¥1.29bn | +71.7% |
| EBITDA | ¥3.36bn | ¥3.37bn | +0.5% |
The sales drop is mostly an accounting artefact: Oisix sold its vehicle-management business in October 2025, and that unit contributed roughly ¥7.3bn of sales and ¥600mn of operating profit in the year-earlier quarter. Strip it out, and sales actually rose 3% and operating profit rose 81%.
The operating-profit gain traces to one segment: B2B foodservice, the subscription catering business anchored by SHiDAX, which Oisix folded fully into the group in September 2025 after first bringing it into the group in January 2024. Segment EBITDA rose to ¥1.08bn from ¥306mn a year earlier, a 253% increase, and its EBITDA margin improved to 4.8% from roughly 1.4%. Management credits standardized kitchen operations and price adjustments for absorbing higher food and labour costs. Corporate and systems integration between Oisix and SHiDAX's operations is nearly finished, targeting cost savings in the hundreds of millions of yen within the current fiscal year; the next phase covers logistics and manufacturing, including shared delivery routes and use of Oisix's own factories to cut costs. Separately, two SHiDAX foodservice subsidiaries were merged into one on July 1, and Oisix plans to absorb a foodservice holding subsidiary in September, writing off ¥19.06bn in intercompany loans, a move with no consolidated impact since it nets out on consolidation.
The tax story is distinct from the profit story, and worth keeping separate. Reorganization following the SHiDAX consolidation has structurally lowered Oisix's effective tax rate, expected near 40% this fiscal year against 38.1% last year, settling in the 30s over the medium term. That tax reduction, not the operating-profit gain, is what let Oisix lift its full-year net profit forecast to ¥5.21bn (+15.1%) and its earnings-per-share guide to ¥150 from an initial ¥132.4, alongside raising the full-year dividend forecast to ¥30 per share from ¥20 last year. The full-year sales and operating-profit forecasts remain at ¥252bn (+0.2%) and ¥8.7bn (+18.5%), unchanged since the August 3 upward revision.
On the ground, Oisix's new complete-meal product line for elderly-care facilities, rolled out fully in April, was sampled at roughly 1,500 facilities; 95% rated it favourably, and about half said they were considering switching to it for next year.