Umios Corporation reported first-half operating profit of ¥14.4bn, down 23.4% from a year earlier, on sales of ¥569.3bn, up 6.1%. Profit attributable to owners fell 44.0% to ¥7.0bn. The company left its full-year forecast untouched: sales of ¥1.11tn, operating profit of ¥32.0bn and net profit of ¥15.0bn.
In its results presentation, Umios said operating profit was slightly below its first-half plan and that risk to its full-year target had "materialised" in domestic aquaculture and domestic processed food. It cited a valuation loss in aquaculture tied to feed costs and rising costs in processed food. First-half operating profit stood at 44.9% of the full-year plan.
The High Liner deal is signed, not closed
The results note describes the High Liner purchase as a subsequent event. Umios's board decided on 26 October 2026 to buy 100% of High Liner Foods Incorporated through a new holding company, and the two companies signed an arrangement agreement that day. The consideration is cash of about C$804mn, or about ¥89.1bn at ¥110.86 per Canadian dollar as of 30 September.
The deal uses a Nova Scotia plan of arrangement, which needs approval from High Liner's shareholders, court approval and satisfaction of other conditions. Closing is expected in January 2027. Acquisition-related costs, goodwill and the acquired assets and liabilities are not yet determined. Umios's earlier Tokyo Brief coverage is here: Earlier Tokyo Brief coverage.
Balance sheet before the deal
The presentation shows interest-bearing debt of ¥328.0bn at the end of September, against ¥306.9bn at the end of March, and a net debt-to-equity ratio of 1.1 times, from 1.0 times. Operating cash flow was an outflow of ¥14.7bn, which Umios attributed mainly to higher inventories and lower pre-tax profit.