But while sales were up, profits were down. Consolidated net income was JPY 3.2 billion (USD 30.7 million, EUR 23 million), a year-on-year drop of 41.4 percent, and operating income declined by 11.4 percent, following on a decline of 27 percent the year before.
The declines were attributed to a massive frozen-foods recall, poor results from pollock operations, a weak yen, and early mortality syndrome (EMS) at its South East Asian shrimp farms.
Subsidiary Aqli Foods had to recall of 6.3 million packages of frozen pizzas, chicken nuggets, gratin and corn croquettes tainted with the pesticide malathion. A contracted worker has been indicted for the crime.
To take responsibility, the president of Maruha Nichiro Holdings resigned at the end of the fiscal year and the company was restructured under the new president. Maruha Nichiro Corp. merged with its parent, Maruha Nichiro Holdings, Inc., and with Maruha Nichiro Foods, Inc., Maruha Nichiro Meat and Products, Inc., Maruha Nichiro Management, Inc. and Aqli Foods Corp. The new company was listed on the First Section of the Tokyo Stock Exchange on 1 April under the name Maruha Nichiro Corp.
For pollock, production was cut on short supply and the price of roe and surimi fell as the weak yen hurt Japanese demand. Demand was also sluggish for frozen pollock fillets in the European market. The company has since switched from a 50/50 ratio of surimi to pinbone-out fillet blocks to a 60/40 ratio on an expectation of increased Korean surimi sales under a U.S.-Korea free-trade agreement.
About a third of its profits came from trading business, ironically helped by higher prices for shrimp due to shortages caused by EMS. Company officials are not optimistic about a resolution of the disease problem, but rather are planning to diversify operations in South East Asia to other species beyond skipjack and farmed shrimp.
Also helping the bottom line was a recovery in prices for Chile coho salmon. Offshore seine fishing performed well, and the company received better prices this year for its farmed yellowtail and bluefin tuna.
Another Japanese heavyweight, Nippon Suisan Kaisha (Nissui) reported sales of JPY 604 billion (USD 5.93 billion, EUR 4.4 million), up 6.6 percent from the previous year. Net income swung from a loss of JPY 4.7 billion (USD 46 million, EUR 33.8 million) to JPY 3.7 billion (USD 36 million, EUR 27 million) in the black, while operating income was up 139.8 percent following a 39.2 percent fall the previous fiscal year.
Income from the fishery business in Japan increased, as catches and sales of bonito and yellowtail were firm. European sales and income rose on higher prices and a widened sales area. The company sold off subsidiary Sealord’s unprofitable Argentinean fishing business, as well as two frozen food manufacturing companies, in Germany and China, leading to lower revenue but higher income.
The low yen made the company’s foreign earnings look better in yen terms, but increased the cost of imported materials, especially in frozen prepared foods for domestic sale.
In Japanese aquaculture, prices recovered and sales volumes increased for yellowtail, while volume increased but prices fell for bluefin. In South America, higher feed costs and disease losses for farmed salmon and trout were offset by a rise in fish prices.
Nissui was also hurt by lower North American pollock roe production and prices. Surimi and fillet production increased, but prices fell.
Kyokuyo Co., also headquartered in Tokyo, reported revenue of JPY 202.4 billion (USD 2 billion, EUR 1.5 billion), up 14.3 percent, and net income of JPY 1.8 billion (USD 7.9 million, EUR 13 million), a 64.9 percent increase.
Value-added sashimi products including sliced mackerel, salmon and shrimp were the main profit drivers, but the company expects to see a fall in profits from such luxury items after the sales tax hike that took effect this April, as consumers may resist higher prices.
Revenue in the frozen food segment rose 10.9 percent, as the company launched a new retail brand called “Sea Marche” in June 2013, but the weak yen increased costs while consumers resisted price increases, resulting in a 60 percent drop in the segment’s operating income.
(seafood.vasep.com.vn) The year 2025 marked a pivotal milestone for Vietnam’s seafood industry in its restructuring process toward sustainability, transparency, and higher value creation, amid continued uncertainties in the global economic and trade environment. Prolonged inflation in major economies, the rising trend of trade protectionism, and increasingly stringent requirements related to environmental standards, traceability, and social responsibility have posed significant challenges to seafood production and exports. Nevertheless, overcoming these pressures, Vietnam’s seafood sector has gradually demonstrated its adaptability, maintained growth momentum, and laid an important foundation for the next stage of development.
(seafood.vasep.com.vn) Amid the increasingly evident impacts of drought and saltwater intrusion, the shrimp-rice production model in Ca Mau province continues to prove itself as a viable direction, contributing to higher farmer incomes, improved soil conditions and the promotion of ecological and sustainable agricultural development.
(seafood.vasep.com.vn) The management of fishing vessels, monitoring of fishing activities, and handling of violations in the fisheries sector in Lam Dong province have continued to be implemented in a synchronized and stringent manner, contributing to raising awareness of legal compliance among fishermen and aiming to end illegal, unreported and unregulated (IUU) fishing.
(seafood.vasep.com.vn) Can Tho’s fishery industry sustained steady growth in 2025 with total aquatic and marine output reaching nearly 783,000 tons, fulfilling 100% of the annual target. Aquaculture, capture fisheries and fishing fleet management were further strengthened, aiming for sustainable development in the coming years.
(seafood.vasep.com.vn) In 2025, Vietnam’s pangasius export turnover reached nearly USD 2.2 billion, up 8% year-on-year. This result indicates that pangasius exports maintained their growth momentum despite significant volatility in the global market environment. In December 2025, pangasius export value reached USD 200 million, up 10% compared to December 2024. This solid performance in the final month of the year reflects increased import demand for consumption and inventory replenishment in key markets.
(seafood.vasep.com.vn) In 2025, Vietnam’s tuna exports to Spain experienced significant fluctuations. According to Vietnam Customs, during the first 11 months of 2025, export turnover for the first 11 months of the year edged up by 0.3% year-on-year, reaching nearly $15 million.
(seafood.vasep.com.vn) Deputy Prime Minister Bui Thanh Son has signed Decision No. 16/QD-TTg, dated January 5, 2026, approving the implementation plan for the Vietnam-Israel Free Trade Agreement (VIFTA). Under the plan, in the coming period, ministries, ministerial-level agencies, government-affiliated entities and People’s Committees of provinces and centrally-run cities must institutionalize and execute tasks focused on the dissemination of information regarding VIFTA and the Israeli market; legislative and institutional development, as well as enhancing competitiveness and human resource growth...
(seafood.vasep.com.vn) Beyond achieving double-digit growth, Vietnam’s fish cake and surimi exports are showing a notable year-end "inflection point": the EU his accelerating with nearly twofold growth, China & Hong Kong are rising sharply, while the largest market, South Korea, signaled a slowdown in November. According to Vietnam Customs data, export turnover of fish cake and surimi reached $327 million in the first 11 months of 2025, up 22% year-on-year; November 2025 alone accounted for $35 million, marking a 5% increase. This serves as a critical foundation for exporters to reassess market structures and competitive intensity while finalizing order strategies for 2026.
(seafood.vasep.com.vn) Ca Mau, widely regarded as the nation’s “shrimp capital”, continued its strong performance in 2025 as shrimp output reached nearly 600,000 tons, maintaining its position as Vietnam’s leading shrimp-producing locality.
(seafood.vasep.com.vn) On December 29, 2025, at the 2025 Pangasius Industry Review Conference held in Can Tho City, the Vietnam Pangasius Association announced that fingerling prices have surged to record levels due to acute supply shortages.
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