Overview
Foods

B-R 31 ICE CREAM CO.,LTD.

B-R 31 Ice Cream Co., Ltd. operates as the exclusive Japanese licensee of Baskin-Robbins, manufacturing and selling ice cream products and organizing/operating a franchise network of Baskin-Robbins (Thirty-One) retail stores across Japan. The company manufactures ice cream at two proprietary factories (Fuji Oyama and Kobe Miki), supplies products to franchisees including Fujiya Co., Ltd., and receives royalties on retail sales. As of 2025, the company operates over 1,500 sales points in Japan and has expanded internationally through a Hawaii-based subsidiary (31 Aikalima LLC) and ice cream exports to Indonesia and Taiwan.

Market Cap
¥39.1B
US$249M
EV
¥35.1B
US$224M
Stock¥4,060▲+0.12%
US$1 = ¥156.80 (2026-10-23)
LTM EV/EBITDA
9.0
x
LTM EV/EBIT
14.0
x
LTM PER
23.5
x
LTM PBR
2.4
x
Stock vs TOPIX (1Y, base=100)vs TOPIX ▼-23.2%pt
100
Oct 24, 25 – Oct 23, 26StockTOPIX
MC → EV Bridge
39.1BUS$249MMarket Cap1.87BUS$11.9M+ Debt5.93BUS$37.8M− Cash0.00BUS$0.00M− Inv. Sec.35.1BUS$224MEV
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Performance & Balance
Revenue 5Y (¥B)
19.4US$124M'21/1222.0US$141M'22/1224.8US$158M'23/1230.7US$196M'24/1234.3US$219M'25/12
EBITDA 5Y (¥B)
2.51US$16.0M'21/123.15US$20.1M'22/123.28US$20.9M'23/123.56US$22.7M'24/124.02US$25.7M'25/12
Net Income 5Y (¥B)
0.78US$4.96M'21/121.23US$7.86M'22/121.20US$7.66M'23/121.54US$9.84M'24/121.77US$11.3M'25/12
Capital Structure
90%
EquityD/E 0.12xDebt
Liquidity vs Debt 5Y (¥B)▲ Net Cash
CashInv. Sec.Debt
5.70US$36.4M1.20US$7.68M'21/125.80US$37.0M0.97US$6.21M'22/126.38US$40.7M0.74US$4.75M'23/128.03US$51.2M2.46US$15.7M'24/127.19US$45.9M2.03US$13.0M'25/12
Shareholders
Top 10 hold 75.6%
1
Dunkin' Brands International Holdings Limited (Standing Proxy: Sumitomo Mitsui Banking Corporation)
36.76%
2
Fujiya Co.,Ltd.
36.76%
3
JP MORGAN CHASE BANK (Standing Proxy: Mizuho Bank, Ltd.)
0.52%
4
UBS AG London A/C IPB Segregated Client Account (Standing Proxy: Citibank, N.A.)
0.34%
5
B-R 31 ICE CREAM CO.,LTD. Employee Stock Ownership Association
0.30%
6
JPMSLLC CLIENT ASSETS-SK JPY (Standing Proxy: Citibank, N.A.)
0.26%
7
JPMorgan Securities Japan Co., Ltd.
0.25%
8
Morgan Stanley MUFG Securities Co., Ltd.
0.18%
9
STATE STREET BANK AND TRUST COMPANY (Standing Proxy: Mizuho Bank, Ltd.)
0.14%
10
BNYM SA/NV BNYM GCM CLIENT ACCOUNTS M LSCB RD (Standing Proxy: MUFG Bank, Ltd.)
0.13%
Management
12 officers
John KIM
Representative Director, Chairman and President, CEO
Jul 2003 The Coca-Cola Company (U.S. Headquarters), Marketing Brand Manager Apr 2011 Japan McDonald's Holdings Co., Ltd., Executive Officer, Head of Marketing Jun 2014 Google, Executive Officer, YouTube Sales Strategy Nov 2017 BK Japan Holdings Co., Ltd., Representative Director, President and CEO Jun 2019 Dunkin' Brands, Inc., Vice President, International Asia Pacific Oct 2019 the Company, Senior Managing Executive Officer Mar 2020 the Company, Representative Director, Chairman and CEO Feb 2022 General Incorporated Association miraie, Representative Director (current) Mar 2022 the Company, Representative Director, Chairman and President, CEO (current) May 2025 Japan Franchise Association, Director (current)
1970-10-08
Kohei SHIRAI
Director, CFO
Apr 2000 J.P. Morgan Securities Co., Ltd., Tokyo Branch, joined Apr 2005 Integrated Finance Securities Co., Ltd., Tokyo Branch, Associate Oct 2006 AIG Japan Capital Investment K.K. (AIG Group), Manager Jan 2011 Amazon Japan K.K., Senior Program Manager Sep 2011 Japan McDonald's Co., Ltd., Finance Division, Manager Jan 2015 Japan McDonald's Co., Ltd., Finance Division, General Manager May 2018 Japan McDonald's Co., Ltd., Finance Division, Executive Officer Jan 2021 the Company, Executive Consultant Mar 2021 the Company, Senior Managing Executive Officer, Chief Financial Officer and General Manager, Administration Division Mar 2023 the Company, Director, CFO (current)
1978-01-01
Yoku WAKABAYASHI
Director, Managing Executive Officer
Apr 1998 the Company, joined Apr 2013 the Company, Western Japan Sales Division, Chukyo Sales Office, Manager Apr 2015 the Company, Western Japan Sales Division, Chukyo Sales Office, Head Feb 2017 the Company, Western Japan Sales Division, Chubu-Hokuriku Sales Office, Head Jul 2018 the Company, Sales Promotion Division, General Manager, Marketing Department Aug 2020 the Company, Deputy Head of Marketing Division and General Manager, Marketing Department Aug 2021 the Company, Executive Officer, Head of Marketing Division and General Manager, Marketing Department Oct 2024 the Company, Executive Officer, Head of Marketing Division Mar 2025 the Company, Managing Executive Officer, Head of Marketing Division Mar 2026 the Company, Director, Managing Executive Officer (current)
1973-02-23
Paulo A.P. NICOLAS
Outside Director
Sep 1994 Procter & Gamble Philippines, Assistant Brand Manager Sep 1999 S.C. Johnson, Senior Brand Manager Jan 2003 Kao John Frieda, Senior Brand Manager and Business Development Manager Sep 2006 Yum! Restaurants International, Marketing Director for KFC and Taco Bell, Asia Region Sep 2013 Blotzeit International, Vice President, Franchise Business and CMO Sep 2015 Biomedical Research, Director, Asia Pacific Apr 2017 WellAir, Vice President, Asia Pacific May 2022 Inspire Brands, Inc., Vice President, International Asia Pacific (current) Mar 2024 the Company, Outside Director (current)
1971-01-27
Peter JANSEN
Outside Director
Sep 1990 Osaka Prefectural Sakai-Higashi High School, English Teacher May 1993 The Pillsbury Company, Häagen-Dazs International Customer Service, Manager Feb 1998 Dreyer's Grand Ice Cream / Nestlé Ice Cream, Regional Logistics Manager Oct 2008 Maury Kools, Director, Sales and Supply Chain Sep 2010 Dunkin' Brands, Inc., Director, Global Supply Chain for Baskin-Robbins Aug 2014 Dunkin' Brands, Inc., Senior Director, Global Supply Chain for Baskin-Robbins Dec 2015 Dunkin' Brands, Inc., Vice President, International Supply Chain Mar 2018 the Company, Outside Director (current) Apr 2021 Inspire Brands, Inc., Vice President, International Supply Chain (current)
1968-09-06
Nobuyuki KAWAMURA
Outside Director
Apr 1977 Fujiya Co., Ltd., joined Jan 2007 Fujiya Co., Ltd., Executive Officer, General Manager, Public Relations Office Oct 2007 Fujiya Co., Ltd., Executive Officer, General Manager, President's Office and General Affairs Department Jun 2009 Fujiya Co., Ltd., Director, General Manager, President's Office; in charge of General Affairs and Human Resources Division and CSR Promotion Department Sep 2014 Fujiya Co., Ltd., Director, General Manager, President's Office and Human Resources Division; General Manager, Overseas Business Division; in charge of CSR Promotion Department and Mail-Order and Character Business Division Mar 2015 Fujiya Co., Ltd., Managing Director, Head of Confectionery Business Division and Marketing Division; in charge of Food Business and Mail-Order and Character Business Division Mar 2018 Fujiya Co., Ltd., Senior Managing Director, Head of Confectionery Business Division and Marketing Division; in charge of Food Business and Mail-Order and Character Business Division Mar 2019 Fujiya Co., Ltd., Representative Director, President (current) Jan 2021 Fujiya (Hangzhou) Food Co., Ltd., Chairman Mar 2022 the Company, Outside Director (current) May 2022 Fujiya (Hangzhou) Food Co., Ltd., Director Jan 2024 Fujiya (Hangzhou) Food Co., Ltd., Chairman May 2025 Fujiya (Hangzhou) Food Co., Ltd., Director (current)
1954-11-29
Toru URIU
Outside Director
Apr 1987 Yamazaki Baking Co., Ltd., joined Mar 2010 Yamazaki Baking Co., Ltd., Plant Manager, Yokohama No. 2 Plant Mar 2014 Yamazaki Baking Co., Ltd., General Manager, Wide-Area Distribution Sales Department No. 1, Wide-Area Distribution Sales Division Mar 2017 Fujiya Co., Ltd., Director, Head of Western Confectionery Business Division and Head of Western Confectionery Wide-Area Sales Division Mar 2018 Fujiya Co., Ltd., Managing Director, Head of Western Confectionery Business Division and Head of Western Confectionery Wide-Area Sales Division Mar 2019 Fujiya Co., Ltd., Managing Director, Head of Western Confectionery Business Division and Head of Western Confectionery Wide-Area Sales Division; in charge of Purchasing Oct 2020 Fujiya Co., Ltd., Senior Managing Director, Head of Western Confectionery Business Division and Head of Western Confectionery Wide-Area Sales Division; in charge of Purchasing Oct 2023 Fujiya Co., Ltd., Senior Managing Director, Head of Western Confectionery Business Division; in charge of Confectionery Business Division, Purchasing and E-Commerce Mar 2025 the Company, Outside Director (current) Mar 2025 Fujiya Co., Ltd., Vice President, Head of Western Confectionery Business Division; in charge of Confectionery Business Division, Purchasing and E-Commerce (current) Oct 2025 Fujiya (Hangzhou) Food Co., Ltd., Director (current)
1963-04-20
Theodore GUILD
Outside Director
Jan 1986 Corton Electronics K.K., Chief Financial Officer Jan 1988 Corton Electronics K.K., President and CEO Jan 1999 McKinsey & Company, Managing Partner, Asia Pacific Sales and Marketing Sep 2001 McKinsey & Company, Senior Managing Partner, North America Retail and Consumer Practice Jan 2009 McKinsey & Company, Senior Managing Partner, Asia Pacific Management Council Jan 2015 McKinsey & Company, Senior Advisor and Emeritus Senior Partner Apr 2015 Beam Suntory (functional subsidiary of Suntory Holdings Limited), Outside Director Apr 2018 Suntory Holdings Limited, Senior Advisor to Vice Chairman Mar 2022 the Company, Outside Director (current) Jan 2024 Suntory Holdings Limited, Senior Advisor to Officer, MBC Development Institute (current)
1955-05-21
Emima ABE
Outside Director
Apr 2002 Beacon Communications K.K., joined Dec 2013 Registered as attorney-at-law Jan 2014 BooksCan Inc., joined Nov 2015 Colopl Inc., joined Aug 2016 Max Sogo Law Office (now Miyasaka The Firm Law and Accounting Office), joined (current) Dec 2018 Noevir Holdings Co., Ltd., Outside Director (current) Mar 2022 the Company, Outside Director (current) Jun 2023 Lifenet Insurance Company, Outside Director (current) Mar 2024 Intermestic Inc., Outside Audit & Supervisory Board Member (current)
1979-12-31
Kuniyuki HINUMA
Full-time Audit & Supervisory Board Member
Mar 1990 the Company, joined Mar 2007 the Company, General Manager, Accounting Department, Administration Division Apr 2010 the Company, Executive Officer, General Manager, Accounting Department, Administration Division Feb 2016 the Company, Executive Officer, General Manager, Business Management Department, Administration Division Mar 2020 the Company, Executive Officer, Head of Administration Division and General Manager, Business Management Department Mar 2021 the Company, Executive Advisor Feb 2022 General Incorporated Association miraie, Auditor (current) Mar 2023 the Company, Full-time Audit & Supervisory Board Member (current)
1957-07-17
Katsuyuki KAWAI
Outside Audit & Supervisory Board Member
Oct 1979 Shinko Audit Corporation, joined Sep 1994 Shinko Audit Corporation, Partner Aug 2000 Shinko Audit Corporation, Representative Partner Aug 2007 Shin Nihon Audit Corporation (now EY ShinNihon LLC), joined Jun 2020 Katsuyuki Kawai Certified Public Accountant Office (current) Jun 2020 Japan AMC Corporation, Audit & Supervisory Board Member (current) Mar 2023 the Company, Outside Audit & Supervisory Board Member (current) Jun 2024 Fujikura Kasei Co., Ltd., Outside Director (current)
1957-10-26
Masahiko HAGIMORI
Outside Audit & Supervisory Board Member
Apr 1986 Aoyama Audit Corporation, joined Oct 1991 Registered as Certified Public Accountant Jul 1999 Aoyama Audit Corporation, Partner Apr 2000 Chuo Aoyama Audit Corporation (merger of Aoyama Audit Corporation and Chuo Audit Corporation), Partner Jul 2005 Japanese Institute of Certified Public Accountants, Secondment Sep 2006 Arata Audit Corporation (now PwC Japan LLC), joined Jul 2008 Arata Audit Corporation, Partner Jun 2023 Hagimori Certified Public Accountant Office, Principal (current) Mar 2024 the Company, Outside Audit & Supervisory Board Member (current)
1962-09-21
Large Shareholding Reports
Dunkin' Brands International Holdings Ltd.
2025-11-13
37.98%→36.73%
Fujiya Co., Ltd.
2025-11-13
37.98%→36.73%
Annual report (as of 2026-06-30): 36.76%
Disclosures
No disclosures
Primary Source Filings
TDnet
2026-10-23
Q3 Earnings Flash
FY ending Dec 2026
EDINET
2026-08-05
Semi-Annual Securities Report
Period: Jan 2026 – Jun 2026
TDnet
2026-07-23
Q2 Earnings Flash
FY ending Dec 2026
TDnet
2026-04-23
Q1 Earnings Flash
FY ending Dec 2026
EDINET
2026-03-16
Annual Securities Report
Period: Jan 2025 – Dec 2025
EDINET
2025-11-13
Large Shareholding Report
EDINET
2025-11-13
Large Shareholding Report
TDnet
2025-10-23
Q3 Earnings Flash
FY ending Dec 2025
EDINET
2025-08-06
Semi-Annual Securities Report
Period: Jan 2025 – Dec 2025
TDnet
2025-04-22
Q1 Earnings Flash
FY ending Dec 2025
EDINET
2025-03-18
Annual Securities Report
Period: Jan 2024 – Dec 2024
EDINET
2024-08-07
Semi-Annual Securities Report
Period: Jan 2024 – Jun 2024
EDINET
2024-05-08
Quarterly Securities Report
Period: Jan 2024 – Mar 2024
EDINET
2024-03-14
Annual Securities Report
Period: Jan 2023 – Dec 2023
EDINETAmended
2024-02-15
Amended Annual Securities Report
Period: Jan 2022 – Dec 2022
EDINET
2023-11-08
Quarterly Securities Report
Period: Jul 2023 – Sep 2023
EDINET
2023-08-08
Quarterly Securities Report
Period: Apr 2023 – Jun 2023
EDINET
2023-05-10
Quarterly Securities Report
Period: Jan 2023 – Mar 2023
EDINET
2023-03-15
Annual Securities Report
Period: Jan 2022 – Dec 2022
EDINET
2022-11-04
Quarterly Securities Report
EDINET
2022-08-05
Quarterly Securities Report
EDINET
2022-05-06
Quarterly Securities Report
EDINET
2022-03-16
Annual Securities Report
EDINET
2021-11-05
Quarterly Securities Report
EDINET
2021-08-06
Quarterly Securities Report
EDINET
2021-05-07
Quarterly Securities Report
EDINET
2021-03-17
Annual Securities Report
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