NOF (4403) investor relations material

Executive summary

• Achieved record highs in net sales, operating profit, ordinary profit, and net profit for FY2025, with a dividend per share of ¥61, up ¥16 year-over-year.

• Net sales rose 8.2% year-over-year to ¥257,967 million, with operating profit up 4.6% and profit attributable to owners of parent up 11.1%.

• Growth was driven by business expansion in prioritized fields and cost reduction efforts, despite global economic uncertainties and high raw material prices.

• FY2026 forecast targets further record highs in net sales, operating profit, and ordinary profit, factoring in geopolitical risks in the Middle East.

Financial highlights

• FY2025 net sales: ¥2,580 billion (+¥197 billion YoY); operating profit: ¥474 billion (+¥21 billion YoY); ordinary profit: ¥504 billion (+¥38 billion YoY); net profit: ¥406 billion (+¥41 billion YoY).

• Basic EPS for FY2025: ¥176.3 (+¥22.5 YoY); dividend per share: ¥61 (+¥16 YoY).

• FY2026 forecast: net sales ¥3,190 billion (+23.7% YoY), operating profit ¥500 billion (+5.5% YoY), ordinary profit ¥510 billion (+1.3% YoY), net profit ¥390 billion (-3.8% YoY), EPS ¥169.6.

• Total assets: ¥399,168 million; Net assets: ¥296,465 million; Equity-to-asset ratio: 74.0%.

• Annual dividend: ¥61 per share; payout ratio: 34.6%.

Outlook and guidance

• FY2026 guidance incorporates higher raw material and fuel costs, supply chain impacts, and continued geopolitical tensions.

• Exchange rate assumptions: JPY/USD 150, JPY/EUR 180.

• ROE forecast for FY2026 is 13.1%, with a new target of 14%+ by 2028 and 15%+ by 2030.

• FY2027 forecast: Net sales ¥319,000 million (+23.7% YoY), operating profit ¥50,000 million (+5.5%), ordinary profit ¥51,000 million (+1.3%), profit attributable to owners of parent ¥39,000 million (−3.8%), EPS ¥169.60.

• Annual dividend forecast for FY2027: ¥70 per share.