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Noritz (5943) investor relations material
Noritz Q3 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 2025 earnings summary11 Nov, 2025
Executive summary
Net sales for Q3 FY2025 reached ¥142.6bn, up 1.0% year-over-year, with operating income at ¥0.8bn, reversing a prior-year loss; ordinary income surged 327.8% to ¥1.7bn, but net income attributable to shareholders dropped 71.4% to ¥0.6bn.
Domestic sales increased, driven by eco-friendly products and improved profitability, while overseas sales declined due to weak market conditions in China, but profits rose thanks to recovery in North America and strong performance in Australia.
The company is in the second year of its Medium-Term Management Plan, focusing on reforming its domestic business and diversifying overseas markets.
Financial highlights
Domestic net sales for Q3 FY2025 were ¥94.6bn, up 4.5% year-over-year; overseas net sales were ¥47.9bn, down 5.2% year-over-year.
Operating income improved to ¥0.8bn from a loss of ¥0.4bn year-over-year; domestic business narrowed its loss to ¥0.2bn, and overseas business increased profit to ¥1.0bn.
Operating margin for 2025 3Q was 0.6%, up from a negative margin in the prior year.
Net cash provided by operating activities improved significantly in 2024, with cash and cash equivalents at ¥22.2bn as of 2025 3Q.
Net income attributable to shareholders for Q3 FY2025 was ¥0.6bn, down 71.4% year-over-year.
Outlook and guidance
FY2025 targets: net sales ¥205bn (+1.4% YoY), operating income ¥3.0bn (+25.3% YoY), net income attributable to shareholders ¥2.4bn (down from ¥4.4bn in FY2024), ROE 1.9%.
FY2026 targets: net sales ¥210bn, operating income ¥4.5bn, ROE over 6.0%.
No changes have been made to the previously announced consolidated operating results forecast for the fiscal year ending December 31, 2025.
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Frequently asked questions
Noritz Corporation is a Japanese company specializing in the manufacture and sale of water heating systems and related equipment. Founded in 1951, Noritz is known for its extensive range of products including gas and oil water heaters, hybrid water and space heating systems, solar heating systems, and waste heat recovery systems for fuel cells. The company also produces kitchen appliances such as built-in and countertop gas cookers, gas ovens, and range hoods. The company is headquartered in Kobe, Hyogo, Japan, and its shares are listed on the Japan Exchange.
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