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Shiseido Company (4911) investor relations material
Shiseido Company Q3 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 2025 earnings summary10 Nov, 2025
Executive summary
Achieved a return to sales growth in Q3 2025 after structural reforms and cost discipline, despite a net loss from a ¥46.8 billion goodwill impairment in the Americas.
Major initiatives under Action Plan 2025-2026 and the Global Transformation Committee were completed, including a voluntary retirement program to be finalized by end of 2025.
Core operating profit for the first nine months exceeded ¥30.1 billion, approaching the full-year target of ¥36.5 billion.
Free cash flow improved sharply to ¥31.6 billion, outperforming expectations, and the annual dividend was maintained at ¥40 per share.
EBITDA margin reached 9.8% for the period.
Financial highlights
Net sales for the first nine months of FY2025 were ¥693.8 billion, down 4% year-over-year; like-for-like sales declined 3%.
Core operating profit rose to ¥30.1 billion, up 9.7% year-over-year, with margin improving to 4.3%.
Non-recurring items totaled ¥63.4 billion, mainly from the Americas goodwill impairment and restructuring costs.
Net loss for the quarter was ¥44 billion; operating profit turned negative at ¥(33.4) billion.
COGS ratio was 23.2%, stable year-over-year; marketing investment ratio rose to 28.4%.
Outlook and guidance
Full-year 2025 net sales forecast revised down to ¥965.0 billion, a 2.6% year-over-year decrease.
Core operating profit forecast at ¥36.5 billion, nearly flat year-over-year.
Operating profit, profit before tax, and net profit are expected to remain negative due to the impairment loss.
Free cash flow expected to reach ¥35 billion, above initial forecast; annual dividend forecast unchanged at ¥40 per share.
Targeting a core operating margin above 10%, ROIC above 10%, ROE above 12%, and free cash flow over ¥100 billion by 2030.
Americas Business: Impact of goodwill impairment
Action Plan 2025-2026: Progress on profit recovery
Drunk Elephant: Plan to reverse sales decline
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Next Shiseido Company earnings date
Q4 202510 Feb, 2026
Next Shiseido Company earnings date
Q4 202510 Feb, 2026
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Frequently asked questions
Shiseido Company Limited, founded in 1872, is active in the beauty and cosmetics industry. Originally established as Japan's first Western-style pharmacy in Tokyo, Shiseido has grown into a multinational corporation that offers a wide range of cosmetic, skincare, and fragrance products. The company is known for its commitment to innovation, beauty, and wellness, aiming to enhance the well-being of its customers worldwide. Shiseido's product portfolio includes prestigious brands such as Clé de Peau Beauté, NARS, and Drunk Elephant, as well as broad offerings in skincare and makeup under the Shiseido brand itself. The company is headquartered in Tokyo, Japan, and its shares are listed on the Tokyo Stock Exchange.
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