Aiphone (6718) Q4 2024 earnings summary

Executive summary

• FY2024 revenue reached a record ¥613.3億, up 16.1% YoY; ordinary profit and net income also set records, supported by domestic renewal demand and normalized product supply.

• Overseas sales growth slowed in H2, but strong domestic sales and currency effects helped deliver full-year growth; higher component costs and expenses constrained profitability.

Financial highlights

• Revenue was ¥613.3億, up 16.1% YoY and 2.1% above the revised plan of ¥601.0億.

• Operating profit was ¥52.6億, up 40.2% YoY; operating margin was 8.6%, versus 7.1% a year earlier.

• Ordinary profit was ¥61.3億, up 47.1% YoY; net income attributable to owners of parent was ¥46.4億, up 58.6% YoY.

• Sales growth and price revisions lifted gross profit; operating profit also reflected higher expenses, including R&D costs.

Outlook and guidance

• FY2025 revenue is forecast at ¥623.0億, up 1.6% YoY; operating profit at ¥45.0億, down 14.6%, with a 7.2% margin.

• FY2025 ordinary profit is forecast at ¥50.0億, down 18.4%, and net income at ¥36.0億, down 22.5% YoY.

• Forecast exchange rates: USD ¥142, EUR ¥154 and THB ¥4.00; the outlook assumes a modest yen appreciation trend.

• The revised March 2026 midterm targets are revenue ¥635億, operating profit ¥56億, operating margin 8.8% and ROE 6.4%.

• Domestic estimates and orders at the start of FY2025 exceeded typical levels for both new construction and renewal; wage increases and core-system upgrades are expected to raise costs.