Airman (6364) Q2 2025 earnings summary

Executive summary

• H1 FY2025 net sales rose 6.6% YoY to ¥27,499 million and operating profit rose 8.8% to ¥3,913 million; ordinary profit fell 18.0% to ¥3,449 million and net income fell 18.2% to ¥2,394 million.

• Domestic sales increased 14.3%, while international sales declined 2.1%; overseas revenue mix fell to 43.2% from 47.0%.

Financial highlights

• H1 revenue was ¥27,499 million versus ¥25,803 million a year earlier; operating profit was ¥3,913 million versus ¥3,595 million.

• Gross profit was ¥8,727 million, with a 31.7% gross margin; basic EPS declined to ¥86.17 from ¥104.07.

• Operating-profit bridge: sales increase +¥328 million, selling prices +¥482 million, FX +¥442 million and operating rate +¥126 million; raw materials -¥610 million and SG&A -¥343 million.

• Cash and cash equivalents rose ¥7,323 million to ¥18,647 million at period-end.

Outlook and guidance

• FY2025 forecast: revenue ¥56,000 million, operating profit ¥7,130 million, ordinary profit ¥7,400 million and net income ¥5,100 million.

• Forecast EPS is ¥183.678; ordinary-profit margin is projected at 13.2% versus 14.1% in FY2024.

• H1 progress was 49.1% of full-year revenue guidance and 46.6% of ordinary-profit guidance; annual dividend forecast remains ¥57 per share.