Airman (6364) Q3 2025 earnings summary

Executive summary

• 9M FY2025 revenue rose 3.6% YoY to ¥40,735 million, led by domestic demand; overseas sales declined amid North American inventory adjustments.

• Operating income fell 15.3% to ¥4,610 million as raw material inflation and higher SG&A, transportation, personnel and R&D costs pressured results.

• Ordinary profit increased 1.8% to ¥5,590 million and net income rose 1.5% to ¥3,859 million.

Financial highlights

• Domestic sales increased to ¥23,334 million from ¥21,104 million; overseas sales declined to ¥17,400 million from ¥18,231 million.

• Gross profit was ¥10,376 million, with gross margin down to 25.5% from 27.5%.

• Basic EPS rose to ¥139.10 from ¥135.53; comprehensive income fell 7.1% to ¥4,250 million.

• Total assets increased to ¥61,134 million, up ¥4,787 million from FY2024 year-end; net assets were ¥39,809 million.

• Operating income fell from ¥5,444 million; bridge factors included raw material inflation (-¥785 million), SG&A (-¥776 million), selling price changes (+¥346 million) and sales increase (+¥136 million).

Outlook and guidance

• FY2025 forecast: revenue ¥56,000 million (+7.9% YoY), operating income ¥7,130 million (+15.2%), ordinary profit ¥7,400 million (+1.0%) and net income ¥5,100 million (flat).

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

• Guidance assumes ¥140/$ and ¥153/€; annual ordinary profit sensitivity is ¥141 million per ¥1 move in the dollar and ¥9.3 million per ¥1 move in the euro.

• Earnings and dividend forecasts were unchanged; full-year dividend forecast remains ¥57 per share.