Airman (6364) Q4 2025 earnings summary

Executive summary

• FY2025 revenue reached a record ¥54,827 million, up 5.6% YoY, while operating income rose 11.8% to ¥6,918 million.

• Recurring profit fell 5.9% to ¥6,888 million and net income fell 5.6% to ¥4,812 million, as the prior year benefited from yen depreciation.

Financial highlights

• Revenue increased ¥2,927 million YoY; domestic sales rose ¥2,380 million (+8.4%) and overseas sales ¥547 million (+2.3%).

• Operating income increased ¥731 million; price revisions, foreign exchange and higher sales supported results, offset by raw-material inflation and higher SG&A.

• Basic EPS was ¥173.80, down from ¥182.16; year-end cash and cash equivalents were ¥18,915 million, up from ¥11,324 million.

• Revenue mix was 55.8% domestic and 44.2% overseas, versus 54.3% and 45.7% in FY2024.

Outlook and guidance

• FY2026 forecast: revenue ¥55,000 million, operating income ¥6,920 million, recurring profit ¥7,000 million, net income ¥4,870 million and EPS ¥177.09.

• FY2026 dividend forecast is ¥60 per share, comprising ¥20 interim and ¥40 year-end.

• Forecast assumptions are ¥145/USD and ¥160/EUR; recurring-profit sensitivity per ¥1 move is ¥125 million for the dollar and ¥6.7 million for the euro.

• Domestic outlook assumes continued strong construction demand; overseas priorities include North American expansion and higher sales of high-end products.