Airman (6364) Q4 2025 earnings summary

Executive summary

• Net sales and operating profit reached record highs, with net sales up 5.6% and operating profit up 11.8% year-over-year, despite headwinds from rising costs and labor shortages.

• Ordinary profit and profit attributable to owners of parent declined by 5.9% and 5.6% year-over-year, respectively, as the previous year benefited from yen depreciation.

• Both domestic and international sales grew, with domestic sales up 8.4% and international sales up 2.3% year-over-year.

Financial highlights

• Net sales: ¥54,827 million (+5.6% YoY); Operating profit: ¥6,918 million (+11.8% YoY); Ordinary profit: ¥6,888 million (−5.9% YoY); Profit attributable to owners of parent: ¥4,812 million (−5.6% YoY).

• Basic earnings per share: ¥173.80 (down from ¥182.16 YoY).

• Equity-to-asset ratio: 63.7% (down from 66.4% YoY); Net assets per share: ¥1,486.10.

• Cash and cash equivalents at year-end: ¥18,915 million (up from ¥11,324 million YoY).

Outlook and guidance

• FY2026 forecast: Net sales ¥55,000 million (+0.3% YoY), Operating profit ¥6,920 million (+0.0%), Ordinary profit ¥7,000 million (+1.6%), Profit attributable to owners of parent ¥4,870 million (+1.2%), EPS ¥177.09.

• Assumed exchange rates: ¥145/USD and ¥160/EUR; impact of US reciprocal tariffs not included in forecast.

• Dividend forecast for FY2026: ¥60 per share (interim ¥20, year-end ¥40).