Archion (543A) Q4 2026 earnings summary

Executive summary

• Integration of Fuso and Hino completed April 1, 2026, forming a new entity with no prior operating history.

• FY2025 results reflect Hino's performance under J-GAAP; FY2026 outlook and pro forma combine Fuso and Hino under IFRS.

• Strong start to FY2026 with new product launches and TSE Prime Market listing.

• Net sales declined by 7.8% year-over-year to ¥1,565,332 million due to lower domestic and overseas truck and bus sales volumes, especially in light-duty trucks and supply-side constraints.

• Despite lower sales, operating profit rose 42.7% to ¥82,063 million, and ordinary profit increased 79.7% to ¥70,639 million, driven by fixed cost reductions and lower certification-related losses.

Financial highlights

• Hino FY2025 global unit sales fell 13.1% year-over-year to 108.6k units; revenue declined 7.8% to ¥1,565.3B.

• Hino FY2025 operating income rose 42.7% to ¥82.1B, driven by cost reductions despite lower sales.

• Hino FY2025 net income swung from a ¥217.8B loss to ¥84.4B profit, aided by lower certification costs and deferred tax assets.

• Pro forma FY2025 (combined Fuso & Hino, IFRS): revenue ¥2,246.0B, adjusted operating profit ¥72.5B, net income ¥114.5B.

• Gross profit was ¥284,723 million, down from ¥295,707 million year-over-year.

Outlook and guidance

• FY2026 outlook: unit sales up 6% to 230k, revenue up 8% to ¥2,425.0B, operating profit up 52% to ¥110.0B, RoS 4.5%.

• Net income expected at ¥70.0B, reflecting normalization after one-time FY2025 tax gains.

• Dividend forecast: 8 yen/share (30% payout), with a mid-term target payout ratio of 40%.

• Focus on synergy realization, product launches, and resilience in FY2026.

• The company referenced a separate notice for the full-year financial and dividend forecast for the fiscal year ending March 31, 2027.