Dai Nippon Printing (7912) Q4 2025 earnings summary

Executive summary

• FY2024 sales rose 2.3% year-over-year to ¥1,457.6 billion, with operating income up 24.1% to ¥93.6 billion, achieving the Medium-term Plan target a year early.

• Net income attributable to shareholders was ¥110.6 billion, nearly flat year-over-year, and ROE remained steady at 9.6%.

• Growth in focus business areas offset challenges in automotive battery pouches and increased depreciation for OLED display metal masks.

• Comprehensive income dropped 73.3% year-over-year to ¥49,255 million.

• Structural reforms and capital investments in core businesses contributed to steady performance.

Financial highlights

• Operating income margin improved to 6.4% from 5.3% the previous year.

• Ordinary income increased 17.4% year-over-year to ¥115.9 billion.

• Capital expenditures rose 12.1% to ¥76.6 billion; R&D spending increased 6.6% to ¥37.5 billion.

• Diluted net income per share was ¥238.90, up from ¥221.56 year-over-year (adjusted for 2-for-1 stock split).

• Cash and cash equivalents at year-end were ¥250,633 million, up from ¥234,569 million.

Outlook and guidance

• FY2025 sales forecast at ¥1,500.0 billion (+2.9%), with operating income expected at ¥94.0 billion (+0.4%).

• Net income projected to decline 18.7% to ¥90.0 billion; ROE expected to decrease to 8.0%.

• Net income per share forecasted at ¥204.37.

• Focus businesses (OLED metal masks, photomasks) and stable businesses (Information Security, Life and Healthcare) expected to drive growth.

• Annual dividend forecasted at ¥40.00 per share (post-split basis).