Euglena (2931) Q4 2025 earnings summary

Executive summary

• Net sales reached a record high of ¥50,370 million in FY2025, up 5.8% year-over-year, driven by organic healthcare growth and M&A.

• Operating profit rose more than tenfold to ¥3,123 million, and ordinary profit increased to ¥2,365 million, reflecting successful profit structure reforms.

• Adjusted EBITDA increased 60.3% year-over-year to ¥6.94 billion, highlighting a shift to cash flow-oriented management.

• Net loss attributable to owners narrowed to ¥805 million, showing improvement from previous years.

• A special 20th anniversary dividend of ¥2 per share will be paid, subject to shareholder approval.

Financial highlights

• FY2025 sales: ¥50.4B, up 5.8% year-over-year; operating profit: ¥3.12B, 10x year-over-year; ordinary profit: ¥2.37B, 5.5x year-over-year.

• Adjusted EBITDA: ¥6.94B, 1.6x year-over-year.

• Gross profit margin remained strong at 70%.

• Cash flows from operating activities more than doubled to ¥5,188 million, while investing outflows decreased to ¥585 million.

• Net assets declined to ¥28,526 million, and total assets slightly decreased to ¥72,332 million.

Outlook and guidance

• FY2026 sales forecast: ¥52B; adjusted EBITDA: ¥7B; operating profit: ¥3.2B; ordinary profit: ¥2.8B.

• Dividend per share forecast at ¥2.00, to be paid from other capital surplus.

• Aims to achieve positive net income for the first time in nine fiscal periods.

• Strategic focus on strengthening existing businesses and initiating growth investments, especially in the "5F Biomass" strategy.

• Targeting ¥100B sales and ¥16B adjusted EBITDA by FY2030.