Glory (6457) Q2 2025 earnings summary

Executive summary

• Interim sales for the six months ended September 30, 2025, were ¥153.8 billion, down 16.9% year-over-year, mainly due to a rebound from last year's new banknote issuance and large orders.

• Operating income was ¥6.8 billion, a 65.2% decrease year-over-year, but exceeded the latest forecast by ¥1.5 billion.

• Net income attributable to owners was ¥3.3 billion, down 57.1% year-over-year.

• Overseas sales remained steady or grew slightly, with profitability improving, especially in the Americas, while domestic sales declined sharply.

• The company launched the "2026 Medium-Term Management Plan" to drive digital transformation and operational efficiency.

Financial highlights

• Net sales: ¥153.8 billion (down ¥31.2 billion, -16.9% YoY).

• Operating income: ¥6.8 billion (down ¥12.8 billion, -65.2% YoY).

• Net income attributable to owners: ¥3.3 billion (down 57.1% YoY).

• EBITDA: ¥18.9 billion (down 40.3% YoY).

• Comprehensive income rose to ¥4.8 billion, up 152.7% YoY, mainly due to improved other comprehensive income.

Outlook and guidance

• Full-year FY2025 sales forecast: ¥340.0 billion, unchanged from previous guidance.

• Operating income forecast raised to ¥24.0 billion (from ¥21.5 billion), reflecting improved overseas profitability.

• Net income attributable to owners forecast at ¥11.5 billion under Japanese GAAP and ¥17.5 billion under IFRS.

• IFRS will be adopted from FY2026, with operating profit forecast at ¥29.5 billion.

• Steady demand for self-service products expected, supported by labor-saving trends and workforce shortages.