Glory (6457) Q3 2025 earnings summary

Executive summary

• Net sales for the nine months ended December 31, 2025, were ¥242,379 million, down 13.4% year-over-year, with operating income at ¥14,362 million, down 52.5% year-over-year, and net income attributable to owners of parent at ¥4,395 million, down 66.7% year-over-year.

• Overseas sales remained flat, while domestic sales and operating income declined following last year's surge from new banknote issuance.

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

Financial highlights

• Gross profit for the nine months was ¥113,023 million, with a gross margin of 46.6%.

• EBITDA for the nine months was ¥32,666 million, down 32.0% year-over-year.

• Maintenance services revenue decreased 7.1% year-over-year to ¥94.3 billion.

• Operating income before goodwill amortization was ¥20.8 billion for the nine-month period.

• Equity ratio remained stable at 52.9% as of December 31, 2025.

Outlook and guidance

• Full-year net sales forecast is ¥340.0 billion, with operating income of ¥24.0 billion and net income attributable to owners of parent of ¥9.0 billion under Japanese GAAP.

• Under IFRS, full-year revenue is forecast at ¥340.0 billion, operating profit at ¥29.5 billion, and profit attributable to owners of parent at ¥14.5 billion.

• Dividend forecast for the year ending March 31, 2026, is ¥112.00 per share, up from ¥108.00 the previous year.

• IFRS will be adopted starting fiscal year ending March 2026.

• Exchange rate assumptions for the forecast are US$1 = ¥145 and €1 = ¥160.