Glory (6457) Q4 2026 earnings summary

Executive summary

• Revenue and operating profit declined year-over-year due to the end of special demand from new banknote issuance in Japan and a rebound from prior large orders, while overseas operations achieved record-high revenue and profit for the seventh consecutive year.

• The company adopted IFRS from FY2025 (with prior year restated for comparability), and launched the 2026 Medium-Term Management Plan focusing on digital transformation and operational efficiency.

• FY2026/FY2027 is forecasted to see a recovery in both revenue and operating profit, driven by overseas growth and domestic market rebound.

Financial highlights

• FY2025 revenue: ¥339.5 billion (IFRS), down 7.9% year-over-year; operating profit: ¥29.7 billion, down 29.2%; net profit attributable to owners: ¥15.3 billion, down 37.2%.

• Overseas revenue increased 2.9% to ¥216.1 billion, accounting for 64% of total revenue; overseas operating profit up 17.1%.

• Recurring revenue ratio exceeded 40%.

• EBITDA for the year was ¥50.1 billion, down from ¥62.2 billion the previous year.

• Basic earnings per share was ¥284.71, diluted EPS ¥275.68, both down significantly year-over-year.

Outlook and guidance

• FY2026/FY2027 revenue forecast: ¥360.0 billion (+6.0% year-over-year); operating profit: ¥32.0 billion (+7.6%); net profit: ¥20.0 billion (+30.0%); basic EPS ¥370.03.

• Dividend forecast for FY2027 is ¥154 per share, with a targeted total return ratio of 100% or more and DOE of 4.0% or more.

• Overseas revenue expected to rise to ¥224.0 billion (62% of total), with operating profit up 13.7%.

• Domestic market expected to recover as hardware replacement cycles normalize.

• Forecasts do not include potential impacts from geopolitical risks, supply chain disruptions, or raw material price increases.