GS Yuasa (6674) Q3 2025 earnings summary

Executive summary

• Net sales for the nine months ended December 31, 2024, rose 3.7% year-over-year to 426.8 billion yen, driven by higher sales in automotive and industrial batteries and price revisions.

• Operating income increased 8.2% to 31.8 billion yen, while ordinary profit declined 0.8% due to foreign exchange losses and lower equity method income.

• Profit attributable to owners of parent grew 3.7% to 18.4 billion yen, with EPS down 15% to 183.39 yen due to a higher share count.

• Growth was driven by strong battery demand and price increases, offset by FX losses and lower PHEV sales.

• Absence of prior-year business liquidation losses aided profit growth.

Financial highlights

• Gross profit increased by 6.5 billion yen year-over-year to 99.6 billion yen; operating margin improved to 7.4%.

• Comprehensive income fell 14.8% year-over-year to 25.9 billion yen.

• Total assets increased to 674.3 billion yen as of December 31, 2024.

• Net assets rose to 388.1 billion yen, with an equity ratio of 50.7%.

• Cash and deposits decreased by 23.2 billion yen, while inventories rose by 16.0 billion yen for seasonal demand.

Outlook and guidance

• Full-year net sales forecast maintained at 590.0 billion yen, with operating income revised upward to 47.0 billion yen (8.0% margin).

• Ordinary profit forecast at 44.0 billion yen (flat year-over-year), profit attributable to owners of parent at 27.0 billion yen, and EPS at 269.19 yen.

• Dividend forecast unchanged at 70 yen per share for the year ending March 31, 2025.

• Automotive and industrial battery segments revised upward due to volume and price increases; lithium-ion batteries revised downward due to lower PHEV sales.

• New car production and replacement battery sales in Japan expected to recover; strong overseas sales in ASEAN, Europe, and Australia, with some risk in Turkey.