GS Yuasa (6674) Q4 2025 earnings summary

Executive summary

• Net sales for FY ended March 31, 2025, rose 3.1% year-over-year to ¥580.3 billion, with record highs in net sales, operating income, and ordinary income, but profit attributable to owners declined 5.1% to ¥30.4 billion due to higher taxes and impairment losses.

• Operating income increased 20.3% to ¥50.0 billion, while ordinary income rose 5.4% to ¥46.3 billion.

• Dividend increased to ¥75 per share, up ¥5, reflecting improved earnings in core businesses.

• Key drivers included higher sales volumes in automotive and industrial batteries, offset by increased tax burden and impairment losses.

Financial highlights

• Gross profit increased to ¥139.5 billion, with operating margin improving to 8.6%.

• Ordinary income reached ¥46.3 billion; EPS dropped to ¥303.25.

• Total assets as of March 31, 2025, were ¥693.7 billion, up ¥37.1 billion.

• Free cash flow was negative at -¥19.5 billion due to heavy investment in new plants and capacity expansion.

• Annual dividend per share increased to ¥75, with a payout ratio of 24.7%.

Outlook and guidance

• FY ending March 31, 2026, forecasts: net sales ¥600 billion (+3.4%), operating income ¥51 billion (+1.9%), profit attributable to owners ¥33 billion (+8.5%).

• EPS expected to rise to ¥329.00; annual dividend to increase to ¥80 per share.

• Record highs expected in net sales and profits, with risks from U.S. tariffs, inflation, and yen appreciation factored in.

• Management anticipates ongoing uncertainties from global policy shifts, geopolitical risks, and market volatility.