GS Yuasa (6674) Q4 2025 earnings summary

Executive summary

• FY2024 net sales rose 3.1% year-over-year to ¥580.3 billion, with operating income up 20.3% to ¥50.0 billion, but net profit declined 5.1% to ¥30.4 billion due to higher taxes and impairment losses.

• Dividend increased to ¥75 per share as earnings improved in core businesses despite lower net income.

• Key drivers included higher sales volumes in Automotive and Industrial Batteries, price revisions, and strong demand, offset by increased tax burden and impairment losses.

• Record-high sales and profits are forecast for FY2025/FY2026, with net sales projected at ¥600.0 billion and net profit at ¥33.0 billion.

Financial highlights

• Gross profit increased to ¥139.5 billion; operating margin improved to 8.6%.

• Ordinary income rose 5.4% to ¥46.3 billion; EPS dropped to ¥303.25.

• Total return ratio improved to 24.3%; ROE fell to 9.0% and ROIC rose to 14.8%.

• Extraordinary income grew by ¥2.7 billion, but extraordinary losses also increased by ¥1.0 billion.

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

Outlook and guidance

• FY2025/FY2026 guidance: net sales ¥600.0 billion (+3.4%), operating income/profit ¥51.0 billion (+1.9%), net profit ¥33.0 billion (+8.5%).

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

• Management anticipates ongoing uncertainties from global policy shifts, geopolitical risks, and market volatility, but expects to offset cost increases through value creation and profitability improvements.