Hoshizaki (6465) Q1 2025 earnings summary

Executive summary

• Achieved record high net sales and operating income in Q1 FY2025, with net sales up 11.1% to ¥118,155 million and operating profit up 2.8% to ¥15,422 million, driven by strong capital investment demand in Japan, robust overseas performance, and contributions from acquisitions.

• Profit attributable to owners of parent increased 17.6% to ¥10,842 million, despite a decline in ordinary profit due to foreign exchange impacts.

• Overseas sales ratio reached 50.1%, up 2.4 points year-over-year, reflecting successful international expansion and new consolidations.

• Growth was supported by expanded sales in both restaurant and non-restaurant markets in Japan, and strong demand in Asia, especially India.

Financial highlights

• Net sales: ¥118,155 million, up 11.1% year-over-year; Japan: ¥60,720 million (+5.1%), Americas: ¥27,028 million (+10.1%), Europe: ¥12,449 million (+5.2%), Asia: ¥20,424 million (+31.1%).

• Operating income: ¥15,422 million (+2.8%); margin at 13.1% (down 1.1pt); Japan: ¥10,231 million (+4.4%), Americas: ¥1,922 million (down 10.1%), Europe: ¥83 million (down 90.1%), Asia: ¥3,748 million (+32.5%).

• Ordinary income: ¥15,669 million (down 11.7% year-over-year) due to foreign exchange losses.

• Profit attributable to owners of parent: ¥10,842 million, up 17.6% year-over-year.

• Gross profit: ¥44,964 million (+8.2%); gross margin at 38.1%.

Outlook and guidance

• FY2025 sales forecast: ¥460,000 million (+3.3% year-over-year); operating income forecast: ¥53,500 million (+3.9%); profit attributable to owners of parent: ¥38,300 million (+3.0%).

• No revisions to full-year guidance; expects continued inbound demand in Japan and steady overseas growth despite macroeconomic concerns.