Hoshizaki (6465) Q3 2025 earnings summary

Executive summary

• Achieved record sales and operating income for the third quarter of FY2025, with net sales rising 10.3% year-over-year to ¥365.4 billion and operating profit up 8.7% to ¥46.2 billion, surpassing both the previous year and internal targets.

• Profit attributable to owners of parent increased 10.8% to ¥33.6 billion.

• Overseas sales ratio increased to 51.8%, driven by new subsidiaries and strong performance in the Americas and India.

• Growth was supported by expanded sales in both restaurant and non-restaurant markets in Japan, and continued product supply overseas despite competitive pressures.

Financial highlights

• Sales reached ¥365.4 billion, up 10.3% year-over-year; Japan sales rose 4.8%, overseas sales up 16.0%.

• Operating income was ¥46.2 billion, up 8.7% year-over-year; operating margin at 12.7%.

• Ordinary income totaled ¥49.1 billion, up 4.1%; profit attributable to owners of parent was ¥33.6 billion, up 10.8%.

• Gross profit increased to ¥139.4 billion from ¥127.1 billion year-over-year; gross profit margin slightly decreased to 38.1% from 38.4%.

• Earnings per share rose to ¥238.02 from ¥210.68 year-over-year.

Outlook and guidance

• FY2025 sales forecast at ¥460 billion (+3.3% YoY); Japan ¥222.7 billion (+2.4%), overseas ¥237.3 billion (+4.1%).

• Operating income projected at ¥53.5 billion (+3.9% YoY); profit attributable to owners of parent at ¥38.3 billion (+3.0%), with EPS projected at ¥270.84.

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