Hoshizaki (6465) Q4 2025 earnings summary

Executive summary

• Achieved record net sales of ¥485.9 billion (up 9.1% YoY) and operating income of ¥51.9 billion (up 1.7% YoY), marking five consecutive years of growth.

• Adjusted operating income rose 5.5% to ¥61.1 billion, exceeding forecasts and reflecting strong underlying profitability.

• Overseas sales outpaced domestic growth, with notable increases in the Americas and Asia, though Europe faced hyperinflationary and competitive challenges.

• Growth was driven by strong domestic and Asian sales, while Americas and Europe faced cost pressures and competitive challenges.

Financial highlights

• Net sales: ¥485.9 billion, up 9.1% YoY; overseas sales ratio rose to 53.3%.

• Operating income: ¥51.9 billion, up 1.7% YoY; margin declined to 10.7%.

• Adjusted operating income: ¥61.1 billion, up 5.5% YoY; margin at 12.6%.

• Ordinary income: ¥56.3 billion, down 1.9% YoY due to lower FX gains.

• Profit attributable to owners: ¥38.1 billion, up 3.3% YoY.

Outlook and guidance

• FY2026 sales forecast: ¥520 billion (+7.0% YoY); overseas sales ratio expected at 54.6%.

• Adjusted operating income forecast: ¥68.2 billion (+11.6% YoY); margin to rise to 13.1%.

• Operating income forecast: ¥55.6 billion (+7.1% YoY); margin flat at 10.7%.

• Profit attributable to owners forecast: ¥38.2 billion (+0.1% YoY).

• Dividend forecast for FY2026 is ¥115 per share, with a payout ratio target of 40% or more.