INES (9742) Q4 2025 earnings summary

Executive summary

• FY25 net sales were ¥40,563m versus ¥40,557m, while operating profit rose 22.9% to ¥3,536m, ordinary profit rose 32.0% to ¥3,608m and profit attributable to owners of parent rose 35.7% to ¥2,436m.

• FY26 guidance targets higher sales and profit, supported by municipal system-standardization work; migration timing has shifted later, while planned municipality totals remain broadly unchanged and quality controls are being strengthened.

Financial highlights

• Gross profit was ¥9,715m, down ¥13m, with gross margin unchanged at 24.0%.

• SG&A expenses decreased to ¥6,179m from ¥6,851m, supporting higher operating profit.

• Comprehensive income was ¥2,420m, down 4.3% YoY; year-end cash and cash equivalents increased to ¥7,991m from ¥5,265m.

• Special losses were ¥96m.

Outlook and guidance

• FY26 guidance: net sales ¥43,000m, operating profit ¥4,000m, ordinary profit ¥4,100m and profit attributable to owners of parent ¥2,800m; EPS is forecast at ¥134.61.

• Sales are forecast to rise 6.0% and operating profit 13.1%; public-sector sales mix is expected to exceed 50% as standardization migration progresses.

• Annual dividend guidance is ¥60/share, up from ¥55/share in FY25.