INFRONEER Holdings (5076) Q4 2024 earnings summary

Executive summary

• FY ended Mar. 31, 2024 revenue rose 11.4% YoY to ¥793.3bn and business profit increased 10.8% to ¥51.5bn; attributable profit fell 2.7% to ¥32.6bn. Gross profit, business profit and EBITDA reached record highs.

• Japan Wind Development (JWD) became a subsidiary in January 2024, expanding the renewable-energy platform and infrastructure-management growth strategy.

Financial highlights

• Gross profit was ¥111.9bn versus ¥97.7bn; gross margin was 14.1% versus 13.7%.

• Operating profit increased 15.0% to ¥51.1bn, while profit before tax rose 10.5% to ¥49.4bn.

• Attributable net income was ¥32.6bn versus ¥33.5bn; basic EPS increased to ¥130.51 from ¥129.35.

• FY23 sales, gross profit and business profit exceeded revised forecasts of ¥768bn, ¥109bn and ¥48.1bn.

Outlook and guidance

• FY2025 forecast: revenue ¥839.9bn, business and operating profit ¥59.0bn, profit before tax ¥56.7bn, and attributable profit ¥38.4bn.

• Planned FY2025 dividend is ¥60 per share, split into ¥30 interim and ¥30 year-end.

• Infrastructure Management plans sales of renewable-energy and development projects deferred from FY2024, with a record ¥14.5bn profit contribution forecast.

• FY2025 building-construction sales are forecast at ¥293.3bn; civil-engineering orders are forecast at ¥165bn.