JVCKENWOOD (6632) Q3 2026 earnings summary

Executive summary

• Revenue for the nine months ended December 31, 2025, declined 4.4% year-over-year to ¥258,627 million, mainly due to component shortages and U.S. tariff impacts across key business sectors.

• Core operating income dropped 28.3% year-over-year to ¥13,319 million, reflecting lower sales and ongoing supply chain challenges.

• Profit attributable to owners of the parent decreased 11.4% year-over-year to ¥12,469 million.

• Despite these challenges, the full-year earnings forecast remains unchanged, with expectations of strong sales in the North American public safety market and steady performance in other sectors.

Financial highlights

• Q1-3 revenue was ¥258.6 billion, down 4.4% year-over-year; core operating income fell 28.3% to ¥13.3 billion.

• Operating profit for the nine months was ¥14,870 million, down 11.4% year-over-year.

• EBITDA for Q1-3 was ¥30.1 billion, with an EBITDA margin of 11.6%.

• Basic earnings per share for the period was ¥85.04.

• Total assets increased to ¥343,948 million as of December 31, 2025, up from ¥313,336 million at the previous fiscal year-end.

Outlook and guidance

• Full-year revenue forecast for FY ending March 31, 2026, is ¥360,000 million, a 2.8% decrease year-over-year.

• Core operating income is projected at ¥21,000 million, down 17.0% year-over-year.

• Profit attributable to owners of the parent is forecast at ¥15,500 million, a 23.6% decrease year-over-year.

• No change to previously announced earnings guidance.

• M&T earnings are expected to exceed previous forecasts, while S&S is projected to fall short due to supply delays.