JVCKENWOOD (6632) Q4 2025 earnings summary

Executive summary

• Achieved record-high core operating income and net income for FYE3/'25, with all three business sectors posting year-over-year revenue growth.

• Core operating income surged 28.4% to ¥25,307 million, and profit attributable to owners of the parent jumped 55.8% to ¥20,276 million, both record highs.

• Strong recovery in the Safety & Security Sector and improved profitability in the Entertainment Solutions Sector contributed significantly.

• Communications Systems in Safety & Security sector outperformed expectations, especially in North American public safety market.

• Upward revision of year-end dividend and announcement of new share repurchase program.

Financial highlights

• Revenue rose to ¥370,308 million (+3.0% YoY); core operating income reached ¥25,307 million (+28.4% YoY); net income attributable to owners was ¥20,276 million (+55.8% YoY).

• Gross profit margin improved to 32.1% from 30.3% YoY.

• EBITDA increased to ¥44,000 million (+8.4% YoY).

• Basic earnings per share: ¥135.17 (up from ¥84.34 YoY).

• Total assets: ¥313,336 million (down ¥3,483 million YoY); total equity: ¥131,399 million (up ¥10,179 million YoY).

Outlook and guidance

• FYE3/'26 forecast: revenue expected to decline to ¥358,000 million (-3.3% YoY) and core operating income to ¥20,000 million (-21.0% YoY) due to U.S. tariff measures.

• Excluding tariff impact, revenue would have been ¥371,000 million and core operating income ¥25,000 million.

• Dividend forecast for FYE3/'26 raised to ¥18 per share.