Konica Minolta (4902) Q4 2026 earnings summary

Executive summary

• FY 2025 revenue was JPY 1,087.7B, down 3.6% YoY amid business selection and concentration and lower Digital Workplace and Imaging Solutions sales.

• Operating profit rebounded to JPY 49.9B from a JPY 64.0B loss, reflecting improved contribution profit and the absence of prior-year impairment and restructuring costs.

• Business contribution profit rose to JPY 53.2B, supported by structural reforms, cost efficiencies and industry growth.

• Continuing-operations net profit was JPY 33.8B; profit attributable to owners was JPY 30.3B, reversing a prior-year loss.

• The FY 2026–2028 plan targets sustainable growth and stronger capital efficiency, including ROE of 8% by FY 2028.

Financial highlights

• Gross profit margin improved 1.5 points to 44.0%; the business contribution profit margin improved 2.1 points to 4.9%.

• SG&A expenses fell 5% to JPY 425.2B as structural reforms reduced costs.

• Operating cash flow was JPY 86.3B and free cash flow JPY 52.3B, down from JPY 75.7B, mainly reflecting lower business-transfer proceeds.

• ROE reached 6.1%, above the 5% minimum target; equity ratio rose to 43.4%.

• Capital expenditures were JPY 60.5B, including JPY 18.9B for Tokyo Site Hino trust beneficiary interests; R&D expenses were JPY 54.8B.

Outlook and guidance

• Next-year revenue is forecast at JPY 1,105.0B, operating profit at JPY 50.0B and profit attributable to owners at JPY 28.5B.

• Revenue growth is expected in Professional Print, Industry and Healthcare; planned growth investments and macroeconomic impacts shape contribution-profit expectations.

• Forecast assumptions include USD/JPY 150 and EUR/JPY 180; U.S. tariffs are included, but potential tariff refunds are excluded.

• Dividend guidance is JPY 18 per share, up from JPY 12 in FY 2025; the plan includes operating cash flow and part of JPY 6.0B in Tempus AI share-sale proceeds.