Makino Milling Machine (6135) Q4 2025 earnings summary

Executive summary

• Net sales increased 3.9% year-over-year to 234.2 billion yen for FY2024, with operating income up 13.1% to 18.5 billion yen and ordinary income up 6.2% to 20.1 billion yen.

• Orders reached 238.0 billion yen in FY2024, up 11.5% year-over-year and 4.6% above plan.

• Net income attributable to owners declined 9.8% year-over-year to 14.4 billion yen despite higher sales and operating income.

• Comprehensive income dropped significantly to 10.85 billion yen from 28.41 billion yen the previous year.

Financial highlights

• Gross profit increased to 72.44 billion yen from 68.01 billion yen year-over-year.

• Basic earnings per share decreased to 613.17 yen from 670.55 yen year-over-year.

• Total assets rose to 367.0 billion yen, and net assets to 226.7 billion yen as of March 31, 2025.

• Cash and cash equivalents at year-end were 64.1 billion yen, down from 72.6 billion yen.

• Sales and operating income exceeded forecasts by 4.1% and 8.9%, respectively.

• Exchange rate fluctuations contributed 9.8 billion yen to sales and 1.1 billion yen to operating income year-over-year.

Outlook and guidance

• FY2025 guidance: orders of 245.0 billion yen (+2.9%), sales of 240.0 billion yen (+2.5%), operating income of 21.5 billion yen (+16.1%).

• Net income forecast for FY2025 is 18.0 billion yen, up from 14.4 billion yen in FY2024.

• Exchange rate assumptions for FY2025: USD/JPY 141, EUR/JPY 161, SGD/JPY 108.

• Exchange rate fluctuations expected to negatively impact FY2025 sales by 11.3 billion yen and operating income by 2.1 billion yen.

• Annual dividend forecast for FY2026 is 270.00 yen per share, up from 180.00 yen.