Maruwa Co. (5344) Q3 2025 earnings summary

Executive summary

• Achieved record-high 3Q performance with revenue for the nine months ended December 31, 2024, rising 18.0% year-over-year to ¥53,141 million, driven by strong demand in new energy vehicles and next-generation high-speed communications.

• Operating profit increased 37.1% year-over-year to ¥19,734 million, and net profit climbed 31.7% to ¥13,965 million.

• The company revised its full-year forecast upward, expecting to exceed initial projections due to robust performance in key segments and productivity improvements.

Financial highlights

• Net sales for FY2024 (Apr–Dec) rose 18.0% year-over-year to ¥53,141 million; operating profit increased 37.1% to ¥19,734 million; net profit climbed 31.7% to ¥13,965 million.

• Comprehensive income for the period was ¥15,056 million, up 37.8% year-over-year.

• Total assets increased to ¥136,528 million, with equity ratio rising to 90.3%.

• Interim dividend raised to ¥47 per share, with annual dividend forecast at ¥94 per share.

Outlook and guidance

• FY2024 year-end net sales forecast at ¥72,100 million, up 17.1% from last year; operating profit forecast at ¥26,600 million, up 34.3% year-over-year.

• Operating margin expected to rise 4.7 points to 36.9%.

• Ordinary income and net profit forecasts omitted due to exchange rate uncertainty.

• Strong demand expected to continue in next-gen communications and EV-related businesses; semiconductor memory market recovery anticipated next fiscal year.