Maruwa Co. (5344) Q4 2025 earnings summary

Executive summary

• Net sales for FY2024 rose 16.7% year-over-year to ¥71,849 million, with operating profit up 35.9% to ¥26,914 million and net income attributable to owners up 26.5% to ¥19,242 million.

• Growth driven by strong demand in telecommunication (next-gen, high-speed), automobile (new energy vehicles), and lighting for high-end condominiums; semiconductor memory demand was weak but generative AI-related demand increased.

• Total assets increased to ¥142,285 million, equity ratio improved to 89.9%, and cash and cash equivalents rose to ¥71,568 million.

Financial highlights

• Operating profit margin improved to 37.5% from 32.2% year-over-year; ROE reached 16.2% and ROA 20.4%.

• Cash flow from operating activities increased to ¥25,351 million, while investing outflows decreased to ¥7,682 million.

• Dividend per share for FY2024 was ¥94, with a planned increase to ¥102 for FY2025.

Outlook and guidance

• FY2025 (ending March 2026) guidance: net sales ¥76,800 million (+6.9% YoY), operating profit ¥28,800 million (+7.0% YoY).

• Demand expected to remain strong in telecommunication, new energy vehicles, and industrial equipment; memory semiconductor market and high-purity SiC demand to recover in H2.

• Conservative guidance reflects global economic and geopolitical uncertainties; FX assumption at 144 yen/USD.