Maxell (6810) Q4 2025 earnings summary

Executive summary

• FY2024 sales rose 0.5% to ¥129,806m and operating profit increased 15.3% to ¥9,318m; attributable profit fell 45.8% to ¥4,090m.

• FY2025 guidance targets higher sales and profit, with growth businesses supporting results amid yen appreciation and tariff-related uncertainty.

Financial highlights

• Net sales were ¥129,806m (+0.5%); operating profit ¥9,318m (+15.3%), ordinary profit ¥9,770m (-0.2%), and attributable profit ¥4,090m (-45.8%).

• Sales rose ¥0.7b: positive FX impact of ¥3.2b and quantity variance of ¥2.0b offset ¥0.5b of negative price variance.

• Operating profit rose ¥1.2b; quantity gains of ¥2.7b and cost reductions of ¥0.4b were partly offset by ¥1.3b of negative FX impact.

• Operating cash flow was ¥9,836m, investing cash outflow ¥8,025m and financing cash outflow ¥7,749m; year-end cash was ¥33,072m.

• Prismatic LIB discontinuation incurred ¥1,010m of operating expenses and ¥2,644m of extraordinary losses.

Outlook and guidance

• FY2025 forecast: sales ¥136,500m (+5.2%), operating profit ¥10,000m (+7.3%), net profit ¥7,000m (+71.1%) and EPS ¥162.32.

• Forecast assumes ¥145/$; operating profit growth includes ¥2.9b of quantity gains, offset by ¥1.4b negative FX, ¥0.5b cost-reduction/other impacts and ¥0.3b price variance.

• Segment forecasts: Energy sales ¥40,300m/profit ¥1,800m; Functional Materials ¥34,300m/¥1,900m; Optics & Systems ¥42,300m/¥5,000m.

• Value Co-Creation Businesses forecast sales of ¥19,600m and operating profit of ¥1,300m; capex is ¥8,500m and R&D ¥6,300m.

• Growth plans include primary batteries, adhesive tapes, coated separators, LED headlamp lenses and semiconductor DMS; full-scale DMS order recovery is expected from H2.