Meiji Electric Industries Co (3388) Q2 2025 earnings summary

Executive summary

• H1 FY2025 net sales were ¥34,173 million, up 0.6% YoY.

• Operating profit fell 24.7% to ¥828 million, ordinary profit fell 31.9% to ¥927 million, and profit attributable to owners fell 33.9% to ¥637 million.

• FY2025 guidance was revised downward after the H1 shortfall.

Financial highlights

• H1 gross profit was ¥5,030 million, nearly flat YoY; SG&A rose to ¥4,201 million from ¥3,919 million.

• Gross margin was 14.7%, down 0.1 percentage point YoY; operating margin declined to 2.4% from 3.2%.

• EPS was ¥50.09, down from ¥76.17; comprehensive income was ¥1,089 million, down from ¥1,613 million.

Outlook and guidance

• FY2025 net sales forecast is ¥77,500 million (+3.9% YoY) and operating profit ¥3,010 million (+3.3%); both were reduced from prior forecasts.

• Full-year ordinary profit is forecast at ¥3,220 million (-3.4% YoY), and profit attributable to owners at ¥2,240 million (-7.7%).

• H2 forecasts rose versus the prior plan: revenue ¥43,400 million vs. ¥41,100 million and operating profit ¥2,190 million vs. ¥1,850 million.

• Full-year EPS forecast is ¥176.03.