MEISEI INDUSTRIAL (1976) Q4 2025 earnings summary

Executive summary

• Achieved record-high results for the second consecutive year, driven by strong performance in construction and maintenance projects, with net sales rising 9.8% year-over-year to ¥66,283 million.

• Both construction and boiler segments saw increased revenue and profit, with notable large-scale domestic and overseas projects.

• Orders received increased 7.4% to ¥62,271 million, reflecting robust demand in construction.

Financial highlights

• Revenue rose 9.8% year-over-year to ¥66,283 million, exceeding initial forecasts by 14.3%.

• Operating income increased 31.7% year-over-year to ¥10,613 million; ordinary profit rose 31.4% to ¥11,235 million.

• Net income attributable to shareholders grew 35.4% year-over-year to ¥8,454 million.

• Comprehensive income reached ¥10,018 million, up 34.0% year-over-year.

• Free cash flow increased by ¥1,200 million to ¥6,436 million; cash and cash equivalents at year-end were ¥33,449 million, up ¥2,078 million.

Outlook and guidance

• FY2025 forecast expects revenue to decrease by 9.5% and operating income by 27.0% year-over-year; FY2026 net sales are forecast at ¥60,000 million, operating profit at ¥7,750 million, and net income at ¥6,200 million.

• Dividend per share is projected to remain at ¥60, with a DOE target of 4%+ and payout ratio of 30–40%.

• Construction segment anticipates lower domestic maintenance and higher costs, while boiler segment expects increased orders but slight revenue and profit decline.