Musashi (7521) Q3 2025 earnings summary

Executive summary

• Revenue for the nine months ended December 31, 2024, rose 14.4% year-over-year to ¥28,231 million, with operating profit up 216.9% to ¥2,835 million and net profit attributable to shareholders up 434.7% to ¥3,094 million.

• Growth was driven by strong demand in industrial filters, inspection equipment, and election systems, while printing materials and digitalization projects for public sector clients were slightly sluggish.

• Financial and election system equipment sales surged, especially due to new currency handling needs and major elections, including the Tokyo gubernatorial and national lower house elections.

Financial highlights

• Gross profit increased from ¥6,000 million to ¥8,285 million year-over-year.

• Operating profit jumped from ¥894 million to ¥2,835 million, and ordinary profit from ¥922 million to ¥4,222 million.

• Net profit attributable to shareholders rose from ¥578 million to ¥3,094 million.

• Comprehensive income reached ¥3,555 million, up from ¥768 million in the prior year.

• EPS for the period was ¥454.13, up from ¥84.93 year-over-year.

Outlook and guidance

• Full-year revenue is forecast at ¥38,020 million, up 14.7% year-over-year, with operating profit expected to rise 116.0% to ¥2,327 million and net profit to ¥2,579 million (EPS ¥378.47).

• Despite nine-month profit exceeding full-year guidance, no revision to the forecast has been made; management will update if necessary.