Musashi (7521) Q4 2025 earnings summary

Executive summary

• Consolidated net sales for the year ended March 2025 rose 12.8% year-over-year to ¥37,391 million, with operating income up 211.4% and net income up 347.0%.

• Growth was driven by strong performance in the Financial/General-purpose & Election Systems segment, especially due to election-related demand and digitalization initiatives.

Financial highlights

• Operating income surged to ¥3,354 million (+211.4% YoY); net income attributable to shareholders was ¥3,432 million (+347.0% YoY).

• Ordinary profit reached ¥4,738 million, a 321.9% increase year-over-year.

• EPS rose to ¥503.77 from ¥112.70 year-over-year.

• Segment sales: Financial/General-purpose & Election Systems up 101.3%, Information/Printing/Industrial Systems down 1.0%, Paper & Processed Paper down 3.5%.

• Cash and equivalents at year-end were ¥20,901 million, up from ¥15,670 million.

Outlook and guidance

• Consolidated sales for March 2026 are forecast at ¥37,364 million (flat YoY), with operating income expected to decline 43.2% to ¥1,905 million.

• Net income is projected to decrease 66.6% to ¥1,147 million; EPS forecast at ¥168.32.

• Dividend forecast for FY2026 is ¥36 per share, down from ¥60 in FY2025.

• Election-related demand expected to normalize; focus on expanding sales in digitalization, microfilters, and system standardization.