Namura Shipbuilding (7014) Q4 2026 earnings summary

Executive summary

• Revenue for the year ended March 2026 was ¥159,035 million, nearly flat year-over-year (down 0.1%).

• Operating income decreased 4.7% to ¥28,085 million, while net income attributable to shareholders fell 17.7% to ¥21,590 million, mainly due to higher tax expenses.

• The company maintained high profitability despite cost pressures and transitioned its core shipbuilding business to a product mix emphasizing larger vessels.

Financial highlights

• Gross margin remained strong, with operating margin at 17.7% and net margin at 12.4% for FY2026.

• Total assets increased by ¥57,111 million to ¥266,148 million, and equity rose by ¥32,299 million to ¥137,441 million.

• Cash and equivalents at year-end were ¥118,724 million, up ¥28,584 million from the prior year.

• EPS was ¥310.92, down from ¥378.35 the previous year.

Outlook and guidance

• FY2027 revenue is forecast at ¥170,000 million (+6.9% YoY), with operating income of ¥29,000 million (+3.3%) and net income of ¥22,000 million (+1.9%).

• The company expects continued growth in large vessel construction and is investing in zero-emission ships and smart factory initiatives.

• Dividend guidance for FY2027 is maintained at ¥60 per share.