Nippon Electric Glass (5214) Q1 2025 earnings summary

Executive summary

• Net sales for Q1 2025 were ¥74.8 billion, down 2.4% year-over-year, mainly due to prior-year inventory depletion in the displays business.

• Operating profit surged to ¥7.9 billion, up 931.8% year-over-year, driven by strong electronics business and improved production efficiency.

• Profit attributable to owners of parent dropped 74.5% to ¥5.0 billion, reflecting the absence of last year's extraordinary gains from asset sales.

Financial highlights

• Gross profit increased to ¥18.6 billion from ¥13.5 billion year-over-year.

• Ordinary profit rose 31.9% to ¥6.1 billion, despite higher non-operating expenses from foreign exchange losses.

• Basic EPS for Q1 2025 was ¥62.47, down from ¥224.61 in Q1 2024.

• Comprehensive income was negative ¥8.1 billion, impacted by foreign currency translation losses.

Outlook and guidance

• Full-year 2025 net sales forecast maintained at ¥310 billion; operating profit revised up to ¥23 billion (+15% from previous forecast).

• Profit attributable to owners of parent forecast at ¥16 billion, up 7% from prior guidance.

• Uncertainty remains due to potential global economic downturn from U.S. tariffs, though direct impact is currently immaterial.