Noritz (5943) Q2 2025 earnings summary

Executive summary

• Net sales rose 2.6% year-over-year to ¥98.5 billion for the first half of 2025, with operating income turning positive at ¥1.6 billion from a loss last year.

• Ordinary income surged 444.7% year-over-year to ¥2.2 billion, and net income attributable to shareholders reached ¥1.2 billion, reversing a prior-year loss.

• Domestic business drove growth with high value-added and eco-friendly products, while overseas business restructured to mitigate reliance on China.

Financial highlights

• Operating margin improved to 1.7% in 2025 2Q from 1.2% in 2024.

• Net cash provided by operating activities was ¥9.2 billion, up from ¥8.6 billion in the previous year.

• Cash and cash equivalents stood at ¥27.1 billion at the end of 2Q 2025.

• Return on equity (ROE) was 0.9% and equity ratio increased to 60.1%.

Outlook and guidance

• No changes to the full-year consolidated operating results forecast announced in February 2025.