NTN (6472) Q4 2025 earnings summary

Executive summary

• FY2024 net sales were ¥825.6B, down 1.3% YoY, with operating income at ¥23.0B, down ¥5.2B YoY, and a net loss of ¥23.8B due to extraordinary losses and tax effects.

• Results exceeded forecasts due to yen depreciation, improved pricing, and cost reductions.

• The company advanced structural reforms under the "DRIVE NTN100" plan, focusing on production reorganization and cost controls.

• Inventories were significantly reduced, aligning with company targets.

Financial highlights

• Operating income margin declined to 2.8%; ordinary income was ¥10.5B, down 47.6% YoY; extraordinary loss totaled ¥19.1B, mainly restructuring.

• Free cash flow was ¥19.7B, down ¥20.5B YoY; capital expenditure reached ¥32.2B.

• Dividend for FY2024: ¥11.0 per share (interim ¥5.5, year-end ¥5.5).

• Total assets decreased 5.9% to ¥856.4B; equity ratio declined to 27.2%.

Outlook and guidance

• FY2025 (FY2026) forecast: net sales ¥790.0B (down 4.3%), operating income ¥24.0B (up ¥1.0B YoY), net loss to narrow to ¥6.0B.

• Sales expected to decline due to sluggish auto and industrial demand and yen appreciation; operating income to rise on price improvements and cost cuts.

• Dividend for FY2025 set at ¥11 per share; FY2026 dividend not yet determined due to U.S. trade policy uncertainty.