OLBA HEALTHCARE (2689) Q4 2025 earnings summary

Executive summary

• Net sales for FY2025 reached ¥122.7 billion, up 3.5% year-over-year, but operating income declined by 11.1% to ¥1.98 billion due to higher SG&A expenses and lower equipment sales.

• Ordinary profit decreased by 12.6% to ¥1.96 billion, and profit attributable to owners fell by 4.7% to ¥1.43 billion.

• Comprehensive income dropped 17.7% year-over-year to ¥1.40 billion.

• Strong growth in consumables, especially orthopedic and cardiovascular, offset by sluggish equipment sales as hospitals reduced capital investment.

• The company expanded in the Kansai area and launched new businesses, including automated settlement machines and environmental solutions.

Financial highlights

• Gross profit rose 2.3% year-over-year to ¥13.9 billion, with a gross margin of 11.34%.

• Basic earnings per share decreased to ¥241.43 from ¥251.68 year-over-year.

• Equity ratio improved to 26.7% from 26.3% year-over-year.

• Cash and cash equivalents at year-end rose to ¥3.42 billion from ¥2.68 billion.

• Net assets per share increased to ¥2,068.59.

Outlook and guidance

• FY2026 guidance projects net sales of ¥127.98 billion (+4.3% YoY), gross profit of ¥14.86 billion (+6.8%), and operating income of ¥2.0 billion (+1.0%).

• Net income is forecast to decrease to ¥1.32 billion (-7.6% YoY), with EPS of ¥223.04.

• Dividend per share is planned at ¥80, maintaining a DOE of 4.0%.

• Operating profit is projected to rise 1.0% to ¥2.0 billion, with profit attributable to owners expected to decrease 1.7% to ¥1.4 billion.