Pigeon (7956) Q3 2025 earnings summary

Executive summary

• Consolidated net sales for the first nine months rose 5.9% year-over-year to ¥80,526 million, led by strong growth in China and steady performance in all business segments.

• Operating income increased 18.2% year-over-year to ¥10,028 million, with all segments posting higher sales and profits.

• Net income attributable to shareholders grew 29.7% year-over-year to ¥7,035 million, reflecting improved gross margins and effective cost management.

• Ordinary income rose 20.8% year-over-year to ¥10,670 million.

Financial highlights

• Net sales: ¥80,526 million (+5.9% YoY); Operating income: ¥10,028 million (+18.2% YoY); Net income: ¥7,035 million (+29.7% YoY).

• Net income per share for the first three quarters was ¥58.82, compared to ¥45.38 in the prior year period.

• Gross profit margin improved to 50.6% from 49.4% a year earlier.

• All business segments reported both revenue and profit growth.

• Comprehensive income for the third quarter was ¥5,356 million, a 27.0% decrease year-over-year.

Outlook and guidance

• Full-year guidance remains unchanged from the initial forecast.

• Full-year net sales projected at ¥109,700 million (+5.3% YoY); operating income at ¥12,900 million (+6.3% YoY); net income at ¥8,400 million (+0.3% YoY).

• Net income per share for the full year is expected to be ¥70.24.

• Ongoing focus on improving profitability amid uncertainties such as US tariffs and competitive pressures in China.