Sanyo Denki (6516) Investor presentation summary

Financial performance

• FY2025 revenue ¥107.3B, up 9.7% YoY; operating profit ¥10.8B, up 37.2%; profit before tax ¥11.7B, up 46.8%; net income ¥8.6B, up 53.6%.

• Operating margin rose to 10.1% from 8.1%; net income margin increased to 8.1% from 5.8%.

FY2026 forecast

• Revenue forecast ¥128.8B, up 20.0% YoY; operating profit ¥16.2B, up 49.6%, with a 12.6% margin.

• Profit before tax forecast ¥16.6B, up 42.1%; net income ¥12.0B, up 38.6%; ROE 9.4%.

• FY2026 annual dividend forecast ¥170 per share.

Capital efficiency and shareholder returns

• Medium- to long-term ROE target is 10%+ versus a 7–9% cost of equity; average ROE during the 9th MTMP was 9.5%.

• PBR rose from 0.8x to 1.2x by the end of the final fiscal year and reached 1.9x in April 2026; PBR was 1.2x and PER 17.9x as of March 31, 2026.

• FY2026–FY2030 capital plan targets operating cash flow of ¥66.0B+ and growth investment of ¥33.0B+; shareholder returns target ¥30.0B+ over five years.

• Dividend payout ratio target raised to 50%, with progressive dividends and flexible buybacks; investment in capex, R&D and human capital continues.