Seibu Giken (6223) Q3 2026 earnings summary

Executive summary

• 9M26 net sales rose 17.7% YoY to ¥25,455mn; operating profit edged down 0.2% to ¥3,246mn as higher SG&A offset gross-profit growth, while attributable profit rose 27.1% to ¥3,069mn.

• FY2026 forecast: net sales ¥36,500mn, operating profit ¥4,300mn and attributable profit ¥4,200mn; sales and operating-profit outlook reflects stronger battery-related dehumidifier sales in China.

Financial highlights

• Gross profit rose to ¥8,913mn from ¥7,975mn; SG&A increased to ¥5,666mn from ¥4,722mn.

• Ordinary profit increased 7.1% to ¥3,441mn; profit before income taxes was ¥4,210mn versus ¥3,202mn.

• Attributable profit increased to ¥3,069mn from ¥2,414mn; basic EPS rose to ¥157.29 from ¥120.21.

• Comprehensive income was ¥3,431mn versus ¥2,344mn, including ¥229mn of other comprehensive income.

Outlook and guidance

• FY2026 forecast: net sales ¥36,500mn (+6.3%), operating profit ¥4,300mn (-5.1%), ordinary profit ¥4,500mn (+0.1%) and attributable profit ¥4,200mn (+21.6%); forecast basic EPS is ¥215.42.

• Forecast EBITDA is ¥5,535mn with a 15.2% margin; operating margin is forecast at 11.8%.

• Desiccant dehumidifier sales are forecast at ¥23,500mn (+19.3%), supported by energy-device factory projects in Japan and China; total engineering is forecast at ¥12,800mn (+9.7%).

• China sales are forecast at ¥9,300mn (+62.0%); U.S. sales are forecast at ¥1,600mn (-56.8%) following prior-period large projects.

• Higher personnel, IT and prototype-testing costs weigh on operating profit outlook; battery supply-stability and growth-investment subsidies are forecast in non-operating and extraordinary income, respectively.