Seiko Epson (6724) Q4 2025 earnings summary

Executive summary

• FY2024 revenue rose 3.7% to ¥1,362.9B, driven by printing solutions and positive FX, despite visual communications decline.

• Business profit increased 38.4% to ¥89.5B; profit attributable to owners up 4.9% to ¥55.1B.

• Fiery acquisition in Dec 2024 contributed to commercial and industrial printing results.

• FY2025 is forecast to decline due to adverse exchange rates and U.S. tariffs.

Financial highlights

• FY2024 revenue: ¥1,362.9B (+3.7% YoY); business profit: ¥89.5B (+38.4% YoY); operating profit: ¥75.1B (+30.5% YoY).

• FY2024 EPS: ¥168.75 (+6.1% YoY); profit attributable to owners: ¥55.1B (+4.9% YoY).

• Gross profit improved to ¥493.0B from ¥456.7B YoY.

• Total assets at year-end: ¥1,456.4B (+¥43.3B YoY); equity attributable to owners: ¥804.7B.

• Cash and cash equivalents at year-end: ¥267.0B (down ¥61.4B YoY).

Outlook and guidance

• FY2025 revenue forecast: ¥1,320.0B (-3.2% YoY); business profit: ¥75.0B (-16.3% YoY); EPS: ¥127.99.

• U.S. tariffs expected to reduce business profit by ¥8.0B; company plans price adjustments and production shifts.

• Annual dividend per share for FY2025 projected at ¥74, maintaining a ~40% payout ratio.

• Excluding FX and tariff impacts, FY2025 revenue and business profit would rise to ¥1,417.0B and ¥108.0B.

• Assumed exchange rates: ¥141/USD and ¥155/EUR.