Seiren (3569) Q3 2025 earnings summary

Executive summary

• Nine-month revenue was ¥118,520m (+14.1%), operating income ¥13,572m (+36.1%), ordinary income ¥14,502m (+21.2%) and attributable net income ¥10,697m (+22.7%); all reached record highs.

• Overseas vehicle materials led growth; full-year guidance was raised on continued overseas strength and yen weakness, with four consecutive years of revenue and profit growth and new records expected.

Financial highlights

• Overseas subsidiaries generated ¥88,791m in nine-month sales, up 28.7% in yen terms and 17.5% in local-currency terms.

• Nine-month operating margin was 11.5% versus 9.6% a year earlier; gross profit rose to ¥32,961m from ¥28,862m.

• Total assets were ¥190,872m and net assets ¥137,438m at December 31, 2024; the equity ratio improved to 71.5% from 66.0% at the prior fiscal year-end.

• Nine-month capital investment was ¥4,005m, up 34.5%; depreciation was ¥4,459m, up 15.8%. Investment figures are on a cash-flow basis.

Outlook and guidance

• FY2024 forecast: revenue ¥160,000m (+12.7%), operating income ¥17,400m (+23.7%), ordinary income ¥19,300m (+19.0%) and net income ¥13,900m (+14.3%).

• Versus prior guidance, revenue was raised ¥4,000m, operating income ¥1,000m, ordinary income ¥2,300m and net income ¥1,300m; forecast EPS is ¥242.51.

• Annual dividend forecast rose to ¥68 per share, comprising a ¥30 interim dividend and revised ¥38 year-end dividend; this is up ¥15 year over year.

• Forecast exchange rates are ¥152 per US dollar and ¥21.0 per Chinese yuan; FY capital investment is forecast at ¥6,520m and depreciation at ¥6,020m.