Sekisui Jushi (4212) Q3 2025 earnings summary

Executive summary

• Net sales rose 19.5% year-over-year for the nine months ended December 31, 2024, to ¥51,712 million, driven by consolidation of newly acquired subsidiaries.

• Operating income fell 22.6% to ¥3,028 million and net income attributable to owners dropped 40.4% to ¥1,729 million year-over-year, despite signs of margin recovery in 3Q.

• Comprehensive income decreased 44.9% year-over-year to ¥2,268 million.

• The business environment remained challenging, especially in construction-related segments, but performance in 3Q was largely on plan.

Financial highlights

• Net sales: ¥51,712 million (+19.5% YoY); Operating income: ¥3,028 million (-22.6% YoY); Net income: ¥1,729 million (-40.4% YoY); EBITDA: ¥5,657 million (+17.3% YoY).

• Gross profit increased to ¥15,884 million from ¥13,283 million YoY; gross profit margin stable at 30.7% YoY, but SG&A expenses rose 37.2%.

• Basic earnings per share fell to ¥54.32 from ¥79.57 YoY.

• Cash and cash equivalents at period end were ¥11,716 million, down from ¥15,167 million at the previous fiscal year-end.

• Net cash provided by operating activities was ¥4,942 million, while investing and financing activities used ¥3,117 million and ¥3,594 million, respectively.

Outlook and guidance

• Full-year earnings forecast remains unchanged: Net sales projected at ¥76,500 million (+21.8% YoY), operating income at ¥6,000 million (-4.7% YoY), and net income at ¥3,650 million (-21.9% YoY); basic EPS forecast at ¥117.92.

• Focus on securing 4Q sales by targeting areas with budgets and active markets, and realizing delayed projects.

• No revisions to previously announced earnings or dividend forecasts.