Takeuchi Mfg (6432) Q4 2025 earnings summary

Executive summary

• FY2024 net sales reached a record ¥213.2 billion, up 0.3% year-over-year, with operating profit up 5.2% to ¥37.1 billion and profit attributable to owners at ¥26.1 billion, nearly flat year-over-year.

• Orders received rose 7.9% to ¥162.8 billion, but order backlog declined by ¥50.5 billion to ¥78.4 billion.

• Production capacity expanded 1.5x with new facilities in Japan and the US; new products launched, including the TB370W wheeled hydraulic excavator.

• FY2025 forecasts net sales of ¥225 billion (+5.5%) and operating profit of ¥42 billion (+13.1%).

• FY2025 profit attributable to owners forecast at ¥29.2 billion (+11.8%).

Financial highlights

• Gross profit increased to ¥56 billion; operating margin improved to 17.4% in FY2024, forecasted at 18.7% for FY2025.

• Ordinary profit increased 0.4% to ¥35.6 billion; FY2025 forecast is ¥41 billion (+15.1%).

• Dividend per share increased to ¥200 (up ¥42), with a payout ratio of 36.2%.

• Capital investment dropped 58.7% to ¥3.3 billion; depreciation and R&D expenses increased.

• Cash and cash equivalents at year-end decreased to ¥46 billion from ¥54.7 billion.

Outlook and guidance

• FY2025 assumes further sales growth, especially in North America (+11.8%) and Asia/Oceania (+107.7%).

• Exchange rates for FY2025 are assumed at JPY/USD 145, JPY/EUR 160.32, JPY/GBP 183.

• U.S. tariff policy impact not included in forecasts; if tariffs are absorbed, net sales could decrease by ¥24 billion and operating profit by ¥13 billion.

• Dividend policy revised to target a 40% payout ratio and flexible treasury share acquisition.

• Sales volume expected to rise 7.6% in FY2025, with North America up 14.5% and Europe down 2.7%.