Yakult Honsha (2267) Q2 2025 earnings summary

Executive summary

• Net sales for the first half ended September 30, 2024, reached ¥255.1 billion, up 0.9% year-over-year, with operating profit at ¥33.8 billion and profit attributable to owners at ¥27.4 billion.

• Ordinary profit rose 7.2% year-over-year to ¥45.3 billion.

• Overseas daily bottle sales in Q3 FY2024 rose 3% year-over-year, the first gain in eight quarters.

• New product launches and price revisions in key markets contributed to sales and profit growth.

• Comprehensive income decreased 19.7% year-over-year to ¥62.7 billion.

Financial highlights

• Net sales increased 0.9% year-over-year for the first half but were 4.5% below the May 2024 forecast.

• Operating profit was ¥33.8 billion, 4.3% lower year-over-year and 4.9% below forecast.

• Ordinary profit reached ¥45.3 billion, up 7.2% year-over-year and slightly above forecast.

• Profit attributable to owners of parent was ¥27.4 billion, up 5.4% year-over-year.

• Gross profit increased to ¥152.9 billion from ¥150.5 billion year-over-year.

Outlook and guidance

• Full-year net sales forecast revised down to ¥512.0 billion (1.8% above initial forecast).

• Operating profit forecast lowered to ¥61.5 billion (down 3% year-over-year and 3% below initial forecast).

• Profit attributable to owners of parent forecast at ¥52.0 billion (up 1.9% year-over-year); EPS now expected at ¥171.50.

• Downward revision reflects lower-than-expected bottle sales in Japan and overseas, and a stronger yen.