Yodoko (5451) Q2 2025 earnings summary

Executive summary

• Net sales for the first six months ended September 30, 2024, rose 4.0% year-over-year to ¥105,324 million, with operating profit up 42.8% to ¥7,812 million and profit attributable to owners of parent up 11.7% to ¥5,791 million.

• Both domestic and overseas operations contributed to higher sales and earnings, with notable growth at the Taiwan subsidiary SYSCO, despite sluggish performance in China and Thailand.

• The business environment remains challenging due to global economic uncertainties, trade friction, and unstable steel market conditions.

Financial highlights

• Gross profit increased to ¥17,426 million from ¥15,819 million year-over-year, while operating profit rose to ¥7,812 million from ¥5,472 million.

• Ordinary profit reached ¥9,171 million, up from ¥7,672 million, and comprehensive income was ¥9,621 million, down 23.1% year-over-year.

• Net income per share increased to ¥200.40 from ¥179.56 year-over-year.

• Total assets grew to ¥270,643 million, and net assets to ¥218,334 million as of September 30, 2024.

Outlook and guidance

• Full-year forecast projects net sales of ¥207,000 million (up 1.5% year-over-year), operating profit of ¥12,100 million (up 0.7%), and profit attributable to owners of parent of ¥11,900 million (up 167%).

• Dividend forecast for FY3/25 is ¥309 per share, unchanged from previous guidance.

• Management expects continued market instability and is focusing on agility and execution of the Medium-Term Management Plan 2025.