Yodoko (5451) Q2 2025 earnings summary

Executive summary

• H1 FY3/25 net sales rose 4.0% YoY to ¥105.324bn; operating profit increased 42.8% to ¥7.812bn and profit attributable to owners of parent rose 11.7% to ¥5.791bn.

• Operating, ordinary and parent profit exceeded August forecasts despite sales falling ¥0.67bn short, supported by a better product mix.

• Domestic and overseas operations contributed to higher sales and earnings, led by Taiwan’s SYSCO, while China and Thailand remained weak.

Financial highlights

• Gross profit rose to ¥17.426bn from ¥15.819bn; SG&A declined to ¥9.61bn from ¥10.34bn.

• Ordinary profit increased 19.5% to ¥9.171bn; profit before taxes was ¥9.19bn, up 12.8%.

• EPS rose to ¥200.40 from ¥179.56; comprehensive income fell 23.1% to ¥9.621bn.

Outlook and guidance

• FY3/25 forecasts: net sales ¥207.00bn, operating profit ¥12.10bn, ordinary profit ¥19.20bn and parent profit ¥11.90bn.

• H2 forecasts: net sales ¥101.67bn, operating profit ¥4.28bn, ordinary profit ¥10.02bn and parent profit ¥6.10bn.

• Sales assumptions reflect sluggish volume growth amid soft demand and high Japanese steel prices; management expects continued market instability and is focused on executing its Medium-Term Management Plan 2025.

• FY3/25 dividends are forecast at ¥100 per share interim and ¥209 year-end, or ¥309 annually, unchanged from prior guidance.