Yodoko (5451) Q4 2026 earnings summary

Executive summary

• Sales and earnings declined due to lower steel sheet sales volume, both domestically and overseas.

• Net sales for FY3/26 were ¥195,373 million, down 6.3% year-over-year, with operating profit at ¥11,868 million, down 14.5%.

• Ordinary profit decreased to ¥17,517 million, but profit attributable to owners of parent rose to ¥17,404 million, up 28.9% year-over-year, due to deferred tax assets and gains on sale of subsidiaries.

• Dividend per share increased to 91 yen, up from 70.2 yen, with a 1-to-5 share split effective July 1, 2025.

• SYSCO saw decreased sales and earnings, while YSS achieved full-year profitability and PPT remained steady.

Financial highlights

• FY3/26 net sales were ¥195.37B, down 6.3% year-over-year; operating profit was ¥11.86B, down 14.5%.

• Ordinary profit fell 18.7% to ¥17.51B; profit attributable to owners rose 28.9% to ¥17.40B due to deferred tax assets and sale of YSS stock.

• Gross profit was ¥34,531 million, with a gross margin of 17.7%.

• Net income per share was ¥120.49, and diluted net income per share was ¥120.30, reflecting a 1-to-5 share split.

• Return on equity improved to 8.8% from 7.0% year-over-year.

Outlook and guidance

• FY3/27 consolidated net sales forecast at ¥196.00B, operating profit at ¥10.30B (down 13.2%), and profit attributable to owners at ¥10.00B (down 42.5%).

• Earnings expected to decrease due to lower demand from global affairs and rising costs.

• The outlook is highly uncertain due to geopolitical risks, especially in the Middle East, and ongoing trade protectionism.

• Non-consolidated sales expected to rise, but profits to fall due to higher costs.