Yokogawa Bridge Holdings (5911) Q2 2025 earnings summary

Executive summary

• Net sales and operating profit for the first half of FY 2024 fell short of initial estimates, mainly due to sluggish performance in the Engineering Business.

• Orders received reached a record ¥89.47 billion, up 53.5% year-on-year, driven by strong bridge and engineering business orders.

• Bridge Business achieved record-high sales, supported by large orders from MLIT and private sector, despite sluggish new domestic bridge orders.

• Backlog of orders in the Engineered Structure System recovered, with expectations for improved performance in the third quarter.

• Profit attributable to owners of parent was ¥3.53 billion, down 39.7% year-on-year, despite a gain on sale of investment securities.

Financial highlights

• Net sales for the first half of FY 2024 were ¥72,932 million, down ¥9,374 million year-over-year.

• Operating profit decreased to ¥3,995 million, a drop of ¥3,321 million compared to the same period last year.

• Gross profit declined by ¥2,897 million to ¥9,938 million.

• Cash and cash equivalents at end of period were ¥22,122 million, down ¥3,893 million from the previous year.

• Basic earnings per share decreased to ¥86.79 from ¥143.26 year-on-year.

Outlook and guidance

• Full-year net sales forecast revised down to ¥165 billion from ¥170 billion due to sluggish orders in Engineered Structure System.

• Full-year operating profit forecast revised to ¥14.0 billion from ¥15.5 billion.

• Profit attributable to owners of parent forecast at ¥10.5 billion (down 11.4%).

• Dividend per share planned at ¥110 (+¥15 vs. FY 2023), with a payout ratio of 42.5%.

• Basic earnings per share forecast at ¥258.83, reflecting treasury share acquisition.