Yokogawa Bridge Holdings (5911) Q4 2025 earnings summary

Executive summary

• FY2024 net sales decreased by ¥4.7 billion to ¥159.4 billion, while operating profit rose by ¥0.7 billion to ¥16.7 billion and net income attributable to owners increased by ¥1.0 billion to ¥12.9 billion, achieving record profit levels despite a challenging construction market and rising costs.

• Orders received grew by ¥11.6 billion to ¥157.3 billion, with notable increases in new bridge construction and engineered structure system segments.

• Each profit metric reached an all-time high, aided by gains on investment securities.

• The business will reorganize segments under the Seventh Medium-Term Management Plan to clarify growth drivers, making engineered structure system independent from engineering.

Financial highlights

• Operating profit margin improved as operating profit increased to ¥16.7 billion despite lower sales.

• Gross profit rose by ¥1.5 billion year-over-year, while SG&A expenses increased by ¥0.8 billion.

• Cash and cash equivalents at year-end dropped by ¥8.2 billion to ¥16.8 billion, mainly due to negative cash flows from operating and financing activities.

• Net assets increased by ¥1.1 billion to ¥129.1 billion, while total assets rose to ¥216.2 billion.

• Basic EPS increased to ¥317.02, and comprehensive income declined by 27.1% year-over-year.

Outlook and guidance

• FY2025 forecast projects net sales of ¥162.0 billion and operating profit of ¥12.0 billion, indicating a decrease in profitability.

• Segment forecasts: Bridge net sales to decline, engineered structure system to grow, and precision equipment to see modest gains.

• Dividend per share is forecast to rise to ¥120 for FY2025, with a DOE target of 3.5%+.

• Profit expected to decrease due to higher personnel and IT expenses and lower extraordinary income.

• U.S. tariff impacts not included in forecasts due to uncertainty.