Consolidated Financial Results for FY2025
Fuji Electric Co., Ltd.
April 28, 2026
© Fuji Electric Co., Ltd.
Good afternoon. I am Miyoshi, the Corporate General Manager, Corporate Management Planning Headquarters. I would like to take this opportunity to express my appreciation for your great support and understanding. Now, I would like to explain consolidated financial results for FY2025.
Key Points
| |
Operating Operating Profit Net Sales Profit Profit Ratio Attributable to Owners of Parent ¥1,227.6billion ¥136.6billion 11.1％ ¥98.0billion | |
YoY | +¥104.2billion +¥19.0billion +0.7% +¥5.8billion
of schedule. |
vs. Jan 29 Forecast | +¥42.6billion +¥8.1billion +0.3% +¥9.0billion
|
© Fuji Electric Co., Ltd. 2 | |
Net sales have reached a record high for five consecutive years, while operating profit and profit attributable to owners of parent have done so for six consecutive years. In the COVID pandemic period of FY2019 and FY2020, there was a small down trend in net sales and operating profit, however, all in all, we have achieved constant growth.
Contents
1.
FY2025 Results
（YoY Comparison / vs Forecasts on Jan. 29）
P. 4
2. Balance Sheet / Cash Flow Statement
P.18
3. Shareholder returns
P.21
© Fuji Electric Co., Ltd. 3
Contents
1.
FY2025 Results
（YoY Comparison / vs Forecasts on Jan. 29）
P. 4
2. Balance Sheet / Cash Flow Statement
P.18
3. Shareholder returns
P.21
© Fuji Electric Co., Ltd. 4
FY2024 | FY2025 | Change | |
Net Sales | 1,123.4 | 1,227.6 | 104.2 |
Operating Profit （Operating Profit Ratio） | 117.6 （10.5%） | 136.6 （11.1%） | 19.0 （0.7%） |
Ordinary Profit | 118.8 | 139.3 | 20.6 |
Extraordinary Profit | 14.9 | 0.8 | -14.1 |
Profit Before Income Taxes | 133.7 | 140.1 | 6.4 |
Profit Taxes | 37.0 | 38.7 | 1.7 |
Profit Attributable to Non-controlling Interests | 4.4 | 3.4 | * -1.1 |
Profit Attributable to Owners of Parent (Ratio of Profit Attributable to Owners of Parent) | 92.2 （8.2%） | 98.0 （8.0%） | 5.8 （-0.2%） |
US$ | 149.52 | 159.88 | 10.36 |
EURO | 162.08 | 183.41 | 21.33 |
RMB | 20.59 | 23.11 | 2.52 |
US$ | 152.58 | 150.77 | -1.80 |
EURO | 163.75 | 174.79 | 11.04 |
RMB | 21.10 | 21.25 | 0.15 |
Summary of Consolidated Financial Results for FY2025 (YoY Comparison)
(Billion yen)
Change of Net Sales
Gain on translation of earnings of overseas subsidiaries +21.3
Demand Increase
+82.9
Change of Non-operating Profit
Net interest expense Foreign exchange gain
FY
2024
0.1 （ 0.1
2.5 （
-1.1
FY
2025
→ 0.3 ）
→ 1.4 ）
Others -1.1 （ 2.1 → 1.0 ）
1.6 （ 1.1 → 2.7 ）
Change of Extraordinary Profit
Gain on sales of investment securities -12.5（ 16.6
→ 4.1 ）
Others -1.6（ -1.7 → -3.3 ）
-14.1（ 14.9 → 0.8 ）
Period-End Rate : End of March）
（Yen）
* Decrease due to making Fuji Furukawa E&C Co., Ltd.
a wholly owned subsidiary and others
（Average Exchange Rate）
（Yen）
© Fuji Electric Co., Ltd. 5
New record highs for net sales, operating profit, ordinary profit, and profit attributable to owners of parent Operating profit ratio target of >11% achieved one year ahead of schedule.
Let me comment on the summary of consolidated financial results for FY2025 versus previous year. Operating profit ratio surpassed 11%, the target of medium-term management plan, one year ahead of schedule. Net sales were 1,227. 6 billion yen, up 104.2 billion yen YOY. The actual demand increase excluding gains on translation of earnings of overseas subsidiaries of 21.3 billion yen was 82.9 billion yen. Operating profit increased by 19 billion yen to 136.6 billion yen and operating profit ratio was 11.1%. Non-operating profit overall increased by 1.6 billion yen mainly attributable to the weaker yen resulting in foreign exchange gain of 2.5 billion yen. As a result, ordinary profit was 139.3 billion yen. With regards to extraordinary profit, gain on sales of investment securities declined YOY because we sold less this year, which resulted in decline in extraordinary profit by 14.1 billion yen to only 0.8 billion yen. Profit attributable to owners of parent increased by 5.8 billion yen YOY to 98 billion yen, or ratio of 8.0%.
(Billion yen)
© Fuji Electric Co., Ltd. 6
FY2025
FY2024
117.6
YoY
（+19.0）
136.6
Exchange rate
effect
（+3.4）
Added value
and others
（-0.6）
Increase in sales
and production Increase in volumes fixed costs
（+27.5） （-11.3）
Breakdown of Changes on Operating Profit for FY2025 (YoY Comparison)
+5.3
-5.9
Impacts of rising raw material
costs
Differences in model mix, in profitability between projects and cost reduction, others
-1.3
+0.9
-9.8
-1.1
Labor costs
R&D
Depreciation and leases paid
Other expenses
Higher profit, despite deterioration of increased fixed costs and raw material costs, due to benefits of growth in sales and production volumes, profitability differences between models, and cost reductions
This pages shows the breakdown of changes on operating profit for FY2025. The largest contributor to profits was the 27.5 billion yen increase in "sales and production volumes" of which 10 billion yen was attributable to the energy segment. On the negative side, there was a 11.3 billion yen increase in fixed costs, primarily driven by labor costs and capital expenditures for semiconductors.
The "Added Value and Others" category deteriorated by 0.6 billion yen at the end. The breakdown shows a 5.9 billion yen deterioration due to soaring raw material prices, primarily for ED&C Components in Industry and Semiconductors, offset by
5.3 billion yen in improvements resulting from differences in product mix and profitability between projects, cost reduction and others.
Regarding the 5.3 billion yen improvement from these offsetting items, while Energy contributed to an improvement in operating profit exceeding 10 billion yen, the Semiconductor segment was negatively impacted by the loss of the price revision effect (in the high single-digit billion yen range) agreed upon with customers in the previous fiscal year.
Combined with a positive foreign exchange impact of 3.4 billion yen, operating profit ultimately increased by 19 billion yen year-on-year to 136.6 billion yen.
FY2024 | FY2025 | Change | |||||||
Net Sales | Operating Profit | Operating Profit Ratio | Net Sales | Operating Profit | Operating Profit Ratio | Net Sales | Operating Profit | Operating Profit Ratio | |
Energy | 354.3 | 36.3 | 10.2% | 394.2 | 59.5 | 15.1% | +3.6* 39.8 | +0.6* 23.2 | 4.9% |
Industry | 400.0 | 34.0 | 8.5% | 467.2 | 44.4 | 9.5% | +6.2* 67.2 | +0.6* 10.4 | 1.0% |
Semiconductors | 236.8 | 37.1 | 15.7% | 237.4 | 23.5 | 9.9% | +11.5* 0.6 | +2.1*-13.6 | -5.8% |
Food and Beverage Distribution | 111.5 | 13.9 | 12.5% | 108.0 | 13.1 | 12.2% | -3.5 | -0.8 | -0.3% |
Others | 56.1 | 3.8 | 6.7% | 58.4 | 3.9 | 6.6% | 2.2 | 0.1 | -0.1% |
Elimination and Corporate | -35.4 | -7.3 | - | -37.5 | -7.8 | - | -2.1 | -0.5 | - |
Total | 1,123.4 | 117.6 | 10.5% | 1,227.6 | 136.6 | 11.1% | +21.3* 104.2 | +3.4* 19.0 | 0.7% |
Net Sales and Operating Profit for FY2025 (YoY Comparison)
Higher net sales and profit driven by Energy and Industry segments
(Billion yen)
※ Figures for FY2024 performance reflect the business reorganization undertaken in the FY2025.
© Fuji Electric Co., Ltd. 7
*Exchange rate effect
Next, business results by segment.
Our performance for FY2025 was driven primarily by Energy and Industry segments. In particular, the Energy segment achieved net sales and profit growth across all sub-segments, with an operating profit ratio exceeding 15%.
(Billion yen) | FY2024 | FY2025 | Change | Overview |
Net Sales | 354.3 | 394.2 | 39.8 +3.6* |
Higher net sales and operating results（Net sales +9%）
|
Higher net sales and operating results（Net sales +22%）
| ||||
Operating Profit （Operating Profit ratio） | 36.3 （10.2%） | 59.5 （15.1%） | 23.2 （4.9%） +0.6* |
Higher net sales and operating results（Net sales +10%）
Higher net sales and operating results（Net sales +6%）
|
Business Results by Segment for FY2025 (YoY Comparison)
Energy Higher sales and profit in all subsegments and operating margin surpassing 15%
※ Figures for FY2024 performance reflect the business reorganization undertaken in the FY2025.
© Fuji Electric Co., Ltd. 8
*Exchange rate effect
This pages shows the result in the Energy segment.
Net sales in the Energy segment increased by 39.8 billion yen, and operating profit rose by 23.2 billion yen. All subsegments-Power Generation, Energy Management, Power Supply and Facility Systems, and Equipment Construction-achieved both the net sales and profit growth. While Energy Management and Power Supply and Facility Systems accounted for approximately 80% of the growth in net sales, the Power Generation-which had posted a loss in the previous fiscal year-turned around into a profit and contributed significantly to the improvement in profit.
(Billion yen) | FY2024 | FY2025 | Change | Overview |
Higher net sales and operating results (Net sales +5%)
| ||||
Net Sales | 400.0 | 467.2 | 67.2 +6.2* |
Higher net sales and operating results (Net sales +4%)
|
Higher net sales and operating results (Net sales +18%)
| ||||
Operating Profit （Operating Profit ratio） | 34.0 （8.5%） | 44.4 （9.5%） | 10.4 （1.0%） |
Higher net sales and operating results (Net sales +7%)
|
+0.6* |
Higher net sales and operating results (Net sales +55%)
|
Business Results by Segment for FY2025 (YoY Comparison)
Industry Higher sales and profit in all subsegments
※ Figures for FY2024 performance reflect the business reorganization undertaken in the FY2025.
© Fuji Electric Co., Ltd. 9
*Exchange rate effect
This page shows the Industry segment. We achieved both net sales and profit growth across all sub-segments just as we did in the Energy segment although the magnitude was smaller.
Within the Industry segment, IT Solutions made a particularly significant contribution to performance. While total net sales increased by 67.2 billion yen, approximately 70% of this growth was attributable to IT Solutions. Operating profit increased by 10.4 billion yen, a result of each sub-segment building up profits and improving profit ratio.
(Billion yen) | FY2024 | FY2025 | Change | Overview | |
Net Sales | 236.8 | 237.4 | 0.6 +11.5* | Net sales unchanged while operating results worsened
* The total amount of depreciation and leases paid as stated in the consolidated financial report. | |
Operating Profit （Operating Profit ratio） | 37.1 （15.7%） | 23.5 （9.9%） | -13.6 （-5.8%） +2.1* | ||
*Exchange rate effect | |||||
Business Results by Segment for FY2025 (YoY Comparison)
Semiconductors
© Fuji Electric Co., Ltd. 10
Decrease in operating profit as a result of lower sales of automotive semiconductors and increases in raw material costs
Sales | FY2024 | FY2025 | Change |
Industrial | 104.2 | 119.7 | 15.5 |
Automotive | 132.6 | 117.7 | -14.9 |
Capital investment | 64.4 | 34.9 | -29.5 |
Depreciation and leases paid* | 36.4 | 37.7 | 1.3 |
Next is the Semiconductor segment.
Although semiconductor net sales increased by 0.6 billion yen, favorable exchange rate movements contributed 11.5 billion yen to this figure; therefore, on a constant-currency basis, net sales actually declined by more than 10 billion yen.
Net sales fell particularly sharply in the automotive semiconductors. In addition to declining demand, the impact of price revisions implemented in the previous fiscal year has now worn off. On the other hand, net sales in the Industrial increased by
15.5 billion yen, with approximately 80% of this growth attributable to increased demand from China.
Operating profit decreased by 13.6 billion yen, and the profit ratio stood at 9.9%.
(Billion yen) | FY2024 | FY2025 | Change | Overview |
Net Sales | 111.5 | 108.0 | -3.5 |
Lower net sales and operating results (Net sales -10%）
|
Higher net sales while operating results unchanged (Net sales +2%)
| ||||
Operating Profit （Operating Profit ratio） | 13.9 （12.5%） | 13.1 （12.2%） | -0.8 （+0.1%） |
Business Results by Segment for FY2025 (YoY Comparison)
Food and Beverage Distribution
© Fuji Electric Co., Ltd. 11
*Exchange rate effect
Lower domestic vending machine demand
Higher demand for store fixtures offset the rebound decline in automatic change dispensers following the previous year's special demand.
Food and Beverage Distribution.
In the Food and Beverage Distribution segment, both net sales and operating profit declined year-over-year, falling by 3.5 billion yen and 0.8 billion yen, respectively. In particular, the vending machines saw declines in both net sales and operating profit due to a decline in domestic demand.
On the other hand, the Store Distribution saw an increase in net sales compared to the previous year, while operating profit remained at the same level as the previous year.
In the previous fiscal year, there was a special demand primarily in the Store Distribution due to the issuance of newly designed paper currency in Japan. While the effects of that special demand have subsided this fiscal year, when viewed on a like-for-like basis-excluding the one-time demand from the previous year-both the Store Distribution and Vending Machines achieved growth in both net sales and profit.
Net Sales by Japan and Overseas Area for FY2025 (YoY Comparison)
Change
+104.2 (Billion yen)
1,227.6
1,123.4
Overseas
+19.3
Japan
+84.9
FY2024 FY2025
© Fuji Electric Co., Ltd. 12
797.9
71%
325.5
29%
882.8
72%
344.8
28%
*Exchange rate effect
FA Components +1.4
+21.3*
Overseas sales down excluding foreign exchange impacts, while Asia and others increased, driven by the energy segment.
FY2024 | FY2025 | Change | ||||
Overseas | 29% 325.5 | 28% 344.8 | ||||
+21.3* | 19.3 | |||||
Asia (ex. China) | 10% 113.0 | 10% 124.5 | ||||
+5.2* | 11.5 | |||||
India | 3% 28.5 | 3% 31.1 | ||||
-0.8* | 2.6 | |||||
China | 9% 98.9 | 9% 112.1 | ||||
+10.8* | 13.2 | |||||
Europe | 4% 40.2 | 3% 42.1 | ||||
+4.8* | 1.9 | |||||
Americas | 4% 44.9 | 3% 35.0 | ||||
+1.1* | -9.9 | |||||
Energy Industry Semiconductors | +6.2 +10.9 +4.5 |
Power Generation | +1.3 |
Energy Management | +4.5 |
ED&C Components | +1.7 |
Semiconductors | |
(Industrial) | +1.7 |
ED&C Components Semiconductors (Industrial) Semiconductors (Automotive) | +2.5 +12.6 -2.1 |
FA Components | +2.6 |
Power Generation -3.6 | |
Energy Management -1.8 | |
Power Supply and Facility +2.1 | |
Systems | |
Social Solutions +1.4 | |
Semiconductors -7.0 | |
(Automotive) | |
By region, domestic net sales grew significantly by 84.9 billion yen. Overseas sales rose by 19.3 billion yen; however, excluding the 21.3 billion yen impact of foreign exchange rates, this represents a decline of 2 billion yen in real terms. Breaking down overseas sales, Asia, India, and China saw real growth, but excluding the positive impact of favorable exchange rates, Europe and the Americas posted significant declines.
By segment, overseas sales in the Energy increased by 6.2 billion yen, and in the Industry by 10.9 billion yen. Even after adjusting for foreign exchange effects, both the Energy and Industry segments posted positive real net sales growth. In contrast, the Semiconductor segment included a positive foreign exchange impact of 10 billion yen; excluding this, it posted a real decline in the high single-digit billion yen range.
© Fuji Electric Co., Ltd. 13
FY2024 FY2025
※ Figures for FY2024 performance reflect the business reorganization undertaken in the FY2025.
Higher demand for academic sector
(2nd GIGA program)
IT Solutions
Higher demand for transportation systems and
radiation
+37.5
528.7
491.2
Social Solutions
Components and others
+65.7
Industry
Higher demand for data center
Higher demand for electrical and HVAC installation constructions.
Power Supply and
+95.4 Facility Systems
Equipment Construction
821.5
726.1
Plant・Systems
Higher demand for applications related to
renewable energy stabilization and substation system
Energy Management
+28.7
Plant・Systems
Energy
(Billion yen) Change
1,350.2 +132.9
1,217.3
Amounts of Orders Received for FY2025
Strong performance in plant and system operations for Energy and Industry segments
Here are the amounts of orders received for FY2025.
Total orders increased by 132.9 billion yen compared to the previous year. Of this, the Plant/Systems contributed an increase of 95.4 billion yen. The Energy contributed an increase of 28.7 billion yen, and the Industry, an increase of 65.7 billion yen.
In the Energy segment, Energy Management saw significant growth, and orders for Power Supply and Facility Systems, as well as Equipment Construction, also increased by double digits. This reflects growing demand for renewable energy stabilization, substation systems, and data centers.
In the Industry segment, orders grew significantly driven primarily by IT solutions for the education market and the Second GIGA initiative. Approximately 90% of the increase in the Industry orders came from IT solutions.
-2.0* | |
+1% (+5%) | ·Selling price revisions instituted in FY2024 impacted YoY · Domestic demand increased QoQ |
+44% (+31%) | +27% (+31%) | ·Bulk orders for low-voltage inverters received from specific customers ·Higher demand for Smart meter in India |
+57% (+44%) | +25% (+25%) | ·Bulk orders due to advanced order prior to price adjustment ·Increased demand from finished machinery manufacturers |
Quarterly Based Orders－Major Components
(Billion yen)
4Q 4Q
YoY QoQ
+19.9 +13.3
125.9
99.9
109.2 106.0
98.2
112.6
102.7 101.6 Semiconductors
(Automotive)
-24%
(-27%)
Semiconductors
(Automotive)
Semiconductors
(Industrial)
+36%
(+7%)
+0%
(+3%)
Semiconductors
(Industrial)
Factory Automation※
Factory
Automation※
ED&C
Components
ED&C
Components
1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q
FY2024 FY2025
() indicates the actual rate of increase or decrease excluding the impact of exchange rates
※ Figures for FY2024 performance reflect the business reorganization undertaken in the FY2025.
※The definition of factory automation components are low-voltage inverters, industrial motors, and measuring instruments.
© Fuji Electric Co., Ltd. 14
*Exchange rate effect
·Higher demand for data center and Semiconductor Manufacturing Equipment
+12.8*
FA components and ED&C components sales increased QoQ, driven by bulk orders, while semiconductors remained flat.
Here are the quarterly orders for major components.
Compared to the third quarter, the fourth quarter saw an increase in orders for FA components and ED&C Components, primarily due to bulk orders, while semiconductor orders remained flat. Overall, there is a trend of gradual recovery in orders for Components related to data centers and semiconductor manufacturing equipment. Regarding ED&C Components, demand from finished machinery manufacturers is gradually increasing, and for FA components, demand for smart meters in India is on the rise.
・SiC 8-inch production line（R&D） ・Expansion of SiC 6-inch production (Matsumoto, Tsugaru) SiC8-inch wafer | |
Production equipment for new products ・Mobility products (automotive power electronics) ・Smart meter Smart meter | |
Augmentation of production capacity in response to demand growth for substation equipment ・Transfer of Switchgears production (From Chiba to Kawasaki） ・Construction a new building (Kobe) Kawasaki Factory | |
Capital Investment for FY2025 (YoY Comparison)
(Billion yen)
85.2
2.3
Change
56.7 -28.9
Others
1.8 2.0
Food and Beverage
Distribution
34.9
Semiconductors
Industry
Energy
FY2024
FY2025
© Fuji Electric Co., Ltd. 15
5.3
8.0
10.9
10.0
64.4
2.3
Production equipment for new products
・Counter fixture
・Vertical-standing automatic change dispensers
Vertical-standing automatic change dispensers
「ECS-V8」
Investment to expand the production capacity in Energy segment
R&D investment to strengthen cost competitiveness in Semiconductors segment.
Next, I'll explain capital investment for fiscal year 2025.
Capital investment was 85.2 billion yen in fiscal year 2024 but decreased by 28.5 billion yen year on year to 56.7 billion yen in fiscal year 2025. In the Semiconductors segment, capital investment decreased sharply year on year, however investment increased in the Energy segment.
In Energy, we started investment to expand the production capacity. The investment has been recognized. For Semiconductors, we control capital investment in light of demand trends. For SiC, we are continuously executing investments including R&D investment.
12.1
© Fuji Electric Co., Ltd. 16
※The amount for R&D expenditures above have been divided by segment based on theme and may
therefore, differ from the figures contained in the consolidated financial report.
Storage battery PC
and facilities
FY2025
FY2024
・Expansion of storage battery PCS series lineups
・Pure hydrogen fuel cell systems for factories
Energy
6.0
5.4
Industry
Research and Development for FY2025 (YoY Comparison)
Enhancing R&D for next-generation power semiconductors and GX products
(Billion yen)
Change
12.0
・Automotive (SiC-MOSFET)
・Industrial (8th-generation IGBT modules)
8th-generation IGBT modules
Semiconductors
13.8
13.2
・Vending machines for Indian market
・Counter fixture
・Vertical-standing automatic change dispensers
Vending machines for India
Common
Food and Beverage Distribution
+1.1
38.9
4.3
2.7
37.8
4.3
2.9
・High-voltage inverters for fans, pumps, and compressors
・PMSM motor and drive systems for small, electric - powered ships
High-voltage inverter
S
This slide shows research and development for fiscal year 2025.
As we explained in FY2026 Medium-Term Management Plan, our basic policy is to enhance R&D for next-generation power semiconductors and GX related products and we are executing each policy. Each Business Division will give you details in Business Strategy Meeting held in May.
Summary of Consolidated Financial Results for FY2025 (Comparison with Forecasts on Jan. 29, 2026) Higher sales driven by FA components and ED&C components in Industry segment, and favorable foreign exchange impacts Higher operating results in all segments, led by continued strong performance in Energy segment | |||||||||
（Billion yen） | January 29 Forecast | FY2025 Results | Change | ||||||
Net Sales | 1,185.0 | 1,227.6 | +26.6* | 42.6 | |||||
Operating Profit (Operating Profit Ratio) | 128.5 （10.8%） | 136.6 （11.1%） | 8.1 +3.2* （0.3%） | ||||||
Ordinary Profit | 128.0 | 139.3 | 11.3 | ||||||
Profit Attributable to Owners of Parent (Ratio of Profit Attributable to Owners of Parent to Net Sales) | 89.0 （7.5%） | 98.0 （8.0%） | 9.0 （0.5%） | ||||||
January 29 Forecast | FY2025 Results | Change | Factors of Change | ||||||
Net Sales | Operating Profit | Net Sales | Operating Profit | Net Sales | Operating Profit | ||||
Energy | 388.0 | 54.5 | 394.2 | 59.5 | +1.4* 6.2 | +0.0* 5.0 | Increase in operating results due to differences in profitability between projects, and the benefits of cost reduction activities. | ||
Industry | 450.0 | 42.0 | 467.2 | 44.4 | +9.9* 17.2 | +0.7* 2.4 | Increase in sales and operating results in FA components and ED&C components due to increased sales volumes. | ||
Semiconductors | 222.0 | 23.0 | 237.4 | 23.5 | +2.4* 0.5 | Increased sales and operating results driven by higher demand and favorable foreign exchange impacts. | |||
+14.9* | 15.4 | ||||||||
Food and Beverage Distribution | 108.0 | 13.0 | 108.0 | 13.1 | 0.0 | 0.1 | |||
Others | 59.0 | 4.0 | 58.4 | 3.9 | -0.6 | -0.1 | |||
Elimination and Corporate | -42.0 | -8.0 | -37.5 | -7.8 | 4.5 | 0.2 | |||
Total | 1,185.0 | 128.5 | 1,227.6 | 136.6 | 42.6 | 8.1 | |||
*Exchange rate effect | |||||||||
© Fuji Electric Co., Ltd. 17 | |||||||||
Let me move on to a summary of consolidated financial results for fiscal year 2025 in comparison with forecasts disclosed on January 29th.
In the previous disclosure, we made a downward revision for FA components and ED&C components in light of macro environments. However, we didn't see such a decrease as we expected and results were almost in line with the original forecasts. This led to a positive factor in the Industry segment. Besides, favorable impacts of the depreciation of the yen made a significant contribution.
Also in the Energy segment, net sales were 6.2 billion yen higher and operating profit was 5 billion yen higher. Members of each business division worked hard. I think the results of their accumulated efforts were reflected in the numerical results for the full year.
Contents
1.
FY2025 Results
（YoY Comparison / vs Forecasts on Jan. 29）
P. 4
2. Balance Sheet / Cash Flow Statement
P.18
3. Shareholder returns
P.21
© Fuji Electric Co., Ltd. 18
Balance Sheet at the End of FY2025 (YoY Comparison)
Liabilities and Net Assets
（Billion yen）
※1 Net interest-bearing debt: Interest-bearing debt - Cash and cash equivalents
※2 Net D/E ratio: Net interest-bearing debt ÷Equity
© Fuji Electric Co., Ltd. 19
Total assets increased, primarily driven by higher receivables and inventory from the strong plant and system business, as well as the market valuation of investment securities.
Assets | 25/3/31 | 26/3/31 | Change | |
Cash and deposit | 63.5 | 70.9 | 7.4 | |
Notes and account receivables-trade, Contract assets | 417.8 | 444.7 | 26.9 | |
Inventories | 238.7 | 257.1 | 18.4 | |
Other current assets | 46.7 | 59.2 | 12.5 | |
Total current assets | 766.7 | 831.8 | 65.2 | |
Property, plant and equipment | 347.1 | 348.9 | 1.8 | |
Intangible assets | 30.3 | 37.7 | 7.4 | |
Investments and other assets | 168.0 | 188.2 | 20.2 | |
Total long-term assets | 545.4 | 574.8 | 29.3 | |
Deferred assets | 0.1 | 0.0 | -0.0 | |
Total assets | 1,312.2 | 1,406.7 | 94.5 | |
25/3/31 | 26/3/31 | Change | |||
Notes and account payables-trade | 192.8 | 190.9 | -1.9 | ||
Interest-bearing debts | 104.9 | 89.1 | -15.8 | ||
Other liabilities | 283.8 | 283.8 | -0.1 | ||
Total liabilities | 581.5 | 563.7 | -17.8 | ||
Share capital | 47.6 | 47.6 | - | ||
Capital surplus | 64.6 | 63.8 | -0.8 | ||
Retained earnings | 493.9 | 565.9 | 72.1 | ||
Treasury shares | -4.3 | -3.7 | 0.6 | ||
Shareholders' equity | 601.8 | 673.6 | 71.8 | ||
Accumulated other comprehensive income | 90.0 | 126.6 | 36.6 | ||
Non-controlling interests | 38.9 | 42.8 | 3.9 | ||
Total net assets | 730.7 | 842.9 | 112.3 | ||
Total liabilities and net assets | 1,312.2 | 1,406.7 | 94.5 | ||
ROE | 14.3% | 13.1% | -1.1% |
ROIC | 12.9% | 12.6% | -0.2% |
Equity ratio | 52.7% | 56.9% | 4.2% |
Net interest-bearing debt※1 | 42.2 | 19.2 | -23.0 |
Net D/E ratio(times) ※2 | 0.1 | 0.0 | -0.0 |
R&I credit ratings | A | A+ |
Next, I'll talk about balance sheet.
Total assets increased by 94.5 billion yen versus March 31st, 2025 to 1,406.7 billion yen primarily driven by higher receivables and inventories from the strong plant and system business as well as the market valuation of investment securities.
Total liabilities decreased by 17.8 billion yen mainly due to a decrease in lease liabilities. Net interest-bearing debt was 19.2 billion yen, down 23 billion yen versus March 31st, 2025. This slide says net D/E ratio was 0.0 times but it was
0.02 times. ROE was 13.1% and ROIC was 12.6%. As President Kondo mentioned in his opening remarks, we recognize how to raise ROE and others is our challenge and we will consider measures going forward. Equity ratio improved by
4.2 percentage points to 56.9% mainly due to 72.1 billion yen increase in retained earnings.
FY2024 | FY2025 | Factors of Change | |
Ⅰ Cash Flows from Operating Activities | 144.9 | 123.6 | Decreased due to increase in accounts receivable-trade |
Ⅱ Cash Flows from Investing Activities | -63.4 | -72.6 | Decreased due to reduction in proceeds from sale of securities |
Ⅰ＋Ⅱ Free Cash Flow（FCF） | 81.5 | 51.0 | |
Ⅲ Cash Flows from Financing Activities | -86.2 | -48.2 |
Ⅳ Cash and Cash Equivalents at End of Period | 62.7 | 69.9 |
Balance Sheet at the End of FY2025 (YoY Comparison)
（Billion yen）
© Fuji Electric Co., Ltd. 20
I'll move on to cash flows.
Cash flows from operating activities were plus 123.6 billion yen as internal reserve also increased mainly due to an increase in accounts receivable-trade. Cash flows from investing activities deteriorated by 9.2 billion yen mainly due to a reduction in proceeds from sale of securities. As a result, free cash flow decreased by 30.6 billion yen year on year to plus 51 billion yen. However, we believe we achieved a sufficient improvement from the original plan of the mid-30 billion yen range.