Investor Relations Presentation Materials
November 14, 2025 ISEKI & CO., LTD.Index 1. Outline of Financial Results for the Third Quarter Fiscal Year Ending December 31, 2025 2. Domestic and Overseas Markets 3. Forecast of Consolidated Financial Results for the Fiscal Year Ending December 31, 2025 4. Topics 5. Appendix
Key Points Higher sales and operating profit (9 months (Jan. to Sep.), year on year) Continued significant growth for domestic sales and solid growth for overseas sales
Domestic Sales: Domestic sales increased significantly as a result of capturing farmer's strong purchasing appetite against a backdrop of rising rice prices
Overseas Sales: Overseas sales remained on an upward trend as lower sales in North America due to the weak market conditions were more than offset by strong performance in Europe and Asia
Operating Profit: Higher operating profit was due to the increases in domestic and overseas sales and the positive effect of price increases carried out in the past fiscal years
Profit: Profit increased significantly driven by the sale of non-current assets and the absence of impairment losses with structural reforms in the previous fiscal year
Project Z: Expected effects for 2025 have progressed as planned
Second Upward Revision to the Full-year Forecast, dividend increaseFull-year Forecast (Compared to the previous forecast announced on August 8):
Net sales ¥181.0 billion (+¥5.5 billion) Operating profit ¥4.0 billion (+¥0.5 billion) Profit ¥2.3 billion (+¥0.5 billion)
Dividend Forecast: ¥40 per share (an increase of ¥10 per share from the previous forecast announced on February 14)
1. Outline of Financial Results for the Third Quarter Fiscal Year Ending December 31, 2025
2. Domestic and Overseas Markets
3.
Forecast of Consolidated Financial Results for the Fiscal Year Ending December 31, 2025
4. Topics
5. Appendix
Outline of Consolidated Business Performance
(JPY bn, unless otherwise noted) (January 1, 2025 to September 30, 2025) | FY2022/12 3Q Actual | FY2023/12 3Q Actual | FY2024/12 3Q Actual | FY2025/12 | ||
3Q Actual | YoY Change | |||||
Net Sales | 125.3 | 132.9 | 128.5 | 143.7 | +15.1 | |
(Domestic) | 85.0 | 86.5 | 83.6 | 98.1 | +14.4 | |
(Overseas) | 40.2 | 46.4 | 44.9 | 45.5 | +0.6 | |
Gross Profit | 37.2 | 39.8 | 38.8 | 43.1 | +4.2 | |
Gross Profit Margin (%) | 29.7% | 30.0% | 30.3% | 30.0% | -0.3% | |
Operating Profit | 3.1 | 3.6 | 3.1 | 5.9 | +2.8 | |
Operating Margin (%) | 2.5% | 2.7% | 2.4% | 4.2% | +1.8% | |
Ordinary Profit | 3.8 | 3.8 | 2.9 | 5.3 | +2.4 | |
Profit (Loss) Attributable to Owners of Parent | 3.4 | 2.0 | (0.5) | 4.1 | +4.6 | |
Average * Exchange Rate (JPY) | US$ | 126.0 | 137.6 | 150.5 | 148.9 | -1.6 |
Euro | 141.4 | 157.4 | 159.7 | 165.4 | +5.7 |
* From 2025, the PL conversion rate for overseas subsidiaries has been changed to the average rate during the fiscal year. (Previously the rate at the end of each fiscal year was used.) 5
Trends in Consolidated Financial Results (Quarterly)
(Net sales: JPY bn)
54.6
47.9
45.8
46.5
43.9
47.1
46.1
42.8
38.7
2.7 38.6
41.2
40.5
36.9
37.4
39.8
2.9
37.2
1.6
1.0
1.4
1.3
1.6
0.5
0.8
0.8
0.3
0.7
(0.2)
(1.3)
(1.1)
(1.9)
60.0
50.0
40.0
30.0
20.0
10.0
Overseas net sales
(Operating profit: JPY bn)
5.0
4.0
3.0
2.0
1.0
0.0
(1.0)
(2.0)
0.0
1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q
(3.0)
(Current Forecast)
FY2022 FY2023 FY2024 FY2025
Main factors of YoY changes
Capturing farmer's strong purchasing appetite against a backdrop of rising rice prices
Agricultural machinery (contract):
Despite a temporarily decline due to the price revision in July, sales recovered to the previous year's level in September
Farming implements/maintenance revenues:
Sales increased steadily as a stable source of revenue
Construction of facilities:
Sales increased due to the completion of multiple large facility projects
(Reference)
Revision of ISEKI's agricultural machinery prices
Maintenance
A
(JPY bn, %) (January 1, 2025 to September 30, 2025) | FY2022/12 3Q Actual | FY2023/12 3Q Actual | FY2024/12 3Q Actual | FY2025/12 | |||
3Q Actual | YoY Change | ||||||
Agricultural Machinery Related | gricultural Machinery | Cultivating & Mowing Machinery | 18.1 | 17.0 | 16.0 | 18.5 | +2.5 |
Planting Machinery | 6.5 | 5.9 | 5.1 | 6.5 | +1.3 | ||
Harvesting & Processing Machinery | 11.4 | 11.3 | 11.1 | 14.1 | +3.0 | ||
Subtotal | 36.1 | 34.4 | 32.3 | 39.3 | +6.9 | ||
Spare Parts | 11.9 | 12.3 | 12.7 | 13.3 | +0.6 | ||
Repair Fees | 4.4 | 4.5 | 4.6 | 5.0 | +0.3 | ||
Subtotal | 16.3 | 16.9 | 17.3 | 18.3 | +0.9 | ||
Farming Implements | 15.2 | 15.4 | 15.7 | 20.8 | +5.0 | ||
Total | 67.7 | 66.7 | 65.5 | 78.5 | +13.0 | ||
Construction of Facilities | 3.2 | 4.8 | 2.8 | 5.2 | +2.4 | ||
Others | 14.0 | 14.8 | 15.3 | 14.3 | -0.9 | ||
Total | 85.0 | 86.5 | 83.6 | 98.1 | +14.4 | ||
Timing | Price increase |
Jun. 2022 | About 3% |
Apr. 2023 | About 5% |
Mar. 2024 | About 3% |
Jul. 2025 | About 7% |
Ratio of Revenue from Maintenance (%) | 19.2% | 19.6% | 20.8% | 18.7% | -2.1% |
Main factors of YoY changes
Lower sales in North America were more than offset by strong performance in Europe and Asia
Europe:
The absence of special demand for purchased products in Germany was more than offset by the stable performance in France, the consolidation of PTC Limited in the UK, and the impact of weaker yen
Noth America:
ISEKI's net sales declined as the compact tractors market remained weak
Asia:
Sales increased mainly in Korea and Indonesia
(JPY bn, %) (January 1, 2025 to September 30, 2025) | FY2022/12 3Q Actual | FY2023/12 3Q Actual | FY2024/12 3Q Actual | FY2025/12 | |
3Q Actual | YoY Change | ||||
Europe | 19.8 | 27.6 | 31.2 | 31.3 | +0.1 |
North America | 13.1 | 10.7 | 9.1 | 7.6 | -1.4 |
Asia | 6.7 | 7.0 | 4.0 | 6.2 | +2.2 |
Others | 0.5 | 1.0 | 0.5 | 0.3 | -0.2 |
Total | 40.2 | 46.4 | 44.9 | 45.5 | +0.6 |
Overseas Sales Ratio | 32.1% | 34.9% | 35.0% | 31.7% | -3.3% |
Operating Profit
・ Higher operating profit was due to the increases in domestic and overseas sales and the positive effect of price increases carried out in the past fiscal years
(JPY bn, %) (January 1, 2025 to September 30, 2025) | FY2024/12 3Q Actual | FY2025/12 3Q Actual | YoY Change | |
Net Sales | 128.5 | 143.7 | +15.1 | |
Gross Profit | 38.8 | 43.1 | +4.2 | |
Gross Profit Margin | 30.3% | 30.0% | -0.3% | |
SG&A Expenses | 35.7 | 37.1 | +1.3 | |
Personnel Expenses | 20.2 | 21.1 | +0.9 | |
Other Expenses | 15.5 | 15.9 | +0.4 | |
Operating Profit | 3.1 | 5.9 | +2.8 | |
Operating Margin | 2.4% | 4.2% | +1.8% | |
[Breakdown of YoY change (+¥2.8 billion)]
+2.3 +1.3 -1.0 +0.1 +0.1
3.1
FY2024/12 3Q
Higher Sales Price Production
Costs
FOREX
Fluctuations
(Reference)
5.9
Others
FY2025/12 3Q
Net Sales | Cost of Sales | SG&A Expenses | Operating Profit |
+1.0 | -0.7 | -0.2 | +0.1 |
[Effect of FOREX fluctuations (impact of income/losses, JPY bn)]
[Project Z
(impact of income/losses, JPY bn)]
Operating Profit | 3Q Actual | Full-year Forecast |
Effect | +1.0 | +1.5 |
Temporary expenses* | -0.6 | -0.8 |
* Expenses for transfer of production, consolidation of sales companies, and others
Ordinary Profit & Profit
・ Profit increased significantly driven by gain on sale of non-current assets in the current fiscal year and the absence of impairment losses with structural reforms in the previous fiscal year
(JPY bn) (January 1, 2025 to September 30, 2025) | FY2022/12 3Q Actual | FY2023/12 3Q Actual | FY2024/12 3Q Actual | FY2025/12 3Q Actual | YoY Change |
Operating Profit | 3.1 | 3.6 | 3.1 | 5.9 | +2.8 |
Financial Income (Expenses), Net | (0.5) | (1.1) | (1.0) | (1.1) | -0.0 |
Other Non-operating Income (Expenses), Net | 1.2 | 1.4 | 0.8 | 0.5 | -0.3 |
Ordinary Profit | 3.8 | 3.8 | 2.9 | 5.3 | +2.4 |
Extraordinary Income | 0.8 | 0.0 | 0.0 | 1.1 | +1.0 |
Extraordinary Losses | (0.2) | (0.1) | (2.3) | (0.2) | +2.1 |
Profit before income taxes | 4.4 | 3.7 | 0.6 | 6.2 | +5.6 |
Income Taxes-Deferred | (0.9) | (1.6) | (1.1) | (2.1) | -1.0 |
Profit (Loss) Attributable to Owners of Parent | 3.4 | 2.0 | (0.5) | 4.1 | +4.6 |
[Breakdown of major YoY change in other non-operating income (expenses), net (JPY bn)
Other non-operating income (expenses), net | |
Foreign exchange gains (losses) | -0.3 |
[Breakdown of major YoY change in extraordinary income/losses (JPY bn)]
Extraordinary income/losses (Positive: profit improvement) | |
Gain on sale of non-current assets | +1.0 |
Decrease in impairment losses (Recorded in the previous fiscal year due to structural reforms) | +2.1 |