［Delayed］Supplementary Information to Consolidated Financial Results
May 15, 2025
１．Outline of Financial Results for the First Quarter Fiscal Year Ending December 31, 2025 |
２．Performance Forecast for the Fiscal Year Ending December 31, 2025 |
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Outperformed internal targets
Strong domestic performance and continued overseas high performance, leading to higher sales and operating income year on year
Domestic Sales: | On a recovery track due in part to rising rice prices Revenues from farming implements and maintenance grew, which are a pillar in reform of revenue and cost structure |
Overseas Sales: | Strong in Europe, higher sales in Asia due to the completion of inventory adjustment in Korea Lower sales in North America due to weak market conditions |
Operating Income: | Higher operating income mainly due to higher sales and price revision effect Effects of Project Z measures and temporary expenses were in line with plans |
Ordinary Income: | Remained flat YoY, due to a ¥0.4 billion deterioration in foreign exchange gains and losses under non-operating income and expenses |
Profit: | Higher profit due to extraordinary income (gain on sale of non-current assets) |
No revision
・The impact of U.S. tariff policies on profit for this fiscal year will be minimal, given that there is approximately 11 months’ worth of customs-cleared local inventory and that orders for roughly 70% of the annual sales plan have already been received
・Domestic performance will remain strong in the first half due to a recovery in farmers’ purchasing appetite driven by
rising rice prices 3
１．Outline of Financial Results for the First Quarter Fiscal Year Ending December 31, 2025 |
２．Performance Forecast for the Fiscal Year Ending December 31, 2025 |
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(JPY bn, unless otherwise noted) (January 1, 2025 to March 31, 2025) | FY2021/12 1Q Actual | FY2022/12 1Q Actual | FY2023/12 1Q Actual | FY2024/12 1Q Actual | FY2025/12 | ||
1Q Actual | YoY Change | ||||||
Net Sales | 40.4 | 38.7 | 45.8 | 43.9 | 46.1 | +2.2 | |
(Domestic) | 28.2 | 22.7 | 28.2 | 24.3 | 26.4 | +2.0 | |
(Overseas) | 12.2 | 16.0 | 17.6 | 19.5 | 19.7 | +0.1 | |
Gross Profit | 11.7 | 10.8 | 13.7 | 13.0 | 13.8 | +0.7 | |
Gross Profit Margin(%) | 29.1% | 27.9% | 30.0% | 29.7% | 29.9% | +0.2% | |
Operating Income | 1.4 | (0.2) | 1.6 | 0.7 | 1.3 | +0.6 | |
Operating Margin(%) | 3.7% | (0.6)% | 3.7% | 1.7% | 3.0% | +1.3% | |
Ordinary Income | 2.1 | 0.0 | 1.3 | 0.9 | 0.9 | +0.0 | |
Profit (Loss) Attributable to Owners of Parent | 1.9 | 0.2 | 0.7 | 0.4 | 1.5 | +1.0 | |
Average * Exchange Rate (JPY) | US$ | 104.9 | 115.0 | 132.4 | 147.4 | 153.8 | +6.4 |
Euro | 129.5 | 136.1 | 145.5 | 163.2 | 160.7 | -2.5 |
*The average exchange rate has been revised to reflect the average sales exchange rate including that of overseas subsidiaries. 5
Main factors of YoY changes
・On a recovery track due to rising rice prices
・Revenues from farming implements and maintenance grew, which are a pillar in reform of revenue and cost structure
Ag
(JPY bn) | FY2021/12 1Q Actual | FY2022/12 1Q Actual | FY2023/12 1Q Actual | FY2024/12 1Q Actual | FY2025/12 | |||
1Q Actual | YoY Change | |||||||
Agricultural Machinery Related | ricultural Machinery | Cultivating & Mowing Machinery | 6.6 | 5.8 | 7.0 | 5.8 | 6.0 | +0.1 |
Planting Machinery | 2.5 | 1.6 | 2.1 | 1.6 | 1.5 | -0.1 | ||
Harvesting & Processing Machinery | 2.4 | 2.0 | 3.9 | 2.6 | 2.5 | -0.0 | ||
Subtotal | 11.6 | 9.6 | 13.1 | 10.1 | 10.1 | +0.0 | ||
Farming Implements/ Spare Parts | 9.0 | 7.0 | 8.0 | 7.7 | 9.1 | +1.3 | ||
Repair Fees | 1.1 | 1.1 | 1.1 | 1.1 | 1.2 | +0.0 | ||
Subtotal | 10.2 | 8.1 | 9.2 | 8.8 | 10.3 | +1.4 | ||
Total | 21.8 | 17.7 | 22.3 | 19.0 | 20.4 | +1.4 | ||
Construction of Facilities | 1.4 | 0.7 | 1.2 | 0.7 | 1.4 | +0.7 | ||
Others | 5.0 | 4.2 | 4.6 | 4.5 | 4.4 | -0.0 | ||
Total | 28.2 | 22.7 | 28.2 | 24.3 | 26.4 | +2.0 | ||
Agricultural machinery: Sales remained at the same level YoY |
Farming implements/spare parts/repair fees: (Maintenance revenues) Sales increased |
Construction of facilities: Sales increased due to the completion of large facility projects |
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Main factors of YoY changes
・Higher sales in Europe and Asia
・Weak in North America
Overseas Sales(JPY bn, %) | FY2021/12 1Q Actual | FY2022/12 1Q Actual | FY2023/12 1Q Actual | FY2024/12 1Q Actual | FY2025/12 | |
1Q Actual | YoY Change | |||||
Europe | 5.9 | 7.8 | 11.0 | 14.0 | 14.6 | +0.5 |
North America | 3.9 | 4.6 | 3.8 | 3.3 | 2.8 | -0.4 |
Asia | 2.2 | 3.5 | 2.1 | 1.9 | 2.1 | +0.1 |
Others | 0.0 | 0.1 | 0.5 | 0.2 | 0.1 | -0.0 |
Total sales | 12.2 | 16.0 | 17.6 | 19.5 | 19.7 | +0.1 |
Europe: Sales increased with steady performance |
North America: Sales declined as the compact tractors market remained weak |
Asia: Sales increased mainly in Korea |
Overseas sales ratio | 30.2% | 41.4% | 38.4% | 44.5% | 42.7% | -1.8% |
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・ | Operating income increased, primarily due to higher sales mainly in Japan and price revision effect |
(JPY bn, %) | FY2024/12 1Q Actual | FY2025/12 1Q Actual | YoY Change | |
Net Sales | 43.9 | 46.1 | +2.2 | |
Gross Profit | 13.0 | 13.8 | +0.7 | |
Gross Profit Margin | 29.7% | 29.9% | +0.2% | |
SG&A Expenses | 12.3 | 12.4 | +0.1 | |
Personnel Expenses | 6.9 | 7.1 | +0.1 | |
Other Expenses | 5.3 | 5.2 | -0.0 | |
Operating Income | 0.7 | 1.3 | +0.6 | |
Operating Margin | 1.7% | 3.0% | +1.3% | |
[Breakdown of YoY change (¥0.6 billion)]
+0.5 | +0.4 | -0.1 | -0.2 |
Higher Sales (Japan + Overseas) | Price | Production Costs | Others |
Net Sales | Cost of Sales | SG&A Expenses | Operating Income |
(0.1) | 0.1 | 0.0 | 0.0 |
[Effect of FOREX fluctuations (impact of income/losses, JPY bn)]
(Reference)
0.7
FY2024/12 1Q
FY2025/12
1Q
1.3
[Project Z
(impact of income/losses, JPY bn)]
Operating Income | 1Q Actual | Full-year Forecast |
Effect | 0.2 | 1.5 |
Temporary * expenses | (0.2) | (0.8) |
*Expenses for transfer of production, consolidation of sales companies, and others8
・ Ordinary income remained flat year on year, as foreign exchange gains and losses in non-operating income and expenses had a negative impact
・ Profit increased driven by gain on sale of non-current assets
(JPY bn) | FY2021/12 1Q Actual | FY2022/12 1Q Actual | FY2023/12 1Q Actual | FY2024/12 1Q Actual | FY2025/12 1Q Actual | YoY Change |
Operating Income | 1.4 | (0.2) | 1.6 | 0.7 | 1.3 | +0.6 |
Financial income (expenses), net | (0.1) | (0.1) | (0.5) | (0.3) | (0.3) | -0.0 |
Other non-operating income (expenses), net | 0.8 | 0.4 | 0.1 | 0.5 | (0.1) | -0.5 |
Ordinary Income | 2.1 | 0.0 | 1.3 | 0.9 | 0.9 | +0.0 |
Extraordinary Income | 0.0 | 0.0 | 0.0 | 0.0 | 0.8 | +0.8 |
Extraordinary Losses | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | -0.0 |
Income Before Income Taxes | 2.0 | 0.0 | 1.2 | 0.8 | 1.8 | +0.9 |
Income Taxes-Deferred | (0.1) | 0.2 | (0.5) | (0.4) | (0.3) | +0.1 |
Profit (loss) Attributable to Owners of Parent | 1.9 | 0.2 | 0.7 | 0.4 | 1.5 | +1.0 |
[Breakdown of major YoY change in Other
non-operating income (expenses), net (JPY bn)]
Other non-operating income (expenses), net | |
Foreign exchange gains (losses) | (0.4) |
Others | (0.1) |
[Breakdown of major YoY change in extraordinary income/losses (JPY bn)]
Extraordinary income/losses | |
Gain on sale of non-current assets | 0.8 |
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・ Interest-bearing liabilities decreased year on year due to a decrease in inventories
In addition, total assets decreased due to the impairment of non-current assets in the previous fiscal year and their sale in
(JPY bn) | As of Mar. 31, 2024 | As of Dec. 31, 2024 | As of Mar. 31, 2025 | YoY Change | Change from Dec. 31, 2024 | As of Mar. 31, 2024 | As of Dec. 31, 2024 | As of Mar. 31, 2025 | YoY Change | Change from Dec. 31, 2024 | |
Cash & Deposits | 13.0 | 8.2 | 7.7 | -5.2 | -0.4 | Accounts Payable-Trade | 35.9 | 25.2 | 27.7 | -8.1 | +2.4 |
Accounts Receivable-Trade | 35.0 | 25.4 | 36.5 | +1.5 | +11.1 | Interest-bearing Liabilities | 86.7 | 75.4 | 81.3 | -5.3 | +5.8 |
Inventories | 73.7 | 66.9 | 67.6 | -6.1 | +0.7 | (Loans Payable) | 79.4 | 68.1 | 74.0 | -5.3 | +5.9 |
Other Current Assets | 4.1 | 5.0 | 3.6 | -0.4 | -1.3 | Accounts Payable-Other | 6.3 | 10.2 | 10.5 | +4.2 | +0.2 |
Other Liabilities | 24.2 | 23.3 | 23.3 | -0.8 | +0.0 | ||||||
Total Current Assets | 126.0 | 105.6 | 115.7 | -10.2 | +10.1 | Total Liabilities | 153.2 | 134.2 | 142.8 | -10.3 | +8.5 |
Property, Plant and Equipment | 84.2 | 81.3 | 81.0 | -3.1 | -0.3 | Net Assets | 75.0 | 71.8 | 73.2 | -1.8 | +1.4 |
Intangible Assets | 2.4 | 2.9 | 3.0 | +0.5 | +0.0 | ||||||
Investments and Other Assets | 15.6 | 16.1 | 16.4 | +0.8 | +0.2 | (Retained Earnings) | 20.2 | 16.6 | 17.9 | -2.3 | +1.2 |
Total Non-current Assets | 102.2 | 100.5 | 100.4 | -1.8 | -0.0 | ||||||
Total Assets | 228.3 | 206.1 | 216.2 | -12.0 | +10.0 | Total Liabilities and Net Assets | 228.3 | 206.1 | 216.2 | -12.0 | +10.0 |
the period under review
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１．Outline of Financial Results for the First Quarter Fiscal Year Ending December 31, 2025 |
２．Performance Forecast for the Fiscal Year Ending December 31, 2025 |
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・ | The performance exceeded the internal targets in the first quarter The impact of U.S. tariff policies on profit for this fiscal year will be minimal, and domestic performance will remain strong in the first half (Exchange rates revised in light of current fluctuations) |
(JPY bn, %) | FY2021/12 Actual | FY2022/12 Actual | FY2023/12 | FY2024/12 | FY2025/12 | YoY Change | ||||
Actual | % | Actual | % | Forecast | % | |||||
Net Sales | 158.1 | 166.6 | 169.9 | 100.0 | 168.4 | 100.0 | 170.5 | 100.0 | +2.0 | |
(Domestic) (Overseas) | 117.3 40.7 | 112.6 53.9 | 113.0 56.8 | 66.5 33.5 | 113.0 55.3 | 67.1 32.9 | 113.5 57.0 | 66.6 33.4 | +0.4 +1.6 | |
Operating income | 4.1 | 3.5 | 2.2 | 1.3 | 1.9 | 1.1 | 2.6 | 1.5 | +0.6 | |
Ordinary income | 4.6 | 3.7 | 2.0 | 1.2 | 1.5 | 0.9 | 1.8 | 1.1 | +0.2 | |
Profit (loss) Attributable to Owners of Parent | 3.1 | 4.1 | 0.0 | 0.0 | (3.0) | - | 1.3 | 0.8 | +4.3 | |
Average *1 Exchange Rate (JPY) | US$ | 109.4 | 132.7 | 139.7 | 151.7 | 143.0 *2 | -8.7 | |||
Euro | 130.4 | 140.7 | 156.6 | 164.8 | 157.0 | -7.8 | ||||
Year-end Dividend (JPY) | 30 | 30 | 30 | 30 | 30 | - | ||||
*1 The average exchange rate has been revised to reflect the average sales exchange rate including that of overseas subsidiaries.
*2 Initial forecast (Feb. 14, 2025): ¥150.0/US$ → Revised: ¥143.0/US$; Euro unchanged 12
The objective of this presentation document is to provide information and never intends to induce any action.
The document was created by ISEKI with currently available information, and it involves potential risks and uncertainties. The forecast may not be consistent with actual results depending on fluctuation of the economic situation and market trends.
In using this information, investors are expected to depend on their own judgment. ISEKI is not liable for any losses incurred by investment decision made utilizing the business forecast or targets given in this document.
These documents have been translated for reference purposes only. In the event of any discrepancy between these translated documents and their Japanese originals, the originals shall prevail.
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