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MISUMI : FY2025 (ending March 2026) 3Q earnings report (7,767KB)
MISUMI : FY2025 (ending March 2026) 3Q earnings report
About this update from Misumi Group Inc.
MISUMI Group Inc. FY2025 (ending March 31, 2026) Third Quarter Earnings Report January 30, 2026 Toru Takanami Senior Corporate Officer, CFO Table of contents Earnings Overview for the First Nine Months of FY2025 2 FY2025 Consolidated Earnings Forecast 9 Advancement of the Digital MODEL 13 Reference Materials 16 FX rates (vs Yen) FY24 3Q Cum. Actual FY25 3Q Cum. Actual USD 152.9 yen 149.3 yen EUR 164.9 yen 171.9 yen RMB 21.2 yen 20.9 yen Earnings Overview for the First Nine Months of FY2025 FY2025 Cumulative 3Q Earnings Overview Digital MODEL initiatives drove a 6.3% YoY sales increase, reaching a record high. Sales volume growth absorbed the impacts of tariffs and Forex, but M&A costs reduced profits; performance is generally on track. Category Pre-Fictiv consolidation Fictiv Post-Fictiv consolidation FY24 3Q Cum. Actual FY25 3Q Cum. Actual YoY change FY25 3Q Cum. Actual (Jul.-Dec.) FY25 3Q Cum. Actual YoY change Yen basis (Local currency basis) Yen basis (Local currency basis) Net Sales 301,585 310,560 +3.0% （+3.6%） 10,100 320,661 +6.3% （+7.0%） Before goodwill amort. Operating Income 36,150 35,311 -2.3% （-0.4%） ※1 -1,280 34,030 -5.9% （-4.0%） Margin 12.0% 11.4% -0.6pt （-0.5pt） - 10.6% -1.4pt （-1.2pt） Operating Income 36,150 35,311 -2.3% （-0.4%） ※2 -3,046 32,264 -10.7% （-8.9%） Margin 12.0% 11.4% -0.6pt （-0.5pt） - 10.1% -1.9pt （-1.8pt） Net Income 28,213 25,998 -7.9% （-） -2,970 23,027 -18.4% （-） Million yen ※1: Details (Fictiv Standalone business performance -215 million yen, M&A intermediary fees -1,065 million yen) ※2: Amortization of goodwill, etc.: -1,766 million yen 3 FY2025 Cumulative 3Q Sales and Op. Income by Business Segment FA: Sales rose with Digital MODEL initiatives (meviy, Economy Series etc.) and steady Fictiv results. Die Components: Growth was driven by China/ Asia, but overall profits declined predominantly due to weak automotive demand in the U.S./ Japan. VONA: Sales and profits increased due to effectively capturing mass production Category Net sales Operating income FY24 3Q Cum. Actual FY25 3Q Cum. Actual YoY change FY24 3Q Cum. Actual FY25 3Q Cum. Actual YoY change Yen basis (Local currency basis) Margin Margin Yen basis (Local currency basis) Total 301,585 320,661 +6.3% （+7.0%） 36,150 12.0% 32,264 10.1% -10.7% （-8.9%） FA business 102,158 115,919 +13.5% （+14.0%） 17,517 17.1% 14,045 12.1% -19.8% （-18.4%） Pre-Fictiv Consolidation 105,819 +3.6% （+ 4.0 %） 17,092 16.2% -2.4% （-1.0%） Die component business 64,721 65,203 +0.7% （+2.1%） 7,015 10.8% 6,285 9.6% -10.4% （-7.6%） VONA business 134,705 139,538 +3.6% （+4.0%） 11,616 8.6% 11,933 8.6% +2.7% （+4.7%） demand notably in China and Asia. Million yen FY2025 Cumulative 3Q Japan & Overseas Sales Japan: Capital investment demand remained weak, mainly among automotive customers. Overseas: Growth led by the U.S., China, and Asia; Europe is unchanged YoY. Overseas ratio (Million yen) 65,000 Yen basis 59.6% 191,090 55,000 Overseas Sales 129,570 45,000 35,000 Japan Sales Japan YoY -2.4% Overseas YoY +13.2% （Yen basis） 25,000 1Q 2Q 3Q 4Q FY22 1Q 2Q 3Q 4Q FY23 1Q 2Q 3Q 4Q FY24 1Q 2Q 3Q FY25 (Million yen) 22,000 Yen basis FY2025 Cumulative 3Q Sales by Region China Investment remained strong, mainly in domestic demand. Economy Series and telecom etc. continued to grow. Local currency Yen basis basis YoY +10.9% +12.6% 66,434 China 17,000 12,000 7,000 Asia U.S. Europe 51,928 Asia Economy Series drove growth and maintained strong performance, successfully drawing in new customers. Local currency Yen basis basis YoY +6.9% +8.4% U.S. Die & mold remained weak, while Fictiv expanded, FA and VONA maintained growth. YoY Local currency Yen basis basis Pre-Fictiv +5.8% +8.3% Consolidation Local currency Post-Fictiv Yen basis basis Consolidation +36.0% +38.6% 45,374 35,274 （Pre-Fictiv consolidation） Europe Yen figures held steady YoY due to Forex effect; recovery in demand will take time. Local currency Yen basis basis YoY +0.7% -3.4% 20,092 2,000 1Q 2Q 3Q 4Q FY22 1Q 2Q 3Q 4Q FY23 1Q 2Q 3Q 4Q FY24 1Q 2Q 3Q FY25 FY2025 Cumulative 3Q Sales Variance Analysis (YoY) Digital MODEL initiatives increased sales volume which absorbed the impact of tariffs; Forex impact narrowed compared with the 1H. Attributable to Fictiv’s robust performance, sales increased by 6.3% YoY. (Billion yen) 21.2 -10.3 ＋7.0% -3.4% 301.6 Tariffs impact Volume Increase &others -1.9 -0.6% Forex impact 310.6 +3.0% 10.1 320.7 ＋3.3% +6.3% Fictiv 350.0 FY25 3Q cum. Actual （Pre-Fictiv consolidation） 300.0 250.0 200.0 FY24 3Q cum. Actual FY25 3Q cum. Actual (Post-Fctiv consolidation) 7 FY2025 Cumulative 3Q Op. Income Variance Analysis (YoY) Profits rose due to sales volume growth and product mix, which absorbed the impacts of tariffs, Cost Up and Forex; growth-related expenditures continued. Results, factoring in goodwill amortization, M&A expenses, and Fictiv’s performance, were generally in line with the plan. Product -0.8 MIX Tariffs impact PU/ 36.2 CD/ CU ※ -0.6 Forex impact -4.1 35.3 Fictiv-related -0.2 -1.8 -1.1 Goodwill Amort. M&A Intermediary Fees Sales volume increase Other expenses etc. Fictiv 32.3 12.0% 11.4% 10.1% ※: PU/CD/CU(PU=price up/increase, CD=cost down/decrease, and CU=cost up/increase) (Billion yen) 45.0 7.6 0.2 -3.0 40.0 FY25 3Q Cum. Actual (Pre-Ficriv Consolidation) 35.0 FY25 3Q Cum. Actual (Post-Ficriv Consolidation) 30.0 25.0 20.0 15.0 FY24 3Q Cum. Actual 8 FY2025 Consolidated Earnings Forecast FX rates (vs Yen) FY25 3Q Cum. Actual FY25 4Q Forecast USD 149.3 yen 155.0 yen EUR 171.9 yen 182.0 yen RMB 20.9 yen 22.0 yen 9 FY2025 Full-Year Performance Outlook Although the automotive sector stagnated, growth driven by Digital MODEL initiatives absorbed this; revisions were made to reflect current Forex rates. Despite continued growth-related expenditures, profitability is likely to remain at the Category Pre-Fictiv consolidation Fictiv Post-Fictiv consolidation FY24 Actual FY25 Forecast YoY change FY25 Forecast Nine months 25.Jul-26.Mar FY25 Announced Figures （10/31） FY25 Forecast （1/30） YoY Change Change from Announced Figures Yen basis (local currency basis) Yen basis (local currency basis) Yen basis (local currency basis) Net sales 401,987 425,198 +5.8% （+5.5%） 14,802 432,000 440,000 +9.5% （+9.1%） +1.9% （+0.1%） Before goodwill amort. Operating Income 46,480 50,286 +8.2% （+7.7%） ※1 -1,263 48,200 49,022 +5.5% （+5.0%） +1.7% （-2 .6 %） Margin 11.6% 11.8% +0.2pt （+0.2pt） - 11.2% 11.1% -0.4pt （-0.4pt） -0.0pt （- 0.3 pt） Operating Income 46,480 50,286 +8.2% （+7.7%） -4,086 45,500 46,200 -0.6% （-1.1%） +1.5% （-3.1%） Margin 11.6% 11.8% +0.2pt （+0.2pt） 10.5% 10.5% -1.1pt （-1.1pt） - （-0.3pt） Net Income ※2 36,549 37,803 +3.4% （-） -3,903 33,900 33,900 -7.2% （-） - （-） previously announced 10.5%. Million yen ※1: Details (Fictiv Standalone business performance -198M yen, M&A related costs -1,065M yen) ※2: Includes goodwill amortization -2,822M yen, and the consolidated tax impact from Fictiv acquisition 10 FY2025 Full-year Sales Variance Analysis （YoY） While lower sales expected amid weaker automotive demand, impacts of tariffs and Forex improved versus the previous outlook. Changes since FY start: Tariffs -21.0 → -13.0; Forex -19.7 → +1.3. The forecast was revised upward, reflecting robust Fictiv; with YoY growth of +9.5%. (Billion yen) 5.9 2.3 440.0 450.0 36.6 -14.7 12.5 432.0 -1.9 1.7 +1.4% ＋0.5% +9.5% -4.6 +7.5% -0.4% +0.4% 400.0 402.0 Volume Increase Tariffs impact Forex impact Fictiv Volume Increase &others Tariffs impact Forex impact Fictiv &others -13.0 +1.3 350.0 I nitial assumption -21.0 -19.7 +8.0 +21.0 300.0 250.0 200.0 FY24 Actual FY25 10/31 Announced FY25 Revised plan FY2025 Full-year Op. Income Variance Analysis (YoY) Since the previous announcement, there were impacts from sales volume decrease and Cost Up; notwithstanding product mix improved. Impacts from tariffs and Forex narrowed. Despite continued growth-related expenditures, Fictiv's performance is likely to exceed the initial plan, accordingly full-year results are expected to be in line with the PY. (Billion yen) 60.0 50.0 46.5 10.1 1.3 PU/ CD/ CU ※ -3.4 Forex impact -3.2 HR / Org -0.9 -4.9 Other 45.5 0.6 -1.5 2.1 -1.3 0.8 46.2 40.0 Volume Increase &others reinforce expenses ment Fictiv Volume Increase &others PU/ CD/ CU Forex impact Other expenses Fictiv Details ※ Details 30.0 20.0 11.6% Sales quantity increase Tariffs impact Product MIX +17.3 +17.3 6.4 -0.8 -6.4 -0.8 10.5% Sales quantity increase -0.8 Tariffs impact +0.6 Product MIX +0.8 10.5% 10.0 0.0 FY24 Actual ※: PU/CD/CU(PU=price up/increase, CD=cost down/decrease, and CU=cost up/increase) FY25 10/31 Announced FY25 Revised plan Advancement of the Digital MODEL Digital MODEL: FY2025 Sales Outlook （） indicates YoY growth rate As of December FY25 meviy # of cumulative 230 K users Fictiv # of customers 2 K companies As of December FY25 # of customers companies 70 K On-Demand Mfg. Business DM # 1 (meviy＋Fictiv) FY25 Sales Plan 34.4 Bn yen meviy 21.9 Bn yen (+38%) Fictiv 12.5 Bn yen ( - %) DM # 2 Economy Series FY25 Sales Plan 15.8 Bn yen (+42%) DM # 3 D-JIT FY25 Sales Plan 11.9 Bn yen (+45%) As of December FY25 Cyber NW procurement integration companies Virtual Inventory 700 vs. previous level 28- fold Billion yen 400 300 200 100 0 40 30 20 10 0 Billion yen 200 100 0 20 10 0 Billion yen 200 100 0 200 100 0 20 10 FY24 Actual YoY +38% YoY +42% 11.1 Bn yen Asia Japan China YoY +45％ 8.2 Bn yen FY25 Plan 34.4 Bn yen 15.8 Bn yen 11.9 Bn yen FY25 3Q Cum. Actual YoY 15.9 Bn yen meviy2D Fictiv meviy3D +102% （meviy：＋21%） 23.3 Bn yen YoY +57% 12.5 Bn yen YoY +67% 9.8 Bn yen Japan Overseas 0 Total 35.2 Bn yen Total 62.1 Bn yen YoY +76% Total 45.6 Bn yen YoY +79% 14 Fictiv’s Business Performance (Standalone Basis) Sales growth and improved profitability were driven by synergies with MISUMI. Customer demand acquisition is advancing well in growth sectors (robotics and aerospace etc.). USD CY25 Quarterly Sales Trend ※1 CY25 Full-year Actual/ YoY/ Vs. announced ※1 25 Jan-Mar Apr-Jun Jul-Sep Oct-Dec CY24 Actual CY25 Announced CY25 Actual $36M Vs. YoY +54% Orders $25M $24M $20M $24M $32M $31M $35M announced +10% $101M $112M $73M Sales Op. Income (Op. Income %) ※2 -$6M （-31％） -$5M （-22％） -$2M （-7％） $1M （2％） -$25M （-34％） -$19M （-18％） -$13M （-7％） YoY + 27pt *1: Business performance from July onward will be included in the consolidated financial report *2: Excludes M&A intermediary fees and goodwill amortization Vs. announced +11pt Reference Materials FY2025 Full-Year Japan & Overseas Sales Outlook （1/30 Announcement） (Million yen) 300,000 Yen basis Overseas ratio 59.7% 262,529 250,000 200,000 Japan Sales 177,471 150,000 100,000 Overseas Sales YoY Japan -0.1% Overseas YoY +17.0% （Yen basis） 50,000 0 16 17 18 19 20 21 22 23 24 FY25 Outlook FY2025 Full-Year Sales Outlook by Region （1/30 Announcement） China YoY Local currency Yen basis basis +13.5% +13.3% (Million yen) 100,000 90,000 80,000 70,000 60,000 50,000 40,000 30,000 20,000 Yen basis China Asia U.S. Europe 90,033 Asia YoY Local currency Yen basis basis +11.3% +11.3% 71,256 U.S. YoY Pre-Fictiv Consolidation Local currency Yen basis basis +8.5% +9.8% Post-Fictiv Consolidation +41.6% +42.9% 63,300 48,498 （Pre-Fictiv consolidation） 28,068 10,000 0 Europe YoY Local currency Yen basis basis +4.7% -1.6% 16 17 18 19 20 21 22 23 24 FY25 Outlook Consolidated Balance Sheet Consolidated Statement of Income Consolidated Statement of Cash Flows Key Financial Indicator DM # 1 A Revolution in Parts Procurement: meviy Simply upload 3D data of machine parts and the AI will automatically and instantly provide a quote, and our unique platform enables shipping in as little as one day using a digital manufacturing system (available for free) Upload 3D CAD models Digital Manufacturing Instant price and delivery quotes Generate machining programs automatically Minimum 1-day shipping AI Automated Quotation Global Customers DM # 2 Product Range Reform: Economy Products Newly introduced, competitively priced mid-range product line from China Comparison with existing products Economy product -0.012 to +0.003 (Middle range accuracy) 30-50 Existing product Accuracy -0.009 to 0 (I.D. Intersection) Price index 100 DM # 3 Improving Response to Quantity: D-JIT A unique system is now in place that allows us to respond to our customers' needs, even for high-volume orders with short lead times From “ MISUMI for small quantities, quick delivery ” to “ MISUMI even for larger quantities ”, which will be rolled out globally from Japan Customer Suppliers / Factories Needs 1,000 pieces Algorithm finds the optimal mix Supplier A 100 pcs in stock Order received Order plac Supplier B ed 500 pcs in stock Supplier C 400 pcs in stock Instant Response Achieving stable, bulk supply 28x Increase in order fulfillment capacity Network connected to over 700 companies Approx. 50 bn yen MISUMI inventory → Approx. 1,400 bn yen virtual inventory DM # 4 The 4th Digital MODEL: floow Total cost reduction for manufacturing components that tailors the purchasing of manufacturing components according to a customer's purchasing pattern To expand from existing equipment manufacturing customers to new mass production factory customers across different industries Equipment Manufacturers Contracted 《① High frequency items》 ne ble Vending machi items readily availa goods 《② Mid frequency items》 Regular delivery Contracted goods eliminating risk of shortages 《③ On demand items》 On demand items EC/Dedicated Staff accepting orders to provide quick quotation Visualization of Usage Data "Who,when,andwhat“ Manufacturing Components Total Supply Chain Our Company has made a proactive investment in IT to promote sustainable growth Starting in fiscal year 2021, we began a comprehensive overhaul of the core systems We aim to triple the rate of new feature development while reducing development costs by two-thirds IT Business Foundation Production/ Logistics Aiming for a more stable supply of products by strengthening the globally reliable, quick delivery system Sales offices 65 Manufacturing sites 22 Logistics sites 20 logistics production We have established a global 5 region production system. In the event of an emergency, we can immediately switch production plants Expansion of global operations with automation. Strengthen logistics infrastructure through productivity and site expansion