Misumi Group Inc. TSE:9962
MISUMI : FY2025 (ending March 2026) First half year (1H) earnings report (1,994KB)
Source: MarketScreener
MISUMI Group Inc.
FY2025 (ending March 31, 2026) First Half (1H) Earnings Report and Future Initiatives
Representative Director and President
Table of contents
FY2025 1H Earnings Overview 2
FY2025 Full-year Performance Outlook 11
Future Growth Strategies and Progress in FY2025 1H 18
Reference Materials 30
FX rates (vs Yen) | FY24 Actual | FY25 | |||
1H | Full year | 1H Actual | 2H Forecast | ||
USD | 152.3 yen | 152.5 yen | 146.6 yen | 145.0 yen | |
EUR | 165.5 yen | 163.6 yen | 167.7 yen | 171.0 yen | |
RMB | 21.2 yen | 21.1 yen | 20.4 yen | 20.4 yen | |
FY2025 1H Earnings Overview
Market Conditions and Our Initiatives in FY 2025 1H
＜Market and Demand Trends＞
The anticipated impact of trade policy was milder than expected, though the extent varied by region.
Japan and Europe: Weak demand in the automotive industry
U.S., China, and Asia: Steady demand in telecommunications and electronics
＜Our Company's Performance＞
Growth: Increased sales offset the effects of tariffs and currency fluctuations, resulting in higher sales.
Profitability: Although there were several factors negatively impacting profits-such as tariffs, forex, and costs related to the Fictiv acquisition-overall results were roughly in line with the initial plan.
＜Strategy Execution & Foundation Strengthening＞
We continued to balance short-term and mid-term measures, with steady progress made in our Digital MODEL initiatives.
Investments to strengthen the business foundation, which are essential for sustainable growth, also continued.
Since July, Fictiv's performance, now included in our consolidated results, has been strong, and the integration plan is proceeding smoothly.
FY2025 1H Earnings Overview
Growth of +3.9% year-over-year due to the effects of proprietary initiatives. Record-high performance continued pre-Fictiv consolidation.
Higher sales volumes balanced out tariffs and forex, but profit still fell YoY because of growth-
related investments, including Fictiv.
Million yen
Category | Pre-Consolidation | Fictiv | Post-Consolidation | ||||||
FY24 1H Actual | FY25 1H Actual | YoY change | FY25 1H Actual （Jul.-Sept.） | Announced Figures | FY25 1H Actual | YoY change | Change from Announced Figures | ||
Yen basis (Local currency basis) | Yen basis (Local currency basis) | Yen basis | |||||||
Net Sales | 198,022 | 201,093 | +1.6% （+3.3%） | 4,721 | 204,000 | 205,814 | +3.9% （+5.7%） | +0.9% （-） | |
Before goodwill amort. Operating Income | 23,390 | 21,861 | -6.3% （-1.6%） | ※1 -1,380 | - | 20,481 | -12.4% （-7.8%） | - | |
Margin | 11.8% | 10.9% | -0.9pt （-0.6pt） | - | - | 10.0% | -1.9pt （-1.5pt） | - | |
Operating Income | 23,390 | 21,861 | -6.3% （-1.6%） | ※2 -2,242 | 19,400 | 19,618 | -16.1% （-11.5%） | +1.1% （-） | |
Margin | 11.8% | 10.9% | -0.9pt （-0.6pt） | 9.5% | 9.5% | -2.3pt （-1.9pt） | +0.0pt （-） | ||
Net Income | 18,200 | 16,105 | -14.2% （-） | -2,108 | 13,900 | 13,997 | -23.1% （-） | +0.7% （-） | |
※1: Details: (Fictiv Standalone business performance -315 million yen, M&A intermediary fees -1,065 million yen
※2: Amortization of goodwill, etc.: 862 million yen 4
FY2025 1H Sales and Operating Income by Business Segment
FA: Sales experienced growth due to proprietary initiatives including meviy, Economy products, and D-JIT. The integration of Fictiv contributed to additional sales expansion.
Die Components: Although demand in the automotive sector remains sluggish, growth in China and Asia has offset this, resulting in only a slight year-over-year decrease in sales.
VONA: Achieved increased sales and profit by capturing mass production demand, mainly in China and Asia.
Million yen
Category | Net sales | Operating income | ||||||||||||||
FY24 1H Actual | FY25 1H Actual | YoY change | FY24 1H Actual | FY25 1H Actual | YoY change | |||||||||||
Yen basis (Local currency basis) | Margin | Margin | Yen basis (Local currency basis) | |||||||||||||
Total | 198,022 | 205,814 | +3.9% （+5.7%） | 23,390 | 11.8% | 19,618 | 9.5% | -16.1% （-11.5%） | ||||||||
FA business | 66,854 | 72,743 | +8.8% （+10.5%） | 11,565 | 17.3% | 8,133 | 11.2% | -29.7% （-26.1%） | ||||||||
Pre-Fictiv Consolidation | 68,021 | +1.7% （+3.4%） | 10,375 | 15.3% | -10.3% （-6.4%） | |||||||||||
Die component business | 42,819 | 42,573 | -0.6% （+2.3%） | 4,572 | 10.7% | 4,177 | 9.8% | -8.7% （-2.6%） | ||||||||
VONA business | 88,347 | 90,498 | +2.4% （+3.8%） | 7,251 | 8.2% | 7,307 | 8.1% | +0.8% （+6.1%） | ||||||||
FY2025 1H Japan and Overseas Sales
Japan: Economic sentiment worsened due to tariffs impact, especially among automotive-related customers.
Overseas: Growth was driven by China, Asia, and the U.S., while Europe continued to be sluggish.
Million yen
125,000
100,000
Yen basis
Japan Sales
Overseas ratio
58.9%
121,309
75,000
84,504
50,000
Overseas Sales
+8.1%
（Yen basis）
Overseas YoY
-1.5%
Japan
YoY
25,000
0
16 17 18 19 20 21 22 23 24 FY25
Million yen
45,000
Yen basis
FY2025 1H Sales by Region
China | |
In addition to the growth of Economy products and floow, demand related to communications continues to be secured. Local currency Yen basis basis YoY +7.3% +11.3% | |
42,339
40,000
35,000
30,000
25,000
20,000
15,000
10,000
5,000
China
Asia
Eur
U.S.
ope
33,284
27,
Asia | |
Proprietary initiatives (such as the Economy products) have driven growth, maintaining stable performance. Local currency Yen basis basis YoY +4.2% +7.1% | |
593
U.S. | |
The impact of tariffs was milder than initially expected, and Fictiv has performed solidly. Local currency YoY Yen basis basis Pre-Fictiv +2.5% +6.5% Consolidation Local currency Post-Fictiv Yen basis basis Consolidation +23.6% +27.6% | |
22,872
（Pre-Fictiv Consolidation）
13,144
Europe | |
Weak demand persists, particularly in the automotive-related industries. Local currency Yen basis basis YoY -4.1% -5.5% | |
0
16 17 18 19 20 21 22 23 24 FY25
FY2025 1H Sales Variance Analysis (YoY)
Increased volume, driven by the effects of proprietary initiatives, offset the impact of tariffs and forex.
Sales increased by 3.9% YoY following the consolidation of Fictiv in July.
9.1 -2.5 + 4.6% -1.3% 198.0 Demand decrease Volume due to Increase & tariffs others | -3.5 -1.8% Forex impact | 201.1 +1.6% | 4.7 | 205.8 |
+2.4% | +3.9% | |||
Fictiv |
Billion yen 220.0
FY25 1H
Actual（Post-Fictiv Consolidation）
210.0
FY25 1H
Actual（Pre-Fictiv Consolidation）
200.0
190.0
180.0
170.0
160.0
FY24 1H
Actual
FY2025 1H Operating Income Analysis (YoY)
The growth in volume mitigated the year-over-year effects of tariffs, forex, cost increase, and product mix, while investments related to growth continued.
Acquisition-related expenses were incurred, and the decrease in profits due to Fictiv's performance was less significant than previously anticipated.
23.4 | -1.0 -0.6 Forex -0.3 impact Demand PU/ Product | -2.0 | -0.3 Fictiv | Fictiv related -0.9 -1.1 Goodwill Amort. M&A Intermediary Fees | 19.6 9.5% | |
11.8% | Sales decrease CD/ MIX volume due to CU increase tariffs ※ ※: PU/CD/CU(PU=price up/increase, CD=cost down/decrease, and CU=cost up/increase) | Other expenses etc. | 21.9 10.9% |
Billion yen 25.0
3.6
-1.1
FY25 1H
Actual(Pre-Ficriv Consolidation)
FY25 1H
Actual(Post-Ficriv Consolidation)
20.0
15.0
10.0
5.0
0.0
FY24 1H
Actual
9