FY2025 Second Quarter(H1)
Financial ResultsNov. 11, 2025
Highlights of H1 financial results briefing
H1 Financial results
▍ Reduced sales, increased operating profit
Sales:
Declined YoY, despite firm domestic demand for commercial vehicles (CV)/construction machineries (hydraulic excavators), due to impact of lowering demand in Thailand and downsizing
panel business in the U.S., and weakening demand for mining machineries and wheel loaders.
Operating profit:
Increased due to improving sales mix and declined depreciation in Thailand and at PK (Press Kogyo).
Profit:
Decreased due to recorded demolition and removal costs for head office reconstruction at PK.
Earnings forecast revision
▍ Full-year Forecast of FY2025 was revised upward vs. August 7 forecast,
Sales:
185.0 billion yen (Nov. 11) vs. 178.7 billion yen (Aug.7).
Operating profit:
11.1 billion yen (Nov. 11) vs. 9.7 billion yen (Aug.7).
Shareholder return
Driven by reflecting higher H2 volume forecasts at PK, in the U.S., Thailand and revised FX forecast assuming weaker yen.
▍ Annual dividend and share repurchases
Raising annual divided to 35 yen per share (+3 yen YoY/+2 yen than previous forecast ), with a plan to repurchase and cancel shares totaling 1.5 billion yen in FY2025.
▍ Total payout ratio and DOE
Total payout ratio is expected to be 78.3%, with DOE to be 3.0% (+0.1% YoY/than previous
forecast).
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Agenda
- FY2025 Second Quarter (H1) Financial Results
- FY2025 Earnings Forecast
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FY2025 Second Quarter (H1) Financial Results Ⅰ. FY2025 Second Quarter (H1) Financial Results
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H1-Financial Results
▍ Sales declined YoY
・The U.S. - Downsizing panel business.
・Thailand - Lowering demand.
・Japan - Weakening construction machinery
production at the domestic Group
▍ Operating profit increased YoY
・PK - Improved sales mix and declined depreciation.
・Thailand - Improved sales mix
and declined depreciation.
▍ Profit increased
in Nov. 11 vs. Aug. 7 forecast
・PK - Improved sales mix.
Company (excl. hydraulic excavators).
(Millions of Yen)
H1 FY2024 | H1 FY2025 | Effect of FX | ||||||||||
Actual | Ratio | Forecast (Aug. 7) | Ratio | Actual | Ratio | YoY Change | Actual vs Forecast (Aug. 7) | FX gains and losses | Change | |||
Net Sales | 95,288 | 100.0% | 92,000 | 100% | 92,264 | 100% | -3,024 | -3.2% | +0.3% | -824 | -2,200 | |
Operating Profit | 5,095 | 5.3% | 5,100 | 5.5% | 5,537 | 6.0% | +442 | +8.7% | +8.6% | -32 | +474 | |
Ordinary Profit | 5,463 | 5.7% | 5,000 | 5.4% | 5,702 | 6.2% | +238 | +4.4% | +14.0% | |||
Profit attributable to owners of parent | 3,404 | 3.6% | 2,600 | 2.8% | 3,124 | 3.4% | -279 | -8.2% | +20.2% | |||
Earnings per share | 34.0yen | - | 26.2yen | - | 31.5yen | - | -2.6yen | H1 FY2024 | H1 FY2025 | Forecast | ||
USD | 161.14 | 144.82 | 140.00 | |||||||||
THB | 4.38 | 4.44 | 4.00 | |||||||||
Interim dividend | 13.0yen | - | 16.0yen | - | 16.0yen | - | 3.0yen | RMB | 22.06 | 20.20 | 20.00 | |
SEK | 15.15 | 15.27 | 14.00 | |||||||||
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