FY25 Consolidated Results
(from April 1, 2025 to March 31, 2026)
May 15, 2026
Seiko Group Corporation
Consolidated Financial Results for FY25
Financial Forecast for FY26
SMILE145 Update
1
1
Consolidated Financial Results for FY25
Financial Forecast for FY26
SMILE145 Update
*Amounts are rounded to the nearest unit from this period, instead of being rounded down.
2
2
c. + 0.8）
（Exchange rate fluctuations
+ 30.9
Net Sales: y/y
Consolidated P/L for FY25（ billion） | FY24 Actual | FY25 Actual | Variance | |
Amt. | % | |||
Net Sales | 304.7 | 335.7 | +30.9 | +10.2% |
Gross Profit | 137.1 | 155.2 | +18.1 | +13.2% |
% | 45.0% | 46.2% | +1.3pt | |
Operating Profit | 21.2 | 30.9 | +9.6 | +45.4% |
% | 7.0% | 9.2% | +2.2pt | |
Ordinary Profit | 20.8 | 33.1 | +12.3 | +59.5% |
% | 6.8% | 9.9% | +3.1pt | |
Profit before income taxes | 20.3 | 31.8 | +11.5 | +56.9% |
Profit attributable to owners of parent | 13.3 | 22.0 | +8.7 | +65.1% |
% | 4.4% | 6.5% | +2.2pt | |
Exchange Rates USD | 152.6 | 150.8 | -1.8 | -1.2% |
(JPY) EUR | 163.8 | 174.8 | +11.0 | +6.7% |
3
3
Breakdown of YoY Changes
Extraordinary Income/Losses* | - 1.3 |
Extraordinary Income | 0.6 |
Gain on sale of non-current assets | 0.6 |
Extraordinary Losses | 1.9 |
Impairment losses | 0.9 |
Business restructuring expenses | 0.8 |
Loss on retirement of non-current assets | 0.1 |
*Extraordinary income/losses are amounts for the current period.
Operating Profit : y/y | + 9.6 |
（Exchange rate fluctuations | c. - 0.7） |
Impact of increase in net sales | + 14.3 |
Impact of improved GP% | + 3.8 |
Increase in SG&A expenses | - 8.5 |
Ordinary Profit : y/y | + 12.3 | |
Increase in operating profit | + | 9.6 |
Foreign exchange gains and losses | + | 1.8 |
Share of profit and loss of entities accounted | + | 0.2 |
for using equity method | ||
Others | + | 0.7 |
Significant operating profit growth, led by the strong performance in the EVS and DS domains.
（¥ billion） 40.0
35.0
30.0
25.0
FY24
Operating profit
Impact of increase
+14.3
in net sales
- 3.2
- 1.7
+3.8
Impact of improved GP%
Increase in personnel expenses
Increase in advertising expenses
Increase in other SG&A expenses
- 3.5
FY25
Operating profit
20.0
15.0
10.0
5.0
0.0
4
4
21.2
Exchange rate fluctuations
c. – 0.7
Exchange rate fluctuations
c. - 0.6
30.9
Net Sales & Operating Profit by Segment for FY25FY24 Actual | FY25 Actual | Variance | ||||
Watches | 176.0 | 203.1 | +27.2 | |||
Emotional | (58%) | (61%) | ||||
Value | Others/adj. | 23.2 | 17.3 | -5.9 | ||
Solutions | (8%) | (5%) | ||||
Sub Total | 199.2 | 220.4 | +21.3 | |||
Devices Solutions | 60.0 | 65.0 | +4.9 | |||
(20%) | (19%) | |||||
Systems Solutions | 52.8 | 57.2 | +4.4 | |||
(17%) | (17%) | |||||
Sub Total | 312.0 | 342.6 | +30.6 | |||
Others | 3.4 (1%) | 4.3 (1%) | +0.9 | |||
Cons. adj. | -10.6 (-3%) | -11.2 (-3%) | -0.5 | |||
Cons. Total | 304.7 | 335.7 | +30.9 | |||
（ billion）
Net Sales
(Composition ratio)
Operating Profit
EVS: Significant increases in both net sales and operating profit
DS: Continued recovery
SS: Steady growth
5
Watches Business: Significant increases in both net sales and operating profit
5
FY24 Actual | FY25 Actual | Variance |
20.6 | 27.0 | +6.3 |
1.6 | 1.6 | +0.1 |
22.2 | 28.6 | +6.4 |
2.8 | 3.8 | +1.0 |
5.2 | 5.5 | +0.3 |
30.2 | 37.9 | +7.7 |
0.2 | 0.2 | +0.0 |
-9.2 | -7.3 | +1.9 |
21.2 | 30.9 | +9.6 |
*For comparative purposes, FY24 figures are presented based on the new segment structure. Please note that the Clocks Business has been excluded from the Watches Business in FY24.
*Net sales of the Watches Business in FY25 is ¥196.8 billion, excluding the Clocks Business.
EVS Domain188.4199.2220.428.6
22.2
17.3
FY23
FY24
FY25
13.0%
Increased net sales and operating profit YoY, driven by strong sales in the Watches Business and the WAKO Business. Domestic sales of both businesses performed well due to solid consumer spending and inbound demand, while the overseas Watches Business also delivered strong growth, particularly in the U.S. market.
Net Sales
Operating Profit
Q4 (Jan. – Mar.)
45.8 43.01.3
0.2
(¥ billion)
50.71.4
Full Year (Apr. – Mar.)
(¥ billion)
2.8%
OP Margin
FY23 FY24
FY25
0.6%
11.2%
9.2%
2.8%
6 *Figures for FY24 are presented based on the new segment structure for comparison purposes only.
Watches BusinessGrand Seiko recovered in the domestic market from October onward, and overseas performed well, particularly in the U.S. market.
Completed Watches
Seiko Global Brands achieved a significant increase in revenue, driven by strong performance of Seiko Prospex, Seiko Presage and Seiko 5 Sports.
The domestic market saw strong growth from inbound demand and advertising effects, while overseas markets expanded significantly, particularly in the U.S.
External sales of watch movements were flat YoY.
Net Sales
Operating Profit
Q4 (Jan. – Mar.)
(¥ billion)
46.0（44.5）
37.8 37.51.4
0.7 0.2
FY23
FY24
OP Margin
FY23 FY24
FY25
0.5%
1.9%
11.7%
9.8%
3.1%
7 *The Net sales figures shown in parentheses for FY25 represent amounts excluding the Clocks Business.
Full Year (Apr. – Mar.)
Movements
FY25
15.6
20.6
27.0
176.0160.1(¥ billion)
203.1（196.8）
13.3%
Watches Business : Completed Watches Net Sales Growth by Region＋50%
＋40%
＋30%
＋20%
＋10%
0
Q4 (Jan. – Mar.)
*FY25 vs FY24
Constant currency basis
Status of sales by overseas region
Americas
GS maintained strong performance, driven by solid consumer spending.
Seiko GB also maintained substantial growth, led by robust sales of Seiko Presage, Seiko Prospex and Seiko 5 Sports.
Europe
＋40%
＋30%
＋20%
＋10%
0
8
Japan Americas Europe Others Full Year (Apr. – Mar.)
Japan Americas Europe Others
Despite the continued slump in the luxury
goods market, GS remained flat YoY, while Seiko GB performed well in major countries, driven by Seiko Prospex, Seiko Presage and Seiko 5 Sports.
Asia and others
In India and Australia, sales of both GS and Seiko GB remained solid.
In Taiwan and Thailand, Seiko GB remained sluggish due to ongoing distribution restructuring.
*The reported growth rate does not include the Clocks Business.
Watches Business : GS & Seiko GB Net SalesGS & Seiko GB Net Sales Growth
The domestic performance remained solid, led by Seiko GB. Overseas, both GS and Seiko GB achieved significant growth.
Ratio of GB to Net Sales
FY23
FY24
FY25
Japan
c. 75 ％
c. 75 ％
c. 75 ％
Overseas
c. 75 ％
c. 70 ％
c. 75 ％
Domestic performance was flat YoY. Overseas, GB grew significantly, driven mainly by the U.S.
＋40%
＋30%
＋20%
Q4 (Jan. – Mar.)
＋40%
＋30%
＋20%
Full Year (Apr. – Mar.)
GB （Global Brands）
Grand Seiko (GS) King Seiko
Seiko Prospex Seiko Astron Seiko Presage Seiko 5 Sports
＋10% ＋10%
0
Japan Overseas
0
Japan Overseas
Seiko GB GS
Constant currency basis
9
Change in comparison targets to Seiko GB (excl. GS) and GS.
9
DS DomainBuilding on the recovery from the previous fiscal year, the DS domain achieved YoY increases in both net sales and operating profit, despite the impact of rising silver prices.
Net Sales
Operating Profit
Q4 (Jan. – Mar.)
(¥ billion)
Full Year (Apr. – Mar.)
(¥ billion)
16.2 16.01.2 1.1
16.858.460.065.03.8
2.8
2.1
FY23
FY24
FY25
5.9%
0.8
OP Margin
FY23 FY24 FY25
OP Margin
7.2%
6.6%
3.6%
4.6%
4.8%
10
10 *Figures for FY24 are presented based on the new segment structure for comparison purposes only.
DS Domain : Net Sales by CategoryNet sales of micro batteries increased significantly, driven primarily by strong demand for silver oxide batteries for medical equipment.
Net sales of inkjet heads also increased YoY, supported by expansion into new applications.
Q4 (Jan. – Mar.)
(¥ billion)
Full Year (Apr. – Mar.)
(¥ billion)
Main Products and Services
Others
Integrated circuits for crystal oscillators, Integrated circuits for sensors
Printing Devices
Inkjet heads, Thermal printers
Precision Devices
Hard disk drive components, Automobile parts,
Other precision turned parts
Electronic Devices
Micro batteries, Chip capacitors, Crystal resonators,
High-performance metal products, Rare earth magnets
11
29.3
26.1
FY24
FY25
12.8
12.8
13.2
14.7
8.0
8.1
7.6
6.6
FY24
FY25
3.3
3.3
3.9
3.8
2.3
2.2
11 *Figures for FY24 are presented based on the new segment structure for comparison purposes only.
SS DomainOngoing initiatives of diversification and expanding the stock business resulted in YoY increase in net sales.
SSOL group achieved YoY growth in both net sales and operating profit for the 40th consecutive quarter.
Net Sales
Operating Profit
Q4 (Jan. – Mar.)
11.81.3
2.0
1.7
15.714.9(¥ billion)
Full Year (Apr. – Mar.)
40.54.7
5.2
5.5
57.252.8(¥ billion)
FY23
FY24
FY25
FY23
FY24
FY25
OP Margin
10.7%
13.3%
11.1%
11.7%
9.8%
9.6%
12
12 *Figures for FY24 are presented based on the new segment structure for comparison purposes only.
SS Domain : Net Sales by CategoryIT infrastructure-related services remained strong, while security-related services also expanded, driven by renewal demand from major clients. In addition, order-entry systems for restaurant chains and payment-related solutions for the taxi industry also continued to perform well.
The M&A completed in the second quarter also contributed to the net sales growth, supported by synergy effects within the SS Domain.
Q4 (Jan. – Mar.)
(¥ billion)
Full Year (Apr. – Mar.)
(¥ billion)
Main Products and Services
13
31.8
30.0
FY24
FY25
11.7
13.0
6.2
7.2
4.9
5.2
8.1
7.8
FY24
FY25
2.9
3.5
1.6
2.0
2.5
2.2
Facility-Related Business
・System clocks and Digital signage
・Sports timing devices
Payment-Related Business
・Payment and Ordering Services
(Customer experience / Employee experience, Digital transformation for Food Service and Hotel)
IoT-Related Business
・Hardware and Software Solutions
（IoT Platforms, IT products and services for consumers (Mobile communication devices etc.))
System-Related Business
・Digital Transformation Platform (Performance management, Security,
Time stamps/Digital contracts, Time synchronization)
・System Integration
13 *Figures for FY24 are presented based on the new segment structure for comparison purposes only.
SMILE145 KPIThe EVS domain led the improvement in the consolidated GP margin.
MVP Ratio*1
FY25 (YoY changes）
GP％*2
YoY changes
Operating
Amount (FY25)
Profit
YoY changes
EVS
approx. 55% (at a similar level)
Target for FY26 60%
Watches Business
+1.4pt
¥28.6billion
+28.7%
Japan approx. 75% Overseas approx. 75%
(at a similar level) (+several points)
Target for FY26 over 85%
DS
approx. 30% (approx. -5 points)
-0.4pt
¥3.8billion
+37.4%
Target for FY26 60%
SS
approx. 75% (at a similar level)
-1.0pt
¥5.5billion
+6.0%
Target for FY26 73%
Cons. Total
*1. For comparative purposes, YoY figures are presented based on the new segment structure.
+1.3pt
¥30.9billion
+45.4%
14
*2 Target for FY26: +5.0 points vs. FY21
14 (Both on a consolidated basis and in each domain)
Balance Sheets as of March 31, 2026The equity capital ratio improved due to an increase in net assets, driven by strong performance.
Interest-Bearing Debt
124.3
114.4
91.6
74.9
39.4
32.7
102.2
43.5
58.7
Mar. 31,
2026
Cash & Deposits
Net Interest-Bearing Debt
（¥ billion） | Mar. 31, 2024 | Mar. 31, 2025(a) | Mar. 31, 2026(b) | Variance (b)-(a) |
Inventories | 84.4 | 81.7 | 85.6 | +3.9 |
Interest Bearing Debt | 124.3 | 114.4 | 102.2 | -12.2 |
Net Assets | 151.3 | 158.0 | 177.5 | +19.5 |
Total Assets | 376.3 | 369.2 | 383.9 | +14.6 |
Equity Capital Ratio Inventory Turnover Rate Number of Employees | 39.6% 1.8 11,740 | 42.2% 2.0 11,367 | 45.8% | +3.5pt |
2.2 | +0.1 | |||
11,326 | -41 |
Mar. 31,
2024
15
15
Mar. 31,
2025
Statement of Cash FlowsOperating cash flow improved significantly due to strong performance.
（¥ billion） CF from investing activities
FY23
Full Year
FY24
Full Year
40.0
30.0
20.0
10.0
Profit before income taxes 15.1 20.3
CF from operating activities
Free CF
36.8
32.7
32.6
-9.1
-15.1
-14.8
17.6
23.5
22.0
Depreciation 13.3 14.3
Others 4.3 -2.0
0.0
-10.0
-20.0
16
16
FY23
Full Year
FY24
Full Year
FY25
Full Year
FY25 Full Year 31.8 14.1 -9.1 | |||
CF from operating activities | 32.7 | 32.6 | 36.8 |
Purchase of property, plant and equipment | -11.0 | -10.4 | -9.7 |
Others | -4.1 | 1.2 | -5.1 |
CF from investing activities | -15.1 | -9.1 | -14.8 |
Free cash flow | 17.6 | 23.5 | 22.0 |
Net increase (decrease) in short-and long-term borrowings | -15.7 | -10.2 | -12.3 |
Dividends paid | -3.1 | -3.6 | -4.8 |
Others | -4.2 | -2.8 | -3.5 |
CF from financing activities | -23.0 | -16.5 | -20.5 |
Effect of exchange rate change on cash and cash equivalents | 1.9 | -0.2 | 2.5 |
Net increase (decrease) in cash and cash equivalents | -3.5 | 6.7 | 4.2 |
Consolidated Financial Results for FY25
Financial Forecast for FY26
SMILE145 Update
17
17
Summary of Financial Forecast for FY26Plan to increase both net sales and operating profit, with net sales expected to rise by ¥22.3 billion (+ 6.6%) and operating profit by ¥2.6 billion (+ 8.5%) YoY.
（¥ billion）
FY25
Actual
FY26
Forecast (May 13)
Variance vs.
FY25
Net Sales
335.7
358.0
+22.3
Operating Profit
30.9
33.5
+2.6
%
9.2%
9.4%
+0.2pt
Ordinary Profit
33.1
34.0
+0.9
%
9.9%
9.5%
-0.4pt
Profit attributable to owners of parent
22.0
23.0
+1.0
%
6.5%
6.4%
-0.1pt
Exchange Rate Sensitivity FY26
Sensitivity
（¥ million）
USD
EUR
Forecasted rate JPY 150.0 JPY 170.0
For Net sales c. 450 c. 200
For Operating Profit
c. 150 c. 100
Exchange Rate（Actual）
（JPY）
1Q
2Q
3Q
4Q
Year
Total
USD
144.6
147.5
154.1
157.0
150.8
Average
EUR
163.8
172.3
179.4
183.7
174.8
Closing
USD
144.8
148.9
156.5
159.9
-
Rate
EUR
169.6
174.5
184.3
183.4
-
18
18
Financial Forecast for FY26 by Segment（ billion)
FY25
Actual
FY26
Forecast
（May 13)
Variance vs.
FY25
Watches
203.1
212.0
+8.9
Emotional
Value Solutions
Others/adj.
17.3
17.0
-0.3
Sub Total
220.4
229.0
+8.6
Devices Solutions
65.0
73.5
+8.5
Systems Solutions
57.2
61.5
+4.3
Sub Total
342.6
364.0
+21.4
Others
4.3
4.5
+0.2
Cons. Adj.
-11.2
-10.5
+0.7
Cons. Total
335.7
358.0
+22.3
FY25
Actual
FY26
Forecast
（May 13)
Variance vs.
FY25
27.0
29.0
+2.0
1.6
2.0
+0.4
28.6
31.0
+2.4
3.8
4.3
+0.5
5.5
6.6
+1.1
37.9
41.9
+4.0
0.2
0.1
-0.1
-7.3
-8.5
-1.2
30.9
33.5
+2.6
Net Sales Operating Profit
19
19
SMILE145 Final Year Financial Targets20
Operating Profit
（¥ billion）
GP margin（％）
ROIC（％）
ROE（％）
Dividend Payout Ratio（％）
7th Mid-Term Management Plan
Final Year FY21
Actual
8.8
41.8％
3.5％
5.5％
32.1％
SMILE145
1st year FY22
Actual
2nd year FY23
Actual
3rd year FY24
Actual
4th year FY25
Actual
Final year FY26
Forecast
Final Year FY26
8th Mid-Term Management Plan
11.2
14.7
21.2
30.9
33.5
25.0
42.9％
44.3％
45.0％
46.2％
46.8％
46.8％
3.6％
4.7％
6.0％
9.3％*
9-10%
Over 6.5％
4.0％
7.2％
8.7％
13.3％
12-13%
Over 9.0%
61.5％
32.7％
30.7％
30.7％
32.0%
Over 30%
20 * ROIC for FY25 is an estimate as of May 15, 2026.
Shareholder Returns
Plan to increase the FY24 dividend forecast from the previously announced ¥75 to ¥82.5 per share annually.
Forecast annual dividends of ¥90 per share for FY26 (up ¥7.5 YoY), based on our policy of maintaining a consolidated dividend payout ratio of over 30.0%.
（yen）
100.0
80.0
Dividend per share Dividend payout ratio
61.5%
82.50 90.00
37.50
40.00
50.00
（180.00）
（165.00）
60.0
40.0
44.5%
18.75 25.00
（50.00）
（75.00）
（80.00）
32.7%
（100.00）
30.7%
30.7%
32.0%
20.0
（37.50）
32.1%
0.0
FY20 FY21 FY22 FY23 FY24 FY25 FY26
21
* The Company conducted a two-for-one stock split of its common stock effective April 1, 2026. Annual dividend figures for FY20 to FY25 have been restated to reflect the stock split.
21 Figures in parentheses ( ) are provided for reference and do not reflect the stock split.
Forecast
Cash AllocationStrong performance has increased cash inflows.
Continue to allocate cash efficiently while balancing growth investments, improvements of financial position, and shareholder returns.
5-year cumulative (initial target) 4-year cumulative (results)
Breakdown of Growth Investments
4-year cumulative 5-year cumulative
Shareholder Return
¥14.1 bn
Loan Reduction
¥20.7 bn
Growth Investment
¥84.6 bn
Total Operating CF in 5 years (excluding prior investment) Over ¥130.0 bn | Growth Investment Over ¥100.0 bn |
Improvement of Financial Position Over ¥15.0 bn | |
Shareholder Return Over ¥15.0 bn |
(¥ billion) (Results based (Forecast)
on estimates)
Capital Investments : 43.0 55.7
Group Core Strategy :
Branding, etc. 25.8 34.0
R&D 15.8 20.3
Growth Investments (Total) : 84.6 110.0
Accelerating investment in the Watches Business and the SS Business
Strengthening investment in branding that conveys emotional value, social value, and technical value
Creation of new business areas across the Group
Key Points of Growth Investments
Latest Target for Cash Allocation (5-year cumulative)
Growth Investments + Loan Reduction + Shareholder Returns
22
22 = ¥157.0 billion
Consolidated Financial Results for FY25
Financial Forecast for FY26
SMILE145 Update
23
23
SMILE145 Mid-Term Management Plan (FY22 – FY26)Growth strategy schemes
Address social issues to create value
Improve profitability
Innovate business model with leveraging digital transformation (DX)
Achieve ambidextrous management
Support employees in taking on challenges
Moving
Valuable Profitable
MVP Strategy
We aim to become “A solutions company that offers high-added-value products and services that create excitement and generate substantial profits.”
SMILE145
Red figures: Upward revision in FY2025.
KPIs （FY26） | |
Gross Profit Margin | +5.0 points |
Operating Profit | ¥25.0 billion |
ROIC/ROE | >6.5% / >9.0% |
Non-financial indicators | CO2 emissions: -42% (vs. FY22, Scope 1 & 2) |
Improvement in Employee Engagement Score | |
３ Strategic Domains
EVS
DS SS
24
４ Business Opportunities
Foundation Domains | CEmotional n onsumptio |
Society 5.0 |
Expansion Domains | Wellness |
Social / Environmental |
５ Group Core Strategies
Sustainability
Branding
HR
R & D
IT & DX
A Business Portfolio Resilient to External Environment ChangesWatches Business
DS Domain
Seiko Solutions Business
Focusing on the luxury segment, which is less susceptible to economic fluctuations
Expanding into business areas less susceptible to the silicon cycle
Leveraging tailwinds from IT and AI investment while driving diversification and a shift toward the stock business
Mechanical watches Medical, mobility, and others M&A (5 companies since FY22)
Approx.¥4 trillion
Swiss Watch Export
Approx.¥10 trillion
(CHF billion）
30
25
20
15
9.3
10
（Retail value equivalent of
total exports）
24.4
5
0
34%80%
(YoY％)
80
60
40
20
0
-20
-40
-60
Silicon Cycle in the Global Semiconductor Market
(¥ trillion)
20
Japanese Private-sector IT
Market Size
17.9
18
15.8
16
13.6
14
12
10
FY21 FY22 FY23 FY24 FY25 FY26 FY27
E E E
Source: FH
25 Retail prices estimated by the Company.
Source: WSTS
Source: Yano Research Institute Ltd.,
IT Investment by Domestic Companies 2025
MVP Ratio and GP Margin Trends (Strength × Profitability)*Figures are approximate.
Watches Business
DS Domain
SS Domain
MVP Ratio
90%
Initial Target
85%
80%
70%
60%
Forecast
75%
50%
FY22
FY23
FY24
FY25 FY26E FY26
MTP
MVP Ratio
70%
Initial Target
60%
60%
50%
Forecast
40%
30%
30%
20%
FY22 FY23 FY24 FY25 FY26E FY26
MTP
MVP Ratio
80%
Forecast
75%
75%
70%
Initial Target
73%
65%
60%
FY22
FY23
FY24
FY25 FY26E FY26
MTP
10.0%
5.0%
Change in GP Margin (vs. FY21)
Change in GP Margin (vs. FY21)
Forecast
+7pt
Initial Target
+5.0pt or more
6%
4%
2%
0%
-2%
Initial Target
+5.0pt or more
Forecast
-2pt
6%
4%
2%
0%
-2%
Change in GP Margin (vs. FY21)
Initial Target
+5.0pt or more
Forecast
-1pt
0.0%
26
FY21
FY22 FY23 FY24 FY25 FY26E FY26
MTP
SMILE145
-4%
FY21
FY22 FY23 FY24 FY25 FY26E FY26
MTP
SMILE145
-4%
FY21
FY22 FY23 FY24 FY25 FY26E FY26
MTP
SMILE145
Review of the Past Four Years andKey Focus Areas for the Next Mid-Term Plan27
KPI Performance
Watches BusinessFY22
FY25
FY26
（Forecast）（Initial Target）
Japan
Overseas
70%75%75%75%75%75%85%85%*Ratio of net sales of Global Brands to total
net sales of completed watches (GB ratio)
*Figures are approximate.
MVP Ratio Trend
Operating Profit
(¥ billion)
7.611.115.620.629.0FY26
Initial Target:
14.0Key Initiatives for FY26
FY25
Further expansion of GS, Credor,
FY21
Net Sales
125.7
28
FY22 FY23 FY24
SMILE145
144.2 160.1 176.0
FY26E
203.1
212.0
FY26 MTP
and Seiko GB, centered on mechanical watches
Profit expansion through manufacturing and sales efficiency
Advancing the Global Brands (GB) Strategy
Watches BusinessGB Sales Growth
*Figures are approximate.
+15%
+15%
+10%
+30%
vs. FY21:
+90%FY21
FY22
FY23
FY24
FY25
FY26
MTP
SMILE145
Progress up to FY2025
GS：
Benefited from inbound demand in Japan; however, growth in overseas markets fell short, resulting in performance below plan
Seiko GB：
Strong growth in mechanical watches both in Japan and overseas, driven by Seiko Prospex, Seiko Presage, and Seiko 5 Sports
29
Advancing the Global Brands (GB) Strategy
Watches BusinessKey strengths
A broad brand portfolio spanning from affordable to luxury
Distinct brand stories combining advanced technology with Japanese aesthetics and craftsmanship
Global Brands
Luxury
Affordable
30
Advancing the Global Brands (GB) Strategy
Watches BusinessMarketing & Manufacturing Strategy
Strengthening premium distribution channels （directly operated boutiques and high-end retailers）
Enhancing customer experience through digital, in-person events, and after-sales services
31
Improving the global manufacturing system and production efficiency
31
Watches BusinessGS: Achieve a top-10 position among global luxury watch brands
Seiko GB: Achieve a leading share in the global mid-priced watch segment
Mid- to Long-Term Goals
Key Focus Areas for the Next Mid-Term Plan
Premium DistributionStrengthening partnerships with premium retail channels
Building loyalty among high-net-worth customers
Brand AwarenessLeveraging the strategic partnership with Shohei Ohtani
Communicating Japanese culture through THE GIFT OF TIME campaign
Manufacturing StrategyOptimizing the global manufacturing structure across the Group and reducing costs
32
Topics
Watches BusinessGlobal Partnership with Shohei OhtaniExpanding brand awareness to broader high-net-worth audiences
33
Executing brand storytelling campaigns
globally
33 Times Square, New York (W 42nd St. & 7th Ave.)
Topics
Watches BusinessCredor Makes Its Debut at Watches and Wonders
Celebrating its 50th anniversary, Credor moves to the next stage
Credor booth at Watches and Wonders Geneva 2026
34
Tourbillon Engraved Limited Edition
Urushi Lacquer Dial Limited Edition
Dawn Blue Dial Regular Model
KPI Performance
SS DomainFY22
FY25
FY26
（Forecast）（Initial Target）
65%75%75% 73%*Share of marginal profit attributable to stock business
*Figures are approximate.
MVP Ratio Trend
Operating P
rofit 3.9 | 7.0 | ||||
4.4 4.7 | 5.2 | 5.5 | 6.6 | ||
FY21 | FY22 FY23 | FY24 | FY25 | FY26E | FY26 |
MTP | |||||
SMILE145 | |||||
34.4 | 36.6 40.5 | 52.8 | 57.2 | 61.5 | |
(¥ billion)
Key Initiatives for FY26
Net Sales
*Figures have been restated from FY24 to reflect the consolidation
35 of Seiko Time Creation Inc. from FY25.
Expanding services and customer base through M&A (5 acquisitions since FY22)
Driving business growth through IoT and AI solutions and digital transformation platforms
Expanding facility management business
Seiko Solutions BusinessSales Growth by Industry SegmentApril 2022 January 2024 July 2025
(Computer Science Corporation)
2x+vs. FY21
Expanding business domains through continuous M&A
Driving growth through platform-based solutions addressing customer challenges
Net sales in Retail & Services and Financial Services more than doubled (FY21-FY25)
Others
Retail & Services
Public / Utilities / Telecommunications & Media
Financial Services
2x+vs. FY21
Key Solutions:
FY21
Manufacturing
Solutions for Financial Services
Lending cloud platforms
IT infrastructure and security solutions
Solutions for Retail & Services
Telematics platforms
IT infrastructure and food service solutions
FY22 FY23 FY24 FY25 FY26
MTP
SMILE145
36
Seiko Solutions BusinessSustained long-term growth in revenue and profit
Achieve operating profit of JPY 10 billion during FY31-FY33
Mid- to Long-Term Goals
Branding Initiatives
Strengthening the
SEIKO brand in solution businesses
e.g., New Year’s Day ads
in Nikkei (2025, 2026)
Key Focus Areas for the Next Mid-Term Plan
Strategic Priorities
Further strengthening stock business
Accelerating diversification through proactive M&A
Expanding the customer base and creating new businesses
Promoting diversity, including female leadership
37
KPI Performance
DS DomainFY22
FY25
FY26
（Forecast）（Initial Target）
40%30%35% 60%*MVP portfolio reviewed in FY24.
*Figures are approximate.
MVP Ratio Trend
FY21
FY22
FY23
FY24
FY25
FY26E
FY26
MTP
SMILE145
61.1
64.5
58.4
60.0
65.0
73.5
Operating Profit
(¥ billion)
Key Initiatives for FY26
Capturing growth in expanding markets such as medical batteries and commercial/industrial inkjet heads
Net Sales
Securing demand for automotive components and oscillator ICs
*Figures from FY25 exclude Seiko Future Creation Inc.;
38 Figures for FY24 have been restated accordingly.
DS DomainMicro Batteries
（¥ billion）
29.3
19.9
FY21
FY22
SMILE145
FY23
FY24
FY25
Sales Trend in Electronic Devices Business
Growth in silver oxide battery sales driven by medical device demand
Crystal Resonators /
Superior Performance Co-Ni alloy products
Sustained sales growth in line with silicon cycle trends
Products included in the Electronic Devices Business：
Micro batteries / Chip capacitors / Superior performance Co-Ni alloy products / Rare earth magnets
39