Consolidated Financial Results Summary at FY2025 Year End
FY2025 Results
FY2026 Schedule
February 12, 2026
*The forecasts of consolidated business performance and other forward-looking statements contained in this document are based on information currently available to the Company and certain assumptions that management believes reasonable and actual business performance may differ materially from those described in such statements due to various factors.
Please note that this document has been translated from the Japanese original for reference purposes only. In the event of any discrepancy between this translated document and the Japanese original, the original shall prevail. The Company assumes no responsibility for this translation or for direct, indirect or any other forms of damages arising from the translation.
＜Summary＞ FY2025 Results vs. FY2024 Results
（million JPY）
Period | Acct. | FY2025 | FY2024 | +/- | Forex impact | Net +/- | ||||
Result | % | Result | % | vs Prev.yr | Change% | vs Prev.yr | Change% | |||
Bike | Sales | 354,972 | 100.0% | 345,554 | 100.0% | 9,418 | 2.7% | ＋312 | 9,106 | 2.6% |
Operating Income | 42,842 | 12.1% | 54,158 | 15.7% | -11,316 | -20.9% | ▲1,837 | -9,479 | -17.5% | |
Fish | Sales | 110,832 | 100.0% | 104,990 | 100.0% | 5,842 | 5.6% | ▲712 | 6,554 | 6.2% |
Operating Income | 8,866 | 8.0% | 10,929 | 10.4% | -2,064 | -18.9% | ▲883 | -1,181 | -10.8% | |
Total | Sales | 466,243 | 100.0% | 450,993 | 100.0% | 15,250 | 3.4% | ▲400 | 15,650 | 3.5% |
Operating Income | 51,677 | 11.1% | 65,085 | 14.4% | -13,408 | -20.6% | ▲2,721 | -10,687 | -16.4% | |
Ordinary Income | 47,030 | 10.1% | 98,675 | 21.9% | -51,645 | -52.3% | ||||
Net Income | 33,991 | 7.3% | 76,330 | 16.9% | -42,339 | -55.5% | ||||
JPY/１US$ JPY/１Euro | 149.62 169.19 | 151.67 164.02 | -2.05 5.17 | -1.4% 3.2% | ||||||
＜Summary＞ FY2025 Results vs. FY2025 Previous Schedule
（million JPY）
Period | Acct. | FY2025 | +/- | ||||
Result | % | Prev Schedule | % | vs Prev.sch | Change% | ||
Bike | Sales | 354,972 | 100.0% | 350,700 | 100.0% | 4,272 | 1.2% |
Operating Income | 42,842 | 12.1% | 39,000 | 11.1% | 3,842 | 9.9% | |
Fish | Sales | 110,832 | 100.0% | 108,800 | 100.0% | 2,032 | 1.9% |
Operating Income | 8,866 | 8.0% | 7,000 | 6.4% | 1,866 | 26.7% | |
Total | Sales | 466,243 | 100.0% | 460,000 | 100.0% | 6,243 | 1.4% |
Operating Income | 51,677 | 11.1% | 46,000 | 10.0% | 5,677 | 12.3% | |
Ordinary Income | 47,030 | 10.1% | 49,300 | 10.7% | -2,270 | -4.6% | |
Net Income | 33,991 | 7.3% | 30,500 | 6.6% | 3,491 | 11.4% | |
JPY/１US$ JPY/１Euro | 149.62 169.19 | 148.00 167.00 | 1.62 2.19 | 1.1% 1.3% | |||
Operating income fluctuation factors （FY2025 vs. FY2024 ）
＊The 2025 operating income includes the impact of approximately ¥3 billion in one-time gains arising in the fourth quarter of 2025 due to a change in the discount rate for the provision for retirement benefits.
Balance Sheet
（million JPY）
FY2025 | FY2024 | +/- | |||
Current assets | 666,119 | 71.0% | 711,461 | 74.2% | ▲45,342 |
Fixed assets | 272,131 | 29.0% | 247,492 | 25.8% | ＋24,639 |
Total assets | 938,250 | 100.0% | 958,953 | 100.0% | ▲20,703 |
Total liablilities | 68,748 | 7.3% | 75,340 | 7.9% | ▲6,592 |
Total net assets | 869,502 | 92.7% | 883,613 | 92.1% | ▲14,111 |
Total liabilities and net assets | 938,250 | 100.0% | 958,953 | 100.0% | ▲20,703 |
・Total assets ▲207 (includes foreign exchange impact ＋290) Current assets ▲453
※Cash and time deposit ▲567, Accounts receivable ▲14, Inventory +114, Other +15Fixed assets＋246
※Tangible fixed assets+184, Intangible fixed assets +44, Investments and other assets +18 ・Total liabilities ▲66（hundred million JPY）
※Provision for product warranties▲75, Income tax payable▲6, Accounts payable +7, Other +8Balance Sheet
Rate of change(%)
FY2024
Changes in the Closing Rate
FY2025
Foreign Exchange Impact on the Balance Sheet(milion JPY)
2025 | 2024 | +/-Total | +/- Exchange impact | +/- excl. exchange impact | |
Cash and time deposit | 477,325 | 534,046 | -56,721 | 17,868 | -74,589 |
Accounts receivable | 38,461 | 39,902 | -1,441 | 1,074 | -2,515 |
Inventory | 131,997 | 120,643 | 11,354 | 3,973 | 7,381 |
Other current assets | 18,336 | 16,870 | 1,466 | 478 | 988 |
Fixed Assets | 230,465 | 207,670 | 22,796 | 5,079 | 17,717 |
Investments and other assets | 41,666 | 39,822 | 1,843 | 496 | 1,347 |
Total assets | 938,250 | 958,953 | -20,703 | 28,968 | -49,671 |
Accounts payable | 16,774 | 16,111 | 663 | 766 | -103 |
Income tax payable | 9,162 | 9,803 | -641 | 199 | -840 |
Provision for product warranties | 3,318 | 1,174 | 2,144 | -1 | 2,145 |
Other current liabilities | 29,664 | 28,714 | 950 | 990 | -40 |
P rovision for product warranties(Long term) | 2,555 | 12,151 | -9,596 | 0 | -9,596 |
Other long-term liabilities | 7,275 | 7,386 | -111 | 229 | -340 |
Total net assets | 869,502 | 883,613 | -14,111 | 26,784 | -40,895 |
Ave. | Closing | Ave. | Closing | Ave | Closing | |
JPY/US$ | 149.62 | 156.54 | 151.67 | 158.17 | ▲1.4 | ▲1.0 |
JPY/Euro | 169.19 | 184.26 | 164.02 | 164.86 | +3.2 | +11.8 |
JPY/S$ | 114.54 | 121.77 | 113.46 | 116.51 | +1.0 | +4.5 |
JPY/RM | 35.00 | 38.63 | 33.20 | 35.46 | +5.4 | +8.9 |
JPY/RMB | 20.81 | 22.37 | 21.03 | 21.67 | ▲1.0 | +3.2 |
＜Summary＞ FY2026 Schedule vs. FY2025 Results
（million JPY）
Period | Acct. | FY2026 | FY2025 | +/- | Forex impact | Net +/- | ||||
Schedule | % | Result | % | vs Prev.yr | Change% | vs Prev.yr | Change% | |||
Bike | Sales | 350,000 | 100.0% | 354,972 | 100.0% | -4,972 | -1.4% | ＋1,400 | -6,372 | -1.8% |
Operating Income | 39,000 | 11.1% | 42,842 | 12.1% | -3,842 | -9.0% | ▲2,500 | -1,342 | -3.1% | |
Fish | Sales | 116,500 | 100.0% | 110,832 | 100.0% | 5,668 | 5.1% | ＋800 | 4,868 | 4.4% |
Operating Income | 8,000 | 6.9% | 8,866 | 8.0% | -866 | -9.8% | ▲1,300 | 434 | 4.9% | |
Total | Sales | 467,000 | 100.0% | 466,243 | 100.0% | 757 | 0.2% | ＋2,200 | -1,443 | -0.3% |
Operating Income | 47,000 | 10.1% | 51,677 | 11.1% | -4,677 | -9.1% | ▲3,800 | -877 | -1.7% | |
Ordinary Income | 56,000 | 12.0% | 47,030 | 10.1% | 8,970 | 19.1% | ||||
Net Income | 42,000 | 9.0% | 33,991 | 7.3% | 8,009 | 23.6% | ||||
JPY/１US$ JPY/１Euro | 155.00 184.00 | 149.62 169.19 | 5.38 14.81 | 3.6% 8.8% | ||||||
Operating income fluctuation factors （FY2026 vs. FY2025）
＊The 2025 operating income includes the impact of approximately ¥3 billion in one-time gains arising in the fourth quarter of 2025 due to a change in the discount rate for the provision for retirement benefits.
(Appendix) Impact of exchange rates
（million JPY）
2024 | 2025 | 2026 | ||
Bicycle Components | Sales | ＋11,152 | ＋312 | ＋1,400 |
Gross Profit | ＋2,967 | ▲1,544 | ▲1,500 | |
(Translation) (Asia Curr.) | (＋2,633) (＋335) | (＋56) (▲1,600) | (＋1,300) (▲2,800) | |
SG&A | ▲1,205 | ▲294 | ▲1,000 | |
Operating Income | ＋1,762 | ▲1,837 | ▲2,500 | |
Fishing Tackle | Sales | ＋4,370 | ▲712 | ＋800 |
Gross Profit | ＋1,421 | ▲1,022 | ▲1,100 | |
(Translation) (Asia Curr.) | (＋1,261) (＋159) | (▲192) (▲829) | (＋200) (▲1,300) | |
SG&A | ▲1,175 | ＋138 | ▲200 | |
Operating Income | ＋246 | ▲883 | ▲1,300 | |
Total | Sales | ＋15,522 | ▲400 | ＋2,200 |
Gross Profit | ＋4,390 | ▲2,565 | ▲2,600 | |
(Translation) (Asia Curr.) | (＋3,895) (＋495) | (▲135) (▲2,429) | (＋1,500) (▲4,100) | |
SG&A | ▲2,382 | ▲156 | ▲1,200 | |
Operating Income | ＋2,008 | ▲2,721 | ▲3,800 | |
Ex. Rate | USD/SGD | 1.337 | 1.306 | 1.285 |
USD/MYR | 4.568 | 4.275 | 4.053 |