Summary of Consolidated Financial Results For the First Half Ended September 2025 [Japan GAAP]
November 4, 2025
Company name: SPK Corporation
Stock code: 7466 URL: https://www.spk.co.jp/english/ Stock exchange listing: Prime Market of the Tokyo Stock Exchange Representative: President Kyoichiro Oki
Contact: General Manager of Corporate Management Division Masashi Ogawa Phone: +81-(0)6-6454-2578
Scheduled date for filing of semi-annual report: November 10, 2025 Scheduled date of commencement of dividend payment: December 1, 2025 Supplementary materials for financial results: Yes
Briefing on financial results: None
(Figures are rounded down to the nearest one million yen.)
Consolidated Financial Results for the First Six Months Ended September 30, 2025 (April 1, 2025 - September 30, 2025)
Consolidated Results of Operations (Accumulated Total)
(Percentages represent year-on-year changes.)
Net sales
Operating profit
Ordinary profit
Profit attributable to owners of parent
Million yen
%
Million yen
%
Million yen
%
Million yen
%
First half ended September 2025
36,450
9.0
1,808
15.6
1,952
14.1
1,322
11.2
First half ended September 2024
33,432
8.3
1,565
(11.8)
1,712
(11.4)
1,188
(10.1)
(Note) Comprehensive income: 1H FY3/26 1,092 million yen [(33.2)%] 1H FY3/25 1,636 million yen [1.3%]
Profit per share (basic)
Profit per share (diluted)
Yen
Yen
First half ended September 2025
131.00
-
First half ended September 2024
118.18
-
Consolidated Financial Position
Total assets
Net assets
Equity ratio
Million yen
Million yen
%
As of September 30, 2025
45,191
27,846
61.3
As of March 31, 2025
44,172
27,062
61.0
(Reference) Shareholders' equity: As of Sep. 30, 2025: 27,716 million yen As of Mar. 31, 2025: 26,930 million yen
Dividends
Dividend per share
End of first quarter
End of second quarter
End of third quarter
Year-end
Annual
Yen
Yen
Yen
Yen
Yen
FY3/25
-
28.00
-
32.00
60.00
FY3/26
-
33.00
FY3/26 (forecast)
-
35.00
68.00
(Note) Revisions to dividend forecasts published most recently: None
Consolidated Forecasts for the Fiscal Year Ending March 31, 2026 (April 1, 2025 - March 31, 2026)
(Percentages represent year-on-year changes.)
Net sales | Operating profit | Ordinary profit | Profit attributable to owners of parent | Profit per share | |||||
Full year | Million yen | % | Million yen | % | Million yen | % | Million yen | % | Yen |
74,000 | 7.7 | 3,400 | 2.7 | 3,600 | 0.9 | 2,520 | 0.9 | 250.20 | |
(Note) Revisions to financial forecasts published most recently: None
Notes
Significant changes in the scope of consolidation during the period: Newly included: - (Company name) -
Excluded: - (Company name) -
Application of particular accounts procedures to the preparation of semi-annual consolidated financial statements:
None
Changes in accounting policies, accounting estimates and restatement
Changes in accounting policies caused by revision of accounting standards: None
Changes in accounting policies other than (i): None
Changes in accounting estimates: None
Restatement: None
Number of shares outstanding (common shares):
(i) Number of shares outstanding at end of period (including treasury shares) | End of 1H FY3/26 | 10,453,800 shares | End of FY3/25 | 10,453,800 shares |
(ii) Number of treasury shares at end of period | End of 1H FY3/26 | 357,140 shares | End of FY3/25 | 363,695 shares |
(iii) Average number of shares outstanding during the period | 1H FY3/26 | 10,092,914 shares | 1H FY3/25 | 10,056,704 shares |
This financial summary is not subject to the statutory semi-annual review by a certified public accountant or an audit corporation.
Explanations and other special notes concerning the appropriate use of business performance forecasts (Disclaimer Regarding Forward-Looking Statements)The forward-looking statements in these materials, including financial prospects included in this report, are based on information available to the Company when this report was prepared and assumptions that the management considers reasonable, which do not guarantee the achievement of such projected results. Actual results may differ significantly from these statements for a number of reasons. For more information about these assumptions and other conditions that form the basis of these forecasts, please see page 3 of the supplementary materials, "1. Qualitative Information on Semi-annual Results, (3) Explanation Regarding Consolidated Earnings Forecast and Other Forward-looking Statements."
(How to Obtain Supplementary Financial Statement Materials)
Supplementary Financial Statement Materials will be published on the Company's website on Tuesday, November 4, 2025.
(Changes to the Presentation Unit for Amounts)
The amounts for items and other matters presented in the Company's semi-annual consolidated financial statements were previously stated in units of thousands of yen, but have been changed to units of millions of yen starting from the first half ended September 30, 2025.
For ease of comparison, figures for the fiscal year ended March 31, 2025 and the first half ended September 30, 2024 have also been restated in millions of yen.
Index for Supplementary Information
Qualitative Information on Semi-annual Results 2
Explanation Regarding Results of Operations 2
Explanation Regarding Financial Position 3
Explanation Regarding Consolidated Earnings Forecast and Other Forward-looking Statements 3
Semi-annual Consolidated Financial Statements and Key Notes 4
Semi-annual Consolidated Balance Sheet 4
Semi-annual Consolidated Statement of Income and Semi-annual Consolidated Statement of Comprehensive Income 6
(Semi-annual consolidated statement of income) 6
(Semi-annual consolidated statements of comprehensive income) 6
Notes to Semi-annual Consolidated Financial Statements 7
(Changes in accounting policies) 7
(Note to significant changes in shareholders' equity) 7
(Note to going concern assumptions) 7
Qualitative Information on Semi-annual Results
Explanation Regarding Results of Operations
During the first half ended September 2025, the economic environment surrounding the SPK Group (SPK and its consolidated subsidiaries) remained uncertain due to challenges including heightened geopolitical risks and global economic uncertainties stemming from the impact of trade policies in major economies. Amidst this business environment, the Group has entered the second year of the 2nd Cycle (2024-2026) three-year mid-term management plan of "VISION2030" in which we aim to establish the Group as a global general trading company of mobility business by 2030.
Challenges were faced in the machinery equipment business impacted by reduced demand in North American and European markets. However, the mainstay automotive aftermarket repair parts business, supported by stable demand driven by the number of vehicles in the market, continued to perform solidly domestically and overseas, and successfully captured growing robust demand overseas, achieving increased revenue. In addition, the CUSPA business saw a significant increase in revenue due to the contribution of large acquisitions made in the previous fiscal year. Meanwhile, selling, general, and administrative expenses increased by 15.4% year on year due to increased investment in human capital and the continued rise in various costs.
As a result, the operating results of the SPK Group (SPK and its consolidated subsidiaries) for the first half ended September 2025 were net sales of 36,450 million yen (up 9.0% from a year earlier), operating profit of 1,808 million yen (up 15.6%), ordinary profit of 1,952 million yen (up 14.1%), and profit attributable to owners of parent of 1,322 million yen (up 11.2%).
Results of operations by business segment are as follows:
From the first half ended September 2025, Del Auto Co., Ltd., which had previously been included in the Domestic Sales Division, has been changed to the Machinery Equipment Division due to the transfer of the division in charge brought about by changes in the business environment.
For year-on-year comparisons of segments, figures for the first half ended September 30, 2024 have been reclassified according to the revised segment classification for comparison purposes.
(Domestic Sales Division)
In the Domestic Sales Division, sales to core customers were steady, driven by stable demand for replacement parts due to the increase in the number of vehicles owned and the increasing age of vehicles. Sales of core items such as batteries, undercarriage products, windshield wipers, and air conditioning filters remained strong, resulting in performance exceeding the previous year. The performance of domestic consolidated companies remained solid, driven by strong sales of core items, despite cost increases due to rising raw material prices and logistics expenses, as well as reduced orders from some customers. As a result, net sales increased 5.9% year on year, to 15,645 million yen. Despite rising costs, the division will continue to address these challenges by transforming its logistics system, reorganizing business areas, and enhancing operational efficiency through system upgrades. The division will also strengthen collaboration with business partners, each division, and Group companies, and work to optimize the value chain to be capable of responding to changes in the environment.
(Overseas Business Division)
The Overseas Business Division achieved performance exceeding the previous year despite some sales being delayed to October as a result of the impact of the typhoon in September. The Company's orders remained strong due to strengthening of relationships with customers and the commencement of new product transactions.
Meanwhile, in overseas consolidated companies, while the Asian subsidiary is performing steadily compared to the previous year, the U.S. subsidiary struggled compared to the previous year, and although performance varies by subsidiary, the sluggish demand for maintenance due to U.S. tariff policies is having an impact. As a result, net sales increased 7.4% year on year, to 13,424 million yen. U.S. tariff policies may continue to have an impact on the sales of local subsidiaries going forward. We will continue to maintain close communication with our customers, strive to gather information, and respond promptly.
(Machinery Equipment Division)
The Machinery Equipment Division sells assembly parts to manufacturers of construction equipment, farming equipment and industrial vehicles. Due to rising vehicle prices caused by U.S. tariffs and a tendency to refrain from purchases stemming from uncertainty about the economic outlook, reduced production by major customers continues. As a result, net sales decreased 7.5% year on year, to 3,875 million yen. Meanwhile, increased production is anticipated for some customers due to signs of demand recovery emerging in Europe, we are also continuing to develop new markets and products. Although the management environment is expected to remain uncertain, the Group will pursue further growth by strengthening existing businesses while continuing to develop new markets, products, and customers, and by focusing on product development that enhances safety and security features. The Group will also continue to contribute to a society of "working vehicles" by further strengthening development and quality management functions.
(CUSPA Division)
The CUSPA Division continues to be affected by external factors such as surging cost of raw materials and rising import prices due to the weakened yen, we strived to address every detail, such as seeking synergy effects with BLITZ Corporation, which joined the Group, expansion of sales channels, price revisions of the company's in-house brand and products, and a review of the shipping fee structure. At the same time, we focused on selective investment in areas such as development expenses and advertising expenses while strengthening collaboration with automakers and initiatives in the simulator-related business. As a result, net sales increased 78.5% year on year, to 3,504 million yen. We will continue proactive activities while paying close attention to fluctuations in raw material prices and foreign exchange rates.
Explanation Regarding Financial Position
Total assets at the end of the first half under review stood at 45,191 million yen, an increase of 1,018 million yen from the end of the previous fiscal year.
Current assets totaled 35,569 million yen at the end of the first half, an increase of 1,272 million yen from the end of the previous fiscal year. This was mainly due to an increase of 1,387 million yen in cash and deposits.
Non-current assets stood at 9,622 million yen, a decrease of 254 million yen from the end of the previous fiscal year.
Current liabilities came to 12,887 million yen, an increase of 1,410 million yen from the end of the previous fiscal year. This was mainly due to an increase of 1,700 million yen in short-term borrowings.
Non-current liabilities came to 4,457 million yen, a decrease of 1,176 million yen from the end of the previous fiscal year. This was mainly due to a decrease of 1,128 million yen in long-term borrowings.
Total net assets were 27,846 million yen, an increase of 784 million yen from the end of the previous fiscal year. As a result, the equity ratio was 61.3%.
Explanation Regarding Consolidated Earnings Forecast and Other Forward-looking Statements
There are no revisions to the forecast for the fiscal year ending March 2026 announced on May 9, 2025.
Semi-annual Consolidated Financial Statements and Key Notes
Semi-annual Consolidated Balance Sheet
(Million yen)
As of March 31, 2025
As of September 30, 2025
Assets
Current assets
Cash and deposits
7,872
9,259
Notes and accounts receivable - trade
11,656
11,326
Electronically recorded monetary claims -
operating
2,173
2,544
Inventories
11,114
11,046
Accounts receivable - other
531
503
Other
991
935
Allowance for doubtful accounts
(43)
(46)
Total current assets
34,296
35,569
Non-current assets
Property, plant and equipment
Buildings and structures, net
2,325
2,287
Machinery, equipment and vehicles, net
360
339
Land
2,990
2,990
Leased assets, net
242
165
Construction in progress
98
43
Other, net
185
217
Total property, plant and equipment
6,203
6,043
Intangible assets
Goodwill
917
783
Customer-related intangible assets
687
643
Leasehold interests in land
19
19
Software
489
549
Leased assets
9
4
Other
16
16
Total intangible assets
2,140
2,016
Investments and other assets
Investment securities
430
450
Deferred tax assets
370
382
Retirement benefit asset
2
0
Other
736
734
Allowance for doubtful accounts
(6)
(6)
Total investments and other assets
1,533
1,562
Total non-current assets
9,876
9,622
Total assets
44,172
45,191
(Million yen)
As of March 31, 2025
As of September 30, 2025
Liabilities
Current liabilities
Notes and accounts payable - trade
5,380
5,155
Electronically recorded obligations - operating
491
670
Short-term borrowings
555
2,255
Current portion of bonds payable
120
110
Current portion of long-term borrowings
2,342
2,266
Income taxes payable
712
685
Provision for bonuses
438
428
Other
1,436
1,315
Total current liabilities
11,476
12,887
Non-current liabilities
Long-term borrowings
4,571
3,443
Retirement benefit liability
501
500
Long-term guarantee deposits
148
146
Long-term accounts payable - other
26
24
Other
386
342
Total non-current liabilities
5,633
4,457
Total liabilities
17,110
17,344
Net assets
Shareholders' equity
Share capital
898
898
Capital surplus
1,018
1,025
Retained earnings
24,162
25,162
Treasury shares
(384)
(377)
Total shareholders' equity
25,695
26,708
Accumulated other comprehensive income
Valuation difference on available-for- sale
securities
103
123
Deferred gains or losses on hedges
5
(3)
Foreign currency translation adjustment
1,126
888
Total accumulated other comprehensive
income
1,235
1,007
Non- controlling interests
131
130
Total net assets
27,062
27,846
Total liabilities and net assets
44,172
45,191
Semi-annual Consolidated Statement of Income and Semi-annual Consolidated Statement of Comprehensive Income
(Semi-annual consolidated statement of income)
(Million yen)
First half ended Sep. 30, 2024
(Apr. 1, 2024 - Sep. 30, 2024)
First half ended Sep. 30, 2025
(Apr. 1, 2025 - Sep. 30, 2025)
Net sales
33,432
36,450
Cost of sales
27,344
29,422
Gross profit
6,087
7,028
Selling, general and administrative expenses
4,522
5,219
Operating profit
1,565
1,808
Non-operating income
Interest income
5
5
Dividend income
12
136
Purchase discounts
59
45
Rental income from real estate
24
24
Foreign exchange gains
44
-
Other
33
32
Total non-operating income
180
244
Non-operating expenses
Interest expenses
17
30
Rental expenses on real estate
14
14
Foreign exchange losses
-
41
Other
2
14
Total non-operating expenses
33
100
Ordinary profit
1,712
1,952
Extraordinary income
Gain on sale of non-current assets
3
3
Gain on sale of investment securities
50
-
Total extraordinary income
53
3
Extraordinary losses
Loss on sale and retirement of non-current assets
1
1
Total extraordinary losses
1
1
Profit before income taxes
1,764
1,954
Income taxes - current
530
656
Income taxes - deferred
45
(28)
Total income taxes
575
628
Profit
1,188
1,326
Profit attributable to non-controlling interests
0
4
Profit attributable to owners of parent
1,188
1,322
(Semi-annual consolidated statements of comprehensive income)
(Million yen)
First half ended Sep. 30, 2024
(Apr. 1, 2024 - Sep. 30, 2024)
First half ended Sep. 30, 2025
(Apr. 1, 2025 - Sep. 30, 2025)
Profit
1,188
1,326
Other comprehensive income
Valuation difference on available-for- sale securities
(2)
20
Deferred gains or losses on hedges
9
(9)
Foreign currency translation adjustment
441
(244)
Total other comprehensive income
448
(233)
Comprehensive income
1,636
1,092
Comprehensive income attributable to
Comprehensive income attributable to owners of
parent
1,630
1,094
Comprehensive income attributable to non-
controlling interests
6
(1)
Notes to Semi-annual Consolidated Financial Statements
(Changes in accounting policies)
None
(Note to significant changes in shareholders' equity)
None
(Note to going concern assumptions) None