Nifco Inc. TSE:7988

Summary of Financial Results: First Half of FY2025[3545KB]

Published November 6, 2025 at 12:21 a.m. UTC

Source: MarketScreener

Summary of Financial Results: First Half of FY2025

2025.11.6

NIFCO Inc.

Summary

Overview

Quarterly operating profit and OPM remained a record historical high.
Quarterly operating profit margin remained at a high level of 13.9%.
Operating profit margin in the first half of FY2025 exceeded 14%.
FY2025
Full-year Forecast

Steady progress, and no revision in our guidance for FY2025.
Semiconductor industry in the second half of FY2025 is uncertain, business in Chinese region is sluggish.
No revision in exchange rate assumptions ($/¥145).

Although Net sales declined YoY, OPM remained at a record-high level of 14.5%.

1. Financial Highlights

Historical Net sales and Operating Profit for 2Q Cumulative

Unit: 0.1 billions of yen

The Acquisition of Subsidiaries Engaged in Business for German Customers

米系独系およびその他自動車以外営業利益率

Covid19

The Sale of Subsidiaries Engaged in Business for German Customers

14.5%

1,731

Bed/ Furniture 10%

Korea 27%

The Collapse of Lehman Brothers

Japan 52%

09 2Q 10 2Q 11 2Q 12 2Q 13 2Q 14 2Q 15 2Q 16 2Q 17 2Q 18 2Q 19 2Q 20 2Q 21 2Q 22 2Q 23 2Q 24 2Q 25 2Q

2. Overview of FY2025 2Q Consolidated

Net sales and Operating Profit declined YoY.

Due in part to exchange rate effects, net sales declined YoY.
Net income increased YoY, partly due to the sale of fixed assets.

Net Sales(bn yen)

87.8

86.1

87.5

85.5

90.1

89.0

15.2%

14.7%

14.5%

13.8%

OPM 13.8%

12.7%

16.8

13.2

11.9

12.

12.5

13.0

11.3

Operating Profit 12.1

9.8

8.8

Net Income 8.6

6.6

Operating Profit, Net Income, OPM (bn yen, ％)

1Q 2Q 3Q 4Q 1Q 2Q

FY2024 FY2025

1Q 2Q 3Q 4Q 1Q 2Q

FY2024 FY2025

Despite a decline in net sales due to foreign exchange effects, high level of OPM was secured.
Progress against the budget for FY2025: Sales 50%, OP 51%
No revision in our guidance for FY2025 with the same exchange rate assumptions because of the uncertain situation in Semiconductor industry (Net Sales 348.0bn Operating Profit 49.5bn)

3. Overview of FY2025 1H Consolidated

OPM for the cumulative remained at a high level of 14.5%.

Net Sales(bn yen)

Operating Profit, Net Income, OPM (bn yen, ％）

176.2

176.8

175.0

173.0

14.3%

14.5% OPM

13.6%

29.4

13.9%

25.1

24.1

25.1

Operating Profit 24.4

18.4

15.4

Net Income 12.2

上期下期

上期下期上期下期

下期

上期

FY2024 FY2025 FY2024 FY2025

4. FY2025 1H Consolidated OP (YoY)

Operating Profit Analysis (YoY) * The 2Q figures are derived by deducting the 1Q results from the year-to-date total as a practical measure.

Marginal profit slightly decreased due to lower mold sales, while material costs tend to increase.
The increase in fixed costs was mainly due to higher expenses for personnel.

-0.9bn

YoY:Sales -3.1% OP-6.9%

5. FY2025 1H by Segment 1

FY2025 1H Sales and OPM

(Billions of yen)

Bed

YoY:Sales -1.6% OP -0.3%

Plastics

YoY:Sales -1.8% OP +0.0%

Consolidated

176.2 173.1

25.1 25.1

158.1 155.5

25.2 25.1

18.1 17.6 2.7 2.5

24/2Q 25/2Q

OPM +0.2pts

OPM -0.6pts

14.3%

14.5%

16.0% 16.2% 15.0%

14.4%

24/2Q 25/2Q 24/2Q 25/2Q 24/2Q 25/2Q

1) Overseas: January - June, Japan: April - September

Sales decreased but maintained profits

40.8 42.6

17.9%

19.9%

8.1 7.6

47.0 46.7

10.9% 11.2%

10.7% 11.2%

5.1

5.2

15.3 13.8

1.7 1.5

18.5%

22.0%

24/2Q 25/2Q

Asia (including China and India)

Despite the decrease in sales, OP

increased by improving actions

China

Despite the decrease in sales, OP

increased by improving actions

India

Sales decreased because of sales

volume decrease

55.0

52.4

10.7

10.3

18.8% 20.5%

22.0% 22.3%

14.5

13.8

5.4

5.2

2.7 3.0

1.2 1.2

24/2Q 25/2Q

1) Overseas: January - June, Japan: April - September

6. FY2025 1H by Segment (Plastics) 1

FY2025 1H Sales and OPM

(Billions of yen)

Europe

Strong performance of Korean OEMS

North America

Sales volume slightly increased

Japan

Hotels are on favorable trend.

7. FY2025 1H by Segment (Bed) 1

FY2025 1H Sales and OPM

(Billions of yen)

Bed:Japan

YoY:Sales -3.1% OP -6.9%

Bed

Business in Hong Kong and Singapore

showed weak performance.

Bed:Asia

18.1 17.6

2.7 2.5

9.9 9.7

1.3 1.3

8.2 7.9

1.4 1.2

24/2Q 25/2Q

OPM -0.6pts

OPM +0.6pts

OPM -1.9pts

15.0%

14.4%

24/2Q 25/2Q

13.5%

12.9%

24/2Q 25/2Q

17.5%

15.6%

24/2Q 25/2Q

1) Overseas: January - June, Japan: April - September

8. Installed Value Per Vehicle for FY2025

Installed Value Per Vehicle

Domestic installed value per vehicle on average is increasing steadily.
In 1H 2025, installed value per vehicle including models scheduled for mass production is expected to increase.

9,415

8,19

5,333

5,739

4,525

3,509

Average Domestic Installed Value per Vehicle（yen/units）

OEM

Model Old Model

New Model

Strategic Product Ratio1

NISSAN

Leaf SUV (Japan)

4,400 yen

8,000 yen

20%

SUZUKI

eVitara (India)

New 2,600 yen

30%

Overseas

FY2000 FY2005 FY2010 FY2015 FY2020 25/2Q

Forester

SUBARU

(North America)

TOYOTA

Hilux

(Thailand)

New

2,500 yen

10,000 yen 5%

4,000 yen 10%

1 The proportion of sales from products aimed for 'Safety,' 'Environment,' and 'Comfort' within installed value per vehicle of new models.

Management Policy for Growth

Expand China and Chinese OEM business
Expand India market business
Maximalize Korean group sales
Create a business portfolio

Units : bn yen

CAGR4.1％

371.6

353.0

348.0

283.8

Sales

見込み

Estimation

FY2022 FY2023 FY2024 FY2025 FY2034

9. Management policy for growth

Expand China and Chinese OEM Business

Nifco considers Chinese OEM business as a pillar of growth, and strengthens its system for steady earnings in Chinese market.

Current situation of Chinese market

Sales

-Production volume of Japanese OEMs is decreasing

-Chinese OEMs are expanding its share

China Region Sales Ratio Forecast

Ordered products

Push nut

22.6bn

Others

Chinese OEM

Japanese OEM

30%

71%

22%

40%

30%

Trim clip

FY2024 FY2034

Head rest guide

Hook

1.4bn 1.7bn 2.0bn

見込み

予算

FY2024 FY2025 FY2025 FY2029 FY2034

Plan Estimation

10. Management policy for growth

Expand India Market Business

Maximizing installed value per vehicle for Japanese and Korean OEMs

Sales

Current situation of India market

BEV COCKPIT、CONSOL etc.

SUV COCKPIT、A/VENT etc.

10.5bn

7 million passenger car production is expected by 2030
見込み
NIN Manesar factory
NIN Gujarat factory
NSI new factory
NSI
FY2025 Begin factory operation

FY2026 Expand factory

FY2025 Acquire land

FY2025 FY2034

Estimation

11. Management policy for growth

Maximalize Korean Group Sales

Factories are built in Mexico and India in order to strengthen Korean OEM businesses, primarily with Hyundai and Kia. Further focus on Korean OEM business on a global scale Factories are built in Mexico and India in order to strengthen Korean OEM businesses, primarily with Hyundai and Kia.

Mexico (NKU) - CAPEX : 10.0bn ◆India(NSI) - CAPEX : 3.0bn Land : 139,000㎡ Land : 62,000㎡

Total

Korea

North America

Europe

India

Chaina

FY2025e FY2034

Aiming for 25％ sales growth of NKO Gr. in FY2034

12. Management policy for growth

Create a Business Portfolio, Repurpose Mobility Technology

Electric Air Vent Vehicle model

"Grandeur"

Sales

Air Vent ACTUATOR

Window air conditioner

Bathroom combined ventilation fan

FY2025 FY2027 FY2030 FY2034

13. Management policy for growth

Create a Business Portfolio, Automobile Aftermarket

Concept

Activity

Sales

Making a partnership

Sympathy for partners

・Creating solutions with collaborating

Enhancing each other by encountering

Identifying On-Site Issues

"Aging population and labor shortages" and "increasingly complex and sophisticated maintenance" We are developing a business that combines "analog and digital" for automotive maintenance which faces those two challenges.

【System Collaboration】

Motion Capture

Robotics

Fully Automated System

【 Accurate Positioning 】

3D Marker

Image Recognition

Efficiency Enhancement

Joined IAAE2025 (February 26-28, 2025)

Connecting a "sustainable and safety" value chain with utilizing external capabilities.

FY2025 FY2027 FY2030 FY2034

14. Management policy for growth

Create a Business Portfolio, Automobile Aftermarket

Labor shortages are becoming more serious

Wheel derailment accidents of large vehicles are increasing.

WaoSaseを入れる

Many wheel derailment accidents caused by insufficient daily inspections could have been prevented by checking tightening torque.

15. Management policy for growth

Create a Business Portfolio, Heatstroke Prevention Measures

The mandatory implementation of heatstroke prevention measures in June has triggered an increase in inquiries from schools, companies, local governments, etc.

➃WBGT sensor

＋

Municipal government

Outdoor

Indoor

School

Simple installation sensor

Visualize

or or

Logistics industry

Manufacturing industry

Decide

Transportation

industry

16. FY2025 Segment information

Bed and Furniture

Products

Electric bed sales ratio

-New line "iD motion" is on the sale(2025/10)

見込み

14％

Electric bed

Estimation

FY2025 FY2034

FY2025 Segment information
Bed and Furniture
Over 1,000 mattress sets have been adopted
All Rights Reserved. Copyright © 2025. Nifco Inc. 20
CAPEX plan

CAPEX (Units : 0.1 billion yen)

Domestic

Investment control

Global

2016,2017 Nagoya factory 2019,2020 Nifco Kitakanto Inc 2024,2025 Mexico factory

Hyundai・Kia

Factory for

Investment in Growth

Investment in Human resources

Investment in

West area Technology and production base

2018 Nifco Kumamoto Inc. new factory

PF only

Hyundai・Kia

+Indian locals

2024,2025 India factory

New project

Kyushu

main production base

172 188 235 230 156 197 210

89 99 100

2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027

19. Shareholder returns

DPS is 80 yen, and Implement 10 billion Share Buyback

DPS is 80 yen, increased by 5 yen.
Implement 5 billion-yen buybacks, 10 billion yen in total with 1Q. .

Total Dividend, Share buyback, Total payout ratio (bn yen,%)

Target

Total Dividend Share buyback Total payout ratio Dividend payout ratio

Total payout ratio

More than 50％

Dividend payout ratio

More than 30％

57%

Total payout ratio

More than 45%

52%

48%

43%

37%

36%

35%

30%

29%

30%

27%

6.4bn

6.3bn

5.4bn

6.4bn

1.4bn

7.2bn

7.6bn

1.2bn

1.4bn

3.0bn

4.7bn

10.0bn 24%

16%

16.0bn

52%

Image

Investment

shareholder

returns

FY2019 FY2020 FY2021 FY2022 FY2023 FY2024 FY2025

Forward-looking statements or projections included in this document, including earnings projections, are based on currently available information and certain premises that are judged to be rational at the time of this writing. Actual results may differ greatly from the forecast figures depending on various factors.

Appendix 1

FY2025 1H Sales and Operating Profit

Sales Operating Profit

(JPN)

FY2024 1H

FY2025 1H

YoY

FY2024 1H

FY2025 1H

YoY

Consolidated Plastics

Japan

North America

Europe Asia

China

Bed Japan

Asia

India

1) Overseas: January - June, Japan: April - September

Appendix

CAPEX and Depreciation

(JPN)

FY2024 1H FY2025 1H Change

Plan(FY2025)

CAPEX

8.4bn 9.6bn +1.2bn 21.0bn

Depreciation

6.5bn 6.2bn -0.3bn 13.5bn

R&D

2.1bn 1.9bn -0.1bn 4.8bn

Operating CF

25.5bn 17.4bn -8.0bn 46.0bn

Investment CF

-15.0bn -4.9bn +10.0bn -23.0bn

Free CF

10.5bn 12.4bn +2.0bn 23.0bn

Cash equivalent

balance

Financial CF

-15.6bn -19.4bn -3.7bn -27.0bn 140.9bn 130.5bn -10.4bn 137.0bn

Appendix

Major Currency Exchange Rates

The yen appreciated against all three currencies YoY.
Comparing to the budget, yen appreciation against KRW, while the other two currencies (USD and CNY) show yen depreciation.

USD:148.40 yen KRW:0.1043 yen CNY:20.44 yen

FY2025

budget

25/2Q result

152.55 yen

152.34 yen

24/2Q result

FY2025

budget

0.1119 yen

0.1129 yen

24/2Q result

20.94 yen

21.06 yen

24/2Q result

148.63 yen

148.40 yen

0.1100 yen

20.63円

20.44 yen

25/2Q result

145.00 yen

0.1053 yen

0.1043 yen

FY2025

budget

25/2Q result

20.00 yen

1Q 2Q

Appendix

Domestic Average Installed Value Per Vehicle is increasing steadily

Customer mix global (plastics)

105.5 bn

315.9bn

155.5bn

1,055億円 3,159億円 1,555億円

9,415

8,199

5,333

5,739

4,525

3,509

Average installed value per vehicle(Japan)（yen/units）

16.0%

24.2%

10.1%

5.3%

5.6%

10.8%

6.6%

8.0%

30.2%

27.4%

18.3%

26.2%

10.7%

10.8%

11.9%

12.0%

12.6%

7.1%

7.7%

27.7%

Non automobile

Other non-Japanese OEM

Korean OEM

Other Japanese OEM

Honda Nissan

Toyota

FY2000 FY2005 FY2010 FY2015 FY2020 25/2Q FY2011 FY2024 FY2025 2Q

Appendix

CAPEX and Depreciation

CAPEX increased due to investment in Indian factories (Korean and Japanese OEMs).
Depreciation and R&D are at the same level as last year.

+1.2bn

8.4

9.6

CAPEX（bn yen）

Depreciation（bn yen）

R&D（bn yen）

21.0

13.5

4.8

-0.3bn

6.5

-0.1bn

6.2

2.1

1.9

24/2Q

25/2Q

25/4Q

24/2Q

25/2Q

25/4Q

24/2Q

25/2Q

25/4Q

Actual Actual Plan

実績実績計画

Appendix

CF and Ending Cash Equivalent Balance

Operating CF decreased YoY due to modification in way of payment to domestic suppliers.
Ending cash equivalent decreased 10.4 bn due to bonds redemption.

CF（bn yen）
Operating CF 46.0 -8.0bn 17.4 Actual Actual Plan 24/2Q 25/2Q 25/4Q	Investment CF	Financial CF
	実績実績計画	実績実績計画
	24/2Q 25/2Q 25/4Q	24/2Q 25/2Q 25/4Q
	-4.9
	+10.0bn	-15.6
	-15.0	-19.4
		-3.7bn
	-23.0	-27.0

Cash equivalent balance(bn yen)

25.5

-10.4bn

137.0

130.5

140.9

実績実績計画

実績

24/2Q

実績

25/2Q

計画

25/4Q

Appendix

DPS is 80 yen, and Implement 10 billion Share Buyback

DPS is 80 yen, increased by 5 yen.
Implement 5 billion-yen buybacks, 10 billion yen in total with 1Q.

Dividend/per share, Dividend payout ratio(yen,％） Total Dividend, Share buyback, Total payout ratio(bn yen,%)

配当性向

一株配当

Dividend payout ratio

Dividend / per share

24%

16%

27%

30%

29%

35%

Dividend payout ratio

30％

35%

Total Dividend

Share buyback

Total payout ratio

57%

Total payout ratio

More than 45%

52%

48%

43%

37%

36%

4.7bn

1.4bn

3.0bn

1.4bn

1.2bn

6.3bn

6.4bn

7.2bn

7.6bn

0.0b

6.0b

52%

5.4bn

6.4bn

FY2019 FY2020 FY2021 FY2022 FY2023 FY2024 FY2025