DISCLAIMER: This document has been translated from a part of 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.
November 12, 2025
Company name: YAMAZEN CORPORATION Listing: Tokyo Stock Exchange
Securities code: 8051
URL: https://www.yamazen.co.jp/ Representative: Koji KISHIDA, President and CEO Inquiries: Masamichi YAMAZOE, Director and CFO
Telephone: +81-6-6534-3003
Scheduled date to file semi-annual securities report: November 12, 2025
Scheduled date to commence dividend payments: December 10, 2025
Preparation of supplementary material on financial results: Yes
Holding of financial results briefing: Yes (Scheduled to be held online for institutional investors and analysts)
(Yen amounts are rounded down to millions, unless otherwise noted.)
-
Consolidated financial results for the six months ended September 30, 2025 (from April 1, 2025 to September 30, 2025)
Note: Comprehensive income For the six months ended September 30, 2025:
¥4,594 million
[651.8%]
For the six months ended September 30, 2024:
¥611 million
[(91.0)%]
-
Consolidated operating results (Percentages indicate year-on-year changes.)
Net sales
Operating profit
Ordinary profit
Profit attributable to owners of parent
Six months ended
Millions of yen
%
Millions of yen
%
Millions of yen
%
Millions of yen
%
September 30, 2025
259,844
4.4
5,108
48.4
5,413
54.9
4,182
62.9
September 30, 2024
248,924
0.1
3,442
(29.3)
3,494
(34.1)
2,567
(21.6)
Basic earnings per share
Diluted earnings per share
Six months ended
Yen
Yen
September 30, 2025
49.12
44.66
September 30, 2024
29.35
26.79
- Consolidated financial position
Total assets
Net assets
Equity-to-asset ratio
Net assets per share
As of
Millions of yen
Millions of yen
%
Yen
September 30, 2025
305,130
129,051
41.8
1,502.62
March 31, 2025
292,265
127,933
43.3
1,481.00
Reference: Equity
As of September 30, 2025: ¥127,611 million
As of March 31, 2025: ¥126,592 million
-
Consolidated operating results (Percentages indicate year-on-year changes.)
-
Cash dividends
Annual dividends per share
First quarter-end
Second quarter-end
Third quarter-end
Fiscal year-end
Total
Yen
Yen
Yen
Yen
Yen
Fiscal year ended March 31, 2025
-
20.00
-
32.00
52.00
Fiscal year ending March 31, 2026
-
20.00
Fiscal year ending
March 31, 2026 (Forecast)
32.00
52.00
Note: Revisions to the forecast of cash dividends most recently announced: None
- Forecast of consolidated financial results for the fiscal year ending March 31, 2026 (from April 1, 2025 to March 31, 2026)
(Percentages indicate year-on-year changes.)
Net sales | Operating profit | Ordinary profit | Profit attributable to owners of parent | Basic earnings per share | |||||
Millions of yen | % | Millions of yen | % | Millions of yen | % | Millions of yen | % | Yen | |
Fiscal year ending March 31, 2026 | 530,000 | 2.7 | 10,000 | 4.9 | 10,000 | (0.2) | 7,150 | (8.9) | 84.07 |
Note: Revisions to the earnings forecasts most recently announced: None
Note2: The Company has been buying back treasury shares in conjunction with the introduction of a Stock Benefit Trust (J-ESOP). "Basic earnings per share" in the forecast of consolidated financial results takes into account the impact of this purchase of treasury shares.
* NotesSignificant changes in the scope of consolidation during the period: None
Adoption of accounting treatment specific to the preparation of semi-annual consolidated financial statements:None
Changes in accounting policies, changes in accounting estimates, and restatement
Changes in accounting policies due to revisions to accounting standards and other regulations: None
Changes in accounting policies due to other reasons: None
Changes in accounting estimates: None
Restatement: None
Number of issued shares (common shares)
Total number of issued shares at the end of the period (including treasury shares)
As of September 30, 2025
95,305,435 shares
As of March 31, 2025
95,305,435 shares
Number of treasury shares at the end of the period
As of September 30, 2025
10,379,581 shares
As of March 31, 2025
9,827,753 shares
Average number of shares outstanding during the period(cumulative from the beginning of the fiscal year)
Six months ended September 30, 2025 | 85,153,660 shares |
Six months ended September 30, 2024 | 87,497,468 shares |
Note: The Company has introduced the Board Benefit Trust (BBT) and the Stock Benefit Trust (J-ESOP), and the number of treasury shares at the end of the period includes the Company's shares held by the Board Benefit Trust (BBT) and the Stock Benefit Trust (J-ESOP) (722,700 shares in the second quarter of the fiscal year ending March 31, 2026 and 170,900 shares for the fiscal year ending March 31, 2025). In addition, treasury stock deducted in the calculation of the average number of shares during the period (interim period) includes the Company's shares held by the Board Benefit Trust (BBT) and the Stock Benefit Trust (J-ESOP) (494,914 shares in the second quarter of the fiscal year ending March 31, 2026 and 175,857 in the second quarter of the fiscal year ending March 31, 2025).
Semi-annual financial results reports are exempt from review conducted by certified public accountants or an audit firm.
Proper use of earnings forecasts, and other special matters
(Cautions on forward-looking statements, etc.)
The forward-looking statements, including forecasts of financial results, contained in these materials are based on information currently available to the Company and on certain assumptions deemed to be reasonable. However, the Company makes no guarantee that these forecasts will be achieved. Actual financial results, etc. may differ substantially due to various factors. Matters related to earnings forecasts are described in Appendix P.4 "1. Summary of Operating Results, etc. (4) Explanation of Forward-Looking Information such as Consolidated Earnings Forecasts."
(Method of accessing supplementary material on financial results)
Supplementary financial results materials will be posted on the Company's website.
Semi-annual consolidated balance sheet(Millions of yen)
As of March 31, 2025 As of September 30, 2025Assets | ||
Current assets | ||
Cash and deposits | 64,300 | 71,170 |
Notes receivable - trade | 6,819 | 5,155 |
Accounts receivable - trade | 76,630 | 71,668 |
Electronically recorded monetary claims - operating | 22,761 | 25,055 |
Securities | 9,998 | 17,993 |
Merchandise and finished goods | 42,083 | 43,456 |
Other | 7,198 | 6,878 |
Allowance for doubtful accounts | (379) | (374) |
Total current assets | 229,411 | 241,003 |
Non-current assets | ||
Property, plant and equipment | ||
Buildings and structures, net | 4,753 | 4,691 |
Machinery, equipment and vehicles, net | 2,618 | 2,499 |
Tools, furniture and fixtures, net | 719 | 708 |
Land | 3,774 | 3,777 |
Leased assets, net | 2,089 | 1,923 |
Other, net | 1,012 | 1,205 |
Total property, plant and equipment | 14,968 | 14,805 |
Intangible assets | 10,953 | 11,226 |
Investments and other assets | ||
Investment securities | 24,063 | 24,825 |
Distressed receivables | 49 | 46 |
Retirement benefit asset | 10,638 | 10,910 |
Deferred tax assets | 362 | 332 |
Other | 1,904 | 2,071 |
Allowance for doubtful accounts | (98) | (99) |
Total investments and other assets | 36,920 | 38,088 |
Total non-current assets | 62,842 | 64,120 |
Deferred assets | ||
Bond issuance costs | 11 | 6 |
Total deferred assets | 11 | 6 |
Total assets | 292,265 | 305,130 |
(Millions of yen)
As of March 31, 2025 | As of September 30, 2025 | ||
Liabilities | |||
Current liabilities | |||
Notes and accounts payable - trade | 64,270 | 56,625 | |
Electronically recorded obligations - operating | 55,504 | 53,379 | |
Short-term borrowings | 33 | 20,078 | |
Current portion of convertible bond-type bonds with share acquisition rights | - | 10,005 | |
Lease liabilities | 527 | 515 | |
Income taxes payable | 2,136 | 1,701 | |
Contract liabilities | 10,420 | 12,753 | |
Provision for bonuses | 3,102 | 3,170 | |
Provision for voluntary recall of goods | 48 | 48 | |
Other | 7,735 | 6,890 | |
Total current liabilities | 143,780 | 165,169 | |
Non-current liabilities | |||
Convertible-bond-type bonds with share acquisition rights | 10,010 | - | |
Long-term borrowings | 47 | 38 | |
Lease liabilities | 2,485 | 2,281 | |
Deferred tax liabilities | 5,715 | 6,104 | |
Retirement benefit liability | 321 | 344 | |
Other | 1,971 | 2,140 | |
Total non-current liabilities | 20,552 | 10,909 | |
Total liabilities | 164,332 | 176,079 | |
Net assets | |||
Shareholders' equity | |||
Share capital | 7,909 | 7,909 | |
Capital surplus | 7,561 | 7,561 | |
Retained earnings | 107,455 | 108,897 | |
Treasury shares | (11,949) | (12,685) | |
Total shareholders' equity | 110,977 | 111,683 | |
Accumulated other comprehensive income | |||
Valuation difference on available-for-sale securities | 5,798 | 6,005 | |
Deferred gains or losses on hedges | (64) | (3) | |
Foreign currency translation adjustment | 8,056 | 8,170 | |
Remeasurements of defined benefit plans | 1,824 | 1,755 | |
Total accumulated other comprehensive income | 15,615 | 15,928 | |
Non-controlling interests | 1,341 | 1,439 | |
Total net assets | 127,933 | 129,051 | |
Total liabilities and net assets | 292,265 | 305,130 |
Semi-annual consolidated statement of income | (Millions of yen) | ||
Six months ended September 30, 2024 | Six months ended September 30, 2025 | ||
Net sales | 248,924 | 259,844 | |
Cost of sales | 211,577 | 220,088 | |
Gross profit | 37,347 | 39,755 | |
Selling, general and administrative expenses | 33,905 | 34,647 | |
Operating profit | 3,442 | 5,108 | |
Non-operating income | |||
Interest income | 143 | 346 | |
Dividend income | 187 | 168 | |
Subsidy income | 30 | 34 | |
Other | 58 | 76 | |
Total non-operating income | 420 | 625 | |
Non-operating expenses | |||
Interest expenses | 107 | 94 | |
Loss on investments in investment partnerships | 9 | 25 | |
Foreign exchange losses | 144 | 179 | |
Commission for purchase of treasury shares | 84 | - | |
Other | 21 | 20 | |
Total non-operating expenses | 367 | 321 | |
Ordinary profit | 3,494 | 5,413 | |
Extraordinary income | |||
Gain on sale of non-current assets | 5 | 4 | |
Gain on sale of investment securities | 641 | 1,013 | |
Total extraordinary income | 646 | 1,017 | |
Extraordinary losses | |||
Loss on retirement of non-current assets | 4 | 0 | |
Loss on sale of investment securities | 0 | - | |
Total extraordinary losses | 5 | 0 | |
Profit before income taxes | 4,135 | 6,430 | |
Income taxes - current | 1,405 | 1,807 | |
Income taxes - deferred | 79 | 325 | |
Total income taxes | 1,485 | 2,132 | |
Profit | 2,650 | 4,297 | |
Profit attributable to non-controlling interests | 82 | 115 | |
Profit attributable to owners of parent | 2,567 | 4,182 |
Semi-annual consolidated statement of comprehensive income | (Millions of yen) | |
Six months ended September 30, 2024 | Six months ended September 30, 2025 | |
Profit | 2,650 | 4,297 |
Other comprehensive income | ||
Valuation difference on available-for-sale securities | (1,223) | 207 |
Deferred gains or losses on hedges | (179) | 60 |
Foreign currency translation adjustment | (583) | 97 |
Remeasurements of defined benefit plans, net of tax | (52) | (68) |
Total other comprehensive income | (2,039) | 296 |
Comprehensive income | 611 | 4,594 |
Comprehensive income attributable to | ||
Comprehensive income attributable to owners of parent | 588 | 4,495 |
Comprehensive income attributable to non-controlling interests | 22 | 98 |
(Millions of yen)
Six months ended September 30, 2025Cash flows from operating activities | ||
Profit before income taxes | 4,135 | 6,430 |
Depreciation | 2,324 | 2,477 |
Retirement benefit expenses | (76) | (99) |
Increase (decrease) in allowance for doubtful accounts | (177) | (5) |
Increase (decrease) in other provisions | 37 | 56 |
Increase (decrease) in retirement benefit liability | 8 | 18 |
Decrease (increase) in retirement benefit asset | (284) | (258) |
Interest and dividend income | (331) | (515) |
Interest expenses | 107 | 94 |
Foreign exchange losses (gains) | 20 | 89 |
Loss (gain) on sale of investment securities | (640) | (1,013) |
Loss on retirement of property, plant and equipment and intangible assets | 4 | 0 |
Loss (gain) on sale of property, plant and equipment and intangible assets | (5) | (4) |
Decrease (increase) in trade receivables | 8,231 | 4,908 |
Decrease (increase) in inventories | (1,226) | (1,329) |
Increase (decrease) in trade payables | (6,563) | (9,884) |
Other, net | (135) | 2,230 |
Subtotal | 5,428 | 3,194 |
Income taxes paid | (1,457) | (2,198) |
Net cash provided by (used in) operating activities | 3,970 | 996 |
Cash flows from investing activities | ||
Payments into time deposits | (26) | (0) |
Proceeds from withdrawal of time deposits | 29 | - |
Purchase of investment securities | (8,863) | (18) |
Proceeds from sale of investment securities | 711 | 1,140 |
Loan advances | (6) | (4) |
Proceeds from collection of loans receivable | 8 | 6 |
Payments of other investments | (391) | (661) |
Collection of other investments | 119 | 93 |
Purchase of property, plant and equipment and intangible assets | (2,038) | (3,197) |
Proceeds from sale of property, plant and equipment and intangible assets | 9 | 8 |
Interest and dividends received | 235 | 553 |
Net cash provided by (used in) investing activities | (10,211) | (2,079) |
Cash flows from financing activities | ||
Net increase (decrease) in short-term borrowings | - | 20,045 |
Repayments of lease liabilities | (300) | (281) |
Repayments of long-term borrowings | (9) | (9) |
Dividends paid | (2,665) | (2,735) |
Interest paid | (104) | (93) |
Purchase of treasury shares | (5,084) | (748) |
Other, net | (220) | (224) |
Net cash provided by (used in) financing activities | (8,386) | 15,951 |
Effect of exchange rate change on cash and cash equivalents | (572) | 173 |
Net increase (decrease) in cash and cash equivalents | (15,200) | 15,041 |
Cash and cash equivalents at beginning of period | 88,477 | 74,841 |
Cash and cash equivalents at end of period | 73,276 | 89,882 |
(Notes on segment information, etc.) Segment Information
Previous interim consolidated accounting period (April 1, 2024 to September 30, 2024)
Information on sales and the amount of profit or loss for each reported segment
(Millions of yen)
Reportable segments
Adjustment amount (Note)2
Interim Consolidated Statements of Income (Note)3
Reconciling items
Other (Note) 1
Total of reportable segments and others
Production Equipment Business (Note)4
Consumer Goods Business (Note)4
Total
Building Materials
Home Products
Sales
Revenues from external customers
Transactions with other segments
159,642
-
37,874
-
49,553
-
247,070
-
1,854
4,603
248,924
4,603
-(4,603)
248,924
-
Total
159,642
37,874
49,553
247,070
6,457
253,528
(4,603)
248,924
Segment Profit
3,084
1,421
2,144
6,650
(3,221)
3,429
12
3,442
Information on impairment losses or goodwill on fixed assets by reporting segment Not applicable.
The Interim Consolidated Accounting Period (April 1, 2025 to September 30, 2025)
Information on sales and the amount of profit or loss for each reported segment
(Millions of yen)
Reportable segments
Adjustment amount (Note)2
Interim Consolidated Statements of Income (Note)3
Reconciling items
Other (Note) 1
Total of reportable segments and others
Production Equipment Business (Note)4
Consumer Goods Business (Note)4
Total
Building Materials
Home Products
Sales
Revenues from external customers
Transactions with other segments
164,071
-
42,387
-
51,387
-
257,845
-
1,998
4,663
259,844
4,663
-(4,663)
259,844
-
Total
164,071
42,387
51,387
257,845
6,662
264,508
(4,663)
259,844
Segment Profit
3,802
1,671
2,512
7,986
(2,892)
5,093
14
5,108
Note: 1. The "Adjustments Other" category covers the service business such as event planning and the head office division, which are constituent units that are not identified as business segments.
The main contents of the "Adjustments" for segment profit are as follows.
(Millions of yen)
Previous Interim Consolidated Accounting Period
Interim Consolidated Accounting Period
Company-wide expenses not attributable to each of the reporting segments included in "Other"
(3,132)
(2,935)
Segment profit is adjusted to operating income in the interim consolidated statements of income.
The "Production Equipment Business" is a business field that supports "manufacturing" through the supply of machine tools, machine tools, etc., and the "Consumer Goods Business" is a business field that proposes the "creation of comfortable living spaces" through the supply of housing equipment and home life Products.
2. Information on impairment losses or goodwill on fixed assets by reporting segment Not applicable.