YAMAZEN CORPORATION FY2025
Q3
Supplementary Materials for Financial ResultsFebruary 12, 2026
Stock Code: 8051
Table of Contents
FY2025 Q3 Financial Highlights
Earnings Forecasts for FY2025 Appendix
Quarterly Net Sales Trends
Medium-Term Management Plan
Shareholder Returns
As the figures in this document are rounded down to the nearest million yen, the breakdowns may not match the totals. The percentage changes are rounded off to the first decimal place.
Unless otherwise noted, "full-year forecast" refers to the figures announced on October 15, 2025.
The plans, future prospects, strategies and other information in this document that do not relate to past or present facts are forecasts of future performance and are based on the judgments and assumptions derived from information currently available to the Company's management. Therefore, actual results may differ significantly due to uncertainties, economic conditions, and other risk factors. Furthermore, this document is not intended to solicit investment. Please make investment decisions at your own discretion.
FY2025 Q3 Financial Highlights
Earnings Forecasts for FY2025 Appendix
FY2025 Q3 Consolidated Profit and Loss Results
Net sales: 398,455 million yen, +4.1% YoY
Demand for capital investment overseas increased.
Demand for renewal of air conditioning and other housing equipment remains strong.
Operating profit: 8,479 million yen, +40.2% YoY
Personnel expenses increased, while advertising expenses, mainly related to home products, also rose.
SG&A expenses ratio slightly decreased (-0.1pt) due to a review of expenses.
Gross profit: 60,924 million yen, +7.1% YoY
Gross profit increased due to increased sales.
Profit: 6,639 million yen, +16.6% YoY
attributable to owners of parent
Gains on the sale of policy shareholdings decreased from the previous year, resulting in a reactionary decrease in extraordinary gain.
(Million yen)
FY2024 Q3 | FY2025 Q3 | YoY | Full-year Forecasts | Achievement Rate | |
Net sales | 382,579 | 398,455 | +4.1% | 530,000 | 75.2% |
Gross profit | 56,906 | 60,924 | +7.1% | - | - |
(Gross profit margin) | 14.9% | 15.3% | +0.4pt | - | - |
SG&A expenses | 50,856 | 52,445 | +3.1% | - | - |
Operating profit | 6,050 | 8,479 | +40.2% | 10,000 | 84.8% |
(Operating profit margin) | 1.6% | 2.1% | +0.5pt | 1.9% | - |
Non-operating profit/loss | 414 | 728 | +75.7% | - | - |
Ordinary profit | 6,464 | 9,208 | +42.4% | 10,000 | 92.1% |
Extraordinary gain/loss | 2,460 | 1,191 | -51.6% | - | - |
Profit attributable to owners of parent | 5,692 | 6,639 | +16.6% | 7,150 | 92.9% |
FY2025 Q3 Net Sales by Business Division
In the Production Equipment segment, the Industrial Solution Business, which is responding to the needs for automation, labor saving, and improving working environments, and the Overseas Business, which is capturing equipment demand in China and ASEAN, are performing well.
In the Consumer Goods segment, sales growth was driven by the Building Materials Business, where demand for energy-saving renovations led to strong
sales of air conditioning equipment.
(Million yen)
FY2024 Q3
FY2025 Q3
YoY
Full-year Forecasts
Achievement Rate
Production Equipment
Machine Tools Business
51,870
50,674
-2.3%
70,000
72.4%
Industrial Solution Business
69,798
72,917
+4.5%
99,000
73.7%
Tool & Engineering Business
59,214
59,680
+0.8%
81,000
73.7%
Global Business
61,437
67,961
+10.6%
90,000
75.5%
Total
242,320
251,234
+3.7%
340,000
73.9%
Consumer Goods
Building Materials Business
58,160
64,151
+10.3%
84,000
76.4%
Home Products Business
79,097
79,967
+1.1%
102,000
78.4%
Total
137,257
144,119
+5.0%
186,000
77.5%
Other
3,000
3,101
+3.4%
4,000
77.5%
Total
382,579
398,455
+4.1%
530,000
75.2%
Net Sales Composition by Business Division (YoY)
The sales ratio of the Consumer Goods segment increased due to its strong performance.
Domestic Production Equipment: 47.3% → 46.0%（-1.3pt） Overseas Production Equipment: 16.1% → 17.1%（+1.0pt）ーーーーーーーーーーーーーーーーーーーーーーーーーーーーーーーー Production Equipment total: 63.3% → 63.1%（-0.3pt）
Building Materials: 15.2% → 16.1%（+0.9pt）
Home Products: 20.7% → 20.1%（-0.6pt）
ーーーーーーーーーーーーーーーーーーーーーーーーーーーーーー
Consumer Goods total: 35.9% → 36.2%（+0.3pt）
13.6%
18.2%
15.5%
16.1%
15.2%
20.7% 0.8
Domestic Production Overseas
Equipment Production
Equipment
Building Home
Materials Products
12.7%
18.3%
15.0%
17.1%
16.1%
20.1% 0.8
FY2024 Q3 %
FY2025 Q3 %
Domestic Machine Tools Domestic Industrial Solution Domestic T&E Overseas Building Materials Home Products OtherProduction Equipment Segment Overview (Domestic/Global)
Domestic Production Equipment Business
In the Machinery Tools Business, sales of machine tools to automotive parts processing manufacturers, which are our major customers, were
slightly below the previous year's level.
In the Industrial Solution Business, sales remained strong for equipment and devices that respond to the needs for automation, labor saving, and improving working environments.
In the Tool & Engineering Business, although consumables such as cutting tools were sluggish, sales of work supplies and small devices were strong.
Overseas Production Equipment
We captured demand from capital investment by domestic demand-oriented companies in China and new capital investment demand in
ASEAN due to the transfer of production from other regions, resulted in performance growth YoY.
In North America, capital investment in the manufacturing industry was sluggish overall, while in Taiwan, capital investment by parts processing users remained subdued.
(Million yen)
Net sales
FY2024 Q3
FY2025 Q3
YoY
Full-year Forecasts
Achievement Rate
Domestic Production Equipment
Machine Tools Business
51,870
50,674
-2.3%
70,000
72.4%
Industrial Solution Business
69,798
72,917
+4.5%
99,000
73.7%
Tool & Engineering Business
59,214
59,680
+0.8%
81,000
73.7%
Total
180,883
183,272
+1.3%
250,000
73.3%
Overseas Production Equipment
Global Business
61,437
67,961
+10.6%
90,000
75.5%
Total
Net sales
242,320
251,234
+3.7%
340,000
73.9%
Segment profit
4,692
6,230
+32.8%
8,500
73.3%
Segment profit margin
1.9%
2.5%
+0.5pt
2.5%
-
Consumer Goods Segment Overview (Building Materials/Home Products)
Building Materials Business
Sales of air conditioning equipment due to demand for energy-saving renovations, and sales of products such as water heaters that meet consumers' cost-saving needs remained firm.
We strengthened proposals for facility renovations that combine environmentally friendly materials and construction in the non-residential
sector such as office buildings, which improved the profit margin.
(Million yen)
FY2024 Q3
FY2025 Q3
YoY
Full-year Forecasts
Achievement Rate
Net sales
58,160
64,151
+10.3%
84,000
76.4%
Segment profit
2,107
2,398
+13.8%
3,400
70.5%
Segment profit margin
3.6%
3.7%
+0.1pt
4.0%
-
Home Products Business
Sales increased for the YAMAZEN brand (private brand) through expanding the product lineup and improving information dissemination via
social media and other media.
Sales remained solid for workwear with built-in cooling fans and spot coolers in the first half due to the extreme heat last summer, and for humidifiers in the third quarter.
Net sales and membership also grew steadily on Yamazen Bizcom, our own e-commerce site for corporations and sole proprietors, which is
aimed at expanding our sales channels.
(Million yen)
FY2024 Q3
FY2025 Q3
YoY
Full-year Forecasts
Achievement Rate
Net sales
79,097
79,967
+1.1%
102,000
78.4%
Segment profit
3,846
4,321
+12.4%
4,500
96.0%
Segment profit margin
4.9%
5.4%
+0.5pt
4.4%
-
Factors for Changes in Operating Profit
Gross profit increased on the back of strong sales.
While personnel expenses, commission expenses, and advertising and promotion expenses-primarily related to home products-increased, we thoroughly reviewed and rationalized various operating expenses.
Increase in gross profit
Increase in SG&A expenses
(Million yen)
1,589
4,018
8,479
6,050
Operating profit
Operating profit
Production Equipment | +2,034 |
Building Materials | +676 |
Home Products | +1,298 |
Salaries and bonuses | +811 |
Commission expenses | +286 |
Advertising expenses | +199 |
Provision of allowance for doubtful accounts | +128 |
FY2024
Q3
Up 2,429 YoY
FY2025
Q3
Consolidated Total Assets
(Billion yen)
Assets
Liabilities and Total Assets
(End of Mar. 2025) (End of Dec. 2025)
(End of Dec. 2025)
(End of Mar. 2025)
62.8
229.4
+22.7
+4.5
Noncurrent assets and deferred tax assets
67.3
＋29.1
127.9
Net assets
134.2
Long-term liabilities: 12.4
20.5
143.7
Current liabilities
172.9
Current assets
252.2
-8.1
+6.3
292.2
End of Mar. 2025 | Item | End of Dec. 2025 |
6.1% | ROE | - |
43.3% | Shareholders' equity ratio | 41.5% |
1,481.00 yen | Net assets per share | 1,562.50 yen |
112.5 billion yen | Market cap | 126.1 billion yen |
Total assets: 319.6 +27.3
*Market capitalization is calculated by multiplying the closing price at the end of the fiscal year by the number of shares outstanding (excluding treasury shares) on the same date.
*Basic operating cash flow is calculated by deducting the increase/decrease in working capital from operating cash flow.
*Rounded down to the nearest 100 million yen.
FY2025 Q3 Financial Highlights
Earnings Forecasts for FY2025 Appendix
FY2025 Full-year Earnings Forecasts
Net sales: +2.7% YoY
Although the economic environment remains uncertain, we will effectively utilize the business foundation that was implemented and expanded under the previous medium-term management plan to strengthen its sales capabilities and further expand its market share.
Operating profit: +4.9% YoY
Although amortization of core and logistics system costs, as well as increases in personnel and logistics-related expenses, are expected, operating profit is projected to increase due to reductions in selling, general and administrative expenses.
(Million yen)
FY2024 Results | FY2025 Full-year Revised Forecasts | YoY | |
Net sales | 516,126 | 530,000 | +2.7% |
Operating profit | 9,535 | 10,000 | +4.9% |
Operating profit margin | 1.8% | 1.9% | +0.0pt |
Ordinary profit | 10,018 | 10,000 | -0.2% |
Profit attributable to owners of parent | 7,845 | 7,150 | -8.9% |
FY2025 Full-year Earnings Forecasts for the Production Equipment
(Million yen)
400,000
350,000
33,650
29,652
300,000
62,715
28,326
52,724
56,080
Global:
90,000
250,000
200,000
80,337
78,234
80,204
81,000
150,000
88,001
89,817
95,049
99,000
100,000
50,000
88,498
79,559
72,217
70,000
0
FY2022
FY2023
FY2024
FY2025 (Plan)
Domestic Machne Tools
(Formerly) Overseas Machine Tools
Domestic Industrial Solution Domestic T&E
(Formerly) Overseas Industrial Solution +T&E Global
Production Equipment Business: 3-year sales trends and full-year plan
340,000
333,205
328,662
353,203
(Million yen)
Net sales (Forecasts) | YoY | Segment profit (Forecasts) | YoY | Segment profit margin | ||
Production Equipment Total | Full-year | 340,000 | +2.0% | 8,500 | +2.5% | 2.5% |
Strengthening expertise in each division and accelerating solution proposals for automation, labor saving, decarbonization, etc.
Strengthening the development and expanding the sales of original products
Approaches to new domains such as semiconductors, food, pharmaceuticals, cosmetics, logistics.
Outside Japan, geographically expanding target markets, responding to the diversification of markets and business types, and strengthening relationships with suppliers
FY2025 Full-year Earnings Forecasts for the Consumer Goods
(Million yen)
Net sales (Forecasts) | YoY | Segment profit (Forecasts) | YoY | Segment profit margin | ||
Building Materials Division | Full-year | 84,000 | +6.8% | 3,400 | +6.5% | 4.0% |
Home Products Division | Full-year | 102,000 | +1.1% | 4,500 | +1.1% | 4.4% |
Consumer Goods Business: 3-year sales trends and full-year plan
FY2022
FY2023
FY2024
FY2025 (Plan)
68,031
71,842
78,623
84,000
100,711
101,119
100,883
102,000
186,000
179,506
172,962
168,742
Building Materials Division
Strengthening engineering and consulting capabilities
Focusing on the retail sector of home improvement stores/home appliance mass retailers and the e-commerce renovation sector to strengthen the home renovation sector
Strengthening sales to house builders and expanding the ZePlus* business
Focusing on energy-saving/subsidy proposals for the residential and non-residential sectors
Home Products Division
Improving GMV (gross merchandise volume) by increasing touch points for both YAMAZEN's site and platform sellers
Immediate delivery system and system installation nationwide
Digitalizing transactions across all channels to bring optimal products to market
(Million yen)
200,000
175,000
150,000
125,000
100,000
75,000
50,000
25,000
0
Copyright © 2025 YAMAZEN CORPORATION
Building materials
Home products* A YAMAZEN original concept home
that goes one step beyond ZEH, offering
added value.
13
FY2025 Q3 YoY Comparison / Achievement Rate Against Forecasts
(Million yen)
Net sales | Segment profit (based on disclosed segments, bottom row is operating profit margin) | |||||||||||
Q3 | Full-year Forecasts | Q3 | Full-year Forecasts | |||||||||
FY2024 | FY2025 | YoY | FY2025 | Achievement Rate | FY2024 | FY2025 | YoY | FY2025 | Achievement Rate | |||
Production equipment | Machine Tools | 51,870 | 50,674 | -2.3% | 70,000 | 72.4% | ||||||
IS | 69,798 | 72,917 | +4.5% | 99,000 | 73.7% | |||||||
T&E | 59,214 | 59,680 | +0.8% | 81,000 | 73.7% | |||||||
Domestic total | 180,883 | 183,272 | +1.3% | 250,000 | 73.3% | |||||||
Global | 61,437 | 67,961 | +10.6% | 90,000 | 75.5% | |||||||
Total | 242,320 | 251,234 | +3.7% | 340,000 | 73.9% | 4,692 | 6,230 | +32.8% | 8,500 | 73.3% | ||
1.9% | 2.5% | +0.5pt | 2.5% | - | ||||||||
Consumer goods | Building materials | 58,160 | 64,151 | +10.3% | 84,000 | 76.4% | 2,107 | 2,398 | +13.8% | 3,400 | 70.5% | |
3.6% | 3.7% | +0.1pt | 4.0% | - | ||||||||
Home products | 79,097 | 79,967 | +1.1% | 102,000 | 78.4% | 3,846 | 4,321 | +12.4% | 4,500 | 96.0% | ||
4.9% | 5.4% | +0.5pt | 4.4% | - | ||||||||
Total | 137,257 | 144,119 | +5.0% | 186,000 | 77.5% | 5,953 | 6,719 | +12.9% | 7,900 | 85.1% | ||
4.3% | 4.7% | +0.3pt | 4.2% | - | ||||||||
Other | 3,000 | 3,101 | +3.4% | 4,000 | 77.5% | -4,596 | -4,470 | - | -6,400 | - | ||
- | - | - | - | - | ||||||||
Consolidated | 382,579 | 398,455 | +4.1% | 530,000 | 75.2% | 6,050 | 8,479 | +40.2% | 10,000 | 84.8% | ||
1.6% | 2.1% | +0.5pt | 1.9% | - | ||||||||
*IS = Industrial Solution, T&E = Tool & Engineering
Appendix
Quarterly Net Sales Trends
Medium-Term Management Plan
Shareholder Returns
Quarterly Sales Trends: FY2025 Results by Segment
(Million yen)
FY2025 | ||||||||
Net sales | Segment profit (based on disclosed segments, bottom row is operating profit margin) | |||||||
Q1 | Q2 | Q3 | Q1 | Q2 | Q3 | |||
Production equipment | Machine Tools | 15,362 | 16,164 | 19,147 | ||||
Industrial Solutions | 23,185 | 25,517 | 24,214 | |||||
T&E | 19,987 | 20,071 | 19,621 | |||||
Domestic total | 58,534 | 61,753 | 62,984 | |||||
Global | 18,887 | 24,896 | 24,178 | |||||
Total | 77,421 | 86,649 | 87,163 | 1,201 | 2,600 | 2,428 | ||
1.6% | 3.0% | 2.8% | ||||||
Consumer goods | Building materials | 20,987 | 21,399 | 21,764 | 547 | 1,123 | 726 | |
2.6% | 5.3% | 3.3% | ||||||
Home products | 26,664 | 24,723 | 28,579 | 1,397 | 1,115 | 1,808 | ||
5.2% | 4.5% | 6.3% | ||||||
Total | 47,652 | 46,122 | 50,344 | 1,945 | 2,238 | 2,535 | ||
4.1% | 4.9% | 5.0% | ||||||
Other | 1,062 | 935 | 1,102 | -1,414 | -1,463 | -1,592 | ||
- | - | - | ||||||
Consolidated | 126,136 | 133,707 | 138,610 | 1,732 | 3,375 | 3,371 | ||
1.4% | 2.5% | 2.4% | ||||||
Quarterly Sales Trend: Consolidated Net Sales
(Million yen)
145,000
FY2021 FY2022 FY2023 FY2024 FY2025140,000
135,000
130,000
125,000
120,000
115,000
110,000
105,000
Q1 Q2 Q3 Q4
Quarterly Sales Trend: Production Equipment Segment (Domestic/Global)
Q3
(Million yen)
Overseas Machine Tools
Overseas Industrial Solution + T&E
Global
30,000
25,000
20,000
15,000
10,000
5,000
0
Q1
Q2
Q3
Q4
Q1
Q2
(Million yen)
80,000
Q4
Q1
Q2
Q3
Q4
Q1
Q2
Q3
Q4
Q1
FY2021 FY2022 FY2023 FY2024
Q2 Q3
FY2025
Q2
Q4
FY2021
Q2 Q3
FY2025
FY2022 FY2023 FY2024
Q1
Q4
Q3
Q2
Q1
Q4
Q3
Domestic Machine Tools
Q1
Q3
Q2
Q1
Q4
Q3
Q2
Q1
70,000
60,000
50,000
40,000
30,000
20,000
10,000
0
Domestic T&E
Domestic Industrial Solution
Quarterly Sales Trend: Consumer Goods Segment (Building Materials/Home Products)
(Million yen)
25,000
Building Materials
20,000
15,000
10,000
5,000
0
Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3
FY2021 FY2022 FY2023 FY2024 FY2025
(Million yen)
30,000
Home Products
25,000
20,000
15,000
10,000
5,000
0
Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3
FY2021 FY2022 FY2023 FY2024 FY2025
Medium-Term Management Plan: Sales/Profits/Management Indicators
Sales/Profits
FY2024
Results
Net sales
516,126
Operating profit
9,535
Ordinary profit
10,018
Profit attributable to owners of parent
7,845
Management Indicators
(Million yen)
FY2025 Forecasts Vs. FY2024 Results | FY2027 Forecasts Vs. FY2024 Results | ||
530,000 | +2.7% | 600,000 | +16.3% |
10,000 | +4.9% | 16,000 | +67.8% |
10,000 | -0.2% | 16,000 | +59.7% |
7,150 | -8.9% | 11,000 | +40.2% |
(Million yen)
FY2024 Results | |
Return on Equity (ROE) | 6.1% |
Basic operating cash flow | 8,341 |
Shareholders' equity ratio | 43.3% |
FY2025 Forecasts Vs. FY2024 Results | FY2027 Forecasts Vs. FY2024 Results | ||
5.5% | -0.6pt | 8.0% | +1.9pt |
11,000 | +31.9% | 14,000 | +67.8% |
40~45% | - | 40~45% | - |
*Basic operating cash flow is calculated by deducting changes in working capital from operating cash flow.
Medium-Term Management Plan: Sales and Profits by Segment
Production Equipment
FY2024
Net sales
FY2025 Full-year Forecasts FY2027 Full-year Forecasts
(Million yen)
Segment profit (based on disclosed segments, bottom row is operating profit margin)
FY2025 Full-year Forecasts FY2027 Full-year Forecasts
FY2024
Consumer Goods
Other
Machine Tools
IS
T&E
Domestic total
Global
Total
Building Materials
Home
Products
Total
Results
72,217
95,049
80,204
247,471
85,733
333,205
78,623
100,883
179,506
3,414
70,000
99,000
81,000
250,000
90,000
340,000
84,000
102,000
186,000
4,000
Vs. FY2024
Results
-3.1%
+4.2%
+1.0%
+1.0%
+5.0%
+2.0%
+6.8%
+1.1%
+3.6%
+17.1%
80,000
110,000
90,000
280,000
120,000
400,000
85,000
115,000
200,000
0
Vs. FY2024
Results
+10.8%
+15.7%
+12.2%
+13.1%
+40.0%
+20.0%
+8.1%
+14.0%
+11.4%
-
Results
8,291
2.5%
3,192
4.1%
4,449
4.4%
7,641
4.3%
- 6,396
-9,535
8,500
2.5%
3,400
4.0%
4,500
4.4%
7,900
4.2%
- 6,400
-10,000
Vs. FY2024
Results
+2.5%
+0.0pt
+6.5%
- 0.0pt
+1.1%
+0.0pt
+3.4%
- 0.0pt
-
-
+4.9%
13,500
3.4%
3,500
4.1%
5,800
5.0%
9,300
4.7%
- 6,800
-16,000
Vs. FY2024
Results
+62.8%
+0.9pt
+9.6%
+0.1pt
+30.4%
+0.6pt
+21.7%
+0.4pt
-
-
+67.8%
Consolidated
516,126
530,000
+2.7%
600,000
+16.3%
1.8%
1.9%
+0.0pt
2.7%
+0.8pt
*IS = Industrial Solution, T&E = Tool & Engineering
Shareholder Returns
FY2024: Paid an interim dividend of 20 yen per share and a year-end dividend of 32 yen per share, for an annual dividend of 52 yen per share.
FY2025: Plan to pay an interim dividend of 20 yen per share and a year-end dividend of 32 yen per share, for an annual dividend of 52 yen per share.
(Yen) (%)
160.00
140.00
120.00
100.00
80.00
60.00
40.00
20.00
0.00
FY2018 FY2019 FY2020 FY2021 FY2022 FY2023 FY2024 FY2025
Plan
80.0
68.5
57.4
61.9
73.04
80.25
24.9
84.07
85.60
90.63
35.0
128.80
28.0
133.74
26.2
141.00
28.4
Consolidated payout ratio (%)
Profit per share (yen)
70.0
60.0
50.0
40.0
30.0
20.0
10.0
0.0
FY2018 | FY2019 | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 Forecasts | ||
Dividend per share (yen) | Mid-year | 15.0 | 16.0 | 10.0 | 10.0 | 20.0 | 20.0 | 20.0 | 20.0 |
End of year | *21.0 | 14.0 | 10.0 | *25.0 | 20.0 | 30.0 | 32.0 | 32.0 | |
Annual | *36.0 | 30.0 | 20.0 | 35.0 | 40.0 | 50.0 | 52.0 | 52.0 | |
Payout ratio (%) | 28.0 | 35.0 | 24.9 | 26.2 | 28.4 | 68.5 | 57.4 | 61.9 | |
Dividend on equity ratio (DOE) (%) | 3.8 | 3.0 | 1.9 | 2.9 | 3.0 | 3.5 | 3.5 | - | |
Dividend paid (Million yen) | 3,405 | 2,837 | 1,891 | 3,115 | 3,560 | 4,451 | 4,453 | 4,453 | |
Amount of treasury stock acquired (Million yen) | - | - | - | 5,999 | - | - | 4,999 | - | |
Total return ratio (%) | 28.0 | 35.0 | 24.9 | 75.8 | 28.4 | 68.5 | 120.5 | 61.9 | |
*Includes special dividends and commemorative dividends
C