Bunka Shutter (5930) investor relations material

Executive summary

• Net sales, operating profit, and ordinary profit all increased year-over-year, reaching record highs for both net sales (fifth consecutive period) and operating profit (fourth consecutive period).

• Net sales rose 3.4% year-over-year to ¥236,282 million for the fiscal year ended March 31, 2026, with operating profit up 5.7% to ¥15,569 million and ordinary profit up 19.3% to ¥17,626 million.

• Profit attributable to owners of parent declined 3.9% year-over-year to ¥12,639 million, mainly due to one-time gains in the prior year.

• All business segments posted increases in both sales and profit, with strong domestic performance offsetting declines in overseas operations and notable growth in the Refurbishment and Other segments.

• The company faces an "emergency situation" due to Dalton and affiliates' large-scale share acquisitions and proposals for an MBO, prompting the board to propose conditional defensive measures.

Financial highlights

• FY2026 net sales: ¥236.3 billion (+3.4% YoY); operating profit: ¥15.6 billion (+5.7% YoY); ordinary profit: ¥17.6 billion (+19.3% YoY); net income: ¥12.6 billion (+9.9% YoY).

• Gross profit increased to ¥65,386 million from ¥62,483 million year-over-year.

• Basic earnings per share was ¥179.09, down from ¥184.95 the previous year.

• Equity-to-asset ratio improved to 58.3% from 55.3% year-over-year.

• Cash and cash equivalents at year-end were ¥36,704 million, down ¥2,988 million from the prior year.

Outlook and guidance

• FY2027 forecast: net sales ¥250 billion (+5.8% YoY), operating profit ¥18.8 billion (+20.8% YoY), operating margin 7.5%.

• Net income forecast: ¥13.0 billion (+2.9% YoY); capital investment planned at ¥6.65 billion.

• Dividend per share projected at ¥74, targeting a 40% payout ratio; strong domestic order intake and backlog (+4.5% and +10.3% YoY, respectively, at March-end).