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Noritz
Noritz (5943) investor relations material
Noritz Q4 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q4 2025 earnings summary10 Feb, 2026
Executive summary
Net sales for fiscal 2025 were ¥202.0 billion, down 0.1% year-over-year, with operating income up 79.5% to ¥4.3 billion and net income attributable to shareholders down 23.4% to ¥3.3 billion.
Domestic profit rose due to price revisions, growth in eco-friendly and premium products, and cost improvements.
Overseas sales declined, mainly from weak market conditions in China, but profit increased due to recovery in North America, strong performance in Australia, and cost controls.
The company advanced its Medium-Term Management Plan, focusing on business structure reform and reducing reliance on the Chinese market.
Financial highlights
Net sales: ¥202.0bn, down ¥0.1bn year-over-year; Operating income: ¥4.3bn, up ¥1.9bn (+79.5% YoY); Net income attributable to shareholders: ¥3.3bn, down ¥1.0bn (-23.4% YoY).
Domestic sales: ¥136.7bn (+2.4% YoY); Overseas sales: ¥65.3bn (-5.0% YoY).
Operating margin improved to 2.1% from 1.2% year-over-year.
Net cash provided by operating activities increased to ¥9.96bn; cash and cash equivalents at year-end were ¥22.85bn.
Total assets rose to ¥237.1bn, and net assets increased to ¥145.0bn.
Outlook and guidance
FY2026 targets: Net sales ¥210.0bn, operating income ¥4.5bn, net income ¥8.6bn, ROE over 6%.
Domestic business net sales target: ¥140.0bn; overseas business: ¥70.0bn.
Focus on expanding high value-added and eco-friendly products, cost improvements, and overseas market stabilization.
The final year of the Medium-Term Management Plan will emphasize business portfolio transformation, strategic investments, and sustainability.
Reason for net income decrease despite income growth?
Overseas income drivers despite sales decline?
Cash balance decrease: investment/capital policy?
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Next Noritz earnings date
Q1 202612 May, 2026
Noritz
Next Noritz earnings date
Q1 202612 May, 2026
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Frequently asked questions
Noritz Corporation is a Japanese company specializing in the manufacture and sale of water heating systems and related equipment. Founded in 1951, Noritz is known for its extensive range of products including gas and oil water heaters, hybrid water and space heating systems, solar heating systems, and waste heat recovery systems for fuel cells. The company also produces kitchen appliances such as built-in and countertop gas cookers, gas ovens, and range hoods. The company is headquartered in Kobe, Hyogo, Japan, and its shares are listed on the Japan Exchange.
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