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NTN (6472) investor relations material
NTN Q4 2026 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Executive summary
Sales and operating income increased year-over-year, driven by higher aftermarket and industrial machinery demand, price pass-on measures, cost reductions, and a weaker yen, despite sluggish automotive demand and lower sales volumes.
Net profit turned positive and rose significantly year-over-year, aided by higher ordinary income, tax effects in Japan, and improved foreign exchange gains.
Structural reforms and cost reductions contributed to improved profitability, with progress ahead of plan under the "DRIVE NTN100" initiative.
A memorandum of understanding was executed for business integration with NSK Ltd. via a joint holding company, targeting completion by October 2027; effects are not yet reflected in forecasts.
Comprehensive income reached ¥50,424 million, a significant turnaround from a loss of ¥24,593 million the previous year.
Financial highlights
FY2025 net sales: ¥826.3 billion (+0.1% YoY); operating income: ¥31.0 billion (+8.1 billion YoY); operating margin: 3.8% (+1.0pt YoY).
Net profit attributable to owners: ¥12.9 billion (up from a ¥23.8 billion loss YoY); ROE: 4.9% (up 14.5pt YoY).
Free cash flow: ¥30.9 billion (+¥11.2 billion YoY); cash flows from operating activities were ¥57,179 million, up 25.3% YoY.
FY2026 forecast: net sales ¥810.0 billion (−2.0% YoY), operating income ¥33.0 billion (+2.0 billion YoY), net profit ¥15.0 billion (+2.1 billion YoY), ROE 5.2%.
R&D expenses totaled ¥19,950 million, representing 2.4% of net sales.
Outlook and guidance
FY2026 sales expected to decrease due to lower automotive demand, especially in the Americas and Europe.
Operating income forecast to rise on price improvements and cost reductions; net income to increase due to reduced structural reform costs and asset sales.
Dividend forecast for FY2026 is ¥13 per share, up ¥2 from the previous year.
Assumptions include exchange rates of ¥150/USD and ¥175/EUR.
Ordinary income for FY2027 is forecast to decrease 10.6% to ¥21 billion.
- Operating income rose 53.9% despite a 5.6% sales decline, driven by cost reductions.6472
Q1 202617 Mar 2026 - Operating income rose 35.8% despite a 2.0% sales decline, driven by cost cuts.6472
Q3 20263 Feb 2026 - Operating income surged 29.3% despite lower sales, with profit returning to positive.6472
Q2 20265 Nov 2025 - Operating income surged 204% on higher sales, but net profit fell sharply due to tax effects.6472
Q1 202513 Jun 2025 - Operating income surged 47% year-on-year, but net loss reached ¥2.1 billion on tax and FX impacts.6472
Q2 202513 Jun 2025 - Net loss of ¥23.8B on lower sales, with margin gains targeted despite ongoing risks.6472
Q4 20256 Jun 2025 - Revenue and profit fell on weak demand, but after-market sales and reforms supported outlook.6472
Q3 20256 Jun 2025
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