GS Yuasa (6674) Q4 2025 earnings summary

Executive summary

• Net sales for FY2024 reached ¥580.3 billion, up 3.1% year-over-year, with record highs in net sales, operating income of ¥50.0 billion (+20.3%), and ordinary income of ¥46.3 billion (+5.4%).

• Profit attributable to owners declined 5.1% to ¥30.4 billion due to higher taxes and impairment losses.

• Dividend increased to ¥75 per share, up ¥5, reflecting improved earnings in core businesses.

• Key drivers included higher sales volumes in automotive and industrial batteries, and price revisions, offset by increased tax burden and impairment losses.

• Record-high sales and profits are forecast for FY2025/FY2026, with net sales projected at ¥600.0 billion and profit attributable to owners at ¥33.0 billion.

Financial highlights

• Gross profit increased to ¥139.5 billion, with operating margin improving to 8.6%.

• Ordinary income rose to ¥46.3 billion; EPS dropped to ¥303.25.

• Total assets as of March 31, 2025, were ¥693.7 billion, up ¥37.1 billion.

• Operating cash flow was ¥39.3 billion; investment cash flow was negative ¥58.8 billion due to capital investments.

• Annual dividend per share increased to ¥75, with a payout ratio of 24.7%.

Outlook and guidance

• FY2025/FY2026 guidance: net sales ¥600.0 billion (+3.4%), operating income ¥51.0 billion (+1.9%), profit attributable to owners ¥33.0 billion (+8.5%).

• Dividend projected to rise to ¥80 per share.

• Management expects growth from increased sales of lithium-ion batteries for electrified vehicles and emergency power supplies, but notes downside risks from U.S. tariffs, inflation, FX rates, and global uncertainties.

• Automotive lithium-ion batteries segment expected to see sales and income growth, but with continued pressure on selling prices.