GS Yuasa (6674) Q4 2026 earnings summary

Executive summary

• Net sales reached ¥609.0 billion for FY2025, up 4.9% year-over-year, with operating income at ¥60.2 billion, a 20.3% increase, and profit at ¥41.9 billion, up 37.6% year-over-year, driven by growth in industrial, automotive lithium-ion, and domestic automotive batteries.

• All major business segments reported increased sales, with notable growth in automotive lithium-ion batteries and industrial batteries.

• Comprehensive income more than doubled to ¥66,644 million, reflecting strong business performance and favorable currency translation adjustments.

• The company updated its Vision 2035, emphasizing growth in public infrastructure and mobility, and launched its 7th Mid-term Management Plan targeting ¥720 billion in net sales and ¥65 billion in operating income by FY2028.

Financial highlights

• Gross profit rose to ¥155.0 billion (+11.1%), and EPS increased to ¥417.33 (+¥114.08 year-over-year).

• Ordinary profit climbed 25.6% to ¥58,229 million, supported by reduced foreign exchange losses.

• ROE improved to 11.5% and ROIC to 14.8%.

• Equity ratio increased to 53.3% from 50.0% year-over-year.

• Annual dividend increased to ¥90 per share, with a total return ratio of 21.2%.

Outlook and guidance

• FY2026 net sales forecasted at ¥660.0 billion (+8.4%), but operating income expected to be flat at ¥60.0 billion.

• Profit is projected to decrease to ¥36.0 billion, with EPS at ¥358.88.

• Dividend guidance is ¥98 per share, targeting a DOE of 3.0%.

• Management highlights ongoing risks from geopolitical tensions and cost pressures but expects continued sales growth in lithium-ion and industrial batteries.