Lion Corporation (4912) Q1 2025 earnings summary

Executive summary

• Net sales for Q1 2025 rose 1.4% year-over-year to ¥94.2 billion, driven by strong overseas performance in Malaysia and China, despite lower domestic consumer product sales due to brand transfers.

• Core operating income increased 32.4% year-over-year, supported by price increases, cost reductions, and expense optimization.

• Operating profit and profit attributable to owners of the parent both increased year-over-year, reflecting improved profitability.

• The company is executing its Vision2030 2nd STAGE plan, focusing on profitability and overseas oral healthcare expansion.

Financial highlights

• Net sales for Q1 2025 were ¥94,237 million, up 1.4% year-over-year; core operating income was ¥5,287 million, up 32.4%; operating profit was ¥5,636 million, up 15.2%.

• Profit attributable to owners of the parent was ¥4,026 million, up 13.5% year-over-year; EPS was ¥14.57.

• EBITDA margin improved by 1.0 percentage point to 10.3%.

• Gross profit margin slightly decreased as gross profit was ¥42,021 million on sales of ¥94,237 million.

Outlook and guidance

• Full-year 2025 forecast remains unchanged, targeting net sales of ¥420,000 million and core operating income of ¥30,000 million.

• EBITDA margin is projected to rise to 11.7%, with ROIC at 6.1% and ROE at 8.3%.

• Annual dividend expected to increase by ¥3 to ¥30 per share, marking the 10th consecutive year of dividend increases.

• FX assumptions for 2025: ¥152/USD, ¥4.3/baht.