Lion Corporation (4912) Q3 2025 earnings summary

Executive summary

• Net sales and profits increased year-over-year for the first nine months of 2025, with core operating income up 19.9% and profit attributable to owners rising 64.3%, driven by high value-added products, profit structure reforms, and overseas expansion, including a profitable Vietnam subsidiary.

• Both domestic and overseas businesses contributed to growth, with Japan showing improved momentum and overseas adapting to environmental changes, though Northeast Asia faced declines.

Financial highlights

• Net sales for the first three quarters reached ¥304,945 million, up 1.3% year-over-year; Q3 sales growth was 2.9%.

• Core operating income was ¥22,320 million, up 19.9% year-over-year; EBITDA reached ¥35,500 million with an 11.7% margin.

• Profit attributable to owners surged 64.3% to ¥20,813 million, aided by a gain on step acquisition and consolidation of a Vietnam subsidiary.

• EPS climbed 64.8% to ¥75.25.

Outlook and guidance

• Full-year 2025 forecast remains unchanged: net sales ¥420,000 million, core operating income ¥30,000 million, profit attributable to owners ¥25,000 million, and basic EPS ¥90.24.

• Flexible expense investment in Q4 is planned to achieve annual goals, with continued focus on cost reduction, price pass-through, and high value-added products.

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