Ushio (6925) Q3 2025 earnings summary

Executive summary

• Q3 FY2024 revenues and earnings declined year-over-year but surpassed initial forecasts, driven by improved efficiency and strategic business selection despite semiconductor market headwinds and investment deferrals.

• Net sales for the first nine months ended December 31, 2024, decreased 3.3% year-over-year to ¥128,099 million, with operating profit down 27.5% to ¥7,395 million and profit attributable to owners of parent down 33.9% to ¥5,747 million.

• The business environment was impacted by global economic uncertainty, sluggish capital investment in key markets, and temporary declines in cinema operations due to Hollywood strikes.

• Business portfolio revamp is progressing, with one-time valuation losses and inventory write-downs impacting results.

• Full-year forecasts remain unchanged, with a planned annual dividend increase to ¥70 per share.

Financial highlights

• Q3 FY2024 net sales: ¥128.0 billion, down 3.3% year-over-year.

• Operating profit: ¥7.3 billion, down 27.5% year-over-year; operating margin fell to 5.8%.

• Profit attributable to owners: ¥5.7 billion, down 33.9% year-over-year.

• EPS: ¥58.22, down 24.2% year-over-year.

• Comprehensive income dropped 54.3% year-over-year to ¥9,390 million.

Outlook and guidance

• FY2024 full-year forecasts maintained: net sales ¥175.0 billion, operating profit ¥7.5 billion, profit attributable to owners ¥6.0 billion.

• Annual dividend forecast raised to ¥70 per share, up ¥20 year-over-year.

• Ongoing share buybacks with a cumulative target of ¥50–60 billion by FY2026.