West Holdings Corporation (1407) Q4 2025 earnings summary

Executive summary

• Revenue decreased by 6.2% year-over-year to ¥47,250 million, with operating profit down 18.4% and net income attributable to shareholders down 20.7%.

• Strategic shift toward grid-scale battery storage accelerated, with significant resource allocation and early completion of 10 projects.

• Acquisition of Nagatoro Town Solar Power LLC expanded the power business and contributed to goodwill growth.

Financial highlights

• Operating profit: ¥8,646 million (down 18.4% YoY); ordinary profit: ¥7,961 million (down 20.0% YoY).

• Net income attributable to shareholders: ¥5,357 million (down 20.7% YoY).

• EPS: ¥135.09 (down from ¥167.46 YoY); ROE and profit margins declined.

• Total assets increased to ¥148,546 million, net assets to ¥36,537 million.

• Cash and equivalents at year-end: ¥35,707 million, up ¥7,888 million YoY.

Outlook and guidance

• FY2026 forecast: revenue ¥54,460 million (+15.3% YoY), operating profit ¥11,376 million (+31.6%), net income ¥6,602 million (+23.2%).

• Battery storage business expected to triple sales pipeline, with 30 projects and ¥18 billion in sales targeted.

• Dividend forecast raised to ¥70 per share for FY2026.