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Pigeon Q3 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 2025 earnings summary6 Nov, 2025
Executive summary
Consolidated net sales for the first nine months rose 5.9% year-over-year to ¥80,526 million, led by strong growth in China and steady performance in all business segments.
Operating income increased 18.2% year-over-year to ¥10,028 million, with all segments posting higher sales and profits.
Net income attributable to shareholders grew 29.7% year-over-year to ¥7,035 million, reflecting improved gross margins and effective cost management.
Ordinary income rose 20.8% year-over-year to ¥10,670 million.
Financial highlights
Net sales: ¥80,526 million (+5.9% YoY); Operating income: ¥10,028 million (+18.2% YoY); Net income: ¥7,035 million (+29.7% YoY).
Net income per share for the first three quarters was ¥58.82, compared to ¥45.38 in the prior year period.
Gross profit margin improved to 50.6% from 49.4% a year earlier.
All business segments reported both revenue and profit growth.
Comprehensive income for the third quarter was ¥5,356 million, a 27.0% decrease year-over-year.
Outlook and guidance
Full-year guidance remains unchanged from the initial forecast.
Full-year net sales projected at ¥109,700 million (+5.3% YoY); operating income at ¥12,900 million (+6.3% YoY); net income at ¥8,400 million (+0.3% YoY).
Net income per share for the full year is expected to be ¥70.24.
Ongoing focus on improving profitability amid uncertainties such as US tariffs and competitive pressures in China.
What caused the decline in total assets and equity?
Why is Q4 net income forecast significantly lower?
How do accounting policy changes impact results?
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Next Pigeon earnings date
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Pigeon
Next Pigeon earnings date
Q4 202513 Feb, 2026
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Frequently asked questions
Pigeon Corporation is a Japan-based company engaged in the development, manufacturing, and sale of baby and maternity products. Its product portfolio includes baby bottles, nipples, skincare items, breastfeeding aids, and hygiene products, as well as goods for elderly care and health management. The company distributes its products through retail stores, e-commerce platforms, and healthcare facilities, serving both domestic and international markets. Pigeon also conducts research to support product development focused on infant and maternal care. The company is headquartered in Tokyo, Japan, and its shares are listed on the TSE.
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