ASICS (7936) Q2 2025 earnings summary

Executive summary

• Net sales for the six months ended June 30, 2025, rose 17.7% year-over-year to 402.8 billion yen, surpassing 400 billion yen for the first time at interim, with all categories and regions contributing to growth.

• Operating profit reached a record 81.1 billion yen, up 37.5% year-over-year; profit attributable to owners of parent was 53.6 billion yen, also a record.

• Upward revision of full-year forecasts: net sales now expected at 800.0 billion yen and operating profit at 136.0 billion yen, driven by strong H1 performance and reduced U.S. tariff uncertainty.

• Operating profit target for 2026 is expected to be achieved one year ahead of schedule, reflecting robust business momentum.

• Annual dividend forecast increased to 28 yen per share following the earnings revision.

Financial highlights

• Gross margin improved to 56.7% (+1.2ppt YoY), and operating margin rose to 20.1% (+2.9ppt YoY).

• SG&A expenses to sales ratio decreased by 1.7ppt to 36.6% due to cost control despite increased personnel and advertising investments.

• Operating cash flow for H1 reached a record 46.4 billion yen.

• Total assets increased 4.0% from December 2024 to 539.7 billion yen; net assets rose 3.5% to 243.2 billion yen.

• Cash and cash equivalents at period end were 124.6 billion yen, down 2.4 billion yen from year-end 2024.

Outlook and guidance

• FY25 full-year forecast: net sales of 800.0 billion yen (+17.9% YoY), operating profit of 136.0 billion yen (+35.8% YoY), and operating margin of 17.0%.

• Profit attributable to owners of parent projected at 87.0 billion yen (+36.4% YoY).

• Annual dividend forecast raised to 28 yen per share.

• Mid-Term Plan 2026 targets for operating profit, margin, and ROA are expected to be achieved one year early.