DENSO (6902) Q3 2025 earnings summary

Executive summary

• Revenue for Q3 and the nine months ended December 31, 2024, declined 1.2% year-over-year due to lower vehicle production in Asia and Japanese customer suspensions, partially offset by slower yen depreciation.

• Operating profit surged 68.3% year-over-year to ¥401.6 billion, driven by cost reductions, favorable currency effects, and business improvement activities, despite higher material costs.

• Net profit attributable to owners rose 78.1% year-over-year to ¥312.7 billion.

• Comprehensive income for the period was ¥106.6 billion, down from ¥758.8 billion a year earlier, due to mark-to-market losses on investment securities.

Financial highlights

• Q3 and nine-month revenue: ¥5,288.4B, down 1.2% year-over-year.

• Q3 operating profit: ¥401.6B, up 68.3% year-over-year.

• Q3 net profit attributable to owners: ¥312.7B, up 78.1% year-over-year.

• Basic EPS for nine months: ¥107.62, up from ¥58.64 year-over-year.

• Total assets as of December 31, 2024: ¥8,590.4B, down ¥502.9B from March 31, 2024.

Outlook and guidance

• FY2025 revenue forecast revised up to ¥7,090.0B, operating profit forecast maintained at ¥550.0B.

• Net profit forecast for FY2025: ¥437.0B, up 39.7% from previous year.

• Basic EPS for full year projected at ¥153.00.

• Exchange rate assumptions for Q4: 1 USD = 145 yen, 1 EUR = 155 yen.