Disco (6146) Q3 2025 earnings summary

Executive summary

• Net sales for FY2025 Q3 reached ¥109.3 billion, up 4.5% quarter-over-quarter and 16.8% year-over-year, with overseas sales accounting for 91.5% of total sales in Q3.

• Net income rose to ¥36.7 billion in Q3, a 14.3% increase sequentially and 15.5% year-over-year.

• Net sales for the nine months ended December 31, 2025, rose 11.5% year-over-year to ¥303,828 million.

• Operating income increased 9.7% year-over-year to ¥126,212 million for the nine months, and net income grew 8.7% to ¥92,639 million.

• Shipment volume hit a record high of ¥113.6 billion in Q3.

Financial highlights

• Gross profit margin improved to 71.4% in Q3, up 1.9 points quarter-over-quarter.

• Operating income was ¥47.3 billion in Q3, up 6.6% sequentially and 20.9% year-over-year.

• Ordinary income margin was 43.0% in Q3, with net income margin at 33.6%.

• Gross profit for the nine-month period was ¥212,074 million, up from ¥193,351 million year-over-year.

• Total assets as of December 31, 2025, were ¥678,263 million, with an equity ratio of 79.8%.

Outlook and guidance

• Q4 FY2025 net sales forecasted at ¥115.2 billion, with operating income of ¥45.9 billion.

• Full-year FY2025 net sales forecast revised to ¥419,000 million, up 6.5% year-over-year, and operating income projected at ¥172,100 million.

• Net income forecasted at ¥126,400 million, with EPS expected at ¥1,165.72.

• Sales of blade dicers, laser saws, and dicers expected to grow 20–30% QoQ in Q4; grinders and accessory equipment also forecasted to rise.

• Assumed exchange rates: 1 USD = ¥154, 1 EUR = ¥181; currency sensitivity: USD ~¥1.7 billion, EUR ~¥0.1 billion (annualized).