Fujitec (6406) Q4 2025 earnings summary

Executive summary

• Achieved record orders, sales, and operating income for FY2024, with growth in all regions except East Asia.

• Net income declined year-over-year due to the absence of prior year's extraordinary income from asset sales in Hong Kong.

• Orders reached 256.5 billion yen (up 10.5% YoY), net sales 241.3 billion yen (up 5.2% YoY), and operating income 16.2 billion yen (up 11.0% YoY).

• Launched new medium-term plan "Move On 5" targeting 325 billion yen sales and 13.5% operating margin by FY2028.

• Major deliveries included large projects in Tokyo, Osaka, Hong Kong, and significant new orders in Taiwan and India.

Financial highlights

• Operating margin improved to 6.7% (up 0.3ppt YoY); Japan's margin reached 10%.

• Ordinary income was 18.9 billion yen (up 0.8% YoY); profit attributable to owners was 14.5 billion yen (down 18.6% YoY).

• Net income per share was 185.99 yen, down from 228.55 yen in FY2023.

• Cash and cash equivalents at period end increased to 54.7 billion yen (up 15.8 billion YoY).

• Annual dividend set at 165 yen per share, payout ratio 88.7%.

Outlook and guidance

• FY2025/2026 targets: net sales 244 billion yen (up 1.1%), operating income 22.9 billion yen (up 41.6%), operating margin 9.4%, and net income per share 217.82 yen.

• Sales growth expected to slow due to yen appreciation; strong growth forecast in Japan and South Asia, with slight declines in East Asia and Americas & Europe.

• Annual dividend forecast raised to 175 yen per share for FY2026.

• Planned CAPEX for FY2025 is 6.5 billion yen, down 1.72 billion yen from FY2024.

• Assumes continued economic recovery but notes risks from US tariffs, China real estate, and global uncertainty.