Iwatani (8088) H2 2025 earnings summary

Executive summary

• Net sales rose to ¥883.0 billion (+4.1% year-over-year), driven by high LPG prices and robust industrial sales, but operating profit fell to ¥46.2 billion (-8.7%) and profit attributable to owners of parent declined to ¥40.4 billion (-6.9%).

• The company advanced hydrogen and carbon-free initiatives, including new hydrogen stations and carbon-offset gas products, and secured rare earth supply through a new joint venture.

Financial highlights

• Operating profit decreased by ¥4.4 billion year-over-year, mainly due to higher costs and weaker specialty gas profitability.

• Ordinary profit was ¥61.5 billion (-1.3% year-over-year); comprehensive income dropped sharply to ¥36.4 billion (-42.4%).

• Basic earnings per share was ¥175.76, and net assets per share rose to ¥1,677.41.

• Total assets increased to ¥872.2 billion, and net assets to ¥397.2 billion.

Outlook and guidance

• For FY2026, net sales are forecast at ¥936.4 billion (+6.0%), operating profit at ¥49.1 billion (+6.2%), and profit attributable to owners of parent at ¥48.8 billion (+20.6%).

• The company will unify its dividend policy, targeting a payout ratio of 20% or higher by FY2027, and plans interim and year-end dividends of ¥23.50 each for FY2026.