Iwatani (8088) Q3 2025 earnings summary

Executive summary

• Net sales for the nine months ended December 31, 2024, rose 1.1% year-over-year to ¥624.4 billion, driven by high LPG import prices and robust industrial LPG sales.

• Operating profit declined 15.0% year-over-year to ¥27.1 billion due to increased selling and administrative expenses, despite a contraction in the negative impact of LPG import price fluctuations.

• Ordinary profit increased 6.7% year-over-year to ¥39.2 billion, and profit attributable to owners of parent rose 17.4% to ¥28.4 billion, supported by higher equity method income.

• The company advanced its hydrogen energy initiatives, including test operations for a hydrogen fuel cell ship for Expo 2025, and completed the acquisition of ISG, Inc. to expand its LPG business.

Financial highlights

• Net sales: ¥624.4 billion (+1.1% year-over-year).

• Operating profit: ¥27.1 billion (−15.0% year-over-year).

• Ordinary profit: ¥39.2 billion (+6.7% year-over-year).

• Profit attributable to owners of parent: ¥28.4 billion (+17.4% year-over-year).

• Basic EPS: ¥123.32 (reflecting a 4-for-1 share split).

• Comprehensive income: ¥27.3 billion (−17.5% year-over-year).

Outlook and guidance

• Full-year forecast (ending March 31, 2025): Net sales ¥902.0 billion (+6.4%), operating profit ¥52.7 billion (+4.1%), ordinary profit ¥72.8 billion (+10.0%), profit attributable to owners of parent ¥54.0 billion (+14.0%), basic EPS ¥234.67 (post-split).

• No change to previously announced earnings guidance.

• Dividend forecast for FY2025 year-end is ¥32.50 per share (post-split), equivalent to ¥130.00 pre-split.