MINEBEA MITSUMI (6479) Q3 2025 earnings summary

Executive summary

• Q3 consolidated net sales declined 3% year-on-year and 12.6% quarter-on-quarter to JPY 369.6 billion, but operating income rose 7% year-on-year to JPY 26.4 billion, with profit attributable to owners up 15.7% year-on-year to JPY 17.6 billion.

• Record-high sales and operating income achieved for the first three quarters, with nine-month net sales up 9% year-on-year to JPY 1,147,880 million and operating income up 40.2% to JPY 74,594 million.

• Acquisition of Minebea Power Semiconductor Device Inc. contributed to segment growth and overall results.

• Sub-core businesses underperformed, dragging down profits, while core businesses and U.S. operations showed resilience.

• Downward revision of full-year net sales and operating income forecasts, with one-time charges and market slowdowns impacting results.

Financial highlights

• Q3 net sales: JPY 369.6 billion, operating income: JPY 26.4 billion, profit attributable to owners: JPY 17.6 billion, basic EPS: JPY 43.83.

• Gross profit for nine months: JPY 205,088 million, up from JPY 172,021 million year-on-year.

• Inventory at quarter-end: JPY 356.6 billion, up JPY 20.8 billion from three months prior.

• Net interest-bearing debt at Q3-end: JPY 201.7 billion; free cash flow for 1Q-3Q: JPY 18.1 billion.

• Foreign exchange losses of JPY 1.8 billion recorded in Q3.

Outlook and guidance

• Full-year net sales forecast revised down to JPY 1,500,000 million (+7.0% YoY); operating income forecast lowered to JPY 93,000 million (+5.5% YoY); profit attributable to owners revised to JPY 57,000 million.

• Basic EPS projected at JPY 141.49 for the full year.

• Year-end dividend planned at JPY 25 per share, annual dividend JPY 45, payout ratio target of ~30%.

• Operating income forecast includes a one-time charge of about JPY 4 billion due to PPA and withdrawal from the Russian market.

• Exchange rate assumption for guidance is 150 JPY/USD.