MINEBEA MITSUMI (6479) Q4 2025 earnings summary

Executive summary

• Consolidated net sales for FY ended March 2025 rose 8.6% year-on-year to ¥1,522.7 billion, marking a record high for the 13th consecutive term, with operating income up 28.5% to ¥94.5 billion and profit attributable to owners up 10% to ¥59.5 billion.

• Adjusted operating income (excluding one-time expenses) reached ¥99.5 billion, the highest ever, while comprehensive income declined 38.4% year-on-year due to lower foreign exchange gains.

• All segments except sub-core businesses contributed to record operating income, supported by strong demand in data centers, automotive, and M&A activity.

• One-time expenses of ¥5 billion impacted operating income, with yen depreciation contributing ¥72.7 billion to net sales and ¥10.5 billion to operating income.

• FY2026 guidance includes both base and risk scenarios due to US reciprocal tariffs and rare earth supply risks, with measures in place to mitigate impact.

Financial highlights

• FY2025 net sales: ¥1,522.7 billion (+8.6% YoY); operating income: ¥94.5 billion (+28.5% YoY); profit before taxes: ¥82.6 billion (+9.4% YoY); Q4 net sales: ¥374.8 billion (+7.5% YoY, +1.4% QoQ); Q4 operating income: ¥21.5 billion (+5.8% YoY, -17.7% QoQ).

• Gross profit increased to ¥270.4 billion from ¥231.4 billion year-over-year.

• Operating margin for FY2025 was 6.2%, up 1 percentage point year-on-year; Q4 operating margin was 5.7%.

• Basic EPS rose to ¥147.58 from ¥133.05 year-over-year; Q4 EPS was ¥42.3.

• Free cash flow for FY2025: ¥62.3 billion; cash and cash equivalents at year-end increased to ¥214.3 billion.

Outlook and guidance

• FY2026 forecasts: net sales ¥1,490–1,520 billion, operating income ¥85–100 billion, profit attributable to owners ¥60–71 billion, EPS ¥149.41–176.80; assumes 140 yen/USD exchange rate.

• No major M&A planned for FY2026; dividend payout ratio to be maintained around 30% on a consolidated basis.

• Segment realignment from FY2026 to enhance synergies, with smart products and resonant devices reassigned.

• Conservative guidance for SE segment due to rare earth supply issues and pricing pressure; recovery expected from Q2 onward.

• Guidance reflects uncertainty from global trade policies, exchange rates, and geopolitical risks.