Mizuno (8022) Q3 2025 earnings summary

Executive summary

• Achieved record sales, operating profit, and net profit for the nine months ended December 31, 2024, with strong growth in Football, Indoor, and Work categories across all regions.

• Net sales reached 175.4bn JPY, up 16.5% year-over-year; all major profit metrics hit record highs.

• Robust sales in Japan, especially in competitive sports and work business, and strong overseas performance, particularly in Asia and Oceania, contributed to growth.

• Gross margin ratio rose 160 basis points to 41.6% due to pricing and inventory optimization.

• Overseas sales increased to 41.8% of total.

Financial highlights

• Net sales reached 175.4bn JPY, up 16.5% year-over-year; net profit 12.6bn JPY, up 11.4%.

• Operating profit was 16.0bn JPY (+16.8% yoy); ordinary profit 16.9bn JPY (+12.7% yoy).

• Gross profit for the nine months was 73.0bn JPY, up from 67.2bn JPY year-over-year.

• EPS for the period was 493.00 yen, compared to 442.84 yen in the previous year.

• Comprehensive income declined 20.6% year-over-year to 13.4bn JPY.

Outlook and guidance

• Full-year forecast for FY2025 remains unchanged: net sales of 250bn JPY (+8.8% YoY), operating profit of 19bn JPY (+10.0%), and net profit of 15bn JPY (+4.8%).

• Year-end dividend forecast revised upward to 150 yen per share (pre-split basis).

• Stock split (3-for-1) effective April 1, 2025.

• Overseas branches restructured as subsidiaries from January 2025, with a nine-month accounting period for those entities reflected in forecasts.