Namura Shipbuilding (7014) Q2 2025 earnings summary

Executive summary

• Revenue rose 29.1% year-over-year to ¥78,281 million, with operating income up 129.7% to ¥15,087 million and net income attributable to shareholders up 88.2% to ¥14,286 million.

• Strong performance driven by yen depreciation, improved ship prices, and cost reductions in the core new shipbuilding business; all segments showed profit growth.

Financial highlights

• Gross profit increased to ¥18,215 million from ¥9,652 million year-over-year.

• Operating margin improved significantly, with operating income at ¥15,087 million versus ¥6,569 million a year ago.

• Net assets increased to ¥93,860 million, and equity ratio rose to 49.5% from 45.4% at prior year-end.

• Cash and deposits at period-end were ¥70,655 million, up from ¥55,386 million at prior year-end.

• Interim dividend increased to ¥20 per share, with full-year forecast at ¥35 per share.

Outlook and guidance

• Full-year revenue forecast revised up to ¥155,000 million (+14.8% YoY), operating income to ¥24,000 million (+45.5%), and net income to ¥22,000 million (+10.3%).

• Earnings guidance was revised upward from previous forecasts.