Namura Shipbuilding (7014) Q4 2025 earnings summary

Executive summary

• Revenue rose 17.9% year-over-year to ¥159,227 million, with operating income up 78.7% to ¥29,466 million and net income attributable to shareholders up 31.5% to ¥26,245 million.

• Strong performance in core new shipbuilding, aided by yen depreciation and increased build volume, offset cost pressures.

• All major segments except steel structures/machinery posted double-digit sales and profit growth.

Financial highlights

• Operating margin improved to 18.5% (from 12.2%); net margin at 16.5% (from 14.8%).

• Cash and equivalents at year-end increased to ¥90,140 million, up ¥34,754 million year-over-year.

• Equity ratio rose to 50.0% (from 45.4%), with net assets at ¥105,142 million.

• Annual dividend doubled to ¥50 per share (from ¥30), payout ratio 13.2%.

Outlook and guidance

• FY2026 revenue forecast at ¥158,000 million (down 0.8%), operating income ¥21,000 million (down 28.7%), net income ¥15,000 million (down 42.8%).

• Lower profit outlook reflects stronger yen assumption, higher material and labor costs, and increased R&D/DX investment.

• FY2026 dividend forecast maintained at ¥40 per share.