NHK Spring (5991) Q4 2025 earnings summary

Executive summary

• Net sales for FY2024/FY2025 reached ¥801.6–¥801.7 billion, with operating profit at ¥52.1–¥52.2 billion, both up year-over-year, driven by strong HDD-related demand and yen depreciation.

• Profit attributable to owners rose to ¥48.1–¥48.2 billion, up 22.9% year-over-year.

• Automotive seating and suspension businesses faced volume declines, but HDD suspensions and semiconductor process components offset these with robust growth.

• Extraordinary profits fell due to lower gains on investment securities, while impairment losses on non-current assets decreased.

• Comprehensive income declined 29.0% to ¥51.0 billion, reflecting lower other comprehensive income.

Financial highlights

• Net sales rose to ¥801.6–¥801.7 billion, up ¥34.7 billion or 4.5% year-over-year; operating profit increased to ¥52.1–¥52.2 billion, up 50.5%.

• EPS reached ¥224.73, up from ¥173.27; ROE improved to 11.9%.

• Ordinary profit was ¥57.9–¥58.0 billion, up ¥10.1 billion or 21.2%; profit attributable to owners was ¥48.1–¥48.2 billion, up 22.9%.

• Dividend per share for FY2024/FY2025 was ¥69.0, including a ¥6.00 extraordinary dividend; payout ratio 30.7%.

• Gross profit improved to ¥113.1 billion, with gross margin rising to 14.1%.

Outlook and guidance

• FY2025/FY2026 forecast: net sales ¥800 billion (flat/down 0.2%), operating profit ¥47 billion (down 9.9%), ordinary profit ¥53 billion, profit attributable to owners ¥40 billion (down 17.0%).

• EPS expected to decline to ¥196.15; ROE forecast at 9.6%.

• Yen appreciation and higher fixed costs from future investments expected to pressure profits despite strong HDD and semiconductor demand.

• Dividend forecast for FY2025/FY2026 is ¥66.0 per share, payout ratio 33.6%.