NOF (4403) Q3 2025 earnings summary

Executive summary

• Net sales for the nine months ended December 31, 2024, rose 6.9% year-on-year to ¥171,170 million, with operating profit up 7.5% to ¥35,759 million and profit attributable to owners of parent up 6.2% to ¥27,627 million.

• The business environment was marked by global economic uncertainty, high interest rates in the US and Europe, and stagnation in the Chinese real estate market, but domestic conditions in Japan showed gradual recovery.

• Management focused on expanding business, developing new products, improving productivity, and promoting CSR under the 2025 Mid-Term Management Plan.

Financial highlights

• Gross profit for the nine months was ¥64,690 million, up from ¥60,429 million year-on-year.

• Ordinary profit increased 5.2% year-on-year to ¥37,606 million.

• Basic earnings per share for the period was ¥116.14 (post-share split basis).

• Total assets as of December 31, 2024, were ¥344,908 million, with net assets at ¥275,528 million and an equity-to-asset ratio of 79.6%.

• Comprehensive income declined 19.2% year-on-year to ¥26,267 million, mainly due to a decrease in valuation difference on available-for-sale securities.

Outlook and guidance

• Full-year forecast for FY2025 remains unchanged: net sales ¥239,000 million (+7.5% YoY), operating profit ¥43,000 million (+2.0%), ordinary profit ¥43,800 million (−3.9%), and profit attributable to owners of parent ¥34,900 million (+2.7%).

• Dividend forecast for FY2025 is ¥42.00 per share (post-share split basis).

• Management notes actual results may differ from forecasts due to various factors.