Shimano (7309) Q3 2025 earnings summary

Executive summary

• FY2024 consolidated sales are projected at ¥450 billion, down 5.1% year-over-year, with operating income of ¥66 billion and net income attributable to owners at ¥77 billion.

• Net sales for the first nine months of FY2024 declined 10.8% year-over-year to ¥334,879 million, with operating income down 29.7% and net income attributable to owners down 31.3%.

• Revised FY2024 guidance reflects a 7.1% increase in sales and 16.1% increase in net income versus the previous schedule.

• Demand for bicycles and fishing tackle remained weak globally, with high market inventories and adverse weather impacting sales.

• Comprehensive income fell 44.3% year-over-year to ¥65,204 million.

Financial highlights

• Gross profit margin for FY2024 is expected at 38.1%, slightly down from 38.5% last year.

• Operating income margin is forecast at 14.7%, compared to 17.6% in FY2023.

• Net income attributable to owners is projected to rise 25.9% year-over-year to ¥77 billion.

• Basic earnings per share estimated at ¥1,408.22 for FY2024, up from ¥1,252.62 in FY2023.

• Basic earnings per share for the period decreased to ¥461.71 from ¥665.35 year-over-year.

Outlook and guidance

• Full-year FY2024 net sales forecast is ¥450,000 million, down 5.1% year-over-year.

• Operating income is projected at ¥66,000 million (down 21.1%), ordinary income at ¥77,500 million (down 25.0%), and net income attributable to owners at ¥56,000 million (down 8.4%).

• Earnings per share forecast revised to ¥626.92 due to non-operating expenses from currency fluctuations.

• FY2024 revised schedule projects consolidated sales of ¥450 billion, up 7.1% from the previous schedule.

• Operating income guidance raised to ¥66 billion, a 16.1% increase from the previous schedule.