Ship Healthcare (3360) Q4 2025 earnings summary

Executive summary

• Net sales reached a record ¥678.2 billion, up 7.5% year-over-year, with all profit metrics exceeding the previous year, though operating profit missed the initial plan.

• Growth was driven by large projects in Total Pack Produce and new SPD facilities in Medical Supply, despite a challenging hospital management environment and inflationary pressures.

• Group-wide integration and efficiency improvements advanced, including multiple company mergers and reorganizations across segments.

• The new medium-term plan, SHIP VISION 2030, targets ¥1 trillion in sales, 5% sales CAGR, 4% operating margin, and 12% ROE by FY2030.

• Finalization of provisional accounting for a corporate combination and changes in consolidation scope occurred during the year.

Financial highlights

• Net sales: ¥678.2 billion (+7.5% YoY), operating profit: ¥24.8 billion (+1.0% YoY), ordinary profit: ¥26.0 billion (+3.2% YoY), net income: ¥15.1 billion (+9.6% YoY).

• Operating profit margin decreased to 3.7% from 3.9% YoY; gross profit was ¥66.7 billion.

• Net income per share: ¥160.34; equity capital ratio improved to 39.1% from 36.0% YoY.

• Cash and cash equivalents at year-end: ¥74.9 billion, down ¥8.3 billion from prior year.

• All profit metrics exceeded the previous year, but operating profit missed the initial plan.

Outlook and guidance

• FY03/2026 plan: Net sales ¥700 billion (+3.2%), operating profit ¥26 billion (+4.9%), net income ¥15.5 billion (+2.5%), EPS ¥164.28.

• Medium-term plan targets 5% sales CAGR, 4% operating margin, and 12% ROE by FY2030.

• Dividend per share planned at ¥60, marking 9 consecutive years of increases.