Taiyo Holdings (4626) Q3 2025 earnings summary

Executive summary

• Net sales for the nine months ended December 31, 2024, rose 16.2% year-over-year to ¥90,682 million, with operating income up 26.4% to ¥18,020 million and net income up 27.2% to ¥12,965 million.

• The yen's depreciation positively impacted results, and the company revised its full-year forecast upward, especially for the Electronics segment.

• Ricc Co., Ltd. was consolidated, boosting Medical and Pharmaceuticals segment sales.

• Sponsored major esports and renewed a sports sponsorship, enhancing brand visibility.

• Comprehensive income increased 13.6% year-over-year to ¥14,010 million.

Financial highlights

• Basic earnings per share for the nine months was ¥231.98, up from ¥182.54 in the prior year period.

• Gross profit margin improved as gross profit rose to ¥43,182 million from ¥36,487 million year-over-year.

• Operating income margin improved to 20% (from 18% YoY), and EBITDA margin reached 28%.

• EBITDA increased 20% YoY to ¥24,969 million.

• Total assets as of December 31, 2024, were ¥198,815 million, with net assets at ¥107,957 million and an equity ratio of 54.3%.

Outlook and guidance

• Full-year forecast for fiscal year ending March 31, 2025: net sales of ¥118,600 million (+13.2% YoY), operating income of ¥22,300 million (+22.5% YoY), net income of ¥14,900 million (+72.2% YoY), and basic EPS of ¥267.00.

• Dividend forecast for the year is ¥80.00 per share, unchanged from the previous year.

• Electronics segment full-year forecast raised, reflecting strong 3Q results.

• Exchange rate assumptions: 1Q-3Q actual 152.9 JPY/USD, 4Q forecast 145.0 JPY/USD.