Takeuchi Mfg (6432) Q4 2026 earnings summary

Executive summary

• Net sales increased 5.7% year-over-year to ¥225,284 million for FY2025, a record high, driven by growth in all major overseas markets except Japan and supported by increased sales volume and price hikes.

• Operating profit rose 1.5% year-over-year to ¥37,687 million, with ordinary profit up 10.1% to ¥39,187 million and profit attributable to owners of parent up 8.3% to ¥28,270 million.

• Strong sales in North America, Europe, and Asia/Oceania, with notable recovery in Europe and robust track loader sales in the US.

• Orders received rose 17.0% year-over-year, but order backlog declined 44.4% due to inventory normalization.

Financial highlights

• North America and Europe accounted for 96.7% of total sales, with North America sales up 7.0% and Europe up 2.2% year-over-year.

• Gross profit for FY2026 was ¥56,186 million, with a gross margin of 24.9%.

• Net assets increased to ¥186,935 million, equity ratio improved to 83.0%.

• Cash and cash equivalents at period end were ¥56,235 million, up ¥10,188 million year-over-year.

• Dividend per share for FY2026 was ¥210, with a payout ratio of 34.3%.

Outlook and guidance

• FY2026 net sales forecasted to rise 8.3% to ¥244,000 million, with operating profit expected to decrease 1.0% to ¥37,300 million.

• Ordinary profit and profit attributable to owners of parent projected to decline 6.9% and 8.4% respectively, due to higher US tariffs, increased costs, and a stronger yen.

• Assumed exchange rates for FY2026: JPY/USD 147.00, JPY/GBP 200.00, JPY/EUR 174.00.

• Sales volume expected to rise in both North America (+3.9%) and Europe (+6.1%).