YONEX (7906) Q3 2025 earnings summary

Executive summary

• Net sales for FY3/25 Q1-3 reached a record 101.7 billion yen, up 19.5% year-over-year, driven by global sporting events and athlete successes.

• Operating profit rose 38.8% to 11.3 billion yen, and net profit attributable to owners increased 47.3% to 9.2 billion yen.

• Basic earnings per share for the period was 107.14 yen, up from 72.63 yen in the prior year.

• Growth was supported by strong badminton sales in Asia, successful marketing, and yen depreciation boosting overseas sales.

• Advertising, IT, personnel, and depreciation costs increased, but were offset by higher gross profit.

Financial highlights

• Gross profit margin improved to 45.7% from 44.3% year-over-year; SGA ratio at 34.5%.

• Ordinary profit reached 11.4 billion yen, a 33.4% increase year-over-year.

• Total assets grew to 103.7 billion yen, up 12.5 billion yen from the previous year.

• Net assets increased to 66.8 billion yen, with an equity-to-asset ratio of 64.2%.

• National subsidies contributed 926 million yen in extraordinary income.

Outlook and guidance

• FY3/25 full-year forecasts maintained: net sales 134 billion yen (+15.1%), operating profit 13.1 billion yen (+12.8%), net profit 10 billion yen (+12.9%).

• Full-year earnings per share forecast is 115.58 yen; annual dividend forecast is 21.00 yen per share.

• Continued strong sports market expected; increased marketing investment to expand fanbase.

• Assumes further yen depreciation and ongoing international sports momentum.

• Profit attributable to owners of parent forecast at 10 billion yen, up 7.4% year-over-year.