MAX (6454): FY2025 Results Summary — Record Results on Rebar Tying Tool Growth, Dividend Raised to ¥148

This article is based on publicly available IR materials and is not a recommendation to buy or sell any specific securities.

MAX Co., Ltd. (6454) announced the results in its “Financial Results Briefing for FY 2025 and Business Plan for FY 2026” dated April 30, 2026. Note: the company labels the fiscal year ended March 31, 2026 as “FY 2025,” and this article follows the company’s labeling. For FY 2025, both net sales and each profit reached record highs. Sales of tools for concrete structures, including rebar tying tools, totaled ¥42.7 billion (+23% YoY), a 119% achievement rate against the initial plan of ¥36 billion. The company revised its annual dividend plan upward to ¥148 per share (an increase of ¥34 from the previous fiscal year) and resolved to acquire own shares totaling up to 4,000,000 shares (¥7.1 billion).

Consolidated Results (Full-Year Actual)

Net sales rose 8.5% year on year to ¥99,607 million, and operating profit increased 21.4% to ¥17,571 million, with the operating profit ratio improving from 15.8% to 17.6%. Ordinary profit grew 24.1% to ¥18,382 million, and profit attributable to owners of parent increased 23.8% to ¥13,891 million. ROE was 12.6%, up from 10.9% in the previous fiscal year. Compared with the figures disclosed on March 9, 2026, net sales were in line (+0.0%) and profit attributable to owners of parent came in 2.1% higher. The average exchange rates were 1 USD = 150.24 JPY and 1 EUR = 173.78 JPY (previous fiscal year: 1 USD = 152.75 JPY, 1 EUR = 163.76 JPY). Basic earnings per share was ¥76.55, calculated assuming the 4-for-1 stock split effective April 1, 2026 had been implemented at the beginning of the fiscal year ended March 31, 2025.

Item (millions of yen, %)	FY2025	FY2024	% Increase/decrease
Net sales	99,607	91,839	+8.5
Gross profit	49,097	43,900	+11.8
Operating profit	17,571	14,468	+21.4
Ordinary profit	18,382	14,809	+24.1
Profit attributable to owners of parent	13,891	11,225	+23.8
Basic earnings per share (yen)*	76.55	60.45	—
ROE (%)	12.6	10.9	—

*Basic earnings per share is calculated assuming the 4-for-1 stock split of common shares, effective April 1, 2026, had been implemented at the beginning of the fiscal year ended March 31, 2025.

Segment Results

In the Industrial Equipment segment, net sales increased 12.7% to ¥75,156 million and segment profit rose 29.9% to ¥18,955 million (segment profit rate 25.2%). Sales of rebar tying tools and consumables increased significantly in Europe and the United States, driven by increased demand for mechanization due to labor shortages at construction sites and by promotional activities, while domestic sales of consumables for tools for wooden structures decreased due to a decline in new housing construction starts. In the Office Equipment segment, net sales decreased 2.0% to ¥21,438 million and segment profit fell 19.9% to ¥3,587 million; domestic sales of stationery-related products and office equipment remained sluggish, and the auto stapler equipment business saw decreased sales of both machines and consumables due in part to the impact of US tariff measures, while overseas sales of labelling and signage products such as BEPOP increased. The HCR Equipment segment posted net sales of ¥3,012 million (-7.4%) and a segment loss of ¥42 million, as sales of wheelchairs for the rental market in China decreased and domestic sales stagnated due to issues occurring in some new products.

Segment (millions of yen, %)	Item	FY2025	FY2024	% Increase/decrease
Industrial Equipment	Net sales	75,156	66,707	+12.7
Industrial Equipment	Segment profit	18,955	14,595	+29.9
Office Equipment	Net sales	21,438	21,878	-2.0
Office Equipment	Segment profit	3,587	4,477	-19.9
HCR Equipment	Net sales	3,012	3,253	-7.4
HCR Equipment	Segment profit	-42	-82	—
Adjustment amount	—	-4,929	-4,522	—

In the priority rebar tying tool business, sales of tools for concrete structures reached ¥42.7 billion (¥6.2 billion in Japan, ¥36.5 billion overseas), growth of 23% over the previous year and a 119% achievement rate against the initial plan. In North America, sales of tools and consumables remained strong, supported by steady market conditions in the non-residential market and promotional activities. In Europe, sales in the main markets of Germany and Nordic countries remained steady, and results also grew in Eastern and Southern Europe. The ratio of overseas net sales rose to 52.3%.

FY2026 Plan

For FY 2026 (the period ending March 31, 2027), the company plans net sales of ¥105,500 million (+5.9% versus FY 2025 results), operating profit of ¥18,800 million (+7.0%), ordinary profit of ¥19,100 million (+3.9%), and profit attributable to owners of parent of ¥14,200 million (+2.2%), with ROE of 12.3%. This represents an upward revision from the previous plan for FY 2026 in the revised Medium-term Management Plan announced on April 30, 2025 (net sales ¥98,100 million, operating profit ¥15,500 million). Forecasted exchange rates are 1 USD = 150.00 JPY and 1 EUR = 175.00 JPY. The company notes that the plan does not take into account any impact from the situation in the Middle East. Sales of tools and consumables for concrete structures are planned to increase by ¥4.3 billion year on year to ¥47 billion.

Item (millions of yen, %)	FY2026 Plan	FY2025 (Actual)	% Increase/decrease
Net sales	105,500	99,607	+5.9
Operating profit	18,800	17,571	+7.0
Ordinary profit	19,100	18,382	+3.9
Profit attributable to owners of parent	14,200	13,891	+2.2
Basic earnings per share (yen)	80.07	76.55	—
ROE (%)	12.3	12.6	—

Segment (millions of yen)	Item	FY2026 Plan	FY2025 (Actual)
Industrial Equipment	Net sales	80,350	75,156
Industrial Equipment	Segment profit	20,230	18,955
Office Equipment	Net sales	21,850	21,438
Office Equipment	Segment profit	3,630	3,587
HCR Equipment	Net sales	3,300	3,012
HCR Equipment	Segment profit	10	-42
Adjustment amount	—	-5,070	-4,929

Shareholder Returns

Based on the business results for the current fiscal year and its dividend policy, the company revised its annual dividend plan upward from ¥144 per share (announced on March 9, 2026) to ¥148 per share, an increase of ¥34 from the FY 2024 annual dividend of ¥114. This corresponds to a ratio of dividends to net assets of 6.1% and a payout ratio of 48.3%. The year-end dividend for the fiscal year ended March 31, 2026 will be based on the number of common shares before the 4-for-1 stock split effective April 1, 2026. The company also revised its dividend policy: from FY 2026, the guideline is a ratio of dividends to net assets of 6.0% and a dividend payout ratio of 50% (formerly 5.0% and 50%), based on consolidated financial results. For FY 2026, an annual dividend of ¥40 per share (after the stock split) is planned. In addition, the company resolved to acquire own shares of up to 4,000,000 shares (2.22% of the total number of shares issued excluding treasury shares) for a maximum of ¥7,100,000,000, over the period from May 1, 2026 to December 31, 2026.

Annual dividend (yen)	End of Q2	Year-end	Total
Previous forecast (announced March 9, 2026)	—	144.00	144.00
Schedule (revised)	—	148.00	148.00
Results in FY 2024	—	114.00	114.00

Medium-Term Plan / Topics

Under the Medium-term Management Plan (FY 2024 to FY 2026), “Create the Future,” the company reviewed progress on its business strategy: further growth of overseas businesses is making favorable progress, with overseas sales up 17% year on year to ¥52.0 billion, while issues remain in strengthening domestic businesses, where the domestic office equipment business remained sluggish and the HCR Equipment segment posted a loss. To expand the rebar tying tool business, the company executed two share acquisitions: FUJI WORKS, Ltd., a parts processing business partner (April 1, 2026), and Bo Fastening AB, a Nordic distributor headquartered in Sweden (scheduled for April 30, 2026). ROE in FY 2025 was 12.6%, exceeding both the equity cost and the Ito Review benchmark of 8%, and PBR reached 2.5 times, with market capitalization of ¥288.6 billion as of March 31, 2026. Toward FY 2030, the company aims for net sales of over ¥110.0 billion, operating profit of over ¥20.0 billion, ROE of over 12.0%, PBR of over 2 times, and an overseas sales ratio of over 55.0%.

This article is an analysis based on publicly available information and is not a recommendation to buy or sell any specific securities. Investment decisions are your own responsibility.