Morita Holdings (6455): FY2025 Results Summary — Record Sales and Operating Profit Driven by Fire Fighting Vehicles

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Morita Holdings Corporation (Securities Code: 6455) reported consolidated results for FY2025 (the year ended March 31, 2026) in which net sales, operating profit, and ordinary profit reached record highs. Net sales increased in the Fire Fighting Vehicles (FFV), Recycling Machines (RM), and Environmental Conservation Vehicles (ECV) businesses, and operating profit increased in all segments. The annual dividend per share is 64 yen, an increase of 6 yen compared to the previous year. For FY2026, net sales and operating profit are forecasted to decrease by 0.9% and 6.2%, respectively, although both are forecasted to be the second highest.

Consolidated Results (Full-Year Actual)

Net sales were 116.6 bil. JPY (FY24 actual: 111.7 bil. JPY, +4.9 YoY), operating profit was 15.5 bil. JPY (+1.7 YoY), ordinary profit was 15.0 bil. JPY (+1.3 YoY), and net profit was 9.5 bil. JPY (-0.0 YoY). Net sales exceeded the company’s estimate of 115.0 bil. JPY by +1.6, and operating profit exceeded the estimate of 13.8 bil. JPY by +1.7.

Item (bil. JPY)	FY24 Actual	FY25 Estimate	FY25 Actual	YoY	vs. Estimate
Net sales	111.7	115.0	116.6	+4.9	+1.6
Operating profit	13.7	13.8	15.5	+1.7	+1.7
Ordinary profit	13.7	14.3	15.0	+1.3	+0.7
Net profit	9.5	9.5	9.5	-0.0	-0.0

On the balance sheet, total assets were 146.0 bil. JPY (+2.7 YoY) and total net assets were 102.5 bil. JPY (+4.8 YoY). ROE was 9.6% (FY24: 10.1%). Cash flow from operating activities was 4.8 bil. JPY (FY24: 11.4 bil. JPY), and free cash flow was 3.4 bil. JPY (FY24: 9.9 bil. JPY).

Segment Results

The FFV business recorded increases in both net sales and operating profit, although some overseas sales were postponed, with domestic chassis supply remaining steady and production progressing as planned. The FPES (Fire Protection Equipment & Systems) business recorded lower net sales as sales from a large project for fire suppression systems in the previous fiscal year declined, although operating profit slightly increased due to improved project profitability and price revisions. The RM business recorded increases in both net sales and operating profit due to steady sales of products as well as maintenance and services. The ECV business recorded increases in both net sales and operating profit, supported by a high level of order backlog at the beginning of the period.

Segment	Metric (bil. JPY)	FY24 Actual	FY25 Actual	YoY
FFV	Net sales	66.4	71.7	+5.3
FPES	Net sales	26.6	25.0	-1.7
RM	Net sales	6.4	6.5	+0.1
ECV	Net sales	12.3	13.5	+1.1
FFV	Operating profit	6.8	8.2	+1.3
FPES	Operating profit	5.0	5.1	+0.1
RM	Operating profit	0.9	0.9	+0.0
ECV	Operating profit	1.0	1.3	+0.2

Total order intake for FY2025 was 104.4 bil. JPY (-1.2 YoY), with FFV at 73.0 bil. JPY (+1.9), FPES at 10.9 bil. JPY (-2.2), RM at 5.7 bil. JPY (-1.3), and ECV at 14.7 bil. JPY (+0.5). The total order backlog stood at 71.6 bil. JPY (+3.9 YoY), including 48.2 bil. JPY (+4.0) in the FFV business and 12.4 bil. JPY (+1.3) in the ECV business.

FY2026 Forecast

Consolidated performance is forecasted to decrease in both net sales and operating profit, although both are forecasted to be the second highest. The FFV business is forecasted to decrease in both net sales and operating profit, taking into account the impact of the model change of chassis in the domestic market and the possibility that some overseas sales may be carried over to the next fiscal year or later. The FPES business is forecasted to maintain a high level of net sales, although operating profit is forecasted to decrease due to cost increases. The RM business is forecasted to increase in both net sales and operating profit, supported by the current order backlog. The ECV business is forecasted to increase in net sales, supported by a record high order backlog, although operating profit is forecasted to decrease due to cost increases.

Item (bil. JPY)	FY25 Actual	FY26 Estimate	YoY
Net sales	116.6	115.5	-1.1
Operating profit	15.5	14.5	-1.0
Ordinary profit	15.0	15.0	-0.0
Net profit	9.5	9.7	+0.2

Shareholder Returns

The annual dividend per share for FY2025 is 64 yen, an increase of 6 yen from 58 yen in the previous year, and the DPS for FY2026 is also 64 yen. DPS has risen from 43 yen in FY2022 and 48 yen in FY2023. Total dividends for FY2026 are estimated at 2.7 bil. JPY. Over FY2023-2025, cumulative shareholder returns totaled 14.5 billion JPY, consisting of dividends of 7.3 billion JPY and stock buybacks of 7.2 billion JPY, against a plan of 15 billion JPY announced in April 2024.

Review of the Mid-Term Plan “Morita Reborn 2025”

The Mid-term Plan “Morita Reborn 2025” (2019-2025), under the vision of becoming a “Global Fire Fighting and Disaster Prevention Solution Company,” achieved its targets for Operating Margin, DOE, and Operating Profit. Against the plan’s financial targets, the FY2025 actual operating margin was 13.3% (target: 12%), ROE was 9.6% (target: 10%), DOE was 3.0% (target: around 2.5% or higher), and operating profit reached a record high of 15.5 bil. JPY. Growth strategy investment (including M&A) totaled 5 bil. JPY against a budget of 20 bil. JPY. Key achievements include the joint development of ladder trucks compliant with international standards with Bronto Skylift, demonstration of an AI-driven “On-scene Command Support System” at Expo 2025 Osaka, Kansai, and the opening of a new R&D center equipped with one of Japan’s largest comprehensive testing sites.

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.