ShinMaywa Industries (7224): FY2025 Results Summary — Record Orders, Sales, and Profits; Dividends Set to Rise for a Sixth Straight Year

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

ShinMaywa Industries, Ltd. (7224) reported consolidated results for fiscal year 2025 in its IR Presentation Materials dated May 20, 2026. Orders received reached a record high for the fifth straight year at 327,046 million yen (+12.2% year on year), and net sales reached a record high for the third consecutive year at 285,024 million yen (+7.0%). Operating profit of 16,329 million yen (+16.9%), ordinary profit of 16,324 million yen (+20.6%), and profit attributable to owners of parent of 11,507 million yen (+28.5%) all reached record highs. The forecasted annual dividend per share for FY2025 was revised to 56 yen (previous forecast: 54 yen per share).

Consolidated Results (Full-Year Actual)

Orders received increased in all segments except the Industrial Machinery & Environmental Systems segment, and increased overall. Sales increased in all segments except the Industrial Machinery & Environmental Systems and Others segments, and increased overall. Profits increased due to an increase in revenue, and ROE and ROIC increased as profits increased. Results also exceeded the company’s forecast, with net sales +4,024 million yen (+1.4%) and operating profit +1,329 million yen (+8.9%) versus forecast.

Item (Millions of yen)	FY2024 (Results)	FY2025 (Results)	Year-on-year change
Orders received	291,499	327,046	+35,546 (+12.2%)
Net sales	266,441	285,024	+18,583 (+7.0%)
Operating profit	13,970	16,329	+2,359 (+16.9%)
Ordinary profit	13,536	16,324	+2,787 (+20.6%)
Profit attributable to owners of parent	8,957	11,507	+2,549 (+28.5%)
Order backlog	318,778	360,826	+42,047 (+13.2%)
ROE	8.2%	9.7%	+1.5pt
ROIC	6.0%	6.7%	+0.7pt
Exchange rate (USD 1)	152.1 yen	151.1 yen	–

Segment Results

In the Special Purpose Truck segment, orders increased in construction-related, logistics-related (including trailers), and environment-related vehicles, and operating profit rose on higher revenue including the impact of price revisions. In Parking Systems, mechanical car parking systems saw increases in products and the service business, while aircraft passenger boarding bridges increased in overseas markets. Industrial Machinery & Environmental Systems declined as net sales of mechatronics products and plant projects decreased. Fluid increased in both the Japan market and overseas markets. In Aircraft, orders from the Ministry of Defense increased due to the order for the 10th US-2 STOL search and rescue amphibian, and civilian-demand sales grew on higher production volume of Boeing 787 and 777/777X components.

Segment (Billions of yen)	Orders received FY2025 (Change)	Net sales FY2025 (Change)	Operating profit FY2025 (Change)
Special Purpose Truck	128.3 (+5.8)	117.5 (+9.3)	6.1 (+1.2)
Parking Systems	45.1 (+1.0)	50.7 (+4.9)	4.9 (+1.5)
Industrial Machinery & Environmental Systems	33.6 (-2.8)	27.3 (-5.9)	0.5 (-1.6)
Fluid	30.6 (+1.9)	29.9 (+2.4)	4.6 (+0.2)
Aircraft	66.0 (+23.1)	41.5 (+7.8)	2.5 (+0.6)
Others	23.1 (+6.3)	17.8 (-0.1)	1.5 (+0)
Adjustments	–	–	-4.1 (+0.1)
Total	327.0 (+35.5)	285.0 (+18.5)	16.3 (+2.3)

FY2026 Forecast

For FY2026, orders received are expected to increase in the Parking Systems and Industrial Machinery & Environmental Systems segments and reach a record high for the sixth consecutive year. Sales are expected to increase in all segments except the Fluid, and reach a record high for the fourth consecutive year. Operating profit is expected to reach record highs, driven by profit increases resulting from an increase in revenue, while ordinary profit and profit attributable to owners of parent are expected to decrease due to a decline in foreign exchange gains and an increase in income taxes. The estimates are based on the assumption that the situation in the Middle East will subside in April and do not include the impact of any future changes in the situation.

Item (Millions of yen)	FY2025 (Results)	FY2026 (Forecast)	Change (Rate of change)
Orders received	327,046	329,700	+2,653 (+0.8%)
Net sales	285,024	312,400	+27,375 (+9.6%)
Operating profit	16,329	17,000	+670 (+4.1%)
Ordinary profit	16,324	15,500	-824 (-5.0%)
Profit attributable to owners of parent	11,507	10,500	-1,007 (-8.8%)
Annual dividend per share	56 yen	58 yen	+2 yen
Order backlog	360,826	378,126	+17,300 (+4.8%)
Exchange rate (USD 1)	151.1 yen	150.0 yen	–

Shareholder Returns

To ensure stable and continuous dividend increases, dividends will be paid with a target DOE of approximately 3% during the period of the Medium-term management plan [SG-2026]. The annual dividend per share for FY2025 is 56 yen (DOE 3.1%), to be formally decided by resolution at a general meeting of shareholders. For FY2026, the annual dividend per share is forecast at 58 yen (DOE 3.0%), an increase of 2 yen from the previous year, marking the sixth consecutive year of dividend increases. In terms of standards for financial soundness (appropriate levels of equity), the company believes that an equity ratio of 40% or higher and a net D/E ratio of 0.5 or below are appropriate, and will strive to maintain those standards.

Medium-Term Plan / Topics

Under the Medium-term management plan [SG-2026] (FY2024 to FY2026), positioned as Phase 2 [Expansion] of the long-term vision [SG-Vision2030], the FY2026 targets are net sales of 320.0 billion yen, overseas sales of 80.0 billion yen, operating profit of 18.0 billion yen, ROE of 10.0% or more, and ROIC of 7.0% or more. Against these targets, FY2025 results were net sales of 285.0 billion yen, overseas sales of 46.6 billion yen, and operating profit of 16.3 billion yen, and the FY2026 forecast is net sales of 312.4 billion yen, overseas sales of 67.0 billion yen, and operating profit of 17.0 billion yen. In defense-related businesses, net sales were 30.0 billion yen in FY2025 (FY2024: 21.3 billion yen), with FY2030 targets of approximately 50.0 billion yen in net sales and a 10% operating profit ratio. The 9th US-2 STOL Search and Rescue Amphibian was delivered in February 2026, and the contract for the 10th aircraft was concluded in FY2025. Under the [SG-2026] three-year cash allocation plan, the company projects a three-year total of 70.7 billion yen in acquired operating cash flow, 27.0 billion yen in growth investment, 43.0 billion yen in competitiveness enhancement investment, and 10.7 billion yen in shareholder returns.

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.