YUASA Co., Ltd. (8074): FY2025 Results Summary — Record Profit at Every Level Despite a Slow Machine Tool Recovery

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YUASA Co., Ltd. (TSE: 8074) — renamed from YUASA TRADING CO., LTD. effective April 1, 2026 — reported record profit at every income level for the fiscal year ended March 31, 2026 (FY2025). Consolidated net sales rose 3.1% year on year to 5,450 (100 million yen), operating income increased 6.2% to 167, ordinary income rose 7.7% to 172, and profit attributable to owners of parent grew 17.4% to 120. Growth in the Housing, Air & Fluidic Control Systems business more than offset a delayed recovery in Machine Tools.

Consolidated Results (Full-Year Actual)

Full-year net sales of 5,450 (100 million yen) came in at 99.1% of the company’s original full-year plan of 5,500, while profit attributable to owners of parent of 120 exceeded the full-year plan of 120 at 100.2%. Gross profit margin improved to 11.93% from 11.60% a year earlier. Total assets increased 154 to 3,035, including a 104 increase in total fixed assets, and the shareholder’s equity ratio improved 1.7 percentage points to 39.5%. Cash flow from operating activities increased 35 to 195, and cash and cash equivalents at fiscal year-end rose 47 to 484.

Item (Unit: 100 million yen)	FY2025 (Actual)	FY2024 (Actual)	YoY Change	FY2025 (Plan)	vs. Plan
Net sales	5,450	5,283	+3.1%	5,500	99.1%
Gross profit [margin]	650 [11.93%]	613 [11.60%]	+6.1%	—	—
SG&A expenses	482	455	+6.0%	—	—
Operating income [margin]	167 [3.07%]	157 [2.98%]	+6.2%	177	94.6%
Ordinary income [margin]	172 [3.16%]	160 [3.03%]	+7.7%	180	95.8%
Profit attributable to owners of parent	120	102	+17.4%	120	100.2%

Segment Results

By segment, Housing, Air & Fluidic Control Systems (Housing Environment/Infrastructure) led growth, with net sales up 6.6% and operating income up 12.1%. Machine Tools (Manufacturing) net sales fell 1.8% and operating income fell 13.8%, reflecting a delayed recovery in that market. Building Suppliers & Exterior and Construction Machines (Town Building) both grew in net sales, while Energy and Other (Other) declined.

Segment	Metric	FY2025	FY2024
Industrial Equipment & Tools (Manufacturing)	Net sales	777	777
Industrial Equipment & Tools (Manufacturing)	Operating income	27	25
Machine Tools (Manufacturing)	Net sales	1,054	1,074
Machine Tools (Manufacturing)	Operating income	37	43
Housing, Air & Fluidic Control Systems (Housing Environment/Infrastructure)	Net sales	2,234	2,096
Housing, Air & Fluidic Control Systems (Housing Environment/Infrastructure)	Operating income	110	98
Building Suppliers & Exterior (Town Building)	Net sales	638	573
Building Suppliers & Exterior (Town Building)	Operating income	21	22
Construction Machines (Town Building)	Net sales	370	368
Construction Machines (Town Building)	Operating income	13	10
Energy (Other)	Net sales	174	186
Energy (Other)	Operating income	2	2
Other (Other)	Net sales	199	207
Other (Other)	Operating income	1	2

FY2026 Forecast

For the fiscal year ending March 31, 2027 (FY2026), the company forecasts net sales of 5,460 (100 million yen), up 0.2% year on year, and operating income of 170, up 1.6%. Profit attributable to owners of parent is forecast to decrease 4.3% to 115.

Item (Unit: 100 million yen)	FY2026 Plan (Full Year)	FY2025 (Actual, Full Year)	YoY Change
Net sales	5,460	5,450	+0.2%
Operating income [margin]	170	167 [3.07%]	+1.6%
Ordinary income [margin]	175	172 [3.16%]	+1.5%
Profit attributable to owners of parent	115	120	(4.3%)

Shareholder Returns

The company implemented its previous Mid-Term Management Plan policy of a shareholder return ratio of 33% or more and DOE of 3.5% or more, resulting in dividends per share of 190 yen for FY2025 (unchanged from FY2024), a shareholder return ratio of 33.6%, and DOE of 3.5%. Under the new plan, the company adopts a policy of “progressive dividends,” a shareholder return ratio of 35% or more, and DOE of 3.5% or more, and plans an FY2026 dividend of 190 yen per share. The shareholder return ratio includes purchases of treasury stock, and the dividend policy is subject to change in the event of sudden changes in the business environment.

Item	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025	FY2026 (Plan)
Dividend per share (yen)	100	123	140	182	190	190	190
Shareholder return ratio	31.9%	33.7%	67.0%	34.9%	39.4%	33.6%	35% or more
DOE (Dividends on Equity)	2.8%	3.3%	3.5%	4.1%	4.0%	3.5%	3.5% or more

Medium-Term Plan / Topics

The nine-year long-term vision “YUASA VISION 360,” formulated in April 2017, concluded in FY2025 March. Against its plan of net sales of 6,000 (100 million yen, before the application of the new revenue recognition standard) and ordinary income of 200, the company achieved results of 5,641 and 172, respectively, with ROE of 10.5% versus a target of 11.7% and a shareholder return ratio of 33.6% versus a target of 33.0%. Under the growth-strategy framework of YUASA VISION 360, cumulative growth-strategy net sales reached 228.5 billion yen (an 80% target achievement rate), and the growth-strategy ratio reached 42% of total net sales versus a 49% target.

On April 1, 2026, YUASA TRADING CO., LTD. changed its name to YUASA Co., Ltd. The company has launched a new long-term vision, “YUASA vision 370,” and mid-term management plan, “Reborn 2031,” targeting a total growth-strategy contribution of 225 billion yen by FY2031 across four growth areas: Digital, Robots and On-site Efficiency (45 billion yen), Environment and Energy (130 billion yen), Circular Economy (20 billion yen), and Resilience & Security (30 billion yen). The new plan replaces ROE with ROIC as its capital-efficiency KPI and sets an overseas net sales target of 40 billion yen by FY2030 and 100 billion yen by FY2035, of which 34 billion yen is targeted from new products and 6 billion yen from used products. The company also newly established a “Human Resource Investment Framework” of approximately 3 billion yen.

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.