MinebeaMitsumi (6479): FY2025 Results Summary — Record Net Sales and Operating Income; FY3/27 Plan Targets Operating Income of 120.0 Billion Yen and a 10 Yen Dividend Increase

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

Note: MinebeaMitsumi’s fiscal year ends on March 31. The company’s materials label the fiscal year ended March 31, 2026 as “FY3/26” and the fiscal year ending March 31, 2027 as “FY3/27”. This site classifies the year ended March 2026 as FY2025; the labels used in the company’s materials are retained in the body, tables, and segment data below.

MinebeaMitsumi Inc. (6479) released its “Financial Results Briefing, Fiscal Year Ended March 2026” presentation dated May 12, 2026. For FY3/26, consolidated net sales increased 9.3% year on year to 1,664.4 billion yen and operating income increased 10.1% to 104.0 billion yen, with both net sales and operating income hitting record highs; net sales increased for the 14th consecutive year (the 3rd consecutive year of increased net sales and operating income). Profit for the period attributable to owners of the parent increased 66.6% to 99.0 billion yen, including a profit impact of approximately 25.2 billion yen from the measurement of financial assets held by the company at fair value. For FY3/27, the company forecasts net sales of 1,690.0 billion yen, operating income of 120.0 billion yen and profit for the period of 83.0 billion yen, and plans an annual dividend of 60 yen, an increase of 10 yen.

Consolidated Results (FY3/26 Full Year)

Consolidated net sales for the fiscal year ended March 31, 2026 increased by 9.3% year on year, totaling 1,664.4 billion yen. Operating income increased by 10.1% year on year, totaling 104.0 billion yen, and the operating margin was 6.2%. Profit before taxes increased 61.9% to 133.8 billion yen, and profit for the period attributable to owners of the parent increased by 66.6% year on year, totaling 99.0 billion yen; earnings per share (basic) were 246.60 yen. Both net sales and operating income exceeded the plan announced as of February (net sales of 1,600.0 billion yen and operating income of 101.0 billion yen). Operating income includes structural reform expenses of approximately 2.6 billion yen, and profit for the period includes special factors. Due to the appreciation of the yen, there was a negative foreign exchange impact from the previous year, decreasing net sales by 1.2 billion yen and operating income by 10.7 billion yen. Average exchange rates for FY3/26 were 149.99 yen to the US dollar (152.61 yen a year earlier) and 172.92 yen to the euro (163.89 yen).

Item (Billions of yen)	FY3/25 Full Year	FY3/26 Full Year	Change	Growth Rate	FY3/26 Forecast as of February
Net sales	1,522.7	1,664.4	+141.7	+9.3%	1,600.0
Operating income	94.5	104.0	+9.5	+10.1%	101.0
Profit before taxes	82.6	133.8	+51.2	+61.9%	96.0
Profit for the period attributable to owners of the parent	59.5	99.0	+39.6	+66.6%	71.0
Earnings per share, basic (yen)	147.58	246.60	+99.02	+67.1%	176.80

Profit for the period for FY3/26 includes a profit impact of approximately 25.2 billion yen resulting from the measurement of financial assets held by the company at fair value; the highlights slide states that the market valuation of TOSHIBA shares contributed to an increase of approximately 25 billion yen in net income for the period. Excluding this special factor, profit for the period on an effective basis was 73.8 billion yen, and earnings per share was 183.87 yen. In the fourth quarter, net sales were 432.2 billion yen (up 15.3% year on year, down 4.8% quarter on quarter), operating income was 28.3 billion yen (up 31.5% year on year, down 9.5% quarter on quarter), and the operating margin was 6.5%. At the end of the fourth quarter, inventories totaled 391.3 billion yen, a decrease of 20.4 billion yen from three months earlier and an increase of approximately 40.0 billion yen from 350.9 billion yen at the end of the previous fiscal year, of which approximately 26.0 billion yen is due to the depreciation of the yen. Operating cash flow for FY3/26 was 94.8 billion yen, investing cash flow was -82.8 billion yen, free cash flow was 12.0 billion yen and adjusted free cash flow was 14.0 billion yen; the company explains that accounts receivable increased at the end of the fiscal year and the timing of cash collection was deferred to the following fiscal year, and that it expects cash flows to improve significantly in FY3/27.

Segment Results

MinebeaMitsumi reports four business segments: Precision Technologies (PT), Motor, Lighting & Sensing (MLS), Semiconductor & Electronics (SE) and Access Solutions (AS). In PT, net sales increased 10.0% year on year to 281.2 billion yen; sales of ball bearings increased 8.5% to 186.4 billion yen (monthly average external bearing sales volume of 277 million units, up 16.9%), sales of rod-ends and fasteners increased 11.7% to 66.0 billion yen, and sales of PMC increased 15.7% to 28.7 billion yen. PT operating income totaled 62.2 billion yen (up 11.7%) with an operating margin of 22.1% (up 0.3 percentage points); operating income for all products reached a record high. In MLS, net sales increased 12.0% to 456.5 billion yen (motors up 5.6% to 340.3 billion yen, electronic devices up 65.5% to 68.0 billion yen, sensing devices up 4.3% to 38.5 billion yen), and operating income was 26.9 billion yen (up 17.0%) with an operating margin of 5.9%; the fourth quarter includes one-time expenses of approximately 1.6 billion yen for structural reform in the European sensing business. In SE, net sales increased 11.9% to 590.3 billion yen, primarily due to an increase in sales of mechanical components, and operating income was 26.7 billion yen (up 21.4%) with an operating margin of 4.5%; operating income includes special factors of approximately 1.0 billion yen (structural reform expenses in the power supply business), and excluding these, operating income was approximately 27.7 billion yen. In AS, net sales increased 1.2% to 332.2 billion yen, due to factors such as increased demand for communication antennas and industrial equipment components, and operating income was 17.1 billion yen (up 7.5%) with an operating margin of 5.1%.

Segment	Metric (Billions of yen)	FY3/25	FY3/26	YoY
Precision Technologies (PT)	Net sales	255.7	281.2	+10.0%
Precision Technologies (PT)	Operating income	55.7	62.2	+11.7%
Precision Technologies (PT)	Operating margin	21.8%	22.1%	+0.3pt
Motor, Lighting & Sensing (MLS)	Net sales	407.7	456.5	+12.0%
Motor, Lighting & Sensing (MLS)	Operating income	23.0	26.9	+17.0%
Motor, Lighting & Sensing (MLS)	Operating margin	5.6%	5.9%	+0.3pt
Semiconductor & Electronics (SE)	Net sales	527.6	590.3	+11.9%
Semiconductor & Electronics (SE)	Operating income	22.0	26.7	+21.4%
Semiconductor & Electronics (SE)	Operating margin	4.2%	4.5%	+0.3pt
Access Solutions (AS)	Net sales	328.1	332.2	+1.2%
Access Solutions (AS)	Operating income	15.9	17.1	+7.5%
Access Solutions (AS)	Operating margin	4.9%	5.1%	+0.2pt

Beginning with FY3/27, the company will make segment changes: “Large-sized machined components for aircraft and other applications”, which previously belonged to the MLS segment, will be transferred to the PT segment, and within PT the sub-segment previously referred to as “Rod-ends and fasteners” will be renamed “Aerospace”. The figures for FY3/26 in the forecast tables do not reflect the segment realignment.

FY3/27 Forecast and Mid-term Earnings Forecast

For FY3/27, MinebeaMitsumi forecasts net sales of 1,690.0 billion yen (+1.5%), operating income of 120.0 billion yen (+15.4%), profit before taxes of 112.0 billion yen, profit for the period attributable to owners of the parent of 83.0 billion yen (+12.5% versus 73.8 billion yen excluding special factors) and earnings per share of 206.68 yen (+12.4% versus 183.87 yen excluding special factors). The first-half plan is net sales of 846.5 billion yen, operating income of 53.0 billion yen and profit for the period of 36.5 billion yen, and the second-half plan is net sales of 843.5 billion yen, operating income of 67.0 billion yen and profit for the period of 46.5 billion yen. The company expects net sales and operating income to hit record highs for the 4th consecutive year; PT, MLS and AS are expected to increase both net sales and operating income, while SE is expected to see a decrease in net sales due to lower sales of mechanical components, with operating income expected to increase driven by continued recovery in optical devices and profit growth in semiconductors. The forecast assumes exchange rates of 155.00 yen to the US dollar and 182.50 yen to the euro. The mid-term earnings forecast (assuming organic growth without large-scale M&A on the scale of Mitsumi Electric) calls for net sales of 1,800.0 billion yen and operating income of 145.0 billion yen in FY3/28, and net sales of 1,900.0 billion yen, operating income of 168.0 billion yen and profit for the period of 120.0 billion yen in FY3/29.

Item (Billions of yen)	FY3/26 Full Year	FY3/27 Full Year (Forecast)	FY3/28 Full Year (Forecast)	FY3/29 Full Year (Forecast)
Net sales	1,664.4	1,690.0	1,800.0	1,900.0
Operating income	104.0	120.0	145.0	168.0
Profit before taxes	133.8	112.0	137.0	160.0
Profit for the period attributable to owners of the parent	99.0	83.0	102.0	120.0
Earnings per share, basic (yen)	246.60	206.68	253.99	298.81
Exchange rate (US$, yen)	149.99	155.00	155.00	155.00

By segment, the FY3/27 forecast calls for net sales of 313.0 billion yen and operating income of 70.0 billion yen in PT, net sales of 492.0 billion yen and operating income of 31.0 billion yen in MLS, net sales of 530.0 billion yen and operating income of 28.0 billion yen in SE, and net sales of 350.0 billion yen and operating income of 18.5 billion yen in AS, with Other net sales of 5.0 billion yen and Other/Adjustment of -27.5 billion yen in operating income. For FY3/29, the plan targets segment operating income of 84.0 billion yen in PT, 43.0 billion yen in MLS, 45.5 billion yen in SE and 24.0 billion yen in AS.

On cash flow, the company expects operating cash flow to expand along with the growth of net sales and operating income (161.4 billion yen in FY3/27, 167.0 billion yen in FY3/28 and 177.0 billion yen in FY3/29), with investing cash flow anticipated to remain at approximately 90.0 to 92.0 billion yen under a disciplined capital expenditure plan, resulting in free cash flow of 69.0 billion yen, 77.0 billion yen and 87.0 billion yen, respectively. Under the mid-term cash allocation plan for FY3/27 to FY3/29, the company anticipates cumulative operating cash flow of approximately 500 billion yen; approximately 270 billion yen will be invested in capital expenditures to support the growth of its “Eight Spears” core products, approximately 80 billion yen will be allocated for dividend payments, and the remaining approximately 150 billion yen will be considered as funds for M&A investments and share buybacks. The basic policy is to allocate 50% of generated operating cash flow to capital expenditures for organic growth and the remaining 50% equally to shareholder returns and M&A (including debt financing). The company also targets an improvement in ROIC over the three years, and the FY3/29 plan calls for ROE of 15% or more (FY3/26: 9.1%).

Shareholder Returns

The annual dividend for FY3/26 was 50 yen per share (interim 25 yen, year-end 25 yen), up 5 yen year on year. For FY3/27, the company plans an annual dividend of 60 yen (interim 30 yen, year-end 30 yen), an increase of 10 yen. Regarding the annual dividend for FY3/27, the company’s policy is to determine the amount based on a target consolidated dividend payout ratio of approximately 30%, after comprehensively considering the business environment. While dividends remain the primary method of shareholder return, the company states it will flexibly consider share buybacks when surplus cash flow is generated, taking into account the business environment and stock price levels. Chairman and CEO Yoshihisa Kainuma noted that the company usually limits itself to stating its dividend policy at the May results announcement, but this time decided and announced an annual dividend increase of 10 yen as a manifestation of its confidence in future business growth.

Item	FY3/26	FY3/27 (Forecast)
Interim dividend (yen)	25 yen	30 yen
Year-end dividend (yen)	25 yen	30 yen
Annual dividend (yen)	50 yen	60 yen
YoY change (annual)	+5 yen	+10 yen

Management Policy and Business Strategy

In the management policy section, the company summarizes FY3/26 as an “overall very strong” year and states that data centers and automotive content growth are driving growth, with its “5 Growth Areas + 1” (AI servers, humanoid robots, commercial drones, fully autonomous driving (LiDAR), new mobility, plus aircraft) strongly propelling the company. In PT, operating income significantly exceeded 60 billion yen in FY3/26 and the company is targeting the 70 billion yen milestone for FY3/27; demand for bearings for data centers has surged to approximately three times the level of three to four years ago, and the company estimates its average annual production capacity at around 404 million units, to be increased to 434 million units by next April and further to approximately 442 million units by January of the following year. In MLS, the company is focusing on the AI server, new mobility and humanoid robot markets and aims for a 10% operating margin in motors; a monthly production capacity of 2 million units has been established for the thin-film sensor “MINEGE” for humanoid robots. In SE, the company aims for semiconductors to reach net sales of 170 billion yen and an operating margin exceeding 20% through organic growth, expects monthly profitability at the Shiga Plant this term and full-year profitability next term, and has redefined optical devices as strategic products toward 2030 targeting a 7% real operating margin. In AS, the company set a new record for operating income (excluding special factors) following the business integration and is establishing a foundation for a 10% operating margin; structural reforms at European bases are expected to yield an earnings improvement of approximately 2 billion yen annually.

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