Konica Minolta (4902): FY2025 Results Summary — Return to Profit and Dividend Raised to ¥12

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Konica Minolta, Inc. announced its consolidated financial results for FY2025 (ended in March 2026) on May 14, 2026, presented by President and CEO Toshimitsu Taiko. Revenue declined 4% year on year to ¥1,087.7 billion, reflecting business selection and concentration and lower revenue in office and healthcare, partly offset by FOREX and revenue growth in Industry. Business contribution profit rose 67% to ¥53.2 billion, and operating profit returned to the black at ¥49.9 billion from a loss of ¥64.0 billion in FY24, helped by the absence of one-time expenses recorded in the previous fiscal year such as structural reform costs and impairment losses. Profit attributable to owners of the Company was ¥30.3 billion, versus a loss of ¥47.5 billion in FY24.

Consolidated Results (Full-Year Actual)

The gross profit ratio improved 1.5 points to 44.0% on an improved business mix, while SG&A fell 5% to ¥425.2 billion thanks to global structural reform efforts and other initiatives. The impact of U.S. tariffs on business contribution profit was -¥5.3 billion (a -¥12.2 billion impact on gross profit, partly offset by +¥6.9 billion of cost reductions). Free cash flows decreased 31% to ¥52.3 billion, as lower cash inflows from business transfers outweighed improved operating cash flows.

Item (¥ billions)	FY24 12M	FY25 12M	YoY
Revenue	1,127.9	1,087.7	-4%
Gross profit	479.4	478.4	-0%
Gross profit ratio	42.5%	44.0%	+1.5pt
SG&A	447.5	425.2	-5%
Business contribution profit	31.9	53.2	+67%
Operating profit	-64.0	49.9	–
Profit attributable to owners of the Company	-47.5	30.3	–
EPS (yen)	-95.98	61.25	–
FCF	75.7	52.3	-31%

Segment Results

By segment, Industry was the standout performer: revenue rose 6% to ¥126.8 billion and business contribution profit jumped 60% to ¥22.4 billion, driven by sensing, performance materials, and optical components. Digital Workplace revenue slipped 1% to ¥610.5 billion while its business contribution profit rose 8% to ¥38.8 billion. Professional Print revenue fell 10% to ¥255.2 billion with business contribution profit down 15% to ¥11.1 billion, hit by U.S. tariff effects and weakness in industrial print. Imaging Solutions narrowed its business contribution loss to ¥1.8 billion from ¥10.3 billion in FY24.

Segment (¥ billions)	Metric	FY24 12M	FY25 12M	YoY
Digital Workplace	Revenue	616.4	610.5	-1%
Digital Workplace	Business contribution profit	35.8	38.8	+8%
Professional Print	Revenue	284.7	255.2	-10%
Professional Print	Business contribution profit	13.0	11.1	-15%
Industry	Revenue	119.3	126.8	+6%
Industry	Business contribution profit	14.0	22.4	+60%
Imaging Solutions	Revenue	106.9	94.5	-12%
Imaging Solutions	Business contribution profit	-10.3	-1.8	–
Corporate, etc.	Revenue	0.7	0.7	+8%
Corporate, etc.	Business contribution profit	-20.5	-17.2	–
Company overall	Revenue	1,127.9	1,087.7	-4%
Company overall	Business contribution profit	31.9	53.2	+67%

FY2026 Forecast

For FY2026, the company forecasts revenue of ¥1,105.0 billion (+¥17.3 billion), business contribution profit of ¥56.0 billion (+¥2.8 billion), operating profit of ¥50.0 billion (+¥0.1 billion), and profit attributable to owners of the Company of ¥28.5 billion (-¥1.8 billion), the last reflecting the absence of one-time factors in tax rates. Assumptions include FOREX rates of 150 USD/JPY and 180 EUR/JPY, and U.S. tariffs of 17.5% for China (Business Technologies Business) and 10% for the others. The company has filed applications with U.S. authorities for tariff refunds totaling around 7 billion yen accepted and under review, but these are not included in the FY2026 forecast given uncertainty over the outcome, amount, and timing. Note that from FY26 the segment classification changes: video solution services in imaging IoT solutions moves to DW-DX and gas monitoring solutions moves to sensing; FY25 results below are shown before reclassification and FY26 forecasts after reclassification.

Item (¥ billions)	FY25 Results	FY26 Forecast	Change
Revenue	1,087.7	1,105.0	+17.3
Business contribution profit	53.2	56.0	+2.8
Operating profit	49.9	50.0	+0.1
Profit attributable to owners of the Company	30.3	28.5	-1.8
Dividends (yen/share)	12	18	+6
ROE (%)	6.1	5.2	-0.9
FCF	52.3	44.5	-7.8

Segment (¥ billions)	Metric	FY25 Results	FY26 Forecast	Change
Digital Workplace	Revenue	610.5	619.0	+8.5
Digital Workplace	Business contribution profit	38.8	37.5	-1.3
Professional Print	Revenue	255.2	258.0	+2.8
Professional Print	Business contribution profit	11.1	15.5	+4.4
Industry	Revenue	126.8	136.0	+9.2
Industry	Business contribution profit	22.4	24.5	+2.1
Imaging Solutions	Revenue	94.5	92.0	-2.5
Imaging Solutions	Business contribution profit	-1.8	2.5	+4.3
Corporate, etc.	Revenue	0.7	0.0	-0.7
Corporate, etc.	Business contribution profit	-17.2	-24.0	-6.8
Company overall	Revenue	1,087.7	1,105.0	+17.3
Company overall	Business contribution profit	53.2	56.0	+2.8

Shareholder Returns

The FY25 dividend was changed from the initial plan of ¥10 per share to ¥12 per share — a ¥2 per share increase reflecting net profit from continuing operations and FCF exceeding expectations. The FY26 dividend forecast is ¥18 per share, funded by cash flows from operating activities and a portion of the cash inflows from Tempus AI shares (as of May 2026, 700,000 shares had been sold, generating cash inflows of 6.0 billion yen). Of cumulative cash inflows of 230.0 billion yen for FY26-28, the company plans 180.0 billion yen for capital expenditures, investment and lending (including growth investments of 90.0 billion yen), and 50.0 billion yen for reduction in interest-bearing liabilities and shareholder returns — at present raised to 56.0 billion yen with the 6.0 billion yen increase from the sale of Tempus AI shares.

Medium-Term Plan / Topics

Following the announcement of the medium-term business plan (Corporate Plan 2026-2028) on April 23, 2026, the company will drive thorough initiatives by a dedicated project team to improve the profitability of the Business Technologies Business, especially the Office Business, to achieve its higher ROE target, with progress to be explained on an ongoing basis from the Q1 financial results onwards. In the Business Technologies Business, the company aims to position the organization for sustainable growth through operational transformation (Business Process Reengineering) and to maximize the value created by human capital through AI, targeting a sustainable high-profit business structure and industry-leading productivity. Regarding businesses previously subject to selection and concentration, the combined business contribution loss of DW-DX, industrial print, and imaging IoT solutions has improved substantially, and imaging IoT themes have been transferred to respective businesses to drive synergy creation.

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