RISO KAGAKU (6413): FY2025 Results Summary — Attributable Profit Up 7.1% on Flat Sales, Operating Profit Down 17.3%

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

Note: In its briefing materials, RISO KAGAKU labels the fiscal year ended March 31, 2026 (April 1, 2025 to March 31, 2026) as “FY2026” and the fiscal year ending March 31, 2027 as “FY2027”; this article follows the labels used in the materials. RISO KAGAKU CORPORATION, the maker of the ORPHIS high-speed inkjet printer and the RISOGRAPH high-speed digital duplicator, reported FY2026 net sales of 78,990 million yen (up 0.3% year on year), operating profit of 5,111 million yen (down 17.3%), ordinary profit of 5,872 million yen (down 7.7%), and profit attributable to the owner of parent of 4,378 million yen (up 7.1%). For FY2027, the company forecasts higher net sales of 80,900 million yen but lower operating income of 4,900 million yen, and plans an annual dividend of 50 yen per share.

Consolidated Results (Full-Year Actual)

Net sales were on par with the previous fiscal year, operating profit decreased, and profit attributable to the owner of parent increased year on year. In the printing equipment-related business, despite positive contributions from the integration of the inkjet head business and the weaker yen, net sales remained on par with the previous fiscal year due to continued declines in sales in the digital duplicating business in Japan and lower sales of main hardware products in the overseas inkjet business. Selling, general and administrative expenses increased mainly due to the integration of the inkjet head business and the impact of yen depreciation, and operating profit decreased as a result. Profit attributable to the owner of parent rose on non-operating income of 760 million yen (including foreign exchange gains of 303 million yen) and a net extraordinary gain of 487 million yen (including a gain on sale of investment securities of 677 million yen). Average exchange rates were ¥150.77 per US dollar (¥152.58 in the previous year) and ¥174.79 per euro (¥163.75). Calculated with the previous year’s exchange rates, net sales growth would have been ▲0.8% and operating profit growth ▲25.6%. All amounts below are in millions of yen unless otherwise noted.

Item	FY2025	FY2026	Change (Amount)	Change (Growth %)
Net sales	78,723	78,990	266	0.3%
Gross profit	47,029	47,225	195	0.4%
(Gross profit ratio)	(59.7%)	(59.8%)
Selling, general and administrative expenses	40,846	42,113	1,267	3.1%
Operating profit	6,183	5,111	▲1,072	▲17.3%
(Operating profit ratio)	(7.9%)	(6.5%)
Ordinary profit	6,364	5,872	▲492	▲7.7%
Profit attributable to the owner of parent	4,088	4,378	290	7.1%

Segment Results

In the printing equipment-related business, net sales were 77,317 million yen (up 0.4%), described as “on par with the previous fiscal year”: the integration of the inkjet head business and yen depreciation contributed to higher sales, while in Japan sales in the digital duplicating business continued to decline and overseas sales of main hardware products in the inkjet business decreased. Within the segment, Japan sales were 35,766 million yen (down 1.2%) and overseas sales were 41,551 million yen (up 1.7%), with overseas accounting for 52.6% of consolidated net sales. Segment operating profit fell 18.1% to 4,838 million yen as selling, general, and administrative expenses increased due to factors such as the integration of the inkjet head business and yen depreciation. The real estate business posted net sales of 1,061 million yen (up 3.6%) and operating profit of 642 million yen (up 3.3%).

Segment	Metric	FY2025	FY2026	Change (Growth)
Net sales (total)	Net sales	78,723	78,990	0.3%
Printing equipment-related business	Net sales	77,042	77,317	0.4%
— Japan	Net sales	36,200	35,766	▲1.2%
— Overseas	Net sales	40,841	41,551	1.7%
Real estate business	Net sales	1,025	1,061	3.6%
Others	Net sales	656	611	▲6.9%
Printing equipment-related business	Operating profit	5,906	4,838	▲18.1%
Real estate business	Operating profit	622	642	3.3%
Others	Operating profit	▲345	▲369	–

FY2027 Forecast

For FY2027, the company forecasts net sales of 80,900 million yen (up 2.4%), operating income of 4,900 million yen (down 4.1%), ordinary income of 5,100 million yen (down 13.1%), and profit attributable to the owner of parent of 4,100 million yen (down 6.4%). Net sales are forecast to increase, driven largely by the succession of the Philippines distributor’s business, while operating profit is forecast to decrease as SG&A expenses will increase due to one-time costs and goodwill amortization associated with that succession. Assumed average exchange rates are ¥150.00 per US dollar and ¥175.00 per euro; as a reference, a ¥1 fluctuation per term is stated to affect net sales by 140 million yen and operating income by 50 million yen for the US dollar, and 90 million yen and 40 million yen for the euro. The company notes that cost increases currently anticipated from the situation in the Middle East have already been factored into the full-year forecast, but results may be further affected depending on how the situation develops. By segment, the forecast assumes printing equipment business net sales of 78,700 million yen (Japan 33,900 million yen, overseas 44,800 million yen) and real estate business & others of 2,200 million yen.

Item	FY2026 Actual	FY2027 Forecast	Change (Amount)	Change (Growth)
Net sales	78,990	80,900	1,909	2.4%
Operating income	5,111	4,900	▲211	▲4.1%
Ordinary income	5,872	5,100	▲772	▲13.1%
Profit attributable to the owner of parent	4,378	4,100	▲278	▲6.4%
Operating income ratio	6.5%	6.1%

Shareholder Returns

The company’s basic policy is to allocate an appropriate portion of earnings in accordance with business results while continuing to strengthen its corporate structure, and to strive to provide a stable dividend; based on this policy, annual dividends are distributed from surplus once a year at the fiscal year-end. The company also considers share repurchases as a measure for allocating earnings to shareholders, acquires treasury stock in consideration of market trends, and retires treasury stock as a general rule. The dividend forecast for FY2026 is 50 yen per share. During FY2026 the company purchased 1,215,600 treasury shares (about 1.69% of total shares issued) for a total cost of 1,499 million yen; the FY2026 payout ratio was 72.8% and the total return ratio was 106.1%. For FY2027, the dividend forecast is also 50 yen per share, with the company noting that if the situation in the Middle East affects business results going forward, it may also affect dividends. A further purchase of treasury stock announced on May 8, 2026 covers up to 220,000 shares at a total cost of up to 200 million yen over the period from May 22, 2026 to June 22, 2026.

Item	FY2023	FY2024	FY2025	FY2026
Profit attributable to the owner of parent	4,624	4,831	4,088	4,378
Cash dividends per share (Yen)	※120	※100	50	50
Cash dividends paid (A)	4,008	3,284	3,206	3,145
Repurchase of treasury stock (B)	799	1,499	2,499	1,499
Total return (A)+(B)	4,808	4,784	5,705	4,644
Payout ratio	87.1%	68.7%	79.6%	72.8%
Total return ratio	104.0%	99.0%	139.6%	106.1%

※ Cash dividends per share for FY2023 and FY2024 are amounts before the stock split. A two-for-one stock split of common shares was conducted on January 1, 2025.

Topics

The share of consolidated net sales accounted for by the inkjet business has risen over the past ten years from about 48% in the fiscal year ended March 2017 to about 56% in the fiscal year ended March 2026. In FY2026 activities, the company started providing “DigiPal,” digital teaching materials that elementary school teachers can immediately use in ICT-based lessons, from April 2025, and commercialized inkjet-based print engines under the new brand “Integlide” for printing on packaging such as corrugated cardboard, kraft bags, paper bags, and paper containers, with orders accepted in Europe from May 2025. The company has agreed to succeed to the business operations of Copylandia Office Systems Corporation, its distributor in the Philippines: during the fiscal year ending March 31, 2027, it will acquire shares in RISO Copylandia Philippines Corp. (51% of voting rights after the purchase) and Copylandia Sales Corp. (39%). In new products, the ORPHIS GN Series high-speed inkjet printer, with a color printing speed of 180 pages per minute, and the RISOGRAPH SJ Series high-speed digital duplicator, with an industry top-class print speed of 200 pages per minute, are both to be launched in July 2026.

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.