Yushin Company (6482): FY2025 Results Summary — Sharp Profit Decline on Lower Medical Custom Equipment Sales; Recovery Forecast for Next Year

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

Note: The company’s presentation labels the fiscal year ended March 31, 2026 as “FY2026” and the following fiscal year as “FY2027”; this article retains the labels as they appear in the materials.

Yushin Company (Securities Code 6482, Standard Market of the Tokyo Stock Exchange), a developer, manufacturer and seller of Cartesian robots and other industrial equipment and systems for factory automation, announced its FY2026 results in its Investors Presentation dated May 18, 2026. Net sales decreased 11.6% year on year to 23,101 million yen, as a significant decline in sales of custom-ordered equipment for the medical field outweighed increased sales of take-out robots in Asia and palletizing robots in Japan. Operating profit fell 68.0% to 826 million yen, reflecting the sales decline, higher raw material prices, increased personnel expenses from proactive investments in human resources, and higher research and development expenses. For FY2027, the company forecasts net sales of 25,000 million yen (up 8.2%) and operating profit of 1,300 million yen (up 57.3%). The annual dividend for FY2026 is maintained at 20 yen.

Consolidated Results (Full-Year Actual)

Net sales decreased due to a significant decline in sales of custom-ordered equipment for the medical field, despite increased sales of take-out robots in Asia and of palletizing robots, etc. in Japan. Operating profit decreased due to the lower net sales and higher raw material prices, as well as increased personnel expenses resulting from proactive investments in human resources and increased research and development expenses associated with development investments, both aimed at medium- to long-term growth. Robots sales increased by 3.0% year on year, while custom-ordered equipment sales decreased by 54.0%. The average exchange rate was 150.77 yen per U.S. dollar (FY2025: 152.58 yen). Figures below are in millions of yen; percentages in angle brackets are margins as shown in the presentation.

Item	FY2026	FY2025	Change (%)
Net Sales (Mil. Yen)	23,101	26,126	(11.6)
Gross Profit <margin>	9,051 <39.2%>	10,766 <41.2%>	(15.9)
Operating Profit <margin>	826 <3.6%>	2,586 <9.9%>	(68.0)
Ordinary Profit <margin>	908 <3.9%>	2,535 <9.7%>	(64.2)
Profit attributable to owners of parent <margin>	286 <1.2%>	1,692 <6.5%>	(83.1)

Sales Breakdown by Product and Region

By product, sales of robots remained steady in FY2026, while custom-ordered equipment for the medical field declined significantly. By region, sales in Asia, particularly China, remained relatively robust, but declining appetite for capital investment and the decrease in custom-ordered equipment for the medical field in Europe and the U.S. affected net sales. By product category, the FY2026 sales mix was Mobility 33%, Electronics 22%, Medical 11%, Sundry Products 11%, Container 9%, Electrical appliance 7%, and Others 6%.

Sales Breakdown (Mil. Yen)	FY2026	FY2025
Robots	14,947	14,509
Custom-ordered Equipment	3,161	6,872
Parts and Maintenance services	4,992	4,745
Net sales (Total)	23,101	26,126

Sales by Region (Mil. Yen)	FY2026	FY2025
Japan	9,203	9,691
China/Taiwan	2,611	2,350
Other Asia	4,063	4,020
Europe	2,657	5,022
North America	4,039	4,280
Others	526	760
Net sales (Total)	23,101	26,126

Full-Year Forecast (FY2027)

For FY2027, net sales are expected to increase 8.2% to 25,000 million yen: while market trends remain uncertain due to factors such as the situation in the Middle East, the company expects growth in demand related to AI, custom-ordered equipment for the medical field, and palletizing robots. Operating profit is expected to increase 57.3% to 1,300 million yen due to the higher net sales and initiatives to reduce costs and improve productivity. Robots sales are forecast to increase by 3.7% and custom-ordered equipment sales by 42.3%, with large-scale custom-ordered medical equipment expected to contribute to sales starting in the second half of the year. The assumed exchange rate is 145.00 yen per U.S. dollar.

Item	FY2027 (Forecast)	FY2026 (Actual)	Change (%)
Net Sales (Mil. Yen)	25,000	23,101	8.2
Gross Profit <margin>	9,600 <38.4%>	9,051 <39.2%>	6.1
Operating Profit <margin>	1,300 <5.2%>	826 <3.6%>	57.3
Ordinary Profit <margin>	1,300 <5.2%>	908 <3.9%>	43.1
Profit attributable to owners of parent <margin>	900 <3.6%>	286 <1.2%>	213.8

Shareholder Returns

The annual dividend for FY2026 is maintained at 20 yen per share, the same level as ’24/3 and ’25/3. Under its dividend policy, the company aims for a dividend payout ratio of 30% or more in order to provide stable and continuous returns to shareholders, and intends to raise the level of the common dividend by improving consolidated performance. The company repurchased treasury shares to improve capital efficiency and shareholder returns (November 2025 to February 2026), and reduced strategic shareholdings based on Japan’s Corporate Governance Code (March 2026).

Medium-Term Plan / Topics

The company’s medium-term management target is consolidated net sales of 30 billion yen (FY2026: 23.1 billion yen), with a note that it will reassess the timeline in light of the current business environment. Long-term management indicators are an operating profit margin of 15% or more (FY2026: 3.6%) and ROE of 8% or more (FY2026: 0.8%). Its business strategy comprises four pillars: investing in the talent who will shape the future, strengthening global sales capabilities, increasing product attractiveness, and developing new business. The acquisition of WEMO (Wemo Automation AB) as a subsidiary has strengthened sales capabilities in Europe, and the company will further promote collaboration within the group. On orders, orders received remained steady and orders for custom-ordered equipment increased after the third quarter of FY2026; the order backlog bottomed out at the end of FY2025 and began to recover, exceeding the previous year’s level by the end of FY2026, driven by a growing backlog of custom-ordered equipment. The balance sheet maintains a high equity ratio and zero interest-bearing debt, while cash and deposits decreased due to proactive investments (the acquisition of WEMO and development investment) and shareholder returns.

Capital investment in FY2026 was 336 million yen, depreciation was 659 million yen, and R&D expenses were 901 million yen; for FY2027 the company plans capital investment of 620 million yen, depreciation of 690 million yen, and R&D expenses of 770 million 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.