Nihon Trim (6788): FY2025 Results Summary — Higher Sales but Lower Profit; Sales and Profit Growth Planned for FY3/2027

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

Note: Nihon Trim does not publish an English results presentation; this article is an English translation of the Japanese-language article on our sister site Investalk, which is based on the company’s Japanese-language IR materials, with figures transcribed as reported. On this site, the fiscal year ended March 31, 2026 (labeled FY3/2026 in the source materials) is classified as FY2025.

Nihon Trim’s consolidated results for FY3/2026 were net sales of 24,159 million yen (up 7.5% year on year), operating profit of 2,940 million yen (down 10.5%), ordinary profit of 3,147 million yen (down 11.0%), and profit attributable to owners of parent of 2,030 million yen (down 9.4%). Revenue increased on factors including the expansion of the bottled water business, while profit declined due to higher prices of platinum used in the electrode plates of EHW (electrolyzed hydrogen water) apparatus, stronger investment in human capital, and intensified advertising activities. For FY3/2027, the company plans net sales of 27,000 million yen (up 11.8%) and operating profit of 3,300 million yen (up 12.2%).

Consolidated Results (Full Year)

For FY3/2026, cost of sales was 7,766 million yen (up 10.5% year on year), and the gross profit margin was 67.9% (68.7% in the previous year). Selling, general and administrative expenses increased to 13,452 million yen (up 10.7%), and the operating profit margin declined to 12.2% (14.6% in the previous year). Net income per share was 269.58 yen (292.41 yen in the previous year).

Item	FY3/2025	FY3/2026	Change
Net sales	22,463 million yen	24,159 million yen	+7.5%
Gross profit	15,436 million yen	16,392 million yen	+6.2%
Operating profit	3,285 million yen	2,940 million yen	△10.5%
Ordinary profit	3,535 million yen	3,147 million yen	△11.0%
Profit attributable to owners of parent	2,241 million yen	2,030 million yen	△9.4%
Net income per share	292.41 yen	269.58 yen	△22.83 yen

Segment Results

By segment, net sales of the Water Healthcare business were 21,135 million yen (up 8.0% year on year), with the bottled water business (PT. SUPER WAHANA TEHNO) expanding to 19.8% of total sales (16.5% in the previous year). The Medical business posted net sales of 3,024 million yen (up 4.4%), led by the regenerative medicine-related business.

Category	FY3/2025	FY3/2026	Change
EHW apparatus sales total	9,077 million yen	9,242 million yen	+1.8%
Cartridges	5,602 million yen	5,836 million yen	+4.2%
Bottled water business (PT. SUPER WAHANA TEHNO)	3,704 million yen	4,785 million yen	+29.2%
Water Healthcare business	19,565 million yen	21,135 million yen	+8.0%
Regenerative medicine-related business	2,789 million yen	2,921 million yen	+4.7%
Electrolyzed water hemodialysis business	108 million yen	102 million yen	△5.6%
Medical business	2,898 million yen	3,024 million yen	+4.4%
Consolidated total	22,463 million yen	24,159 million yen	+7.5%

Full-Year Forecast

For FY3/2027, the company expects higher revenue on the expansion of the DS Division (workplace sales) and further growth of the bottled water business. On the profit front, while it assumes expanded investment in human capital, intensified advertising activities, and higher petroleum-related raw material prices in the EHW apparatus business, the Stem Cell Singapore business (in its first year of operation), which is scheduled to be consolidated from this fiscal year, is expected to contribute.

Item	FY3/2026 (Actual)	FY3/2027 (Forecast)	Change
Net sales	24,159 million yen	27,000 million yen	+11.8%
Operating profit	2,940 million yen	3,300 million yen	+12.2%
Ordinary profit	3,147 million yen	3,500 million yen	+11.2%
Profit attributable to owners of parent	2,030 million yen	2,200 million yen	+8.3%

Shareholder Returns

On capital efficiency, actual ROE of 8.5% has stably exceeded the cost of capital of 8.0%, and the company will pursue earnings growth with a target of ROE of 10% or higher. For shareholder returns, it implements progressive dividends based on a DOE (dividend on equity) standard of 4%, with an emphasis on stable and continuous shareholder returns (the DOE standard was revised from 3% to 4% from FY3/2025). In FY3/2026, the company acquired 250,000 treasury shares. Toward improving shareholder value, with actual PBR at 1.34x, it will work on achieving the medium-term management plan for FY3/2028, strengthening IR activities, and investing in new businesses through M&A.

Medium-Term Management Plan

Under the medium-term management plan, against consolidated net sales of 24.15 billion yen in FY3/2026 (actual), the company targets 27 billion yen for FY3/2027 (plan; +2.85 billion yen) and 31 billion yen for FY3/2028 (plan; +4.00 billion yen).

Item	FY3/2026 (Actual)	FY3/2027 (Plan)	FY3/2028 (Plan)
Consolidated net sales	24.15 billion yen	27 billion yen	31 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.