ALL

RECENT EARNINGS

Investor Relations

Recent Earnings

FY Mar 2025 Nine Months Results

Both sales and profits accumulated steadily, with operating income reaching a high 77% of the full-year forecast

  • The increase of net sales was due to higher maintenance & repair sales resulting from an increase in the number of maintenance contracts, as well as a high level of modernization sales.
  • The gross profit margin improved by 0.6 percentage points YoY mainly due to productivity improvements and a reduction in the labor cost ratio as a result of hiring new graduates. The operating profit margin improved by 1.6 points to 17.2% as a results of disciplined spending on SG&A expenses such as personnel expenses.
  • As a result, sales increased by 16.6% YoY and operating profit increased by 28.2% YoY.

    • (millions of yen, yen, %)

    9 months ended 9 months ended YoY change
    December 2023 December 2024
    Amount % of sales Amount % of sales Amount %
    Net sales 30,487 100.0 35,549 100.0 5,062 16.6
    Operating profit 4,772 15.7 6,120 17.2 1,347 28.2
    Ordinary profit 4,798 15.7 6,146 17.3 1,347 28.1
    Profit attributable to owners
    of parent    		 3,051 10.0 3,904 11.0 852 27.9
    (Depreciation) 1,031 3.4 1,152 3.2 121 11.8
    (Amortization) 202 0.7 209 0.6 6 3.4
    EBITDA 6,006 19.7 7,481 21.0 1,475 24.6
    EPS 34.27 -- 43.84 -- 9.57 27.9

    Sales up by 16.6% YoY due to stable growth of maintenance & repair and expansion of modernization business

  • Maintenance sales continue to grow steadily in line with the increase in the number of maintenance contracts.
  • The impact of short-term fluctuations in maintenance operations has subsided, but sales continue to grow faster than the number of contracts thanks to active sales activities.
  • Unit price continues to increase due to strong demand for modernization. Unit volume also increased as planned, with a strong 24.1% sales growth in the third quarter alone.

    • (millions of yen, yen, %)

    9 months ended 9 months ended YoY change
    December 2023 December 2024
    Amount % of sales Amount % of sales Amount %
    Maintenance & Repair 19,491 63.9 22,429 63.1 2,937 15.1
    Modernization 9,968 32.7 11,982 33.7 2,014 20.2
    Other 1,027 3.4 1,137 3.2 110 10.7
    Total 30,487 100.0 35,549 100.0 5,062 16.6

    Continued steady growth in the number of maintenance contracts and robust growth in the number of modernization shipments

  • The number of maintenance contracts in Japan was 110,650 units. Excluding the impact of Showa Yusoki Tohoku Co., Ltd. of about 230 units, net increase exceeds the previous year's organic net increase of about 10,000 units in just 9 months.
  • In order to meet the strong demand, the Company strengthened construction management system and the total number of modernization shipment reached 1,600 units (1,390 units in the same period of the previous year) in line with our plan.
  • The number of offices increased to 148 as of February 1. This fiscal year the Company opened seven new offices, mainly in western Japan, including its first foray into Yamaguchi and Saga. And the Company continues to recruit necessary work force such as technical and sales personnel.

    • (units,person)

    FY Ended FY Ended FY Ended FY Ended 9 months ended
    March 2021 March 2022 March 2023 March 2024 December 2024
    Actual Actual Actual Actual Actual （Change YtD)
    Maintenance contracts 67,500 79,000 88,630 100,230 110,650 +10,420
    Modernization (cumlative) 920 1,150 1,530 1,930 1,600 +210
    Parking equipments -- 18,830 22,050 24,660 26,780 +2,120
    No. of offices 101 124 132 141 148 +7
    No. of Employees 1,398 1,618 1,766 1,868 2,024 +156
    Technical personnel 881 1,003 1,096 1,159 1,260 +101
    Sales personnel 156 195 218 248 272 +24

    Investor Relations