Recent Performance & Forecast
Consolidated Financial Results for the Fiscal Year Ended February 2026
Announced on April 10, 2026
| (Unit: million yen) | FY2024 | FY2025 | Change | (%) |
|---|---|---|---|---|
| Net Sales | 213,230 | 225,284 | +12,054 | +5.7% |
| Operating Profit | 37,142 | 37,687 | +544 | +1.5% |
| Ordinary Profit | 35,608 | 39,187 | +3,578 | +10.1% |
| Profit Attributable to Owners of Parent | 26,113 | 28,270 | +2,156 | +8.3% |
- Total sales volume rose 2.4%, with increases in both Europe and North America
The Group's consolidated sales volume for FY2025 (March 1, 2025 to February 28, 2026) increased compared to the previous fiscal year, due to steady sales in North America, Europe, as well as Asia and Oceania. - North American sales volume:+1.5%
In North America, strong performance of track loaders lifted total sales volume above the previous year, while sales of excavators fell short of expectations. - Europe sales volume:+1.5%
In Europe, although results still varied by country, sluggish product demand bottomed out, leading to stronger sales of excavators at our UK sales subsidiary and European distributors, and sales volume exceeded the previous year. - Despite the impact of tariffs and exchange rates, revenue and profits increased due to higher unit sales and a significant reduction in the negative impact from the write-down of battery-powered excavator parts that occurred in the previous fiscal year. Net sales and each profit indicator reached record highs.
Based on the above, net sales rose 5.7% year on year to 225,284 million yen, reaching a new record high. This was due to an increase in consolidated sales volume for the current fiscal year compared to the previous fiscal year, as well as product price increases. In terms of profit, operating profit was 37,687 million yen (up 1.5% year on year). This was due to increased sales and a significant reduction in the negative impact from the write-down of battery-powered excavator parts that occurred in the previous fiscal year, despite negative factors such as a 3,167 million yen reduction in profit caused by US tariffs (of the 5,138 million yen tariff cost increase, 1,971 million yen was passed on to prices) and the impact of foreign exchange rates. Ordinary profit was 39,187 million yen (up 10.1% year on year), primarily due to the record of foreign exchange gains of 1,075 million yen. Profit attributable to owners of parent was 28,270 million yen, up 8.3% year on year, because tax expenses of 10,917 million yen were incurred, and each profit indicator also reached record highs.
Forecast for the fiscal year ending February 2027 (consolidated)
Announced on April 10, 2026
| (Unit: million yen) | FY2025 (Result) | FY2026 (Plan) | Change | (%) |
|---|---|---|---|---|
| Net Sales | 225,284 | 244,000 | +18,715 | +8.3% |
| Operating Profit | 37,687 | 37,300 | △387 | △1.0% |
| Ordinary Profit | 39,187 | 36,500 | △2,687 | △6.9% |
| Profit Attributable to Owners of Parent | 28,270 | 25,900 | △2,370 | △8.4% |
- North American sales volume:+3.9%
We expect that sales of excavators and track loaders will exceed those for the current fiscal year. Although mortgage rates are trending downwards due to interest rate cuts, persistently high housing prices are slowing down the pace of home purchases. On the other hand, non-residential construction such as lifeline maintenance work and data center construction is steady. Under these conditions, we anticipate that demand for compact excavators in North America will remain sluggish. However, we aim to recover sales volume and expand our market share by implementing an aggressive sales program. We forecast steady sales of track loaders, driven by robust nonresidential construction. - European sales volume:+6.1%
We expect sales volume to exceed the current fiscal year at our sales subsidiaries in the UK and France, as well as at many of our major distributors.Looking at the overall situation in Europe, demand for our compact excavators is recovering, and we expect this trend to continue. While the market in France has not yet recovered, we aim to restore sales volume and expand market share through an aggressive sales program. - Total sales volume:+ 5.7%; Net sales projected to reach record highs driven by volume growth.
As a result, sales volume for the fiscal year ending February 2027, is expected to increase 5.7% compared to the current fiscal year (a 3.9% increase in North America and a 6.1% increase in Europe), and consolidated net sales are expected to increase 8.3% to 244,000 million yen. In terms of profits, although we anticipate an increase in sales volume and price increases in Europe and North America, we expect operating profit to be 37,300 million yen (1.0% decrease year on year) due to various factors contributing to a decline in profits. The main factors include the impact of US tariffs amounting to 11,200 million yen (of the 18,700 million yen increase in tariff costs, 7,500 million yen will be passed on to sales prices. Note that tariff costs include the impact of the 25% tariff imposed on our products as steel derivative products, which took effect on April 6, 2026), fuel surcharges on transportation costs due to soaring crude oil prices, rising component prices driven by higher energy costs and the weak yen, and increased personnel expenses as part of human capital investment. We forecast ordinary profit to be 36,500 million yen, down 6.9%, and profit attributable to owners of parent to be 25,900 million yen, down 8.4% due to the inclusion of a foreign exchange loss of 1,000 million yen, etc. This foreign exchange loss is because our earnings forecast is based on a stronger yen exchange rate, while we recorded a foreign exchange gain of 1,075 million yen in the current consolidated fiscal year.