Contents of this document
Supplementary materials to the earnings summaryThird quarter of the fiscal year ending December 202611 items taken from the company’s own explanation
Financial Results Figures (The key points of this material are explained below)
Net Sales¥1,422 100 million-1.0%
Operating profit¥65 100 million+8.6%
Ordinary income¥56 100 million+4.8%
Net income¥40 100 million-1.8%
Gross Profit Margin32.1%
Operating profit margin4.6%
Selling, general and administrative expenses¥391 100 million
Results for the three months of the current quarterGraph showing quarterly standalone operating profit and the forecast for Q4 2026. Standalone operating profit was ¥1 billion in Q3 2026, compared with a forecast operating loss of ¥500 million in Q4.
Full-year earnings forecast
Net Sales
¥1,800 100 million
Operating profit
¥60 100 million
Ordinary income
¥49 100 million
Profit attributable to owners of the parent
¥30 100 million
Year-end dividend
45 Yen per share
What the company explained in this material
Self-assessment against the planThe company's self-assessment against its own plan.
Sales exceeded the internal planBreakdown of Factors Affecting the ChangeReasons cited by the Company for the change in the figures.
Operating profit
Project Z effects+¥2.2 billion
Effects of price revisions in Japan and overseas+¥1.8 billion
Impact of higher purchase prices for raw materials and other items–¥1.4 billion
Foreign-exchange impact+¥500 million
Decline in combine harvester sales-¥1.7 billion
Other (including higher SG&A expenses)−¥800 million
Quarterly net income
Increase in operating income+¥500 million
One-time syndication loan expense-¥200 million
Absence of the prior-period gain on the sale of fixed assets-¥1.0 billion
Decrease in deferred income tax expense+¥1.2 billion
Assumptions Underlying the Business OutlookThe assumptions used by the company in preparing its forecast.
Average dollar exchange rate¥153.4
Average euro exchange rate¥180.2
New initiatives
- Enhanced shareholder returns and improved capital efficiency through share repurchases
- Start of a feasibility study with FPS in the Netherlands concerning electric tractors for the European market
- Planned sale of the former Kumamoto plant site
- Optimization of production, development and sales through Project Z
Key KPIsA metric the company considers important as a management benchmark.
- Combine order backlogIncrease of approximately 4 months compared with the previous fiscal yearYear on year against the same period last yearIncreased
- Maintenance revenue ratio21.2 %Year on year against the same period last year+2.5pt
- Overseas sales ratio33.7 %Year on year against the same period last year+2.0pt
- D/E ratio0.95 timesYear on year against the same period last year-0.02x
- Equity ratio34.9 %Year on year against the same period last year+0.9pt
- Effect of Project Z on operating profit growth¥26 100 million compared with 2023, cumulative through Q3 2026
Segment results
Domestic sales: ¥94.3 billion (down 3.9% year on year); overseas sales: ¥47.8 billion (up 5.0% year on year). Segment-level profit figures: Not disclosed.Financial targets
ROE
Target value4 %
Equity ratio
Actual value34.9 %
Debt-to-equity ratio
Actual value0.95 times
Orders received and order backlog
Combine order backlog increased by approximately 4 months compared with the previous fiscal year. Order intake and order backlog on a monetary basis: Not disclosed.Capital expenditures
¥121 100 million capital expenditures for the acquisition of tangible and intangible fixed assets, cumulative through Q3
Annual Dividend
45 Yen per share
End of period45
Acquisition of treasury shares
Mention of enhanced shareholder returns and improved capital efficiency through share repurchases. The purchase amount, number of shares and period were not disclosed.| Item | Details |
|---|---|
| Document type | Supplementary materials to the earnings summary |
| Fiscal Period Covered | Third quarter of the fiscal year ending December 2026 |
| Net Sales | ¥1,422 100 million (YoY -1.0%) |
| Operating profit | ¥65 100 million (YoY +8.6%) |
| Ordinary income | ¥56 100 million (YoY +4.8%) |
| Net income | ¥40 100 million (YoY -1.8%) |
| Gross Profit Margin | 32.1% |
| Operating profit margin | 4.6% |
| Selling, general and administrative expenses | ¥391 100 million |
| Results for the three months of the current quarter | Graph showing quarterly standalone operating profit and the forecast for Q4 2026. Standalone operating profit was ¥1 billion in Q3 2026, compared with a forecast operating loss of ¥500 million in Q4. |
| Full-year earnings forecast | Net Sales ¥1,800 100 million / Operating profit ¥60 100 million / Ordinary income ¥49 100 million / Profit attributable to owners of the parent ¥30 100 million / Year-end dividend 45 Yen per share |
| Self-assessment against the plan | Sales exceeded the internal plan |
| Segment results | Domestic sales: ¥94.3 billion (down 3.9% year on year); overseas sales: ¥47.8 billion (up 5.0% year on year). Segment-level profit figures: Not disclosed. |
| Breakdown of Factors Affecting the Change | Operating profit Project Z effects +¥2.2 billion / Effects of price revisions in Japan and overseas +¥1.8 billion / Impact of higher purchase prices for raw materials and other items –¥1.4 billion / Foreign-exchange impact +¥500 million / Decline in combine harvester sales -¥1.7 billion / Other (including higher SG&A expenses) −¥800 million / Quarterly net income Increase in operating income +¥500 million / One-time syndication loan expense -¥200 million / Absence of the prior-period gain on the sale of fixed assets -¥1.0 billion / Decrease in deferred income tax expense +¥1.2 billion |
| Key KPIs | Indicator name Combine order backlog / Value Increase of approximately 4 months compared with the previous fiscal year / Year on year against the same period last year Increased, Indicator name Maintenance revenue ratio / Value 21.2 % / Year on year against the same period last year +2.5pt, Indicator name Overseas sales ratio / Value 33.7 % / Year on year against the same period last year +2.0pt, Indicator name D/E ratio / Value 0.95 times / Year on year against the same period last year -0.02x, Indicator name Equity ratio / Value 34.9 % / Year on year against the same period last year +0.9pt, Indicator name Effect of Project Z on operating profit growth / Value ¥26 100 million (compared with 2023, cumulative through Q3 2026) / Year on year against the same period last year Not disclosed |
| Assumptions Underlying the Business Outlook | Average dollar exchange rate ¥153.4 / Average euro exchange rate ¥180.2 |
| Financial targets | ROE Target value 4 % / Equity ratio Actual value 34.9 % / Debt-to-equity ratio Actual value 0.95 times |
| Annual Dividend | 45 Yen per share |
| Acquisition of treasury shares | Mention of enhanced shareholder returns and improved capital efficiency through share repurchases. The purchase amount, number of shares and period were not disclosed. |
| Capital expenditures | ¥121 100 million (capital expenditures for the acquisition of tangible and intangible fixed assets, cumulative through Q3) |
| Orders received and order backlog | Combine order backlog increased by approximately 4 months compared with the previous fiscal year. Order intake and order backlog on a monetary basis: Not disclosed. |
| New initiatives | Enhanced shareholder returns and improved capital efficiency through share repurchases, Start of a feasibility study with FPS in the Netherlands concerning electric tractors for the European market, Planned sale of the former Kumamoto plant site, Optimization of production, development and sales through Project Z |
Items this document does not state (9)
Progress against full-year forecastUnit price and quantity metricsNumber of stores and locationsNumber of employeesRisk amount incorporated into the outlookMedium-term management plan targetsPayout ratioMarket Size / ShareKey points of the Q&A
These are items the company does not state in this document. We do not leave them blank, nor fill them in from other sources or by inference.