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Shiseido, Net Income Forecast for the Fiscal Year Revised Downward to a Loss

Mon Nov 10, 2025 3:30 pm JST Earnings

4911 Shiseido Company, Limited 【IFRS】

Earnings Report

Shiseido Company, Limited <4911> [TSE Prime] announced its financial results (based on IFRS) after the market closed on November 10th (15:30). The consolidated net income/loss for the cumulative third quarter of the fiscal year ending December 2025 (January to September) turned into a loss of 43.9 billion yen (compared to a profit of 0.75 billion yen in the same period last year).

In addition, the full-year forecast for consolidated net income/loss has been revised downward from an expected profit of 6.00 billion yen to a loss of 52.0 billion yen (compared to a loss of 10.8 billion yen in the previous period), turning to a loss outlook.

Based on the full-year plan announced by the company after the downward revision, our estimate of the consolidated net income/loss for the July to December period (second half) has been revised downward from an expected loss of 3.53 billion yen to a loss of 61.5 billion yen (compared to a loss of 10.8 billion yen in the same period of the previous year), indicating an expansion in the loss margin.

In the most recent three-month period, from July to September (3Q), the consolidated net income/loss turned to a loss of 53.5 billion yen (compared to a profit of 0.73 billion yen in the same period last year). The operating profit/loss margin drastically worsened from 2.3% in the same period last year to -23.0%.

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Actual Results

Accumulated Results 3rd Quarter
Fiscal Year Revenue Operating Profit Ordinary Profit Net Profit Adj. EPS Progress Rate vs. First Half Announce Accounting Standards
Jan - Sep, 2023 722,417 25,826 28,721 20,517 51.3 92.5 Nov 10, 2023 IFRS
Jan - Sep, 2024 722,754 2,183 7,152 754 1.9 ー Nov 7, 2024 IFRS
Jan - Sep, 2025 693,817 -33,350 -32,518 -43,983 -110.1 ー Nov 10, 2025 IFRS
YoY -4.0% － － － －

Guidance Update

Second Half Update

Fiscal Year Revenue Operating Profit Ordinary Profit Net Profit Adj. EPS Adj. Dividend Announce Accounting Standards
Jul - Dec, 2025 Prev 525,169 -4,584 -4,702 -3,535 -8.9 20 Aug 6, 2025 IFRS
Jul - Dec, 2025 New 495,169 -60,084 -61,202 -61,535 -154.0 20 Nov 10, 2025 IFRS
Revision Rate -5.7% -1,210.7% -1,201.6% -1,640.7% -1,640.3%

Full Year Update

Fiscal Year Revenue Operating Profit Ordinary Profit Net Profit Adj. EPS Adj. Dividend Announce Accounting Standards
Dec, 2025 Prev 995,000 13,500 14,500 6,000 15.0 40 Feb 10, 2025 IFRS
Dec, 2025 New 965,000 -42,000 -42,000 -52,000 -130.2 40 Nov 10, 2025 IFRS
Revision Rate -3.0% － － － －

Current Period Guidance

Second Half Results

Fiscal Year Revenue Operating Profit Ordinary Profit Net Profit Adj. EPS Adj. Dividend Announce Accounting Standards
Jul - Dec, 2024 482,050 10,303 -5,472 -10,828 -27.1 10 Feb 10, 2025 IFRS
Jul - Dec, 2025 Guidance 495,169 -60,084 -61,202 -61,535 -154.0 20 Nov 10, 2025 IFRS
YoY +2.7% － -1,018.5% -468.3% -468.3%

Current Period Guidance

Fiscal Year Revenue Operating Profit Ordinary Profit Net Profit Adj. EPS Adj. Dividend Announce Accounting Standards
Dec, 2023 973,038 28,133 31,037 21,749 54.4 60 Feb 9, 2024 IFRS
Dec, 2024 990,586 7,575 -1,265 -10,813 -27.1 40 Feb 10, 2025 IFRS
Dec, 2025 Guidance 965,000 -42,000 -42,000 -52,000 -130.2 40 Nov 10, 2025 IFRS
YoY -2.6% － -3,220.2% -380.9% -381.0%

Quarterly Results

Fiscal Year Revenue Operating Profit Ordinary Profit Net Profit Adj. EPS Operating Profit Margin Announce Accounting Standards
Jul - Sep, 2024 214,218 4,911 2,945 739 1.9 2.3 Nov 7, 2024 IFRS
Oct - Dec, 2024 267,832 5,392 -8,417 -11,567 -29.0 2.0 Feb 10, 2025 IFRS
Jan - Mar, 2025 228,241 7,202 7,408 3,686 9.2 3.2 May 12, 2025 IFRS
Apr - Jun, 2025 241,590 10,882 11,794 5,849 14.6 4.5 Aug 6, 2025 IFRS
Jul - Sep, 2025 223,986 -51,434 -51,720 -53,518 -134.0 -23.0 Nov 10, 2025 IFRS
YoY +4.6% － － － －

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