YAMAZAKI BAKING, 4% Increase in Ordinary Profit, Update Record High for Third Consecutive Term, Dividend Raised by 5 yen

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Fri Feb 14, 2025 3:30 pm JST Earnings

2212 YAMAZAKI BAKING CO., LTD. 【J-GAAP】

Earnings Report

YAMAZAKI BAKING CO., LTD. <2212> [TSE Prime] announced its financial results after the market closed on February 14th (15:30). The consolidated ordinary profit for the fiscal year ending December 2024 increased 23.7% from the previous period to 56.3 billion yen. In the fiscal year ending December 2025, the profit is expected to grow by 3.9% to 58.5 billion yen, marking the third consecutive term of record-high profits. This will be the fifth consecutive term of revenue and profit growth.

At the same time, the company has decided to increase the dividend this fiscal year to 50 yen, an increase of 5 yen from the previous fiscal year.

In the most recent three-month period, from October to December (4Q), the consolidated ordinary profit amounted to 15 billion yen, an increase of 2.1% compared to the same period last year. However, the operating profit margin remained almost flat, changing from 4.3% in the same period last year to 4.0%.

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Actual Results

Historical Performance

Fiscal Year	Revenue	Operating Profit	Ordinary Profit	Net Profit	Adj. EPS	Adj. Dividend	Announce	Accounting Standards
Dec, 2022	1,077,009	22,032	26,127	12,368	59.1	22	Feb 14, 2023	J-GAAP
Dec, 2023	1,175,562	41,962	45,526	30,168	146.2	25	Feb 14, 2024	J-GAAP
Dec, 2024	1,244,488	51,873	56,305	36,015	178.6	45	Feb 14, 2025	J-GAAP
YoY	+5.9%	+23.6%	+23.7%	+19.4%	+22.2%

Full Year Results vs. Previous Guidance

Fiscal Year	Revenue	Operating Profit	Ordinary Profit	Net Profit	Adj. EPS	Adj. Dividend	Announce	Accounting Standards
Dec, 2024 Guidance	1,234,000	54,500	59,000	36,500	183.5	45	Jan 28, 2025	J-GAAP
Dec, 2024 Results	1,244,488	51,873	56,305	36,015	178.6	45	Feb 14, 2025	J-GAAP
Revision Rate	+0.8%	-4.8%	-4.6%	-1.3%	-2.7%

Current Period Guidance

H1 Results

Fiscal Year	Revenue	Operating Profit	Ordinary Profit	Net Profit	Adj. EPS	Adj. Dividend	Announce	Accounting Standards
Jan - Jun, 2024	617,747	31,029	34,028	21,569	106.0	－	Jul 31, 2024	J-GAAP
Jan - Jun, 2025 Guidance	633,000	32,300	34,500	22,000	111.4	－	Feb 14, 2025	J-GAAP
YoY	+2.5%	+4.1%	+1.4%	+2.0%	+5.1%

Current Period Guidance

Fiscal Year	Revenue	Operating Profit	Ordinary Profit	Net Profit	Adj. EPS	Adj. Dividend	Announce	Accounting Standards
Dec, 2023	1,175,562	41,962	45,526	30,168	146.2	25	Feb 14, 2024	J-GAAP
Dec, 2024	1,244,488	51,873	56,305	36,015	178.6	45	Feb 14, 2025	J-GAAP
Dec, 2025 Guidance	1,275,000	55,000	58,500	37,000	187.3	50	Feb 14, 2025	J-GAAP
YoY	+2.5%	+6.0%	+3.9%	+2.7%	+4.9%

Quarterly Results

Fiscal Year	Revenue	Operating Profit	Ordinary Profit	Net Profit	Adj. EPS	Operating Profit Margin	Announce	Accounting Standards
Oct - Dec, 2023	329,337	14,094	14,700	11,300	54.8	4.3	Feb 14, 2024	J-GAAP
Jan - Mar, 2024	306,658	16,512	17,382	10,944	53.6	5.4	Apr 26, 2024	J-GAAP
Apr - Jun, 2024	311,089	14,517	16,646	10,625	52.2	4.7	Jul 31, 2024	J-GAAP
Jul - Sep, 2024	301,846	7,756	7,268	5,237	25.9	2.6	Oct 29, 2024	J-GAAP
Oct - Dec, 2024	324,895	13,088	15,009	9,209	45.7	4.0	Feb 14, 2025	J-GAAP
YoY	-1.3%	-7.1%	+2.1%	-18.5%	-16.6%