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YAMAZAKI BAKING, Ordinary Profit Forecast for the Fiscal Year Revised Upward by 3%, Raises Record High Profit Forecast

Wed Oct 29, 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 October 29th (15:30). The consolidated ordinary profit for the cumulative third quarter of the fiscal year ending December 2025 (January to September) increased 12.2% from the same period last year, reaching 46.3 billion yen.

In addition, the full-year forecast for consolidated ordinary profit has been revised upward 3.4%, from the previous forecast of 59.5 billion yen to 61.5 billion yen (compared to 56.3 billion yen in the previous period), increasing the growth rate from 5.7% to 9.2%, further surpassing the previous forecast of record-high profits for three consecutive terms.

Based on the full-year plan announced by the company after the upward revision, our estimate of the consolidated ordinary profit for the July to December period (second half) is expected to increase 8.3%, from the previous forecast of 24.0 billion yen to 26.0 billion yen (compared to 22.2 billion yen in the same period of the previous year), increasing the growth rate from 8.0% to 16.9%.

In the most recent three-month period, from July to September (3Q), the consolidated ordinary profit increased 49.5% from the same period last year, reaching 10.8 billion yen. The operating profit margin improved from 2.6% in the same period last year to 3.2%.

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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 846,225 27,868 30,826 18,868 91.4 67.7 Oct 25, 2023 J-GAAP
Jan - Sep, 2024 919,593 38,785 41,296 26,806 132.4 73.3 Oct 29, 2024 J-GAAP
Jan - Sep, 2025 968,100 44,718 46,317 29,725 150.3 75.3 Oct 29, 2025 J-GAAP
YoY +5.3% +15.3% +12.2% +10.9% +13.5%

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 642,367 22,810 24,052 15,017 76.0 50 Aug 1, 2025 J-GAAP
Jul - Dec, 2025 New 652,367 24,310 26,052 16,017 81.1 50 Oct 29, 2025 J-GAAP
Revision Rate +1.6% +6.6% +8.3% +6.7% +6.7%

Full Year Update

Fiscal Year Revenue Operating Profit Ordinary Profit Net Profit Adj. EPS Adj. Dividend Announce Accounting Standards
Dec, 2025 Prev 1,293,000 57,500 59,500 38,000 192.4 50 Aug 1, 2025 J-GAAP
Dec, 2025 New 1,303,000 59,000 61,500 39,000 197.4 50 Oct 29, 2025 J-GAAP
Revision Rate +0.8% +2.6% +3.4% +2.6% +2.6%

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 626,741 20,844 22,277 14,446 71.6 45 Feb 14, 2025 J-GAAP
Jul - Dec, 2025 Guidance 652,367 24,310 26,052 16,017 81.1 50 Oct 29, 2025 J-GAAP
YoY +4.1% +16.6% +16.9% +10.9% +13.2%

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 1,303,000 59,000 61,500 39,000 197.4 50 Oct 29, 2025 J-GAAP
YoY +4.7% +13.7% +9.2% +8.3% +10.5%

Quarterly Results

Fiscal Year Revenue Operating Profit Ordinary Profit Net Profit Adj. EPS Operating Profit Margin Announce Accounting Standards
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
Jan - Mar, 2025 318,735 16,817 16,550 10,979 55.4 5.3 Apr 25, 2025 J-GAAP
Apr - Jun, 2025 331,898 17,873 18,898 12,004 60.6 5.4 Aug 1, 2025 J-GAAP
Jul - Sep, 2025 317,467 10,028 10,869 6,742 34.1 3.2 Oct 29, 2025 J-GAAP
YoY +5.2% +29.3% +49.5% +28.7% +31.8%

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