To our shareholders and investors

We would like to begin this message by expressing gratitude to our shareholders and investors for their ongoing support.
1. Operating and financial review
Consolidation period due to the change in fiscal year-end
- First half of the fiscal year ending December 31, 2025
Daifuku Co., Ltd. and all subsidiaries: January 1, 2025 to June 30, 2025
- First half of the fiscal year ended December 31, 2024
Daifuku Co., Ltd. and its subsidiaries with a fiscal year ending in March, mainly in Japan: April 1, 2024 to September 30, 2024
Most non-Japan subsidiaries: January 1, 2024 to June 30, 2024
Effective from the fiscal year ended December 31, 2024, the fiscal year-end (the closing date of the fiscal year) of the Company has been changed from March 31 to December 31 every year. As stated above, although the first half of the previous fiscal year and the first half of the current fiscal year cover different periods, the percentage change from the first half of the previous fiscal year is provided for reference.
During the first half of the fiscal year ending December 31, 2025, the global economy generally remained favorable, but uncertainty increased due to the impact of U.S. trade policy and the sluggish Chinese economy.
Looking at the business environment for the manufacturing and distribution sectors in Japan and the United States, investment in automation at manufacturing and logistics sites is recovering against the backdrop of labor shortages and substantially higher labor costs. In the semiconductor industry, legacy semiconductor investment in China continues, while strong demand for investment in certain advanced semiconductors, including automation in back-end processes, remains strong with increased demand for AI applications. In the automotive industry, while customers have delayed investment decisions as they await the final determination on tariffs, a high level of investment continued to be planned, mainly in the United States. Also, demand for investment in automation at airports to meet the increase in number of air passengers continues.
In this economic and business environment, during the first half of the fiscal year, orders received remained at a level comparable to the previous year. While orders for intralogistics systems from manufacturers and distributors and for automotive systems declined, this was offset by an increase in orders for cleanroom systems from the semiconductor sector, and airport systems.
Sales increased, supported by a favorable performance in intralogistics systems, cleanroom systems, and automotive systems, which benefiting from an extensive order backlog at the end of the previous fiscal year.
Specifically, the Group received orders of 334,458 million yen, up 0.2% from same period of the previous fiscal year and recorded sales of 326,489 million yen, up 7.9%.
Note that, until the previous consolidated fiscal year, the change in order backlog at the end of the most recent period due to exchange rate fluctuations was included in the amount of orders received for that period. However, from the current fiscal year, this amount will no longer be included in the amount of orders received. Orders for the first half of the fiscal year ended December 31, 2024 include the impact of exchange rate fluctuations on the order backlog at the end of the fiscal year ended March 31, 2024 of 28.1 billion yen. Excluding this impact, the year-on-year change was an increase of 9.4%.On a quarterly basis, orders received in the second quarter of the current fiscal year (April to June, 2025) totaled 191,335 million yen, representing a 33.7% increase from the first quarter (January to March, 2025) result of 143,123 million yen. Furthermore, excluding the impact of exchange rate fluctuations on the order backlog at the end of the most recent period, the second quarter of the current fiscal year marked the highest quarterly order volume since the fiscal year ended March 2024.
In terms of profits, profit margins increased as the result of cost-cutting initiatives such as production efficiency improvements, and the fact that the first half of the current fiscal year included January to March in Japan, a period when high-margin service sales increase due to seasonal factors (the first half of the previous fiscal year included April to September in Japan).
Consequently, the Group posted operating income of 51,103 million yen, up 34.0% from the same period of the previous fiscal year, and ordinary income of 52,523 million yen, up 37.5%. Net income attributable to shareholders of the parent company was 37,623 million yen, up 26.6%.
Sales, operating income, ordinary income, and net income attributable to shareholders of the parent company reached new record highs for the first half of the fiscal year.
2. Outlook for the fiscal year ending December 31, 2025
Year ended December 2024 | [Reference] Year ended December 2024 (Japan: 12 months) |
Year ending December 2025 forecast | |
Orders received | 594.7 billion yen | 653.1 billion yen | 700.0 billion yen |
Net sales | 563.2 billion yen | 643.9 billion yen | 650.0 billion yen |
Operating income | 71.5 billion yen | 81.0 billion yen | 87.0 billion yen |
Ordinary income | 74.4 billion yen | 84.2 billion yen | 90.0 billion yen |
Net income attributable to shareholders of the parent company | 57.0 billion yen | 64.4 billion yen | 68.0 billion yen |
The above forecast values are our projections based on information available at the time of this release and contain various uncertainties. Actual results may differ materially from forecast values due to factors such as changes in the business performance of the Company.
Note:
Due to the change in fiscal year-end, the fiscal year ended December 2024 was a 9-month period in Japan and a 12-month period outside of Japan. In the table above, "Year ended December 2024" reflects results for 9 months in Japan and 12 months outside of Japan, and "Year ended December 2024 (Japan: 12 months)" is calculated assuming a 12-month period in and outside of Japan.
3. Basic policy for dividends
The Company regards the return of profits to shareholders as its most important management task and adopts a performance-based policy for cash dividends based on consolidated net income. The Company appropriates the remaining surplus to internal reserves for future growth.
In the four-year business plan for 2027, the Company aims to achieve a consolidated dividend payout ratio of 35% or more for each fiscal year to further enhance shareholder returns.
Given the above policy and the revision upward to its income forecast, the Company has decided to increase its Q2-end (interim) dividend by 2 yen per share to 34 yen from the forecast previously announced in May. The year-end dividend forecast has also been revised upward by 2 yen per share to 34 yen. Accordingly, the consolidated dividend payout ratio for the fiscal year ending December 31, 2025 is expected to be 36.8%.
We respectfully ask our shareholders and investors for their continued support.
August 2025
Hiroshi Geshiro, President and CEO