资生堂集团Shiseido（4911.T）2025年度业绩数据及2026年展望报告「TSE」（英文版）（45页）.pdf

1、February 10,2026Shiseido Company,LimitedKentaro Fujiwara President and CEOAyako Hirofuji CFO2025 Results(JanuaryDecember)and 2026 OutlookIn this document,statements other than historical facts are forward-looking statements that reflect our plans and expectations.These forward-looking statements inv

2、olve risks,uncertainties,and other factors that may cause actual results and achievements to differ from those anticipated in these statements.Core OP:44.5 bn;Core OP Margin:4.6%Realized tangible results through enhanced financial discipline,driving structural reforms and cost efficiencies despite a

3、 YoY sales decline Delivered profit well above the initial target of 36.5 bn Free Cash Flow of 66.5 bn Boosted by working capital improvement and CAPEX optimization Net Sales:largely in line with estimates,regaining momentum in 2H Key brands delivered+4%net sales(LfL*)growth in 2H Market share gains

4、 in Japan local,China,and Asia Pacific Americas faced continued challenges in Q4,whereas China&Travel Retail sustained their recovery momentum 2026 Targets:Core OP Margin 7%;ROIC 5%;ROE 7%;Free Cash Flow 50.0 bn Accelerate sales and profit growth fueled by new product launches featuring cutting-edge

5、 innovations,driving significant improvement in financial KPIs 2026:Plan to increase the annual dividend to 60 per share,up from 40 in 20252025 Results and 2026 Outlook:Key HighlightsAchieved strong earnings recovery with sound financial position;Our initiatives bearing fruit,improving capital effic

6、iency3*Like-for-like increase(decrease)in net sales excludes the impacts of foreign exchange translation and all business transfers in 2025 and 2024 as well as the services provided during the transition period,and the impact ofsales prior to the acquisition of Dr.Dennis Gross Skincarein 2024 and it