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Nippon Paint HoldingsNIPPON PAINT HOLDINGS CO.,LTD.4612東証プライム化学FY ending Dec 2025, consolidated, IFRS

Nippon Paint Holdings FY ending Dec 2025 results

About 50% of Nippon Paint Holdings's sales come from NIPSEA, with DuluxGroup and Japan making up much of the rest.

Out of every ¥100 of sales, about ¥15 is left as operating profit.

Revenue changed +8.3% from the prior year, operating profit +38.1%.

Revenue and profit pattern

Revenue and profit upProfit grew faster

Revenue +8.3% · profit +38.1%, calculated from disclosed figures.

Operating leverage: 4.60× (profit growth ÷ revenue growth)

What changed from last year

FY ending Dec 2024 → FY ending Dec 2025

Revenue
+8.3%¥1.64T → ¥1.77T
Gross profit
+14.1%¥657.4B → ¥750.2B
Operating income
+38.1%¥186.2B → ¥257.1B
Net income attributable to owners
+42.8%¥125.9B → ¥179.8B
Operating cash flow
+12.0%¥167.4B → ¥187.5B
Free cash flow
+22.5%¥118.4B → ¥145B

Results at a glance

  • Revenue for the FY ending Dec 2025 was ¥1.77T, up +8.3% from ¥1.64T.
  • Operating income rose +38.1% to ¥257.1B, and net income attributable to owners rose +42.8% to ¥179.8B, both well ahead of sales growth.
  • Operating cash flow also grew, by +12.0% to ¥187.5B.

What drove the change

  • AOC, acquired in March 2025, added its results for most of the year and lifted revenue
  • Raw material and SG&A costs fell as a share of sales, and the company booked a gain from selling assets at its Tokyo site
  • Partly offsetting this, weak European markets led to a goodwill impairment at Cromology, part of DuluxGroup

Things to watch

  • Asia, and China in particular, is a large share of sales, so a weaker Chinese economy or property market could hurt results
  • About half of raw materials come from petrochemicals, and the company may not always pass higher oil and naphtha costs on to customers
  • Acquisitions have left large goodwill and borrowings, so impairments or higher interest rates could weigh on earnings

Annual securities report, FY ending Dec 2025 / 経営者による財政状態、経営成績及びキャッシュ・フローの状況の分析 · Annual securities report, FY ending Dec 2025 / 事業等のリスク

Where the money goes

FY ending Dec 2024 → FY ending Dec 2025

Where ¥100 of sales goes

For every ¥100 Nippon Paint Holdings sells, how much goes where, and how much is kept.

FY ending Dec 2025
Cost of sales
¥58
SG&A
¥28
Other costs
¥1
Operating profit
¥15
Net profit kept
¥10

Annual margin trends

Gross margin42.3%
FY ending Dec 2020: 41.6%41.6%FY ending Dec 2021: 37.9%37.9%FY ending Dec 2022: 37.2%37.2%FY ending Dec 2023: 39.9%39.9%FY ending Dec 2024: 40.1%40.1%FY ending Dec 2025: 42.3%42.3%FY20FY21FY22FY23FY24FY25
Operating margin14.5%
FY ending Dec 2020: 11.3%11.3%FY ending Dec 2021: 8.8%8.8%FY ending Dec 2022: 8.5%8.5%FY ending Dec 2023: 11.7%11.7%FY ending Dec 2024: 11.4%11.4%FY ending Dec 2025: 14.5%14.5%FY20FY21FY22FY23FY24FY25
Net margin10.1%
FY ending Dec 2020: 5.7%5.7%FY ending Dec 2021: 6.8%6.8%FY ending Dec 2022: 6.1%6.1%FY ending Dec 2023: 8.2%8.2%FY ending Dec 2024: 7.7%7.7%FY ending Dec 2025: 10.1%10.1%FY20FY21FY22FY23FY24FY25

Aligned fiscal years compare the shares of revenue remaining as gross, core, and net profit. Missing years are left unconnected.

Which businesses earn the money

Revenue by business segment, and the profit each one keeps.

FY ending Dec 2025

Profit by segment

※ Segment figures include inter-segment sales and do not sum to the company total

Sources

Show source documents (6)

  • EDINET (FSA Japan)

    有価証券報告書－第200期(2025/01/01－2025/12/31)

    ID S100XU2S2026-03-26Open

  • EDINET (FSA Japan)

    有価証券報告書－第199期(2024/01/01－2024/12/31)

    ID S100VGVI2025-03-28Open

  • EDINET (FSA Japan)

    有価証券報告書－第198期(2023/01/01－2023/12/31)

    ID S100T58G2024-03-28Open

  • EDINET (FSA Japan)

    有価証券報告書－第197期(2022/01/01－2022/12/31)

    ID S100QGT02023-03-29Open

  • EDINET (FSA Japan)

    有価証券報告書－第196期(令和3年1月1日－令和3年12月31日)

    ID S100NSDQ2022-03-30Open

  • EDINET (FSA Japan)

    訂正有価証券報告書－第195期(令和2年1月1日－令和2年12月31日)

    ID S100L5A12021-04-09Open

Extracted from XBRL: 45 / Derived from other figures: 1

Spotted an error? Report it (corrections keep the original record)

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