SHOEI Co., Ltd. (TSE: 7839), the premium motorcycle-helmet maker with a large export business, reported consolidated first-half results for the six months ended March 31, 2026 (H1 FY9/2026) under Japanese GAAP. Revenue rose 3.0% year-on-year to ¥15,003 million, operating profit edged up 1.3% to ¥4,431 million, ordinary profit advanced 4.6% to ¥4,544 million, and net profit attributable to owners of the parent climbed 3.4% to ¥3,145 million from ¥3,041 million. SHOEI's fiscal year ends in September, so this is the company's interim report.
A weak yen offsets softer volume
The defining feature of the half was the interplay between currency and volume. Global unit volume fell 2.3% year-on-year as the premium-helmet market stayed soft outside China, yet a weaker yen lifted average unit prices enough to drive a revenue gain. Translation rates moved to ¥156.68 per U.S. dollar — ¥3.73 weaker than a year earlier — and ¥182.09 per euro, ¥20.55 weaker. That tailwind flowed through to the top line and helped operating profit hold its ground, with ordinary profit benefiting further from favorable non-operating items.
Regional sales: Asia surges, North America pulls back
By region, first-half sales were sharply divergent. Asia jumped 55.7% to ¥3,659 million, with unit volume up 50.6% and China volume up a striking 71.1%, making it the clear growth engine of the half. Europe — SHOEI's single largest market — was broadly flat at ¥6,198 million (+0.5%) even though unit volume there fell 8.7%, illustrating how higher average prices cushioned softer demand. "Other" regions (Oceania and South America) rose 37.4% to ¥623 million. Against that, North America dropped 33.6% to ¥1,857 million on a 34.6% volume decline, and Japan softened to ¥2,666 million (-4.6%) on a 15.8% volume fall.
North America decline is timing, not market deterioration
Management attributed the steep North American fall to a reaction against an unusually strong year-earlier quarter plus some shipment timing that pushed deliveries into the following month, rather than any deterioration in the underlying market. The combination of a tough comparison and calendar effects exaggerated the year-on-year drop; the company does not characterize it as a structural weakening of U.S. demand. Asia's outsized gain, led by China, was the other side of the same regional rebalancing.
Balance sheet absorbs a ¥2.46 billion buyback
Total assets stood at ¥36,974 million, down ¥874 million from the year-end, while net assets fell ¥1,800 million to ¥30,435 million. The decline in net assets was driven mainly by a ¥2,458 million treasury-stock buyback, partly offset by a ¥669 million positive foreign-currency translation adjustment as the weaker yen lifted the yen value of overseas equity. The buyback underscores SHOEI's continued commitment to shareholder returns even as it navigates a softer global helmet market.
Full-year guidance left unchanged
SHOEI kept its full-year FY9/2026 guidance unchanged from the forecast issued on November 14, 2025. Management noted that the premium-helmet market remains soft outside China, but that the weak yen is offsetting the volume softness, leaving the full-year outlook intact at the interim stage. With Asia accelerating, Europe holding on price, and the North American shortfall flagged as largely timing-related, the company enters the second half with its original targets unrevised.
| Metric | H1 FY9/2026 | H1 FY9/2025 | YoY |
|---|---|---|---|
| Revenue (¥M) | 15,003 | 14,562 | +3.0% |
| Operating profit (¥M) | 4,431 | 4,373 | +1.3% |
| Ordinary profit (¥M) | 4,544 | 4,343 | +4.6% |
| Net profit attrib. (¥M) | 3,145 | 3,041 | +3.4% |
| Total assets (¥M) | 36,974 | 37,848 | -2.3% |
| Net assets (¥M) | 30,435 | 32,235 | -5.6% |
JapanStockPulse provides informational content only and does not constitute investment advice. Figures are taken from the company's published earnings short report and may be subject to subsequent revision.