• Enhanced productivity drove margin expansion - Ryobi’s FY12/25 results surpassed company guidance, with OP surging +33.4% YoY. The Die Casting segment benefited from a broad recovery in global automotive production. While Builders’ Hardware and Printing Equipment saw stagnant top-line growth, both segments delivered OP expansion, supported by rigorous cost discipline and productivity gains. Management showed a stronger commitment to shareholder return through the strategic unwinding of cross-shareholdings and a robust dividend policy. Looking ahead to FY12/26, we anticipate steady revenue growth; however, OP growth is expected to moderate YoY due to headwinds within the Printing Equipment segment.
