Ricoh’s Q3 Profit Masks Subdued Printing Volumes

Ricoh’s Q3 Profit Masks Subdued Printing Volumes

Ricoh reported consolidated sales of ¥1,882.3 billion ($12.00 billion) for the first nine months of fiscal year 2025, representing a 2.6% year-on-year increase, supported primarily by solid performance in the domestic market despite continued weakness overseas. Operating profit for the period more than doubled to ¥70.0 billion ($0.45 billion), reflecting improved profitability across the group.

The earnings improvement was largely driven by structural reforms and cost disciplines. While the printing business remains a core pillar of Ricoh’s operations, demand for office printing hardware continued to face pressure, particularly in overseas markets, where customers remained cautious on capital spending and page volumes stayed subdued.

Within the office printing and related imaging businesses, Ricoh saw ongoing declines in equipment demand. Although consumables demand provided some stability, it was insufficient to offset lower hardware installations. Nevertheless, profitability in the printing segment improved as the company benefited from price optimization measures and the effects of earlier structural reforms.

Non-printing businesses, including digital services and related solutions, provided a partial offset to the weakness in traditional printing. Domestic sales rose 11.3% year on year to ¥751.6 billion ($4.79 billion), reflecting stronger demand in Japan and progress in Ricoh’s portfolio transformation. However, the company acknowledged that these businesses have not yet fully compensated for the structural contraction of the office printing market.

Looking ahead, Ricoh maintained its full-year outlook for fiscal 2025, forecasting consolidated sales of ¥2,600.0 billion ($16.58 billion), up 2.9% year on year, and operating profit of ¥90.0 billion ($0.57 billion). The company noted that the business environment surrounding office printing is expected to remain challenging, as changes in workstyles and ongoing cost pressures continue to weigh on demand, even as profitability improvements are expected to continue.

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