SHIMANO INC.
7309・Prime Market・Transportation Equipment
Bicycle Components
Shimano's core segment, supplying high-performance bicycle components worldwide.
| Period | Current | Previous | Change |
|---|---|---|---|
| Net Sales (1Q FY2026, ending December 2026) | ¥87,361 million | ¥87,972 million (1Q FY2025, ending December 2025) | ↓ |
| Operating Income (1Q FY2026, ending December 2026) | ¥7,792 million | ¥14,503 million (1Q FY2025, ending December 2025) | ↓ |
| Operating Margin (1Q FY2026, ending December 2026) | 8.9% | 16.5% (1Q FY2025, ending December 2025) | ↓ |
| Net Sales (Full Year FY2025, ending December 2025) | ¥354,972 million | — | — |
| Operating Income (Full Year FY2025, ending December 2025) | ¥42,841 million | — | — |
| Operating Margin (Full Year FY2025, ending December 2025) | 12.1% | — | — |
Business Details
This segment manufactures and sells drivetrain components (gears, etc.), braking components (brakes, etc.), and other bicycle components and related products. In addition to domestic manufacturing sites, production is carried out at overseas facilities in Singapore, Malaysia, and China (Kunshan), with global distribution through sales subsidiaries in Europe and North America. This core business accounts for approximately 74% of consolidated net sales and holds an overwhelming brand position in high-value-added components within the sports cycling market.
Recent Overview
In 1Q FY2026, net sales declined slightly while operating income deteriorated sharply, down 46.3% year-on-year.
In the Bicycle Components segment for the first quarter of FY2026 (ending December 2026), net sales were ¥87,361 million (down 0.7% year-on-year) and operating income was ¥7,792 million (down 46.3% year-on-year). Market inventory remained somewhat elevated in Europe, Asia, and Japan, with retail sales of completed bicycles trending weak. In the North American market, sales were weak due to uncertainty stemming from tariff policy, although inventory levels remained appropriate. Only the Oceania market was firm. High evaluations of XTR, DEORE XT, and DEORE continued, and attention to Q'AUTO also rose, but overall weak demand pressured profitability.
Key Products
Growth Drivers
- Continued strong long-term interest in cycling and the ongoing penetration of sports cycling culture
- Demand capture driven by high evaluations of renewed MTB components (XTR, DEORE XT, DEORE)
- Development of new markets through innovative new products such as the self-generating automatic shifting system "Q'AUTO"
- Progress in normalizing market inventory levels in some regions (North America and Oceania)
- Resilient interest in sports cycling in the Chinese market
Risks
- Market inventory in Europe, Asia, and Japan remaining at somewhat elevated levels
- Sluggish retail sales and slowing personal consumption in the Chinese market
- Weak personal consumption and impact on retail sales due to rising prices of completed bicycles and general price increases
- Economic uncertainty stemming from tariff policy and lack of robust personal consumption in the North American market
- Increased personnel costs due to inflation and increases in software-related expenses, advertising expenses, and shipping costs
- Risk of rising crude oil prices due to tariff policy and geopolitical risks (Middle East situation, etc.)
- Margin pressure from increased selling, general and administrative expenses (¥31,456 million in 1Q FY2026 versus ¥28,955 million in the same period of the prior year)
Last updated: March 17, 2026