Nikon Reports Heavy Losses and Impairments, Revises FY2025 Forecasts

Nikon posted nine‑month revenue of ¥483.91 billion and a nine‑month operating loss of ¥103.6 billion as the company recognized large impairment charges and revised its full‑year forecasts. The damage was concentrated in the Digital Manufacturing Business, where Nikon recorded impairment losses of ¥90,627 million that include goodwill of ¥60,568 million and identifiable intangible assets of ¥26,244 million related to Nikon SLM Solutions AG, reflecting “a decline in the expected future growth rate and intensifying competitive environment in the metal 3D printer market.”

The results left net loss attributable to owners at ¥87.2 billion for the nine months and basic earnings per share at negative ¥265.03, compared with a profit per share of ¥18.02 a year earlier. Third quarter operating profit alone swung to negative ¥98.8 billion, meaning the single quarter accounted for a large share of the year‑to‑date operating loss. TipRanks noted the company’s equity ratio fell to 52.4% from 57.4% at the prior fiscal year‑end.

The Imaging Products Business remained profitable overall, but revenue and operating profit both declined year over year. Future reported imaging revenue down 2.8 percent and operating profit down 52.2 percent to ¥20.9 billion for the first three quarters. PetaPixel added that imaging operating profit missed expectations by ¥11 billion, and attributed the shortfall in part to lower average selling prices and higher marketing costs as competition intensified. Future also flagged that Nikon sold more mirrorless cameras year on year, but “thanks to those cameras being popular budget models like the Z50 II and Z5 II and discounts lowering the average selling price, the imaging giant has posted a loss in revenue.”

Currency shifts, tariffs and non‑cash write‑downs were central to the hit. PetaPixel and corporate filings pointed to foreign exchange effects and impairment of non‑financial assets as primary drivers. Future estimated tariff costs at about ¥5.1 billion so far and roughly ¥7.0 billion by fiscal year‑end. Nikon’s consolidated statement summarized balance‑sheet movement: total assets fell by ¥10,687 million to ¥1,099,827 million, driven by a ¥71,289 million decrease in goodwill and intangible assets even as inventories rose ¥44,123 million.

In response, Nikon trimmed unit forecasts for the fiscal year: camera sales down from 950,000 to 900,000 units and lens sales down from 1.4 million to 1.3 million. The company guided to a full‑year operating loss near ¥100.0 billion and a net loss of ¥85.0 billion, with revenue guidance in the same range as reported by market wires. TipRanks said Nikon still plans a reduced total annual dividend of ¥40 per share and is streamlining its scope of consolidation by excluding Nikon Metrology NV and another subsidiary.

For photographers and buyers, this is more than corporate accounting. The shift toward lower‑priced mirrorless models and discounting that pressured average selling prices suggests promotions may persist and product mix could favor budget cameras in the near term. Nikon itself maintains the market has “mid-to-long-term strength,” and the company says it “believes that the Z5 II, Z50 II, and ZR will deliver strong overall sales.” Check pricing and warranty terms before purchasing, monitor announced model roadmaps, and watch Nikon’s next quarterly update for how impairments and cost controls affect R&D and high‑end product timing.