Shimano posted a 2.7% rise in 2025 bicycle component sales to €2.1B, but operating income dropped 20.9% to €254m. Europe led demand, China cooled sharply, and North America and Japan saw softer consumer spending. A stronger Q4 offered some relief with sequential gains in revenue and profit. For 2026, the company forecasts a 1.4% sales dip and further margin pressure amid global uncertainty.