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Syuppin Q2 2026 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q2 2026 earnings summary10 Nov, 2025
Executive summary
Net sales for the six months ended September 30, 2025, were ¥24,424 million, down 7.9% year-over-year, with 2Q FY03/2026 net sales and operating profit at 89.5% and 58.4% of plan, prompting a downward revision of the full-year forecast.
Operating profit decreased by 53.5% to ¥939 million, and net profit dropped 55.1% year-over-year to ¥613 million.
Profitability declined at all levels due to lower sales and increased SGA expenses.
The camera and watch businesses both experienced sales below expectations, with the camera segment impacted by a lack of new product launches and the watch segment by limited high-priced inventory procurement.
Financial highlights
2Q FY03/2026 net sales: ¥12,247 million (95.6% YoY), operating profit: ¥517 million (62.0% of plan), net income: ¥339 million (65.0% of plan).
Ordinary profit for the period was ¥922 million, a 54.0% decrease year-over-year.
Basic earnings per share fell to ¥28.33 from ¥63.03 in the prior year period.
SGA expenses increased 13.8% YoY, driven by higher personnel and promotion costs.
Gross profit margin remained stable at 18.7%.
Online net sales for the camera business: ¥9,887 million (96% YoY); watch business: ¥2,150 million (99% YoY).
Total assets as of September 30, 2025, were ¥17,354 million, down from ¥18,088 million as of March 31, 2025.
Net assets decreased to ¥9,430 million from ¥10,168 million at the previous fiscal year-end.
Outlook and guidance
Full-year earnings forecast revised downward due to underperformance in core businesses, with net sales forecast at ¥51,699 million (down 1.8% YoY) and operating profit projected to decline 26.8% to ¥2,486 million.
Net profit forecast for the year is ¥1,637 million, down 19.0% year-over-year.
Dividend payout ratio for FY03/2026 expected to exceed 60% due to profit decline, but dividend amount maintained, viewing the causes as short-term and improvable.
Basic earnings per share for the full year is expected to be ¥76.47.
Medium-term plan targets ROE of 30%+ and operating profit margin of 8%+.
Justify FY26 dividend increase despite H1 profit drop
What drives the expected H2 performance recovery?
Explain the treasury share reduction
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Next Syuppin earnings date
Q3 20266 Feb, 2026
Syuppin
Next Syuppin earnings date
Q3 20266 Feb, 2026
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Frequently asked questions
Syuppin Co., Ltd. is a Japan-based e-commerce and retail company specializing in the sale of pre-owned and new high-end products. The company operates online and physical stores, dealing in cameras, watches, writing instruments, and bicycles. It provides a marketplace for buying, selling, and trading luxury goods, catering to both domestic and international customers. The company is headquartered in Tokyo, Japan, and its shares are listed on the TSE.
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