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Trial Holdings
Trial Holdings (141A) investor relations material
Trial Holdings Q2 2026 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q2 2026 earnings summary12 Feb, 2026
Executive summary
1H FY6/2026 consolidated results exceeded plan in both sales and profit, with operating profit 60.4% above forecast and net profit 5.1 times the target, driven by the full acquisition of SEIYU and strong store performance.
Net sales for the six months ended December 31, 2025, rose 67% year-over-year to ¥674,117 million, with EBITDA up 125% to ¥36,018 million and operating profit up 71.9% to ¥16,677 million.
Eight new subsidiaries, including Seiyu Co., Ltd., were added to the consolidation scope during the period, expanding the total store count to 611.
Goodwill (¥298.8bn, 20 years) and related amortization (approx. ¥7.6bn in 1H) were recorded, along with M&A-related borrowings (approx. ¥367.4bn) and one-off costs in Q1.
Profit attributable to owners of parent decreased 33.8% year-over-year to ¥4,057 million, and basic earnings per share dropped to ¥33.17 from ¥50.27.
Financial highlights
Net sales rose 67.0% YoY to ¥674.1bn; gross profit doubled (+100.2%) to ¥160.3bn; operating profit up 71.9% YoY to ¥16.6bn.
Gross profit margin improved by 4.0pts to 23.8%; operating profit margin at 2.5%.
EBITDA reached ¥36.0bn, up 225.4% YoY; EBITDA margin for the six months ended December 31, 2025, was approximately 5.3%.
Ordinary profit grew 85.4% YoY, absorbing one-time loan structuring fees.
Total assets surged to ¥850,466 million as of December 31, 2025, up from ¥300,283 million at June 30, 2025.
Outlook and guidance
No change to the consolidated forecast for FY6/2026; full-year net sales projected at ¥1,322.5bn and operating profit at ¥25.4bn.
Profit attributable to owners of parent is expected to decline 37.4% to ¥13,900 million.
TRIAL targets further GPM improvement and OP growth through store expansion, pricing strategies, and SEIYU integration synergies.
SEIYU to focus on revitalizing existing stores and upfront investments to rebuild customer loyalty.
Annual dividend forecast is ¥16.00 per share, unchanged from the previous year.
Explain the significant H2 profit forecast drop
Acquisition's impact on net profit drivers?
Future plans for high leverage post-acquisition?
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Latest events from Trial Holdings
- Targets ¥1.63T sales and 16.5% ROE by FY2029, leveraging SEIYU synergies and digital innovation.141A
Investor presentation12 Feb 2026 - Net sales and EBITDA soared, but net profit turned negative amid higher costs and liabilities.141AQ1 202613 Nov 2025
- Record sales and profit growth, but next year's net profit is set to plunge.141AQ4 202513 Aug 2025
- Sales and profits rose, with strong outlook and stable dividends despite higher costs.141AQ1 202513 Jun 2025
- Record sales and profit growth, with strong FY2025 outlook and higher dividends.141AQ4 202413 Jun 2025
- Double-digit sales growth offset by profit pressure from rising costs and store expansion.141AQ3 20256 Jun 2025
- Sales up 11.1% YoY, profits down; outlook strong with store and tech expansion.141AQ2 20255 Jun 2025
Next Trial Holdings earnings date
Q3 202614 May, 2026
Trial Holdings
Next Trial Holdings earnings date
Q3 202614 May, 2026
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