AZ-COM MARUWA (9090) Q4 2025 earnings summary

Executive summary

• Net sales rose 4.9% year-over-year to ¥208.4 billion, surpassing forecasts, but operating profit declined 20.8% to ¥10.97 billion and profit attributable to owners of parent fell 20.1% to ¥7.28 billion due to increased costs and one-time expenses.

• The logistics business saw growth in last mile, 3PL, low-temperature food, and medical logistics, but ordinary-temperature transportation sales declined due to a base closure.

• The Group launched a Medium-term Management Plan focusing on high profitability, resilience, BCP logistics, and digital transformation.

Financial highlights

• Gross profit decreased 8.1% year-over-year to ¥21.41 billion as cost of sales increased 6.7%.

• Ordinary profit dropped 19.7% year-over-year to ¥11.65 billion.

• Earnings per share was ¥54.06, down from ¥70.88 the previous year.

• Net assets increased to ¥60.44 billion, equity ratio improved to 41.7%.

• Annual dividend per share increased to ¥32.00, with a payout ratio of 59.2%.

Outlook and guidance

• FY2026/3 net sales forecasted to grow 5.6% to ¥220 billion, operating profit to rise 8.5% to ¥11.9 billion, and profit attributable to owners of parent projected at ¥7.3 billion, nearly flat year-over-year.

• The Group plans to open its largest logistics facility in October 2025 and continue structural reforms and new business development.

• Dividend per share maintained at ¥32.00, targeting a payout ratio of ~40%.