Oisix ra daichi (3182) Q2 2025 earnings summary

Executive summary

• Sales rose 119% year-over-year in H1, driven by the consolidation of SHIDAX as a subsidiary.

• EBITDA increased 91% year-over-year, reflecting profit growth from SHIDAX and improved COGS and logistics in BtoC.

• Net income grew 73% year-over-year, including one-off gains from business sales; adjusted net income excluding one-offs was in line with plan.

• Comprehensive income rose 42% year-over-year to ¥2,687 million, reflecting strong business performance.

Financial highlights

• H1 sales: ¥125.7bn (+119% YoY); EBITDA: ¥6.18bn (+91% YoY); operating profit: ¥3.33bn (+61% YoY); net income: ¥2.41bn (+73% YoY).

• Net income per share rose to ¥67.49 from ¥38.33 a year earlier.

• Gross profit for the period was ¥37.3bn, up from ¥28.6bn in the prior year.

• Total assets as of September 30, 2024, were ¥140.2bn, with a shareholders' equity ratio of 20.8%.

• One-off profit of ¥1.3bn from business sales; adjusted net income met expectations.

Outlook and guidance

• FY2025.3 targets: sales of ¥255bn and EBITDA of ¥11bn, both record highs, with steady progress toward these goals.

• Full-year net sales forecast is ¥255.5bn (+71.8% YoY), operating income ¥7bn (+36.1%), net income ¥3.2bn (-22.3%).

• Net income per share for the full year is forecast at ¥87.53.

• H2 focus: launch new Kit Oisix products, expand collaborations, and introduce functional kits to boost membership and ARPU.

• BtoB aims to expand the Time Performance food model and improve profitability despite rising costs.