Oisix ra daichi (3182) Q2 2026 earnings summary

Executive summary

• H1 FY25 sales rose 4.9% YoY to JPY 131.8 billion, with EBITDA at JPY 6.0 billion (down 1.4% YoY) and operating profit at JPY 3.0 billion (down 8.6% YoY) due to higher B2C marketing expenses and temporary impacts from subsidiary reorganization.

• Net income attributable to owners of parent declined 61.2% YoY to JPY 0.93 billion, mainly due to prior year non-recurring gains and a high effective tax rate at SHIDAX Group.

• B2C subscriber count increased YoY for the first time in two years, reaching 361K, but profit margin declined to 7.6% due to aggressive marketing.

• Strategic focus remains on expanding B2B and B2C subscription businesses, with mid-term targets to double profits by FY2029.

• Full acquisition of SHIDAX's Food and Social Service Businesses and sale of Vehicle and Other Businesses completed in October, improving financial stability and tax efficiency.

Financial highlights

• H1 FY25 sales: JPY 131.8 billion (+4.9% YoY); EBITDA: JPY 6.1 billion (-1.4% YoY); Operating profit: JPY 3.0 billion (-8.6% YoY); Net profit: JPY 0.93 billion (-61.2% YoY, due to prior year non-recurring gains).

• Gross profit increased to JPY 38.03 billion from JPY 37.28 billion YoY.

• B2C Subscription sales fell 3% YoY, with Oisix up 1% and Daichi + Radish flat; Purple Carrot down 28%.

• B2B Subscription sales grew 9% YoY; Social Service up 12%; Vehicle Operation Service up 9%.

• Adjusted segment profit margin: B2C 7.6%, B2B 4.4%, Social 4.3%, Vehicle 12.2%.

Outlook and guidance

• FY25 full-year forecast: Sales JPY 255.0 billion (-0.4% YoY), EBITDA JPY 12.85 billion (+0.4%), Operating profit JPY 7.3 billion (+6.3%), Net profit JPY 4.0 billion (+9.9%), EPS JPY 115.17.

• No revisions to the most recently announced forecast; guidance reflects the exclusion of Vehicle Operation and Other Businesses from consolidation after October 1, 2025.

• Expectation of a special gain from the sale of Vehicle Operation and Other Businesses in Q3 FY2025.

• B2C profit expected to remain stable, with cost improvements offsetting high H1 marketing spend.

• H2 focus on expanding "Cho-Raku Kit" and functional meal kits, and further B2B product development for elderly care.