Oisix ra daichi (3182) Q4 2025 earnings summary

Executive summary

• FY24 net sales reached JPY 256,009MM (+72.5% YoY) and EBITDA JPY 12,800MM (+55.3% YoY), both record highs, driven by SHIDAX consolidation, BtoC margin expansion, and robust BtoB growth.

• BtoC profit margin hit 11.5% due to higher ARPU, improved service/product quality, revised shipping fees, and cost efficiencies.

• BtoB sales rose with SHIDAX, but profit margin declined in H2 FY24 from wage and food cost increases.

• Net income declined 11.4% YoY to JPY 3,638MM, but exceeded forecast due to gains from share sales in a subsidiary, despite non-operating/extraordinary losses.

• Inventory overstatement at SLOGIX led to restatements and internal control enhancements.

Financial highlights

• FY24 sales: JPY 256,009MM (+72.5% YoY); EBITDA: JPY 12,800MM (+55.3% YoY); Operating profit: JPY 6,864MM (+33.9% YoY).

• Net income: JPY 3,638MM (-11.4% YoY, but +13.7% vs forecast).

• EPS: 103.13 yen (down from 112.38 yen); net assets per share: 874.72 yen.

• Cash and cash equivalents at year-end: JPY 18,955MM (down from 29,440MM YoY).

• Social and vehicle operation services outperformed forecasts.

Outlook and guidance

• FY25 forecast: sales JPY 270,000MM (+5.5%), EBITDA JPY 14,000MM (+9.4%), operating profit JPY 8,000MM (+16.5%), net income JPY 4,000MM (+9.9%).

• Dividend forecast for FY25: 16.00 yen per share.

• BtoC to drive growth via higher ARPU and cost efficiencies; BtoB to recover margin through price optimization and operational standardization.

• Profits expected to concentrate in H2 FY25; M&A may impact results.

• Mid-term strategy targets JPY 300Bn sales and 1.7x normalized EPS by FY29, leveraging M&A and organic growth.