Trial Holdings (141A) Q4 2025 earnings summary

Executive summary

• Achieved record FY2025 sales of ¥803.8Bn (+12.0% YoY) and operating profit of ¥21.1Bn (+10.2% YoY), marking 25 consecutive years of growth.

• Store count increased by 34 to 352, with same-store sales up 3.6% YoY, driving sales growth.

• Comprehensive income decreased 1.9% YoY to ¥11.88Bn, while profit attributable to owners of parent rose 2.7% to ¥11.75Bn.

• Integration of Seiyu completed, positioning for significant scale and nationwide coverage.

Financial highlights

• FY2025 sales: ¥803.8Bn (+12.0% YoY); operating profit: ¥21.1Bn (+10.2% YoY); net income: ¥11.75Bn (+2.7% YoY).

• Q4 FY2025 sales: ¥203.8Bn (+12.8% YoY); operating income: ¥7.64Bn (+103.1% YoY); net income: ¥3.38Bn (+73.7% YoY).

• Gross profit for FY2025: ¥164.8Bn (+15.8% YoY); gross margin: 20.5% (+0.7pts YoY).

• Basic EPS was ¥96.23, down from ¥109.77 the previous year.

• Cash and cash equivalents at period end decreased to ¥72.33Bn from ¥91.95Bn.

Outlook and guidance

• FY2026 forecast: sales ¥1.32Tn (+64.5% YoY), operating profit ¥25.4Bn (+20.3% YoY), EBITDA ¥66.3Bn.

• Seiyu integration expected to drive group performance, with operating profit projected to rise 49.2% YoY.

• Profit attributable to owners of parent is projected to decline 95.7% to ¥500M, with EPS forecast at ¥4.09.

• Focus on aggressive store openings, refined pricing, and leveraging Seiyu synergies.