Bell-Park (9441) investor relations material

Executive summary

• Net sales for 1Q FY2026 increased 5.7% year-over-year to ¥36,215 million, with operating income up 11.3% to ¥2,732 million and profit attributable to owners of parent rising 11.0% to ¥1,910 million.

• Growth was driven by expanded salesforce, increased recurring revenue, bundled sales strategies, and expanded service offerings, offsetting declines in SIM-only contracts and PC sales.

• The number of carrier shops operated was 318 at the end of March 2026, with a slight decrease in directly operated and franchise stores compared to the previous quarter.

Financial highlights

• Gross profit rose 14.7% year-over-year to ¥9,395 million, while SG&A expenses increased 16.2% to ¥6,663 million, mainly due to higher personnel and sales promotion costs.

• Ads and sales promotion expenses surged 74.9% year-over-year, reflecting intensified marketing efforts.

• Total assets at end of March 2026 reached ¥48,529 million, up ¥4,932 million from December 2025.

• Net assets increased by ¥1,108 million to ¥28,059 million, mainly due to retained earnings growth from quarterly profit, partially offset by dividend payments.

• Net income per share for the quarter was 156.05 yen, up from 89.42 yen in the prior year.

Outlook and guidance

• 1Q progress ratios toward full-year forecasts: 30.2% for net sales, 41.8% for operating income, and 41.7% for profit attributable to owners of parent.

• Full-year net sales forecast is ¥120,000 million (up 7.2% YoY), with operating income projected at ¥5,000 million (up 15.0% YoY) and profit attributable to owners of parent at ¥3,300 million (up 20.1% YoY).

• No revisions have been made to the previously announced forecasts; management notes uncertainty in the mobile phone sales environment for the remainder of the year.

• Annual dividend forecast is ¥102 per share, maintaining a payout ratio above 30%.