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ZOZO (3092) investor relations material
ZOZO Q2 2026 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q2 2026 earnings summary31 Oct, 2025
Executive summary
GMV reached a record high of JPY 312.5 billion, up 11.9% year-on-year, and EBITDA rose 5.8% to JPY 34.8 billion, both exceeding plan due to lower promotion and logistics expenses.
Net sales increased 6.5% year-on-year to JPY 105.2 billion, while operating profit rose 2.0% to JPY 31.1 billion.
Profit attributable to owners was JPY 21.0 billion, nearly flat year-on-year.
LYST acquisition and consolidation from May 2025 contributed to business expansion and global market entry.
ZOZOTOWN business underperformed due to lower user demand from prolonged high temperatures, but strong July-August performance in LINE Yahoo! Commerce offset this.
Financial highlights
GMV excluding other GMV rose 12.2% year-on-year to JPY 292.7 billion.
EBITDA margin was 11.9%, down 0.7 points year-on-year.
Net sales for the semi-annual period were JPY 105.2 billion, up 6.5% year-on-year.
Cash and cash equivalents at quarter-end were JPY 53.9 billion, down from JPY 72.7 billion a year earlier.
SG&A to GMV ratio improved to 23.0%, down 0.6 points year-on-year.
Outlook and guidance
No changes to the consolidated business or dividend forecast for FY 2025; full-year net sales forecast is JPY 231.5 billion (+8.6% YoY), with operating profit of JPY 69.2 billion (+6.9%).
GMV (excluding other GMV) is projected to grow 13.8% year-on-year and EBITDA to rise 9.9%.
Estimated dividend per share is JPY 39.0 (post-stock split basis).
Unspent promotional budget from Q2 will be utilized in Q3 and onward.
Detail ZOZO's AI agent competitive advantages
Quantify LYST's Q2 financial impact
Q3/Q4 promotion spending strategy?
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Q3 202630 Jan, 2026
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Frequently asked questions
ZOZO Inc. is a Japanese e-commerce company specializing in fashion retail through its online platform, ZOZOTOWN. The company provides a wide range of clothing, footwear, and accessory products from various domestic and international brands. In addition to retail services, ZOZO Inc. offers personalized shopping experiences, including custom-fit apparel through proprietary technology such as the ZOZOSUIT, which enables users to capture body measurements for a more accurate fit. The company is headquartered in Chiba, Japan, and its shares are listed on the TSE.
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