Anicom Holdings (8715) Q3 2026 earnings summary

Executive summary

• Recurring revenue rose 10.6% year-over-year to JPY 54,995 million, driven by growth in pet insurance, new policy acquisition, and expansion of peripheral businesses.

• Recurring profit declined 41.2% year-over-year to JPY 2,228 million due to higher underwriting and administrative expenses, costs from AXA Direct policy transfers, and business investments.

• Net profit dropped 44.6% year-over-year to JPY 1,426 million.

• The number of policies in force increased by 86,307 (6.7%) from the previous fiscal year-end, reaching 1,374,230.

• The company expanded its health innovation and veterinary clinic management businesses alongside core pet insurance operations.

Financial highlights

• Underwriting revenue increased 9.8% year-over-year to JPY 47,747 million; investment revenue surged 47.6% to JPY 1,190 million.

• Other recurring revenue grew 12.3% to JPY 6,056 million.

• Underwriting expenses increased 12.1% to JPY 34,623 million, and operating/general administrative expenses rose 21.3% to JPY 15,767 million.

• Basic earnings per share for the period was JPY 19.23, down from JPY 33.02 in the prior year.

• Total assets as of December 31, 2025, were JPY 73,478 million, with net assets at JPY 28,339 million and an equity ratio of 38.8%.

Outlook and guidance

• Full-year recurring revenue is forecast at JPY 73,000 million (up 7.9% year-over-year), with recurring profit projected at JPY 3,300 million (down 13.4%).

• Profit attributable to owners of parent is expected to be JPY 2,100 million (down 35.3%), with basic EPS of JPY 28.45.

• Dividend forecast for the year ending March 31, 2026, is JPY 9.00 per share.

• Cost reductions and improved asset management income are expected to offset the absence of one-time transfer fees in 4Q.