AS ONE (7476) Q3 2025 earnings summary

Executive summary

• Net sales for the nine months ended December 31, 2024, rose 9.8% year-on-year to ¥75,370 million, driven by expanded product offerings and digital initiatives.

• Operating profit increased 11.5% year-on-year to ¥8,396 million, with net income attributable to owners of parent up 10.2% to ¥5,972 million.

• Growth was supported by strong performance in e-commerce, expanded inventory, and increased customer connections, despite a challenging economic environment.

Financial highlights

• Gross profit margin declined 1.1 percentage points year-on-year due to higher-value orders and a decrease in medical consumables, but improved by 0.1 points in the most recent quarter.

• Selling, general and administrative expenses rose 5.3% year-on-year, mainly from higher freight, personnel, and advertising costs.

• Basic earnings per share for the nine months was ¥83.38, reflecting a two-for-one stock split.

• Total assets decreased to ¥91,519 million from ¥95,832 million at the previous fiscal year-end, mainly due to lower investment securities and receivables.

• Net assets were ¥64,624 million, with a capital adequacy ratio of 70.5%.

Outlook and guidance

• No changes to the full-year forecast: net sales of ¥101,230 million (+6.0% YoY), operating profit of ¥11,030 million (+5.7%), and net income of ¥8,060 million (+7.5%).

• Dividend forecast for FY2025 is ¥57.00 per share post-split.