AS ONE (7476) Q4 2025 earnings summary

Executive summary

• Net sales reached ¥103.7 billion for FYE March 2025, up 8.6% year-over-year, marking the 15th consecutive year of growth and a record high.

• Operating profit rose 11.1% year-over-year to ¥11.6 billion, also a record high, driven by expanded product lineup and e-commerce growth.

• Net income hit a new record at ¥8.2 billion, up 9.7% year-over-year.

• Dividend per share increased to 62 yen, the 14th consecutive annual increase, exceeding the 50% payout policy to commemorate surpassing 100 billion yen in sales.

• E-commerce sales surged 24.7% year-over-year, and overseas business sales rose 5.1% despite local currency headwinds in China.

Financial highlights

• Gross profit increased 7.1% year-over-year to ¥31.3 billion, though gross margin declined 0.4pp to 30.2% due to product mix and weak yen.

• SG&A expenses rose 4.8% to ¥19.7 billion, but the SG&A ratio improved to 19.0% due to sales growth.

• EPS increased 10.9% to 114.89 yen; annual dividend raised to 62.0 yen, the 14th consecutive increase.

• Cash and cash equivalents at year-end rose to 19,031 million yen, up 9,622 million yen from the prior year.

• Net assets increased to 66,709 million yen, with a capital adequacy ratio of 66.5%.

Outlook and guidance

• FYE March 2026 forecasts net sales of ¥112.2 billion (+8.2%), operating profit of ¥12.2 billion (+6.0%), and net income of ¥8.7 billion (+6.3%), all record highs.

• Gross profit projected at ¥33.7 billion (+7.7%), with gross margin expected to remain around 30%.

• SG&A expenses forecast to rise 9.0% to ¥21.4 billion, reflecting higher personnel costs and facility investments.

• Dividend per share expected to increase to 63.0 yen.

• New medium-term plan (FY2025-27) focuses on EC evolution, supply chain maximization, and business area expansion.