Asahi Co (3333) Q4 2025 earnings summary

Executive summary

• Achieved record-high annual sales and profit growth for the fourth consecutive year, driven by strong demand for electric-assist bicycles, high-value products, after-sales services, and expansion of the reuse business.

• Strengthened OMO (Online Merges with Offline) and CRM strategies, improved supply chain, logistics, digital platforms, and branding, and evolved the SPA business model.

• Opened 12 new stores (2 urban), bringing the total to 545, and reinforced nationwide store and e-commerce network.

Financial highlights

• Net sales rose 4.5% year-over-year to ¥81,593 million; gross profit up 3.8% to ¥38,740 million; operating profit increased 11.7% to ¥5,486 million; ordinary profit up 8.4% to ¥5,626 million; net profit grew 14.2% to ¥3,556 million.

• Gross profit margin slightly decreased to 47.5% due to product mix; SG&A ratio improved from 41.5% to 40.8%.

• E-commerce net sales grew 23.1% year-over-year to ¥12,705 million, with e-commerce share rising to 16%.

• Basic earnings per share increased to ¥136.51 from ¥119.21 year-over-year.

Outlook and guidance

• FY2026 net sales projected at ¥85,800 million (+5.2% YoY), gross profit ¥41,500 million (+7.1% YoY), operating profit ¥5,620 million (+2.4% YoY), and net profit ¥3,650 million (+2.6% YoY).

• E-commerce share expected to reach 16.9%, with further OMO/CRM integration and urban store expansion planned.

• Dividend planned at ¥50/share, targeting a payout ratio of 35–36.6%, with a focus on capital efficiency and shareholder returns.