Aucnet (3964) Q2 2025 earnings summary

Executive summary

• H1 FY2025 net sales rose 22.4% YoY to ¥32,532 million and operating profit rose 51.4% to ¥5,836 million, led by Lifestyle Products.

• Strong Lifestyle Products performance prompted a FY2025 forecast increase; annual dividend guidance rose to ¥45 per share.

• Blue Print 2027 targets GCV of ¥1tn, EBITDA of ¥10.0bn, ROE of 15–20% and a payout ratio of at least 40%.

Financial highlights

• H1 net sales were ¥32,532 million, operating profit ¥5,836 million and ordinary profit ¥5,716 million; all rose YoY.

• Profit attributable to owners of parent was ¥3,703 million (+45.2%); basic EPS was ¥80.75 versus ¥53.76 on a split-adjusted basis.

• H1 EBITDA was ¥6,340 million (+48.1%); foreign-exchange losses of ¥268 million and impairment losses of ¥8 million weighed on results.

• Q2 standalone sales were ¥16,554 million (+6.2%), operating profit ¥2,752 million (+52.0%), ordinary profit ¥2,719 million (+45.5%) and parent profit ¥1,690 million (+45.9%).

Outlook and guidance

• Revised FY2025 forecast: net sales ¥62,000 million (+10.9%), operating profit ¥8,200 million (+17.1%), ordinary profit ¥7,900 million (+9.6%) and parent profit ¥5,100 million (+13.7%).

• Forecast operating margin is 13.2%; EPS guidance is ¥111.84 and annual dividend guidance is ¥45 per share after the split, or ¥90 before it.

• H1 progress against revised guidance: sales 53.3%, operating profit 77.8%, ordinary profit 78.3%, parent profit 78.0% and EPS 77.4%.

• The FY2025 forecast was revised from the May 13 outlook based on recent performance trends.