AZ-COM MARUWA (9090) Q2 2026 earnings summary

Executive summary

• Net sales for FY2026/3 2Q rose 11.4% year-over-year to ¥113,054 million, with operating income up 40.2% to ¥6,068 million and profit attributable to owners of the parent up 40.2% to ¥3,991 million.

• Growth was driven by full-year operation of new logistics centers, strong performance in e-commerce, ordinary-temperature, cold chain food, and medicine & medical logistics, and a decrease in one-time expenses related to a prior tender offer.

• The company launched its Medium-term Management Plan 2028, focusing on transforming into a highly profitable, resilient 3PL & Platform Company.

Financial highlights

• Gross profit increased 14.0% year-over-year to ¥11,181 million, while SG&A expenses decreased by 6.8%.

• Ordinary income rose 36.0% to ¥6,269 million, and profit margin improved from 4.3% to 5.4%.

• Comprehensive income for the six months was ¥6,072 million, up 93.0% year-over-year.

• Earnings per share increased to ¥29.64 from ¥21.11 a year earlier.

• Total assets increased to ¥158,551 million as of September 30, 2025, up from ¥138,550 million at the previous fiscal year-end.

Outlook and guidance

• Full-year FY2026/3 net sales forecast is ¥220,000 million (+5.6% YoY), with operating income projected at ¥11,900 million (+8.6% YoY), ordinary income ¥12,000 million (+3.2% YoY), profit attributable to owners of the parent at ¥7,300 million (+0.3% YoY), and EPS ¥54.21.

• Second half expected to see one-time expenses for stabilizing and consolidating logistics centers and productivity improvements.

• Dividend per share forecast maintained at ¥32.00, targeting a payout ratio of approximately 40%.