AZ-COM MARUWA (9090) Q3 2026 earnings summary

Executive summary

• Net sales for FY2026/3 3Q rose 11.0% year-over-year to ¥174,918 million, with operating income up 13.3% to ¥10,131 million and profit attributable to owners of the parent up 10.3% to ¥6,570 million.

• Growth was driven by increased shipments, expansion of transportation services, higher logistics volumes, successful freight rate revisions, and productivity improvements.

• The company is executing its Medium-term Management Plan 2028, focusing on e-commerce, cold chain food, and medical logistics, aiming to become a leading 3PL & Platform Company.

• Growth occurred despite higher personnel costs and one-time expenses for logistics center operations.

Financial highlights

• Gross profit increased 5.5% year-over-year to ¥17,751 million, with operating margin at 5.8%.

• Ordinary income rose 11.7% to ¥10,495 million, with a stable ordinary profit margin of 6.0%.

• EPS increased to 48.79 yen from 44.20 yen year-over-year.

• Comprehensive income rose 39.3% to 8,704 million yen.

• Cost of sales grew 11.6%, mainly due to higher labor and operational costs.

Outlook and guidance

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

• No changes to previously announced earnings or dividend forecasts.

• Second half performance is expected to be impacted by one-time expenses related to new logistics center operations and consolidation.

• Dividend per share is forecast at ¥32.00, maintaining a progressive dividend policy with a payout ratio target of ~40%.