Bell-Park (9441) Q4 2025 earnings summary

Executive summary

• Achieved record-high sales and earnings in 2025, driven by increased mobile phone sales, recurring revenue streams, and ancillary product sales, despite higher selling, general, and administrative expenses.

• Number of carrier shops declined to 323 at year-end, with a shift from directly operated to franchise stores, but mobile phones sold increased by 4.1% year-over-year.

• Growth supported by more sales promotion events, expanded service proposals, and increased recurring revenue from support services.

Financial highlights

• Net sales rose to ¥129.3 billion in 2025, up 11.4% year-over-year, with operating income up 37.9% to ¥5.88 billion and ordinary income up 38.2% to ¥6.02 billion.

• Profit attributable to owners of parent grew 29.9% to ¥4.13 billion, aided by lower tax expenses.

• Gross profit reached ¥31.18 billion, with operating margin improving to 4.5%.

• Basic earnings per share rose to ¥263.09; net assets per share increased to ¥2,201.73.

• Dividend per share more than doubled to ¥102 in 2025, with a payout ratio of 30.3%.

Outlook and guidance

• 2026 forecast: net sales of ¥120 billion (-7.2% YoY), operating income of ¥5.0 billion (-15.0% YoY), and profit attributable to owners of parent of ¥3.3 billion (-20.1% YoY).

• Mobile phone sales expected to decline 8.4% to 1,113,000 units due to a shift in carrier sales policy toward long-term users.

• Dividend forecast for 2026 remains at ¥102 per share.

• Selling, general, and administrative expenses expected to remain stable, with lower promotion costs offset by higher system and personnel expenses.