BuySell Technologies (7685) Q3 2025 earnings summary

Executive summary

• Net sales for FY2025 Q3 cumulative reached ¥73.6 billion, up 66.6% year-over-year, with operating profit at ¥7.5 billion, up 102.5% YoY, and net income at ¥4.3 billion, up 144.9% YoY.

• Comprehensive income for the period reached ¥4,334 million, up 145.1% year-over-year.

• Both home-visit and store purchase businesses exceeded internal plans, driven by strategic repeat purchase measures and price increases.

• Operating profit margin improved to 10.2% due to gross profit growth and enhanced SG&A efficiency.

• PMI of Rext HD progressed smoothly, with revisit rates and gross profit per visit rising.

Financial highlights

• Q3 net sales hit a record ¥25.6 billion, up 65.6% YoY; operating income was ¥2.67 billion, up 106.9% YoY.

• Gross profit margin remained stable at 53.2%; SG&A expenses rose 60.2% YoY, mainly from advertising and personnel costs.

• Adjusted EBITDA for Q3 reached ¥8.56 billion, up 98.1% YoY.

• Ordinary profit rose 116.2% YoY to ¥7,093 million.

• Basic earnings per share for the nine months was ¥145.12, reflecting the impact of a stock split.

Outlook and guidance

• Full-year FY2025 forecast revised upward: net sales expected at ¥100,000 million, operating profit at ¥9.0 billion (margin 9.0%), and net income at ¥5.2 billion.

• Operating profit before amortization of goodwill projected at ¥10,397 million, up 86.7% YoY.

• Basic earnings per share forecasted at ¥174.60 for the full year.

• Strategic inventory carry-over and branding investments are expected to boost FY26 profit momentum.

• Q4 profit will be lower due to strategic inventory sales timing, but FY26 is expected to benefit from strong inventory levels.