BuySell Technologies (7685) Q4 2025 earnings summary

Executive summary

• FY2025 net sales reached ¥100.6 billion, up 67.8% year-over-year, with operating income at ¥9.04 billion, up 91.1% year-over-year, and OPM improving by 1.1pt to 9.0%.

• Net income attributable to owners rose 118.6% year-over-year to ¥5.27 billion, with comprehensive income up 118.7%.

• Strategic inventory operations and strong performance in both home-visit and store purchase businesses drove results in line with revised forecasts.

• Record-high revisit rates in the home-visit purchase business contributed to higher unit prices and gross profit.

• A 2-for-1 stock split was executed on January 1, 2025, and another is scheduled for April 1, 2026.

Financial highlights

• Gross profit increased 68.3% year-over-year to ¥53.3 billion, with gross profit margin at 53.0%.

• Adjusted EBITDA rose 87.6% year-over-year to ¥10.44 billion.

• Ordinary profit doubled to ¥8.49 billion, and profit margin improved by 1.4pt to 8.4%.

• SG&A expenses increased 64.4% year-over-year, reflecting higher advertising and personnel costs.

• Cash and cash equivalents at year-end reached ¥19,986 million, up from ¥13,196 million.

Outlook and guidance

• FY2026 guidance: net sales of ¥130 billion (+29.2% YoY), operating income of ¥12.5 billion (+38.2% YoY), OPM 9.6%.

• Net income forecasted at ¥7.5 billion (+42.3% YoY), with adjusted EBITDA at ¥13.9 billion (+33.1% YoY).

• FY2027 targets revised upward: net sales ¥165 billion, operating income ¥17 billion, OPM 10.3%.

• Interim and full-year dividends for 2026 are forecast at ¥17.50 per share, reflecting the impact of the upcoming stock split.

• Strategic investments of up to ¥6.5 billion planned for FY2026–27, with continued focus on M&A for inorganic growth.