Crops Corporation (9428) Q4 2025 earnings summary

Executive summary

• FY24 revenue reached a record ¥61,568 million, up 13.0% YoY, driven by mobile communications and store subleasing growth.

• Operating profit rose 13.6% to ¥2,416 million and ordinary profit increased 13.7% to ¥2,634 million.

• Net income attributable to owners fell 17.8% to ¥991 million, largely due to a ¥253 million fraud-related loss at an overseas subsidiary.

Financial highlights

• Gross profit increased to ¥15,179 million from ¥13,678 million year over year.

• Total assets grew 8.2% to ¥36,107 million; net assets rose 8.5% to ¥14,346 million, and year-end cash and equivalents were ¥8,301 million.

• EPS was ¥104.81, down from ¥127.54; the equity ratio was 33.9%, compared with 34.2% a year earlier.

• Revenue exceeded plan by 1.2%, while operating profit was 2.6% below plan and net income was 4.4% below plan.

Outlook and guidance

• Next-year forecast: revenue ¥65,644 million (+6.6%), operating profit ¥2,974 million (+23.1%), ordinary profit ¥2,988 million (+13.5%) and net income ¥1,576 million (+59.0%).

• Mobile telecom forecast: revenue ¥27,995 million (+0.9%) and operating profit ¥760 million (+73.8%); store leasing and real estate operating profit is forecast at ¥1,604 million, versus ¥1,381 million in FY24.

• Planned mobile telecom improvements include rationalizing unprofitable stores, strengthening consumer-store earnings, expanding corporate business, and reducing promotion, LED-investment and goodwill-amortization costs.

• Dividend is projected at ¥34 per share, targeting a 20% consolidated payout ratio; FY24 payout ratio was 19.1%.