HUMAN MADE (456A) Q4 2026 earnings summary

Executive summary

• FY26/1 sales rose 26.8% YoY to ¥14.273bn; operating profit increased 42.5% to ¥4.531bn, with gross margin expanding 4.2 points to 65.4%.

• Q4 sales reached a record ¥4.319bn, up 58.7% YoY; operating profit more than doubled to ¥1.315bn, despite temporary IPO-related and tax costs weighing on margin.

Financial highlights

• FY26/1 gross profit grew 35.4% to ¥9.332bn; operating expenses rose 29.3% to ¥4.801bn, below sales growth.

• Ordinary profit increased 36.4% to ¥4.333bn and net income rose 38.2% to ¥2.941bn YoY.

• Q4 gross margin improved 4.8 points YoY to 65.8%; operating margin was 30.5%, versus 23.9% in the reference quarter.

• Full-year sales and operating profit reached 104% and 119% of forecast, respectively.

• EPS rose to ¥132.78 from ¥96.80; net assets reached ¥11.8bn, with a net asset ratio of 81.3%.

Outlook and guidance

• FY27/1 forecast: sales ¥18.5bn, up 29.6% YoY; operating profit ¥4.8bn, up 5.9%; net income ¥3.3bn, up 12.2%.

• Forecast gross margin is 65.4% and operating margin 25.9%; growth investments lift operating expenses 52.0% to ¥7.3bn.

• Adjusted for ¥1.0bn of upfront domestic and overseas growth costs, FY27/1 core operating profit is ¥5.7bn, a 30.8% margin.

• FY27/1 Q1 sales guidance is ¥3.8bn–¥4.2bn; sales growth is expected to accelerate from Q3 with the Harajuku flagship opening.

• Mid-term targets include ~30% CAGR in sales and operating income, ~30% operating margin and ROE, with a 25% operating-margin floor.