I-ne CO (4933) Q2 2025 earnings summary

Executive summary

• H1 FY2025 net sales rose 9.9% YoY to ¥22,321 million; EBITDA increased 15.2% to ¥2,547 million.

• Operating profit fell 17.0% to ¥1,688 million, mainly due to M&A-related amortization; profit attributable to owners of parent declined 25.6% to ¥923 million.

• EBITDA reached 104% of plan and operating profit 110%, while revenue was 97% of plan.

Financial highlights

• Gross profit increased to ¥12,869 million from ¥10,867 million YoY.

• Ordinary profit declined to ¥1,587 million from ¥2,143 million; basic EPS fell to ¥52.81 from ¥70.16.

• Cost of sales ratio improved to 42.2% from 46.2%; selling-fee ratio rose 1.6 points as online sales mix expanded.

• Revenue was ¥22.32bn versus ¥20.31bn YoY; EBITDA was ¥2.54bn versus ¥2.21bn, and operating income was ¥1.68bn versus ¥2.03bn.

Outlook and guidance

• FY2025 forecasts remain unchanged: net sales ¥52,000 million, EBITDA ¥6,760 million, operating profit ¥5,040 million and profit attributable to owners of parent ¥2,700 million.

• FY2025 basic EPS is forecast at ¥154.42.

• H2 launches are planned at 81 versus 48 in H1: 44 haircare, 11 beauty-device and 26 skincare-and-other products, including promotional products.

• New skincare and adjacent categories are planned, including 3–5 brands outside skincare; a new beauty-device brand was planned for late August 2025.

• FY2028–30 targets are ¥100bn revenue, ¥14bn EBITDA and ¥11bn operating income; 2028 revenue and EBITDA thresholds also underpin performance-linked options.