I-ne CO (4933) Q3 2025 earnings summary

Executive summary

• Nine-month net sales rose 9.8% to ¥34,365 million and EBITDA increased 7.9% to ¥3,505 million; operating profit was ¥2,207 million, up 1.0%.

• Profit attributable to owners of parent fell 29.8% to ¥1,105 million; operating profit excluding amortization from the two 2024 M&A deals was ¥31.0億円, up 5.1%.

Financial highlights

• Gross profit increased to ¥19,803 million from ¥16,656 million, while SG&A expenses rose to ¥17,595 million from ¥13,699 million.

• Ordinary profit fell 28.4% to ¥2,111 million and basic EPS declined to ¥63.24 from ¥89.43.

• Total assets were ¥35,224 million and total liabilities ¥16,252 million at September 30, 2025, versus ¥38,358 million and ¥20,548 million, respectively, at 2024 year-end.

• Equity-to-asset ratio improved to 49.5% from 42.9% at the previous year-end.

Outlook and guidance

• Full-year forecasts: net sales of ¥52,000 million (+15.5%), EBITDA of ¥6,760 million (+30.1%), operating profit of ¥5,040 million (+9.4%) and profit attributable to owners of parent of ¥2,700 million.

• Net income is expected to meet plan excluding shareholder-benefit costs, supported by tax savings from a subsidiary merger and wage-increase tax credits.

• Skincare and related sales are expected to exceed the annual plan by ~¥15億円 and reach ~20% of revenue in 2025, versus ~5% in 2023; haircare and beauty appliances face downside risks.

• Revenue, EBITDA and operating-profit targets for 2028–30 are ¥1,000億円, ¥140億円 and ¥110億円, respectively; the next medium-term plan is due in February 2026.