I-ne CO (4933) Q4 2025 earnings summary

Executive summary

• FY2025 net sales rose 8.8% YoY to ¥48.975bn, a record, led by skincare and related products, which grew 221.1%.

• Operating profit fell 14.4% to ¥3.88bn, while EBITDA increased 8.3% to ¥5.626bn; acquisition-related amortization weighed on operating profit.

• Profit attributable to owners of parent declined 28.9% to ¥2.097bn; comprehensive income fell 16.1% to ¥2.386bn.

Financial highlights

• Gross profit increased to ¥28.745bn from ¥24.046bn year over year.

• Cost of sales improved to 41.2% of revenue from 46.3%; the 4Q ratio was 38.8%, marking four consecutive quarters of improvement.

• Operating cash flow improved to ¥4.058bn from ¥38m; year-end cash and cash equivalents increased to ¥8.531bn from ¥7.270bn.

• Online sales grew 41.5% YoY and reached 46% of total sales, up from ~35%.

Outlook and guidance

• FY2026 net sales are forecast at ¥52bn–¥54bn; operating profit at ¥0.5bn–¥1bn and EBITDA at ¥1.2bn–¥2.7bn.

• Integration efforts are expected to continue at TOUT VERT and Artemis, pursuing further synergies through management expertise and resources.

• Logistics cost ratio is expected to improve from FY2026; medium-term labor-cost-ratio improvement is expected from sales growth and increased DX and AI use.