Integral (5842) Q3 2025 earnings summary

Executive summary

• Revenue for the nine months ended September 30, 2025, was ¥8,939 million, down 48.6% year-over-year, with operating income at ¥5,760 million, down 57.3% year-over-year.

• Profit attributable to owners of the parent was ¥3,652 million, a 60.9% decrease year-over-year.

• Major investment activities included new investments and exits in private equity, expansion in real estate, and the launch of a GlobalTech Growth investment business.

• Notable investments included Yamane Holdings, Asahi Kasei Medical, and a tender offer for Golf Digest Online, with an IPO exit of Primo Global Holdings.

Financial highlights

• Operating income fell to ¥5,760 million from ¥13,478 million year-over-year.

• Profit before income taxes was ¥5,774 million, down 57.1% year-over-year.

• Basic earnings per share dropped to ¥107.96 from ¥281.52 year-over-year.

• Total assets increased slightly to ¥79,406 million, with equity attributable to owners of parent at ¥59,992 million.

• Cash and cash equivalents at period end were ¥15,029 million, down from ¥22,137 million at the previous year-end.

Outlook and guidance

• No formal earnings forecast provided due to the volatility of private equity business and reliance on fair value estimates.

• Reference recurring profit/loss forecast for FY2025: fund management fees expected at ¥7,430 million, management support fees at ¥286 million, and recurring expenses at ¥4,222 million.