Kusuri No Aoki Holdings (3549) Q1 2025 earnings summary

Executive summary

• Q1 net sales rose 12.0% YoY to ¥120,333m; operating profit increased 10.2% to ¥7,339m and net income rose 9.6% to ¥5,249m.

• Excluding ¥392m of share-based remuneration expense, operating profit was ¥7,732m, ordinary profit ¥7,793m and net income ¥5,642m.

Financial highlights

• Gross profit increased to ¥32,395m from ¥29,576m; SG&A rose to ¥25,055m from ¥22,915m.

• Ordinary profit was ¥7,400m, up 9.5% YoY; profit attributable to owners of parent was ¥5,249m, up 9.6%.

• Adjusted for share-based remuneration, YoY growth was 16.1% for operating profit, 15.3% for ordinary profit and 17.8% for net income.

Outlook and guidance

• FY ending May 20, 2025 forecast: net sales ¥485,000m, operating profit ¥25,107m, ordinary profit ¥25,607m, net income ¥18,107m and EPS ¥191.41.

• Excluding share-based remuneration, FY forecasts are operating profit ¥25,500m, ordinary profit ¥26,000m, net income ¥18,500m and EPS ¥195.57.

• Six-month forecast to November 20, 2024: net sales ¥240,000m, operating profit ¥12,107m, ordinary profit ¥12,307m, net income ¥9,037m and EPS ¥95.53.