Kusuri No Aoki Holdings (3549) Q4 2025 earnings summary

Executive summary

• Revenue rose 14.8% year-over-year to ¥501.5 billion, with operating profit up 43.3% and net income attributable to shareholders up 44.5%.

• Growth driven by strong sales in food and pharmacy segments, aggressive store openings, and M&A activity, including acquisition of supermarket chains.

• Store count reached 1,036, including 1,004 drugstores (664 with pharmacies), 6 pharmacy-only stores, and 26 supermarkets.

Financial highlights

• Operating profit: ¥26.6 billion (+43.3% YoY); recurring profit: ¥27.5 billion (+36.9% YoY); net income: ¥17.8 billion (+44.5% YoY).

• Gross margin improved as sales mix shifted toward higher-margin food and pharmacy products.

• Comprehensive income: ¥18.0 billion (+38.4% YoY).

• Excluding stock compensation expenses, adjusted net income was ¥18.2 billion (down 4.9% YoY).

Outlook and guidance

• FY2026 forecast: revenue ¥560.0 billion (+11.7% YoY), operating profit ¥23.0 billion (−13.5% YoY), net income ¥15.5 billion (−12.9% YoY).

• Plans for 110 new drugstore openings and 30 new pharmacy openings, with continued focus on food and pharmacy integration.

• Management expects continued industry competition and macroeconomic uncertainty, including inflation and trade tensions.