Marui Group (8252) Q2 2025 earnings summary

Executive summary

• Group transactions reached a record ¥2,382.9 billion, up 10% year-over-year for the six months ended September 30, 2024, driven by FinTech's card credit transactions.

• Operating revenue rose 11% year-over-year to ¥123.96 billion, with operating profit up 15% to ¥21.51 billion and net income up 6% to ¥12.15 billion, marking the first increase in all profit lines in two terms.

• EPS reached ¥64.81, up 7% year-over-year.

• Both Retailing and FinTech segments contributed equally to profit growth, each increasing operating profit by ¥1.3 billion year-over-year.

• The company continues to focus on integrating retail, FinTech, and forward-looking investments under its "Suki"-centered trinity strategy.

Financial highlights

• Operating profit (excluding liquidated accounts receivables impact) increased by ¥2.9 billion year-over-year.

• Net income for the period was ¥12.15 billion, up ¥0.7 billion year-over-year.

• Total assets grew to ¥1.0894 trillion, an increase of ¥85.9 billion from the previous fiscal year.

• Equity ratio declined to 23.4% from 25.2% year-over-year.

• Comprehensive income was ¥13.21 billion (+7.9% YoY).

Outlook and guidance

• Full-year EPS forecast is ¥141.4, up from ¥130.7 the previous year.

• ROE and ROIC are projected at 10.4% and 3.7%, respectively, both improving year-over-year.

• Operating profit is forecast to rise 10% to ¥45.0 billion, with net income expected to reach ¥26.5 billion.

• Retailing profit is expected to increase 22% to ¥8.5 billion, and FinTech profit by 5% to ¥44.5 billion for FY2025.

• Annual dividend forecast raised to ¥106 per share, a record high, with DOE target of 8%.