Marui Group (8252) Q2 2025 earnings summary

Executive summary

• Operating revenue for the six months ended September 30, 2024, 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, and group transactions hit a record ¥2.3829 trillion (+10% YoY), driven by FinTech's card credit transactions.

Financial highlights

• Operating revenue: ¥123.96 billion (+11% YoY); operating profit: ¥21.51 billion (+15% YoY); ordinary profit: ¥19.66 billion (+12% YoY); net income: ¥12.15 billion (+6% YoY).

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

• Total assets increased to ¥1,089.4 billion (+¥85.9 billion from March 2024); equity ratio declined to 23.4% (-1.8%).

• Recurring revenue (gross profit basis) was ¥74.1 billion (+8% YoY), accounting for 66.7% of gross profit.

Outlook and guidance

• Full-year forecast (ending March 31, 2025): operating revenue ¥254.2 billion (+8% YoY), operating profit ¥45.0 billion (+10% YoY), net income ¥26.5 billion (+7% YoY), EPS ¥141.4 (+8% YoY), ROE 10.4%.

• Retailing segment operating profit forecast: ¥8.5 billion (+22% YoY); FinTech segment: ¥44.5 billion (+5% YoY).

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