Marui Group (8252) Q2 2027 earnings summary

Executive summary

• H1 FY2027 revenue rose 7.7% to ¥146,973 million; operating profit increased 16.8% to ¥30,837 million and attributable profit rose 13.0% to ¥16,755 million.

• Total transactions reached a record ¥2,846,592 million, up 8.9% YoY; FY2027 operating-profit guidance was raised to ¥56,500 million.

Financial highlights

• Gross profit was ¥130,256 million, up 9.0%; gross margin rose 1.0 percentage point to 88.6%.

• Ordinary profit was ¥25,377 million, up 10.1%; EPS was ¥94.49 versus ¥82.47.

• Recurring revenue increased 10.5% to ¥95,713 million, reaching 64.3% of revenue.

• H1 operating profit increased ¥4.4bn as reported and ¥6.7bn excluding accelerated receivables securitization effects.

Outlook and guidance

• FY2027 forecasts: revenue ¥297,800 million, operating profit ¥56,500 million, ordinary profit ¥44,000 million, attributable profit ¥29,500 million and EPS ¥167.70.

• Operating-profit guidance rose ¥1bn; Retailing and FinTech guidance each increased ¥0.5bn, to ¥12.5bn and ¥51.5bn, respectively.

• FY2027 dividend forecast is ¥134 per share; forecast ROE is 12.3% and DOE 10.4%.

• FinTech is considering raising installment and revolving fee rates to 19.8% in FY2028; timing is undetermined, with limited usage and credit-loss effects expected.

• By FY2031, FinTech targets ~20% of revenue from businesses not reliant on the balance sheet, annual operating-profit growth of ~JPY 5bn, and rent-guarantee revenue above JPY 40bn.