Marui Group (8252) Q4 2025 earnings summary

Executive summary

• EPS rose 10% to ¥143.2, ROE reached 10.6% (highest in 34 years), and ROIC was 3.8% for FY2025, with all major KPIs exceeding targets and surpassing cost of capital benchmarks.

• Consolidated operating income increased 9% year-over-year to ¥44.5 billion, net income up 8% to ¥26.6 billion, returning to pre-COVID levels and marking four consecutive years of profit growth.

• Retailing and FinTech segments both contributed to profit growth, with record-high group transaction volumes and notable expansion in tenant and fintech revenues.

• Recurring revenue accounted for 66.8% of gross profit, with contracted future recurring gross profit at ¥398.4 billion (+5% YoY).

• Management Vision & Strategy Narrative 2031 targets high growth, focusing on FinTech and supporting passion-driven consumption.

Financial highlights

• Operating revenue: ¥254.4 billion (+8.1% YoY); operating profit: ¥44.5 billion (+8.5% YoY); net income: ¥26.6 billion (+7.8% YoY); ordinary profit: ¥39.9 billion (+2.9% YoY).

• Group transaction volume reached a record ¥4.93 trillion, up ¥439.7 billion from the previous year.

• Retailing profit increased by ¥1.6 billion, FinTech by ¥1.7 billion, with card credit transaction value hitting a record ¥1,151.7 billion and commission revenue up 8% to ¥59.6 billion.

• Co-creation investments totaled ¥2 billion in FY25, contributing ¥3.1 billion to main business, with a 10% IRR.

• Annual dividend increased for 13 consecutive years, reaching ¥106 per share (+¥5 YoY), with a payout ratio of 74.0%.

Outlook and guidance

• FY2026 guidance: operating revenue ¥272.5 billion (+7% YoY), operating profit ¥50.0 billion (+12% YoY), net income ¥28.0 billion (+5% YoY), EPS ¥155.0 (+8% YoY), ROE 11.2%, and ROIC 3.9%.

• Retail segment profit forecasted to rise 28% to ¥11 billion, FinTech by 7% to ¥47 billion.

• Annual dividend forecast for FY2026: ¥131 per share (+¥25 YoY), 14th consecutive increase; DOE target raised to 10%.

• Share buyback limit set at ¥20 billion for FY2026.

• Long-term targets: PBR 3–4x, EPS growth ≥9% CAGR, TSR growth ≥12% CAGR by FY2031.