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%, all exceeding cost of capital benchmarks.

• Consolidated operating income increased 9% year-over-year to ¥44.5 billion, with net income up 8% to ¥26.6 billion, returning to pre-pandemic levels.

• Total group transactions reached ¥4,926.9 billion (+10% YoY), driven by FinTech credit card growth and record-high group transaction volumes.

• 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); ordinary profit: ¥39.9 billion (+2.9% YoY); net income: ¥26.6 billion (+7.8% YoY).

• Card credit transaction value hit a record ¥1,151.7 billion; commission revenue rose 8% to ¥59.6 billion.

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

• Annual dividend: ¥106 per share (+¥5 YoY), 13th consecutive increase; payout ratio: 74.0%.

• Total assets: ¥1,053.4 billion (+¥49.9 billion YoY); equity ratio: 23.4% (-1.8pp YoY).

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%.

• Retail segment profit forecasted to rise 28% to ¥11.0 billion, FinTech by 7% to ¥47.0 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.

• Medium-term plan targets delayed by 1–2 years; new plan to enhance corporate value underway.