Marui Group (8252) Q4 2025 earnings summary

Executive summary

• Achieved record-high EPS of ¥143.2 (+10% YoY), ROE at 10.6% (highest in 34 years), and ROIC at 3.8%, with all key KPIs met and exceeding cost of capital benchmarks.

• Consolidated operating profit rose 9% YoY to ¥44.5B, net income up 8% YoY to ¥26.6B, both surpassing pre-COVID levels and marking four consecutive years of increases.

• Retail and fintech segments both saw profit growth; retail up ¥1.6B, fintech up ¥1.7B YoY, with record-high group transaction volume of ¥4.93T (+9% YoY).

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

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

Financial highlights

• Operating revenue: ¥254.4B (+8.1% YoY); operating profit: ¥44.5B (+8.5% YoY); net income: ¥26.6B (+7.8% YoY); EPS: ¥143.24 (+10% YoY); ROE: 10.6% (+0.7pt); ROIC: 3.8% (+0.2pt).

• Total assets increased by ¥49.9B to ¥1.0534T; equity ratio at 23.4% (-1.8pt YoY).

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

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

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

Outlook and guidance

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

• Group transaction volume projected at ¥5.39T (+9%), retail operating profit to rise 28% to ¥11B, fintech up 7% to ¥47B.

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

• Medium-term plan targets: ROE 15%+, PBR 3–4x, PER 25x+, EPS CAGR 9%, TSR CAGR 12% by FY2031.

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