MonotaRO (3064) Q3 2025 earnings summary

Executive summary

• Consolidated sales for Jan.–Sep. 2025 reached ¥241.4 billion, up 14.1% year-over-year, with net income rising 25.7% to ¥23.1 billion.

• Operating income increased 23.1% year-over-year to ¥33,274 million, with net income attributable to owners of the parent up 24.4% to ¥23,485 million.

• Non-consolidated sales grew 15.1% year-over-year to ¥233.3 billion, with net income up 22.7% to ¥24.0 billion.

• Registered accounts reached 10,946 thousand, with 799 thousand new accounts added during the period.

• Overseas subsidiaries showed mixed results: South Korea achieved operating profit, Indonesia grew sales but missed plan, and India shifted focus to SMEs with improved margins.

Financial highlights

• Consolidated gross profit margin improved to 29.8% (from 29.3% a year ago), with gross profit at ¥71,833 million.

• Operating income margin rose to 13.8% (from 12.8%), with operating income up 23.1% year-over-year.

• Cash and cash equivalents increased to ¥35.5 billion as of Sep. 2025.

• Net assets increased to ¥114,736 million, reflecting strong earnings and dividend payments.

• Dividend payout planned at ¥31/share for 2025, up from ¥19/share in 2024, targeting a payout ratio above 50%.

Outlook and guidance

• Full-year 2025 consolidated sales forecast at ¥328.2 billion (+13.9% YoY), with net income attributable to owners of the parent projected at ¥30.3 billion (+15.0% YoY).

• Operating income projected at ¥43,000 million, a 16.0% increase year-over-year.

• Non-consolidated sales expected to reach ¥314.9 billion (+14.0% YoY), with net income of ¥30.9 billion (+19.0% YoY).

• Overseas subsidiaries anticipate continued growth, with South Korea and Indonesia targeting higher sales and profitability.

• No revision to the previously disclosed forecast.