SAN-A CO (2659) Q2 2025 earnings summary

Executive summary

• H1 FY2025 operating revenue was ¥120,655m, up 5.1% YoY; operating profit rose 8.6% to ¥9,170m and profit attributable to owners of parent increased 5.8% to ¥5,934m.

• Earnings per share increased to ¥95.98 from ¥90.73 YoY.

• FY2025 guidance remained unchanged despite H1 existing-store sales growth of 5.7%, versus a 5.0% plan.

Financial highlights

• H1 sales were ¥111,339m, up 4.9% YoY; gross profit was ¥35,369m, up 5.6%, and SG&A was ¥35,514m, up 5.2%.

• Operating gross profit increased to ¥44,685m from ¥42,191m; ordinary profit rose 9.2% YoY to ¥9,432m.

• Total assets were ¥204,077m, net assets ¥148,761m, and the equity ratio 71.0% as of August 31, 2024.

• Cash and deposits rose to ¥69,508m from ¥54,848m at the previous fiscal year-end.

• Net cash provided by operating activities was ¥21,228m, up from ¥12,398m YoY.

Outlook and guidance

• FY2025 forecast: operating revenue ¥236,120m (+3.8% YoY), sales ¥218,385m (+3.9%), operating profit ¥16,670m (+1.3%), and net income ¥11,185m (+4.7%).

• Forecast ordinary profit is ¥17,043m (+0.9%); EBITDA is ¥23,384m (98.9% of prior year).

• Full-year existing-store sales growth is projected at 4.6%, including 4.3% in H2; guidance is unchanged as cost increases continue despite expected inflation-driven unit-price gains.

• Full-year earnings per share is forecast at ¥180.92; annual dividend is forecast at ¥110 per share, including ¥55 for H2.