Sunwels (9229) Q3 2025 earnings summary

Executive summary

• Specialized in healthcare and caregiving for Parkinson's disease, expanding PD House facilities and launching home health care services in multiple prefectures.

• Opened 4 new PD House facilities in 3Q, totaling 42 nationwide, with significant revenue contribution from these expansions.

• Net sales for the nine months ended December 31, 2024, rose 40.6% year-over-year to ¥20,293 million.

• Despite revenue growth, a net loss of ¥123 million was recorded due to extraordinary losses from special investigation costs.

• Implemented compliance measures, including electronic access control and ongoing education.

Financial highlights

• 3Q FY2025/3 sales were ¥7,206 million, slightly below the forecast of ¥7,318 million (98.5% achievement).

• EBITDA for 3Q was ¥877 million (12.2% of sales), below the forecast of ¥998 million; nine-month EBITDA was ¥2,730 million, up 28.8% year-over-year.

• Operating income was ¥495 million (6.9% of sales) for 3Q; nine-month operating profit was ¥1,733 million, up 12.9% year-over-year.

• Extraordinary losses totaled ¥644 million, mainly from special investigation costs and provisions.

• Net assets rose to ¥9,416 million, up from ¥5,198 million at the previous fiscal year-end.

Outlook and guidance

• Full-year FY2025/3 sales forecast revised to ¥26,741 million, up 33.0% year-over-year, with EBITDA at ¥2,463 million and operating income at ¥1,057 million.

• Net loss of ¥645 million expected for the full year due to investigation-related expenses.

• No interim dividend paid; year-end dividend forecast remains undetermined.