TORIDOLL (3397) Q2 2025 earnings summary

Executive summary

• Consolidated interim revenue reached ¥133.7 billion, an all-time high for the group and all segments, up 18.8% year-over-year and exceeding plan by 2.4%.

• Business profit hit a record interim high at ¥9.6 billion, up 20.7% year-over-year, but operating profit declined 3.1% to ¥7.6 billion due to impairment losses and one-off outsourcing expenses.

• Profit attributable to owners of the parent fell 36.7% year-over-year to ¥2.8 billion, impacted by higher finance costs and income tax expenses.

• All segments posted record interim revenue, but overseas segment profits fell sharply, mainly due to Tam Jai.

Financial highlights

• Revenue: ¥133.7 billion (+18.8% YoY); Business profit: ¥9.6 billion (+20.7% YoY); Operating profit: ¥7.6 billion (-3.1% YoY); Net profit: ¥2.8 billion (-36.7% YoY).

• EBITDA increased 11.6% year-over-year to ¥24.4 billion; adjusted EBITDA rose 13.1% to ¥25.1 billion.

• Gross margin and business profit margin improved, with Marugame Seimen segment achieving a record 17.5% business profit margin.

• Comprehensive income for the period fell to ¥1.3 billion from ¥13.2 billion year-over-year.

Outlook and guidance

• Full-year revenue forecast maintained at ¥265 billion, up 14.2% year-over-year.

• Full-year business profit forecast revised down to ¥17.3 billion (from ¥18.1 billion), operating profit to ¥11.6 billion, and net profit to ¥4.9 billion, reflecting overseas shortfalls and one-off costs.

• Marugame Seimen and Other Domestic segments' forecasts revised upward; Overseas segment targets lowered to prioritize profitability.

• Earnings per share forecast at ¥51.71.