Trial Holdings (141A) Q3 2026 earnings summary

Executive summary

• Consolidated net sales for 9M FY6/2026 surpassed ¥1 trillion for the first time, up 67.3% YoY, driven by the full acquisition of SEIYU and store network expansion.

• Operating profit increased 70.4% YoY to ¥22.9bn, while ordinary profit rose 38.6% to ¥20.1bn.

• Profit attributable to owners of parent declined 29.3% YoY to ¥5.9bn, reflecting higher costs and integration expenses.

• EBITDA is now disclosed as a key metric due to significant non-cash expenses from M&A, reaching ¥52.2bn (+122.8% YoY).

• Upward revision to full-year forecast: net sales ¥1,342.5bn (+¥20bn), OP ¥28.0bn (+¥2.6bn), ordinary profit ¥17.3bn (+¥3.4bn), but profit attributable to owners of parent forecast to decline to ¥0.5bn due to extraordinary losses.

Financial highlights

• Net sales: ¥1,003.6bn (+67.3% YoY); gross profit: ¥236.7bn (+97.2% YoY); operating profit: ¥22.9bn (+70.4% YoY).

• Gross margin improved by 3.6pts to 23.6%; OP margin at 2.3% (+0.1pts YoY).

• EBITDA for 9M: ¥52.2bn (+122.8% YoY).

• Profit attributable to owners of parent: ¥5.9bn for 9M; basic EPS fell to ¥48.39 from ¥68.61 YoY.

• Total assets increased to ¥784.9bn as of March 31, 2026; equity ratio dropped to 16.7% due to increased liabilities from SEIYU acquisition.

Outlook and guidance

• Full-year forecast revised upward based on strong Q3 results and outlook.

• Net sales expected at ¥1,342.5bn, OP at ¥28.0bn, ordinary profit at ¥17.3bn; profit attributable to owners of parent forecast to decline to ¥0.5bn due to extraordinary losses.

• Basic EPS forecast is ¥4.09, with EPS before amortization of goodwill at ¥128.37.

• Both TRIAL and SEIYU expect continued strong SSS and customer traffic, with further cost controls.