Trusco Nakayama (9830) Q3 2025 earnings summary

Executive summary

• Net sales for the third quarter/nine months ended September 30, 2025, reached ¥237,350 million, up 9.7% year-over-year, driven by enhanced customer convenience and logistics investments.

• Gross profit rose 10.7% year-over-year to ¥49,722 million, supported by higher sales and inventory valuation gains from price revisions.

• Operating income increased 20.2% year-over-year to ¥17,154 million, while ordinary income was ¥16,959 million (+18.3% YoY).

• Net income attributable to owners was ¥11,588 million, nearly flat year-over-year due to prior-year extraordinary gains.

• Full-year sales and profit forecasts were revised upward, reflecting strong performance and ongoing strategic initiatives.

Financial highlights

• Net sales for Q3 2025: ¥237,350 million (+9.7% YoY); gross profit: ¥49,722 million (+10.7% YoY).

• SGA expenses increased by 6.2% year-over-year to ¥32,568 million, mainly due to salary revisions and higher freight costs.

• Operating income for Q3: ¥17,154 million (+20.2% YoY); ordinary income: ¥16,959 million (+18.3% YoY).

• Comprehensive income declined 3.6% year-over-year to ¥11,462 million.

• Dividend per share for the year is planned at ¥59.00, up ¥5.00 from the previous year.

Outlook and guidance

• Full-year net sales forecast revised to ¥325,000 million (+10.2% YoY); gross profit to ¥67,600 million (+9.6% YoY).

• Operating income projected at ¥23,029 million (+15.3% YoY); ordinary income at ¥22,752 million (+13.4% YoY).

• Net income attributable to owners forecast at ¥15,557 million (-3.3% YoY, reflecting absence of prior-year extraordinary gains).

• Continued focus on expanding inventory, logistics, and digital investments to drive growth.

• Annual dividend forecast is ¥59.00 per share.