Trusco Nakayama (9830) Q3 2026 earnings summary

Executive summary

• 9M net sales rose 12.1% YoY to ¥266,081m; operating income increased 4.9% to ¥17,986m, ordinary income 3.4% to ¥17,534m, and parent-attributable net income 4.4% to ¥12,100m.

• Sales exceeded the revised-budget run rate by 1.4%; operating income, ordinary income and parent-attributable net income were 4.7%, 5.0% and 5.0% ahead of budget, respectively.

• Comprehensive income was ¥12,397m, compared with ¥11,462m in 9M 2025.

Financial highlights

• 9M gross profit was ¥54,942m, up 10.5% YoY; gross margin was 20.6%, down 0.3 percentage points from the prior fiscal year-end.

• SG&A rose 13.5% to ¥36,956m from ¥32,568m; operating income was ¥17,986m and EBITDA increased 11.3% to ¥23,692m.

• Ordinary income was ¥17,534m, up 3.4%; parent-attributable net income was ¥12,100m, up 4.4%, and basic EPS rose to ¥183.50 from ¥175.75.

• Price-revision inventory valuation gains were ~¥850m, down ¥590m YoY, declining from ~¥400m in Q1 to ~¥100m in Q3.

• Extraordinary losses totaled ¥29m, including ¥14m of impairment losses; no accounting policy changes, estimate changes or restatements were reported.

Outlook and guidance

• FY2026 forecast: net sales ¥350,000m (+9.4% YoY), gross profit ¥72,900m (+9.2%) and EBITDA ¥30,886m (+8.9%).

• Forecast operating income is ¥22,580m (-1.0%), ordinary income ¥21,958m (-2.6%) and parent-attributable net income ¥15,127m (-4.7%); basic EPS forecast is ¥229.42.

• No revisions were made to the financial forecast most recently announced; dividend guidance is ¥61/share, up ¥1 YoY.

• FY2026 route budgets: factory ¥228,266m (+8.1%), e-business ¥87,149m (+13.2%), home center ¥30,660m (+8.0%) and overseas ¥3,922m (+13.3%).

• After 9M sales growth of 12.1%, H2 demand tied to Middle East conditions is expected to ease; performance is projected to remain generally in line with plan.