Tsuruha Holdings (3391) Q4 2026 earnings summary

Executive summary

• Net sales reached ¥1,450,585 million, operating income ¥63,037 million, and net income attributable to owners ¥42,670 million for FY ended February 28, 2026.

• Net income exceeded expectations due to lower impairment losses and gains from WELCIA integration.

• Business integration with WELCIA HOLDINGS CO., LTD. and AEON CO., LTD. on December 1, 2025, drove significant expansion and organizational restructuring.

• Opened 117 new stores, closed 90, and added 2,991 stores via acquisition, ending with 5,676 directly managed stores.

• The consolidated results for FY2/26 do not include WELCIA HD's results up to Q3.

Financial highlights

• EBITDA: ¥93,262 million; ordinary income: ¥63,086 million; comprehensive income: ¥39,742 million.

• Basic earnings per share: ¥144.55; diluted EPS: ¥144.08, reflecting a five-for-one stock split.

• Equity ratio improved to 53.1% from 48.2% YoY.

• Goodwill from WELCIA integration: ¥443.0 billion (20-year amortization).

• Cash and cash equivalents at year-end totaled ¥201,309 million.

Outlook and guidance

• FY2/27 consolidated net sales planned at ¥2,555,000 million, operating income at ¥99,400 million, net income at ¥41,500 million.

• EBITDA forecast for FY2/27: ¥162,300 million.

• Existing store sales growth targeted at 2.4% for FY2/27.

• Dividend forecast: ¥48.0 per share, targeting a consolidated payout ratio of 35% or more.