Yoshinoya Holdings (9861) Q4 2025 earnings summary

Executive summary

• Net sales rose 9.3% year-over-year to ¥204.9 billion, driven by strong existing store sales and net store increases.

• Operating income declined 8.4% year-over-year to ¥7.3 billion due to higher personnel and supply costs, especially overseas.

• Net income dropped 32.1% year-over-year to ¥3.8 billion, impacted by the absence of prior-year one-time gains and restructuring losses in China.

• EBITDA was ¥14.2 billion, nearly flat year-over-year.

• Comprehensive income decreased 15.8% year-over-year to ¥5,216 million.

Financial highlights

• Existing store sales grew 5.7% year-over-year company-wide; YOSHINOYA +7.4%, HANAMARU UDON +8.1%, Overseas -4.6%.

• Gross profit margin was 64.0%, down 0.6 points due to higher beef and rice costs.

• Gross profit rose to ¥131,150 million from ¥121,111 million year-over-year.

• Cash and deposits at year-end were ¥20.6 billion, down ¥6.8 billion from the previous year.

• Equity ratio improved to 53.9%.

Outlook and guidance

• FY2026 net sales forecasted at ¥225 billion (+9.8% YoY), operating income at ¥7.4 billion (+1.3% YoY), and net income at ¥4.2 billion (+10.4% YoY).

• Basic earnings per share forecasted at ¥64.91 for FY2026.

• Focus on price revisions, cost control, and expansion of new service models and ramen business.

• Significant increase in rice and beef procurement costs expected.

• FY2026 profit attributable to owners of parent forecasted to decrease 2.7% to ¥3,700 million.