ZOZO (3092) Q3 2026 earnings summary

Executive summary

• GMV for Q3 increased 9.1% year-over-year to ¥502.9 billion, with EBITDA rising 9.5% to ¥60.7 billion and margin at 12.6%, slightly down 0.2 points year-over-year.

• Net sales for Q3 were ¥171.8 billion, up 6.7% year-over-year, and profit attributable to owners of parent was ¥36.98 billion, up 2.9%.

• EBITDA exceeded plan due to lower logistics and promotional costs, despite a slight GMV shortfall from weak demand and underperforming sales events.

• LYST was acquired and consolidated from May 2025, contributing to business expansion and changes in business composition.

• Extraordinary losses of ¥700–707 million were recorded due to discontinuation of in-house production businesses.

Financial highlights

• Gross profit margin declined to 33.2% from 34.7% year-over-year, mainly due to business mix changes from LYST consolidation.

• SG&A expenses increased 7.3% year-over-year, but the SG&A-to-GMV ratio improved to 21.8%, down 1.0 point.

• Operating profit rose 6.1% to ¥54.9 billion.

• EBITDA margin was 12.6%, with operating profit margin at 11.4%.

• Promotion expenses were 4.9% of GMV in Q3.

Outlook and guidance

• Revised FY2025 forecast expects GMV (excluding other GMV) to grow 13.8% year-over-year and EBITDA to rise 9.9%.

• Net sales are projected at ¥231.5 billion, with an EBITDA margin of 11.7%.

• No changes to full-year consolidated earnings or dividend forecast.

• Dividend per share is forecast at ¥39.0 (post-stock split basis).