ZOZO (3092) Q3 2026 earnings summary

Executive summary

• GMV for Q3 FY2025 rose 9.1% year-over-year to ¥502.9 billion, with EBITDA up 9.5% to ¥60.7 billion and margin at 12.6%, slightly down from last year.

• Net sales increased 6.7% to ¥171.8 billion, operating profit rose 6.1% to ¥54.9 billion, and profit attributable to owners of parent was ¥36.98 billion, up 2.9%.

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

• EBITDA exceeded plan due to lower logistics and promotional costs, while GMV slightly missed plan due to weaker demand and underperforming sales events.

• Extraordinary losses of about ¥700 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%.

• EBITDA margin was 12.6% (down 0.2 pts YoY); operating profit margin was 11.4%.

• Earnings per share for the period was ¥41.73, post three-for-one stock split.

• Depreciation and amortization totaled ¥3,912 million; amortization of goodwill was ¥1,625 million.

Outlook and guidance

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

• Full-year net sales forecast is ¥231.5 billion (+8.6% YoY), with operating profit of ¥69.2 billion (+6.9% YoY) and profit attributable to owners of parent of ¥47.8 billion (+5.4% YoY).

• Dividend per share is forecast at ¥39.0 (post-stock split basis), with no changes to previously announced business forecasts.