ZOZO (3092) Q4 2025 (Q&A) earnings summary

Executive summary

• Achieved FY2024 targets with net sales up 8.2% to 213,131 million yen, operating profit up 7.8% to 64,756 million yen, and GMV up 7.0%, driven by ZOZOTOWN and LY Corporation Commerce.

• Focused on business growth, shareholder returns, and global expansion, highlighted by the acquisition of LYST LTD.

• Key initiatives included expanding ZOZOTOWN's brand lineup, launching new services, and strengthening the cosmetics category.

• Three-for-one stock split executed April 1, 2025, to enhance liquidity and broaden the investor base.

• Q&A session addressed 2024 outlook, active buyer growth, GMV trends, and new business models.

Financial highlights

• GMV: ¥614.3B (+7.0% YoY), operating profit: ¥64.7B (+7.8% YoY), profit attributable to owners: ¥45.3B (+2.3% YoY).

• Operating profit margin: 11.3% (+0.1pt YoY); EBITDA: ¥69.8B (+8.7% YoY); cash and cash equivalents at year-end: ¥91.5B (+¥21.7B YoY).

• Total assets grew 16.0% to 187,810 million yen; net assets rose 16.5% to 98,719 million yen.

• Annual dividend per share (post-split): ¥107, payout ratio 70.1%.

• SG&A expenses: ¥133.6B (23.2% to GMV); promotion-related expenses ratio: 4.4% to GMV.

Outlook and guidance

• FY2025 GMV (excluding other GMV) expected to rise 5.0% YoY; EBITDA projected to increase 10.2%.

• Operating profit forecast: ¥69.8B (+7.8% YoY); profit attributable to owners: ¥48.5B (+7.0% YoY).

• Dividend per share planned at ¥39.0 (post-split), maintaining payout ratio above 70%.

• LYST LTD's impact under review; forecast to be updated.

• Guidance does not yet include the impact of the 'list' business; future inclusion depends on profitability.