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The story of how a Swiss runner's pursuit of a new running sensation became On, aiming to be the most premium global sportswear brand worldwide.
Asahi Co (3333) investor relations material
Asahi Co Q3 2026 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 2026 earnings summary22 Dec, 2025
Executive summary
Net sales for the nine months ended November 20, 2025, were ¥64,110 million, down 0.7% year-over-year, reflecting sluggish new bicycle sales, cautious consumer spending, and a shift toward repairs and reused products.
Operating profit declined 22.6% year-over-year to ¥4,321 million, and net profit fell 22.4% to ¥2,928 million.
The company expanded its store network to 552 locations, including 534 directly operated and 18 franchise stores, with accelerated store openings in the second half.
Demand for reused and electric-assist bicycles increased, prompting expansion of the West Japan Support Center for refurbishment.
Financial highlights
Gross profit margin improved slightly to 47.8% from 47.5% year-over-year, with gross profit at ¥30,649 million.
Ordinary profit fell 20.2% to ¥4,511 million, and basic earnings per share decreased to ¥112.43 from ¥144.90.
E-commerce net sales rose 14.9% year-over-year, with the e-commerce conversion ratio reaching 18.5%.
SG&A expenses increased 5% year-over-year, mainly due to wage hikes and business expansion.
Extraordinary losses rose to ¥117 million, mainly from asset retirements and disaster-related losses.
Outlook and guidance
The full-year forecast for FY2026 was revised downward: net sales now expected at ¥81,000 million, operating profit at ¥4,230 million, and net profit at ¥2,640 million.
Basic earnings per share for the full year is forecast at ¥101.38.
The challenging environment is expected to persist into Q4, with continued weak demand for durable consumer goods.
Dividend per share is planned at ¥50, maintaining a stable shareholder return policy with a 35% payout ratio target.
What drove the full-year forecast revision?
Impact of increased repair/reuse demand
Assess OMO strategy effectiveness
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