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Trial Holdings
Trial Holdings (141A) investor relations material
Trial Holdings Q2 2026 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q2 2026 earnings summary13 Feb, 2026
Executive summary
1H FY6/2026 consolidated results exceeded plan in both sales and profit, with operating profit 60.4% above forecast and net profit 5.1 times the target, driven by the full acquisition of SEIYU and strong store performance.
Net sales for the six months ended December 31, 2025, rose 67% year-over-year to ¥674,117 million, with EBITDA up 125% to ¥36,018 million and operating profit up 71.9% to ¥16,677 million.
Eight new subsidiaries, including Seiyu Co., Ltd., were added to the consolidation scope during the period, expanding the total store count to 611.
Goodwill (¥298.8bn, 20 years) and related amortization (approx. ¥7.6bn in 1H) were recorded, along with M&A-related borrowings (approx. ¥367.4bn) and one-off costs in Q1.
Profit attributable to owners of parent decreased 33.8% year-over-year to ¥4,057 million, and basic earnings per share dropped to ¥33.17 from ¥50.27.
Financial highlights
Net sales rose 67.0% YoY to ¥674.1bn; gross profit doubled (+100.2%) to ¥160.3bn; operating profit up 71.9% YoY to ¥16.6bn.
Gross profit margin improved by 4.0pts to 23.8%; operating profit margin at 2.5%.
EBITDA reached ¥36.0bn, up 225.4% YoY; EBITDA margin for the six months ended December 31, 2025, was approximately 5.3%.
Ordinary profit grew 85.4% YoY, absorbing one-time loan structuring fees.
Total assets surged to ¥850,466 million as of December 31, 2025, up from ¥300,283 million at June 30, 2025.
Outlook and guidance
No change to the consolidated forecast for FY6/2026; full-year net sales projected at ¥1,322.5bn and operating profit at ¥25.4bn.
Profit attributable to owners of parent is expected to decline 37.4% to ¥13,900 million.
TRIAL targets further GPM improvement and OP growth through store expansion, pricing strategies, and SEIYU integration synergies.
SEIYU to focus on revitalizing existing stores and upfront investments to rebuild customer loyalty.
Annual dividend forecast is ¥16.00 per share, unchanged from the previous year.
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Next Trial Holdings earnings date
Q3 202614 May, 2026
Trial Holdings
Next Trial Holdings earnings date
Q3 202614 May, 2026
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Frequently asked questions
Trial Holdings Inc. is a Japanese retail company that operates a chain of discount stores across Japan, providing a wide range of affordable products. Its stores offer various goods, including groceries, household items, electronics, apparel, and daily necessities, catering to budget-conscious consumers. Trial Holdings combines physical stores with online shopping options and utilizes data-driven management to optimize product offerings and pricing strategies. The company is headquartered in Fukuoka, Japan, and its shares are listed on the Tokyo Stock Exchange.
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