Trial Holdings (141A) investor relations material

Executive summary

• Achieved record-high consolidated net sales of ¥1,347,109 million (+67.6% YoY) and operating profit of ¥30,371 million (+43.9% YoY), driven by SEIYU acquisition, store network expansion, and strong performance in both TRIAL and SEIYU segments.

• Customer satisfaction and traffic improved, with SEIYU's same-store customer traffic exceeding +10% YoY in May and TRIAL's SSS up 2.1% for FY2026.

• Net income reached ¥3,522 million, reflecting higher costs, extraordinary losses, and one-time M&A-related expenses.

• EBITDA nearly doubled YoY to ¥69,953 million, strengthening cash-generating capacity.

• Completed refinancing to syndicated loans, securing stable long-term funding.

Financial highlights

• Consolidated net sales: ¥1,347,109 million (+67.6% YoY); operating profit: ¥30,371 million (+43.9% YoY); gross profit: ¥320,290 million (+94.3% YoY); OPM: 2.3%; GPM: 23.8% (+3.3pts YoY).

• EBITDA: ¥69,953 million (+100.2% YoY); net income: ¥3,522 million (down 70.0% YoY).

• Store count increased to 621 (+269 YoY), including 245 SEIYU stores.

• SG&A rose to ¥307,000 million (2.1x YoY), mainly due to SEIYU consolidation and M&A-related costs.

• Basic earnings per share fell to ¥28.76 from ¥96.23 YoY.

Outlook and guidance

• FY2027 forecast: net sales ¥1,458,200 million (+8.2% YoY), operating profit ¥39,000 million (+28.4%), EBITDA ¥83,100 million (+18.8%), and profit attributable to owners of parent ¥10,700 million (+203.8% YoY).

• Basic EPS forecasted at ¥87.15 for FY2027.

• SEIYU to prioritize customer base expansion with upfront investments; TRIAL to accelerate synergy monetization and profit growth.

• Dividend expected to increase by ¥1.00 per share.