BuySell Technologies (7685) Q1 2026 earnings summary

Executive summary

• Q1 FY2026 saw record net sales of ¥32.1B, up 37% YoY, and operating income of ¥5.1B, up 111% YoY, driven by strong home visit and store purchase performance, revisit/repeat measures, and higher unit prices.

• Profit attributable to owners of parent increased 167% YoY to ¥3.3B, with comprehensive income at ¥3.34B, up 167.5% YoY.

• Strategic inventory sales, improved gross margins (+3pt YoY), and increased inventory to ¥14.4B supported profit growth.

• DelightZ acquisition consolidated in Q1, adding ~¥400M to inventory and ~¥2.0B goodwill (12-year amortization).

Financial highlights

• Net sales: ¥32.1B (+37% YoY); operating income: ¥5.1B (+111% YoY, OPM 16%, +5.6pt YoY); adjusted EBITDA: ¥5.5B (+97% YoY).

• Gross profit: ¥18.1B (+44.7% YoY); gross margin: 56.4% (+3.0pt YoY).

• SG&A: ¥13.0B (+28.6% YoY), with advertising and personnel expenses up due to branding and incentives.

• Basic EPS for Q1 2026 was ¥54.13; diluted EPS was ¥53.15.

• Net income attributable to owners: ¥3.3B (+167% YoY).

Outlook and guidance

• FY2026 guidance revised upward: net sales ¥140B (+7.7% vs. initial, +39.1% YoY), operating income ¥15.6B (+24.8% vs. initial, +72.5% YoY), OPM 11.1%.

• Adjusted EBITDA forecast: ¥17.1B (+23.4%); net income: ¥9.4B (+25.3% vs. initial, +78.4% YoY).

• Dividend per share raised from ¥17.5 to ¥22 (post 2-for-1 split).

• FY2027 mid-term targets unchanged but under review; stock options tied to ¥20B+ operating income in FY2027.