Oisix ra daichi (3182) Q4 2026 earnings summary

Executive summary

• FY25 sales were JPY 251.4B (down 1.8% YoY) due to the sale of Vehicle and Other businesses, but EBITDA rose 0.9% YoY to JPY 12.9B, operating profit up 6.9% YoY to JPY 7.3B, and parent net income up 24.4% YoY to JPY 4.5B.

• Profit at all levels exceeded forecasts, with parent net income 13% above target, driven by extraordinary gains from business sales and tax optimization.

• Group reorganization in October 2025 accelerated synergies between B2C and B2B Subscription Businesses, focusing on integrated management and productivity improvements.

• Strategic focus on B2B Subscription Business growth via M&A and organic expansion, and profitability improvement in B2C Subscription Business.

• Strategic cash reallocation supported growth investments, aligning with mid-term targets for sustainable value enhancement.

Financial highlights

• EBITDA increased 0.9% to JPY 12.9B YoY; operating profit up 6.9% to JPY 7.3B; parent net income up 24.4% to JPY 4.5B; EPS up 26.4% to 130.3.

• Excluding divested businesses, sales grew 3% and operating profit 21% YoY.

• B2C EBITDA margin was 12.0% (down 0.7 pts YoY) due to higher ingredient costs and promotions; B2B EBITDA margin improved to 4.9% (up 1.6 pts YoY) via price optimization and standardization.

• Positive FCF of JPY 11.3B, ROE up 3.6 pts to 16.4%, and shareholders’ equity ratio at 25.3%.

• Net assets per share decreased to JPY 786.67 from JPY 874.72.

Outlook and guidance

• FY26 forecast: sales JPY 252.0B (+0.2% YoY), EBITDA JPY 13.4B (+3.8% YoY), operating profit JPY 8.7B (+18.5% YoY), parent net income JPY 4.6B (+1.6% YoY), EPS JPY 132.44.

• Excluding the impact of business sales, FY26 sales expected up 6% and operating profit up 46% YoY.

• B2C FY26 EBITDA projected at JPY 11.6B (+3% YoY, margin 12.2%), B2B at JPY 5.7B (+40% YoY, margin 6.2%).

• Mid-term targets for FY29: sales JPY 325B, EBITDA JPY 19B, EPS JPY 175 (CAGR 11%).