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Financial results presentation4911Shiseido Company,LimitedMaterials and Chemicals

Cumulative results for the first 3 quarters of 2026 (January–September) and full-year outlook

Revenue returned to underlying growth in January–September 2026, while core operating profit and net income improved significantly. For the full year, the underlying revenue growth forecast was revised partially downward, while the forecasts for core operating profit and net income were revised upward to ¥87 billion and ¥62 billion, respectively.

Worth reading
73In focus
0–100. This measures how worthwhile something is to read, not how good or bad the company is.
Direction
Improvement
Direction inferred from the company’s description.
Scale
374
¥100 million (year-on-year change in core operating profit)
Wording
Conditional
How definitive the wording is.

Contents of this document

Financial results presentationFiscal year ending March 2026, nine months ended 30 September 2026 (January–September 2026)10 items taken from the company’s own explanation
Financial Results Figures (The key points of this material are explained below)
Net Sales¥7,411 100 million+7.0%
Operating profit¥635 100 million
Net income¥444 100 million
Gross Profit Margin79
Operating profit margin8.6
Selling, general and administrative expenses¥5,246 100 million
Results for the three months of the current quarter
Net Sales
¥2,422 100 million+8.1%
Core operating profit
¥230 100 million+243.3%
Full-year earnings forecast
Net Sales
¥10,250 100 million
Core operating profit
¥870 100 million
Operating profit
¥870 100 million
Pretax profit
¥875 100 million
Profit for the period
¥620 100 million
EBITDA
¥1,370 100 million
Free cash flow
¥600 100 million
ROIC
7 %
ROE
10 %
What the company explained in this material
Breakdown of Factors Affecting the ChangeReasons cited by the Company for the change in the figures.
  • Effects of structural reforms and cost managementNo quantitative disclosure
  • Tariff refundsNo quantitative disclosure
  • Decrease in contribution marginNo quantitative disclosure
  • Foreign exchange impactNo quantitative disclosure
Assumptions Underlying the Business OutlookThe assumptions used by the company in preparing its forecast.
Exchange rate
  • ¥158 per US dollar
  • €1 = ¥182
  • CNY 1 = ¥23.0
Revenue growthIncludes the outlook for underlying revenue growth by region in Q4 2026
New initiatives
  • Portfolio management by the Investment and Divestment Committee
  • Investment allocation model consolidating basic research into approximately 20 areas
  • Establishment of common KPIs for brands, regions and corporate functions
  • Advancement of asset-light initiatives, including asset sales
  • Accelerating growth through new products and innovation
Key KPIsA metric the company considers important as a management benchmark.
  • Underlying revenue growth rate (cumulative)1 %
  • Core operating margin9.1 %
    Year on year against the same period last year+4.8%
  • EBITDA¥1,062 100 million
    Year on year against the same period last year+56.0%
  • Free cash flow¥490 100 million
    Year on year against the same period last year+55.0%
  • Core Next revenue ratio75 %
Segment results
  • Japan
    Net Sales2,174
    Revenue unit¥100 million
    Year-on-year change in revenue-0.4
    Core operating profit342
    Profit unit¥100 million
    Year-on-year change in profit22.5
  • China and travel retail
    Net Sales2,685
    Revenue unit¥100 million
    Year-on-year change in revenue1.2
    Core operating profit598
    Profit unit¥100 million
    Year-on-year change in profit28.2
  • Asia Pacific
    Net Sales582
    Revenue unit¥100 million
    Year-on-year change in revenue3.7
    Core operating profit55
    Profit unit¥100 million
    Year-on-year change in profit210.1
  • The Americas
    Net Sales845
    Revenue unit¥100 million
    Year-on-year change in revenue0.6
    Core operating profit56
    Profit unit¥100 million
  • Europe
    Net Sales1,061
    Revenue unit¥100 million
    Year-on-year change in revenue-0.7
    Core operating profit-1
    Profit unit¥100 million
Medium-term management plan targets
Target fiscal year2,030
Sales growth rateAnnual average of +2–5% (excluding foreign exchange effects)
Core operating marginAt least 10%
ROICAt least 10%
ROE12% or more
Free cash flow¥100 billion or more
Financial targets
ROIC
Target10 %
2026 outlook7 %
ROE
Target12 %
2026 outlook10 %
Number of employees
Consolidated headcount down approximately 20%
Change during the periodSeptember 2026-end versus year-end 2023
Capital expenditures
¥320 100 million
Annual Dividend
Annual dividend per share¥60
Interim¥30
End of period¥30
Contents of this document
ItemDetails
Document typeFinancial results presentation
Fiscal Period CoveredFiscal year ending March 2026, nine months ended 30 September 2026 (January–September 2026)
Net Sales¥7,411 100 million (YoY +7.0%)
Operating profit¥635 100 million
Net income¥444 100 million
Gross Profit Margin79
Operating profit margin8.6
Selling, general and administrative expenses¥5,246 100 million
Results for the three months of the current quarterNet Sales ¥2,422 100 million (YoY +8.1%) / Core operating profit ¥230 100 million (YoY +243.3%)
Full-year earnings forecastNet Sales ¥10,250 100 million / Core operating profit ¥870 100 million / Operating profit ¥870 100 million / Pretax profit ¥875 100 million / Profit for the period ¥620 100 million / EBITDA ¥1,370 100 million / Free cash flow ¥600 100 million / ROIC 7 % / ROE 10 %
Segment resultsSegment Japan / Net Sales 2,174 / Revenue unit ¥100 million / Year-on-year change in revenue -0.4 / Core operating profit 342 / Profit unit ¥100 million / Year-on-year change in profit 22.5, Segment China and travel retail / Net Sales 2,685 / Revenue unit ¥100 million / Year-on-year change in revenue 1.2 / Core operating profit 598 / Profit unit ¥100 million / Year-on-year change in profit 28.2, Segment Asia Pacific / Net Sales 582 / Revenue unit ¥100 million / Year-on-year change in revenue 3.7 / Core operating profit 55 / Profit unit ¥100 million / Year-on-year change in profit 210.1, Segment The Americas / Net Sales 845 / Revenue unit ¥100 million / Year-on-year change in revenue 0.6 / Core operating profit 56 / Profit unit ¥100 million / Year-on-year change in profit Not disclosed, Segment Europe / Net Sales 1,061 / Revenue unit ¥100 million / Year-on-year change in revenue -0.7 / Core operating profit -1 / Profit unit ¥100 million / Year-on-year change in profit Not disclosed
Breakdown of Factors Affecting the ChangeFactors Effects of structural reforms and cost management / Amount No quantitative disclosure, Factors Tariff refunds / Amount No quantitative disclosure, Factors Decrease in contribution margin / Amount No quantitative disclosure, Factors Foreign exchange impact / Amount No quantitative disclosure
Key KPIsIndicator name Underlying revenue growth rate (cumulative) / Value 1 % / Year on year against the same period last year Not disclosed, Indicator name Core operating margin / Value 9.1 % / Year on year against the same period last year 4.8 %, Indicator name EBITDA / Value ¥1,062 100 million / Year on year against the same period last year ¥56 100 million, Indicator name Free cash flow / Value ¥490 100 million / Year on year against the same period last year ¥55 100 million, Indicator name Core Next revenue ratio / Value 75 % / Year on year against the same period last year Not disclosed
Number of employeesValue Consolidated headcount down approximately 20% / Change during the period September 2026-end versus year-end 2023
Assumptions Underlying the Business OutlookExchange rate ¥158 per US dollar, €1 = ¥182, CNY 1 = ¥23.0 / Revenue growth Includes the outlook for underlying revenue growth by region in Q4 2026
Medium-term management plan targetsTarget fiscal year 2,030 / Sales growth rate Annual average of +2–5% (excluding foreign exchange effects) / Core operating margin At least 10% / ROIC At least 10% / ROE 12% or more / Free cash flow ¥100 billion or more
Financial targetsROIC Target 10 % / 2026 outlook 7 % / ROE Target 12 % / 2026 outlook 10 %
Annual DividendAnnual dividend per share ¥60 / Interim ¥30 / End of period ¥30
Capital expenditures¥320 100 million
New initiativesPortfolio management by the Investment and Divestment Committee, Investment allocation model consolidating basic research into approximately 20 areas, Establishment of common KPIs for brands, regions and corporate functions, Advancement of asset-light initiatives, including asset sales, Accelerating growth through new products and innovation
Items this document does not state (11)
Ordinary incomeProgress against full-year forecastSelf-assessment against the planUnit price and quantity metricsNumber of stores and locationsRisk amount incorporated into the outlookPayout ratioAcquisition of treasury sharesOrders received and order backlogMarket Size / ShareKey points of the Q&A

These are items the company does not state in this document. We do not leave them blank, nor fill them in from other sources or by inference.

The reasons the company gives

The company's own explanation, not something inferred from the numbers.

Revenue growth, the effects of structural reforms, improved cost ratios, company-wide cost management, foreign exchange effects and strict investment discipline contributed to the improvement in profit. The full-year forecast also reflects the additional inclusion of gains on asset sales and other items.

How to read this page

This is not the documentKomori reads the disclosure the company filed and writes this summary. Figures are as stated by the company and are not audited.
Weight is not a verdictIt measures how much this changes what the company had already told the market. It is not a view on the shares.
Corrections happenIf the company reissues this disclosure, the page is rebuilt from the corrected version and the revision number moves up.
Cumulative results for the first 3 quarters of 2026 (January–September) and full-year outlook | Shiseido Company,Limited (4911) timely disclosure | Komori