Worth reading
86Important
0–100. This measures how worthwhile something is to read, not how good or bad the company is.Direction
Mixed performance
Direction inferred from the company’s description.Scale
351
¥100 million (year-on-year increase in net sales)Wording
Conditional
How definitive the wording is.Contents of this document
Financial results presentationNine months ended 30 September 2026 (1 January to 30 September)12 items taken from the company’s own explanation
Financial Results Figures (The key points of this material are explained below)
Net Sales¥7,293 100 million+5.1%
Operating profit¥895 100 million +3.3%core operating profit
Ordinary income¥928 100 million -0.7%pre-tax quarterly profit, IFRS
Net income¥567 100 million -6.6%profit for the quarter attributable to owners of the parent
Gross Profit Margin40.1 %
Operating profit margin12.3 % core operating margin
Selling, general and administrative expenses27.8 % selling, general and administrative expense ratio
Results for the three months of the current quarter
Net Sales
¥2,422 100 million
Core operating profit
¥244 100 million
Profit before tax for the quarter
¥262 100 million
Quarterly profit attributable to owners of the parent
¥157 100 million
Full-year earnings forecast
Net Sales
¥10,150 100 million
Core operating profit
¥1,130 100 million
Profit before tax
¥1,135 100 million
Profit for the year attributable to owners of the parent
¥700 100 million
Basic earnings per share
40.68 Yen
Progress against full-year forecast 通期の予想に対して、いまどこまで進んだかの割合です。
Net Sales71.9%
Core operating profit79.2%
Profit before tax81.8%
Profit for the year attributable to owners of the parent81.0%
Basic earnings per share80.8%
What the company explained in this material
Self-assessment against the planThe company's self-assessment against its own plan.
The profit progress rate remained high at approximately 80%, reflecting steady progress toward achieving the full-year earnings forecast.Breakdown of Factors Affecting the ChangeReasons cited by the Company for the change in the figures.
Core operating profit, Jan-Sep
Promotional expenses-26
Advertising spend-33
Logistics Costs-53
Personnel Expenses-36
Development Costs-5
Other-27
Raw materials-related-35
Production efficiency, etc.107
Revenue-growth effect137
Foreign exchange impact
Net Sales298
Core operating profit30
Core operating profit plan, Oct-Dec
Promotional expenses-4
Advertising spend18
Logistics Costs-37
Personnel Expenses-9
Development Costs-11
Other-19
Raw materials-related-90
Production efficiency, etc.29
Revenue-growth effect135
Assumptions Underlying the Business OutlookThe assumptions used by the company in preparing its forecast.
USD exchange rate¥156.00 per US dollar
Chinese yuan exchange rate¥23.00
New initiatives
- Expanding the social implementation of horizontal recycling of used paper diapers through RefF
- Product development using recycled pulp and recycled superabsorbent polymers
- Development of a dry-cleaning method
- Expanding AI-enabled feminine care products, including Sofy Be
- Expanding DX models, including flat-rate services for paper diapers
- Launching new pet care categories in Asian markets
Key KPIsA metric the company considers important as a management benchmark.
- Overseas revenue ratio65.9 %
- Asia revenue ratio40.7 %
- EBITDA¥1,291 100 millionYear on year against the same period last year+0.2%
- Basic earnings per share32.88 YenYear on year against the same period last year-5.2%
- Percentage of management positions held by women (consolidated)35.3 %Year on year against the same period last year+6.1 percentage points (vs. 2019)
- Employee satisfaction (consolidated)4.44Year on year against the same period last yearImproved from 4.40 in fiscal 2024
Segment results
By location
Japan
Net Sales¥251.5 billion (up 2.6% year on year)
Core operating profit¥50.8 billion (up 5.1%)
Asia
Net Sales¥296.6 billion (up 1.7%, down 3.7% on a like-for-like basis)
Core operating profit¥12.3 billion (down 18.3%, down 26.3% on a like-for-like basis)
Other
Net Sales¥181.2 billion (up 15.1%, up 6.3% on a like-for-like basis)
Core operating profit¥26.0 billion (up 11.5%, up 4.0% on a like-for-like basis)
By business
Personal Care
Net Sales¥590.4 billion (up 3.4%)
Core operating profit¥66.4 billion (down 0.0%)
Pet Care
Net Sales¥127.8 billion (up 13.0%)
Core operating profit¥21.7 billion (up 12.4%)
Other
Net Sales¥11.2 billion (up 8.2%)
Core operating profit¥1.3 billion (up 46.6%)
Consolidated
Net Sales¥729.3 billion (up 5.1%)
Core operating profit¥89.5 billion (up 3.3%)
Medium-term management plan targets
Under the 13th Medium-Term Management Plan: total payout ratio of at least 65%, annual dividend of ¥22 per share, and a plan for 25 consecutive years of dividend increasesRisk amount incorporated into the outlookThe amount representing the range of variation the company expects in its forecast.
¥6.9 billion GST-related impairment loss and ¥6.0 billion impairment loss. One-off impacts, including reputational damage to the Chinese FC business, have been factored in.Market Size / Share
Overseas revenue ratio: 65.9%; Asia revenue ratio: 40.7%. The Company has secured high market shares in the Middle East and other regions; specific share figures are not disclosed.Annual Dividend
¥22 /share
BreakdownInterim and year-end breakdown: Not disclosed
Payout ratio
Total payout ratio of at least 65%Acquisition of treasury shares
Approximately ¥19 billion
Number of SharesApproximately 19.41 million shares
PeriodScheduled to be implemented by April; implemented as planned
| Item | Details |
|---|---|
| Document type | Financial results presentation |
| Fiscal Period Covered | Nine months ended 30 September 2026 (1 January to 30 September) |
| Net Sales | ¥7,293 100 million (YoY +5.1%) |
| Operating profit | ¥895 100 million (core operating profit) (YoY +3.3%) |
| Ordinary income | ¥928 100 million (pre-tax quarterly profit, IFRS) (YoY -0.7%) |
| Net income | ¥567 100 million (profit for the quarter attributable to owners of the parent) (YoY -6.6%) |
| Gross Profit Margin | 40.1 % |
| Operating profit margin | 12.3 % (core operating margin) |
| Selling, general and administrative expenses | 27.8 % (selling, general and administrative expense ratio) |
| Results for the three months of the current quarter | Net Sales ¥2,422 100 million / Core operating profit ¥244 100 million / Profit before tax for the quarter ¥262 100 million / Quarterly profit attributable to owners of the parent ¥157 100 million |
| Full-year earnings forecast | Net Sales ¥10,150 100 million / Core operating profit ¥1,130 100 million / Profit before tax ¥1,135 100 million / Profit for the year attributable to owners of the parent ¥700 100 million / Basic earnings per share 40.68 Yen |
| Progress against full-year forecast | Net Sales 71.9% / Core operating profit 79.2% / Profit before tax 81.8% / Profit for the year attributable to owners of the parent 81.0% / Basic earnings per share 80.8% |
| Self-assessment against the plan | The profit progress rate remained high at approximately 80%, reflecting steady progress toward achieving the full-year earnings forecast. |
| Segment results | By location Japan Net Sales ¥251.5 billion (up 2.6% year on year) / Core operating profit ¥50.8 billion (up 5.1%) / Asia Net Sales ¥296.6 billion (up 1.7%, down 3.7% on a like-for-like basis) / Core operating profit ¥12.3 billion (down 18.3%, down 26.3% on a like-for-like basis) / Other Net Sales ¥181.2 billion (up 15.1%, up 6.3% on a like-for-like basis) / Core operating profit ¥26.0 billion (up 11.5%, up 4.0% on a like-for-like basis) / By business Personal Care Net Sales ¥590.4 billion (up 3.4%) / Core operating profit ¥66.4 billion (down 0.0%) / Pet Care Net Sales ¥127.8 billion (up 13.0%) / Core operating profit ¥21.7 billion (up 12.4%) / Other Net Sales ¥11.2 billion (up 8.2%) / Core operating profit ¥1.3 billion (up 46.6%) / Consolidated Net Sales ¥729.3 billion (up 5.1%) / Core operating profit ¥89.5 billion (up 3.3%) |
| Breakdown of Factors Affecting the Change | Core operating profit, Jan-Sep Promotional expenses -26 / Advertising spend -33 / Logistics Costs -53 / Personnel Expenses -36 / Development Costs -5 / Other -27 / Raw materials-related -35 / Production efficiency, etc. 107 / Revenue-growth effect 137 / Foreign exchange impact Net Sales 298 / Core operating profit 30 / Core operating profit plan, Oct-Dec Promotional expenses -4 / Advertising spend 18 / Logistics Costs -37 / Personnel Expenses -9 / Development Costs -11 / Other -19 / Raw materials-related -90 / Production efficiency, etc. 29 / Revenue-growth effect 135 |
| Key KPIs | Overseas revenue ratio 65.9 %, Asia revenue ratio 40.7 %, EBITDA ¥1,291 100 million, Basic earnings per share 32.88 Yen, Percentage of management positions held by women (consolidated) 35.3 %, Employee satisfaction (consolidated) 4.44 |
| Assumptions Underlying the Business Outlook | USD exchange rate ¥156.00 per US dollar / Chinese yuan exchange rate ¥23.00 |
| Risk amount incorporated into the outlook | ¥6.9 billion GST-related impairment loss and ¥6.0 billion impairment loss. One-off impacts, including reputational damage to the Chinese FC business, have been factored in. |
| Medium-term management plan targets | Under the 13th Medium-Term Management Plan: total payout ratio of at least 65%, annual dividend of ¥22 per share, and a plan for 25 consecutive years of dividend increases |
| Annual Dividend | ¥22 /share |
| Payout ratio | Total payout ratio of at least 65% |
| Acquisition of treasury shares | Amount Approximately ¥19 billion / Number of Shares Approximately 19.41 million shares / Period Scheduled to be implemented by April; implemented as planned |
| Market Size / Share | Overseas revenue ratio: 65.9%; Asia revenue ratio: 40.7%. The Company has secured high market shares in the Middle East and other regions; specific share figures are not disclosed. |
| New initiatives | Expanding the social implementation of horizontal recycling of used paper diapers through RefF, Product development using recycled pulp and recycled superabsorbent polymers, Development of a dry-cleaning method, Expanding AI-enabled feminine care products, including Sofy Be, Expanding DX models, including flat-rate services for paper diapers, Launching new pet care categories in Asian markets |
Items this document does not state (7)
Unit price and quantity metricsNumber of stores and locationsNumber of employeesFinancial targetsCapital expendituresOrders received and order backlogKey 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.The Company absorbed higher costs, including raw materials and logistics costs, through price pass-through, expanding high-value-added products, improving the business mix, increasing production efficiency and the revenue growth effect. Overseas, North American pet care and other businesses drove growth, while in Asia, an impairment loss related to India GST and upfront investments in PC and WC weighed on profit. The decline in profit before tax and below was explained as a temporary impact from the reversal of the tax effect associated with insurance proceeds recorded in the previous year.
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