Raccoon Holdings (3031): FY2025 Results Summary — EC Drives Full-Year Growth; Upfront Investment to Temporarily Lower Next-Year Profit

This article is based on publicly available IR materials and is not a recommendation to buy or sell any specific securities.

Note: Raccoon Holdings uses an April fiscal year-end and labels the year ended April 30, 2026 as “FY 4/2026.” This article follows our site convention of classifying the most recent completed fiscal year as “FY2025”; all figures and period labels in the body and tables follow the company’s own materials (FY 4/2026, FY 4/2025 and FY 4/2027).

For FY 4/2026 (May 1, 2025 to April 30, 2026), Raccoon Holdings reported net sales of 6,574 million yen (+7.8% YoY) and operating income of 1,320 million yen (+5.3% YoY), with growth led by the EC business. Ordinary income was 1,240 million yen (-11.3% YoY) and net income was 804 million yen (-3.9% YoY). Operating income included 51 million yen of pilot-test costs and 89 million yen of shareholder benefit costs; excluding these special factors, real operating income growth was +16.5% YoY.

Consolidated Results (Full-Year Actual)

Consolidated net sales rose 7.8% YoY (or +11.4% YoY excluding the rent guarantee business, which was removed from consolidation from Q3 of the previous fiscal year). Gross profit increased 10.8% YoY to 5,470 million yen. Operating income reached 1,320 million yen despite the pilot-test and shareholder benefit costs, while ordinary income and net income declined year on year. Operating margin was 20.1% (-0.5pt YoY).

Item (Million yen)	FY 4/2026	FY 4/2025	YoY
Net sales	6,574	6,098	+7.8%
EC business	3,899	3,562	+9.5%
Financial business	2,674	2,535	+5.5%
Gross profit	5,470	4,936	+10.8%
Operating income	1,320	1,254	+5.3%
Operating margin	20.1%	20.6%	-0.5pt
Ordinary income	1,240	1,397	-11.3%
Net income	804	836	-3.9%

Segment Results

The EC business (SUPER DELIVERY) drove full-year results, with segment net sales of 3,899 million yen (+9.5% YoY) and segment profit of 1,272 million yen (+2.7% YoY). Full-year GMV grew +12.0% YoY to 30,986 million yen, surpassing the company’s +10.8% target, led by domestic GMV of 22,824 million yen (+14.0% YoY). The Financial business (Paid / URIHO) posted segment net sales of 2,674 million yen (+5.5% YoY) and segment profit of 832 million yen (+13.5% YoY), with both Paid and URIHO achieving double-digit growth.

Segment	Net sales (M yen)	YoY	Segment profit (M yen)	YoY
EC business	3,899	+9.5%	1,272	+2.7%
Financial business	2,674	+5.5%	832	+13.5%

Full-Year KPI	FY 4/2026	YoY	FY 4/2026 Target
EC GMV	30,986 million yen	+12.0%	+10.8%
EC domestic GMV	22,824 million yen	+14.0%	+9.4%
EC international GMV	8,161 million yen	+6.6%	+14.5%
Paid transaction volume (external)	—	+12.6%	+19.5%
URIHO guarantee balance	76,434 million yen	+21.3%	+17.0%

Forecast (FY 4/2027)

FY 4/2027 is the first year of the new Mid-term Management Plan (FY 4/2027 to FY 4/2029). The company plans large-scale upfront investment (approximately +800 million yen YoY in promotion-related and other expenses) in both the EC and Financial businesses. As a result, the net sales growth rate is expected to rise to +14.1% YoY while profit is projected to decline only in this fiscal year. From FY 4/2027, the company adopts Adjusted EBITDA as an indicator of its intrinsic profitability.

Item (Million yen)	FY 4/2026 (Actual)	FY 4/2027 (Forecast)	YoY
Net sales	6,574	7,500	+14.1%
Adjusted EBITDA	1,592	1,050	-34.1%
Adjusted EBITDA margin	24.2%	14.0%	-10.2pts
Operating income	1,320	600	-54.6%
Operating margin	20.1%	8.0%	-12.1pts
Ordinary income	1,240	550	-55.6%
Net income	804	300	-62.7%

Shareholder Returns

The basic policy targets a dividend payout ratio of 45-50%, with a progressive dividend and a profit-linked additional dividend applied through FY 4/2029, the final year of the new Mid-term Plan. For FY 4/2027, the planned dividend per share is 22 yen, for a planned payout ratio of 142.18% (progressive dividend applied). Treasury stock is to be acquired flexibly depending on the share price. Shareholder benefits provide digital gifts based on the length of shareholding and the number of shares held, and the related costs (expected to be around 150 million yen) have been factored into the results forecasts.

Medium-Term Plan / Topics

Backed by pilot tests, the company aims to accelerate toward its quantitative target of 15% net sales CAGR (FY 4/2031 target). In FY 4/2027 it plans to launch three new services across the two businesses: SD Direct (scheduled July 2026), which opens SUPER DELIVERY’s ordering and settlement infrastructure to non-SD transactions; BizCheck (full-scale sales scheduled August 2026), enabling simultaneous anti-social-forces checks and credit screening; and URIHOmini (launched June 2026), an entry-level receivables guarantee plan for smaller businesses.

This article is an analysis based on publicly available information and is not a recommendation to buy or sell any specific securities. Investment decisions are your own responsibility.