Hamee Corp. (3134): FY2025 Results Summary — Commerce Growth Amid Platform Deconsolidation; All Profit Lines Beat Guidance

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

Note: Hamee does not publish an English results presentation; this article is an English translation of the Japanese-language article on our sister site Investalk, which is based on the company’s Japanese-language IR materials, with figures transcribed as reported. Hamee’s fiscal year ends in April; the latest completed full year (ended April 30, 2026) is labeled FY2025 in this site’s title and slug per our convention, while the article body and tables keep the company’s own period labels.

On June 15, 2026, Hamee released its financial results briefing materials for the full year ended April 2026. On a consolidated basis, structural changes accompanying the deconsolidation of NE Corporation (Platform business) resulted in net sales of 22,073 million yen (down 3.6% year on year), operating profit of 983 million yen (down 58.2%), and net income attributable to owners of the parent of 541 million yen (down 57.6%), a decline in both revenue and profit on the surface. On the other hand, against the revised plan announced on December 15, 2025, net sales and profit at every level all exceeded the plan, driven by expanded domestic sales in the Cosmetics business, a decrease in inventory valuation losses, company-wide cost control, narrower losses in new businesses, and earnings contributions from overseas subsidiaries. Following the deconsolidation of the Platform business, future earnings will be assessed on a Commerce segment basis.

Consolidated Results (Full-Year Actual)

On a fourth-quarter (accounting-period) basis, net sales were 5,147 million yen (down 7.4% year on year), operating profit was 184 million yen (down 55.7%), and net income attributable to owners of the parent was 244 million yen (up 15.5%). The year-on-year declines in revenue and profit were primarily due to structural factors from the deconsolidation of NE Corporation (Platform business).

Item	FY ended Apr 2026	FY ended Apr 2025	Change	YoY
Net sales	22,073	22,895	△821	△3.6%
Gross profit	12,930	13,497	△566	△4.2%
Operating profit	983	2,354	△1,370	△58.2%
Net income attributable to owners of the parent	541	1,278	△736	△57.6%

Segment Results (Commerce Business)

With the deconsolidation of the Platform business (NE Corporation), the segment structure was reorganized around Commerce. Commerce net sales rose 5.8% year on year; profit declined due to upfront growth investment and the impact of U.S. tariffs, among other factors, but exceeded the revised plan. By business, the Cosmetics business posted a large 30.4% year-on-year revenue increase, as wholesale sales grew substantially versus both the prior year and the plan on the back of an expanded number of stores carrying its base makeup. The Mobile Life business saw lower revenue due to a reduction in wholesale sales-floor space stemming from making products compatible across multiple models, but e-commerce grew, leaving the business roughly flat overall. The Gaming Accessories business saw lower revenue amid intensifying price competition. The Global business grew, driven by expanded external sales in the U.S. (including IP-collaboration products), the launch of gaming monitor sales in South Korea, and expansion of new transactions in China.

Business	FY ended Apr 2026	FY ended Apr 2025	Change	YoY
Net sales (Commerce total)	20,095	18,986	1,108	5.8%
Mobile Life business	8,230	8,359	△129	△1.5%
Cosmetics business	4,466	3,424	1,041	30.4%
Gaming Accessories business	3,522	3,706	△183	△5.0%
New business investment	140	140	0	0.4%
Global business	3,735	3,356	378	11.3%

Business	FY ended Apr 2026	FY ended Apr 2025	Change	YoY
Operating profit (Commerce total)	1,386	2,158	△771	△35.8%
Mobile Life business	1,331	1,491	△160	△10.8%
Cosmetics business	57	9	47	476.7%
Gaming Accessories business	9	284	△275	△96.8%
New business investment	△131	△224	93	—
Functional departments	△253	△250	△3	—
Global business	373	846	△472	△55.9%
Operating margin	6.9%	11.4%	△4.5%	—

Full-Year Forecast (29th Term, FY ending April 2027)

Against the previous forecast announced on December 15, 2025, actual results for the full year ended April 2026 came in at net sales of 22,073 million yen (+400 million yen, or +1.8% versus the forecast), operating profit of 983 million yen (+260 million yen, +36.0%), ordinary profit of 761 million yen (+282 million yen, +58.9%), and net income attributable to owners of the parent of 541 million yen (+389 million yen, +255.9%), with net income per share of 33.85 yen (versus the previous forecast of 9.33 yen). All items exceeded the previous forecast. For the fiscal year ending April 2027 (29th term), based on the results excluding NE Corporation (FY ended April 2026), the company expects net sales of 22,817 million yen (up 13.5% year on year), gross profit of 13,389 million yen (up 16.2%), and operating profit of 502 million yen (up 92.8%).

Item	Forecast (FY ending Apr 2027)	Actual excl. NE (FY ended Apr 2026)	Change	YoY
Net sales	22,817	20,095	2,722	13.5%
Cost of sales	9,427	8,572	855	10.0%
Gross profit	13,389	11,522	1,866	16.2%
Operating profit	502	260	241	92.8%

Shareholder Returns

The company’s policy is to maintain a payout ratio of 20% or more, and the dividend for the fiscal year ended April 2026 is planned at 22.5 yen per share as previously announced. The dividend forecast for the fiscal year ending April 2027 is 3 yen per share, reflecting the scale of profit following the spin-off of NE Corporation. Going forward, the company intends to raise the dividend in stages after achieving the targets of its medium-term management plan. Under its shareholder benefit program, shareholders holding at least one trading unit (100 shares) receive discount coupons for the company’s own products worth 1,500 yen twice a year; as stated in the ‘Notice of Changes to and Expansion of the Shareholder Benefit Program’ disclosed on June 15, 2026, the benefit content will be changed and expanded from the record date at the end of October 2026.

Future Initiatives / Medium-Term Management Plan

In the Mobile Life business, the company aims to develop ‘iFace’ into a comprehensive mobile brand, strengthening brand power, expanding power-supply-related accessories, and enhancing customer touchpoints through official channels. In the Beauty business (Cosmetics business), it aims to establish an earnings base across multiple brands by reducing costs and improving SG&A efficiency for ByUR and by concentrating advertising on ByGLOW, which is in the upfront-investment phase. The Gaming Accessories business will continue to evolve into a ‘lifestyle brand,’ differentiating through spatial proposals and developing new categories such as peripheral accessories and furniture. In the Global business, the company will expand the local rollout of its own brands, such as ByUR in the U.S. and Pixio in South Korea, and will optimize selling prices and inventory levels in response to higher tariffs and logistics costs. In addition, on June 15, 2026, the same day as these results, the company announced a new medium-term management plan covering the fiscal years ending April 2027 through April 2029.

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.