SHIP HEALTHCARE HOLDINGS (3360): FY2025 Results Summary — Sales Up 5.9%, Dividend Raised for a 10th Consecutive Year

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SHIP HEALTHCARE HOLDINGS, INC. held its FY03/2026 Financial Results Briefing on May 15, 2026, covering the fiscal year ended March 31, 2026. Net sales rose to 718,163 million yen, up +5.9% year on year and +2.6% above the company’s plan of 700,000 million yen, driven mainly by the Medical Supply Business. Operating profit was 24,482 million yen (▲1.2% year on year), while ordinary profit increased +1.2% to 26,331 million yen. Profit attributable to owners of parents declined ▲11.5% to 13,394 million yen. The annual dividend was raised to 60 yen per share, marking a dividend increase for 10 consecutive years.

Note on fiscal-year labels: the company refers to the fiscal year ended March 31, 2026 as FY03/26 (FY03/2026), and this site classifies it as FY2025. Tables below follow the labels used in the company’s presentation; amounts are in millions of yen as presented.

Consolidated Results (Full-Year Actual)

Net sales reached 718,163 million yen, an increase of +39,933 million yen (+5.9%) year on year. Gross profit was 66,703 million yen (▲0.1%). Operating profit decreased ▲296 million yen (▲1.2%) to 24,482 million yen, with the operating profit margin at 3.4% versus 3.7% a year earlier; against the plan of 26,000 million yen, operating profit was ▲5.8% below. Ordinary profit rose +307 million yen (+1.2%) to 26,331 million yen. Profit attributable to owners of parents was 13,394 million yen, down ▲1,734 million yen (▲11.5%) year on year and ▲13.6% below the plan of 15,500 million yen. Net income per share was 144.19 yen (FY03/25: 160.34 yen). The company cites, among other factors, a decrease in equity gains of affiliated companies in non-operating items being offset by a foreign exchange gain recorded on yen depreciation, and the absence of the senior condominium completion and sale recorded in the previous fiscal year.

Item (Million yen)	FY03/25 (Result)	FY03/26 (Plan)	FY03/26 (Result)	YoY change
Net sales	678,229	700,000	718,163	＋39,933 (＋5.9％)
Gross profit	66,743	ー	66,703	▲39 (▲0.1％)
Operating profit	24,779	26,000	24,482	▲296 (▲1.2％)
Operating profit margin	3.7％	3.7％	3.4％	ー
Ordinary profit	26,023	26,500	26,331	+307 (＋1.2％)
Profit attributable to owners of parents	15,128	15,500	13,394	▲1,734 (▲11.5％)

Segment Results

The Medical Supply Business (MSP) was the main growth driver, with net sales of 509,569 million yen (+7.3% year on year) and operating profit of 7,484 million yen (+7.4%), supported by steady operations at the 24 SPD facilities launched in the previous year, the start of operation of 5 newly contracted SPD facilities, initiation of a bundled contract with multiple hospitals under different management bodies, and the launch of a medical material logistics center in the Tokyo metropolitan area. SPD contracted facilities totaled 277 cases covering approximately 102,000 beds as of March 31, 2026. The Total Pack Produce Business (TPP) grew sales +2.6% to 136,604 million yen, but operating profit fell ▲10.0% to 10,812 million yen, mainly because the previous fiscal year included the completion and sale of a large-scale senior condominium development while no such completed projects were recorded in the current period; delivery delays in materials for energy-saving renewal construction projects, higher material prices and production delays in manufacturing, and non-recurring expenses such as M&A advisory fees also weighed. The Lifecare Business (LC) posted sales of 37,322 million yen (+1.8%) and operating profit of 2,216 million yen (+1.2%) amid rising utility, labor and food costs. The Dispensing Pharmacy Business (PH) recorded sales of 34,666 million yen (+3.6%) and operating profit of 4,004 million yen (+16.9%), helped by the integration of four group companies on April 1, 2025 and the closure or consolidation of five unprofitable stores at the end of the previous fiscal year.

Segment (Million yen)	Net sales FY03/26	Net sales YoY	Operating profit FY03/26	Operating profit YoY
Total Pack Produce Business (TPP)	136,604	＋3,437 (＋2.6％)	10,812	▲1,204 (▲10.0％)
Medical Supply Business (MSP)	509,569	＋34,649 (＋7.3%)	7,484	+513 (+7.4％)
Lifecare Business (LC)	37,322	＋647 (＋1.8%)	2,216	+27 (+1.2％)
Dispensing Pharmacy Business (PH)	34,666	＋1,198 (+3.6%)	4,004	+577 (+16.9％)
Adjustment	ー	ー	▲35	ー
Total	718,163	＋39,933 (+5.9%)	24,482	▲296 (▲1.2％)

Within TPP, projects and routine business sales were 65,790 million yen (+5.9%), manufacturing 33,061 million yen (▲1.5%), overseas 617 million yen (+70.8%), Kingrun 25,409 million yen (▲3.4%), and others 11,725 million yen (+8.6%). TPP also benefited from an ODA-focused trading company that joined the Group in May 2025 and strong performance in medical IT solutions.

FY03/2027 Plan

For FY03/2027, the company plans net sales of 740,000 million yen (+3.0% year on year), operating profit of 26,000 million yen (+6.2%), ordinary profit of 26,500 million yen (+0.6%), and profit attributable to owners of parents of 16,000 million yen (+19.5%). Net income per share is planned at 173.88 yen. The plan reflects the impact of the expanded scope of corporations subject to the external standard taxation system, with an additional approximately ¥800 million in taxes and dues expected to be recorded under SG&A expenses. By segment, the company plans net sales of 141,000 million yen for TPP, 528,000 million yen for MSP, 35,000 million yen for LC, and 36,000 million yen for PH, with operating profit of 11,500 million yen, 8,200 million yen, 2,200 million yen, and 4,100 million yen, respectively.

Item (Million yen)	FY03/27 (Plan)	FY03/26 (Result)	YoY change
Net sales	740,000	718,163	＋21,836 (＋3.0％)
Operating profit	26,000	24,482	+1,517 (＋6.2％)
Ordinary profit	26,500	26,331	＋168 (＋0.6％)
Profit attributable to owners of parents	16,000	13,394	＋2,605 (+19.5％)
Net income per share	173.88 yen	144.19 yen	ー

Shareholder Returns

The dividend per share for FY03/26 was 60 yen, up from 58 yen in FY03/25, marking a dividend increase for 10 consecutive years, with a consolidated payout ratio of 41.6%. Dividends in total were 5,521 million yen. For FY03/27, the company plans a dividend of 65 yen per share with a consolidated payout ratio of 37.4%. The company executed a two-for-one common stock split effective on April 1, 2021; figures before the fiscal year ended March 2021 are the actual amounts of dividends before the stock split.

Item	FY03/24	FY03/25	FY03/26	FY03/27 (Plan)
Dividends per share (yen)	50 (incl. 5 commemorative)	58	60	65
Consolidated payout ratio (%)	34.2	36.2	41.6	37.4

Medium-Term Plan / Topics

The company is pursuing its five-year Medium-Term Management Plan “SHIP VISION 2030” (FY03/26–FY03/30), built on portfolio management through the optimization of Group management resources, with basic policies covering business (accelerating growth of existing businesses and strengthening fundamental business through integration across segments), investment and finance (investment for the next stage of growth, appropriate capital allocation and efficient management awareness of capital costs), human resources (developing people and organization that support a future beyond 1 trillion yen of sales), and governance and compliance. In February 2026, the Group started operation of “SHIP GRANBASE Tokyo,” a medical material logistics hub in the Tokyo metropolitan area with a total floor area of 14,129 square meters handling approximately 70,800 items, centered on the automated warehouse system “RENATUS” together with AI, robotics and RFID; it complements the existing Osaka Solution Center and serves as a BCP countermeasure against supply stagnation of medical materials. In the Lifecare Business, the fully cooked foods service “DREAM KITCHEN” for elderly facilities expanded to 872 facilities in FY03/26. On governance, the ratio of outside directors is projected to be 45.5% and the ratio of female directors 18.2%, assuming the election of directors is approved at the Ordinary General Meeting of Shareholders to be held on June 25, 2026.

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.