TORIDOLL Holdings (3397): FY2025 Results Summary — Record Revenue and Business Profit as Fulham Restructuring Begins

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

Note: TORIDOLL Holdings Corporation does not publish an English results presentation; this article is based on the company’s Japanese-language results presentation, with figures transcribed as reported. The presentation labels the fiscal year ended March 31, 2026 as “FY3/26” (26/3期); this site classifies the most recent completed fiscal year as FY2025.

TORIDOLL Holdings Corporation (Tokyo Stock Exchange Prime, code 3397), operator of the Marugame Seimen sanuki udon chain and overseas brands including Tam Jai, MARUGAME UDON, and Fulham Shore, reported record revenue of ¥278.7 billion and record business profit of ¥21.5 billion for FY3/26. Operating profit rose to ¥10.6 billion despite impairment losses stemming from the restructuring of Fulham in the U.K., and profit attributable to owners of the parent increased to ¥2,311 million. For FY3/27, the company plans revenue of ¥287.0 billion, business profit of ¥22.0 billion, and operating profit of ¥17.0 billion.

Consolidated Results (Full-Year Actual)

Revenue reached a record ¥278.7 billion, with the domestic business also setting a record, and business profit reached a record ¥21.5 billion — with the Marugame Seimen and overseas business segments each posting record business profit. Against the full-year plan, revenue came in at 98.8% (plan: ¥282,000 million) while business profit exceeded the plan at 109.5% (plan: ¥19,600 million). Operating profit was ¥10,578 million (72.5% of the ¥14,600 million plan) after ¥10,882 million in other operating income/expenses, mainly impairment losses in the overseas business segment. Profit attributable to owners of the parent was ¥2,311 million, 42.0% of the ¥5,500 million plan but up 23.3% year on year.

Item (¥ million)	FY3/26	FY3/25	Change	% Change
Revenue	278,715	268,228	+10,486	+3.9%
Business profit	21,460	18,205	+3,254	+17.9%
Operating profit	10,578	8,674	+1,904	+21.9%
Profit attributable to owners of the parent	2,311	1,874	+437	+23.3%

Note: The company defines business profit as revenue minus cost of sales and SG&A expenses. On the balance sheet, the ratio of equity attributable to owners of the parent rose 2.9 percentage points to 29.9%, with interest-bearing debt declining to ¥173,785 million. Operating cash flow increased to ¥49,238 million and free cash flow to ¥33,579 million.

Segment Results

Marugame Seimen posted record revenue and business profit, with same-store sales at 104.5% of the prior year. The Domestic Other segment (Kona’s Coffee, Zundo-ya, and other formats) achieved record revenue but saw a slight profit decline as it could not fully absorb cost increases. The Overseas Business segment saw revenue decline — reflecting Tam Jai’s strategic closures of unprofitable stores in the prior year and Fulham’s store closures — but business profit more than doubled to a record level, helped by strong Asian operations, improved profitability at Tam Jai, and the move to a franchise model for the Marugame U.K. business.

Segment	Metric (¥ million)	FY3/26	FY3/25	% Change
Marugame Seimen	Revenue	137,193	128,142	+7.1%
Marugame Seimen	Business profit	21,955	20,896	+5.1%
Domestic Other	Revenue	39,626	35,412	+11.9%
Domestic Other	Business profit	4,152	4,447	△6.6%
Overseas Business	Revenue	101,895	104,674	△2.7%
Overseas Business	Business profit	5,285	2,524	+109.4%
Adjustment	Business profit	△9,933	△9,662	—
Consolidated	Revenue	278,715	268,228	+3.9%
Consolidated	Business profit	21,460	18,205	+17.9%

Fulham Restructuring in the U.K.

The company launched a fundamental restructuring of Fulham, acquired in July 2023, in response to a prolonged headwind environment for dining out in the U.K. For the pizza brand Franco Manca (FY3/26 revenue of ¥13,680 million, 68 stores), a CVA (Company Voluntary Arrangement) was filed on April 16, 2026 and approved on May 5, 2026, under which 17 stores will be closed and rents on 9 stores reduced for three years, leaving 51 profitable stores to continue operating. The Greek-cuisine brand The Real Greek (FY3/26 revenue of ¥6,604 million, 28 stores) entered Administration on May 1, 2026, with its assets and business transferred to Karali and the business exited.

FY3/27 Forecast

For FY3/27 the company plans revenue of ¥287.0 billion, business profit of ¥22.0 billion, and operating profit of ¥17.0 billion. Marugame Seimen and Domestic Other are expected to grow both revenue and profit, while the Overseas Business segment is expected to post lower revenue but higher profit due to the Fulham restructuring. The company positions each segment in a preparation phase for renewed growth, accelerating organic growth and reallocating resources to growth areas.

Item (¥ million)	FY3/27 Plan	FY3/26 Actual	% Change
Revenue	287,000	278,715	+3.0%
Business profit	22,000	21,460	+2.5%
Operating profit	17,000	10,578	+60.7%
Profit attributable to owners of the parent	7,000	2,311	+202.9%

Shareholder Returns

The FY3/26 dividend was ¥11.00 per share, an increase of ¥1 from the prior year as originally planned. For FY3/27, the company forecasts a dividend of ¥12.00 per share, another ¥1 increase, based on its cash allocation, dividend policy, and business plan. The basic policy is to pay progressive dividends in line with results while retaining earnings for growth investment, targeting a payout ratio of 20% or higher in principle, with an adjusted payout ratio of 2% as a floor, and dividends at or above the prior year’s level excluding special dividends.

Medium-Term Plan (FY3/23–FY3/28)

The company revised its medium-term plan figures to more achievable levels reflecting external uncertainty, while targeting ROE of 8% or higher in FY3/28 through concentrated investment in winning formats, improved overseas profitability, and capital-efficiency-focused management. The FY3/28 plan calls for revenue of ¥305.0 billion, business profit of ¥24.0 billion (7.9% margin), operating profit of ¥20.0 billion (6.6% margin), and approximately 2,340 stores. As of the end of March 2026, the group operated 2,102 stores across 30 countries and regions, and ROE for FY3/26 was 2.6%. Over the two most recent fiscal years the company reorganized its overseas portfolio — including making Tam Jai a wholly owned subsidiary (August 2025, shareholding raised from 74.3% to 100.0%), removing Monster Curry operator MC GROUP PTE. LTD. from consolidation at the end of September 2025, and restructuring Fulham — and positions FY3/27 onward as a re-growth phase balancing profitability and growth.

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.