Blue Zones Holdings (417A): FY2025 Results Summary — First Results Under the New Holding Company

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

Blue Zones Holdings Co., Ltd. (417A), the holding company established on October 1, 2025 that places supermarket operator Yaoko and other group companies under a new holding structure, reported consolidated total revenue of 813,155 million yen, operating income of 36,392 million yen, ordinary income of 35,727 million yen, and net income attributable to owners of parent of 23,596 million yen for the fiscal year ended March 31, 2026. Bunkado and Delight Holdings (Cook Mart) newly joined the group, giving it a six-company structure. For the fiscal year ending March 31, 2027, the company projects increases in both sales and profits on a consolidated basis.

Note: On this site the most recent completed fiscal year is classified as FY2025; the company’s materials refer to it as the fiscal year ended March 31, 2026, and the tables below retain the labels used in the materials (’25/3, ’26/3, ’27/3).

Consolidated Results (Full-Year Actual)

The materials do not present year-earlier consolidated comparisons for Blue Zones Holdings (the ’25/3 columns are shown as ー), with the holding company having been established on October 1, 2025. Earnings per share was 115.91 yen (net income attributable to owners of parent basis). As a reference for profit momentum, the materials show a breakdown of the change in consolidated operating income against Yaoko’s consolidated results for the fiscal year ended March 2025: operating income rose from 33,402 million yen to 36,392 million yen (+2,990 million yen), with gross profit up 19,612 million yen and operating revenue up 1,610 million yen, against increases in personnel expenses (△10,564 million yen), depreciation (△1,697 million yen), and rent expenses on land and buildings (△1,271 million yen), among others.

Item (million yen, %)	’25/3 Actual	’26/3 Actual	YoY
Total revenue	ー	813,155	ー
Operating income	ー	36,392	ー
Ordinary income	ー	35,727	ー
Net income*	ー	23,596	ー
EPS (yen)	ー	115.91	ー

* Net income attributable to owners of parent. On the balance-sheet side, total assets stood at 427,822 million yen, the equity ratio at 46.6%, and net interest-bearing debt at 36,334 million yen. Cash flows from operating activities were 47,071 million yen, cash flows from investing activities were △46,395 million yen, and cash flows from financing activities were 3,637 million yen, with cash and cash equivalents of 52,811 million yen at year-end.

Group Company Results

The group operated 276 stores at the end of the fiscal year: Yaoko 202, AVE 14, Sendo 25 (including Drug SENDO), Delight HD 12, Foocot 5, and Bunkado 18. During the year the group opened 8 new stores (Yaoko 7, Sendo 1), renovated 14 existing stores, and closed 1 store, including Yaoko’s first entries into Tokyo’s 23 wards with the Suginami Momoi store (opened June 10) and the Itabashi Yotsuba store (opened November 7), both of which exceeded their net sales forecasts.

Company (million yen, %)	Net sales	YoY	Ordinary income	YoY
Yaoko	609,981	108.1	28,791	107.8
AVE	90,038	112.9	4,711	108.3
Sendo	51,813	104.0	2,221	109.5
Delight HD*	8,809	－	202	－
Foocot	16,060	108.0	△134	－
Bunkado**	6,994	－	458	－

* Delight HD: results for the fourth quarter (January–March). ** Bunkado: as it has a May fiscal year-end, results for the third quarter (December–February). On a stand-alone presentation, core subsidiary Yaoko posted total revenue of 637,361 million yen (108.0% year on year), operating income of 29,339 million yen (107.3%), ordinary income of 28,791 million yen (107.8%), and net income of 19,044 million yen (113.9%), marking 37 consecutive fiscal years of sales and profit growth. Yaoko’s private-label lineup totaled 1,377 products at the end of March 2026, accounting for 10.36% of sales with sales at 109.1% of the prior year.

Full-Year Forecast (Fiscal Year Ending March 31, 2027)

For the fiscal year ending March 31, 2027, Blue Zones Holdings projects consolidated total revenue of 903,000 million yen (111.0% year on year), operating income of 37,450 million yen (102.9%), ordinary income of 36,350 million yen (101.7%), and net income attributable to owners of parent of 23,900 million yen (101.3%), with EPS of 117.40 yen. Yaoko on its own is forecast to post total revenue of 672,500 million yen (105.5%), operating income of 30,000 million yen (102.3%), ordinary income of 28,800 million yen (100.0%), and net income of 19,100 million yen (100.3%). The group plans 11 new store openings, 13 renovations of existing stores, and 1 store closure, bringing the store network to 286 stores at year-end (Yaoko 210 (+8), Delight HD 13 (+1), Foocot 6 (+1)).

Item (million yen, %)	’26/3 Actual	’27/3 Forecast	YoY
Total revenue	813,155	903,000	111.0
Operating income	36,392	37,450	102.9
Ordinary income	35,727	36,350	101.7
Net income*	23,596	23,900	101.3
EPS (yen)	115.91	117.40	101.3

* Net income attributable to owners of parent.

Shareholder Returns

The annual dividend for the fiscal year ended March 31, 2026 was 160.00 yen per share (interim 62.50 yen, year-end 97.50 yen), for a dividend payout ratio of 27.6%. For the fiscal year ending March 31, 2027, the company forecasts an annual dividend of 160.00 yen (interim 80.00 yen, year-end 80.00 yen), with a payout ratio of 27.3%. The company conducted a 5-for-1 stock split at the end of the fiscal year ended March 31, 2026, and dividend figures for the fiscal year ended March 31, 2025 and earlier have been adjusted to post-split terms; dividend results prior to the interim dividend for the fiscal year ending March 2026 are based on the dividend amounts of YAOKO CO., LTD. On capital allocation, the company states it will increase the payout ratio in steps with an awareness of maintaining an ROE of 10% or higher.

Item	’25/3	’26/3	’27/3 Forecast
Interim dividend (yen)	55.00	62.50	80.00
Year-end dividend (yen)	70.00	97.50	80.00
Annual dividend (yen)	125.00	160.00	160.00
Dividend payout ratio (%)	25.3	27.6	27.3

Group Policy and Topics

Blue Zones Holdings sets out its mission as “Create a world (Blue Zone) where all members of the community can be healthy and happy every day” and its vision as “Become the community’s common capital.” Its policy theme for the new fiscal year is “Acting independently and developing our strengths,” under which each company will develop its own unique strengths to accelerate the growth of the group as a whole, supported by organizational management, mutual learning (including store visits and development of management personnel), and sharing of functions such as finance, store contract management, and risk management. The Articles of Incorporation were partially amended to add the company’s Basic Philosophy as Article 2. At Yaoko, the fiscal year ending March 2027 is the final year of the 11th Medium-Term Management Plan “Shin Yaoko,” with the theme “Enjoy Yaoko” and initiatives spanning continued strengthening of fresh foods, evolution of the North–South strategy, expansion of full self-checkout and AI-based automated ordering, and consideration of new urban-format stores.

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.