Duskin (4665): FY2025 Results Summary — Operating Profit Up 20.4% on Strong Food Group

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

Duskin Co., Ltd. (TSE Prime: 4665) announced its consolidated financial results for FY2025 (April 2025 to March 2026) on May 26, 2026. Net sales increased in all business segments and profits increased at all stages: net sales rose 3.1% year over year to 194,554 million yen, and operating profit climbed 20.4% to 8,748 million yen. Versus the announced forecast, net sales fell short but profits exceeded it. For FY2026, the company forecasts net sales of 201,500 million yen and operating profit of 9,000 million yen, with an annual dividend of 125 yen per share.

Consolidated Results (Full-Year Actual)

For FY2025, net sales were 194,554 million yen, up 5,763 million yen (+3.1%) from the prior year. Operating profit was 8,748 million yen (operating margin 4.5%), up 1,479 million yen (+20.4%); ordinary profit was 12,964 million yen (+21.2%); and profit attributable to owners of the parent was 9,180 million yen (+4.2%). EPS was 195.31 yen and ROE was 5.94%. Against the forecast announced on May 15, 2025 (net sales 195,000 million yen, operating profit 7,900 million yen), sales came in 445 million yen short (-0.2%) while operating profit exceeded the forecast by 848 million yen (+10.7%).

Item (Millions of yen)	FY2025	FY2024	Change	% Change
Net sales	194,554	188,791	+5,763	+3.1%
Operating profit	8,748	7,268	+1,479	+20.4%
Ordinary profit	12,964	10,697	+2,267	+21.2%
Profit attributable to owners of the parent	9,180	8,808	+372	+4.2%
EPS (Yen)	195.31	185.72	+9.58	+5.2%
ROE	5.94%	5.78%	+0.16	–

Segment Results

In the Direct Selling Group, sales in the mainstay Clean Service businesses declined in both residential and commercial sectors, but group sales increased overall on continued strong performance, particularly at ServiceMaster and Duskin Rent-All, along with sales from cleaning and other services at the 2025 Osaka-Kansai Expo site. Segment operating profit declined 1.4%, as profits were weighed down by the accounting method for the new mop cleaner with built-in mop storage unit, which recognizes costs before actual sales are made, and by higher sales promotion expenses from enhanced digital marketing. In the Food Group, the core Mister Donut business continued to perform well, with customer-level sales of all shops up 4.2% year over year and existing shops up 1.5%; segment operating profit grew significantly thanks to increased sales and an improved cost ratio due to price revisions. In Other Businesses, Duskin Kyoeki posted higher profits despite lower sales, Duskin Healthcare increased both sales and profits, and overseas businesses saw a decline in both sales and profits.

Segment (Millions of yen)	Metric	FY2025	FY2024	Change	% Change
Direct Selling Group	Net sales	111,248	108,438	+2,810	+2.6%
Direct Selling Group	Operating profit	5,639	5,721	-82	-1.4%
Food Group	Net sales	68,914	66,747	+2,167	+3.2%
Food Group	Operating profit	10,023	8,556	+1,467	+17.1%
Other Businesses	Net sales	16,971	16,486	+485	+2.9%
Other Businesses	Operating profit	579	511	+68	+13.4%
Intersegment elm. and corporate exp.	Net sales	-2,581	-2,882	+300	–
Intersegment elm. and corporate exp.	Operating profit	-7,494	-7,520	+26	–

FY2026 Forecast

For FY2026, Duskin forecasts consolidated net sales of 201,500 million yen (+3.6% year over year) and operating profit of 9,000 million yen (+2.9%). In the Direct Selling Group, despite some impact from the loss of sales from the 2025 Osaka-Kansai Expo recorded in the previous fiscal year, the company expects sales to increase on continued strong performance, particularly in the Care Service segment, and forecasts higher operating profit as the impact of recognizing the cost of the new mop cleaner upfront becomes negligible. In the Food Group, sales are expected to increase as Mister Donut continues to perform well, but operating profit is forecast to decline due to the reverse effect of the prior-year reduction in sales promotion expenses driven by the popularity of Mocchurin, and costs associated with the implementation of a new retail management system. The company notes that the forecast does not take into account the potential impact of the conflicts in the Middle East, as the outlook remains uncertain.

Item (Millions of yen)	FY2026 Forecast	FY2025 (Actual)	Change	% Change
Net sales	201,500	194,554	+6,945	+3.6%
Operating profit	9,000	8,748	+251	+2.9%
Ordinary profit	12,900	12,964	-64	-0.5%
Profit attributable to owners of the parent	9,800	9,180	+619	+6.7%

Shareholder Returns

Duskin’s basic policy for shareholder return during the Medium-Term Business Plan 2028 period is to distribute profits in line with business performance while taking financial soundness into full consideration. The annual dividend payout is based on a consolidated dividend payout ratio of 60% or a dividend on equity (DOE) of 3.0%, whichever amount is higher. The FY2025 annual dividend is 118 yen per share (interim 50 yen, year-end 68 yen), up from 112 yen in FY2024. For FY2026, the company forecasts an annual dividend of 125 yen per share (interim 55 yen, year-end 70 yen). No stock repurchase was conducted in FY2025.

Item	FY2023	FY2024	FY2025	FY2026 (Forecast)
Interim dividend (Yen)	35	50	50	55
Year-end dividend (Yen)	65 (incl. 20-yen 60th anniversary commemorative dividend)	62	68	70
Annual dividend (per share, yen)	100	112	118	125
Stock repurchase amount (Millions of yen)	1,696	4,999	0	–

Medium-Term Business Plan 2028 Initiatives

Under the Medium-Term Business Plan 2028, Duskin is pursuing four business themes: EXplore (new businesses), EXpand (to related businesses), EXcel (in existing businesses) and Solidify Our Business Base. During FY2025, the company entered into a capital and business alliance agreement with Nosh Inc., combining Duskin’s expertise in door-to-door sales with Nosh’s expertise in the frozen meal delivery sector, and began testing a sitter service in the field of childcare support. It also signed a master franchise agreement to expand Mister Donut into the East China region (Shanghai City and Zhejiang, Jiangsu and Shandong Provinces), with the first shop planned to open during fiscal 2026. In the Direct Selling Group, the franchise operation for Rescue Service (emergency locksmith services) was launched, with sales up 35% compared to fiscal 2024 and 17 franchise agreements as of March 31, 2026, and 104 municipalities have signed up for the company’s disaster risk reduction support services as of March 31, 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.