Park24 (4666): FY2025 Results Summary — Sales Up 9.5% but Profit Falls on UK Impairment; Next-Year Dividend Raised to ¥65

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PARK24 CO., LTD. (TSE Prime, 4666), operator of the Times PARKING and Times CAR businesses, announced results for FY2025 at its financial results briefing on December 16, 2025. Park24’s fiscal year ends in October, so FY2025 here refers to the fiscal year ended October 31, 2025. Net sales rose to ¥406.1B (109.5% of the prior year), roughly in line with the revised plan, but profit figures declined and fell short of expectations: recurring profit was ¥34.1B (96.4% YoY) and profit attributable to owners of parent was ¥15.9B (85.5% YoY), weighed down by a ¥2.4B impairment loss in the UK business. For FY2026, the company plans record-high net sales and profits at every level, and the dividend forecast rises from ¥30 to ¥65 per share.

Consolidated Results (Full-Year Actual)

Net sales were ¥406.1B (¥+0.1B vs. the revised plan), supported by the expansion of service scale across all segments. Recurring profit of ¥34.1B fell ¥1.4B short of the revised plan due to slower service operations in certain segments and higher costs. Profit attributable to owners of parent was ¥15.9B (¥-2.1B vs. the revised plan), primarily due to an impairment loss of ¥2.4B on contract-related intangible assets in the UK business. The company also notes that, compared to the same period last year, performance was negatively impacted by the leap year, which had one fewer business day.

Item (Billion yen)	FY2025	FY2024	YoY
Net Sales	406.1	370.9	109.5%
Operating profit	37.5	38.6	97.1%
Recurring profit	34.1	35.4	96.4%
Profit attributable to owners of parent	15.9	18.6	85.5%

Extraordinary losses of ¥6.0B exceeded the revised plan of ¥4.5B. In addition to a ¥3.3B loss on the termination of the retirement benefit plan at UK subsidiary NCP (NATIONAL CAR PARKS LIMITED), which was already reflected in the revised plan, the company recorded ¥2.4B of impairment losses on contract-related intangible assets in the UK after evaluating the profitability of each region. A tax effect of +¥0.6B was recognized as a result of the decrease in deferred tax liabilities.

Segment Results

Parking Business Japan exceeded the revised plan, while the Mobility Business and Parking Business International fell short. In Parking Business Japan, net sales were ¥200.4B (109.9% YoY) and business profit ¥37.5B (103.0% YoY), with 1,784 new Times PARKING sites developed and a net increase of 1,108 sites to 19,679. In the Mobility Business, net sales were ¥128.5B (114.7% YoY) and business profit ¥14.8B (93.6% YoY): Times CAR vehicles reached 80,691 (+11,521 YoY) and members 3,616 thousand (+584 thousand YoY), but profit per vehicle per month declined to ¥13,700 (81.8% YoY) as vehicle growth outpaced member growth. In Parking Business International, net sales were ¥84.3B (102.4% YoY) and business profit ¥0.3B (34.3% YoY); the UK exceeded the revised plan partly due to temporary factors, while Australia fell short because of sluggish service operations.

Segment (Billion yen)	Metric	FY2025	FY2024	YoY
Parking Business Japan	Net Sales	200.4	182.3	109.9%
Mobility Business	Net Sales	128.5	112.0	114.7%
Parking Business International	Net Sales	84.3	82.4	102.4%
Others (Adjustment, etc)	Net Sales	-7.1	-5.8	–
Parking Business Japan	Business Profit	37.5	36.4	103.0%
Mobility Business	Business Profit	14.8	15.9	93.6%
Parking Business International	Business Profit	0.3	0.8	34.3%
Others (HQ Expenses, etc)	Business Profit	-18.5	-17.7	–

FY2026 Forecast

For FY2026 (the fiscal year ending October 2026), Park24 aims to achieve record-high net sales and profits at every level by enabling Parking Business Japan to grow consistently and restoring the Mobility Business to a growth trajectory. The plan calls for net sales of ¥445.0B (109.6% YoY) and recurring profit of ¥38.5B (112.7% YoY). The basic policy for FY2026 comprises returning the Mobility Business to a growth trajectory, selection and concentration of management resources, and reviewing the international business, with policies planned to be announced in March 2026 at the earliest. In November 2025, Parking Business International was transferred to TIMES24 CO., LTD., which operates the Parking Business in Japan, through a company split.

Item (Billion yen)	FY2026 Plan	FY2025 (Actual)	YoY
Net sales	445.0	406.1	109.6%
Operating profit	41.5	37.5	110.5%
Recurring profit	38.5	34.1	112.7%
Profit attributable to owners of parent	24.0	15.9	150.8%

Financial Position

At the end of FY2025, shareholders’ equity was ¥104.2B (shareholders’ equity ratio 29.4%) and the net D/E ratio was 0.88, meeting the criteria for early repayment of the subordinated loan. The company states that financial soundness has been restored following COVID-19. Financial events to be taken into account for FY2026 include ¥45.0B of bank borrowings, ¥29.2B for full ownership of the UK subsidiary, and ¥50.0B for early repayment of the subordinated loan.

Shareholder Returns

The FY2025 dividend forecast is ¥30 per share (payout ratio 32.2%, DOE 5.3%) under the previous policy of prioritizing improved financial health and early repayment of subordinated loans. After the completion of financial events, from FY2026 the company will place greater emphasis on dividends: the FY2026 dividend forecast is ¥65 per share (payout ratio 46.2%, DOE 11.2%), as stated in the Medium-Term Business Plan. The policy is to keep shareholders’ equity around ¥90.0B while aiming for a cash payout ratio of 50% with a DOE of 10%, and if shareholders’ equity exceeds ¥90.0B, the company will consider enhancing shareholder returns, aiming for a total payout ratio that approaches 100%.

Item	FY2025	FY2026 (Forecast)
Dividend per share	¥30	¥65
Payout ratio	32.2%	46.2%
DOE	5.3%	11.2%

Medium-Term Plan / Topics

Under its mid-term direction “Future Focus: 2030 — Expand, Evolve and Integrate the Four Networks,” Park24 will execute the international business review outlined in the Mid-Term Management Plan while prioritizing a return to growth in Mobility and strategic resource focus. In the Mobility Business, the company began reducing the rate of vehicle growth in FY2025 and plans 72,000 dedicated Times CAR vehicles (up 8,120, or 12.7%, year on year) and 4.36 million Times CAR members (up 744,000, or 20.6%, year on year) for FY2026, aiming to raise business profit per vehicle per month to ¥16,400 (119.3% YoY). The Times Platform Service (TPL), which provides parking and mobility services for external operators such as railway companies, will be managed as an independent segment, with FY2026 plans of net sales of ¥1.4B and operating profit of ¥0.3B across 208 parking sites and 307 mobility vehicles.

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.