Ringer Hut (8200): FY2025 Results Summary — Net Profit Jumps on Tax Adjustment Despite Lower Operating Profit

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

Ringer Hut Co., Ltd. reported consolidated results for FY2025 (Mar. 2025 – Feb. 2026), with net sales rising 2.9% year on year to ¥45,084 million. Operating profit declined 16.3% year on year to ¥1,418 million, missing the company’s plan, while ordinary profit edged up 1.0% to ¥1,598 million. Net profit surged 78.4% year on year to ¥1,727 million, exceeding plan, after the company recorded a -¥597 million income tax adjustment following a reassessment of deferred tax assets.

Consolidated Results (Full-Year Actual)

Both Champon (Ringer Hut) and Tonkatsu (Hamakatsu) businesses saw sales growth, but rising raw material and personnel costs pushed cost of sales and SG&A higher, compressing operating profit versus both the prior year and the company’s plan. Net profit benefited from a large income tax adjustment (-¥597M) tied to a reassessment of deferred tax assets.

Item	FY2024 (Previous Year)	FY2025 Plan	FY2025 (Result)	YoY	Diff from Plan	Vs. Plan (%)
Gross sales	49,908	52,213	51,040	+2.3%	-1,172	-2.2%
Net sales	43,794	45,749	45,084	+2.9%	-664	-1.5%
Cost of sales	14,913	15,659	15,443	+3.6%	-216	-1.4%
Gross profit	28,881	30,089	29,641	+2.6%	-447	-1.5%
SG&A	27,187	28,099	28,223	+3.8%	124	+0.4%
Personnel expenses	13,801	14,539	14,332	+3.8%	-207	-1.4%
Selling expenses	1,083	1,087	1,181	+9.0%	94	+8.7%
Activity expenses	6,021	6,179	6,279	+4.3%	99	+1.6%
Fixed expenses	6,280	6,292	6,430	+2.4%	137	+2.2%
Operating profit	1,694	1,990	1,418	-16.3%	-571	-28.7%
Non-operating income	97	144	327	+236.5%	182	+126.1%
Non-operating expenses	208	140	146	-29.6%	6	+4.5%
Ordinary profit	1,582	1,994	1,598	+1.0%	-395	-19.8%
Extraordinary income	33	0	0	—	0	—
Extraordinary losses	270	66	119	-55.6%	53	+79.7%
Pretax profit	1,345	1,927	1,478	+9.9%	-448	-23.3%
Income taxes	377	696	-249	—	—	—
Net profit	968	1,231	1,727	+78.4%	496	+40.4%

Segment Results

Both segments posted higher sales but lower profits. Operating profit was ¥1,145M in the Champon business (Ringer Hut), down ¥220M year on year, and ¥140M in the Tonkatsu business (Hamakatsu, Shippoku Hamakatsu), down ¥149M year on year.

Segment	Metric	FY2025 Full-Year	FY2024 Results	Change
Champon Business (RINGER HUT)	Net sales	36,884	35,722	+1,161
Champon Business (RINGER HUT)	Operating expenses	35,738	34,356	+1,382
Champon Business (RINGER HUT)	Operating profit	1,145	1,366	-220
Champon Business (RINGER HUT)	Operating profit margin	+3.1%	+3.8%	-0.7%
Tonkatsu Business (HAMAKATSU, Shippoku Hamakatsu)	Net sales	8,008	7,901	+106
Tonkatsu Business (HAMAKATSU, Shippoku Hamakatsu)	Operating expenses	7,867	7,611	+255
Tonkatsu Business (HAMAKATSU, Shippoku Hamakatsu)	Operating profit	140	289	-149
Tonkatsu Business (HAMAKATSU, Shippoku Hamakatsu)	Operating profit margin	+1.8%	+3.7%	-1.9%

FY2026 Forecast

The FY2026 full-year forecast, formulated based on the Mid-Term Management Plan for FY2026 to FY2028, calls for net sales of ¥47,300M (+4.9% YoY) and operating profit of ¥2,200M (+55.1% YoY). Profit attributable to owners of parent is forecast to decline 30.5% year on year to ¥1,200M, as the FY2025 result had been boosted by the one-off income tax adjustment.

Item	FY2025 (Actual)	FY2026 (Forecast)	Change	YoY
Gross sales	51,040	52,250	1,210	+2.4%
Net sales	45,084	47,300	2,215	+4.9%
Operating profit	1,418	2,200	781	+55.1%
Ordinary profit	1,598	2,040	441	+27.6%
Profit attributable to owners of parent	1,727	1,200	-527	-30.5%

Shareholder Returns

Ringer Hut’s shareholder return policy is to maintain a dividend payout ratio of 30% or more each fiscal year (target set annually). The target dividend payout ratio chart shows a payout ratio of 38% for FY2024 Results and 30% for FY2025 Results. The company also operates a shareholder benefit program under which dining discount points usable at Group stores are granted twice a year based on the number of shares held, with a long-term holding preferential benefit program also in place.

Medium-Term Plan / Topics

Centered on its core strength of “safe, reliable, and healthy products,” Ringer Hut’s Mid-Term Management Plan targets continued growth in net sales and operating profit through FY2028, provided through all sales channels while strengthening its management foundation from an ESG perspective.

Item	FY2025 (Results)	FY2026 (Plan)	FY2027 (Plan)	FY2028 (Plan)
Net sales	45,084	47,300	49,700	52,300
Operating profit	1,418	2,200	2,900	3,800

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.