YA-MAN (6630): FY2025 Results Summary — Operating Loss in Eight-Month Transition Period, Return to Profit Forecast for FY12/26

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

Note: On this site the most recent completed fiscal year is classified as FY2025; YA-MAN’s materials label this period FY12/25 (the 52nd fiscal period, ended December 31, 2025), and the labels used in the materials are kept as-is below. Due to a change in the fiscal year-end, the 52nd fiscal period was an eight-month abbreviated period, and the company states that year-on-year comparisons are not possible and has omitted them.

YA-MAN LTD., a maker of beauty and health equipment, reported results for FY12/25 (fiscal year ended December 31, 2025) in its “Results of Operations for FY12/25” materials dated February 13, 2026. Net sales for the eight-month period were 17,246 million yen, with a sales composition of beauty equipment 80%, cosmetics 16%, and others 4%. Operating profit was a loss of 718 million yen (operating margin (4.2%)), and profit attributable to owners of parent was a loss of 1,197 million yen, which reflects an impairment loss on goodwill and other assets of 541 millions. The company describes this period as a transformative phase for rebuilding its growth foundation, stating that although revenue structure reforms and initial investments caused a temporary deficit, they are strategic investments that will lead to sustained revenue expansion in the medium to long term.

Consolidated Results (Full-Year Actual)

The summary of profits and losses is shown below (millions of yen). FY4/25 is the fiscal year ended April 30, 2025; FY12/25 is the eight-month period ended December 31, 2025 following the fiscal year-end change, so the YoY column is omitted.

Item	FY4/25	FY12/25
Net sales	25,040	17,246
Gross profit (Gross profit ratio)	14,215 [56.8%]	9,539 [55.3%]
Selling, general and administrative expenses	13,587	10,257
Operating profit (Operating margin)	628 [2.5%]	(718) [(4.2%)]
Ordinary profit	310	(638)
Profit attributable to owners of parent	706	(1,197)
Net income per share (Yen)	12.85	(21.77)

On the balance sheet, total assets stood at 27,889 million yen at December 31, 2025 (29,436 million yen at April 30, 2025), with cash and deposits of 14,498 million yen and an equity ratio of 87.4% ((0.6)pt change). Cash flows from operating activities were (1,413) million yen, which the company attributes to a decrease in income due to factors such as a decline in pre-tax profit and an increase in accounts receivable; cash and cash equivalents at end of period were 14,498 million yen.

Segment Results

By segment, store sales were the largest channel at 4,953 million yen in net sales, followed by direct sales at 4,855 million yen and overseas operations at 5,427 million yen. All reportable segments posted positive operating profit, with the total operating loss of (718) million yen arising after the adjustment line, which includes corporate expenses such as product development and administrative expenses. In direct sales, the Ginza flagship store “YA-MAN the store GINZA” recorded its highest-ever sales.

Segment	Net sales FY4/25	Net sales FY12/25	Operating profit FY4/25	Operating profit FY12/25
Home shopping sales	3,330	1,475	958	397
Store sales	8,068	4,953	1,575	875
Direct sales	7,521	4,855	1,065	449
Overseas operations	5,858	5,427	1,332	443
Others	842	533	287	373
Adjustment*	(581)	—	(4,591)	(3,257)
Total	25,040	17,246	628	(718)

*Adjustment includes corporate expenses, such as product development and administrative expenses.

FY12/26 Forecast

Following the change to an 8-month fiscal year-end, the 53rd fiscal year ending in December 2026 will be the company’s first 12-month fiscal year, and its top priority will be “achieving profitability and prioritizing profits” to ensure a solid return to its growth trajectory. Since the 52nd fiscal period is eight months, the company compares the results of the 52nd fiscal period converted to a 12-month equivalent (reference value) with the forecast for the 53rd fiscal period (billions of yen).

Item	FY12/25 Results (8 months)	[Reference value] FY12/25 Results (12 months)	FY12/26 Forecast (12 months)	YoY Change
Net sales	17.2	25.87	27.5	+1.63
Operating profit	(0.72)	(1.08)	0.45	+1.53
Ordinary profit	(0.64)	(0.96)	0.5	+1.46
Profit attributable to owners of parent	(1.2)	(1.8)	0.35	+2.15

Shareholder Returns

The company states that although it recorded a temporary loss for the current period, there is no change from the dividend forecasts announced on June 13, 2025, and the dividend forecast for this fiscal year is also expected to be 9.00 yen per share. Its basic dividend policy is that, as a general rule, it pays stable, ongoing dividends every fiscal year, with the final amount determined by taking into account the full-year results and other factors.

Item (Yen/per share)	FY12/25 Results	FY12/26 Forecast
Interim dividend	4.25	4.25
Year-end dividend	4.75	4.75
Total annual ordinary dividend	9.00	9.00

Medium-Term Management Plan / Topics

The company states it is strengthening its foundation and investments in new businesses to achieve renewed growth in sales and profits starting from the 53rd fiscal year, and has set a new numerical target of ¥50 billion in sales for the fiscal year ending December 2028, which marks its 50th anniversary; it will disclose the mid-term management plan for achieving this target by March 2026. The new plan seeks to increase corporate value over the long term under the themes of “reviving the phrase ‘look no further than YA-MAN for facial beauty devices'” and “creating global-level products and brands that are ‘born in Japan.'”

In Japan, “Oral Lift,” a facial beauty device in the form of an electric toothbrush, topped the all-time ranking for sales under “support by buying service” in the beauty appliances genre of the crowdfunding platform “Makuake” and went on sale at home appliance stores across Japan in November, and “Smooth Iron Photo Ion Plus” won 1st place in the Hair Straightener category of the LDK the Beauty BEST COSME AWARDS 2025. Overseas, the company launched cross-border EC in the United States featuring mask-type wearable beauty devices such as “Medi Lift PLUS” and operated a pop-up store at Macy’s Herald Square flagship in New York; in Vietnam it held events in Ho Chi Minh City and Hanoi attracting roughly 5,000 visitors, and in Saudi Arabia it obtained certification for “Photo PLUS Prestige SP” and “Liftology” and began sales in December.

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.