Studio Alice (2305): FY2025 Results Summary — Lower Sales and Profit, Operating Profit Down 30.6%

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

Note: Studio Alice does not publish an English results presentation; this article is an English translation of the Japanese-language article on our sister site Investalk, which is based on the company’s Japanese-language IR materials, with figures transcribed as reported. The underlying material is Studio Alice’s financial results report (tanshin) for the fiscal year ended February 2026. The company’s fiscal year ends in February, so the most recent completed fiscal year is the one the company calls the fiscal year ended February 2026, which this site classifies as FY2025; the labels used in the text and tables below follow the source materials.

Studio Alice’s consolidated results for the fiscal year ended February 2026 were net sales of 32,928 million yen (down 7.5% year on year), operating profit of 2,096 million yen (down 30.6%), ordinary profit of 2,160 million yen (down 29.2%) and profit attributable to owners of parent of 1,162 million yen (down 15.6%), for a finish with lower sales and lower profit. For the next fiscal year (the fiscal year ending February 2027), the company expects net sales of 33,600 million yen and operating profit of 2,450 million yen.

Results (FY Ended February 2026 Actual)

Against a backdrop of improvement in the employment and income environment, signs of a recovery in personal consumption were seen, while the outlook remained uncertain amid factors such as surging energy and raw material prices and the prolonged weakness of the yen. In this environment, in the mainstay photography business the company worked to strengthen its differentiation from competitors, expanding its on-location photography areas, opening experimental stores in new formats, introducing plans that sell photographic images only, and strengthening the acquisition of reservations for coming-of-age ceremony photography and furisode kimono rental services. It also worked to consolidate and close stores with the aim of optimizing costs, and to raise labor productivity. In the costume manufacturing and wholesale business, it worked on the development of original costumes for customers outside the group and on reducing purchasing and production costs.

Item	FY ended February 2026	FY ended February 2025	Change
Net sales	32,928 million yen	35,598 million yen	down 7.5%
Operating profit	2,096 million yen	3,021 million yen	down 30.6%
Ordinary profit	2,160 million yen	3,051 million yen	down 29.2%
Profit attributable to owners of parent	1,162 million yen	1,365 million yen	down 15.6%

Financial Position (as of the End of the FY Ended February 2026)

Total assets were 38,392 million yen (41,223 million yen at the end of the previous fiscal year), a decrease of 2,831 million yen from the end of the previous fiscal year. Net assets were 30,229 million yen (31,073 million yen at the end of the previous fiscal year), and the equity ratio was 78.7% (72.2% in the previous fiscal year). On cash flows, net cash provided by operating activities was 4,884 million yen, net cash used in investing activities was 2,423 million yen and net cash used in financing activities was 3,710 million yen, leaving cash and cash equivalents at the end of the period at 17,839 million yen.

Item	FY ended February 2026	FY ended February 2025
Total assets	38,392 million yen	41,223 million yen
Net assets	30,229 million yen	31,073 million yen
Equity ratio	78.7%	72.2%
Net assets per share	1,779.89 yen	1,753.35 yen

Full-Year Forecast

The earnings forecast for the next fiscal year (the fiscal year ending February 2027) calls for net sales of 33,600 million yen (up 2.0% year on year), operating profit of 2,450 million yen (up 16.9%), ordinary profit of 2,450 million yen (up 13.4%) and profit attributable to owners of parent of 1,250 million yen (up 7.6%). For the next fiscal year the company has set out the management policy “Innovate the present, toward the future,” and says it will work on creating new value from the customer’s point of view and on strengthening measures to expand the number of maternity and baby photography sessions, coming-of-age ceremony photography and furisode kimono rentals, and Shichi-Go-San photography sessions, while continuing to optimize its cost structure by pressing ahead with the consolidation and closure of stores.

Item	FY ending February 2027 (Forecast)	Change
Net sales	33,600 million yen	up 2.0%
Operating profit	2,450 million yen	up 16.9%
Ordinary profit	2,450 million yen	up 13.4%
Profit attributable to owners of parent	1,250 million yen	up 7.6%

Shareholder Returns

The annual dividend for the fiscal year ended February 2026 was 50 yen per share (payout ratio of 73.1%). For the next fiscal year (the fiscal year ending February 2027), the company also plans 50 yen (payout ratio of 67.9%). The company states that it targets a payout ratio of 33.3% of profit attributable to owners of parent and aims to achieve this stably, while also working to build up internal reserves in order to stabilize and strengthen its financial structure and to prepare for future growth investment.

Item	FY ended February 2026 (Actual)	FY ending February 2027 (Forecast)
Annual dividend per share	50 yen	50 yen
Payout ratio	73.1%	67.9%

This article is based on the financial results report (tanshin) for the fiscal year ended February 2026 published by Studio Alice. Financial results reports are not subject to audit by an audit corporation.

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.