Unisia Holdings (3547): FY2025 Results Summary — Higher Sales and Profits, Net Income Up 95.8%

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

Note: Unisia Holdings 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 (the results presentation materials for the most recent full fiscal year), with figures transcribed as reported. The company was named Kushikatsu Tanaka Holdings (KUSHIKATSU TANAKA HOLDINGS CO.) when it announced these results; according to its timely disclosure of January 23, 2026, it changed its trade name to Unisia Holdings (UNISIA HOLDINGS CO.) effective March 1, 2026. Because the results were reported under the former name, the body text below refers to the company as Kushikatsu Tanaka Holdings. The company’s fiscal year ends in November; following this site’s convention, the fiscal year ended November 2025 is classified as FY2025, while the body text and tables below keep the company’s own labels (FY11/2025 = fiscal year ended November 2025; FY11/2026 = fiscal year ending November 2026).

Kushikatsu Tanaka Holdings reported consolidated results for FY11/2025 of net sales of 21,091 million yen (up 25.1% year on year), operating profit of 1,185 million yen (up 39.8%), ordinary profit of 1,236 million yen (up 46.1%) and profit attributable to owners of parent of 744 million yen (up 95.8%), with net sales and profit at every level exceeding the full-year plan. In December 2025, the company acquired all shares of Pisola Co., Ltd., which operates the Italian restaurant chain “Pisola,” bringing it into the group, and its earnings forecast for FY11/2026 incorporates the effect of consolidating Pisola.

Consolidated Results (FY11/2025 Actual)

The introduction of a new signature menu item, “Mugen Ninniku Horumon Kushi” (garlic offal skewers), drove growth in customer numbers, and the company secured stable sales without relying on excessive campaigns. The new format “Ten no Meshi” became established as a second-pillar brand, and new stores also got off to a strong start, contributing to higher sales. In addition, an impairment loss of 215 million yen was recorded on fixed assets and other assets of an overseas subsidiary with the aim of improving profitability, while thorough control of personnel and sales promotion expenses advanced the optimization of the cost structure, and operating profit grew substantially. As a result of an absorption-type merger between consolidated subsidiaries, the company took over a subsidiary’s tax loss carryforwards, which reduced income taxes, and profit attributable to owners of parent significantly exceeded the initial forecast.

Item (¥ million)	FY11/2025	FY11/2024	Change (%)	FY11/2025 Plan	Achievement Rate
Net sales	21,091	16,864	+25.1%	20,100	104.9%
Operating profit (operating margin)	1,185 (5.6%)	847 (5.0%)	+39.8%	1,060	111.9%
Ordinary profit (ordinary profit margin)	1,236 (5.9%)	846 (5.0%)	+46.1%	1,150	107.5%
Profit attributable to owners of parent (net profit margin)	744 (3.5%)	380 (2.3%)	+95.8%	620	120.1%

Results by Brand and Service

The mainstay brand “Kushikatsu Tanaka” accounted for 83.1% of net sales, driven by higher customer numbers from new store openings and sales promotion activities. Domestic other, which includes the new formats “Ten no Meshi,” “Toridama” and “Yakiniku Kuruton,” and the house meal business, which began operating in 2024, also contributed to higher sales.

Category (¥ million)	FY11/2025 Net Sales	FY11/2024 Net Sales	Change	Share of Net Sales
Kushikatsu Tanaka	17,522	15,070	+2,452	83.1%
Domestic other (Ten no Meshi, Toridama, Yakiniku Kuruton, etc.)	863	557	+305	4.1%
House meal	1,302	268	+1,033	6.2%
Interior construction	1,867	1,611	+256	8.9%
Total	21,091	16,864	+4,227	100.0%

Full-Year Forecast (FY11/2026)

Owing to the consolidation effect of Pisola Co., Ltd., which joined the group on December 1, 2025, the company plans a substantial increase in net sales. The breakdown is 23.5 billion yen from the Kushikatsu Tanaka Group and 12.5 billion yen from the Pisola Group. Selling, general and administrative expenses include recruitment and training investment to secure personnel as well as goodwill amortization of 0.9 billion yen. In response to rising costs, the company also expects cost reductions through menu improvements and logistics improvements. Operating profit and net profit are planned to decline due to the impact of upfront investment.

Item (¥ million)	FY11/2026 Plan	FY11/2025 Actual	Change (%)
Net sales	36,140	21,091	+71.3%
Gross profit	22,210	12,280	+80.8%
Selling, general and administrative expenses	21,200	11,094	+91.1%
EBITDA (EBITDA margin)	2,860 (8.0%)	1,589 (7.5%)	+80.0%
Operating profit (operating margin)	1,005 (2.8%)	1,185 (5.6%)	△15.1%
Profit attributable to owners of parent (net profit margin)	420 (1.2%)	—	—

Shareholder Returns

As its basic policy on profit distribution, the company states that it will pay stable and continuous dividends while balancing them with the internal reserves needed for future business expansion. The planned dividend for FY11/2025 is 15.00 yen per share, an increase from 13.00 yen in the previous fiscal year.

Fiscal Year	Dividend per Share
FY11/2021	10 yen
FY11/2022	10 yen
FY11/2023	13 yen
FY11/2024	13 yen
FY11/2025	15 yen

Topics: Pisola Joins the Group and Review of the Medium-Term Management Plan

On December 1, 2025, Pisola Co., Ltd., which operates an Italian restaurant chain, joined the group. The company is currently aligning Pisola’s fiscal year with its own and formulating a new business plan to maximize synergies, and is reviewing its medium-term management plan (December 2025 to November 2028) to incorporate Pisola’s growth potential. The company plans to disclose the details of its new growth strategy together with the announcement of its first-quarter results.

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.