Translation
Notice: This document is an excerpt translation of the original Japanese document and is only for reference purposes. In the event of any discrepancy between this translated document and the original Japanese document, the latter shall prevail.
Company name: Aoyama Zaisan Networks Co., Ltd. Stock exchange listing: Tokyo
Stock code: 8929 URL https://www.azn.co.jp/
Representative: President Masazumi Hasumi Corporate Finance Division
November 13, 2025
Inquiries:
Finance Department General Manager
Seiichi Ishikawa TEL 03-6439-5800
Scheduled date to commence dividend payments: -Preparation of supplementary material on financial results: Yes Holding of financial results meeting: No
(Amounts less than one million yen are rounded down)
Consolidated financial results for the nine months ended September 30, 2025 (from January 1, 2025 to September 30, 2025)
Consolidated operating results (cumulative) Percentages indicate year-on-year changes
Net sales
Operating profit
Ordinary profit
Profit attributable to owners of parent
Millions of yen
%
Millions of yen
%
Millions of yen
%
Millions of yen
%
Nine months ended September 30, 2025
34,119
6.9
3,611
49.7
3,500
46.8
2,411
42.8
Nine months ended September 30, 2024
31,909
24.2
2,412
32.4
2,384
22.5
1,689
33.3
Earnings per share
Diluted earnings per share
Yen
Yen
Nine months ended September 30, 2025
100.66
100.51
Nine months ended September 30, 2024
69.32
69.22
Consolidated financial position
Total assets
Net assets
Equity ratio
Net assets per share
Millions of yen
Millions of yen
%
Yen
As of September 30, 2025
24,743
11,302
45.4
468.61
As of December 31, 2024
22,392
9,816
43.6
408.17
Cash dividends
Annual dividends per share
1st quarter-end
2nd quarter-end
3rd quarter-end
Fiscal year-end
Total
Yen
Yen
Yen
Yen
Yen
Year ended December 31, 2024
-
18.00
-
28.00
46.00
Year ending December 31, 2025
-
20.00
-
Year ending December 31, 2025 (Forecast)
31.00
51.00
Forecast of consolidated financial results for the year ending December 31, 2025 (from January 1, 2025 to December 31, 2025)
Percentages indicate year-on-year changes
Net sales
Operating profit
Ordinary profit
Profit attributable to owners of parent
Earnings per share
Full year
Millions of yen
%
Millions of yen
%
Millions of yen
%
Millions of yen
%
Yen
47,000
3.0
3,850
9.8
3,650
4.9
2,450
0.9
102.23
Notes
Significant changes in the scope of consolidation during the nine months ended September 30, 2025: No
Application of special accounting methods for preparing quarterly consolidated financial statements: No
Changes in accounting policies, changes in accounting estimates, and restatement of prior period financial statements Changes in accounting policies due to revisions to accounting standards and other regulations: Yes Changes in accounting policies due to other reasons: No
Changes in accounting estimates: No
Restatement of prior period financial statements: No
Number of issued shares (common shares)
As of September 30, 2025 | 25,110,659 | shares | As of December 31, 2024 | 25,103,459 | shares |
As of September 30, 2025 | 1,145,250 | shares | As of December 31, 2024 | 1,159,690 | shares |
Total number of issued shares at the end of the period (including treasury shares) Number of treasury shares at the end of the period
Average number of shares during the period (cumulative from the beginning of the fiscal year)
Nine months ended September 30, 2025 | 23,956,225 | shares | Nine months ended September 30, 2024 | 24,367,717 | shares |
(Millions of yen) | ||
As of December 31, 2024 | As of September 30, 2025 | |
Assets | ||
Current assets | ||
Cash and deposits | 13,082 | 16,003 |
Accounts receivable - trade | 484 | 595 |
Real estate for sale | 1,192 | 1,154 |
Other inventories | 22 | 3 |
Other | 641 | 567 |
Allowance for doubtful accounts | (8) | (3) |
Total current assets | 15,415 | 18,321 |
Non-current assets | ||
Property, plant and equipment | ||
Buildings and structures, net | 245 | 252 |
Land | 1 | 1 |
Other, net | 81 | 73 |
Total property, plant and equipment | 328 | 327 |
Intangible assets | ||
Goodwill | 2,922 | 2,702 |
Software | 171 | 95 |
Other | 21 | 19 |
Total intangible assets | 3,115 | 2,817 |
Investments and other assets | ||
Investment securities | 2,845 | 2,599 |
Shares of subsidiaries and associates | 40 | 39 |
Deferred tax assets | 253 | 266 |
Other | 394 | 371 |
Total investments and other assets | 3,533 | 3,276 |
Total non-current assets | 6,977 | 6,422 |
Total assets | 22,392 | 24,743 |
(Millions of yen) | ||
As of December 31, 2024 | As of September 30, 2025 | |
Liabilities | ||
Current liabilities | ||
Accounts payable - trade | 378 | 349 |
Short-term borrowings | 200 | 100 |
Current portion of bonds payable | 20 | 20 |
Current portion of long-term borrowings | 1,976 | 2,305 |
Income taxes payable | 486 | 487 |
Accounts payable - other | 1,411 | 682 |
Provision for bonuses | - | 841 |
Other | 1,232 | 704 |
Total current liabilities | 5,705 | 5,490 |
Non-current liabilities | ||
Bonds payable | 70 | 50 |
Long-term borrowings | 3,704 | 4,362 |
Long-term leasehold and guarantee deposits received | 3,032 | 3,494 |
Long-term accounts payable - other | 43 | 41 |
Deferred tax liabilities | 16 | - |
Other | 3 | 1 |
Total non-current liabilities | 6,870 | 7,950 |
Total liabilities | 12,575 | 13,440 |
Net assets | ||
Shareholders' equity | ||
Share capital | 1,259 | 1,263 |
Capital surplus | 2,081 | 2,086 |
Retained earnings | 8,113 | 9,375 |
Treasury shares | (1,978) | (1,954) |
Total shareholders' equity | 9,475 | 10,771 |
Accumulated other comprehensive income | ||
Valuation difference on available-for-sale securities | 350 | 504 |
Foreign currency translation adjustment | (53) | (46) |
Total accumulated other comprehensive income | 297 | 458 |
Share acquisition rights | 28 | 25 |
Non-controlling interests | 15 | 45 |
Total net assets | 9,816 | 11,302 |
Total liabilities and net assets | 22,392 | 24,743 |
(Millions of yen) | ||
Nine months ended September 30, 2024 | Nine months ended September 30, 2025 | |
Net sales | 31,909 | 34,119 |
Cost of sales | 27,050 | 27,264 |
Gross profit | 4,859 | 6,855 |
Selling, general and administrative expenses | 2,447 | 3,243 |
Operating profit | 2,412 | 3,611 |
Non-operating income | ||
Interest income | 8 | 24 |
Dividend income | 9 | 10 |
Gain on investments in silent partnerships | 16 | 20 |
Foreign exchange gains | 16 | - |
Other | 4 | 17 |
Total non-operating income | 54 | 73 |
Non-operating expenses | ||
Interest expenses | 60 | 112 |
Commission expenses | 18 | 34 |
Foreign exchange losses | - | 34 |
Other | 2 | 3 |
Total non-operating expenses | 82 | 184 |
Ordinary profit | 2,384 | 3,500 |
Extraordinary losses | ||
Loss on retirement of non-current assets | - | 3 |
Total extraordinary losses | - | 3 |
Profit before income taxes | 2,384 | 3,497 |
Income taxes - current | 715 | 1,161 |
Income taxes - deferred | (20) | (106) |
Total income taxes | 694 | 1,055 |
Profit | 1,690 | 2,442 |
Profit attributable to non-controlling interests | 0 | 30 |
Profit attributable to owners of parent | 1,689 | 2,411 |
(Millions of yen) | ||
Nine months ended September 30, 2024 | Nine months ended September 30, 2025 | |
Profit | 1,690 | 2,442 |
Other comprehensive income | ||
Valuation difference on available-for-sale securities | 26 | 153 |
Foreign currency translation adjustment | (5) | 7 |
Total other comprehensive income | 20 | 161 |
Comprehensive income | 1,710 | 2,603 |
Comprehensive income attributable to | ||
Comprehensive income attributable to owners of parent | 1,710 | 2,572 |
Comprehensive income attributable to non-controlling interests | 0 | 30 |