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 Executive Officer
February 6, 2026
Inquiries:
General Manager, Corporate Finance Division
Seiichi Ishikawa TEL 03-6439-5800
Scheduled date of ordinary general meeting of shareholders: March 26, 2026 Scheduled date to file Securities Report: March 24, 2026
Scheduled date to commence dividend payments: March 27, 2026 Preparation of supplementary material on financial results: Yes
Holding of financial results meeting: Yes (for analysts)
(Amounts less than one million yen are rounded down)
Consolidated financial results for the year ended December 31, 2025 (from January 1, 2025 to December 31, 2025)
Consolidated operating results 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
%
Year ended December 31, 2025
41,785
(8.4)
3,858
10.0
3,756
7.9
2,750
13.2
Year ended December 31, 2024
45,618
26.4
3,506
7.4
3,480
3.6
2,428
17.8
Earnings per share
Diluted earnings per share
Profit attributable to owners of
parent/equity
Ordinary profit/total assets
Operating profit/net sales
Yen
Yen
%
%
%
Year ended December 31, 2025
114.78
114.56
25.7
15.2
9.2
Year ended December 31, 2024
100.03
99.84
25.2
14.9
7.7
Consolidated financial position
Total assets
Net assets
Equity ratio
Net assets per share
Millions of yen
Millions of yen
%
Yen
As of December 31, 2025
26,278
11,712
44.4
486.24
As of December 31, 2024
23,280
9,816
42.0
408.17
Consolidated cash flows
Cash flows from
operating activities
Cash flows from
investing activities
Cash flows from
financing activities
Cash and cash equivalents
at end of period
Millions of yen
Millions of yen
Millions of yen
Millions of yen
Year ended December 31, 2025
903
901
(888)
13,849
Year ended December 31, 2024
6,662
(2,659)
(5,768)
12,934
Cash dividends
Annual dividends per share
Total cash dividends (Total)
Dividend payout ratio (Consolidated)
Ratio of dividends to net assets (Consolidated)
1st quarter-end
2nd quarter-end
3rd quarter-end
Fiscal year-end
Total
Yen
Yen
Yen
Yen
Yen
Millions of yen
%
%
Year ended December 31, 2024
-
18.00
-
28.00
46.00
1,109
46.0
11.5
Year ended December 31, 2025
-
20.00
-
33.00
53.00
1,270
46.2
11.9
Year ending December 31, 2026 (Forecast)
-
23.00
-
35.00
58.00
52.5
Forecast of consolidated financial results for the year ending December 31, 2026 (from January 1, 2026 to December 31, 2026)
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
39,000
(6.7)
4,000
3.7
3,850
2.5
2,650
(3.6)
110.52
Notes
Significant changes in the scope of consolidation during the year ended December 31, 2025: 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 December 31, 2025 | 25,123,859 | shares | As of December 31, 2024 | 25,103,459 | shares |
As of December 31, 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
Year ended December 31, 2025 | 23,960,433 | shares | Year ended December 31, 2024 | 24,280,309 | shares |
(Millions of yen) | ||
As of December 31, 2024 | As of December 31, 2025 | |
Assets | ||
Current assets | ||
Cash and deposits | 13,082 | 14,099 |
Accounts receivable - trade | 484 | 798 |
Real estate for sale | 1,192 | 4,163 |
Other inventories | 22 | 6 |
Other | 641 | 502 |
Allowance for doubtful accounts | (8) | (2) |
Total current assets | 15,415 | 19,568 |
Non-current assets | ||
Property, plant and equipment | ||
Buildings and structures | 376 | 403 |
Accumulated depreciation | (130) | (145) |
Buildings and structures, net | 245 | 258 |
Land | 1 | 1 |
Other | 301 | 307 |
Accumulated depreciation | (220) | (239) |
Other, net | 81 | 68 |
Total property, plant and equipment | 328 | 327 |
Intangible assets | ||
Goodwill | 1,295 | 1,164 |
Contract-based intangible assets | 2,474 | 2,336 |
Software | 171 | 104 |
Other | 63 | 19 |
Total intangible assets | 4,003 | 3,624 |
Investments and other assets | ||
Investment securities | 2,845 | 2,106 |
Shares of subsidiaries and associates | 40 | 39 |
Deferred tax assets | 253 | 243 |
Other | 394 | 367 |
Total investments and other assets | 3,533 | 2,757 |
Total non-current assets | 7,865 | 6,709 |
Total assets | 23,280 | 26,278 |
(Millions of yen) | ||
As of December 31, 2024 | As of December 31, 2025 | |
Liabilities | ||
Current liabilities | ||
Accounts payable - trade | 378 | 296 |
Short-term borrowings | 200 | 100 |
Current portion of long-term borrowings | 1,976 | 2,216 |
Current portion of bonds payable | 20 | 20 |
Accounts payable - other | 1,411 | 1,907 |
Income taxes payable | 486 | 505 |
Other | 1,232 | 1,014 |
Total current liabilities | 5,705 | 6,060 |
Non-current liabilities | ||
Bonds payable | 70 | 50 |
Long-term borrowings | 3,704 | 3,826 |
Long-term leasehold and guarantee deposits received | 3,032 | 3,767 |
Long-term accounts payable - other | 43 | 41 |
Deferred tax liabilities | 905 | 818 |
Other | 3 | 1 |
Total non-current liabilities | 7,759 | 8,505 |
Total liabilities | 13,464 | 14,566 |
Net assets | ||
Shareholders' equity | ||
Share capital | 1,259 | 1,271 |
Capital surplus | 2,081 | 2,094 |
Retained earnings | 8,113 | 9,714 |
Treasury shares | (1,978) | (1,954) |
Total shareholders' equity | 9,475 | 11,126 |
Accumulated other comprehensive income | ||
Valuation difference on available-for-sale securities | 350 | 591 |
Foreign currency translation adjustment | (53) | (58) |
Total accumulated other comprehensive income | 297 | 532 |
Share acquisition rights | 28 | 22 |
Non-controlling interests | 15 | 31 |
Total net assets | 9,816 | 11,712 |
Total liabilities and net assets | 23,280 | 26,278 |
(Millions of yen) | ||
Fiscal year ended December 31, 2024 | Fiscal year ended December 31, 2025 | |
Net sales | 45,618 | 41,785 |
Cost of sales | 38,649 | 33,284 |
Gross profit | 6,969 | 8,501 |
Selling, general and administrative expenses | 3,462 | 4,642 |
Operating profit | 3,506 | 3,858 |
Non-operating income | ||
Interest income | 10 | 25 |
Dividend income | 15 | 18 |
Share of profit of entities accounted for using equity method | 1 | - |
Foreign exchange gains | 37 | - |
Gain on investments in silent partnerships | 16 | 20 |
Other | 3 | 23 |
Total non-operating income | 84 | 88 |
Non-operating expenses | ||
Interest expenses | 77 | 138 |
Commission expenses | 30 | 39 |
Share of loss of entities accounted for using equity method | - | 0 |
Foreign exchange losses | - | 7 |
Other | 3 | 3 |
Total non-operating expenses | 111 | 189 |
Ordinary profit | 3,480 | 3,756 |
Extraordinary income | ||
Gain on sale of investment securities | - | 24 |
Total extraordinary income | - | 24 |
Extraordinary losses | ||
Loss on valuation of investment securities | 75 | - |
Loss on retirement of non-current assets | 0 | 13 |
Impairment losses | - | 9 |
Other | - | 1 |
Total extraordinary losses | 75 | 24 |
Profit before income taxes | 3,404 | 3,756 |
Income taxes - current | 1,060 | 1,184 |
Income taxes - deferred | (82) | (194) |
Total income taxes | 978 | 990 |
Profit | 2,426 | 2,766 |
Profit (loss) attributable to non-controlling interests | (2) | 16 |
Profit attributable to owners of parent | 2,428 | 2,750 |
(Millions of yen) | ||
Fiscal year ended December 31, 2024 | Fiscal year ended December 31, 2025 | |
Profit | 2,426 | 2,766 |
Other comprehensive income | ||
Valuation difference on available-for-sale securities | 17 | 240 |
Foreign currency translation adjustment | (14) | (5) |
Total other comprehensive income | 2 | 235 |
Comprehensive income | 2,428 | 3,001 |
Comprehensive income attributable to | ||
Comprehensive income attributable to owners of parent | 2,431 | 2,985 |
Comprehensive income attributable to non-controlling interests | (2) | 16 |
Fiscal year ended December 31, 2024
(Millions of yen)
Shareholders' equity | Accumulated other comprehensive income | Share acquisition rights | Non-controlling interests | Total net assets | |||||||
Share capital | Capital surplus | Retained earnings | Treasury shares | Total shareholders' equity | Valuation difference on available-for-sale securities | Foreign currency translation adjustment | Total accumulated other comprehensive income | ||||
Balance at beginning of period | 1,210 | 1,381 | 6,756 | (144) | 9,204 | 333 | (38) | 294 | 48 | 37 | 9,584 |
Changes during period | |||||||||||
Dividends of surplus | (1,071) | (1,071) | (1,071) | ||||||||
Issuance of new shares -exercise of share acquisition rights | 48 | 48 | 97 | 97 | |||||||
Issuance of new shares -share exchanges | 686 | 686 | 686 | ||||||||
Profit attributable to owners of parent | 2,428 | 2,428 | 2,428 | ||||||||
Purchase of treasury shares | (2,099) | (2,099) | (2,099) | ||||||||
Disposal of treasury shares (Restricted share Remuneratio n) | 12 | 18 | 30 | 30 | |||||||
Disposal of treasury shares (stock exchange) | (48) | 247 | 199 | 199 | |||||||
Purchase of shares of consolidated subsidiaries | 0 | 0 | 0 | ||||||||
Net changes in items other than shareholders' equity | 17 | (14) | 2 | (20) | (21) | (39) | |||||
Total changes during period | 48 | 699 | 1,357 | (1,834) | 270 | 17 | (14) | 2 | (20) | (21) | 231 |
Balance at end of period | 1,259 | 2,081 | 8,113 | (1,978) | 9,475 | 350 | (53) | 297 | 28 | 15 | 9,816 |
Fiscal year ended December 31, 2025
(Millions of yen)
Shareholders' equity | Accumulated other comprehensive income | Share acquisition rights | Non-controlling interests | Total net assets | |||||||
Share capital | Capital surplus | Retained earnings | Treasury shares | Total shareholders' equity | Valuation difference on available-for-sale securities | Foreign currency translation adjustment | Total accumulated other comprehensive income | ||||
Balance at beginning of period | 1,259 | 2,081 | 8,113 | (1,978) | 9,475 | 350 | (53) | 297 | 28 | 15 | 9,816 |
Changes during period | |||||||||||
Dividends of surplus | (1,149) | (1,149) | (1,149) | ||||||||
Issuance of new shares -exercise of share acquisition rights | 12 | 12 | 24 | 24 | |||||||
Profit attributable to owners of parent | 2,750 | 2,750 | 2,750 | ||||||||
Disposal of treasury shares (Restricted share Remuneratio n) | 1 | 24 | 26 | 26 | |||||||
Net changes in items other than shareholders' equity | 240 | (5) | 235 | (6) | 16 | 245 | |||||
Total changes during period | 12 | 13 | 1,600 | 24 | 1,650 | 240 | (5) | 235 | (6) | 16 | 1,896 |
Balance at end of period | 1,271 | 2,094 | 9,714 | (1,954) | 11,126 | 591 | (58) | 532 | 22 | 31 | 11,712 |
(Millions of yen) | ||
Fiscal year ended December 31, 2024 | Fiscal year ended December 31, 2025 | |
Cash flows from operating activities | ||
Profit before income taxes | 3,404 | 3,756 |
Depreciation | 215 | 363 |
Amortization of goodwill | 8 | 130 |
Share-based payment expenses | 4 | - |
Increase (decrease) in allowance for doubtful accounts | (1) | (5) |
Interest and dividend income | (25) | (44) |
Interest expenses | 77 | 138 |
Loss (gain) on valuation of investment securities | 75 | - |
Loss (gain) on sale of investment securities | - | (24) |
Loss (gain) on investments in silent partnerships | (16) | (20) |
Loss on retirement of non-current assets | 0 | 13 |
Impairment losses | - | 9 |
Decrease (increase) in trade receivables | 513 | (308) |
Decrease (increase) in inventories | 3,249 | (2,967) |
Decrease (increase) in accounts receivable - other | (4) | (30) |
Decrease (increase) in advance payments to suppliers | (280) | 319 |
Decrease (increase) in advances paid | 6 | (3) |
Increase (decrease) in trade payables | (27) | (82) |
Increase (decrease) in advances received | (44) | (31) |
Increase (decrease) in accounts payable - other | 296 | 517 |
Increase (decrease) in accrued consumption taxes | 186 | (391) |
Increase (decrease) in deposits received | 87 | 123 |
Increase (decrease) in long-term accounts payable - other | (2) | (1) |
Increase (decrease) in leasehold and guarantee deposits received | 437 | 734 |
Other, net | (53) | (62) |
Subtotal | 8,107 | 2,133 |
Interest and dividends received | 25 | 44 |
Interest paid | (68) | (127) |
Income taxes refund (paid) | (1,402) | (1,145) |
Net cash provided by (used in) operating activities | 6,662 | 903 |
(Millions of yen) | ||
Fiscal year ended December 31, 2024 | Fiscal year ended December 31, 2025 | |
Cash flows from investing activities | ||
Payments into time deposits | (130) | (102) |
Purchase of property, plant and equipment | (48) | (49) |
Purchase of intangible assets | (17) | (85) |
Purchase of investment securities | (847) | (1,572) |
Proceeds from sales and withdrawal of investment securities | 460 | 2,703 |
Purchase of golf club membership | - | (4) |
Purchase of shares of subsidiaries resulting in change in scope of consolidation | (2,068) | - |
Payments of leasehold and guarantee deposits | (12) | (3) |
Proceeds from refund of leasehold deposits | 5 | 15 |
Other, net | 0 | 0 |
Net cash provided by (used in) investing activities | (2,659) | 901 |
Cash flows from financing activities | ||
Increase (decrease) in short-term borrowings | - | (100) |
Proceeds from long-term borrowings | 1,500 | 2,970 |
Repayments of long-term borrowings | (4,120) | (2,608) |
Redemption of bonds | (30) | (20) |
Proceeds from exercise of employee share options | 72 | 17 |
Purchase of treasury shares | (2,099) | - |
Purchase of shares of subsidiaries not resulting in change in scope of consolidation | (19) | - |
Dividends paid | (1,071) | (1,148) |
Net cash provided by (used in) financing activities | (5,768) | (888) |
Effect of exchange rate change on cash and cash equivalents | 6 | (0) |
Net increase (decrease) in cash and cash equivalents | (1,759) | 915 |
Cash and cash equivalents at beginning of period | 14,693 | 12,934 |
Cash and cash equivalents at end of period | 12,934 | 13,849 |