Zensho Holdings Co., Ltd. TSE:7550

Zensho : Results Briefing through the 44th Period

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Source: MarketScreener

0

ZENSHO HOLDINGS CO., LTD.



May 12, 2026

Table of Contents



  1. Financial Results for FY2025 P.3
  2. Capital Investment and Financial Indexes P.10
  3. Financial Results Forecast for FY2026 P.16

    2



    ZENSHO HOLDINGS CO., LTD.

    1. Financial Results for FY2025

      3

      Income Statement Summary



      FY2024

      FY2025

      Apr.-Mar. results

      Apr.-Mar. results

      YoY

      Amount

      %

      Sales

      1,136.6

      1,264.0

      +127.3

      +11.2%

      Cost of sales

      (Percentage of total）

      514.4

      (45.3%)

      577.6

      (45.7%)

      +63.1

      (+0.4%pt)

      +12.3%

      SG & A

      (Percentage of total）

      547.0

      (48.1%)

      604.9

      (47.9%)

      +57.9

      (-0.3%pt)

      +10.6%

      Operating Profit

      (Percentage of total）

      75.1

      (6.6%)

      81.4

      (6.4%)

      +6.3

      +8.4%

      Ordinary Profit

      (Percentage of total）

      71.8

      (6.3%)

      78.2

      (6.2%)

      +6.3

      +8.9%

      Profit

      (Percentage of total）

      39.2

      (3.5%)

      45.8

      (3.6%)

      +6.5

      +16.6%

      Cash flows from operating activities

      78.9

      101.1

      +22.2

      +28.1%

      (Unit: Billions of yen)

      ZENSHO HOLDINGS CO., LTD.



      4

      Same Store Sales (compared to 2019) by Segment

      21/3 22/3 23/3 24/3 25/3 26/3

      (%) 1st 2nd 3rd 4th 5th 6th 7th 8th 9th (%)

      wave wave wave wave wave wave wave wave wave

      Glob

      Glob Rest

      Global

      Retai

      Jan Apr

      Apr

      ①

      July

      21/3

      al Hamasushi

      al Sukiya aurants

      Fast Food

      l

      4Q FY25 (Cumulative) Compared to 2019

      Net sales

      Global Sukiya 151.4

      Global Hamasushi 170.6

      Global Fast Food 142.1

      Restaurants 154.7

      Retail 101.9

Jan

Oct

Jan Apr July Oct

July Oct Jan Apr July Oct Jan Apr July Oct Jan Apr July Oct Jan

② ③ ➃

5

22/3

23/3

24/3

25/3

26/3

* ①-➃ indicate periods under the state of emergency

ZENSHO HOLDINGS CO., LTD.



YoY Changes in Segment Sales



  • Up ¥127.3 bn YoY

    1,264.0 Others



    (5.6) (-13.7%)

    (Unit: Billions of yen)

    1,136.6

    FY2024

    FY2025

    *Figures in parentheses indicate percentages of net sales.

    ZENSHO HOLDINGS CO., LTD.

    Corporate and Support

    +5.8 (+119.1%)

    Retail

    +0.9 (+1.2%)

    Restaurants

    +15.1 (+9.7%)

    Global Fast Food

    +8.6 (+8.3%)

    Global Prepared Food

    +11.9 (+5.7%)

    Global Hamasushi

    +71.7 (+28.9%)

    Global Sukiya

    +18.6 (+6.3%)

    *Figures in parentheses indicate percentages of change. 6

    YoY Changes in Segment Profit



  • Up ¥6.3 bn YoY

    Others

    +1.6 (-)

    (Unit: Billions of yen)

    Retail Corporate and Support

    Others

    75.1

    (2.0)

    FY2024

    Retail Others

    81.4

    FY2025

    Corporate and Support



    +10.1 (-)

    Retail

    +0.7 (-)

    Restaurants

    +1.6 (+14.1%)

    Global Fast Food

    (0.2) (-7.3%)

    Global Prepared Food

    +1.7 (+7.0%)

    Global Hamasushi

    +5.4 (+25.4%)

    Global Sukiya

    (15.1) (-62.0%)

    *Figures in parentheses indicate percentages of operating profit.

    *Figures in parentheses indicate percentages of change. 7

    ZENSHO HOLDINGS CO., LTD.



    Segment Analysis: Net Sales

  • Up ¥127.3 bn YoY

    Restaurant business

    Global Prepared Food

    Retail business

    (Unit: Billions of yen)

    +69.1

    Store openings and closures

    +45.3 1,136.6

    Corporate and Support Other segments

    Same stores

    +11.9 +0.9 +0.1 1,264.0

    FY2024

    FY2025

    ZENSHO HOLDINGS CO., LTD.



    8

    Segment Analysis: Operating Profit

  • Up ¥6.3 bn YoY

Restaurant business

Impact on net sales of

Personnel

(Unit: Billions of yen)

same stores Cost of sales

+42.1 -8.6

expenses of

same stores SG&A



Store openings and closures

-16.9

expenses of same stores

-20.5

Global Prepared Food

Retail business

Corporate and Support

Other segments

75.1 +5.8

+1.7 +0.7 +2.1 81.4

FY2024

FY2025

ZENSHO HOLDINGS CO., LTD.



9

  1. Capital Investment and Financial Indexes

    10

    Number of Store Openings, Capital Investment, and Depreciation

    (Unit: Stores)

    FY2021

    FY2022

    FY2023

    FY2024

    FY2025

    Number of stores opened

    (consolidated)

    434

    444

    971

    880

    1,042

    Domestic

    92

    80

    103

    98

    101

    Overseas

    342

    364

    868

    782

    941

    Number of stores at end of period

    10,078

    10,283

    15,109

    15,419

    14,947

    (Unit: Billions of yen)

    Capital investment (cash flow basis)

    27.5

    30.9

    40.1

    61.5

    78.0

    Operating cash flow

    45.4

    53.0

    85.9

    78.9

    101.1

    (of which, Depreciation)

    28.3

    30.4

    34.4

    46.5

    53.3

    ZENSHO HOLDINGS CO., LTD.



    11

    From Dec. 2019

    Europe From Sep. 2023

    From Jan. 2008

    From Nov. 1982

    1,113 stores

    Middle East Asia Japan

    From Nov. 2018

    4 stores

    1,062 stores

    4,863 stores

    North America 7,459 stores

    From Nov. 2018

    Oceania 395 stores

    From Mar. 2010

    Central and South America

    51 stores

    12

    ZENSHO HOLDINGS CO., LTD.

    Global Development

    Number of stores: 14,947 stores (As of March 31, 2026)

    Balance Sheet



    25/3末

    26/3末

    25/3末

    26/3末

    (Unit: Billions of yen)

    Mar. 31,

    2025

    Mar. 31,

    2026

    Mar. 31,

    2025

    Mar. 31,

    2026

    Changes

    Mar. 31,

    2025

    Mar. 31,

    2026

    Mar. 31,

    2025

    Mar. 31,

    2026

    Changes

    Current assets

    31.0%

    33.3%

    252.0

    319.6

    +67.5

    Liabilities

    70.4%

    64.4%

    572.7

    618.9

    +46.1

    Cash and Deposits

    79.6

    128.0

    +48.3

    Interest-bearing debt

    299.7

    310.0

    +10.3

    Other Current Assets

    172.3

    191.5

    +19.2

    Other Liabilities

    273.0

    308.8

    +35.8

    Noncurrent assets

    68.9%

    66.7%

    560.5

    640.2

    +79.7

    Total Net assets

    29.6%

    35.6%

    240.3

    341.4

    +101.0

    Tangible Assets

    274.3

    342.1

    +67.7

    Paid-in capital

    121.6

    170.1

    +48.5

    Intangible Assets

    215.7

    229.2

    +13.5

    Retained earnings

    113.0

    147.0

    +33.9

    Investments and Other Assets

    70.4

    68.8

    -1.5

    Treasury shares

    -13.7

    -15.6

    -1.9

    Deferred assets

    0.5

    0.5

    -0.0

    Accumulated other comprehensive income

    19.0

    39.4

    +20.3

    Total assets

    813.1

    960.3

    +147.2

    Total Liabilities and Net Assets

    813.1

    960.3

    +147.2

    ZENSHO HOLDINGS CO., LTD.



    13

    Financial Indexes



    Interest-bearing Debt, Net D/E ratio

    Interest-bearing Debt *1 Net D/E ratio *1

    Net D/E ratio *2

    (Unit: Billions of yen, times)

    Equity Capital ratio

    Equity Capital *1 Equity Capital ratio *1

    Equity Capital ratio *2

    (Unit: Billions of yen, %)





    *1: Subordinated loans and preferred shares are capitalized. (Until FY2023, includes 20.0 billion yen of preferred shares subscribed by Development Bank of Japan)

    ZENSHO HOLDINGS CO., LTD.



    *2: Based on accounting Balance Sheet 14

    Financial Indexes



    Cash Flow

    ROIC



    ROIC WACC



    Operating Cash Flow

    Investing Cash Flow Free Cash Flow

    (Unit: Billions of yen) (Unit: %)

    ZENSHO HOLDINGS CO., LTD.





    15

  2. Financial Results Forecast for FY2026


16

Income Statement Summary



FY2025

FY2026

Apr.-Mar. results

Apr.-Mar. forecast

YoY

Amount

%

Sales

1,264.0

1,424.0

+159.9

+12.7%

Cost of sales

(Percentage of total）

577.6

(45.7%)

661.1

(46.4%)

+83.5

(+0.7%pt)

+14.5%

SG & A

(Percentage of total）

604.9

(47.9%)

670.8

(47.1%)

+65.8

(-0.8%pt)

+10.9%

Operating Profit

(Percentage of total）

81.4

(6.4%)

92.0

(6.5%)

+10.5

+13.0%

Ordinary Profit

(Percentage of total）

78.2

(6.2%)

84.0

(5.9%)

+5.7

+7.3%

Profit

(Percentage of total）

45.8

(3.6%)

50.0

(3.5%)

+4.1

+9.1%

Cash flows from operating activities

101.1

119.1

+18.0

+17.8%

(Unit: Billions of yen)

ZENSHO HOLDINGS CO., LTD.



17

YoY Changes in Segment Sales





  • Up ¥159.9 bn YoY

    Others

    1,424.0 +0.1 (+0.6%)

    (Unit: Billions of yen)

    1,264.0

    FY2025

    *Figures in parentheses indicate percentages of net sales.

    FY2026

    Forecast

    Corporate and Support

    (4.5) (-42.2%)

    Retail

    +6.9 (+9.1%)

    Restaurants

    +15.2 (+8.9%)

    Global Fast Food

    +8.5 (+7.6%)

    Global Prepared Food

    +15.1 (+6.8%)

    Global Hamasushi

    +79.1 (+24.7%)

    Global Sukiya

    +39.1 (+12.5%)

    *Figures in parentheses indicate percentages of change. 18

    ZENSHO HOLDINGS CO., LTD.

    YoY Changes in Segment Profit



  • Up ¥10.5 bn YoY

92.0 Others



+0.5 (-)

(Unit: Billions of yen)

Retail Others

81.4

FY2025

Others Retail

FY2026

Corporate and Support

+0.9 (+35.6%)

Retail

+1.3 (-)

Restaurants

+1.4 (+11.5%)

Global Fast Food

+0.8 (+24.7%)

Global Prepared Food

+0.5 (+2.1%)

Global Hamasushi

+3.7 (+14.0%)

Global Sukiya

+1.3 (+14.4%)

ZENSHO HOLDINGS CO., LTD.

*Figures in parentheses indicate percentages of operating profit.

Forecast

*Figures in parentheses indicate percentages of change. 19

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