Trial Holdings Inc. (TSE: 141A), the Kyushu-based retail group, released its consolidated nine-month results (April 2025 to March 2026) under Japanese GAAP. Performance was transformed by the July 1, 2025 acquisition of Seiyu Co., Ltd., which materially expanded the store network into the Kanto, Chubu and Kansai regions and elevated Trial into the ranks of Japanese distribution operators with over ¥1 trillion in annual sales.
Cumulative net sales reached ¥1,003.66 billion (+67.3% YoY), while EBITDA rose 122.8% to ¥52.19 billion. Operating profit increased 70.4% to ¥22.94 billion and ordinary profit advanced 38.6% to ¥20.09 billion. However, profit attributable to owners of the parent declined 29.3% to ¥5.92 billion, reflecting a sharp rise in non-operating expenses and amortization charges associated with the Seiyu transaction. Underlying earnings power was strong: net income per share before goodwill amortization more than doubled to ¥142.32, versus ¥68.61 a year earlier.
The Seiyu integration: 615 stores across Japan
The Distribution & Retail segment generated net sales of ¥1,000.22 billion (+67.5%) and segment profit of ¥26.84 billion (+72.2%). During the period, Trial opened 2 Mega Centers, 14 Super Centers, 2 smart stores and 6 small-format stores, ending with 372 Trial outlets. Seiyu contributed 245 stores at consolidation, with 243 at quarter-end. Two converted "Trial Seiyu" format stores launched in November 2025 and February 2026 as a prototype for revitalizing urban GMS operations. The total group store count reached 615.
The Retail AI segment posted sales of ¥697 million (-3.1%) but swung to a segment profit of ¥436 million, supported by ongoing rollout of the Skip Cart payment-enabled smart shopping cart — deployed at 279 stores and 23,485 units as of March 2026.
Acquisition financing: ¥410 billion in cash, ¥307 billion of goodwill
Total acquisition consideration was ¥409.65 billion in cash, funded through bank borrowings and own cash, with ¥2.62 billion of advisory and related costs. Provisionally allocated goodwill is ¥306.54 billion, to be amortized straight-line over 20 years; nine-month goodwill amortization was ¥11.50 billion, and depreciation rose to ¥17.75 billion from ¥9.96 billion.
Non-operating expenses jumped to ¥4.61 billion (versus ¥201 million) on interest expense of ¥3.00 billion and borrowing-related costs of ¥1.23 billion. Total assets ballooned to ¥784.94 billion from ¥300.28 billion at the prior fiscal year-end, with goodwill of ¥295.04 billion newly recognized. Short-term borrowings rose ¥340.90 billion to ¥367.40 billion. The equity ratio dropped sharply to 16.7% from 42.0%.
The macro backdrop saw persistent inflation outpacing real wage growth, with shoppers polarizing between premium event spending and price-sensitive everyday staples. Trial responded with reinforced PB development, the "Exciting Price" value campaign and cross-deployment of Seiyu's "Minasama no Osumitsuki" PB line, alongside the renamed "Sugo×Toku" everyday-essentials campaign.
| Metric | 9M FY6/26 | 9M FY6/25 | YoY |
|---|---|---|---|
| Net sales (¥ billion) | 1,003.66 | 600.00 | +67.3% |
| EBITDA (¥ billion) | 52.19 | 23.42 | +122.8% |
| Operating profit (¥ billion) | 22.94 | 13.46 | +70.4% |
| Ordinary profit (¥ billion) | 20.09 | 14.50 | +38.6% |
| Net profit attrib. to owners (¥ billion) | 5.92 | 8.38 | -29.3% |
| EPS (¥) | 48.39 | 68.61 | -29.5% |
| EPS before goodwill amortization (¥) | 142.32 | 68.61 | +107.4% |
JapanStockPulse provides informational content only and does not constitute investment advice. Figures are taken from the company's published earnings short report and may be subject to subsequent revision.