Cypress Holdings, Inc. (TSE: 428A) reported consolidated results for the nine months to May 31, 2026 (Q3 cumulative of the fiscal year ending August 31, 2026) under IFRS. Revenue rose 14.8% year-on-year to ¥9,361 million from ¥8,154 million, while operating profit climbed 19.1% to ¥589.6 million from ¥495 million. Pre-tax profit advanced 23.4% to ¥499 million and profit attributable to owners of the parent rose 22.8% to ¥325 million from ¥265 million. Basic earnings per share improved to ¥25.52 from ¥20.78, with diluted EPS of ¥25.40.
Store rollout accelerates well beyond plan
The store network reached 135 outlets at the end of the third quarter, up 9 from 126 at the start of the fiscal year. More strikingly, Cypress confirmed 18 new-store openings this year against an initial plan of just 10 — a marked acceleration of the expansion programme that included the group's first roadside location, a format shift away from its traditional urban and station-adjacent restaurants. The company operates a single reporting segment covering its restaurant and food-service business.
From seafood specialist to broader food-service group
A recent listing under ticker 428A, Cypress built its reputation on seafood (kaisen) dining, and that remains the core of the business. The company is now diversifying the model: it is expanding into takeout delicatessens under the "Ginza Souzai" brand and building out a franchising arm, steps that broaden its addressable market beyond dine-in seafood restaurants and support the aggressive unit-growth strategy. Management is scheduled to unveil a new medium-term management plan in August 2026, which should set out the next phase of the diversification.
Profit growth outpaces revenue; adjusted EBITDA up 23%
Profit grew faster than the top line at every level, with pre-tax profit and net profit each up more than 22% against 14.8% revenue growth — evidence of operating leverage as the enlarged store base matures. Adjusted EBITDA rose 22.8% to ¥853 million, underscoring the underlying cash generation of the expanding network even as new-store opening costs weighed on the reported margin during the ramp-up phase.
Balance sheet, dividend and unchanged guidance
Total assets stood at ¥12,268 million and equity attributable to owners at ¥2,675 million, for a ratio of equity attributable to owners of 21.8% — a relatively geared balance sheet consistent with a fast-expanding restaurant chain. Cypress left its full-year FY8/2026 guidance unchanged: revenue of ¥12,300 million (+9.0%), operating profit of ¥850 million (+11.1%), pre-tax profit of ¥745 million (+15.0%), net profit of ¥520 million (+19.1%) and EPS of ¥40.80. A year-end dividend of ¥10.00 per share is forecast, for an annual payout of ¥10.00. Per-share figures reflect a 1-for-100 stock split that took effect on November 14, 2024.
| Metric | 9M FY8/2026 | 9M FY8/2025 | YoY |
|---|---|---|---|
| Revenue (¥m) | 9,361 | 8,154 | +14.8% |
| Operating profit (¥m) | 589.6 | 495.0 | +19.1% |
| Pre-tax profit (¥m) | 499 | 404 | +23.4% |
| Profit attributable to owners (¥m) | 325 | 265 | +22.8% |
| Adjusted EBITDA (¥m) | 853 | 695 | +22.8% |
| Basic EPS (¥) | 25.52 | 20.78 | +22.8% |
| Stores (end of period, vs start of FY) | 135 | 126 | +9 |
| Total assets (¥m) | 12,268 | — | — |
| Equity attributable to owners ratio | 21.8% | — | — |
| FY8/2026 revenue guidance (¥m) | 12,300 | — | +9.0% |
| FY8/2026 operating profit guidance (¥m) | 850 | — | +11.1% |
| Dividend per share, annual (¥) | 10.00 | — | — |
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