Noevir 9M Operating Profit Falls 14% to ¥6.9 Billion; Unchanged Guidance Now Demands a Sharp Q4 Rebound

Noevir Holdings Co., Ltd. (TSE: 4928) reported consolidated results for the nine months from October 1, 2025 to June 30, 2026 under Japanese GAAP. Revenue fell 2.6% to ¥46,075 million, operating profit dropped 13.9% to ¥6,895 million and recurring profit fell 13.4% to ¥7,290 million. Profit attributable to owners of the parent was almost unchanged, down 0.8% to ¥4,089 million, for earnings per share of ¥119.72 against ¥120.73. Comprehensive income rose 29.4% to ¥5,394 million on securities marks. The operating margin narrowed to 15.0% from 16.9%. The company describes the period's economic backdrop as showing a gradual recovery but still clouded, notably by the situation in the Middle East, and says it continues to pursue its medium-term theme of "achieving measured growth through sustainable management of each group business."

Both core segments contract

Cosmetics, which accounts for 79.0% of revenue, saw sales fall 2.6% to ¥36,422 million and segment profit fall 9.9% to ¥8,084 million. Pharmaceuticals & Food fared worse in profit terms, with revenue down 4.4% to ¥8,002 million and segment profit down 24.6% to ¥562 million. Only the small Other segment grew, revenue up 10.4% to ¥1,650 million and profit up 13.5% to ¥155 million — not nearly enough to offset the rest. Note that segment profit sums to well above reported operating profit because unallocated corporate costs are deducted separately.

Cash rotated into securities; the dividend takes ¥7.9 billion out of equity

Total assets fell ¥2,991 million to ¥73,500 million, but the headline masks a portfolio shift rather than a shrinking business: cash and deposits dropped ¥12,701 million while securities holdings rose ¥9,946 million. Liabilities eased ¥293 million to ¥21,990 million, with income taxes payable down ¥511 million and long-term guarantee deposits received down ¥313 million against a ¥401 million rise in deferred tax liabilities. Net assets declined ¥2,698 million to ¥51,510 million: the ¥4,089 million of quarterly profit was more than absorbed by the ¥7,855 million prior-year-end dividend payment, leaving retained earnings ¥3,766 million lower, partly offset by a ¥753 million increase in the valuation difference on other securities. The equity ratio stood at 69.4%, down from 70.3% at the September year-end but still among the most conservative in Japanese consumer goods. Shares issued were unchanged at 34,156,623, with just 417 treasury shares.

Guidance unchanged — and the maths are demanding

Noevir made no change to the full-year forecast published on November 7, 2025: revenue of ¥65,000 million (+0.4%), operating profit of ¥11,400 million (+2.9%), recurring profit of ¥11,800 million (+0.2%) and profit attributable to owners of ¥8,200 million (+2.1%), for EPS of ¥240.07. That leaves a demanding fourth quarter. With ¥6,895 million of operating profit booked in nine months, the guidance implies roughly ¥4,505 million in the July–September quarter, against about ¥3,071 million in the same quarter last year — an increase of close to 47% at a time when the nine-month trend is down 13.9%. The dividend forecast is unchanged at ¥230.00 per share, paid entirely at the year-end, the same as FY9/2025. The quarterly consolidated statements were not reviewed by an accounting firm.

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.